Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 15, 2023 | Jun. 30, 2022 | |
Document Type | 10-K | ||
Entity Central Index Key | 0001851657 | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 001-41058 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Amendment Flag | false | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 505 Odyssey Way | ||
Entity Address, City or Town | Merritt Island | ||
Entity Address, Postal Zip Code | 32953 | ||
Entity Address, State or Province | FL | ||
Entity Tax Identification Number | 86-2083865 | ||
Entity Registrant Name | VAXXINITY, INC. | ||
Entity Ex Transition Period | false | ||
Auditor Name | Armanino LLP | ||
Auditor Firm ID | 32 | ||
Local Phone Number | 244-5739 | ||
City Area Code | 254 | ||
Title of 12(b) Security | Class A Common Stock, par value $0.0001 per share | ||
Trading Symbol | VAXX | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
ICFR Auditor Attestation Flag | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Public Float | $ 94.5 | ||
Documents Incorporated by Reference | Portions of 2023 after December 31, 2022 , pursuant to Regulation 14A of the Securities Exchange Act of 1934, as amended. | ||
Entity Shell Company | false | ||
Auditor Location | San Ramon, California | ||
Document Annual Report | true | ||
Class A Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 112,188,911 | ||
Common Class B [Member] | |||
Entity Common Stock, Shares Outstanding | 13,874,132 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 33,475 | $ 144,885 |
Short-term investments | 53,352 | 0 |
Restricted cash | 1,095 | 172 |
Amounts due from related parties | 414 | 393 |
Prepaid expenses and other current assets | 5,551 | 8,851 |
Total current assets | 93,887 | 154,301 |
Property and equipment, net | 12,512 | 12,372 |
Total assets | 106,399 | 166,673 |
Current liabilities: | ||
Accounts payable | 5,295 | 3,192 |
Amounts due to related parties | 12,772 | 19,407 |
Accrued expenses and other current liabilities | 11,370 | 4,519 |
Notes payable | 391 | 376 |
Notes payable to related party | 1,113 | 0 |
Total current liabilities | 30,941 | 27,494 |
Other liabilities: | ||
Notes payable, net of current portion | 9,933 | 10,323 |
Notes payable to related party, net of current portion | 3,112 | 0 |
Other long-term liabilities | 236 | 237 |
Total liabilities | 44,222 | 38,054 |
Commitments and contingencies (Note 17) | ||
Preferred stock: $0.0001 par value, 50,000,000 shares authorized at December 31, 2022 and 2021 | 0 | 0 |
Stockholders equity: | ||
Additional paid-in capital | 366,799 | 357,822 |
Accumulated other comprehensive income (loss) | (197) | 0 |
Accumulated deficit | (304,703) | (229,481) |
Total stockholders' equity | 62,177 | 128,619 |
Total liabilities and stockholders' equity | 106,399 | 166,673 |
Class A Common Stock [Member] | ||
Stockholders equity: | ||
Common stock: | 278 | 278 |
Common Class B [Member] | ||
Stockholders equity: | ||
Common stock: | $ 0 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized/designated | 50,000,000 | 50,000,000 |
Class A Common Stock [Member] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 112,182,750 | 111,518,094 |
Common stock, shares outstanding | 112,182,750 | 111,518,094 |
Common Class B [Member] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 13,874,132 | 13,874,132 |
Common stock, shares outstanding | 13,874,132 | 13,874,132 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements of Income [Abstract] | ||
Revenue | $ 0 | $ 66 |
Cost of revenue | 0 | 1,937 |
Gross (loss) profit | 0 | (1,871) |
Operating expenses: | ||
Research and development | 47,627 | 71,379 |
General and administrative | 28,352 | 51,825 |
Total operating expenses | 75,979 | 123,204 |
Loss from operations | (75,979) | (125,075) |
Other (income) expense: | ||
Interest and other expense | 514 | 840 |
Interest and other income | (1,259) | (9) |
Change in fair value of convertible notes | 0 | 2,667 |
Change in fair value of simple agreement for future equity | 0 | 8,365 |
Change in fair value of warrant liability | 0 | 214 |
(Gain) loss on foreign currency translation, net | (12) | 23 |
Other (income) expense | (757) | 12,100 |
Loss before income taxes | (75,222) | (137,175) |
Provision for income taxes | 0 | 0 |
Net loss | $ (75,222) | $ (137,175) |
Net loss per share, basic | $ (0.60) | $ (1.79) |
Net loss per share, diluted | $ (0.60) | $ (1.79) |
Weighted average common shares outstanding, basic | 125,939,050 | 76,586,842 |
Weighted average common shares outstanding, diluted | 125,939,050 | 76,586,842 |
Other comprehensive loss: | ||
Unrealized loss (gain) on investments | $ 197 | $ 0 |
Other comprehensive loss | $ 197 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Class A Common Stock [Member] | Class B Common Stock [Member] | Common Stock [Member] Class A Common Stock [Member] | Common Stock [Member] Class B Common Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] Conversion To Class A Common Stock [Member] | Preferred Stock [Member] Series Seed Stock [Member] | Preferred Stock [Member] Series Seed-1 Stock [Member] | Preferred Stock [Member] Series Seed-2 Stock [Member] | Preferred Stock [Member] Series A-1 Stock [Member] | Preferred Stock [Member] Series A-2 Stock [Member] | Preferred Stock [Member] Series A Preferred Stock [Member] | Preferred Stock [Member] Series A Preferred Stock [Member] SAFEs [Member] | Preferred Stock [Member] Series A Preferred Stock [Member] Warrants [Member] | Preferred Stock [Member] Series A Preferred Stock [Member] Conversion To Class A Common Stock [Member] | Preferred Stock [Member] Series A Preferred Stock [Member] Convertible Debt [Member] | Preferred Stock [Member] Series A Preferred Stock [Member] Notes Payable, Related Parties [Member] | Preferred Stock [Member] Series B Preferred Stock [Member] | Preferred Stock [Member] Series B Preferred Stock [Member] Conversion To Class A Common Stock [Member] | Treasury Stock [Member] | Additional Paid In Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2020 | $ (87,375) | $ 272 | $ 62,475 | $ 10,383 | $ 20,903 | $ 11,315 | $ 4,640 | $ 15,234 | $ 0 | $ 0 | $ (23) | $ 4,682 | $ (92,306) | |||||||||||
Beginning balance, common shares at Dec. 31, 2020 | 60,360,523 | 10,999,149 | ||||||||||||||||||||||
Beginning balance, preferred shares at Dec. 31, 2020 | 7,831,528 | 22,876,457 | 14,615,399 | 1,871,511 | 6,307,690 | 0 | 0 | |||||||||||||||||
Beginning balance, treasury shares at Dec. 31, 2020 | (3,169,093) | |||||||||||||||||||||||
Issuance of common stock upon exercise of stock options, shares | 186,202 | |||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | 170 | 170 | ||||||||||||||||||||||
Issuance of stock, shares | 6,537,711 | 15,365,574 | ||||||||||||||||||||||
Issuance of stock | 71,077 | $ 1 | $ 122,791 | 71,076 | ||||||||||||||||||||
Exchange of preferred stock, shares | (7,831,528) | (22,876,457) | (14,615,399) | (1,871,511) | (6,307,690) | 53,502,585 | ||||||||||||||||||
Exchange of preferred stock | $ (10,383) | $ (20,903) | $ (11,315) | $ (4,640) | $ (15,234) | $ 62,475 | ||||||||||||||||||
Conversion of stock, shares | 4,539,060 | 134,106 | (62,223,095) | 3,624,114 | 423,230 | (15,365,574) | ||||||||||||||||||
Conversion of stock | $ (251,230) | $ 35,600 | $ 614 | $ (128,439) | $ 27,545 | $ 2,205 | $ (122,791) | |||||||||||||||||
Exercise of warrants, shares | 112,373 | |||||||||||||||||||||||
Exercise of warrants | 177 | 177 | ||||||||||||||||||||||
Vesting of restricted stock, shares | 15,405 | |||||||||||||||||||||||
Issuance of common stock upon stock grant, shares | 485,836 | |||||||||||||||||||||||
Issuance of common stock upon stock grant | 103 | 103 | ||||||||||||||||||||||
Retirement of treasury stock upon reorganization, shares | 3,169,093 | 3,169,093 | ||||||||||||||||||||||
Retirement of treasury stock upon reorganization | $ 23 | (23) | ||||||||||||||||||||||
Stock-based compensation expense | 30,412 | 30,412 | ||||||||||||||||||||||
Reclassification of common stock to Class A, shares | 49,864,120 | |||||||||||||||||||||||
Reclassification of common stock to Class A | 251,230 | $ 5 | 251,225 | |||||||||||||||||||||
Reclassification of common stock to Class B, shares | 2,874,983 | 2,874,983 | ||||||||||||||||||||||
Net loss | (137,175) | (137,175) | ||||||||||||||||||||||
Ending balance at Dec. 31, 2021 | $ 128,619 | $ 278 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 357,822 | $ 0 | (229,481) | ||||||||||
Ending balance, common shares at Dec. 31, 2021 | 111,518,094 | 13,874,132 | 111,518,094 | 13,874,132 | ||||||||||||||||||||
Ending balance, preferred shares at Dec. 31, 2021 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Ending balance, treasury shares at Dec. 31, 2021 | 0 | |||||||||||||||||||||||
Issuance of common stock upon exercise of stock options, shares | 1,066,586 | 664,656 | ||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | $ 263 | 263 | ||||||||||||||||||||||
Issuance of stock, shares | 32,505,306 | 6,000,000 | ||||||||||||||||||||||
Stock-based compensation expense | $ 8,714 | 8,714 | ||||||||||||||||||||||
Unrealized loss on investments | (197) | (197) | ||||||||||||||||||||||
Net loss | (75,222) | (75,222) | ||||||||||||||||||||||
Ending balance at Dec. 31, 2022 | $ 62,177 | $ 278 | $ 366,799 | $ (197) | $ (304,703) | |||||||||||||||||||
Ending balance, common shares at Dec. 31, 2022 | 112,182,750 | 13,874,132 | 112,182,750 | 13,874,132 | ||||||||||||||||||||
Ending balance, preferred shares at Dec. 31, 2022 | 0 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Deficit) (Parenthetical) $ in Thousands | Dec. 31, 2021 USD ($) |
Offering expenses | $ 13,913 |
Series B Preferred Stock [Member] | |
Issuance of stock, issuance costs | $ 133 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (75,222) | $ (137,175) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 1,684 | 1,102 |
Amortization of debt issuance costs | 53 | 261 |
Amortization of discount on short-term investments | (1,022) | 0 |
Stock-based compensation expense | 8,714 | 30,412 |
Non-cash consulting expense | 0 | 280 |
Non-cash loss on disposal | 43 | |
Change in fair value of convertible notes | 0 | 2,667 |
Change in fair value of warrant liability | 0 | 214 |
Change in fair value of simple agreement for future equity | 0 | 8,365 |
Change in operating assets and liabilities: | ||
Accounts receivable | 0 | 26 |
Amounts due from related parties | (21) | (31) |
Prepaid expenses and other current assets | 3,300 | (4,704) |
Deferred offering costs | 0 | 2,254 |
Accounts payable | 2,103 | 2,174 |
Amounts due to related parties | (2,410) | 11,402 |
Accrued expenses and other current liabilities | 6,851 | 1,775 |
Other long-term liabilities | (1) | (12) |
Net cash used in operating activities | (55,928) | (80,990) |
Cash flows from investing activities: | ||
Purchase of short-term investments | (107,526) | 0 |
Redemption of short-term investments | 55,000 | 0 |
Purchase of property and equipment | (1,866) | (1,318) |
Net cash used in investing activities | (54,392) | (1,318) |
Cash flows from financing activities: | ||
Proceeds from initial public offering, net of offering expenses of $13,913 | 0 | 71,077 |
Proceeds from issuance of convertible note payable | 0 | 2,000 |
Repayment of convertible notes | 0 | (2,000) |
Repayments of note payable with related party | (430) | (414) |
Proceeds from issuance of Series B convertible preferred stock, net of issuances costs | 0 | 122,791 |
Repayments Of Medium Term Notes | 0 | 100 |
Proceeds from issuance of simple agreement for future equity | 0 | 2,900 |
Repayment from Paycheck Protection Program | 0 | (257) |
Proceeds from exercise of stock options | 263 | 170 |
Net cash (used in) provided by financing activities | (167) | 196,167 |
Change in cash, cash equivalents, and restricted cash | (110,487) | 113,859 |
Cash, cash equivalents and restricted cash at beginning of period | 145,057 | 31,198 |
Cash, cash equivalents and restricted cash at end of period | 34,570 | 145,057 |
Supplemental Disclosure | ||
Cash paid for interest | 367 | 581 |
Noncash Financing Activities | ||
Retirement Of Treasury Shares | 0 | 23 |
Simple Agreement for Future Equity [Member] | ||
Conversion Of Stock Amount Issued 1 | 0 | 35,600 |
Related Party Into Note Payable [Member] | ||
Conversion Of Stock Amount Issued 1 | 4,225 | 0 |
Series A and Series B to Class A Common Stock [Member] | ||
Conversion Of Stock Amount Issued 1 | 0 | 251,230 |
Series Seed, Series Seed-1, Series Seed-2, Series A-1 and Series A-2 for Series A [Member] | ||
Conversion Of Stock Amount Issued 1 | 0 | 62,475 |
Convertible Notes Payable to Series A Preferred [Member] | ||
Conversion Of Stock Amount Issued 1 | 0 | 27,545 |
Notes into Series A Preferred [Member] | ||
Conversion Of Stock Amount Issued 1 | 0 | 2,205 |
Warrant to Series A Preferred [Member] | ||
