Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 07, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Entity Registrant Name | Ambrx Biopharma Inc. | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Securities Act File Number | 001-40505 | |
Entity Central Index Key | 0001836056 | |
Entity Incorporation, State or Country Code | E9 | |
Entity Tax Identification Number | 00-0000000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Ex Transition Period | true | |
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 Shell Company | false | |
Entity Address, Address Line One | 10975 North Torrey Pines Road | |
Entity Address, City or Town | La Jolla | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92037 | |
Entity Address, Country | US | |
City Area Code | 858 | |
Local Phone Number | 875-2400 | |
Entity Common Stock, Shares Outstanding | 434,070,056 | |
American Depositary Shares [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | American Depositary Shares (ADSs), each representing seven ordinary shares, par value $0.0001 per ordinary share | |
Trading Symbol | AMAM | |
Security Exchange Name | NASDAQ | |
Ordinary Shares [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Ordinary shares, par value $0.0001 per share | |
Security Exchange Name | NASDAQ | |
No Trading Symbol Flag | true |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 228,265 | $ 55,610 |
Restricted cash | 665 | 831 |
Marketable debt securities, available-for-sale | 6,824 | 28,873 |
Accounts receivable, net | 81 | 376 |
Prepaid expenses and other current assets | 5,578 | 4,893 |
Total current assets | 241,413 | 90,583 |
Marketable debt securities, available-for-sale, net of current portion | 0 | 16,793 |
Property and equipment, net | 3,195 | 3,044 |
Right-of-use assets, net | 10,044 | 10,968 |
Intangible assets, net | 24,935 | 25,250 |
Other long-term assets | 357 | 339 |
Total assets | 279,944 | 146,977 |
Current liabilities: | ||
Accounts payable | 6,362 | 3,205 |
Accrued liabilities | 9,556 | 11,314 |
Operating lease liabilities, current portion | 1,854 | 1,734 |
Deferred revenue, current portion | 407 | 407 |
Total current liabilities | 18,179 | 16,660 |
Operating lease liabilities, net of current portion | 9,163 | 10,245 |
Deferred tax liabilities | 880 | 880 |
Deferred revenue, net of current portion | 1,342 | 1,342 |
Total liabilities | 29,564 | 29,127 |
Commitments and contingencies (Note 7) | ||
Shareholders' Equity (Deficit): | ||
Ordinary Shares, par value $0.0001; 950,000,000 and 500,000,000 shares authorized at June 30, 2023 and December 31, 2022, respectively; 432,227,488 and 270,455,232 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 43 | 27 |
Additional paid-in capital | 576,046 | 410,753 |
Accumulated other comprehensive loss | (953) | (1,302) |
Accumulated deficit | (324,756) | (291,628) |
Total shareholders' equity | 250,380 | 117,850 |
Total liabilities and shareholders' equity | $ 279,944 | $ 146,977 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 950,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 432,227,488 | 270,455,232 |
Common Stock, Shares, Outstanding | 432,227,488 | 270,455,232 |
Consolidated Statements of Oper
Consolidated Statements of Operations and comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues | $ 1,123 | $ 1,299 | $ 1,147 | $ 2,912 |
Operating expenses: | ||||
Research and development | 14,393 | 18,062 | 24,143 | 32,766 |
General and administrative | 5,900 | 4,823 | 12,206 | 9,393 |
Impairment of intangible assets | 0 | 7,195 | 0 | 9,660 |
Total operating expenses | 20,293 | 30,080 | 36,349 | 51,819 |
Loss from operations | (19,170) | (28,781) | (35,202) | (48,907) |
Other income (expense), net: | ||||
Investment income, net | 1,428 | 223 | 1,979 | 223 |
Interest income (expense), net | 211 | (11) | 401 | (965) |
Other income (expense), net | 10 | (144) | 72 | (124) |
Total other income (expense), net | 1,649 | 68 | 2,452 | (866) |
Loss before income taxes | (17,521) | (28,713) | (32,750) | (49,773) |
Provision for income taxes | (305) | (129) | (378) | (1,716) |
Net loss | $ (17,826) | $ (28,842) | $ (33,128) | $ (51,489) |
Net loss per share - basic | $ (0.05) | $ (0.11) | $ (0.09) | $ (0.19) |
Net loss per share - diluted | $ (0.05) | $ (0.11) | $ (0.09) | $ (0.19) |
Weighted-average ordinary shares used to compute net loss per share attributable to ordinary shareholders, basic | 391,283,214 | 270,160,166 | 353,337,365 | 270,142,269 |
Weighted-average ordinary shares used to compute net loss per share attributable to ordinary shareholders, diluted | 391,283,214 | 270,160,166 | 353,337,365 | 270,142,269 |
Other comprehensive loss, net of tax: | ||||
Net loss | $ (17,826) | $ (28,842) | $ (33,128) | $ (51,489) |
Changes in comprehensive loss before reclassifications | (13) | (217) | (39) | (217) |
Amounts reclassified from accumulated other comprehensive loss | 36 | 0 | 388 | 0 |
Total other comprehensive income (loss) | 23 | (217) | 349 | (217) |
Comprehensive loss | $ (17,803) | $ (29,059) | $ (32,779) | $ (51,706) |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Changes In Shareholders' Equity - USD ($) $ in Thousands | Total | Ordinary Shares [Member] | Additional Paid-In-Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2021 | $ 189,967 | $ 27 | $ 404,362 | $ (790) | $ (213,632) |
Beginning balance (in shares) at Dec. 31, 2021 | 270,120,548 | ||||
Share-based compensation | 3,529 | 3,529 | |||
Issuance of ordinary shares for cash | 102 | 102 | |||
Issuance of ordinary shares for cash (in shares) | 207,935 | ||||
Change in unrealized loss on marketable debt securities available-for-sale | (217) | (217) | |||
Net loss | (51,489) | (51,489) | |||
Ending balance at Jun. 30, 2022 | 141,892 | $ 27 | 407,993 | (1,007) | (265,121) |
Ending balance (in shares) at Jun. 30, 2022 | 270,328,483 | ||||
Beginning balance at Mar. 31, 2022 | 168,977 | $ 27 | 406,019 | (790) | (236,279) |
Beginning balance (in shares) at Mar. 31, 2022 | 270,126,946 | ||||
Share-based compensation | 1,879 | 1,879 | |||
Issuance of ordinary shares for cash | 95 | 95 | |||
Issuance of ordinary shares for cash (in shares) | 201,537 | ||||
Change in unrealized loss on marketable debt securities available-for-sale | (217) | (217) | |||
Net loss | (28,842) | (28,842) | |||
Ending balance at Jun. 30, 2022 | 141,892 | $ 27 | 407,993 | (1,007) | (265,121) |
Ending balance (in shares) at Jun. 30, 2022 | 270,328,483 | ||||
Beginning balance at Dec. 31, 2022 | 117,850 | $ 27 | 410,753 | (1,302) | (291,628) |
Beginning balance (in shares) at Dec. 31, 2022 | 270,455,232 | ||||
Share-based compensation | 4,033 | 4,033 | |||
Issuance of ordinary shares for cash through registered direct offering with a related party, net of issuance costs | 74,663 | $ 3 | 74,660 | ||
Issuance of ordinary shares for cash through registered direct offering with a related party, net of issuance costs (in shares) | 37,688,441 | ||||
Issuance of ordinary shares for cash through at the market offering, net of issuance costs | 77,780 | $ 12 | 77,768 | ||
Issuance of ordinary shares for cash through at the market offering, net of issuance costs (in shares) | 116,030,782 | ||||
Issuance of ordinary shares upon option exercises for cash | $ 8,042 | $ 1 | 8,041 | ||
Issuance of ordinary shares upon option exercises for cash (in shares) | 7,558,033 | 7,558,033 | |||
Issuance of ordinary shares for services | $ 791 | 791 | |||
Issuance of ordinary shares for services (in shares) | 495,000 | ||||
Change in unrealized loss on marketable debt securities available-for-sale | 349 | 349 | |||
Net loss | (33,128) | (33,128) | |||
Ending balance at Jun. 30, 2023 | 250,380 | $ 43 | 576,046 | (953) | (324,756) |
Ending balance (in shares) at Jun. 30, 2023 | 432,227,488 | ||||
Beginning balance at Mar. 31, 2023 | 182,592 | $ 39 | 490,459 | (976) | (306,930) |
Beginning balance (in shares) at Mar. 31, 2023 | 386,486,014 | ||||
Share-based compensation | 2,095 | 2,095 | |||
Issuance of ordinary shares for cash through registered direct offering with a related party, net of issuance costs | 74,663 | $ 3 | 74,660 | ||
Issuance of ordinary shares for cash through registered direct offering with a related party, net of issuance costs (in shares) | 37,688,441 | ||||
Issuance of ordinary shares upon option exercises for cash | 8,042 | $ 1 | 8,041 | ||
Issuance of ordinary shares upon option exercises for cash (in shares) | 7,558,033 | ||||
Issuance of ordinary shares for services | 791 | 791 | |||
Issuance of ordinary shares for services (in shares) | 495,000 | ||||
Change in unrealized loss on marketable debt securities available-for-sale | 23 | 23 | |||
Net loss | (17,826) | (17,826) | |||
Ending balance at Jun. 30, 2023 | $ 250,380 | $ 43 | $ 576,046 | $ (953) | $ (324,756) |
Ending balance (in shares) at Jun. 30, 2023 | 432,227,488 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (33,128) | $ (51,489) |
Noncash adjustments reconciling net loss to cash flows from operating activities: | ||
Loss on impairment of intangible assets | 0 | 9,660 |
Share-based compensation expense | 4,824 | 3,529 |
Noncash lease expense | 1,366 | 1,123 |
Depreciation and amortization | 418 | 365 |
Amortization of intangible assets | 315 | 737 |
Accretion/amortization of investment securities, net | (326) | (57) |
Loss on disposal of property and equipment | 0 | 6 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 295 | (227) |
Prepaid and other current assets and other long-term assets | (705) | (877) |
Accounts payable | 3,154 | 861 |
Accrued liabilities | (926) | (1,621) |
Deferred revenue | 0 | (1,402) |
Operating lease liabilities | (1,404) | (803) |
Net cash used in operating activities | (26,117) | (40,195) |
Cash flows from investing activities: | ||
Purchases of marketable debt securities, available-for-sale | (40,645) | (63,301) |
Sales of marketable debt securities, available-for-sale | 54,263 | 0 |
Maturities of marketable debt securities, available-for-sale | 25,900 | 0 |
Purchases of property and equipment | (783) | (903) |
Net cash provided by (used in) investing activities | 38,735 | (64,204) |
Cash flows from financing activities: | ||
Proceeds from short-term bridge loan | 0 | 166,000 |
Repayment of short-term bridge loan | 0 | (166,000) |
Payments of directors and officers insurance premium financing agreement | (932) | 0 |
Proceeds from issuance of common stock for cash, net of issuance costs | 77,780 | 0 |
Issuance of ordinary shares for cash through registered direct offering with a related party, net of issuance costs | 74,981 | 0 |
Issuance of ordinary shares for cash pursuant to employee stock purchase programs | 8,042 | 102 |
Payments of costs for the issuance of ordinary shares | 0 | (136) |
Net cash provided by (used in) financing activities | 159,871 | (34) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 172,489 | (104,433) |
Cash, cash equivalents and restricted cash, beginning of period | 56,441 | 170,906 |
Cash, cash equivalents and restricted cash, end of period | 228,930 | 66,473 |
Supplemental information: | ||
Cash paid for interest | 0 | 963 |
Cash paid for income taxes | 1 | 2 |
Noncash investing and financing activities: | ||
Property and equipment costs in accounts payable and accrued liabilities | 277 | 0 |
Direct offering costs in accounts payable and accrued liabilities | 318 | 0 |
Unsettled trade of marketable debt securities, available-for-sale | $ 0 | $ 989 |
Description of Business and Bas
Description of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | 1. Description of Business and Basis of Presentation Description of Business Ambrx Biopharma Inc. (Ambrx or the Company) is a clinical-stage biologics company focused on discovering and developing a novel class of engineered precision biologics using its proprietary expanded genetic code technology platform that allows it to incorporate, in a site-specific manner, synthetic amino acids into proteins within living cells. Ambrx commenced its operations in the United States in January 2003 when Ambrx Inc. (Ambrx US), was incorporated in Delaware. In May 2015, Ambrx incorporated under the laws of the Cayman Islands and has become the ultimate holding company (Ambrx Cayman) through a series of transactions. As of the date of these condensed consolidated financial statements, Ambrx Cayman owned 100 % of Ambrx US, a company incorporated in Delaware; Shanghai Ambrx Biopharma Company Limited, a company incorporated in China (Ambrx Shanghai); and Biolaxy Pharmaceutical Hong Kong Limited, a company incorporated in Hong Kong (Ambrx HK). Ambrx US, based in San Diego, California, owned 100 % of Ambrx Australia Pty Limited, a company incorporated in Australia (Ambrx AU). Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The Company’s condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The Company’s operating currency is the U.S. dollar. Unaudited Interim Financial Information The interim condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and following the requirements of the United States Securities and Exchange Commission (the SEC) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position, its results of operations, equity activities and its cash flows for the periods presented. These statements do not include all disclosures required by U.S. GAAP and should be read in conjunction with the Company’s audited consolidated financial statements and notes for the fiscal year ended December 31, 2022, contained in the Company’s Annual Report on Form 10-K filed by the Company with the SEC on March 30, 2023 (the Annual Report). The results for the three and six months ended June 30, 2023, are not necessarily indicative of the results expected for the full fiscal year or any other future interim or annual period. Liquidity and Capital Resources The Company has incurred net operating losses and negative cash flows from operations since its incorporation in 2015 and had an accumulated deficit of $ 324.8 million as of June 30, 2023. As of June 30, 2023, the Company had cash, cash equivalents and marketable debt securities, available-for-sale (MDS) of $ 235.1 million. Management believes its existing financial resources are sufficient to continue operating activities for at least 12 months past the issuance date of these condensed consolidated financial statements. Future capital requirements will depend on many factors, including the timing and extent of spending on research and development (R&D) activities and market acceptance of the Company’s products, if approved. Until such time the Company can generate significant revenue from product sales, if ever, the Company expects to finance its operations through public or private equity or debt financings or other capital sources, which may include strategic collaborations or other arrangements with third parties. However, the Company may be unable to raise additional funds or enter into such other agreements or arrangements when needed on favorable terms, or at all. If the Company is unable to raise capital or enter into such agreements as and when needed, the Company may have to significantly delay, scale back or discontinue the development or commercialization of one or more of its product candidates. Insufficient liquidity may also require the Company to relinquish rights to product candidates at an earlier stage of development or on less favorable terms than the Company would otherwise choose. The Company’s ability to raise additional funds may be adversely impacted by potential worsening global macroeconomic and geopolitical conditions and disruptions to, and volatility in, the credit and financial markets in the United States and worldwide, including from the COVID-19 pandemic and related variants, the ongoing conflict between Ukraine and Russia and recent disruption in access to bank deposits and lending commitments due to bank failures. