MiNK Therapeutics (INKT) 10-Q 13 May 22 2022 Q1 Quarterly report Financial data

Document Entity Information

Document Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 06, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Period End Date	Mar. 31, 2022
Document Fiscal Period Focus	Q1
Entity Registrant Name	MiNK Therapeutics, Inc.
Entity Central Index Key	0001840229
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity File Number	001-40908
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		33,560,914
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Trading Symbol	INKT
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-2142067
Entity Address, Address Line One	149 Fifth Avenue
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10010
City Area Code	212
Local Phone Number	994-8250
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 34,688,446	$ 38,888,828
Prepaid expenses	183,721	1,761
Other current assets	604,641	744,321
Total current assets	35,476,808	39,634,910
Equipment, net of accumulated depreciation of $193,217 and $168,605 at March 31, 2022 and December 31, 2021, respectively	665,212	606,595
Total assets	36,142,020	40,241,505
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	3,727,049	2,995,645
Accrued liabilities	2,652,771	1,763,688
Other current liabilities	5,413,840	5,760,609
Due to related parties	7,040,026	5,945,094
Total current liabilities	18,833,686	16,465,036
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Common stock, par value $0.00001 per share; 150,000,000 shares authorized; 33,560,914 and 33,476,523 shares issued at March 31, 2022 and December 31, 2021, respectively	336	335
Additional paid-in capital	108,135,459	107,349,265
Accumulated other comprehensive loss	(102,498)	(625,269)
Accumulated deficit	(90,724,963)	(82,947,862)
Total stockholders’ equity	17,308,334	23,776,469
Total liabilities and stockholders’ equity	$ 36,142,020	$ 40,241,505

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Equipment, net of accumulated depreciation	$ 193,217	$ 168,605
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	33,560,914	33,476,523

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating expenses:
Research and development	$ 5,277,335	$ 3,097,711
General and administrative	2,096,954	594,981
Change in fair value of convertible affiliated note		(684,436)
Operating loss	(7,374,289)	(3,008,256)
Other expense, net:
Interest expense, net	(848)	(743,695)
Other expense, net	(401,964)	(94,243)
Net loss	$ (7,777,101)	$ (3,846,194)
Per common share data:
Basic and diluted net loss per common share	$ (0.23)	$ (0.16)
Weighted average number of common shares outstanding	33,504,472	24,177,315
Other comprehensive income:
Foreign currency translation gain	$ 522,771	$ 353,305
Comprehensive loss	$ (7,254,330)	$ (3,492,889)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($)	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning Balance at Dec. 31, 2020	$ (53,874,177)	$ 242	$ 383,711	$ (1,523,038)	$ (52,735,092)
Beginning Balance, Shares at Dec. 31, 2020		24,177,315
Net loss	(3,846,194)				(3,846,194)
Other comprehensive income	353,305			353,305
Grant and recognition of stock options	263,081		263,081
Recognition of parent stock options	19,949		19,949
Ending Balance at Mar. 31, 2021	(57,084,036)	$ 242	666,741	(1,169,733)	(56,581,286)
Ending Balance, Shares at Mar. 31, 2021		24,177,315
Beginning Balance at Dec. 31, 2021	23,776,469	$ 335	107,349,265	(625,269)	(82,947,862)
Beginning Balance, Shares at Dec. 31, 2021		33,476,523
Net loss	(7,777,101)				(7,777,101)
Other comprehensive income	522,771			522,771
Option exercises	$ 689	$ 1	688
Option exercises, Shares	84,391	84,391
Grant and recognition of stock options	$ 741,773		741,773
Recognition of parent stock options	43,733		43,733
Ending Balance at Mar. 31, 2022	$ 17,308,334	$ 336	$ 108,135,459	$ (102,498)	$ (90,724,963)
Ending Balance, Shares at Mar. 31, 2022		33,560,914