Conversion Of Stock Amount Issued 1 | 0 | 614 |
Warrant to Class A Common Stock [Member] | ||
Conversion Of Stock Amount Issued 1 | $ 0 | $ 177 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Consolidated Statements of Cash Flows [Abstract] | |
Offering Costs | $ 13,913 |
Nature of the Business
Nature of the Business | 12 Months Ended |
Dec. 31, 2022 | |
Nature of the Business [Abstract] | |
Nature of the Business | 1. Nature of the Business Vaxxinity, combination of from UBI in and a second spin-out (“COVAXX”). and on March 2, 2021, did so by exchange contributed their equity interests in each of UNS and COVAXX The Company is a pain, cardiovascular diseases by prophylactic and therapeutic vaccines to combat common chronic diseases with large global unmet developing a heterologous booster a related party. The Company limited competitors of new of proprietary technology, successfully commercialize any of its The including extensive pre-clinical and clinical testing and amounts of assurance that intellectual property approved products will be commercially viable. if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and is dependent upon the services of its employees and consultants. Contribution and Exchange Agreement On March preferred stock and options to common stock in Vaxxinity, for a warrant to acquire common stock in Vaxxinity contributed to Vaxxinity • Each UNS common share and convertible preferred share was exchanged 0.2191 Series A preferred stock, as applicable; • Each share of COVAXX 3.4233 stock or Series A preferred stock, as applicable (and prior to the closing of the Reorganization, COVAXX then exchanged for shares of Vaxxinity’s • The Reorganization Convertible Notes were exchanged 4,047,344 preferred stock; and • Each outstanding option of both UNS and COVAXX substituted with an option to purchase shares of Class A common stock of exchanged based on a conversion ratio of 0.2191 . Each outstanding COVAXX ratio of 3.4233 . All parties exchange purposes that is governed by Section 351(a) of the Internal Revenue Code of The Reorganization liabilities Reorganization are presented on a consolidated basis. Reverse Stock Split On October 29, 1.556 Class B common the Company’s amounts including the notes have been retroactively adjusted to reflect the Stock Split for all periods presented. Any fractional shares that would have resulted from the Stock Split have been rounded down to the Initial Public Offering On November 15, 2021, the Company closed its IPO of 6,000,000 13.00 per share. On 537,711 common stock pursuant 900,000 stock at after deducting underwriting discounts 71.1 million. Upon the closing automatically converted at the same ratio used for the Stock Split (1-for- 1.556 ) into shares of its Class A common stock. Liquidity As of 87.9 33.5 and 53.4 1.1 1.0 restricted for the reimbursement of date, the Company has primarily financed its operations through the under promissory foundations Company has experienced 75.2 the year ended 55.9 addition, as of 304.7 operating available to capital expenditure requirements for at least the next 12 months. Unless and our product candidates, the activities. financings. Additional funding may not be available on sufficient development Company would otherwise prefer to develop and market itself. The accompanying consolidated of adjustments relating to the recoverability and classification of might result from the outcome of the uncertainties described above. Impact of COVID-19 Pandemic In March 2020, the World Health Organization declared and to date, has led to public health safety measures. While the with new variants impact all aspects of its business, including our operations and the operations of its customers, suppliers, vendors and business partners. depend on future new information its impact, shutdowns or other be materially condition. The Company Company consolidated financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Estimated Useful Life Airplane 15 years Facilities 5 years Furniture and fixtures 5 years Vehicles 5 years Laboratory and computer equipment 3 years Software 3 years Leasehold improvements Shorter of the useful life of improvement or the remaining lease term 2. Summary of Significant Accounting Policies Basis of presentation The accompanying consolidated States of America (GAAP) and pursuant to the for financial reporting. The consolidated financial statements for the periods presented include the accounts of UNS and COVAXX that were parties to the Contribution and Exchange Agreement. All share and per share amounts, as originally recorded by each entity, been converted to Agreement and the Stock Split ratio. Foreign currency translation The functional rates and monetary assets and liabilities are re-measured at exchange rates in effect at the end of the reporting period. Income statement accounts are re-measured (losses) gains in the consolidated statements of operations. Segment information Operating segments reviewed by assessing performance. The as a single operating segment and has one reportable segment. Use of estimates The preparation of consolidated financial statements in accordance with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates contained within these consolidated financial and recognition, income tax valuation on historical circumstances. On an ongoing basis, management evaluates its estimates, as may differ materially from those estimates or assumptions. Related party transactions The related party transactions to the Company's Audit considers principal that would products or services, and an assessment of whether the proposed transaction is on terms that are comparable to the terms available to or from, as the case may be, unrelated third parties. Under determines in good faith that the transaction is not inconsistent with the interests of Cash and cash equivalents The Company considers all highly liquid investments with an be equivalents with financial institutions, in which balances from time to time may exceed the of the Company’s cash flow requirements, and to attain a market rate of return. Restricted cash As of 1.1 0.2 restrictions related to cash payments received in advance under the CEPI Funding Agreement and securing credit card obligations as of December 31, 2022 and securing credit card obligations as of December 31, 2021. These balances are included in restricted cash on the accompanying consolidated balance sheets. Short Term The investments are fund consolidated balance sheets if (i) the Company has the intent and ability to hold the investments for a period of at least one year and (ii) the contractual maturity date of the investments is greater than one year. Available-for-sale income amortization or accretion of consolidated statements of operations. Available-for-sale may indicate impairment. must be determined whether it is other than temporary. Impairment is considered to be other than temporary if the Company: (i) intends to sell the security, (ii) will the security’s amortized cost basis. to its fair market value equity as accumulated other comprehensive income on the accompanying The Company did no t record any such impairments during the year ended December 31, 2022 and 2021. Concentration of credit risk Financial instruments that potentially Cash equivalents quality and accredited financial institutions and accordingly, such funds are not exposed to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company maintains a form of a money market account with a financial institution that management The Company is dependent on contract manufacturers, several of whom control, testing, validation and supply services, including production, research and development future revenue as well as research and development programs could be adversely affected by a significant supply interruption by one or more of its contract manufacturers. Leases At determines the classification as either operating leases or financing leases. Operating leases are included in Operating lease right-of-use assets and Operating lease liabilities in our consolidated balance sheets. Lease recognition occurs the lease term. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that borrowing rate in determining the underlying asset ROU assets lease expense is recognized limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Lease agreements with both lease and non-lease components, are generally accounted for together as a single lease component. The Company has to capitalization. Property and equipment Property and estimated useful life of the assets. The estimated useful life of property and equipment is as follows: Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain incurred . Impairment of long-lived assets Long-lived circumstances deciding significant negative review expected recognized when estimated undiscounted future cash flows expected to result from the use of an asset are less than its carrying amount. The impairment loss discounted cash flows. To Deferred offering costs The Company capitalizes certain legal, audit, accounting and financing effort recorded deferred offering operations. Fair value measurements Certain assets and for an asset or transaction between market use classified and disclosed in one of the following three levels of the fair value hierarchy, and the last is considered unobservable: Level 1—Quoted prices in active markets that are identical assets or liabilities. Level 2—Observable inputs quoted corroborated by observable market data. Level 3—Unobservable inputs assets or liabilities, including pricing models, discounted cash flow methodologies Prior to the conversion in accordance with the Contribution and Exchange Agreement, the majority of the Company’s convertible notes and all of the simple agreement for future equity (“SAFE”) and warrant liabilities were carried at fair 3 liabilities. Convertible notes payable The Company payable at fair value in accordance with ASC 480, Distinguishing Liabilities parties are from the full over the term of the convertible notes using the effective interest method On March 2, 2021, each convertible note that was outstanding was exchanged Debt issuance costs The Company term of the debt using the effective interest method operations. Simple Agreement for Future Equity—SAFE The Company accounts reporting period, with changes in fair value recognized in the accompanying On March 2, 2021, each SAFE Classification of convertible preferred stock The Company records by its terms. The Company’s convertible preferred stock is classified outside of stockholders’ deficit because the holders of such shares have liquidation rights in the event of a deemed liquidation that, in certain situations, All shares concurrently with the closing of the initial public offering (see Revenue recognition The Company accounts for revenue in accordance with ASC Topic 606, ASC 606, an entity recognizes consideration that the entity with customers only when it is probable that the entity will collect services it transfers to the customer. The Company evaluating management to make judgments about the individual promised goods or services, the intended benefit of the contract and whether each good or distinct, an entity is required to combine that good or service with other promised goods or services until it identifies a or services that is distinct. If the consideration promised in will be variable consideration by using the most likely amount amount included in the transaction price to revenue recognized consideration included in the transaction price and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance of an output or input method. For its sales of ELISA tests, the Company recognizes revenue once control Coalition for Epidemic Preparedness (“CEPI”) grant In April CEPI has 9.3 COVID-19 vaccine candidate evaluating the Omicron - in people aged 16 years or older, who Cash payments received in advance under the CEPI Funding Agreement are restricted as to their use until expenditures contemplated in the funding agreement are incurred. As funds are received they are included within restricted cash offset accrued period as the expenses that the grant is intended to reimburse are incurred. Taiwan United managing COVID-19 vaccine development. UBI-Asia contracted with the Company to conduct candidate in Taiwan. the achievement activities involved in completing the clinical trials in relation received from CDC as contra research and development expenses in the accompanying Research and development Research compensation and other corporate costs attributable to research and development The Company has entered into various research, development and Note 19). expenses as incurred. The liabilities, the contracted costs. The Company’s Patent costs Patent-related costs incurred in relating to the recovery of the expenditure. Amounts incurred are classified