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies from those described in the notes to the audited consolidated financial statements of the Company contained in the Annual Report. Risks and Uncertainties Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to the valuation of share-based awards and MDS, the discount rate used in estimating the present value of the right-of-use (ROU) assets and lease liabilities, the useful lives of property and equipment and intangible assets, the recoverability of long-lived assets, clinical trial accruals, periods over which revenue should be recognized, deferred income taxes and related valuation allowances, and the assessment of the Company’s ability to fund its operations for at least the next 12 months from the date of issuance of these condensed consolidated financial statements. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Estimates are assessed each reporting period and updated to reflect current information. As future events and their effects cannot be determined with precision, actual results may materially differ from those estimates or assumptions. Due to recent disruptions in access to bank deposits and lending commitments associated with bank failures, the COVID-19 pandemic and macroeconomic and geopolitical conditions, there has been uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of June 30, 2023. While there was no material impact to the Company’s condensed consolidated financial statements as of and for the three and six months ended June 30, 2023 , these estimates may change, as new events occur and additional information is obtained, which could materially impact the Company’s condensed consolidated financial statements in future reporting periods. Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, MDS, and accounts receivable which are generally not collateralized. Deposits in the Company’s checking and money market accounts are maintained in federally insured financial institutions and are subject to federally insured limits or limits set by the Securities Investor Protection Corporation. In addition, the Company maintains cash and cash equivalents in foreign bank accounts, which are not federally insured. The Company attempts to minimize credit risk associated with its cash and cash equivalents by periodically evaluating the credit quality of its primary financial institutions. The Company’s investment portfolio is maintained in accordance with its investment policy, which is designed to preserve capital, safeguard funds and limit exposure to risk. While the Company maintains cash deposits in Federal Deposit Insurance Corporation insured financial institutions in excess of federally insured limits, it does not believe that it is exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company has not experienced any losses on such accounts. During the three months ended June 30, 2023 and 2022, revenues from the Company’s top customer represented 98.0 % and 97.3 % of total revenues, respectively. During the six months ended June 30, 2023, revenues from the Company’s top customer represented 95.9 % of total revenues. During the six months ended June 30, 2022, revenues from the Company’s top two customers represented 85.3 % and 12.9 % of total revenues, respectively. As of June 30, 2023, billed accounts receivable for the top two customers represented 86.2 % and 13.8 % of total billed receivables, respectively. As of June 30, 2022, billed accounts receivable for the top two customers represented 53.2 % and 43.4 % of total billed receivables, respectively. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of readily available cash in checking accounts, U.S. government securities, certificates of deposit, money market funds and other MDS with original maturities of three months or less. The following table provides a reconciliation of cash, cash equivalents and restricted cash, reported within the condensed consolidated statements of cash flows (in thousands): For the Six Months 2023 2022 Cash and cash equivalents $ 228,265 $ 65,642 Restricted cash 665 831 Total cash, cash equivalents, and restricted cash presented in the $ 228,930 $ 66,473 As of June 30, 2023 and 2022 , the Company’s restricted cash consists of cash related to the Company’s clinical trials. Accounts Receivable, Net Accounts receivable, net, are recorded net of any allowance for current expected credit losses measured based on historical experience, current conditions, and reasonable and supportable forecasts. As of June 30, 2023 and December 31, 2022 , the Company has determined an allowance for expected credit losses is not material. Intangible Assets, Net The Company records its intangible assets based on their fair values at the date of acquisition. The Company’s finite lived intangible assets related to acquired technologies has estimated remaining useful lives between approximately two and a half to 11.5 years as of June 30, 2023, and three to 12 years as of December 31, 2022. Amortization expense for the Company’s finite lived intangible assets is charged to research and development expense in the condensed consolidated statements of operations and comprehensive loss on a straight-line basis over the assets’ estimated useful lives. Impairment losses on finite-lived intangible assets are recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amount. If such assets are considered impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. In the first quarter of 2022, the Company received a Notice of Termination of Collaboration and License agreement (Relaxin) between Bristol-Myers Squibb Company (BMS) and the Company (the Relaxin Agreement) from BMS to be effective three months from receipt of the notification. Due to this termination notice and the Company’s determination that the asset had no alternative future use, the Company concluded the net carrying value of the BMS Relaxin intangible asset was greater than its estimated fair value and therefore recorded an impairment charge of $ 2.5 million. In the second quarter of 2022, the Company received verbal notification from BMS of its intent to terminate the Collaboration and License Agreement (FGF-21) between BMS and the Company (the FGF-21 Agreement), which was followed by a formal notification on July 18, 2022 to be effective three months from receipt of the formal notification date. Due to this termination notice and the Company’s determination that the asset had no alternative future use, the Company concluded the net carrying value of the BMS FGF-21 intangible asset was greater than its estimated fair value and therefore recorded an impairment charge of $ 7.2 million. The Company’s intangible assets also include acquired in-process research and development (IPR&D) from a business combination, which is recognized as an indefinite lived intangible asset until completion or abandonment of the related R&D activities. When the related R&D activity is completed, the IPR&D intangible asset is reclassified as a finite-lived intangible asset and amortized over the remaining useful life. The Company’s acquired IPR&D is tested for impairment annually or more frequently if events or changes in circumstances between annual tests indicate that the asset may be impaired. While the Company’s current and historical operating losses and negative cash flows are possible indicators of impairment, management believes future cash flows to be generated by its remaining long-lived assets support the carrying value. There were no impairment charges recognized during the three and six months ended June 30, 2023 . Net Loss Per Share Attributable to Ambrx Biopharma Inc Ordinary Shareholders Basic net loss per ordinary share is calculated by dividing the net loss attributable to ordinary Ambrx shareholders by the weighted-average number of ordinary shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares and potentially dilutive securities outstanding for the period determined using the treasury-stock and if-converted methods. For purposes of the diluted net loss per share calculation, potentially dilutive securities are excluded from the calculation of diluted net loss per share because their effect was anti-dilutive and therefore, basic and diluted net loss per share were the same for all periods presented. Potentially dilutive securities are excluded from the calculation of diluted net loss per share as their effect is anti-dilutive. For the periods presented, the following table presents potentially dilutive securities, excluded from the computation of diluted net loss per ordinary share: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Outstanding stock options 45,302,442 39,829,831 45,302,442 39,829,831 Outstanding RSUs 4,090,000 — 4,090,000 — Total 49,392,442 39,829,831 49,392,442 39,829,831 Share-Based Compensation The Company accounts for share-based compensation under the provisions of ASC Topic 718, Compensation—Stock Compensation . The Company estimates the fair value of each option award on the date of grant using the Black-Scholes option pricing model. The fair value of restricted stock units (RSU) is based on the closing price of the Company’s common stock on the date of grant. The Company recognizes share-based compensation expense on a straight-line basis based upon the grant date fair value. The Company recognizes the effect of forfeitures in compensation cost in the period that the award was forfeited. See Note 11—Share-Based Compensation for information on the assumptions used in determining the grant date fair value of option awards. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standards setting bodies that are adopted as of the specified effective date. The Company believes the impact of recently issued standards and any issued but not yet effective standards will not have a material impact on its condensed consolidated financial statements upon adoption. |
Balance Sheets Details
Balance Sheets Details | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheets Details | 3. Balance Sheet Details Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): June 30, December 31, Tax receivable $ 2,231 $ 1,506 Prepaid R&D costs (1) 1,277 1,476 Prepaid insurance and service contracts 1,089 1,424 Other 981 487 Total $ 5,578 $ 4,893 __________ (1) Includes $ 76 and $ 14 of prepaid R&D costs due to related parties as of June 30, 2023 and December 31, 2022 , respectively. Property and Equipment, Net Property and equipment, net, consist of the following (in thousands): June 30, December 31, Laboratory equipment $ 8,064 $ 7,559 Computers, software and office equipment 523 512 Leasehold improvements 506 467 Office furniture and fixtures 123 123 9,216 8,661 Accumulated depreciation and amortization ( 6,021 ) ( 5,617 ) Total $ 3,195 $ 3,044 Depreciation and amortization expense related to property and equipment totaled $ 0.2 million for each of the three months ended June 30, 2023 and 2022, and $ 0.4 million for each of the six months ended June 30, 2023 and 2022. Accrued Liabilities Accrued liabilities consist of the following (in thousands): June 30, December 31, Accrued R&D costs (1) $ 3,063 $ 4,069 Accrued compensation 2,924 3,494 Accrued audit, tax and filing fees 2,189 1,703 Accrued directors and officers insurance premium (2) — 926 Accrued other 1,380 1,122 Total $ 9,556 $ 11,314 __________ (1) Includes $ 39 and $ 99 of accrued R&D costs due to related parties as of June 30, 2023 and December 31, 2022 , respectively. (2) Represents the remaining balance due at December 31, 2022 under the Company’s insurance premium financing agreement, which was payable in equal monthly installments through May 2023 and bore interest at approximately 3.4 % per annum. Accumulated Other Comprehensive Loss The following table provides a reconciliation of the components of accumulated other comprehensive loss for the three and six months ended June 30, 2023 (in thousands): Three Months Ended Six Months Ended Foreign Currency Items Unrealized Gains and Losses on MDS Total Foreign Currency Items Unrealized Gains and Losses on MDS Total Balance at beginning of period $ ( 790 ) $ ( 186 ) $ ( 976 ) $ ( 790 ) $ ( 512 ) $ ( 1,302 ) Changes in comprehensive loss — ( 13 ) ( 13 ) — ( 39 ) ( 39 ) Amounts reclassified from — 36 36 — 388 388 Total other comprehensive income — 23 23 — 349 349 Balance at end of period $ ( 790 ) $ ( 163 ) $ ( 953 ) $ ( 790 ) $ ( 163 ) $ ( 953 ) The following table provides a reconciliation of the components of accumulated other comprehensive loss for the three and six months ended June 30, 2022 (in thousands): Three Months Ended Six Months Ended Foreign Currency Items Unrealized Losses on MDS Total Foreign Currency Items Unrealized Losses on MDS Total Balance at beginning of period $ ( 790 ) $ — $ ( 790 ) $ ( 790 ) $ — $ ( 790 ) Changes in comprehensive loss — ( 217 ) ( 217 ) — ( 217 ) ( 217 ) Total other comprehensive income — ( 217 ) ( 217 ) — ( 217 ) ( 217 ) Balance at end of period $ ( 790 ) $ ( 217 ) $ ( 1,007 ) $ ( 790 ) $ ( 217 ) $ ( 1,007 ) |
Intangible Assets, Net