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (7,777,101)	$ (3,846,194)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	27,077	16,194
Share-based compensation	785,506	283,030
Interest accrued on convertible affiliated note		743,695
Change in fair value of convertible affiliated note		(684,436)
Changes in operating assets and liabilities:
Prepaid expenses	(181,974)	(135,468)
Accounts payable	642,226	(306,813)
Accrued liabilities and other current liabilities	1,191,631	146,469
Other operating assets and liabilities	1,116,150	(425,150)
Net cash used in operating activities	(4,196,485)	(4,208,673)
Cash flows from investing activities:
Purchases of plant and equipment		(39,520)
Net cash used in investing activities		(39,520)
Cash flows from financing activities:
Proceeds from option exercises	689
Proceeds from issuance of convertible affiliated note		2,324,499
Net cash provided by financing activities	689	2,324,499
Effect of exchange rate changes on cash	(4,586)	42,812
Net decrease in cash and cash equivalents	(4,200,382)	(1,880,882)
Cash and cash equivalents, beginning of period	38,888,828	2,691,156
Cash and cash equivalents, end of period	34,688,446	$ 810,274
Supplemental cash flow information:
Cash paid for interest	1,550
Supplemental disclosures - non-cash activities:
Purchases of plant and equipment in accounts payable and accrued liabilities	$ 91,928

Business and Liquidity

Business and Liquidity	3 Months Ended
	Mar. 31, 2022
Business And Liquidity [Abstract]
Business and Liquidity	(1) Business and Liquidity MiNK Therapeutics, Inc. (“MiNK” or the “Company”) is a clinical stage biopharmaceutical company pioneering the discovery, development and commercialization of allogeneic, off-the-shelf, invariant natural killer T (“iNKT”) cell therapies to treat cancer and other immune-mediated diseases. iNKT cells are a distinct T cell population that combine durable memory responses with the rapid cytolytic features of natural killer cells. iNKT cells offer distinct therapeutic advantages as a platform for allogeneic therapy in that the cells naturally home to tissues, aid clearance of tumors and infected cells and suppress graft-versus-host-disease. MiNK’s proprietary platform is designed to facilitate scalable and reproducible manufacturing for off-the-shelf delivery. As such, the Company believes that its approach represents a highly versatile application for therapeutic development in cancer and immune diseases. MiNK is leveraging its platform and manufacturing capabilities to develop a wholly owned or exclusively licensed pipeline of both native and engineered iNKT cells. Since inception, in 2017, until the completion of the Company’s initial public offering (“IPO”), the Company financed its operations primarily through funding from Agenus Inc. (“Agenus”), its parent company. The Company has incurred losses since inception and, as of March 31, 2022, had an accumulated deficit of $90.7 million. MiNK expects to continue incurring operating losses and negative cash flows for the foreseeable future. Based on the Company’s current plans and projections, MiNK believes its cash and cash equivalents balance as of March 31, 2022 of $34.7 million will be sufficient to satisfy its liquidity requirements for more than one year from when these financial statements were issued. Management continually addresses the Company’s liquidity position and adjusts spending as needed in order to preserve liquidity. The Company’s future liquidity needs will be determined primarily by the success of its operations with respect to the progression of the Company’s product candidates and key development and regulatory events in the future. Potential sources of additional funding for the Company include: (1) pursuing collaboration, out-licensing and/or partnering opportunities for the Company’s portfolio programs and product candidates with one or more third parties, (2) securing debt financing and/or (3) selling equity securities. MiNK’s product candidates are in various stages of development and significant additional expenditures will be required if the Company starts new trials, encounters delays in its programs, applies for regulatory approvals, continues development of its technologies, expands its operations, and/or brings its product candidates to market. The eventual total cost of each clinical trial is dependent on a number of factors such as trial design, length of the trial, number of clinical sites, and number of patients. The process of obtaining and maintaining regulatory approvals for new therapeutic products is lengthy, expensive, and uncertain. Because all of the Company’s programs are at an early stage of clinical development, the Company is unable to reliably estimate the cost of completing its research and development programs or the timing for bringing such programs to various markets or substantial partnering or out-licensing arrangements, and, therefore, when, if ever, material cash inflows are likely to commence.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	(2) Significant Accounting Policies The Company’s significant accounting policies are disclosed in the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission (“SEC”) on March 18, 2022. Since the date of those financial statements, there have been no changes to the Company’s significant accounting policies. The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete annual consolidated financial statements. In the opinion of the Company’s management, the condensed consolidated financial statements include all normal and recurring adjustments considered necessary for a fair presentation of the Company’s financial position and operating results. All significant intercompany transactions and accounts have been eliminated in consolidation. Operating results for the three months ended March 31, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amount of expenses during the reporting period. Management bases its estimates on historical experience and on various assumptions that it believes to be reasonable under the circumstances. Actual results could differ materially from those estimates. For the Company’s foreign subsidiaries, the local currency is the functional currency. Assets and liabilities of its foreign subsidiaries are translated into U.S. dollars using rates in effect at the balance sheet date while expenses are translated into U.S. dollars using average exchange rates during the period. The cumulative translation adjustment resulting from changes in exchange rates are included in the condensed consolidated balance sheets as a component of accumulated other comprehensive loss in total stockholders’ deficit.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	(3) Net Loss Per Share Basic loss per common share is calculated by dividing the net loss by the weighted average number of common shares outstanding. Diluted loss per common share is calculated by dividing net loss by the weighted average number of common shares outstanding plus the dilutive effect of outstanding instruments such as stock options. Because the Company reported a net loss for all periods presented, diluted loss per common share is the same as basic loss per common share, as the effect of utilizing the fully diluted share count would have reduced the net loss per common share. Therefore, the following potentially dilutive securities have been excluded from the computation of diluted weighted average shares outstanding as of March 31, 2022 and 2021, as they would be anti-dilutive: Three Months Ended March 31, 2022 2021 Stock options 6,847,531 4,859,118 Non-vested shares 848,779 —