as general Stock-based compensation The Company measures all of grant and of the respective award. Forfeitures are accounted for as they occur. The Company the award recipient’s payroll costs are Prior to value of its common stock was determined by its most recently judgments assumptions include a sold shares of the likelihood of, achieving a could result in different fair values of common stock The fair value of each on that (“Black-Scholes”), expected term of 2021, lacks sufficient stock volatility based time as it has adequate historical data regarding the has been determined utilizing granted to non-employees the U.S. Treasury yield curve in effect at the time of grant of the award for award. Expected expect to pay any cash dividends in the foreseeable future. Performance-based options The Company accounts for performance-based which are subject to different accounting depending on whether they meet or other conditions. The conditions present in the condition satisfying the performance of the performance condition deferred assigned to the market condition will be recognized as expense according to Income taxes The Company which requires recognized difference between the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company available evidence, that it is more is established through a charge to income tax expense. In evaluating its ability to recover its deferred tax assets, the Company considers all available positive and negative evidence, including projected future taxable income, prudent and feasible tax planning strategies and recent financial operations. The process to that it sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that settlement. To include related net interest and penalties. Net loss per share Basic earnings stock outstanding average number of securities were converted or exercised. During periods in which the Company incurs net losses, both basic and diluted loss per common share securities options, unvested restricted stock and convertible preferred stock are the computation of net loss per share if their effect is anti-dilutive. The Company’s contractually require the holders of such shares to participate in losses of the Company. reports diluted net loss per share is the same as basic net loss per not assumed to be outstanding if their effect is anti-dilutive. Emerging growth company status The Company is an “emerging growth company” (“EGC”), permitted to and companies that are not EGCs. The Company may take advantage of these exemptions until it is no longer an EGC under Section 107 of the implementation of new therefore, as long as they become applicable to other public companies that are not EGCs. Reclassifications The Company reclassified certain prepaid expenses from prepaid materials and supplies to clinical prepayments within the balance conform to general and administrative expenses within the consolidated statements reported consolidated net loss, financial position or net increase in cash, cash equivalents, and restricted cash. not reclassified to conform to the current year presentation in the consolidated Recently issued accounting pronouncements From time Company standards that are not yet effective will not have a material impact on Recently adopted accounting standards In 11provided Amendments entity may elect balance of retained lease smaller reporting The Company apply the the comparative accumulated deficit on the date of adoption. The Company has elected to combine lease components (for example fixed rent payments) with non-lease asset classes. new standard Company practical expedient allowing the use-of-hindsight which would require facts and circumstances through the effective date. Results for reporting adjusted standard, on January 1, 2022, the Company did not enter into any leases subject to ASC 842 and did not capitalize a ROU asset or lease liability. |
Short Term Investments
Short Term Investments | 12 Months Ended |
Dec. 31, 2022 | |
Short Term Investments [Abstract] | |
Short Term Investments | 3. Short Term As of December 31, 2022, the Company’s As of December 31, 2022 Amortized Cost Unrealized Gains (Losses), Net Recorded Basis U.S. Treasury Securities $ 53,549 $ (197) $ 53,352 Total $ 53,549 $ (197) $ 53,352 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 4. Fair Value The Company's money in active markets for identical assets. The value for the Convertible in Exchange Agreement, on March 2, 2021 the Convertible Notes, SAFEs and warrants The following indicate the level of the fair value hierarchy used to determine such fair During the years ended December 31, 2022 and 2021, there were no Convertible Notes During Convertible Notes Convertible Notes requiring value hierarchy wherein fair value is estimated using significant unobservable Convertible Notes requiring a measurement to fair value are as follows (in The probability assumptions on multiple conversion scenarios, discount rates and In accordance with the preferred stock. Simple Agreement for Future Equity—SAFE During the issuance was stock was determined 35.6 2021. The following table sets forth a summary of the classified within Level 3 of the fair value hierarchy wherein In accordance stock. Warrants to Purchase Series In connection with the 2020 Series A-1 convertible preferred stock (“Series fully 205,970 assistance with recorded as a reduction in the proceeds received from the sale. The warrants were issued to warrants were accounted for as liabilities and adjusted to fair value at each reporting The warrants are exercisable on the date of issuance and 0.003 ten years . In December 2020, warrants were exercised for 71,862 0.003 $ 1,000 . 134,106 continued to re-measure of connection with the IPO, converted into Class A common stock. The classified within Level 3 of the fair value hierarchy wherein fair December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Money market account $ 139,794 $ — $ — $ 139,794 Total assets $ 139,794 $ — $ — $ 139,794 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Short-term investments $ 53,352 $ — $ — $ 53,352 Money market account 27,724 — — 27,724 Total assets $ 81,076 $ — $ — $ 81,076 Convertible Notes Balance at December 31, 2020 $ 24,680 Issuance of convertible notes 2,000 Repayments (2,000) Change in fair value 2,667 Amortization of issuance costs 217 Accrued interest 168 Interest paid (187) Conversion to Series A preferred stock (27,545) Balance at December 31, 2021 $ — SAFE Liability Balance at December 31, 2020 $ 24,335 Change in fair value 8,365 Issuance of SAFEs 2,900 Conversion to Series A preferred stock (35,600) Balance at December 31, 2021 $ — Warrant Liability Balance at December 31, 2020 $ 400 Change in fair value 214 Conversion to warrants for shares of Series A preferred stock (614) Balance at December 31, 2021 $ — |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2022 | |
Prepaid Expenses and Other Current Assets [Abstract] | |
Prepaid Expenses and Other Current Assets | 5. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): Clinical clinical trials, primarily UB-612, 1.9 612 trial expenses. The remaining clinical prepayment amounts are Prepaid 1.6 3.3 insurance fee as of December 31, 2022 and 2021, respectively. Prepaid materials and in the Company’s clinical trials, primarily UB-612. Amounts held by related parties totaled $ 0.2 3.5 million at December 31, 2021. Deposits consist of amounts expenses and current 0.3 0.3 31, 2022 and 2021, respectively and other prepaid expenses incurred December 31, 2022 2021 Clinical prepayments $ 2,679 $ 612 Prepaid insurance 1,870 3,510 Prepaid materials and supplies 248 3,517 Deposits 232 869 Other 522 343 $ 5,551 $ 8,851 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2022 | |
Property and Equipment, Net [Abstract] | |
Property and Equipment, Net | 6. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): Depreciation expense for the years ended December 31, 2022 and 2021 1.7 1.1 December 31, 2022 2021 Airplane $ 11,983 $ 11,983 Laboratory and computer equipment 3,146 1,831 Leasehold improvements 403 — Software 415 168 Facilities, furniture and fixtures 37 85 Vehicles 87 87 Construction in progress 65 199 Total property 16,136 14,353 Less: accumulated depreciation (3,624) (1,981) Property and equipment, net $ 12,512 $ 12,372 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Accrued Expenses and Other Current Liabilities [Abstract] | |
Accrued Expenses and Other Current Liabilities | 7. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in December 31, 2022 2021 Accrued external research and development $ 6,904 $ 1,501 Accrued bonuses 2,568 2,294 Accrued professional fees and other 1,722 692 Accrued interest 176 32 $ 11,370 $ 4,519 |
Other Long-Term Liabilities
Other Long-Term Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Other Liabilities [Abstract] | |
Other Long-Term Liabilities | 8. Other Long-Term Other long-term liabilities consisted of the following (in thousands): As of 0.2 may be subject to paying for late filing fees related to a foreign accrued for them until the statute of limitations expires and it is appropriate to write them off. December 31, 2022 2021 Accrued tax provision $ 236 $ 236 Accrued rent — 1 $ 236 $ 237 |
Convertible Notes Payable
Convertible Notes Payable | 12 Months Ended |
Dec. 31, 2022 | |
Convertible Notes Payable [Abstract] | |
Convertible Notes Payable | 9. Convertible Notes Payable Beginning in April 2018, the Company issued several Convertible Notes, some of which were issued to related Notes bore 4.8 % to 6 %. All were payable number of provisions addressing automatic and optional conversion, The Company included in other (income) In outstanding was Contribution and Exchange Agreement. During the year ended 0.2 In 2.7 accompanying consolidated statements of operations related to the Convertible The following table shows the activity of the Convertible Notes (in thousands): Convertible Notes Principal Amount Payable Change in Fair Value Accrued Interest Issuance Conversion to Standard Related Party Standard Related Party Standard Related Party Costs Series A Balance December 31, 2020 $ 7,710 $ 10,510 $ 1,972 $ 3,848 $ 674 $ 183 $ (217) $ — $ 24,680 Additions — 2,000 812 1,855 58 110 — — 4,835 Settlements (2,000) — — — (187) — — — (2,187) Amortization — — — — — — 217 — 217 Conversion of Convertible Notes to Series A preferred stock (5,710) (12,510) (2,784) (5,703) (545) (293) — (27,545) (27,545) December 31, 2021 $ — $ — $ — $ — $ — $ — $ — $ (27,545) $ — |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2022 | |
Notes Payable [Abstract] | |
Notes Payable | 10. Notes Payable Notes Payable with Related Parties In December 2018, Convertible Notes, the “Reorganization Convertible 2.0 Related 5 % prepayment. In accordance with the Contribution and Exchange Agreement, on March 2, 2021, the 2018 Related Notes were converted into Series A preferred stock. During 0.1 Notes. 2019 Executive Note In November 2019, the Company borrowed $ 0.1 agreement was 5 %, consistent with conditions of the Convertible Notes and 2018 Related Notes, which Executive Note was repaid in August 2021. The activity of the 2018 Related Notes and 2019 Executive Note is as follows (in thousands): Note Payable—Airplane In connection with for $ 11.5 3.4 % and a maturity date of June 9, monthly in the amount 0.07 9.4 of the Company. In addition, the Company 0.3 loan. There are no financial covenants associated with the 2025 Note. The carrying value of the 2025 Note is as follows (in thousands): As of December 31, 2022, the remaining principal payments for Interest expense 0.4 0.4 respectively. As of December 31, 2022, 0.1 in the accompanying consolidated balance sheets. Note Payable—Paycheck Protection Program The Company Association (“HSBC”) 0.3 Program (“PPP”). for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. As of December 31, 2021, there were no events of default under the PPP Loan. The Company paid off the PPP Loan in full, including all accrued Promissory Note with Related Party In October 2022, the Company entered into a related party unsecured promissory note (the “2022 Promissory Note”) with UBI for $ 4.2 million. The 7.0 % per October 1, 2026 . The issued 4.2 Promissory Note was 4.2 0.1 expense and no The carrying value of the 2022 Promissory Note is as follows (in thousands): As of December 31, 2022, the remaining principal payments for 2018 Related Notes and 2019 Executive Note Related Party Principal Accrued Interest Balance December 31, 2020 $ 2,100 $ 194 $ 2,294 Accrued interest — 19 19 Repayment (100) — (100) Interest paid — (8) (8) Conversion (2,000) (205) (2,205) December 31, 2021 $ — $ — $ — December 31, 2022 2021 Principal $ 10,455 $ 10,883 Unamortized debt issuance cost (131) (184) Carrying amount 10,324 10,699 Less: current portion (391) (376) Note payable, net of current portion and debt issuance cost $ 9,933 $ 10,323 Amount 2023 $ 444 2024 458 2025 9,553 $ 10,455 December 31, 2022 Principal $ 4,225 Less: current portion (1,113) Note payable, net of current portion $ 3,112 Amount 2023 $ 1,113 2024 1,029 2025 1,103 2026 980 $ 4,225 |