Intangible Assets, Net | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | 4. Intangible Assets, Net I ntangible assets, net, consist of the following (in thousands, except years): As of June 30, 2023 Weighted- Gross Accumulated Intangible Acquired technologies 8.5 $ 7,410 $ ( 3,415 ) $ 3,995 IPR&D 20,940 — $ 20,940 Total $ 28,350 $ ( 3,415 ) $ 24,935 I ntangible assets, net, consist of the following (in thousands, except years): As of December 31, 2022 Weighted- Gross Impairment (1) Accumulated Intangible Acquired technologies 8.8 $ 24,330 $ ( 9,660 ) $ ( 10,360 ) $ 4,310 IPR&D 20,940 — — $ 20,940 Total $ 45,270 $ ( 9,660 ) $ ( 10,360 ) $ 25,250 __________ (1) Includes the impairment of BMS Relaxin and BMS FGF-21 intangible assets, as more fully described within the Intangible Assets, Net subsection of Note 2—Summary of Significant Accounting Policies . These intangible asset impairments are presented in the condensed consolidated statements of operations and comprehensive loss as impairment of intangible assets within operating activities. Amortization expense related to intangible assets totaled $ 0.2 million and $ 0.4 million for the three months ended June 30, 2023 and 2022, respectively, and $ 0.3 million and $ 0.7 million for the six months ended June 30, 2023 and 2022 , respectively. |
Marketable Debt Securities, Ava
Marketable Debt Securities, Available-for-Sale | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Debt Securities, Available-for-Sale | 5. Marketable Debt Securities, Available-for-Sale The following table summarizes the Company’s MDS as of June 30, 2023 (in thousands, except years): Weighted Amortized Unrealized Unrealized Fair Classified as current assets: U.S. government securities less than 1 $ 6,987 $ — $ ( 163 ) $ 6,824 Total Marketable debt securities, less than 1 $ 6,987 $ — $ ( 163 ) $ 6,824 The following table summarizes the Company’s MDS as of December 31, 2022 (in thousands, except years): Weighted Amortized Unrealized Unrealized Fair Classified as current assets: Commercial paper 1 or less $ 15,803 $ 1 $ ( 23 ) $ 15,781 Certificates of deposit 1 or less 7,500 2 ( 25 ) 7,477 U.S. government securities 1 or less 5,001 — ( 30 ) 4,971 Corporate bonds 1 or less 646 — ( 2 ) 644 Total Marketable debt securities, 1 or less $ 28,950 $ 3 $ ( 80 ) $ 28,873 Classified as non-current assets: U.S. government securities 1.4 $ 6,979 $ — $ ( 184 ) $ 6,795 Corporate bonds 1.5 6,824 — ( 192 ) 6,632 Asset backed securities 1.8 2,999 — ( 45 ) 2,954 Non-U.S. government securities 1.5 423 — ( 11 ) 412 Total Marketable debt securities, available- 1.5 $ 17,225 $ — $ ( 432 ) $ 16,793 Total 0.7 $ 46,175 $ 3 $ ( 512 ) $ 45,666 As of June 30, 2023 and December 31, 2022, the Company had $ 0.1 million and $ 0.2 million, respectively, of accrued interest on MDS included in prepaid expenses and other current assets in the condensed consolidated balance sheets. The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of June 30, 2023 and December 31, 2022, aggregated by investment category for MDS that have been in a continuous loss position for less than 12 months and for more than 12 months (in thousands): Less than 12 months More than 12 months Estimated Gross Estimated Gross June 30, 2023 U.S. government securities $ 6,824 $ ( 163 ) $ — $ — Total $ 6,824 $ ( 163 ) $ — $ — December 31, 2022 Commercial paper $ 12,803 $ ( 22 ) $ — $ — U.S. government securities 11,765 ( 216 ) — — Corporate bonds 7,276 ( 193 ) — — Certificates of deposit 2,975 ( 25 ) — — Asset backed securities 2,954 ( 45 ) — — Non-U.S. government securities 412 ( 11 ) — — Total $ 38,185 $ ( 512 ) $ — $ — As of June 30, 2023, a total of three of the securities were in an unrealized loss position. The Company evaluated its MDS and concluded the losses were due to interest rate fluctuations, as opposed to credit quality. Because the Company does not intend to sell its MDS and it is not more likely than not that the Company will be required to sell its MDS before recovery of their amortized cost bases, which may be maturity, the Company does not consider its MDS to be impaired. Investment income, net Investment income, net, consists of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest and dividend income $ 217 $ 147 $ 569 $ 147 Accretion/amortization of investment 1,247 76 1,798 76 Realized losses, net ( 36 ) — ( 388 ) — Investment income, net $ 1,428 $ 223 $ 1,979 $ 223 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. Fair Value Measurements The following table presents the Company’s financial assets measured at fair value on a recurring basis as of June 30, 2023 (in thousands): Total Level 1 Level 2 Level 3 Cash equivalents: U.S. government securities $ 140,102 $ — $ 140,102 $ — Certificates of deposit 24,000 — 24,000 — Money market funds 58,043 58,043 — — Total cash equivalents $ 222,145 $ 58,043 $ 164,102 $ — Marketable debt securities, available-for-sale: U.S. government securities 6,824 — 6,824 — Total Marketable debt securities, available-for-sale $ 6,824 $ — $ 6,824 $ — The following table presents the Company’s financial assets measured at fair value on a recurring basis as of December 31, 2022 (in thousands): Total Level 1 Level 2 Level 3 Cash equivalents: Certificates of deposit $ 24,000 $ — $ 24,000 $ — Commercial paper 15,352 — 15,352 $ — Money market funds 12,743 12,743 — — Total cash equivalents $ 52,095 $ 12,743 $ 39,352 $ — Marketable debt securities, available-for-sale: Commercial paper $ 15,781 $ — $ 15,781 $ — Certificates of deposit 7,477 — 7,477 — U.S. government securities 4,971 — 4,971 — Corporate bonds 644 — 644 — Total Marketable debt securities, available-for-sale $ 28,873 $ — $ 28,873 $ — Marketable debt securities, available-for-sale, net of U.S. government securities $ 6,795 $ — $ 6,795 $ — Corporate bonds 6,632 — 6,632 — Asset backed securities 2,954 — 2,954 — Non-U.S. government securities 412 — 412 — Total Marketable debt securities, available-for-sale, $ 16,793 $ — $ 16,793 $ — As of and for the periods ended June 30, 2023 and December 31, 2022 , the Company had no assets or liabilities measured on a non-recurring basis, and no liabilities measured at fair value on a recurring basis. During the six months ended June 30, 2023 and the year ended December 31, 2022 , there were no transfers into or out of Level 3 of the fair value hierarchy. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies Litigation From time to time, the Company may be involved in various lawsuits, legal proceedings, or claims that arise in the ordinary course of business. Management believes there are no claims or actions pending against the Company as of June 30, 2023 which will have, individually or in the aggregate, a material adverse effect on its business, liquidity, financial position, or results of operations. Litigation, however, is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm the Company’s business. Indemnification In accordance with the Company’s amended and restated memorandum and articles of association, the Company has indemnification obligations to its officers and directors for certain events or occurrences, subject to certain limits, while they are serving in such capacity. There have been no claims to date, and the Company has a directors and officers liability insurance policy that may enable it to recover a portion of any amounts paid for future claims. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Lessee Disclosure [Abstract] | |
Leases | 8. Leases The Company has operating leases for its corporate offices and certain equipment. The leases have remaining lease terms of approximately one to four years. During the six months ended June 30, 2023 and the year ended December 31, 2022, the Company did not acquire any new ROU assets or lease liabilities. The components of lease expense consist of the following (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Operating lease expenses R&D: Operating lease costs $ 550 $ 555 $ 1,101 $ 1,113 Variable lease costs (1) 323 225 785 451 Operating lease expenses G&A: Operating lease costs 132 126 263 250 Variable lease costs (1) 78 51 188 101 Total operating leases expense $ 1,083 $ 957 $ 2,337 $ 1,915 ____________ (1) Includes short-term lease costs which are immaterial. Supplemental cash flow information related to leases is as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Cash paid for amounts included in Operating cash flows used for operating $ 673 $ 206 $ 1,404 $ 803 Weighted-average remaining lease term in years 4.4 5.4 4.4 5.4 Weighted-average discount rate 7.63 % 7.63 % 7.63 % 7.63 % |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Convertible Preferred Ordinary Shares And Ordinary Shares [Abstract] | |
Shareholders' Equity | 9. Shareholders' Equity Ordinary Shares In June 2021, the Company completed its initial public offering of American Depositary Shares (ADSs). Each ADS represents seven ordinary shares of the Company. Securities Purchase Agreement On May 23, 2023, the Company entered into a securities purchase agreement with a related party, pursuant to which the Company was able to offer and sell 37,688,441 ordinary shares ( 5,384,063 ADS) at a selling price of $ 1.99 per ordinary share ($ 13.93 per ADS), for gross proceeds of approximately $ 75.0 million, less expenses of approximately $ 0.3 million, for net proceeds of approximately $ 74.7 million. There were no underwriting or placement agent fees associated with this offering. The offering price of $ 13.93 per ADS, was based on the 5‑day trailing variable weighted-average price of the Company’s ADSs immediately prior to the agreement date. Upon the satisfaction of all closing conditions, the offering closed on June 27, 2023. At-the-Market Offering Agreement On July 29, 2022, the Company entered into a sales agreement with Cowen and Company LLC, pursuant to which the Company was able to offer and sell its ADS, each representing seven of the Company’s ordinary shares, having an aggregate offering price of up to $ 80.0 million (the ATM Program). During the first quarter of 2023, the Company issued and sold 116,030,782 ordinary shares ( 16,575,826 ADS) at an average selling price of $ 0.69 per ordinary share ($ 4.83 per ADS), for gross proceeds of approximately $ 80.0 million, less sales commissions and expenses of approximately $ 2.2 million, for net proceeds of approximately $ 77.8 million. Accordingly, as of March 10, 2023, the ATM Program is complete. Other Share Issuances During the three and six months ended June 30, 2023, the Company issued a total of 495,000 ordinary shares valued at $ 0.8 million to service providers in lieu of cash. Amended and Restated Memorandum of Association Effective June 7, 2023, the Company amended and restated its memorandum of association to increase the number of shares of common stock that the Company is authorized to issue from 600,000,000 ordinary shares, $ 0.0001 par value per share, to (i) 950,000,000 ordinary shares, $ 0.0001 par value per share, and (ii) 100,000,000 of such class or classes (however designated) of shares as the Company’s board of directors may determine (the Undesignated Shares). As of June 30, 2023 and December 31, 2022 , the Company had no issued or outstanding Undesignated Shares. |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 10. Revenues During the three and six months ended June 30, 2023 and 2022, the Company recognized revenue over time under each of its R&D Agreements as its performance obligations were satisfied. Variable consideration, such as development and regulatory milestones previously constrained is recognized to the extent a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Revenue recognized was earned under the Company’s R&D Agreements and is summarized below based on the nature of payment type (in thousands): Three Months Ended Six Months Ended Timing of Transfer of Goods or Services 2023 2022 2023 2022 Over time: License fees $ — $ 555 $ — $ 1,447 R&D services — 589 6 1,297 Reimbursements 23 155 41 168 Point in time: Milestones 1,100 — 1,100 — Total revenues $ 1,123 $ 1,299 $ 1,147 $ 2,912 During the three and six months ended June 30, 2023 , the Company recognized milestone revenue of $ 1.1 million from performance obligations satisfied (or partially satisfied) pursuant to an agreement with BMS. The Company did no t recognize any revenue from performance obligations satisfied (or partially satisfied) during the three and six months ended June 30, 2022. Remaining Performance Obligations and Deferred Revenue As of June 30, 2023, the Company had no unsatisfied remaining performance obligations for minimum full-time equivalent (FTE) services under its R&D Agreements. In each of the periods ended June 30, 2023 and December 31, 2022, the Company had deferred revenue of $ 1.7 million, which was primarily related to (i) the combined performance obligation for transfer of the Company’s license and R&D services and (ii) conducting R&D activities which are a separate performance obligation in the Company’s contracts pursuant to research plans under the R&D agreements. The Company anticipates that the remaining performance obligations as of June 30, 2023 will be satisfied over the next 3.5 to 4.0 years. Zhejiang Medicine Co. Ltd. (ZMC) In June 2013, the Company entered into a co-development and license agreement with ZMC to develop and commercialize ARX788 (the ZMC Agreement). In March 2019, the ZMC Agreement was transferred to NovoCodex Biopharmaceutical Ltd (NovoCodex), a subsidiary of ZMC. Under the ZMC Agreement, both companies will continue the development of ARX788. ZMC is responsible, at its sole expense, for making commercially reasonable efforts to develop, obtain regulatory approval for and commercialize the licensed products in China and fund the development of the product in Australia or other jurisdictions approved by a joint steering committee through Phase 1 clinical trials. ZMC will receive commercial rights in China while Ambrx retains commercial rights outside of China and will receive low double-digit tiered royalties on sales of the product in China. Under the terms of the ZMC Agreement, as amended, ZMC received an exclusive right and license for the prevention, and treatment of human diseases and conditions associated with αHer2 with the right to grant sublicenses under the Company’s existing patents and know how. Under the agreement, the Company is entitled to receive tiered royalties as high as mid-teens range on aggregate net sales of ARX788 in the People’s Republic of China (PRC). The Company will be entitled to receive these royalties until the later of the expiration of the applicable patent rights or 20 years after the first commercial sale of the product in the PRC. In addition, the Company is obligated to pay royalties in a mid-single digit to low-teens percentage range of any sublicensing profit that the Company may receive outside of the PRC, depending on what phase of clinical development