Investments

Investments	3 Months Ended
	Mar. 31, 2022
Investments All Other Investments [Abstract]
Investments	(4) Investments Cash equivalents consisted of the following as of March 31, 2022 (in thousands): March 31, 2022 Cost Estimated Fair Value Institutional money market funds $ 30,001 $ 30,001

Accrued and Other Current Liabi

Accrued and Other Current Liabilities	3 Months Ended
	Mar. 31, 2022
Accrued Liabilities Current [Abstract]
Accrued and Other Current Liabilities	(5) Accrued and Other Current Liabilities Accrued liabilities consisted of the following as of March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 December 31, 2021 Payroll $ 727 $ 575 Professional fees 707 531 Research services 1,212 656 Other 7 2 Total $ 2,653 $ 1,764 Other current liabilities of $5.2 million and $5.3 million as of March 31, 2022 and December 31, 2021, respectively, represent the repayable advance received under the Company’s research and development agreement with the Belgium Walloon Region Government. During 2020, the Company discontinued research efforts related to this program and is evaluating its options in accordance with the terms of the agreement.

Share-based Compensation Plans

Share-based Compensation Plans	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based Compensation Plans	(6) Share-based Compensation Plans The Company primarily uses the Black-Scholes option pricing model to value options granted to employees and non-employees, as well as options granted to members of the Company’s Board of Directors. All stock option grants have 10-year terms and generally vest ratably over a 3 or 4-year period. A summary of option activity for the three-month period ended March 31, 2022 is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at December 31, 2021 4,871,822 $ 1.38 Granted 2,060,100 3.11 Exercised (84,391 ) 0.01 Forfeited — — Outstanding at March 31, 2022 6,847,531 $ 1.92 8.67 $ 5,757,729 Vested or expected to vest at March 31, 2022 6,847,531 $ 1.92 8.67 $ 5,757,729 Exercisable at March 31, 2022 2,566,535 $ 0.97 7.99 $ 3,914,765 The weighted average grant-date fair values of options granted during the three-month period ended March 31, 2022, was $2.15. During the three-month period ended March 31, 2022, all options were granted with exercise prices equal to the market value of the underlying shares of common stock on the grant date. As of March 31, 2022, there was $6.4 million of unrecognized share-based compensation expense related to these stock options which, if all milestones are achieved, will be recognized over a weighted average period of 3.1 years. A summary of non-vested stock activity for the three-month period ended March 31, 2022 is presented below: Nonvested Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2021 723,580 $ 2.91 Granted 125,199 3.60 Vested — — Forfeited — — Outstanding at March 31, 2022 848,779 $ 3.02 As of March 31, 2022, there was $1.6 million of unrecognized share-based compensation expense related to these non-vested shares which will be recognized over a weighted average period of 1.5 years. Stock based compensation expense also includes expense related to awards to employees of the Company from the Agenus 2019 Equity Incentive Plan. The impact on the Company’s results of operations from share-based compensation for the three months ended March 31, 2022 and 2021, was as follows: Three Months Ended March 31, 2022 2021 Research and development $ 118,204 $ 31,155 General and administrative 667,302 251,875 Total share-based compensation expense $ 785,506 $ 283,030