Convertible Preferred Stock
Convertible Preferred Stock | 12 Months Ended |
Dec. 31, 2022 | |
Convertible Preferred Stock [Abstract] | |
Convertible Preferred Stock | 11. In connection with 0.2191 stock and 3.4233 the first 122.8 stock financing. The 15,365,574 8.00 preferred stock converted As of 50,000,000 preferred stock with a par value of $ 0.0001 no 2021. The table stock concurrently of the stock split described in Note 1. As of December 31, 2021 Issuance Dates Shares Issued and Outstanding Prior to IPO Class A Common Stock Issued Upon IPO Conversion Series A preferred stock March 2021 62,223,095 39,989,083 Series B preferred stock March 2021 5,441,863 3,497,338 Series B preferred stock June 2021 9,923,711 6,377,699 77,588,669 49,864,120 |
Simple Agreement for Future Equ
Simple Agreement for Future Equity-SAFE | 12 Months Ended |
Dec. 31, 2022 | |
Simple Agreement for Future Equity-SAFE [Abstract] | |
Simple Agreement for Future Equity-SAFE | 12. Simple Agreement for Future Equity—SAFE During the redeemable, contained a require the Company to settle the a liability earnings. In 0.4 463,162 convertible preferred stock at $ 0.7773 (“SAFE 2”) for $ 14.7 6,307,690 at $ 2.3241 The Company determined the fair value of the SAFE 2 investment on the date of conversion and recognized the difference between the fair value on the date of conversion and the initial fair value of SAFE 2 investment In December 2020, 24.3 issued additional SAFEs for $ 2.9 Equity Financing —Upon initial closing 50.0 greater of (1) the number of shares of SAFE 3 preferred stock equal to the purchase amount divided by the price per share equal to the promised options, divided by the eighty percent (80%). Liquidity Event —If there is a receive a concurrent with, the consummation of such liquidity event, equal to the greater of (i) the purchase amount or (ii) the amount payable on the number of shares of common stock equal to the purchase amount divided Dissolution Event —If there is a dissolution automatically purchase amount, due and payable to the investor immediately prior to the consummation Termination —SAFE 3 will automatically the investor due the investor. into shares of Series A-3 preferred stock of COVAXX, The Agreement. Prior to Series which were converted into Series A Common Stock in connection with the Company’s |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2022 | |
Common Stock [Abstract] | |
Common Stock | 13. Common Stock As explained common 60,360,523 Vaxxinity’s 10,999,149 was exchanged 0.2191 3.4233 shares of Vaxxinity In June 2021, the Company converted 2,874,983 Executive Chairman on a one-to-one basis for shares of Class B common Vaxxinity’s 1,100,000,000 stock 0.0001 1,000,000,000 100,000,000 Holders of Class as otherwise expressly provided in Vaxxinity’s law, holders of our Class B common stock will be entitled to ten votes per share on all matters submitted Holders stockholders, except (i) amendments value amendment preferences or special rights would be required to vote separately to approve the proposed amendment. Holders of common legally available therefor if the board of directors, in its discretion, determines to issue dividends. The preferences of the holders of Vaxxinity’s The Company has reserved shares of common stock for issuance for the following December 31, 2022 2021 Options and RSU issued and outstanding 20,716,760 21,387,909 Options available for future grants 6,064,003 7,209,538 Warrants issued and 1,928,020 1,928,020 28,708,783 30,525,467 |
Equity Incentive Plan
Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2022 | |
Equity Incentive Plan [Abstract] | |
Equity Incentive Plan | 14. Equity Incentive Plan Stock Options In March (the “Existing 2021 Plan”), which provided for the Company to awards, common stock. The Existing 21,593,830 In 6,362,455 exchange for an equal number of options to purchase shares stock option modification. In November 2021, the Plan”), rights, (including fully vested 2021 Plan. The following is a summary of certain terms and conditions of the At its was 8,700,000 by the 4 % of preceding December 31, (ii) the number of shares determined by the Compensation Committee, (iii) canceled or forfeited under the New 2021 2021 Plan, the maximum number of shares that can be issued under the 11,886,306 . As of December 31, 6,064,003 canceled, reacquired by the Company prior to vesting, satisfied without the issuance withholdings, or 2021 Plan. The exercise directors. Any incentive options granted to persons may not have an exercise price of less than 100% of the fair market value of the common stock on the grant date. granted to persons possessing more than 10% of the total combined of less than 110% of the fair market value of The option term for incentive awards possessing more than years from the date of the grant. The vesting period for equity-based awards As 14,054,305 purchase 6,362,455 9,830,751 4,968,437 were exercisable. Stock Option Activity The following table summarizes stock option activity for the year ended The aggregate intrinsic value of options is calculated as the difference between the exercise price of the options and the fair value of the common stock for those options that had exercise prices lower than the fair The intrinsic 4.5 $ 0.1 The weighted-average grant-date fair value per share of options granted during the years ended December 31, 2.21 and $ 4.21 , respectively. The 8.8 24.5 respectively. Valuation The fair option valuation 2022 and 2021: In August 2021, the Company canceled 378,786 Hu in exchange for an equal as a stock option modification. value-based original award immediately before the modification. Stock Options Granted to Employees that Contain Performance and Market Conditions Included 6,799,625 Class A Peter Diamandis. In August 2021, the stock option awards for the Mei Mei Hu and Louis Reese totaling 5,983,670 an equal number of modification. The fair 23.8 using the Monte-Carlo simulation model. The assumptions used in the Monte-Carlo The stock option awards for Peter Diamandis totaling 815,955 0.3 in the Monte-Carlo simulation model were as follows: The compensation over the derived service period for the market-based criteria. The condition for the market-based criteria in the stock options above a specified 5,439,700 6,799,625 shares containing condition achieved through not been achieved. Restricted Stock The following table summarizes the Company’s The aggregate fair value 0.1 No stock vested during the year ended December 31, 2022. Stock-Based Compensation Expense The statements of operations (in thousands): As of December 31, 16.2 is expected to be recognized over a weighted average period of 2.7 December 31, 2022 2021 Risk-free interest rate 1.46 % - 4.22 % 0.59 % - 1.35 % Expected term (in years) 5.5 6.1 5.0 6.3 Expected volatility 90.01 % - 97.82 % 71.6 % - 93.4 % Expected dividend yield 0.00 % 0.00 % Number of Stock Options Outstanding Weighted Price Per Share Weighted Contractual Term Aggregate Intrinsic Value (in thousands) Balance at December 31, 2021 21,387,909 $ 5.25 7.4 $ 49,684 Granted 1,387,221 2.96 Exercised (1,066,586) (3.26) Forfeited (1,291,784) (7.14) Balance at December 31, 2022 20,416,760 $ 5.07 6.8 $ 7,166 Options vested and exercisable at December 31, 2022 14,799,188 $ 4.62 6.5 $ 6,923 Number of Shares Weighted Average Grant Date Fair Value Per Share Unvested at December 31, 2021 — $ — Issued 300,000 3.76 Unvested at December 31, 2022 300,000 $ 3.76 Years 2022 2021 Research and development $ 3,276 $ 1,343 General and administrative 5,438 29,069 Total stock-based $ 8,714 $ 30,412 Time to expiration (in years) 4.5 Volatility 75 % Risk-free interest rate 58 % Cost of equity 25 % Fair value of underlying common stock (as of valuation date) $ 10.07 Time to expiration (in years) 1 Volatility 90 % Risk-free interest rate 0.09 % Cost of equity 25 % Fair value of underlying common stock (as of valuation date) $ 4.12 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Income Taxes | 15. Income Taxes The sources of losses from outside of the U.S., are as follows (in thousands): Tax The components of the provision for income taxes are as follows for the years ended Tax The Company’s effective 0.00 % and 0.00 %, respectively. A reconciliation of is as follows (in thousands): Deferred Tax The Company computes income taxes using the liability method. This method requires recognition of deferred tax assets and liabilities, measured by enacted rates, attributable to temporary differences between the financial statements and the income tax basis liabilities. In deferred tax income valuation allowance against is more likely the Company is in a cumulative loss position. The valuation allowance increased 15.0 2022 and 20.9 periods. The Company reevaluates the positive and negative evidence Significant components of the Company’s Net Operating Losses The Company had total net operating loss carryforwards 165.1 134.6 of December 31, 2022 and 2021, respectively, that have no expiration 29.2 and $ 24.0 Utilization limitations provided Company has not completed changes since additional ownership changes in the future. If of the under the Code. The annual credit carryforwards would be removed from the deferred tax asset schedule with a corresponding reduction in the valuation allowance. On March 27, 2020, the President contains numerous material impact on the Company’s The Consolidated Appropriations Act, 2021, which was enacted on December CARES Act provisions, business meals as well tax provision for the year ended December 31, 2022 and 2021. The Inflation Reduction Act (IRA) was signed into law on August 16, 2022. The IRA introduces a 15% corporate alternative minimum tax period ending after December 31, 2021 and preceding the tax year exceeds $1.0 by publicly traded tax is not impact to the Company's consolidated financial statements and related disclosures. The CHIPS credit, a 25% tax credit for investments in semiconductor manufacturing. It also includes incentives for manufacturing semiconductors, as well as specialized tooling equipment required any such tax credits, as statements and related disclosures. Enacted in 2017, Code section change had a delayed effective date and became effective for the Company in 2022. New section 174 requires that companies capitalize and amortize R&E expenses expenses statements and related disclosures. The Company subject to income tax examinations by U.S. federal, state and local for tax years 2017 and future periods. The Company is not currently under audit for any US federal or state or foreign income tax audits. Uncertain Tax A summary of the Company’s unrecognized The unrecognized tax benefits for U.S. jurisdiction of $ 0.7 tax remaining unrecognized tax benefits of less than $ 0.1 recognizes accrued interest and penalties related 0.2 and penalties related to prior year’s tax filings, as of The limitations for examination 2017 and future periods. Years Losses before taxes 2022 2021 Domestic entities $ (69,943) $ (128,538) Entities outside the U.S. (5,477) (8,636) $ (75,420) $ (137,174) Years 2022 2021 Current: Federal $ — $ — State and local — — Foreign — — Total current — — Deferred tax (benefit): Federal — — State and local — — Foreign — — Total deferred tax — — Provision for income taxes $ — $ — Years 2022 2021 Income taxes at statutory rate 21.00 % 21.00 % State income taxes, net of federal benefit (1.17) % 0.50 % Stock compensation (0.68) % (3.65) % Foreign rate differential (0.59) % (0.74) % Uncertain tax positions 0.0 % 0.0 % Other 1.41 % (1.90) % Change in valuation allowance (19.98) % (15.21) % Provision for income taxes 0.0 % 0.0 % As of December 31, 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 39,184 $ 32,405 Stock Compensation 2,090 1,735 Section 174 Costs 7,424 — Other 559 27 Total deferred tax 49,257 34,167 Less: valuation allowance (49,173) (34,106) Net deferred tax assets $ 84 $ 61 Deferred tax liabilities: Depreciation $ (84) $ (61) Net deferred tax liabilities (84) (61) Net deferred income taxes $ — $ — Years 2022 2021 Uncertain tax position liability at the beginning of the year $ 652 $ 652 Increases (decreases) related to tax positions taken during current period — — Uncertain tax position liability at the end of the year $ 652 $ 652 |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Net Loss Per Share [Abstract] | |