has been completed at the time of transfer, or a low single digit percentage range on any net sales that the Company or its successors may receive from sales of ARX788 outside of the PRC, if the market authorization of ARX788 is based on Phase 1 clinical data obtained during the Company’s collaboration with ZMC. BeiGene Ltd. (BeiGene) In March 2019, the Company entered into a collaboration and exclusive license agreement with BeiGene for the development and commercialization of next-generation biologics drugs (the BeiGene Agreement) and received an upfront license payment to fund the initial discovery and research activities of $ 10.0 million. Under the terms of the BeiGene Agreement, BeiGene will have worldwide rights to develop and commercialize any drug products resulting from the collaboration. BeiGene may terminate the BeiGene Agreement upon three months ’ written notice. The Company or BeiGene may terminate the BeiGene Agreement for cause for safety reasons or upon other party’s material breach that remains uncured after receipt of notice thereof, or upon certain bankruptcy or insolvency proceedings. The Company may also terminate the BeiGene Agreement for cause due to BeiGene’s failure to use commercially reasonable efforts in the development and commercialization of products. In November 2022, the Company received notification from BeiGene of its intent to terminate the HER-3 anti-body drug conjugate, or ADC, research program, effective January 23, 2023 (the BeiGene Notification). Prior to receipt of the BeiGene Notification, deferred revenue would have been recognized through February 2023. However, the BeiGene Notification resulted in a re-evaluation of the measure of progress for the program and the Company accelerating revenue recognition associated with the remaining deferred revenue as of the notification date. In March 2023, the Company and BeiGene extended the initial research term for an additional two years . NovoCodex Biopharmaceuticals Ltd. (NovoCodex) In October 2019, the Company entered into a co-development and commercialization agreement with NovoCodex, a majority owned company of ZMC to develop and commercialize Ambrx’s internally developed site-specific ADCs (the NovoCodex Agreement), and received an upfront, non-refundable, and non-creditable payment of $ 2.0 million. The license to the Company’s intellectual property and R&D services performed by the Company until the initial manufacturing run or technology transfer are combined as a single performance obligation. R&D services performed after the initial manufacturing run or technology transfer are considered to represent a separate performance obligation. NovoCodex may terminate the NovoCodex Agreement upon six months written notice. The Company or NovoCodex may terminate the NovoCodex Agreement for cause for safety reasons or upon other party’s material breach that remains uncured after receipt of notice thereof, or upon certain bankruptcy or insolvency proceedings. The Company may also terminate the NovoCodex Agreement for cause due to NovoCodex’s failure to use commercially reasonable efforts in the development and commercialization of products. Under the terms of the NovoCodex Agreement, NovoCodex is responsible for developing and commercializing ARX305 in China while Ambrx is responsible for developing and commercializing ARX305 outside of China. NovoCodex will fund global development activities through the end of Phase 1 clinical trials. The Company is eligible to receive payments for R&D services for a minimum of one FTE based on the annual rate defined in the agreement. In addition, the Company is eligible to receive milestone payments upon achievement of certain clinical development milestones. During the fourth quarter of 2022, the Company recognized milestone revenue of $ 1.0 million upon dosing of the first patient with ARX305 pursuant to the NovoCodex Agreement. The Company is also eligible to receive tiered royalties on a product-by-product basis on aggregate worldwide net sales of each product. NovoCodex is also eligible to share in a portion of ARX305 product sales outside of China. In the event the Company transfers or licenses the Phase 1 clinical data to a third party, NovoCodex is entitled to royalties on aggregate net sales of ARX305 outside of China. Since inception and through June 30, 2023, the Company has identified two performance obligations for all promises under the NovoCodex Agreement. Accordingly, the Company recognizes revenue for the transaction price based upon efforts or inputs to satisfy its performance obligations relative to the total expected inputs. Due to the uncertainty in the achievement of the development milestones, the variable consideration associated with these future milestone payments has been fully constrained (excluded) from the transaction price until such time that the Company concludes that it is probable that a significant reversal of previously recognized revenue will not occur. These estimates are re-assessed at each reporting period. Sino Biopharmaceutical Co., Ltd. (Sino Biopharma) In January 2020, the Company entered into a co-development and license agreement with Sino Biopharma pursuant to which the Company (i) assigned to Sino Biopharma existing and future patent rights in the People’s Republic of China (inclusive of Hong Kong, Macau and Taiwan, the Sino Territory) to ARX822 and ARX102 (each a preclinical compound) and (ii) granted exclusive rights and licenses in the Sino Territory to develop and manufacture ARX822 and ARX102 (the Sino Agreement). Sino Biopharma is solely responsible, at its own expense, for marketing, selling, offering for sale, distributing, promoting and otherwise commercializing the products in the Sino Territory and costs associated with Investigational New Drug (IND) enabling activities and for providing the Company with study drug for up to 100 patients enrolled in a Phase 1 clinical trial for each of ARX822 and ARX102, if any. Sino Biopharma may terminate the Sino Agreement upon six-months ’ written notice. Under the terms of the Sino Agreement, the Company received an upfront payment of $ 10.0 million, which is no longer subject to refund. The Company is also eligible to receive milestone payments upon achievement of certain potential development and regulatory milestones for each program. In the fourth quarter of 2022, Sino completed its IND enabling activities associated with ARX102, at which time the Company fully recognized all previously deferred revenue associated with this compound. In 2022, at Sino’s request the Company has temporarily suspended development of ARX822. Since inception and through June 30, 2023, the Company has identified one performance obligation per each preclinical compound for all promises under the agreement. Accordingly, the Company recognizes revenue for the transaction price based upon efforts or inputs to satisfy its performance obligations relative to the total expected inputs. Due to the uncertainty in the achievement of the development and regulatory milestones, the variable consideration associated with these future milestone payments has been fully constrained (excluded) from the transaction price until such time that the Company concludes that it is probable that a significant reversal of previously recognized revenue will not occur. These estimates are re-assessed at each reporting period. Contract Assets and Liabilities Contract balances are as follows (in thousands): June 30, December 31, Receivables, included in accounts receivable, net $ 81 $ 376 Contract liabilities, included in deferred revenue, current and $ 1,749 $ 1,749 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | 11. Share-Based Compensation Share-based compensation expense was as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Share-based compensation expense: Stock options $ 1,758 $ 1,879 $ 3,696 $ 3,529 RSUs 337 — 337 — Issuance of ordinary shares for 791 — 791 — $ 2,886 $ 1,879 $ 4,824 $ 3,529 Share-based compensation expense in Research and development $ 1,608 $ 1,172 $ 2,718 $ 2,222 General and administrative 1,278 707 2,106 1,307 $ 2,886 $ 1,879 $ 4,824 $ 3,529 Stock Options The following table summarizes option activity for the periods presented, excluding options granted and canceled as part of the option repricing discussed below: Total Weighted- Aggregate Weighted- Outstanding at December 31, 2022 39,116,174 $ 1.11 $ 1,088 5.4 Granted 16,663,805 $ 1.04 Exercised ( 7,558,033 ) $ 1.06 Forfeited/expired ( 2,919,504 ) $ 1.32 Outstanding at June 30, 2023 45,302,442 $ 0.71 $ 74,829 7.4 Vested and exercisable at 17,698,142 $ 0.72 $ 29,001 4.4 Cash proceeds received from stock option exercises during the six months ended June 30, 2023 totaled $ 8.0 million. The total intrinsic value of stock options exercised during the six months ended June 30, 2023 was $ 6.6 million. There were no option exercises during the six months ended June 30, 2022. As of June 30, 2023, unrecognized compensation cost related to outstanding stock options was $ 19.7 million, which is expected to be recognized over a remaining weighted-average term of 3.1 years. The weighted-average assumptions used in the Black-Scholes-Merton option pricing model to determine the fair value of option grants were as follows: For the Six Months Ended June 30, 2023 2022 Expected term (in years) 6.0 5.9 Risk-free interest rate 3.8 % 2.2 % Expected volatility 86.7 % 79.9 % Dividend yield — — Weighted-average grant date fair value $ 0.81 $ 0.43 Option Repricing On January 27, 2023, the compensation committee of the board of directors of the Company approved an option repricing program (the Option Repricing) to permit the Company to reprice all underwater options to purchase the Company’s ordinary shares held by its employees (including an officer of the Company), non-employee directors and consultants providing services as of January 27, 2023. Under the Option Repricing, options with an exercise price above $ 0.28 per ordinary share (or the equivalent of $ 1.95 per ADS), representing an aggregate of 18,285,155 ordinary shares, or approximately 53.2 % of the total options outstanding as of January 27, 2023, were amended to reduce such exercise price to $ 0.28 per ordinary share. T he Option Repricing resulted in additional compensation expense of $ 1.2 million, including $ 0.1 million and $ 0.8 million that was recognized in the Company’s condensed consolidated statements of operations and comprehensive loss during the three and six months ended June 30, 2023, respectively. Restricted Stock Units The following table summarizes RSU activity for the periods presented: Number of Weighted- Non-vested balance at December 31, 2022 — $ — Granted 4,090,000 $ 1.35 Non-vested balance at June 30, 2023 4,090,000 $ 1.35 As of June 30, 2023, unrecognized compensation costs related to non-vested RSUs was $ 5.2 million, which is expected to be recognized over a remaining weighted-average term of 2.6 years. Employee Share Purchase Plan During the three and six months ended June 30, 2022, there were 201,537 and 207,935 ordinary shares issued pursuant to the Company’s employee stock purchase plan (the ESPP), respectively, for gross proceeds in each period of approximately $ 0.1 million. The ESPP was suspended indefinitely, effective December 16, 2022, and as of June 30, 2023 and December 31, 2022 there was no unrecognized share-based compensation expense related to the ESPP. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 12. Related Party Transactions In the ordinary course of business, the Company has related party transactions with affiliates of a noncontrolling shareholder. The following tables present the Company’s activities with affiliates of the noncontrolling shareholders (in thousands): June 30, December 31, Balances: Prepaid R&D expenses $ 76 $ 14 Accounts payable $ 58 $ 352 Accrued liabilities $ 39 $ 99 Three Months Ended Six Months Ended 2023 2022 2023 2022 Activity: Amounts paid $ 158 $ 14 $ 510 $ 269 R&D expense recognized $ 10 $ 289 $ 94 $ 469 As more fully described within the Securities Purchase Agreement subsection of Note 9, Shareholders’ Equity , during the second quarter of 2023 the Company entered into a securities purchase agreement with a significant shareholder, pursuant to which the Company issued 5,384,063 ADS for net proceeds of approximately $ 74.7 million. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Risk and Uncertainties | Risks and Uncertainties |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to the valuation of share-based awards and MDS, the discount rate used in estimating the present value of the right-of-use (ROU) assets and lease liabilities, the useful lives of property and equipment and intangible assets, the recoverability of long-lived assets, clinical trial accruals, periods over which revenue should be recognized, deferred income taxes and related valuation allowances, and the assessment of the Company’s ability to fund its operations for at least the next 12 months from the date of issuance of these condensed consolidated financial statements. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Estimates are assessed each reporting period and updated to reflect current information. As future events and their effects cannot be determined with precision, actual results may materially differ from those estimates or assumptions. Due to recent disruptions in access to bank deposits and lending commitments associated with bank failures, the COVID-19 pandemic and macroeconomic and geopolitical conditions, there has been uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of June 30, 2023. While there was no material impact to the Company’s condensed consolidated financial statements as of and for the three and six months ended June 30, 2023 , these estimates may change, as new events occur and additional information is obtained, which could materially impact the Company’s condensed consolidated financial statements in future reporting periods. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, MDS, and accounts receivable which are generally not collateralized. Deposits in the Company’s checking and money market accounts are maintained in federally insured financial institutions and are subject to federally insured limits or limits set by the Securities Investor Protection Corporation. In addition, the Company maintains cash and cash equivalents in foreign bank accounts, which are not federally insured. The Company attempts to minimize credit risk associated with its cash and cash equivalents by periodically evaluating the credit quality of its primary financial institutions. The Company’s investment portfolio is maintained in accordance with its investment policy, which is designed to preserve capital, safeguard funds and limit exposure to risk. While the Company maintains cash deposits in Federal Deposit Insurance Corporation insured financial institutions in excess of federally insured limits, it does not believe that it is exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company has not experienced any losses on such accounts. During the three months ended June 30, 2023 and 2022, revenues from the Company’s top customer represented 98.0 % and 97.3 % of total revenues, respectively. During the six months ended June 30, 2023, revenues from the Company’s top customer represented 95.9 % of total revenues. During the six months ended June 30, 2022, revenues from the Company’s top two customers represented 85.3 % and 12.9 % of total revenues, respectively. As of June 30, 2023, billed accounts receivable for the top two customers represented 86.2 % and 13.8 % of total billed receivables, respectively. As of June 30, 2022, billed accounts receivable for the top two customers represented 53.2 % and 43.4 % of total billed receivables, respectively. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of readily available cash in checking accounts, U.S. government securities, certificates of deposit, money market funds and other MDS with original maturities of three months or less. The following table provides a reconciliation of cash, cash equivalents and restricted cash, reported within the condensed consolidated statements of cash flows (in thousands): For the Six Months 2023 2022 Cash and cash equivalents $ 228,265 $ 65,642 Restricted cash 665 831 Total cash, cash equivalents, and restricted cash presented in the $ 228,930 $ 66,473 As of June 30, 2023 and 2022 , the Company’s restricted cash consists of cash related to the Company’s clinical trials. |