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	(7) Related Party Transactions Until the completion of its IPO, the Company relied on Agenus for all of its working capital requirements. For the periods presented, certain of the Company’s operations were fully integrated with Agenus, including, but not limited to, corporate functions such as finance, human resources, information technology and legal functions. The Company’s consolidated financial statements reflect all costs of doing business related to these operations. In September 2021, the Company entered into an Intellectual Property Assignment and License Agreement with Agenus (the “New Assignment and License Agreement”), upon which the prior intercompany agreement between Agenus and MiNK was terminated. Pursuant to the New Assignment and License Agreement, Agenus assigned to the Company certain patent rights and know-how related to its iNKT product candidates and other patents and know-how related to its business. In addition to the patent rights assigned to the Company by Agenus, the Company also received an exclusive, royalty-free, sublicensable license to research, develop, manufacture and commercialize certain licensed technology in the field. The New Assignment and License Agreement further provides for the Company to grant Agenus a field-limited, non-exclusive, royalty-free license under the assigned patent rights, subject to MiNK’s discretion and provided such access would not reasonably result in a disruption of planned MiNK activities. Agenus has also agreed to provide the Company with Agenus’ biological material upon written request in order for the Company to use such material in its development activities of a combination therapy. Agenus may withhold the transfer of biological material, including, but not limited to, checkpoint modulating antibodies, for various reasons, including if such transfer would reasonably result in a disruption of planned Agenus activities. For any materials Agenus does share with the Company, the parties have agreed to enter into a separate agreement governing the transfer and providing for joint ownership of the data. Agenus has agreed that during the full term of the New Assignment and License Agreement, and for three years thereafter, it will not develop, manufacture or commercialize an iNKT cell therapy, directly or indirectly by transferring such technology. The Company has the sole responsibility to develop, manufacture and commercialize products under this New Assignment and License Agreement. The Company may terminate the New Assignment and License Agreement without cause upon 90 days ’ prior written notice to Agenus. Either party may terminate if they believe there has been a material breach which has not been cured within 90 days (or 45 days for breach of payment obligations) of receiving such notice. In September 2021, the Company entered into an Intercompany General & Administrative Services Agreement with Agenus (the “New Intercompany Services Agreement”). Pursuant to the New Intercompany Services Agreement, Agenus provides MiNK with administrative support, including, without limitation, financial, legal, information technology and human resources administrative support and non-administrative services as may be agreed to between the parties from time to time. Agenus provides the services under the New Intercompany Services Agreement on a cost-plus basis and the Company is required to pay 105% of Agenus’ costs. Under the New Intercompany Services Agreement, the Company is also entitled to use Agenus’ business offices and laboratory space and equipment in exchange for the Company contributing a proportionate payment for the use of such facilities and equipment. Either party may terminate the New Intercompany Services Agreement upon 30 days’ prior written notice. Allocated Agenus services primarily include payroll related expenses, facility costs and stock-based compensation and are included in the accompanying financial statements based on certain estimates and allocations. The allocation methods primarily include time devoted to activities and headcount-based allocations. Agenus business services and occupancy costs are allocated to the Company based on the Company’s headcount as a percentage of Agenus’. Under the prior intercompany services agreement between Agenus and MiNK, research services were charged between the entities based on hours spent on specific projects applied to hourly wage rates. As such, these allocations may not be indicative of the actual amounts that would have been recorded had the Company operated as an independent, publicly traded company for the periods presented. Allocation of Agenus services, net of approximately $856,000 and $250,000 for the three months ended March 31, 2022 and 2021, respectively, is included in Operating expenses in the Company’s statement of operations and Due to related parties in the Company’s condensed consolidated balance sheet. In February 2021, the Company entered into a fifth Convertible Promissory Note (the “Note”) with Agenus with terms identical to the convertible promissory note, as amended, issued to Agenus on April 1, 2019, increasing the amount of borrowing capacity to up to $50.0 million and extending the maturity to July 1, 2022. In September 2021, the Company entered into an amendment to the convertible promissory note with Agenus to provide, among other things, that the Note would automatically convert into the Company’s common stock upon the completion of the Company’s IPO. In accordance with the terms of the Note, interest was computed on the basis of a 360-day year at 8% and accrued but was not payable until converted or paid. The Note was automatically converted, at a rate equal to the quotient obtained by dividing (i) the amount due on the date of conversion by (ii) 80% of the per share price of the Company’s common stock sold in the Company’s IPO, into 5,451,958 shares of the Company’s common stock upon completion of the IPO in October 2021, and was not outstanding at March 31, 2022.