Net Loss Per Share | 16. Net Loss Per Share The Company’s unvested restricted The convertible net loss per share. loss per share is the each period end, from the computation of diluted net loss per share for the years ended December 31, 2022 and 2021 because including them would have had an anti-dilutive effect: December 31, 2022 2021 Unvested restricted stock 300,000 - Options issued and outstanding 20,416,760 21,387,909 Warrants issued and 1,928,020 1,928,020 22,644,780 23,315,929 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 17. Commitments and Contingencies Contractual Obligations The Company and contract manufacturing organizations and CMOs are generally cancellable, with notice, at the Company’s As of December 31, 2022, the Company 2.9 less than 0.1 candidates. Michael J. Fox Foundation Grant On November 3, the amount of $ 0.8 UB-312, an a -Synuclein immunotherapy. and expected to be to short-term offset. The Company recognizes expenses that the cash/deposits, with a no liability related to this grant. For 0.1 0.1 million, respectively, Coalition for Epidemic Preparedness Innovations (“CEPI”) Grant In April CEPI has 9.3 COVID-19 evaluating the Omicron - in people aged 16 years or older, who The Company will also be performing further manufacturing scale-up the terms of the COVID-19 Vaccines Cash payments received in advance under the CEPI Funding Agreement are restricted as to their use until expenditures contemplated in the funding agreement are received in each tranche are expected to the utilized within twelve months, the funds received are reflected within restricted cash with a corresponding short-term accrued liability. expenses, in the same period as the expenses that the grant is intended to reimburse are incurred. As of December 31, 2022, the balance of the restricted cash and 1.0 a reduction of $ 7.5 Lease Agreements The Company has two costs under its leases. In August 2022, the Company entered into a lease for 9,839 Florida commencing August 12, one-year 0.5 credits. Additionally, 0.1 In April 2022, the 4,419 lease commenced in April 2022 guidance found in ASC 842. Since the lease has a non-cancellable period of one year , and after the first year both the Company and the landlord have the which does not subject the New York Rent expense for each 0.5 0.1 License Agreements In October 2014, the Company entered into a contribution agreement with assets and granted intellectual 32,505,306 exploitation of all diagnostic, prophylactic, and therapeutic amended in pursue indications outside the initial field limitations. In connection with developed by the upon. The terms for the license UBI upfront fees, revenue royalties, development milestones, commercial Vaxxinity’s US Holdings, LLC, exclusive against all coronaviruses including, perpetual, exclusive and fully paid-up. There are no future royalty or milestone Company has the right to grant sublicenses. The account for the party did not have any basis in the assets licensed, so there was no accounting impact for In August 2021, that agreement, Vaxxinity to otherwise exploit peptide-based vaccines in the field of all human prophylactic and therapeutic uses, except for such vaccines related to human immunodeficiency licensed under the certain designer the Company issued to UBI a warrant to purchase Class A common stock (the The Company considered ASC 805, “Business Combinations” (“ASC 805”) and ASC 730, in determining how to account to a related party in exchange for a license agreement. were held control transaction, party did not have any basis in the assets licensed, there was no accounting impact for Indemnification Agreements In the vendors, lessors, breach of such agreements into indemnification other things, to indemnify them maximum potential amount many cases, unlimited. Company operations, or cash flows, and it has not accrued any liabilities related to such obligations Legal Proceedings From December 31, 2022 and 2021, the Company was not a party to any material legal matters In December 2022, America, LLC (“Ask America”). CEO, November 2021 loan transaction was committee, comprised the company is regulations, related management in connection with capital markets strategy and activity. Loss Contingency In April 2021, the Company engaged United Biopharma, Inc. (UBP) to begin GMP grade recombinant protein for UB-612, our Covid vaccine candidate. 7.2 be needed to produce the initial 30kg of protein. An Authorization to Proceed (ATP) 3 million of materials using an advance payment from Vaxxinity, Through August 2021, $ 7.2 3 advance payment, and the Company expensed $ 1.2 Vaxxinity 1.8 in production. When Vaxxinity that its suppliers cancel the remaining $ 4.2 2022, the Company learned that most of the suppliers refused to cancel materials. For these orders, management has not yet concluded that were not originally authorized by the ATP, expense has not been recognized for them. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Benefit Plans [Abstract] | |
Benefit Plans | 18. Benefit Plans In substantially all annual compensation on a pre-tax basis. The Company does not make matching The Company offers portion of their annual compensation. The Company provides contributions 5 % of each participant’s annual years ended December 31, 2022 and 2021, the Company contributed 0.1 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 19. Related Party Transactions The Company has a Related to including the proposed aggregate the benefits assessment of unrelated third parties. that the transaction is not inconsistent with the interests of the Company The Company has related party arrangements with UBI Asia (“UBI-Asia”), UBI Pharma, Inc. (“UBI-P”), United BioPharma, As of December 31, 2022 UBI and its affiliated companies 44 % of the Company’s stock. The majority both UBI and the Company were held by a group of immediate family members These related parties are governed by various Master Services Agreement UBI MSA - UBI provides research, development and clinical functions to the Company. There is also a purchase arrangement with UBI for the production and shipment of the Company’s UBIA MSA - UBI-Asia for manufacturing, quality control, testing, validation, UBP MSA - United BioPharma, Inc provide the Company with manufacturing, COVID MSA (“COVID Company’s COVID-19 program and provides research, Company. COVID-19 technologies related to diagnostics, vaccines, and therapies for COVID-19. provides research, development, manufacturing services to the Company. Total 12.8 19.4 amounts due 0.4 0.4 fees incurred were $ 4.2 35.4 Taiwan UBI-Asia, which is responsible for applying for and managing grants on our behalf under the by the Taiwan CDC for COVID-19 vaccine development. The Company contracted with UBI-Asia to conduct a two-phase clinical trial of a COVID-19 vaccine candidate in Taiwan, clinical trial were reimbursed based on the achievement of certain milestones Total related party operating December 31, 2022 2021 Consolidated balance sheet Assets Prepaid expenses and other current assets $ 237 $ 3,517 Property and equipment, net — 337 Amounts due from related parties 414 393 Liabilities Accrued expenses — — Amounts due to related parties 12,772 19,407 Current portion of note payable 1,113 — Note payable 3,112 — Accrued interest payable $ 73 $ — Years 2022 2021 Consolidated statements of operations Revenue $ — $ — Cost of revenue — — Operating expenses Research and development Services provided by related parties 4,172 41,430 Taiwan CDC grant reimbursement — (7,199) General and administrative Services provided by related parties — 1,173 Other (income) expense Related party interest expense $ 73 $ — |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 20. Subsequent Events On March 9, 2023, the Company completed its rolling submission of a conditional authorization 612 based on the Phase 3 study results. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying consolidated States of America (GAAP) and pursuant to the for financial reporting. The consolidated financial statements for the periods presented include the accounts of UNS and COVAXX that were parties to the Contribution and Exchange Agreement. All share and per share amounts, as originally recorded by each entity, been converted to Agreement and the Stock Split ratio. |
Foreign currency translation | Foreign currency translation The functional rates and monetary assets and liabilities are re-measured at exchange rates in effect at the end of the reporting period. Income statement accounts are re-measured (losses) gains in the consolidated statements of operations. |
Segment information | Segment information Operating segments reviewed by assessing performance. The as a single operating segment and has one reportable segment. |
Use of estimates | Use of estimates The preparation of consolidated financial statements in accordance with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates contained within these consolidated financial and recognition, income tax valuation on historical circumstances. On an ongoing basis, management evaluates its estimates, as may differ materially from those estimates or assumptions. |
Related party transaction | Related party transactions The related party transactions to the Company's Audit considers principal that would products or services, and an assessment of whether the proposed transaction is on terms that are comparable to the terms available to or from, as the case may be, unrelated third parties. Under determines in good faith that the transaction is not inconsistent with the interests of |
Cash and cash equivalents | Cash and cash equivalents The Company considers all highly liquid investments with an be equivalents with financial institutions, in which balances from time to time may exceed the of the Company’s cash flow requirements, and to attain a market rate of return. |
Restricted cash | Restricted cash As of 1.1 0.2 restrictions related to cash payments received in advance under the CEPI Funding Agreement and securing credit card obligations as of December 31, 2022 and securing credit card obligations as of December 31, 2021. These balances are included in restricted cash on the accompanying consolidated balance sheets. |
Short term investments | Short Term The investments are fund consolidated balance sheets if (i) the Company has the intent and ability to hold the investments for a period of at least one year and (ii) the contractual maturity date of the investments is greater than one year. Available-for-sale income amortization or accretion of consolidated statements of operations. Available-for-sale may indicate impairment. must be determined whether it is other than temporary. Impairment is considered to be other than temporary if the Company: (i) intends to sell the security, (ii) will the security’s amortized cost basis. to its fair market value equity as accumulated other comprehensive income on the accompanying The Company did no t record any such impairments during the year ended December 31, 2022 and 2021. |
Concentration of credit risk | Concentration of credit risk Financial instruments that potentially Cash equivalents quality and accredited financial institutions and accordingly, such funds are not exposed to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company maintains a form of a money market account with a financial institution that management The Company is dependent on contract manufacturers, several of whom control, testing, validation and supply services, including production, research and development future revenue as well as research and development programs could be adversely affected by a significant supply interruption by one or more of its contract manufacturers. |
Leases | Leases At determines the classification as either operating leases or financing leases. Operating leases are included in Operating lease right-of-use assets and Operating lease liabilities in our consolidated balance sheets. Lease recognition occurs the lease term. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that borrowing rate in determining the underlying asset ROU assets lease expense is recognized limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Lease agreements with both lease and non-lease components, are generally accounted for together as a single lease component. The Company has to capitalization. |
Property and equipment | Property and equipment Property and estimated useful life of the assets. The estimated useful life of property and equipment is as follows: Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain incurred Estimated Useful Life Airplane 15 years Facilities 5 years Furniture and fixtures 5 years Vehicles 5 years Laboratory and computer equipment 3 years Software 3 years Leasehold improvements Shorter of the useful life of improvement or the remaining lease term |
Impairment of long-lived assets | Impairment of long-lived assets Long-lived circumstances deciding significant negative review expected recognized when estimated undiscounted future cash flows expected to result from the use of an asset are less than its carrying amount. The impairment loss discounted cash flows. To |