Accounts Receivable, Net | Accounts Receivable, Net Accounts receivable, net, are recorded net of any allowance for current expected credit losses measured based on historical experience, current conditions, and reasonable and supportable forecasts. As of June 30, 2023 and December 31, 2022 , the Company has determined an allowance for expected credit losses is not material. |
Intangible Assets | Intangible Assets, Net The Company records its intangible assets based on their fair values at the date of acquisition. The Company’s finite lived intangible assets related to acquired technologies has estimated remaining useful lives between approximately two and a half to 11.5 years as of June 30, 2023, and three to 12 years as of December 31, 2022. Amortization expense for the Company’s finite lived intangible assets is charged to research and development expense in the condensed consolidated statements of operations and comprehensive loss on a straight-line basis over the assets’ estimated useful lives. Impairment losses on finite-lived intangible assets are recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amount. If such assets are considered impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. In the first quarter of 2022, the Company received a Notice of Termination of Collaboration and License agreement (Relaxin) between Bristol-Myers Squibb Company (BMS) and the Company (the Relaxin Agreement) from BMS to be effective three months from receipt of the notification. Due to this termination notice and the Company’s determination that the asset had no alternative future use, the Company concluded the net carrying value of the BMS Relaxin intangible asset was greater than its estimated fair value and therefore recorded an impairment charge of $ 2.5 million. In the second quarter of 2022, the Company received verbal notification from BMS of its intent to terminate the Collaboration and License Agreement (FGF-21) between BMS and the Company (the FGF-21 Agreement), which was followed by a formal notification on July 18, 2022 to be effective three months from receipt of the formal notification date. Due to this termination notice and the Company’s determination that the asset had no alternative future use, the Company concluded the net carrying value of the BMS FGF-21 intangible asset was greater than its estimated fair value and therefore recorded an impairment charge of $ 7.2 million. The Company’s intangible assets also include acquired in-process research and development (IPR&D) from a business combination, which is recognized as an indefinite lived intangible asset until completion or abandonment of the related R&D activities. When the related R&D activity is completed, the IPR&D intangible asset is reclassified as a finite-lived intangible asset and amortized over the remaining useful life. The Company’s acquired IPR&D is tested for impairment annually or more frequently if events or changes in circumstances between annual tests indicate that the asset may be impaired. While the Company’s current and historical operating losses and negative cash flows are possible indicators of impairment, management believes future cash flows to be generated by its remaining long-lived assets support the carrying value. There were no impairment charges recognized during the three and six months ended June 30, 2023 . |
Net Loss Per Share Attributable to Ambrx Biopharma Inc Ordinary Shareholders | Net Loss Per Share Attributable to Ambrx Biopharma Inc Ordinary Shareholders Basic net loss per ordinary share is calculated by dividing the net loss attributable to ordinary Ambrx shareholders by the weighted-average number of ordinary shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares and potentially dilutive securities outstanding for the period determined using the treasury-stock and if-converted methods. For purposes of the diluted net loss per share calculation, potentially dilutive securities are excluded from the calculation of diluted net loss per share because their effect was anti-dilutive and therefore, basic and diluted net loss per share were the same for all periods presented. Potentially dilutive securities are excluded from the calculation of diluted net loss per share as their effect is anti-dilutive. For the periods presented, the following table presents potentially dilutive securities, excluded from the computation of diluted net loss per ordinary share: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Outstanding stock options 45,302,442 39,829,831 45,302,442 39,829,831 Outstanding RSUs 4,090,000 — 4,090,000 — Total 49,392,442 39,829,831 49,392,442 39,829,831 |
Share-Based Compensation | Share-Based Compensation The Company accounts for share-based compensation under the provisions of ASC Topic 718, Compensation—Stock Compensation . The Company estimates the fair value of each option award on the date of grant using the Black-Scholes option pricing model. The fair value of restricted stock units (RSU) is based on the closing price of the Company’s common stock on the date of grant. The Company recognizes share-based compensation expense on a straight-line basis based upon the grant date fair value. The Company recognizes the effect of forfeitures in compensation cost in the period that the award was forfeited. See Note 11—Share-Based Compensation for information on the assumptions used in determining the grant date fair value of option awards. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standards setting bodies that are adopted as of the specified effective date. The Company believes the impact of recently issued standards and any issued but not yet effective standards will not have a material impact on its condensed consolidated financial statements upon adoption. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | |
Schedule of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash, reported within the condensed consolidated statements of cash flows (in thousands): For the Six Months 2023 2022 Cash and cash equivalents $ 228,265 $ 65,642 Restricted cash 665 831 Total cash, cash equivalents, and restricted cash presented in the $ 228,930 $ 66,473 |
Summary of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Ordinary Share | Potentially dilutive securities are excluded from the calculation of diluted net loss per share as their effect is anti-dilutive. For the periods presented, the following table presents potentially dilutive securities, excluded from the computation of diluted net loss per ordinary share: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Outstanding stock options 45,302,442 39,829,831 45,302,442 39,829,831 Outstanding RSUs 4,090,000 — 4,090,000 — Total 49,392,442 39,829,831 49,392,442 39,829,831 |
Balance Sheets Details (Tables)
Balance Sheets Details (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Prepaid expenses and other current assets | Prepaid expenses and other current assets consist of the following (in thousands): June 30, December 31, Tax receivable $ 2,231 $ 1,506 Prepaid R&D costs (1) 1,277 1,476 Prepaid insurance and service contracts 1,089 1,424 Other 981 487 Total $ 5,578 $ 4,893 __________ (1) Includes $ 76 and $ 14 of prepaid R&D costs due to related parties as of June 30, 2023 and December 31, 2022 , respectively. |
Schedule of property and equipment | Property and equipment, net, consist of the following (in thousands): June 30, December 31, Laboratory equipment $ 8,064 $ 7,559 Computers, software and office equipment 523 512 Leasehold improvements 506 467 Office furniture and fixtures 123 123 9,216 8,661 Accumulated depreciation and amortization ( 6,021 ) ( 5,617 ) Total $ 3,195 $ 3,044 |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following (in thousands): June 30, December 31, Accrued R&D costs (1) $ 3,063 $ 4,069 Accrued compensation 2,924 3,494 Accrued audit, tax and filing fees 2,189 1,703 Accrued directors and officers insurance premium (2) — 926 Accrued other 1,380 1,122 Total $ 9,556 $ 11,314 (1) Includes $ 39 and $ 99 of accrued R&D costs due to related parties as of June 30, 2023 and December 31, 2022 , respectively. (2) Represents the remaining balance due at December 31, 2022 under the Company’s insurance premium financing agreement, which was payable in equal monthly installments through May 2023 and bore interest at approximately 3.4 % per annum. |
Schedule of Reconciliation of Components of Accumulated Other Comprehensive Loss | The following table provides a reconciliation of the components of accumulated other comprehensive loss for the three and six months ended June 30, 2023 (in thousands): Three Months Ended Six Months Ended Foreign Currency Items Unrealized Gains and Losses on MDS Total Foreign Currency Items Unrealized Gains and Losses on MDS Total Balance at beginning of period $ ( 790 ) $ ( 186 ) $ ( 976 ) $ ( 790 ) $ ( 512 ) $ ( 1,302 ) Changes in comprehensive loss — ( 13 ) ( 13 ) — ( 39 ) ( 39 ) Amounts reclassified from — 36 36 — 388 388 Total other comprehensive income — 23 23 — 349 349 Balance at end of period $ ( 790 ) $ ( 163 ) $ ( 953 ) $ ( 790 ) $ ( 163 ) $ ( 953 ) The following table provides a reconciliation of the components of accumulated other comprehensive loss for the three and six months ended June 30, 2022 (in thousands): Three Months Ended Six Months Ended Foreign Currency Items Unrealized Losses on MDS Total Foreign Currency Items Unrealized Losses on MDS Total Balance at beginning of period $ ( 790 ) $ — $ ( 790 ) $ ( 790 ) $ — $ ( 790 ) Changes in comprehensive loss — ( 217 ) ( 217 ) — ( 217 ) ( 217 ) Total other comprehensive income — ( 217 ) ( 217 ) — ( 217 ) ( 217 ) Balance at end of period $ ( 790 ) $ ( 217 ) $ ( 1,007 ) $ ( 790 ) $ ( 217 ) $ ( 1,007 ) |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | ntangible assets, net, consist of the following (in thousands, except years): As of June 30, 2023 Weighted- Gross Accumulated Intangible Acquired technologies 8.5 $ 7,410 $ ( 3,415 ) $ 3,995 IPR&D 20,940 — $ 20,940 Total $ 28,350 $ ( 3,415 ) $ 24,935 I ntangible assets, net, consist of the following (in thousands, except years): As of December 31, 2022 Weighted- Gross Impairment (1) Accumulated Intangible Acquired technologies 8.8 $ 24,330 $ ( 9,660 ) $ ( 10,360 ) $ 4,310 IPR&D 20,940 — — $ 20,940 Total $ 45,270 $ ( 9,660 ) $ ( 10,360 ) $ 25,250 __________ (1) Includes the impairment of BMS Relaxin and BMS FGF-21 intangible assets, as more fully described within the Intangible Assets, Net subsection of Note 2—Summary of Significant Accounting Policies . These intangible asset impairments are presented in the condensed consolidated statements of operations and comprehensive loss as impairment of intangible assets within operating activities. |
Marketable Debt Securities, A_2
Marketable Debt Securities, Available-for-Sale (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-Sale Securities Reconciliation | The following table summarizes the Company’s MDS as of June 30, 2023 (in thousands, except years): Weighted Amortized Unrealized Unrealized Fair Classified as current assets: U.S. government securities less than 1 $ 6,987 $ — $ ( 163 ) $ 6,824 Total Marketable debt securities, less than 1 $ 6,987 $ — $ ( 163 ) $ 6,824 The following table summarizes the Company’s MDS as of December 31, 2022 (in thousands, except years): Weighted Amortized Unrealized Unrealized Fair Classified as current assets: Commercial paper 1 or less $ 15,803 $ 1 $ ( 23 ) $ 15,781 Certificates of deposit 1 or less 7,500 2 ( 25 ) 7,477 U.S. government securities 1 or less 5,001 — ( 30 ) 4,971 Corporate bonds 1 or less 646 — ( 2 ) 644 Total Marketable debt securities, 1 or less $ 28,950 $ 3 $ ( 80 ) $ 28,873 Classified as non-current assets: U.S. government securities 1.4 $ 6,979 $ — $ ( 184 ) $ 6,795 Corporate bonds 1.5 6,824 — ( 192 ) 6,632 Asset backed securities 1.8 2,999 — ( 45 ) 2,954 Non-U.S. government securities 1.5 423 — ( 11 ) 412 Total Marketable debt securities, available- 1.5 $ 17,225 $ — $ ( 432 ) $ 16,793 Total 0.7 $ 46,175 $ 3 $ ( 512 ) $ 45,666 |
Schedule of Gross Unrealized Losses and Fair Values on Debt Securities Classified as Available-for Sale | The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of June 30, 2023 and December 31, 2022, aggregated by investment category for MDS that have been in a continuous loss position for less than 12 months and for more than 12 months (in thousands): Less than 12 months More than 12 months Estimated Gross Estimated Gross June 30, 2023 U.S. government securities $ 6,824 $ ( 163 ) $ — $ — Total $ 6,824 $ ( 163 ) $ — $ — December 31, 2022 Commercial paper $ 12,803 $ ( 22 ) $ — $ — U.S. government securities 11,765 ( 216 ) — — Corporate bonds 7,276 ( 193 ) — — Certificates of deposit 2,975 ( 25 ) — — Asset backed securities 2,954 ( 45 ) — — Non-U.S. government securities 412 ( 11 ) — — Total $ 38,185 $ ( 512 ) $ — $ — |