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurement	(8) Fair Value Measurement The Company measured the Note at fair value. In connection with the Company’s IPO, the Note was automatically converted into 5,451,958 shares of the Company’s common stock and was not outstanding as of March 31, 2022. The fair value of the Note at March 31, 2021 was $46.2 million, based on the Level 2 valuation hierarchy of the fair value measurements standard using a scenario based present value methodology that was derived by evaluating the nature and terms of each note and considering the prevailing economic and market conditions at the balance sheet date. The impact of the change in the fair value for the three months ended March 31, 2021 was $684,000.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2022
Loss Contingency [Abstract]
Contingencies	(9) Contingencies The Company may currently be, or may become, a party to legal proceedings. While the Company currently believes that the ultimate outcome of any of these proceedings will not have a material adverse effect on its financial position, results of operations, or liquidity, litigation is subject to inherent uncertainty and consumes both cash and management attention.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2022
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Recent Accounting Pronouncements	(10) Recent Accounting Pronouncements No new accounting pronouncement issued or effective during the three months ended March 31, 2022 had or is expected to have a material impact on the Company’s consolidated financial statements or disclosures.

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Anti-dilutive Securities	Therefore, the following potentially dilutive securities have been excluded from the computation of diluted weighted average shares outstanding as of March 31, 2022 and 2021, as they would be anti-dilutive: Three Months Ended March 31, 2022 2021 Stock options 6,847,531 4,859,118 Non-vested shares 848,779 —

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2022
Investments All Other Investments [Abstract]
Summary of Cash Equivalents	Cash equivalents consisted of the following as of March 31, 2022 (in thousands): March 31, 2022 Cost Estimated Fair Value Institutional money market funds $ 30,001 $ 30,001

Accrued and Other Current Lia_2

Accrued and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Accrued Liabilities Current [Abstract]
Summary of Accrued liabilities	Accrued liabilities consisted of the following as of March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 December 31, 2021 Payroll $ 727 $ 575 Professional fees 707 531 Research services 1,212 656 Other 7 2 Total $ 2,653 $ 1,764

Share-based Compensation Plans

Share-based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Option Activity	A summary of option activity for the three-month period ended March 31, 2022 is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at December 31, 2021 4,871,822 $ 1.38 Granted 2,060,100 3.11 Exercised (84,391 ) 0.01 Forfeited — — Outstanding at March 31, 2022 6,847,531 $ 1.92 8.67 $ 5,757,729 Vested or expected to vest at March 31, 2022 6,847,531 $ 1.92 8.67 $ 5,757,729 Exercisable at March 31, 2022 2,566,535 $ 0.97 7.99 $ 3,914,765
Summary of Non-vested Stock Activity	A summary of non-vested stock activity for the three-month period ended March 31, 2022 is presented below: Nonvested Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2021 723,580 $ 2.91 Granted 125,199 3.60 Vested — — Forfeited — — Outstanding at March 31, 2022 848,779 $ 3.02
Summary of Share-based Compensation Expense	The impact on the Company’s results of operations from share-based compensation for the three months ended March 31, 2022 and 2021, was as follows: Three Months Ended March 31, 2022 2021 Research and development $ 118,204 $ 31,155 General and administrative 667,302 251,875 Total share-based compensation expense $ 785,506 $ 283,030

Business and Liquidity - Additi

Business and Liquidity - Additional Information (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Business And Liquidity [Abstract]
Accumulated deficit	$ 90,724,963	$ 82,947,862
Cash and cash equivalents	$ 34,688,446	$ 38,888,828

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Anti-dilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total anti-dilutive securities	6,847,531	4,859,118
Non-Vested Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total anti-dilutive securities	848,779

Investments - Summary of Cash E

Investments - Summary of Cash Equivalents (Details) - Institutional Money Market Funds $ in Thousands	Mar. 31, 2022USD ($)
Cash And Cash Equivalents [Line Items]
Cost	$ 30,001
Estimated Fair Value	$ 30,001

Accrued and Other Current Lia_3

Accrued and Other Current Liabilities - Summary of Accrued liabilities (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Accrued Liabilities Current [Abstract]
Payroll	$ 727,000	$ 575,000
Professional fees	707,000	531,000
Research services	1,212,000	656,000
Other	7,000	2,000
Total	$ 2,652,771	$ 1,763,688