Deferred offering costs | Deferred offering costs The Company capitalizes certain legal, audit, accounting and financing effort recorded deferred offering operations. Fair value measurements Certain assets and for an asset or transaction between market use classified and disclosed in one of the following three levels of the fair value hierarchy, and the last is considered unobservable: Level 1—Quoted prices in active markets that are identical assets or liabilities. Level 2—Observable inputs quoted corroborated by observable market data. Level 3—Unobservable inputs assets or liabilities, including pricing models, discounted cash flow methodologies Prior to the conversion in accordance with the Contribution and Exchange Agreement, the majority of the Company’s convertible notes and all of the simple agreement for future equity (“SAFE”) and warrant liabilities were carried at fair 3 liabilities. Convertible notes payable The Company payable at fair value in accordance with ASC 480, Distinguishing Liabilities parties are from the full over the term of the convertible notes using the effective interest method On March 2, 2021, each convertible note that was outstanding was exchanged Debt issuance costs The Company term of the debt using the effective interest method operations. Simple Agreement for Future Equity—SAFE The Company accounts reporting period, with changes in fair value recognized in the accompanying On March 2, 2021, each SAFE Classification of convertible preferred stock The Company records by its terms. The Company’s convertible preferred stock is classified outside of stockholders’ deficit because the holders of such shares have liquidation rights in the event of a deemed liquidation that, in certain situations, All shares concurrently with the closing of the initial public offering (see |
Fair value measurements | Fair value measurements Certain assets and for an asset or transaction between market use classified and disclosed in one of the following three levels of the fair value hierarchy, and the last is considered unobservable: Level 1—Quoted prices in active markets that are identical assets or liabilities. Level 2—Observable inputs quoted corroborated by observable market data. Level 3—Unobservable inputs assets or liabilities, including pricing models, discounted cash flow methodologies Prior to the conversion in accordance with the Contribution and Exchange Agreement, the majority of the Company’s convertible notes and all of the simple agreement for future equity (“SAFE”) and warrant liabilities were carried at fair 3 liabilities. |
Convertible notes payable | Convertible notes payable The Company payable at fair value in accordance with ASC 480, Distinguishing Liabilities parties are from the full over the term of the convertible notes using the effective interest method On March 2, 2021, each convertible note that was outstanding was exchanged |
Debt issuance costs | Debt issuance costs The Company term of the debt using the effective interest method operations. |
Simple agreement for future equity - SAFE | Simple Agreement for Future Equity—SAFE The Company accounts reporting period, with changes in fair value recognized in the accompanying On March 2, 2021, each SAFE |
Classification of convertible preferred stock | Classification of convertible preferred stock The Company records by its terms. The Company’s convertible preferred stock is classified outside of stockholders’ deficit because the holders of such shares have liquidation rights in the event of a deemed liquidation that, in certain situations, All shares concurrently with the closing of the initial public offering (see |
Revenue recognition | Revenue recognition The Company accounts for revenue in accordance with ASC Topic 606, ASC 606, an entity recognizes consideration that the entity with customers only when it is probable that the entity will collect services it transfers to the customer. The Company evaluating management to make judgments about the individual promised goods or services, the intended benefit of the contract and whether each good or distinct, an entity is required to combine that good or service with other promised goods or services until it identifies a or services that is distinct. If the consideration promised in will be variable consideration by using the most likely amount amount included in the transaction price to revenue recognized consideration included in the transaction price and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance of an output or input method. For its sales of ELISA tests, the Company recognizes revenue once control |
Coalition for epidemic preparedness grant | Coalition for Epidemic Preparedness (“CEPI”) grant In April CEPI has 9.3 COVID-19 vaccine candidate evaluating the Omicron - in people aged 16 years or older, who Cash payments received in advance under the CEPI Funding Agreement are restricted as to their use until expenditures contemplated in the funding agreement are incurred. As funds are received they are included within restricted cash offset accrued period as the expenses that the grant is intended to reimburse are incurred. |
Taiwan centers for disease control grant | Taiwan United managing COVID-19 vaccine development. UBI-Asia contracted with the Company to conduct candidate in Taiwan. the achievement activities involved in completing the clinical trials in relation received from CDC as contra research and development expenses in the accompanying |
Research and development | Research and development Research compensation and other corporate costs attributable to research and development The Company has entered into various research, development and Note 19). expenses as incurred. The liabilities, the contracted costs. The Company’s |
Patent costs | Patent costs Patent-related costs incurred in relating to the recovery of the expenditure. Amounts incurred are classified as general |
Stock-based compensation | Stock-based compensation The Company measures all of grant and of the respective award. Forfeitures are accounted for as they occur. The Company the award recipient’s payroll costs are Prior to value of its common stock was determined by its most recently judgments assumptions include a sold shares of the likelihood of, achieving a could result in different fair values of common stock The fair value of each on that (“Black-Scholes”), expected term of 2021, lacks sufficient stock volatility based time as it has adequate historical data regarding the has been determined utilizing granted to non-employees the U.S. Treasury yield curve in effect at the time of grant of the award for award. Expected expect to pay any cash dividends in the foreseeable future. Performance-based options The Company accounts for performance-based which are subject to different accounting depending on whether they meet or other conditions. The conditions present in the condition satisfying the performance of the performance condition deferred assigned to the market condition will be recognized as expense according to |
Income taxes | Income taxes The Company which requires recognized difference between the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company available evidence, that it is more is established through a charge to income tax expense. In evaluating its ability to recover its deferred tax assets, the Company considers all available positive and negative evidence, including projected future taxable income, prudent and feasible tax planning strategies and recent financial operations. The process to that it sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that settlement. To include related net interest and penalties. |
Net loss per share | Net loss per share Basic earnings stock outstanding average number of securities were converted or exercised. During periods in which the Company incurs net losses, both basic and diluted loss per common share securities options, unvested restricted stock and convertible preferred stock are the computation of net loss per share if their effect is anti-dilutive. The Company’s contractually require the holders of such shares to participate in losses of the Company. reports diluted net loss per share is the same as basic net loss per not assumed to be outstanding if their effect is anti-dilutive. |
Emerging growth company status | Emerging growth company status The Company is an “emerging growth company” (“EGC”), permitted to and companies that are not EGCs. The Company may take advantage of these exemptions until it is no longer an EGC under Section 107 of the implementation of new therefore, as long as they become applicable to other public companies that are not EGCs. |
Reclassifications | Reclassifications The Company reclassified certain prepaid expenses from prepaid materials and supplies to clinical prepayments within the balance conform to general and administrative expenses within the consolidated statements reported consolidated net loss, financial position or net increase in cash, cash equivalents, and restricted cash. not reclassified to conform to the current year presentation in the consolidated |
Recently issued accounting pronouncements | Recently issued accounting pronouncements From time Company standards that are not yet effective will not have a material impact on |
Recently adopted accounting standards | Recently adopted accounting standards In 11provided Amendments entity may elect balance of retained lease smaller reporting The Company apply the the comparative accumulated deficit on the date of adoption. The Company has elected to combine lease components (for example fixed rent payments) with non-lease asset classes. new standard Company practical expedient allowing the use-of-hindsight which would require facts and circumstances through the effective date. Results for reporting adjusted standard, on January 1, 2022, the Company did not enter into any leases subject to ASC 842 and did not capitalize a ROU asset or lease liability. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |
Useful life of property and equipment | Estimated Useful Life Airplane 15 years Facilities 5 years Furniture and fixtures 5 years Vehicles 5 years Laboratory and computer equipment 3 years Software 3 years Leasehold improvements Shorter of the useful life of improvement or the remaining lease term |
Short-Term Investments (Tables)
Short-Term Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Short Term Investments [Abstract] | |
Short-Term Investments | As of December 31, 2022 Amortized Cost Unrealized Gains (Losses), Net Recorded Basis U.S. Treasury Securities $ 53,549 $ (197) $ 53,352 Total $ 53,549 $ (197) $ 53,352 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Measurements [Abstract] | |
Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis | December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Money market account $ 139,794 $ — $ — $ 139,794 Total assets $ 139,794 $ — $ — $ 139,794 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Short-term investments $ 53,352 $ — $ — $ 53,352 Money market account 27,724 — — 27,724 Total assets $ 81,076 $ — $ — $ 81,076 |
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments | Convertible Notes Balance at December 31, 2020 $ 24,680 Issuance of convertible notes 2,000 Repayments (2,000) Change in fair value 2,667 Amortization of issuance costs 217 Accrued interest 168 Interest paid (187) Conversion to Series A preferred stock (27,545) Balance at December 31, 2021 $ — |
Schedule of Activity in Level 3 | SAFE Liability Balance at December 31, 2020 $ 24,335 Change in fair value 8,365 Issuance of SAFEs 2,900 Conversion to Series A preferred stock (35,600) Balance at December 31, 2021 $ — Warrant Liability Balance at December 31, 2020 $ 400 Change in fair value 214 Conversion to warrants for shares of Series A preferred stock (614) Balance at December 31, 2021 $ — |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Prepaid Expenses and Other Current Assets [Abstract] | |
Prepaid Expenses and Other Current Assets | December 31, 2022 2021 Clinical prepayments $ 2,679 $ 612 Prepaid insurance 1,870 3,510 Prepaid materials and supplies 248 3,517 Deposits 232 869 Other 522 343 $ 5,551 $ 8,851 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property and Equipment, Net [Abstract] | |
Property and Equipment, Net | December 31, 2022 2021 Airplane $ 11,983 $ 11,983 Laboratory and computer equipment 3,146 1,831 Leasehold improvements 403 — Software 415 168 Facilities, furniture and fixtures 37 85 Vehicles 87 87 Construction in progress 65 199 Total property 16,136 14,353 Less: accumulated depreciation (3,624) (1,981) Property and equipment, net $ 12,512 $ 12,372 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accrued Expenses and Other Current Liabilities [Abstract] | |