Summary of Investment Income, Net | Investment income, net, consists of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest and dividend income $ 217 $ 147 $ 569 $ 147 Accretion/amortization of investment 1,247 76 1,798 76 Realized losses, net ( 36 ) — ( 388 ) — Investment income, net $ 1,428 $ 223 $ 1,979 $ 223 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the Company’s financial assets measured at fair value on a recurring basis as of June 30, 2023 (in thousands): Total Level 1 Level 2 Level 3 Cash equivalents: U.S. government securities $ 140,102 $ — $ 140,102 $ — Certificates of deposit 24,000 — 24,000 — Money market funds 58,043 58,043 — — Total cash equivalents $ 222,145 $ 58,043 $ 164,102 $ — Marketable debt securities, available-for-sale: U.S. government securities 6,824 — 6,824 — Total Marketable debt securities, available-for-sale $ 6,824 $ — $ 6,824 $ — The following table presents the Company’s financial assets measured at fair value on a recurring basis as of December 31, 2022 (in thousands): Total Level 1 Level 2 Level 3 Cash equivalents: Certificates of deposit $ 24,000 $ — $ 24,000 $ — Commercial paper 15,352 — 15,352 $ — Money market funds 12,743 12,743 — — Total cash equivalents $ 52,095 $ 12,743 $ 39,352 $ — Marketable debt securities, available-for-sale: Commercial paper $ 15,781 $ — $ 15,781 $ — Certificates of deposit 7,477 — 7,477 — U.S. government securities 4,971 — 4,971 — Corporate bonds 644 — 644 — Total Marketable debt securities, available-for-sale $ 28,873 $ — $ 28,873 $ — Marketable debt securities, available-for-sale, net of U.S. government securities $ 6,795 $ — $ 6,795 $ — Corporate bonds 6,632 — 6,632 — Asset backed securities 2,954 — 2,954 — Non-U.S. government securities 412 — 412 — Total Marketable debt securities, available-for-sale, $ 16,793 $ — $ 16,793 $ — |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Lessee Disclosure [Abstract] | |
Summary of Components of Operating Lease Expense | The components of lease expense consist of the following (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Operating lease expenses R&D: Operating lease costs $ 550 $ 555 $ 1,101 $ 1,113 Variable lease costs (1) 323 225 785 451 Operating lease expenses G&A: Operating lease costs 132 126 263 250 Variable lease costs (1) 78 51 188 101 Total operating leases expense $ 1,083 $ 957 $ 2,337 $ 1,915 ____________ Includes short-term lease costs which are immaterial. |
Summary of Supplemental cash flow information related to leases | Supplemental cash flow information related to leases is as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Cash paid for amounts included in Operating cash flows used for operating $ 673 $ 206 $ 1,404 $ 803 Weighted-average remaining lease term in years 4.4 5.4 4.4 5.4 Weighted-average discount rate 7.63 % 7.63 % 7.63 % 7.63 % |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Revenue recognized was earned under the Company’s R&D Agreements and is summarized below based on the nature of payment type (in thousands): Three Months Ended Six Months Ended Timing of Transfer of Goods or Services 2023 2022 2023 2022 Over time: License fees $ — $ 555 $ — $ 1,447 R&D services — 589 6 1,297 Reimbursements 23 155 41 168 Point in time: Milestones 1,100 — 1,100 — Total revenues $ 1,123 $ 1,299 $ 1,147 $ 2,912 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable | Contract balances are as follows (in thousands): June 30, December 31, Receivables, included in accounts receivable, net $ 81 $ 376 Contract liabilities, included in deferred revenue, current and $ 1,749 $ 1,749 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Share-based Compensation Expense | Share-based compensation expense was as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Share-based compensation expense: Stock options $ 1,758 $ 1,879 $ 3,696 $ 3,529 RSUs 337 — 337 — Issuance of ordinary shares for 791 — 791 — $ 2,886 $ 1,879 $ 4,824 $ 3,529 Share-based compensation expense in Research and development $ 1,608 $ 1,172 $ 2,718 $ 2,222 General and administrative 1,278 707 2,106 1,307 $ 2,886 $ 1,879 $ 4,824 $ 3,529 |
Summary of Option Activity Excluding Options Granted and Canceled as Part of Option Repricing | The following table summarizes option activity for the periods presented, excluding options granted and canceled as part of the option repricing discussed below: Total Weighted- Aggregate Weighted- Outstanding at December 31, 2022 39,116,174 $ 1.11 $ 1,088 5.4 Granted 16,663,805 $ 1.04 Exercised ( 7,558,033 ) $ 1.06 Forfeited/expired ( 2,919,504 ) $ 1.32 Outstanding at June 30, 2023 45,302,442 $ 0.71 $ 74,829 7.4 Vested and exercisable at 17,698,142 $ 0.72 $ 29,001 4.4 |
Summary Of Share Based Payment Award Stock Options Valuation Assumptions | The weighted-average assumptions used in the Black-Scholes-Merton option pricing model to determine the fair value of option grants were as follows: For the Six Months Ended June 30, 2023 2022 Expected term (in years) 6.0 5.9 Risk-free interest rate 3.8 % 2.2 % Expected volatility 86.7 % 79.9 % Dividend yield — — Weighted-average grant date fair value $ 0.81 $ 0.43 |
Summary of RSU Activity | The following table summarizes RSU activity for the periods presented: Number of Weighted- Non-vested balance at December 31, 2022 — $ — Granted 4,090,000 $ 1.35 Non-vested balance at June 30, 2023 4,090,000 $ 1.35 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Summary of activities with affiliates of the non controlling shareholders | The following tables present the Company’s activities with affiliates of the noncontrolling shareholders (in thousands): June 30, December 31, Balances: Prepaid R&D expenses $ 76 $ 14 Accounts payable $ 58 $ 352 Accrued liabilities $ 39 $ 99 Three Months Ended Six Months Ended 2023 2022 2023 2022 Activity: Amounts paid $ 158 $ 14 $ 510 $ 269 R&D expense recognized $ 10 $ 289 $ 94 $ 469 As more fully described within the Securities Purchase Agreement subsection of Note 9, Shareholders’ Equity , during the second quarter of 2023 the Company entered into a securities purchase agreement with a significant shareholder, pursuant to which the Company issued 5,384,063 ADS for net proceeds of approximately $ 74.7 million. |
Description of Business and B_2
Description of Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Retained earnings accumulated deficit | $ (324,756) | $ (291,628) |
Non-current marketable debt securities | 0 | $ 16,793 |
Liquidity and Capital Resources [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Retained earnings accumulated deficit | 324,800 | |
Cash and cash equivalents and marketable debt securities | $ 235,100 | |
Shangai Ambrx Biomedical Company Limited [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Equity method investment ownership percentage | 100% | |
Biolaxy Pharmaceutical Hongkong Limited [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Equity method investment ownership percentage | 100% | |
Ambrx Austrailia Pty Limited [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Equity method investment ownership percentage | 100% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Feb. 03, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Antidilutive securities excluded from computation of Earnings per share, Amount | 49,392,442 | 39,829,831 | 49,392,442 | 39,829,831 | |||
Impairment of intangible assets | $ 0 | $ 7,195,000 | $ 0 | $ 9,660,000 | $ 9,660,000 | ||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $ 0 | $ 0 | |||||
BMS Relax in Agreement [Member] | |||||||
Impairment of intangible assets | $ 2,500,000 | ||||||
BMS FGF-21 Agreement [Member] | |||||||
Impairment of intangible assets | $ 7,200,000 | ||||||
Technology-Based Intangible Assets [Member] | |||||||
Impairment of intangible assets | $ 9,660,000 | ||||||
Maximum [Member] | Technology-Based Intangible Assets [Member] | |||||||
Finite Lived Intangible Asset Remaining Useful Life | 11 years 6 months | 11 years 6 months | 12 years | ||||
Minimum [Member] | Technology-Based Intangible Assets [Member] | |||||||
Finite Lived Intangible Asset Remaining Useful Life | 2 years 6 months | 2 years 6 months | 3 years | ||||
Share-based Payment Arrangement, Option [Member] | |||||||
Antidilutive securities excluded from computation of Earnings per share, Amount | 45,302,442 | 39,829,831 | 45,302,442 | 39,829,831 | |||
Customer From Top Customer [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||||||
Concentration risk, percentage | 98% | 97.30% | 95.90% | ||||
First Customer [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||||||
Concentration risk, percentage | 85.30% | ||||||
First Customer [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||||
Concentration risk, percentage | 86.20% | 53.20% | |||||
Second Customer [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||||||
Concentration risk, percentage | 12.90% | ||||||
Second Customer [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||||
Concentration risk, percentage | 13.80% | 43.40% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 228,265 | $ 65,642 | ||
Restricted cash | 665 | $ 831 | 831 | |
Total cash, cash equivalents, and restricted cash presented in the condensed consolidated statements of cash flows | $ 228,930 | $ 56,441 | $ 66,473 | $ 170,906 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Ordinary Share (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of Earnings per share, Amount | 49,392,442 | 39,829,831 | 49,392,442 | 39,829,831 |
Employee Stock Option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of Earnings per share, Amount | 45,302,442 | 39,829,831 | 45,302,442 | 39,829,831 |
RSUs | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of Earnings per share, Amount | 4,090,000 | 4,090,000 |
Balance Sheets Details - Schedu
Balance Sheets Details - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Tax receivable | $ 2,231 | $ 1,506 |
Prepaid R&D costs | 1,277 | 1,476 |
Prepaid insurance and service contracts | 1,089 | 1,424 |
Other | 981 | 487 |
Total | $ 5,578 | $ 4,893 |
Balance Sheets Details - Sche_2
Balance Sheets Details - Schedule of Prepaid Expenses and Other Current Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid R&D costs due to related parties | $ 76 | $ 14 |
Balance Sheets Details - Sche_3
Balance Sheets Details - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 9,216 | $ 8,661 |
Accumulated depreciation and amortization | (6,021) | (5,617) |
Total | 3,195 | 3,044 |
Laboratory equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 8,064 | 7,559 |
Computers, software and office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 523 | 512 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 506 | 467 |
Office furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 123 | $ 123 |
Balance Sheets Details - Additi
Balance Sheets Details - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Depreciation and amortization expense | $ 0.2 | $ 0.2 | $ 0.4 | $ 0.4 |
Balance Sheets Details - Sche_4
Balance Sheets Details - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued R&D costs | $ 3,063 | $ 4,069 |
Accrued compensation | 2,924 | 3,494 |
Accrued audit, tax and filing fees | 2,189 | 1,703 |
Accrued directors and officers insurance premium financing obligation | 0 | 926 |
Accrued other | 1,380 | 1,122 |
Total | $ 9,556 | $ 11,314 |
Balance Sheets Details - Sche_5
Balance Sheets Details - Schedule of Accrued Liabilities (Parenthetical) (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Payables and Accruals [Line Items] | ||
Accrued research and development costs related party | $ 39 | $ 99 |
Insurance Premium Financing Agreement [Member] | ||
Payables and Accruals [Line Items] | ||
Debt instrument interest rate during period | 3.40% |
Balance Sheets Details - Sche_6
Balance Sheets Details - Schedule of Reconciliation of Components of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 182,592 | $ 168,977 | $ 117,850 | $ 189,967 |
Changes in comprehensive loss before reclassifications | (13) | (217) | (39) | (217) |
Amounts reclassified from accumulated other comprehensive loss | 36 | 0 | 388 | 0 |
Total other comprehensive income (loss) | 23 | (217) | 349 | (217) |
Ending balance | 250,380 | 141,892 | 250,380 | 141,892 |
Foreign Currency Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (790) | (790) | (790) | (790) |
Ending balance | (790) | (790) | (790) | (790) |
Unrealized Gains and Losses on Marketable Debt Securities, Available-for-sale [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (186) | (512) | ||
Changes in comprehensive loss before reclassifications | (13) | (217) | (39) | (217) |
Amounts reclassified from accumulated other comprehensive loss | 36 | 388 | ||
Total other comprehensive income (loss) | 23 | (217) | 349 | (217) |
Ending balance | (163) | (217) | (163) | (217) |
Total [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (976) | (790) | (1,302) | (790) |
Changes in comprehensive loss before reclassifications | (13) | (217) | (39) | (217) |
Amounts reclassified from accumulated other comprehensive loss | 36 | 388 | ||
Total other comprehensive income (loss) | 23 | (217) | 349 | (217) |
Ending balance | $ (953) | $ (1,007) | $ (953) | $ (1,007) |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Schedule Of Intangible Assets Net Excluding Goodwill [Line Items] | |||||
Gross Carrying Amount | $ 28,350 | $ 28,350 | $ 45,270 | ||
Impairment of intangible assets | 0 | $ (7,195) | 0 | $ (9,660) | (9,660) |
Accumulated Amortization | (3,415) | (3,415) | (10,360) | ||
Intangible Assets, Net | 24,935 | 24,935 | 25,250 | ||
IPR&D [Member] | |||||
Schedule Of Intangible Assets Net Excluding Goodwill [Line Items] | |||||
Gross Carrying Amount | 20,940 | 20,940 | 20,940 | ||
Impairment of intangible assets | 0 | ||||
Accumulated Amortization | 0 | 0 | 0 | ||
Intangible Assets, Net | 20,940 | $ 20,940 | $ 20,940 | ||
Acquired technologies [Member] | |||||
Schedule Of Intangible Assets Net Excluding Goodwill [Line Items] | |||||
Weighted-Average Remaining Contractual Life (In Years) | 8 years 6 months | 8 years 9 months 18 days | |||
Gross Carrying Amount | 7,410 | $ 7,410 | $ 24,330 | ||
Impairment of intangible assets | (9,660) | ||||
Accumulated Amortization | (3,415) | (3,415) | (10,360) | ||
Intangible Assets, Net | $ 3,995 | $ 3,995 | $ 4,310 |
Intangible Assets Net - Additio
Intangible Assets Net - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $ 200 | $ 400 | $ 315 | $ 737 |