Accrued and Other Current Lia_4

Accrued and Other Current Liabilities - Additional Information (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Other Liabilities Current [Line Items]
Other current liabilities	$ 5,413,840	$ 5,760,609
Research and Development Agreement
Other Liabilities Current [Line Items]
Other current liabilities	$ 5,200,000	$ 5,300,000

Share-based Compensation Plan_2

Share-based Compensation Plans - Additional Information (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)$ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant-date fair values of options granted | $ / shares	$ 2.15
Unrecognized share-based compensation expense related to stock options	$ 6.4
Weighted average period of unrecognized share-based compensation expense	1 year 6 months
Unrecognized share-based compensation expense related to non-vested shares	$ 1.6
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option grants, term	10-year
Weighted average period of unrecognized share-based compensation expense	3 years 1 month 6 days
Minimum | Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option, vesting period	3 years
Maximum | Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option, vesting period	4 years

Share-based Compensation Plan_3

Share-based Compensation Plans - Summary of Option Activity (Details)	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Options, Outstanding at Beginning Balance | shares	4,871,822
Options, Granted | shares	2,060,100
Options, Exercised | shares	(84,391)
Options, Outstanding at Ending Balance | shares	6,847,531
Options, Vested or expected to vest at March 31, 2022 | shares	6,847,531
Options, Exercisable at March 31, 2022 | shares	2,566,535
Outstanding at Beginning Balance, Weighted Average Exercise Price | $ / shares	$ 1.38
Granted, Weighted Average Exercise Price | $ / shares	3.11
Exercised, Weighted Average Exercise Price | $ / shares	0.01
Outstanding at Ending Balance, Weighted Average Exercise Price | $ / shares	1.92
Vested or expected to vest at March 31, 2022, Weighted Average Exercise Price | $ / shares	1.92
Exercisable at March 31, 2022, Weighted Average Exercise Price | $ / shares	$ 0.97
Outstanding at March 31, 2022, Weighted Average Remaining Contractual Term	8 years 8 months 1 day
Vested or expected to vest at March 31, 2022, Weighted Average Remaining Contractual Term	8 years 8 months 1 day
Exercisable at March 31, 2022, Weighted Average Remaining Contractual Term	7 years 11 months 26 days
Outstanding at March 31, 2022, Aggregate Intrinsic Value | $	$ 5,757,729
Vested or expected to vest at March 31, 2022, Aggregate Intrinsic Value | $	5,757,729
Exercisable at March 31, 2022, Aggregate Intrinsic Value | $	$ 3,914,765

Share-based Compensation Plan_4

Share-based Compensation Plans - Summary of Non-vested Stock Activity (Details)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Nonvested Shares, Outstanding at Beginning Balance | shares	723,580
Nonvested Shares, Granted | shares	125,199
Nonvested Shares, Outstanding at Ending Balance | shares	848,779
Outstanding at Beginning Balance, Weighted Average Grant Date Fair Value | $ / shares	$ 2.91
Granted, Weighted Average Grant Date Fair Value | $ / shares	3.60
Outstanding at Ending Balance, Weighted Average Grant Date Fair Value | $ / shares	$ 3.02

Share-based Compensation Plan_5

Share-based Compensation Plans - Summary of Stock Based Compensation Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 785,506	$ 283,030
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	118,204	31,155
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 667,302	$ 251,875

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - Agenus Inc - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Sep. 30, 2021	Feb. 28, 2021
Related Party Transaction [Line Items]
Period of license agreement	3 years
Period for breach of payment obligations	45 days
Terminate license agreement period	90 days
Related party transaction, description	The Company may terminate the New Assignment and License Agreement without cause upon 90 days’ prior written notice to Agenus. Either party may terminate if they believe there has been a material breach which has not been cured within 90 days (or 45 days for breach of payment obligations) of receiving such notice.
Percentage of computation of interest	8.00%
Percentage value of common stock sold in initial public offering	80.00%
Initial public offering, net of offering costs, shares	5,451,958
Maximum
Related Party Transaction [Line Items]
Increasing amount of borrowing capacity				$ 50,000,000
Operating Expenses
Related Party Transaction [Line Items]
Expenses from transactions with related party	$ 856,000	$ 250,000
New Intercompany Service Agreement
Related Party Transaction [Line Items]
Percentage of service cost	105.00%
Service agreement notice period			30 days

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Conversion of convertible affiliated note, shares	5,451,958
Impact of change in fair value		$ 684,000
Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value of note		$ 46,200,000