Accrued expenses and other current liabilities | December 31, 2022 2021 Accrued external research and development $ 6,904 $ 1,501 Accrued bonuses 2,568 2,294 Accrued professional fees and other 1,722 692 Accrued interest 176 32 $ 11,370 $ 4,519 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Liabilities [Abstract] | |
Other Liabilities | December 31, 2022 2021 Accrued tax provision $ 236 $ 236 Accrued rent — 1 $ 236 $ 237 |
Convertible Notes Payable (Tabl
Convertible Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Convertible Notes Payable [Abstract] | |
Convertible Notes | Convertible Notes Principal Amount Payable Change in Fair Value Accrued Interest Issuance Conversion to Standard Related Party Standard Related Party Standard Related Party Costs Series A Balance December 31, 2020 $ 7,710 $ 10,510 $ 1,972 $ 3,848 $ 674 $ 183 $ (217) $ — $ 24,680 Additions — 2,000 812 1,855 58 110 — — 4,835 Settlements (2,000) — — — (187) — — — (2,187) Amortization — — — — — — 217 — 217 Conversion of Convertible Notes to Series A preferred stock (5,710) (12,510) (2,784) (5,703) (545) (293) — (27,545) (27,545) December 31, 2021 $ — $ — $ — $ — $ — $ — $ — $ (27,545) $ — |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
2018 Related Notes and 2019 Executive Note [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Notes Payable | 2018 Related Notes and 2019 Executive Note Related Party Principal Accrued Interest Balance December 31, 2020 $ 2,100 $ 194 $ 2,294 Accrued interest — 19 19 Repayment (100) — (100) Interest paid — (8) (8) Conversion (2,000) (205) (2,205) December 31, 2021 $ — $ — $ — |
Notes Payable, Airplane [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Notes Payable | December 31, 2022 2021 Principal $ 10,455 $ 10,883 Unamortized debt issuance cost (131) (184) Carrying amount 10,324 10,699 Less: current portion (391) (376) Note payable, net of current portion and debt issuance cost $ 9,933 $ 10,323 |
Schedule of Maturities of Notes Payable | Amount 2023 $ 444 2024 458 2025 9,553 $ 10,455 |
Promissory Note with Related Party [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Notes Payable | December 31, 2022 Principal $ 4,225 Less: current portion (1,113) Note payable, net of current portion $ 3,112 |
Schedule of Maturities of Notes Payable | Amount 2023 $ 1,113 2024 1,029 2025 1,103 2026 980 $ 4,225 |
Convertible Preferred Stock (Ta
Convertible Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Convertible Preferred Stock [Abstract] | |
Schedule of preferred stock | As of December 31, 2021 Issuance Dates Shares Issued and Outstanding Prior to IPO Class A Common Stock Issued Upon IPO Conversion Series A preferred stock March 2021 62,223,095 39,989,083 Series B preferred stock March 2021 5,441,863 3,497,338 Series B preferred stock June 2021 9,923,711 6,377,699 77,588,669 49,864,120 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Common Stock [Abstract] | |
Reserved Shares of Common Stock for Issuance | December 31, 2022 2021 Options and RSU issued and outstanding 20,716,760 21,387,909 Options available for future grants 6,064,003 7,209,538 Warrants issued and 1,928,020 1,928,020 28,708,783 30,525,467 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity Incentive Plan [Abstract] | |
Summary of Stock Option Activity | Number of Stock Options Outstanding Weighted Price Per Share Weighted Contractual Term Aggregate Intrinsic Value (in thousands) Balance at December 31, 2021 21,387,909 $ 5.25 7.4 $ 49,684 Granted 1,387,221 2.96 Exercised (1,066,586) (3.26) Forfeited (1,291,784) (7.14) Balance at December 31, 2022 20,416,760 $ 5.07 6.8 $ 7,166 Options vested and exercisable at December 31, 2022 14,799,188 $ 4.62 6.5 $ 6,923 |
Weighted Average Assumptions | December 31, 2022 2021 Risk-free interest rate 1.46 % - 4.22 % 0.59 % - 1.35 % Expected term (in years) 5.5 6.1 5.0 6.3 Expected volatility 90.01 % - 97.82 % 71.6 % - 93.4 % Expected dividend yield 0.00 % 0.00 % Time to expiration (in years) 4.5 Volatility 75 % Risk-free interest rate 58 % Cost of equity 25 % Fair value of underlying common stock (as of valuation date) $ 10.07 Time to expiration (in years) 1 Volatility 90 % Risk-free interest rate 0.09 % Cost of equity 25 % Fair value of underlying common stock (as of valuation date) $ 4.12 |
Summary of Restricted Stock Activity | Number of Shares Weighted Average Grant Date Fair Value Per Share Unvested at December 31, 2021 — $ — Issued 300,000 3.76 Unvested at December 31, 2022 300,000 $ 3.76 |
Schedule of Stock-Based Compensation Expense for Stock Options | Years 2022 2021 Research and development $ 3,276 $ 1,343 General and administrative 5,438 29,069 Total stock-based $ 8,714 $ 30,412 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Schedule of Loss Before Income Taxes | Years Losses before taxes 2022 2021 Domestic entities $ (69,943) $ (128,538) Entities outside the U.S. (5,477) (8,636) $ (75,420) $ (137,174) |
Schedule of Income Tax Expense | Years 2022 2021 Current: Federal $ — $ — State and local — — Foreign — — Total current — — Deferred tax (benefit): Federal — — State and local — — Foreign — — Total deferred tax — — Provision for income taxes $ — $ — |
Reconciliation of Income Tax Percent | Years 2022 2021 Income taxes at statutory rate 21.00 % 21.00 % State income taxes, net of federal benefit (1.17) % 0.50 % Stock compensation (0.68) % (3.65) % Foreign rate differential (0.59) % (0.74) % Uncertain tax positions 0.0 % 0.0 % Other 1.41 % (1.90) % Change in valuation allowance (19.98) % (15.21) % Provision for income taxes 0.0 % 0.0 % |
Schedule of Deferred Tax Assets | As of December 31, 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 39,184 $ 32,405 Stock Compensation 2,090 1,735 Section 174 Costs 7,424 — Other 559 27 Total deferred tax 49,257 34,167 Less: valuation allowance (49,173) (34,106) Net deferred tax assets $ 84 $ 61 Deferred tax liabilities: Depreciation $ (84) $ (61) Net deferred tax liabilities (84) (61) Net deferred income taxes $ — $ — |
Schedule of Unrecognized Tax Benefits | Years 2022 2021 Uncertain tax position liability at the beginning of the year $ 652 $ 652 Increases (decreases) related to tax positions taken during current period — — Uncertain tax position liability at the end of the year $ 652 $ 652 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Net Loss Per Share [Abstract] | |
Schedule of Excluded Potential Common Shares from Computation of Diluted Net Loss Per Share | December 31, 2022 2021 Unvested restricted stock 300,000 - Options issued and outstanding 20,416,760 21,387,909 Warrants issued and 1,928,020 1,928,020 22,644,780 23,315,929 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Operating Activity | December 31, 2022 2021 Consolidated balance sheet Assets Prepaid expenses and other current assets $ 237 $ 3,517 Property and equipment, net — 337 Amounts due from related parties 414 393 Liabilities Accrued expenses — — Amounts due to related parties 12,772 19,407 Current portion of note payable 1,113 — Note payable 3,112 — Accrued interest payable $ 73 $ — Years 2022 2021 Consolidated statements of operations Revenue $ — $ — Cost of revenue — — Operating expenses Research and development Services provided by related parties 4,172 41,430 Taiwan CDC grant reimbursement — (7,199) General and administrative Services provided by related parties — 1,173 Other (income) expense Related party interest expense $ 73 $ — |
Nature of the Business (Narrati
Nature of the Business (Narrative) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) | |
Nature of Business Disclosures [Line Items] | ||
Proceeds from issuance of simple agreement for future equity | $ 0 | $ 2,900 |
Repayment of convertible notes | $ 0 | 2,000 |
Issuance of stock, shares | shares | 32,505,306 | |
Cash and cash equivalents | $ 33,475 | 144,885 |
Net Income Loss | (75,222) | (137,175) |
Accumulated deficit | $ (304,703) | (229,481) |
Reverse stock split | 1.556 | |
Net Cash Provided By Used In Operating Activities | $ (55,928) | (80,990) |
Highly Liquid Assets | 87,900 | |
Short Term Investments | 53,352 | 0 |
Restricted cash | 1,095 | $ 172 |
Restricted for the reimbursement of certain research and development expenses | $ 1,000 | |
Class A Common Stock [Member] | ||
Nature of Business Disclosures [Line Items] | ||
Issuance of stock, shares | shares | 6,000,000 | |
Share Price | $ / shares | $ 13 | |
Underwriters [Member] | ||
Nature of Business Disclosures [Line Items] | ||
Issuance of stock, shares | shares | 900,000 | |
Underwriters [Member] | Class A Common Stock [Member] | ||
Nature of Business Disclosures [Line Items] | ||
Issuance of stock, shares | shares | 537,711 | |
Share Price | $ / shares | $ 71.1 | |
UNS. [Member] | ||
Nature of Business Disclosures [Line Items] | ||
Note conversion ratio | 0.2191 | |
COVAXX [Member] | ||
Nature of Business Disclosures [Line Items] | ||
Note conversion ratio | 3.4233 | |
Debt Conversion Converted Instrument Shares Issued 1 | shares | 4,047,344 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of Significant Accounting Policies [Abstract] | ||
Restricted cash | $ 1,095,000 | $ 172,000 |
Lessee, Lease, Description [Line Items] | ||
Impairment charges | 0 | $ 0 |
Funding amount provided | $ 9,300,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Useful Life of Property and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Airplane [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Facilities [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Furniture And Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Laboratory And Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property Plant And Equipment Estimated Useful Lives | Shorter of the useful life of improvement or the remaining lease term |
Short Term Investment (Details)
Short Term Investment (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Cash And Cash Equivalents [Line Items] | |
Amortized Cost | $ 53,549 |
Unrealized Gains (Losses), Net | (197) |
Recorded Basis | 53,352 |
U S Treasury Securities [Member] | |
Cash And Cash Equivalents [Line Items] | |
Amortized Cost | 53,549 |
Unrealized Gains (Losses), Net | (197) |
Recorded Basis | $ 53,352 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class Of Warrant Or Right [Line Items] | |||
Fair value of preferred stock issued on conversion date | $ 35,600,000 | ||
Transfer amount between classes | $ 0 | $ 0 | |
Series A-1 Preferred [Member] | |||
Class Of Warrant Or Right [Line Items] | |||
Number of shares available to purchase from vested warrants | 205,970 | ||
Warrants, exercise price | $ 0.003 | ||
Warrant, contractual term | 10 years | ||
Number of warrants exercised | 71,862 | ||
Cash proceeds from warrants exercised | $ 1,000,000 | ||
Warrant outstanding | 134,106 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Convertible notes payable | $ 27,724 | |
Liabilities | 81,076 | |
Short-term investments | 53,352 | $ 0 |
Cash and cash equivalents | 33,475 | 144,885 |
Assets | 81,076 | 139,794 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 27,724 | 139,794 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Convertible notes payable | 27,724 | |
Liabilities | 81,076 | |
Short-term investments | 53,352 | |
Assets | 81,076 | 139,794 |
Level 1 [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 27,724 | 139,794 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | |
Short-term investments | 0 | |
Assets | 0 | 0 |
Level 2 [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | |
Short-term investments | 0 | |
Assets | 0 | 0 |
Level 3 [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 0 | $ 0 |
Fair Value Measurements (Sche_2
Fair Value Measurements (Schedule of Activity in Level 3, Convertible Notes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Proceeds from issuance of convertible note payable | $ 0 | $ 2,000 |
Repayment of convertible notes | 0 | (2,000) |
Convertible Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Balance | 0 | 24,680 |
Balance | 0 | |
Convertible Debt [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Balance | $ 0 | 24,680 |
Proceeds from issuance of convertible note payable | 2,000 | |
Repayment of convertible notes | (2,000) | |
Debt, Change In Fair Value | 2,667 | |
Payments Of Debt Issuance Costs | 217 | |
Amortization Of Financing Costs And Discounts | 168 | |
Interest On Convertible Debt Net Of Tax | (187) | |
Debt, Conversion Of Debt Fair Value | (27,545) | |
Balance | $ 0 |
Fair Value Measurements (Sche_3
Fair Value Measurements (Schedule of Activity in Level 3, SAFE Arrangements) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Change in fair value | $ 0 | $ (8,365) |
Level 3 [Member] | SAFE Arrangements [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance | $ 0 | 24,335 |
Change in fair value | 8,365 | |
Issuance of SAFEs | 2,900 | |
Conversion to Series A-1 convertible preferred stock | (35,600) | |