Marketable Debt Securities, A_3
Marketable Debt Securities, Available-for-Sale - Schedule of Available-for-Sale Securities Reconciliation (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Debt Securities, Available-for-Sale [Line Items] | ||
Weighted-Average Remaining Contractual Life (In Years) | 8 months 12 days | |
Amortized Costs | $ 46,175 | |
Gross Unrealized Gains | 3 | |
Gross Unrealized Losses | (512) | |
Fair Value | 45,666 | |
Due Greater than 90 Days and Less than One Year [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Costs | $ 6,987 | 28,950 |
Gross Unrealized Gains | 3 | |
Gross Unrealized Losses | (163) | (80) |
Fair Value | $ 6,824 | $ 28,873 |
Due Greater than 90 Days and Less than One Year [Member] | Maximum [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Weighted-Average Remaining Contractual Life (In Years) | 1 year | 1 year |
Due Greater than 90 Days and Less than One Year [Member] | US Government Debt Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Costs | $ 6,987 | $ 5,001 |
Gross Unrealized Losses | (163) | (30) |
Fair Value | $ 6,824 | $ 4,971 |
Due Greater than 90 Days and Less than One Year [Member] | US Government Debt Securities [Member] | Maximum [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Weighted-Average Remaining Contractual Life (In Years) | 1 year | 1 year |
Due Greater than 90 Days and Less than One Year [Member] | Commercial Paper [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Costs | $ 15,803 | |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (23) | |
Fair Value | $ 15,781 | |
Due Greater than 90 Days and Less than One Year [Member] | Commercial Paper [Member] | Maximum [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Weighted-Average Remaining Contractual Life (In Years) | 1 year | |
Due Greater than 90 Days and Less than One Year [Member] | Certificates of Deposit [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Costs | $ 7,500 | |
Gross Unrealized Gains | 2 | |
Gross Unrealized Losses | (25) | |
Fair Value | $ 7,477 | |
Due Greater than 90 Days and Less than One Year [Member] | Certificates of Deposit [Member] | Maximum [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Weighted-Average Remaining Contractual Life (In Years) | 1 year | |
Due Greater than 90 Days and Less than One Year [Member] | Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Costs | $ 646 | |
Gross Unrealized Losses | (2) | |
Fair Value | $ 644 | |
Due Greater than 90 Days and Less than One Year [Member] | Corporate Debt Securities [Member] | Maximum [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Weighted-Average Remaining Contractual Life (In Years) | 1 year | |
Due One to Two Years [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Weighted-Average Remaining Contractual Life (In Years) | 1 year 6 months | |
Amortized Costs | $ 17,225 | |
Gross Unrealized Losses | (432) | |
Fair Value | $ 16,793 | |
Due One to Two Years [Member] | US Government Debt Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Weighted-Average Remaining Contractual Life (In Years) | 1 year 4 months 24 days | |
Amortized Costs | $ 6,979 | |
Gross Unrealized Losses | (184) | |
Fair Value | $ 6,795 | |
Due One to Two Years [Member] | Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Weighted-Average Remaining Contractual Life (In Years) | 1 year 6 months | |
Amortized Costs | $ 6,824 | |
Gross Unrealized Losses | (192) | |
Fair Value | $ 6,632 | |
Due One to Two Years [Member] | Asset-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Weighted-Average Remaining Contractual Life (In Years) | 1 year 9 months 18 days | |
Amortized Costs | $ 2,999 | |
Gross Unrealized Losses | (45) | |
Fair Value | $ 2,954 | |
Due One to Two Years [Member] | Non US Government Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Weighted-Average Remaining Contractual Life (In Years) | 1 year 6 months | |
Amortized Costs | $ 423 | |
Gross Unrealized Losses | (11) | |
Fair Value | $ 412 |
Marketable Debt Securities, A_4
Marketable Debt Securities, Available-for-Sale - Additional Information (Details) $ in Thousands | Jun. 30, 2023 USD ($) Security | Dec. 31, 2022 USD ($) |
Debt Securities, Available-for-Sale [Line Items] | ||
Fair Value | $ 45,666 | |
Interest receivable | $ 100 | $ 200 |
Unrealized loss position of securities | Security | 3 |
Marketable Debt Securities, A_5
Marketable Debt Securities, Available-for-Sale - Schedule of Gross Unrealized Losses and Fair Values on Debt Securities Classified as Available-for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale [Line Items] | ||
Less than 12 Months, Estimated Fair Value | $ 6,824 | $ 38,185 |
Less than 12 Months, Gross Unrealized Losses | (163) | (512) |
More than 12 Months, Estimated Fair Value | 0 | 0 |
More than 12 Months, Gross Unrealized Losses | 0 | 0 |
US Government Debt Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Less than 12 Months, Estimated Fair Value | 6,824 | 11,765 |
Less than 12 Months, Gross Unrealized Losses | (163) | (216) |
More than 12 Months, Estimated Fair Value | 0 | 0 |
More than 12 Months, Gross Unrealized Losses | $ 0 | 0 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Less than 12 Months, Estimated Fair Value | 7,276 | |
Less than 12 Months, Gross Unrealized Losses | (193) | |
More than 12 Months, Estimated Fair Value | 0 | |
More than 12 Months, Gross Unrealized Losses | 0 | |
Commercial Paper [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Less than 12 Months, Estimated Fair Value | 12,803 | |
Less than 12 Months, Gross Unrealized Losses | (22) | |
More than 12 Months, Estimated Fair Value | 0 | |
More than 12 Months, Gross Unrealized Losses | 0 | |
Certificates of Deposit [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Less than 12 Months, Estimated Fair Value | 2,975 | |
Less than 12 Months, Gross Unrealized Losses | (25) | |
More than 12 Months, Estimated Fair Value | 0 | |
More than 12 Months, Gross Unrealized Losses | 0 | |
Asset-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Less than 12 Months, Estimated Fair Value | 2,954 | |
Less than 12 Months, Gross Unrealized Losses | (45) | |
More than 12 Months, Estimated Fair Value | 0 | |
More than 12 Months, Gross Unrealized Losses | 0 | |
Debt Security, Government, Non-US [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Less than 12 Months, Estimated Fair Value | 412 | |
Less than 12 Months, Gross Unrealized Losses | (11) | |
More than 12 Months, Estimated Fair Value | 0 | |
More than 12 Months, Gross Unrealized Losses | $ 0 |
Marketable Debt Securities, A_6
Marketable Debt Securities, Available-for-Sale - Summary of Investment Income, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Investment Income, Interest and Dividend [Abstract] | ||||
Interest and dividend income | $ 217 | $ 147 | $ 569 | $ 147 |
Accretion/amortization of investment securities, net | 1,247 | 76 | 1,798 | 76 |
Realized losses, net | (36) | (388) | ||
Investment income, net | $ 1,428 | $ 223 | $ 1,979 | $ 223 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Current | $ 6,824 | $ 28,873 |
Debt Securities, Available-for-Sale, Noncurrent | 0 | 16,793 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 222,145 | 52,095 |
Debt Securities, Available-for-Sale, Current | 6,824 | 28,873 |
Debt Securities, Available-for-Sale, Noncurrent | 16,793 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 58,043 | 12,743 |
Debt Securities, Available-for-Sale, Current | 0 | 0 |
Debt Securities, Available-for-Sale, Noncurrent | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 164,102 | 39,352 |
Debt Securities, Available-for-Sale, Current | 6,824 | 28,873 |
Debt Securities, Available-for-Sale, Noncurrent | 16,793 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Debt Securities, Available-for-Sale, Current | 0 | 0 |
Debt Securities, Available-for-Sale, Noncurrent | 0 | |
Fair Value, Recurring [Member] | US Government Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 140,102 | |
Debt Securities, Available-for-Sale, Current | 6,824 | 4,971 |
Debt Securities, Available-for-Sale, Noncurrent | 6,795 | |
Fair Value, Recurring [Member] | US Government Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | |
Debt Securities, Available-for-Sale, Current | 0 | 0 |
Debt Securities, Available-for-Sale, Noncurrent | 0 | |
Fair Value, Recurring [Member] | US Government Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 140,102 | |
Debt Securities, Available-for-Sale, Current | 6,824 | 4,971 |
Debt Securities, Available-for-Sale, Noncurrent | 6,795 | |
Fair Value, Recurring [Member] | US Government Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | |
Debt Securities, Available-for-Sale, Current | 0 | 0 |
Debt Securities, Available-for-Sale, Noncurrent | 0 | |
Fair Value, Recurring [Member] | Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 24,000 | 24,000 |
Debt Securities, Available-for-Sale, Current | 7,477 | |
Fair Value, Recurring [Member] | Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Debt Securities, Available-for-Sale, Current | 0 | |
Fair Value, Recurring [Member] | Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 24,000 | 24,000 |
Debt Securities, Available-for-Sale, Current | 7,477 | |
Fair Value, Recurring [Member] | Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Debt Securities, Available-for-Sale, Current | 0 | |
Fair Value, Recurring [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 15,352 | |
Debt Securities, Available-for-Sale, Current | 15,781 | |
Fair Value, Recurring [Member] | Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | |
Debt Securities, Available-for-Sale, Current | 0 | |
Fair Value, Recurring [Member] | Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 15,352 | |
Debt Securities, Available-for-Sale, Current | 15,781 | |
Fair Value, Recurring [Member] | Commercial Paper [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | |
Debt Securities, Available-for-Sale, Current | 0 | |
Fair Value, Recurring [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 58,043 | 12,743 |
Fair Value, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 58,043 | 12,743 |
Fair Value, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 0 | 0 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Current | 644 | |
Debt Securities, Available-for-Sale, Noncurrent | 6,632 | |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Current | 0 | |
Debt Securities, Available-for-Sale, Noncurrent | 0 | |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Current | 644 | |
Debt Securities, Available-for-Sale, Noncurrent | 6,632 | |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Current | 0 | |
Debt Securities, Available-for-Sale, Noncurrent | 0 | |
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Noncurrent | 2,954 | |
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Noncurrent | 0 | |
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Noncurrent | 2,954 | |
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Noncurrent | 0 | |
Fair Value, Recurring [Member] | Non US Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Noncurrent | 412 | |
Fair Value, Recurring [Member] | Non US Government Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Noncurrent | 0 | |
Fair Value, Recurring [Member] | Non US Government Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Noncurrent | 412 | |
Fair Value, Recurring [Member] | Non US Government Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-Sale, Noncurrent | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Fair Value, Recurring [Member] | ||
Liabilities, fair value disclosure | $ 0 | $ 0 |
Fair value liability, transfers out of level 3 | 0 | 0 |
Fair Value, Nonrecurring [Member] | ||
Assets, fair value disclosure | 0 | 0 |
Liabilities, fair value disclosure | $ 0 | $ 0 |
Leases - Summary of Components
Leases - Summary of Components of Operating Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Lessee, Lease, Description [Line Items] | ||||
Total operating leases expense | $ 1,083 | $ 957 | $ 2,337 | $ 1,915 |
Operating lease expenses R&D [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease costs | 550 | 555 | 1,101 | 1,113 |
Variable lease costs | 323 | 225 | 785 | 451 |
Operating lease expenses G&A [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease costs | 132 | 126 | 263 | 250 |
Variable lease costs | $ 78 | $ 51 | $ 188 | $ 101 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental cash flow information related to leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows used for operating leases | $ 673 | $ 206 | $ 1,404 | $ 803 |
Weighted-average remaining lease term in years | 4 years 4 months 24 days | 5 years 4 months 24 days | 4 years 4 months 24 days | 5 years 4 months 24 days |
Weighted-average discount rate | 7.63% | 7.63% | 7.63% | 7.63% |
Leases - Additional Information
Leases - Additional Information (Detail) | Jun. 30, 2023 |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating lease remaining lease term | 4 years |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating lease remaining lease term | 1 year |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||||||
May 23, 2023 USD ($) $ / shares shares | Jul. 29, 2022 USD ($) | Jun. 30, 2023 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Jun. 30, 2022 shares | Jun. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2022 shares | Jun. 07, 2023 $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | |
Convertible Preferred Ordinary Shares And Ordinary Shares [Line Items] | |||||||||
Common stock shares outstanding | 432,227,488 | 432,227,488 | 270,455,232 | ||||||
Commission on sale of common stock | $ | $ 300,000 | ||||||||
Ordinary shares | 432,227,488 | 432,227,488 | 270,455,232 | ||||||
Ordinary shares value | $ | $ 43,000 | $ 43,000 | $ 27,000 | ||||||
Common stock shares authorized | 950,000,000 | 950,000,000 | 500,000,000 | ||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||
Preferred stock shares issued | 0 | 0 | 0 | ||||||
Preferred stock shares outstanding | 0 | 0 | 0 | ||||||
Issuance of ordinary shares | 7,558,033 | ||||||||
Restated Memorandum And Articles Of Association [Member] | |||||||||
Convertible Preferred Ordinary Shares And Ordinary Shares [Line Items] | |||||||||
Preferred stock shares authorized | 100,000,000 | ||||||||
Restated Memorandum And Articles Of Association [Member] | Minimum [Member] | |||||||||
Convertible Preferred Ordinary Shares And Ordinary Shares [Line Items] | |||||||||
Common stock shares authorized | 600,000,000 | ||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | ||||||||
Restated Memorandum And Articles Of Association [Member] | Maximum [Member] | |||||||||
Convertible Preferred Ordinary Shares And Ordinary Shares [Line Items] | |||||||||
Common stock shares authorized | 950,000,000 | ||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | ||||||||
Common Stock [Member] | |||||||||
Convertible Preferred Ordinary Shares And Ordinary Shares [Line Items] | |||||||||
Stock shares issued during the period shares | 201,537 | 207,935 | |||||||
Issuance of ordinary shares | 7,558,033 | 7,558,033 | |||||||
Common Stock [Member] | Issuance of Ordinary Shares for Services | |||||||||
Convertible Preferred Ordinary Shares And Ordinary Shares [Line Items] | |||||||||
Ordinary shares | 495,000 | 495,000 | |||||||
ATM Offering Program [Member] | |||||||||
Convertible Preferred Ordinary Shares And Ordinary Shares [Line Items] | |||||||||
Gross proceeds from issuance of common stock including sales commissions | $ | $ 80,000,000 | ||||||||
Commission on sale of common stock | $ | 2,200,000 | ||||||||
Net proceeds from the issuance of common stock | $ | $ 77,800,000 | ||||||||
ATM Offering Program [Member] | Maximum [Member] | |||||||||
Convertible Preferred Ordinary Shares And Ordinary Shares [Line Items] | |||||||||
Aggregate offering price | $ | $ 80,000,000 | ||||||||
ATM Offering Program [Member] | Common Stock [Member] | |||||||||
Convertible Preferred Ordinary Shares And Ordinary Shares [Line Items] | |||||||||
Entity listing depository receipt ratio | 7 | ||||||||
Shares issued and sold during the period shares | 116,030,782 | ||||||||
Average stock price per share | $ / shares | $ 0.69 | ||||||||
Securities Purchase Agreement [Member] | |||||||||
Convertible Preferred Ordinary Shares And Ordinary Shares [Line Items] | |||||||||
Gross proceeds from issuance of common stock including sales commissions | $ | 75,000,000 | ||||||||
Underwriting and placement agent fees | $ | $ 0 | ||||||||
Securities Purchase Agreement [Member] | Common Stock [Member] | |||||||||
Convertible Preferred Ordinary Shares And Ordinary Shares [Line Items] | |||||||||
Average stock price per share | $ / shares | $ 1.99 | ||||||||
Securities Purchase Agreement [Member] | Common Stock [Member] | Maximum [Member] | |||||||||
Convertible Preferred Ordinary Shares And Ordinary Shares [Line Items] | |||||||||
Shares issued and sold during the period shares | 37,688,441 | ||||||||
Other Share Issuances [Member] | Common Stock [Member] | |||||||||
Convertible Preferred Ordinary Shares And Ordinary Shares [Line Items] | |||||||||
Ordinary shares value | $ | $ 800,000 | $ 800,000 | |||||||
ADR [Member] | ATM Offering Program [Member] | |||||||||
Convertible Preferred Ordinary Shares And Ordinary Shares [Line Items] | |||||||||
Shares issued and sold during the period shares | 16,575,826 | ||||||||
Average stock price per share | $ / shares | $ 4.83 | ||||||||
ADR [Member] | Securities Purchase Agreement [Member] | |||||||||
Convertible Preferred Ordinary Shares And Ordinary Shares [Line Items] | |||||||||
Average stock price per share | $ / shares | $ 13.93 | ||||||||
Net proceeds from the issuance of common stock | $ | $ 74,700,000 | $ 74,700,000 | |||||||
ADR [Member] | Securities Purchase Agreement [Member] | Maximum [Member] | |||||||||
Convertible Preferred Ordinary Shares And Ordinary Shares [Line Items] | |||||||||
Shares issued and sold during the period shares | 5,384,063 |
Revenues - Schedule of Revenue
Revenues - Schedule of Revenue Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | $ 1,123 | $ 1,299 | $ 1,147 | $ 2,912 |
License Fees [Member] | Over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 0 | 555 | 0 | 0 |
Reimbursements [Member] | Over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 23 | 155 | 41 | 168 |
Milestones [Member] | Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | 1,100 | 0 | 1,100 | 0 |
Research And Development Services [Member] | Over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer, excluding assessed tax | $ 0 | $ 589 | $ 6 | $ 1,297 |
Revenues - Additional Informati
Revenues - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Jan. 31, 2020 USD ($) Patients | Oct. 31, 2019 USD ($) FullTimeEquivalentServices | Mar. 31, 2019 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | |
Disaggregation of Revenue [Line Items] | |||||||||
Performance obligations remaining amount | $ 0 | $ 0 | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,123,000 | $ 1,299,000 | 1,147,000 | $ 2,912,000 | |||||
Revenue from performance obligations of the previous period recognized | 0 | 0 | |||||||
Deferred Revenue | $ 1,700,000 | $ 1,700,000 | $ 1,700,000 | ||||||
Bigene Limited [Member] | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Upfront payment received towards license fees | $ 10,000,000 | ||||||||
Bigene Limited [Member] | Collaboration and Exclusive License Agreement [Member] | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Notice period to be given by the counterparty for the termination of the license agreement | 3 months | ||||||||
Initial research term extension period | 2 years | ||||||||
Novocodex [Member] | Point in Time [Member] | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,000,000 | ||||||||
Novocodex [Member] | Development and Commercialization Agreement [Member] | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Upfront payment received towards license fees | $ 2,000,000 | ||||||||
Notice period to be given by the counterparty for the termination of the license agreement | 6 months | ||||||||
Sino Biopharmaceutical Limited [Member] | Development and Commercialization Agreement [Member] | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Upfront payment received towards license fees | $ 10,000,000 | ||||||||
Notice period to be given by the counterparty for the termination of the license agreement | 6 months | ||||||||
Sino Biopharmaceutical Limited [Member] | Development and Commercialization Agreement [Member] | Phase One Clinical Trial for Products ARX Eight Twenty Two and Arx One Hundred and Two [Member] | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Total number of patients for which the drug study detail is to be given by the counterparties | Patients | 100 | ||||||||
Minimum [Member] | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Remaining performance obligations remaining satisfaction period | 3 years 6 months | 3 years 6 months | |||||||
Minimum [Member] | Novocodex [Member] | Development and Commercialization Agreement [Member] | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Number of full time equivalent services to be performed for receiving research and development related amount | FullTimeEquivalentServices | 1 | ||||||||
Maximum [Member] | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Remaining performance obligations remaining satisfaction period | 4 years | 4 years | |||||||
Milestones [Member] | Point in Time [Member] | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,100,000 | $ 0 | $ 1,100,000 | $ 0 | |||||
Milestones [Member] | BMS Relax in Agreement [Member] | |||||||||
Disaggregation of Revenue [Line Items] | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,100,000 | $ 1,100,000 |
Revenues - Schedule of the Cont
Revenues - Schedule of the Contract Balances (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Receivables, included in accounts receivable, net | $ 81 | $ 376 |
Contract liabilities included in deferred revenue, current and deferred revenue net of current portion | $ 1,749 | $ 1,749 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Share-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Allocated share based compensation expense | $ 2,886 | $ 1,879 | $ 4,824 | $ 3,529 |
Employee Stock Option | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Allocated share based compensation expense | 1,758 | 1,879 | 3,696 | 3,529 |
RSUs | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Allocated share based compensation expense | 337 | 337 | ||
Issuance of Ordinary Shares for Services | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Allocated share based compensation expense | 791 | 791 | ||
Research and Development Expense [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Allocated share based compensation expense | 1,608 | 1,172 | 2,718 | 2,222 |
General and Administrative [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Allocated share based compensation expense | $ 1,278 | $ 707 | $ 2,106 | $ 1,307 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Option Activity Excluding Options Granted and Canceled as Part of Option Repricing (Detail) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Beginning balance, Total Options | shares | 39,116,174 | |
Total Options, Granted | shares | 16,663,805 | |
Total Options, Exercised | shares | (7,558,033) | |
Top Options, Forfeited/expired | shares | (2,919,504) | |
Ending balance, Total Options | shares | 45,302,442 | 39,116,174 |
Vested and exercisable share | shares | 17,698,142 | |
Beginning balance, Weighted Average Exercise Price | $ / shares | $ 1.11 | |
Weighted Average Exercise Price, Granted | $ / shares | 1.04 | |
Weighted Average Exercise Price, Exercised | $ / shares | 1.06 | |
Weighted Average Exercise Price, Forfeited/expired | $ / shares | 1.32 | |
Ending balance, Weighted Average Exercise Price | $ / shares | 0.71 | $ 1.11 |
Weighted Average Exercise Price, Vested and Exercisable | $ / shares | $ 0.72 | |
Aggregate Intrinsic Value, Outstanding | $ | $ 74,829 | $ 1,088 |
Aggregate Intrinsic Value, Vested and Exercisable | $ | $ 29,001 | |
Weighted Average Remaining Contractual Term, Outstanding | 7 years 4 months 24 days | 5 years 4 months 24 days |
Weighted Average Remaining Contractual Life, Vested and Exercisable | 4 years 4 months 24 days |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jan. 27, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Share-based compensation, expected to be recognized over a remaining weighted-average term | 3 years 1 month 6 days | |||||
Issuance of ordinary shares upon option exercises for cash (in shares) | 7,558,033 | |||||
Share-based payment award, options, exercises in period | $ 6,600,000 | |||||
Allocated share based compensation expense | $ 2,886,000 | $ 1,879,000 | $ 4,824,000 | $ 3,529,000 | ||
Weighted average exercise price, granted | $ 1.04 | |||||
Stock shares issued during the period on exercise of stock options | 0 | |||||
Aggregate Intrinsic Value, Outstanding | 74,829,000 | $ 74,829,000 | $ 1,088,000 | |||
Share based payment arrangement nonvested award cost not yet recognized period for recognition | 19,700,000 | $ 19,700,000 | ||||
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition | 3 years 1 month 6 days | |||||
Share-based compensation expense | $ 4,824,000 | 3,529,000 | ||||
Proceeds from stock options exercised | 8,000,000 | |||||
Total intrinsic value of stock options exercised | 6,600,000 | |||||
Employee Stock Option [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Allocated share based compensation expense | 1,758,000 | $ 1,879,000 | $ 3,696,000 | $ 3,529,000 | ||
Weighted average grant date fair values | $ 0.81 | $ 0.43 | ||||
RSUs | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Share-based compensation, expected to be recognized over a remaining weighted-average term | 2 years 7 months 6 days | |||||
Allocated share based compensation expense | 337,000 | $ 337,000 | ||||
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition | 2 years 7 months 6 days | |||||
Unrecognized compensation costs related to non-vested RSUs | 5,200,000 | $ 5,200,000 | ||||
Option Repricing Program [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Allocated share based compensation expense | 1,200,000 | |||||
Ordinary shares repriced shares outstanding | 18,285,155 | |||||
exercise price | $ 0.28 | |||||
Weighted average exercise price, granted | $ 0.28 | |||||
Ordinary shares repriced as a percentage of options outstanding | 53.20% | |||||
Option Repricing Program [Member] | Statements of Operations and Comprehensive Loss [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Allocated share based compensation expense | $ 100,000 | $ 800,000 | ||||
American Depositary Shares [Member] | Option Repricing Program [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
exercise price | $ 1.95 | |||||
Employee Share Purchase Plan [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Issuance of ordinary shares for cash (in shares) | 201,537 | 207,935 | ||||
Net proceeds from the issuance of common stock | $ 100 | $ 100 | ||||
Share-based compensation expense | $ 0 | $ 0 |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of Share Based Payment Award Stock Options Valuation Assumptions (Detail) - Employee Stock Option - $ / shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Expected term (in years) | 6 years | 5 years 10 months 24 days |
Risk-free interest rate | 3.80% | 2.20% |
Expected volatility | 86.70% | 79.90% |
Weighted average grant date fair values | $ 0.81 | $ 0.43 |
Share-Based Compensation - Su_4
Share-Based Compensation - Summary of RSU Activity (Detail) - RSUs | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Units, Granted | shares | 4,090,000 |
Number of Units, Non-vested Ending Balance | shares | 4,090,000 |
Weighted-Average Grant Date Fair Value Non-vested, Granted | $ / shares | $ 1.35 |
Weighted-Average Grant Date Fair Value Non-vested, Ending Balance | $ / shares | $ 1.35 |
Income Taxes - Schedule Of Loss
Income Taxes - Schedule Of Loss Before Income Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Loss before income taxes | $ (17,521) | $ (28,713) | $ (32,750) | $ (49,773) |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Deferred: | ||||
Total provision for (benefit from) income taxes | $ 305 | $ 129 | $ 378 | $ 1,716 |
Related Party Transactions - Su
Related Party Transactions - Summary of Activities with Affiliates of the Non Controlling Shareholders (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||||
Prepaid R&D expenses | $ 76 | $ 76 | $ 14 | ||
Accounts payable | $ 58 | $ 58 | $ 352 | ||
Accounts Payable, Related and Nonrelated Party Status [Extensible Enumeration] | Accounts Payable, Current | Accounts Payable, Current | Accounts Payable, Current | ||
Accrued liabilities | $ 39 | $ 39 | $ 99 | ||
Amounts paid | 158 | $ 14 | 510 | $ 269 | |
R&D expense recognized | $ 10 | $ 289 | $ 94 | $ 469 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) | 3 Months Ended |
Jun. 30, 2023 shares | |
ADS [Member] | |
Related Party Transaction [Line Items] | |
Number of ordinary shares sold | 5,384,063 |