Balance | $ 0 |
Fair Value Measurements (Sche_4
Fair Value Measurements (Schedule of Activity in Level 3, Warrants) (Details) - Level 3 [Member] - Warrants [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance | $ 400 |
Change in fair value | 214 |
Conversion Of Warrants | (614) |
Balance | $ 0 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Prepaid Expenses and Other Current Assets [Line Items] | ||
Prepaid materials and supplies | $ 248 | $ 3,517 |
Paid in advance to clinical research organizations expenses | 1,900 | |
Prepaid Insurance | 1,870 | 3,510 |
Other prepaid expenses and current assets consist of various sales tax credits and receivables | 300 | 300 |
Related Party [Member] | ||
Prepaid Expenses and Other Current Assets [Line Items] | ||
Prepaid materials and supplies | 200 | 3,500 |
Unamortized Portion D&O Insurance Fee [Member] | ||
Prepaid Expenses and Other Current Assets [Line Items] | ||
Prepaid Insurance | $ 1,600 | $ 3,300 |
Prepaid Expenses and Other Cu_4
Prepaid Expenses and Other Current Assets (Prepaid Expenses and Other Current Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Prepaid Expenses and Other Current Assets [Abstract] | ||
Clinical prepayments | $ 2,679 | $ 612 |
Prepaid Insurance | 1,870 | 3,510 |
Prepaid materials and supplies | 248 | 3,517 |
Deposits | 232 | 869 |
Other | 522 | 343 |
Total | $ 5,551 | $ 8,851 |
Property and Equipment, Net (Na
Property and Equipment, Net (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 1,684 | $ 1,102 |
Property and Equipment, Net (Pr
Property and Equipment, Net (Property and Equipment, Net) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 16,136 | $ 14,353 |
Less accumulated depreciation | (3,624) | (1,981) |
Property and equipment, net | 12,512 | 12,372 |
Airplane [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 11,983 | 11,983 |
Laboratory And Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 3,146 | 1,831 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 403 | 0 |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 415 | 168 |
Facilities, Furniture And Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 37 | 85 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 87 | 87 |
Construction In Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 65 | $ 199 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Accrued Expenses and Other Current Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accrued Expenses and Other Current Liabilities [Abstract] | ||
Accrued external research and development | $ 6,904 | $ 1,501 |
Accrued bonuses | 2,568 | 2,294 |
Accrued professional fees and other | 1,722 | 692 |
Accrued interest | 176 | 32 |
Total | $ 11,370 | $ 4,519 |
Other Long-Term Liabilities (Na
Other Long-Term Liabilities (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Other Liabilities [Abstract] | ||
Accrued Payroll Taxes Current And Noncurrent | $ 0.2 | $ 0.2 |
Income Tax Examination Penalties And Interest Accrued | $ 0.2 |
Other Long-Term Liabilities (Ot
Other Long-Term Liabilities (Other Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other Liabilities [Abstract] | ||
Accrued tax provision | $ 236 | $ 236 |
Lease liability | 0 | 1 |
Total | $ 236 | $ 237 |
Convertible Notes Payable (Narr
Convertible Notes Payable (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Proceeds from issuance of convertible note payable | $ 0 | $ 2,000 | |
Convertible Debt [Member] | |||
Debt Instrument [Line Items] | |||
Fair value of liability | 0 | $ 24,680 | |
Settlements | (2,187) | ||
Interest Expense, Debt | 200 | ||
Change in fair value | $ 2,700 | ||
Fair Value Recurring Basis Unobservable Input Reconciliation Liability Gain Loss Statement Of Income Extensible List | Liabilities Fair Value Adjustment | ||
Convertible Debt [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage | 4.80% | ||
Convertible Debt [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Interest Rate Stated Percentage | 6% |
Convertible Notes Payable (Conv
Convertible Notes Payable (Convertible Notes) (Details) - Convertible Debt [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance | $ 24,680 |
Additions | 4,835 |
Settlements | (2,187) |
Amortization | 217 |
Conversion of Convertible Notes to Series A preferred stock | (27,545) |
Balance | 0 |
Issuance Costs [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance | (217) |
Additions | 0 |
Settlements | 0 |
Amortization | 217 |
Conversion of Convertible Notes to Series A preferred stock | 0 |
Balance | 0 |
Conversion to Series A Preferred [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance | 0 |
Additions | 0 |
Settlements | 0 |
Amortization | 0 |
Conversion of Convertible Notes to Series A preferred stock | (27,545) |
Balance | (27,545) |
Principal Or Proprietary Transactions [Member] | Standard [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance | 7,710 |
Additions | 0 |
Settlements | (2,000) |
Amortization | 0 |
Conversion of Convertible Notes to Series A preferred stock | (5,710) |
Balance | 0 |
Principal Or Proprietary Transactions [Member] | Related Party [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance | 10,510 |
Additions | 2,000 |
Settlements | 0 |
Amortization | 0 |
Conversion of Convertible Notes to Series A preferred stock | (12,510) |
Balance | 0 |
Change In Fair Value [Member] | Standard [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance | 1,972 |
Additions | 812 |
Settlements | 0 |
Amortization | 0 |
Conversion of Convertible Notes to Series A preferred stock | (2,784) |
Balance | 0 |
Change In Fair Value [Member] | Related Party [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance | 3,848 |
Additions | 1,855 |
Settlements | 0 |
Amortization | 0 |
Conversion of Convertible Notes to Series A preferred stock | (5,703) |
Balance | 0 |
Interest Expense [Member] | Standard [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance | 674 |
Additions | 58 |
Settlements | (187) |
Amortization | 0 |
Conversion of Convertible Notes to Series A preferred stock | (545) |
Balance | 0 |
Interest Expense [Member] | Related Party [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance | 183 |
Additions | 110 |
Settlements | 0 |
Amortization | 0 |
Conversion of Convertible Notes to Series A preferred stock | (293) |
Balance | $ 0 |
Notes payable (Narrative) (Deta
Notes payable (Narrative) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
2018 Related Notes and Reorg. Convertible Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes Payable, Related Parties | $ 2,000,000 | ||||
Debt Instrument Interest Rate Stated Percentage | 5% | ||||
Interest Expense, Debt | $ 100,000 | ||||
2019 Executive Note [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes Payable, Related Parties | $ 100,000 | ||||
Debt Instrument Interest Rate Stated Percentage | 5% | ||||
Notes Payable, Airplane [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes Payable, Related Parties | $ 11,500,000 | ||||
Debt Instrument Interest Rate Stated Percentage | 3.40% | ||||
Interest Expense, Debt | $ 400,000 | $ 400,000 | |||
Debt Instrument Periodic Payment Interest | $ 70,000 | ||||
Debt Instrument Periodic Payment Terms Balloon Payment To Be Paid | 9,400,000 | ||||
Payments Of Debt Issuance Costs | $ 300,000 | ||||
Debt Instrument Increase Accrued Interest | 100,000 | ||||
Paycheck Protection Program [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes Payable, Related Parties | 300,000 | ||||
Promissory Note with Related Party [Member] | |||||
Debt Instrument [Line Items] | |||||
Notes Payable, Related Parties | 4,200,000 | ||||
Proceeds from issuance of convertible notes payable with related parties | $ 4,200,000 | ||||
Debt Instrument Interest Rate Stated Percentage | 7% | ||||
Debt maturity date | Oct. 01, 2026 | ||||
Interest Expense, Debt | $ 0 | ||||
Debt Instrument Increase Accrued Interest | $ 100,000 |
Notes payable (Notes payable wi
Notes payable (Notes payable with related parties) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Repayments of note payable with related party | $ (430) | $ (414) |
2018 Related Notes and 2019 Executive Note [Member] | ||
Debt Instrument [Line Items] | ||
Beginning balance | 0 | 2,294 |
Debt Instrument Increase Accrued Interest | 19 | |
Repayments of note payable with related party | (100) | |
Interest paid | (8) | |
Conversion | (2,205) | |
Ending balance | 0 | |
Principal Amount [Member] | 2018 Related Notes and 2019 Executive Note [Member] | ||
Debt Instrument [Line Items] | ||
Beginning balance | 0 | 2,100 |
Debt Instrument Increase Accrued Interest | 0 | |
Repayments of note payable with related party | (100) | |
Interest paid | 0 | |
Conversion | (2,000) | |
Ending balance | 0 | |
Accrued Interest [Member] | 2018 Related Notes and 2019 Executive Note [Member] | ||
Debt Instrument [Line Items] | ||
Beginning balance | $ 0 | 194 |
Debt Instrument Increase Accrued Interest | 19 | |
Repayments of note payable with related party | 0 | |
Interest paid | (8) | |
Conversion | (205) | |
Ending balance | $ 0 |
Notes payable (Carrying Value)
Notes payable (Carrying Value) (Details) - Notes Payable [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Note, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Principal | $ 10,455 | $ 10,883 |
Unamortized debt issuance cost | 131 | 184 |
Total | 10,324 | 10,699 |
Less: current portion | (391) | (376) |
Note payable, net of current portion and debt issuance cost | 9,933 | $ 10,323 |
Promissory Note with Related Party [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 4,225 | |
Less: current portion | (1,113) | |
Note payable, net of current portion and debt issuance cost | $ 3,112 |
Notes payable (Annual Principal
Notes payable (Annual Principal Payments) (Details) - Notes Payable [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Note, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
2023 | $ 444 | |
2024 | 458 | |
2025 | 9,553 | |
Total | 10,455 | $ 10,883 |
Promissory Note with Related Party [Member] | ||
Debt Instrument [Line Items] | ||
2023 | 1,113 | |
2024 | 1,029 | |
2025 | 1,103 | |
2026 | 980 | |
Total | $ 4,225 |
Convertible Preferred Stock (Na
Convertible Preferred Stock (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Nov. 14, 2021 | Aug. 31, 2020 | |
Class Of Stock [Line Items] | ||||
Proceeds from Issuance Initial Public Offering | $ 0 | $ 71,077 | ||
Preferred stock, shares authorized/designated | 50,000,000 | 50,000,000 | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | ||
Preferred stock, share outstanding | 0 | 0 | 77,588,669 | |
Safe 2 [Member] | ||||
Class Of Stock [Line Items] | ||||
Share Price | $ 2.3241 | |||
Series A Preferred Stock [Member] | ||||
Class Of Stock [Line Items] | ||||
Preferred stock, share outstanding | 62,223,095 | |||
Amended Preferred Stock [Member] | ||||
Class Of Stock [Line Items] | ||||
Preferred stock, shares issued | 15,365,574 | |||
Proceeds from Issuance Initial Public Offering | $ 122,800 | |||
Share Price | $ 8 | |||
Convertible Preferred Stock Shares Issued Upon Conversion | 3.4233 | |||
Preferred stock, shares authorized/designated | 50,000,000 | |||
Preferred stock, par value | $ 0.0001 | |||
Amended Preferred Stock [Member] | COVAXX [Member] | ||||
Class Of Stock [Line Items] | ||||
Convertible Preferred Stock Shares Issued Upon Conversion | 0.2191 |
Convertible Preferred Stock (Sc
Convertible Preferred Stock (Schedule of Preferred Stock) (Details) - shares | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 14, 2021 |
Class Of Stock [Line Items] | |||
Preferred stock, share outstanding | 0 | 0 | 77,588,669 |
Common Stock Issuable Upon Conversion | 49,864,120 | ||
Series A Preferred Stock [Member] | |||
Class Of Stock [Line Items] | |||
Preferred stock, share outstanding | 62,223,095 | ||
Common Stock Issuable Upon Conversion | 39,989,083 | ||
Series B Preferred Stock Issued March 2021 [Member] | |||
Class Of Stock [Line Items] | |||
Preferred stock, share outstanding | 9,923,711 | ||
Common Stock Issuable Upon Conversion | 6,377,699 | ||
Series B Preferred Stock Issued June 2021 [Member] | |||
Class Of Stock [Line Items] | |||
Preferred stock, share outstanding | 5,441,863 | ||
Common Stock Issuable Upon Conversion | 3,497,338 |
Simple Agreement for Future E_2
Simple Agreement for Future Equity-SAFE (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Simple Agreement for Future Equity [Line Items] | |||||
Shares issued | 32,505,306 | ||||
Loss on fair value of investment | $ 0 | $ (8,365) | |||
Proceeds from issuance of simple agreement for future equity | 0 | 2,900 | |||
SAFE 1 [Member] | |||||
Simple Agreement for Future Equity [Line Items] | |||||
Simple agreement for future equity | $ 400 | ||||
SAFE 2 [Member] | |||||
Simple Agreement for Future Equity [Line Items] | |||||
Simple agreement for future equity | $ 14,700 | ||||
Shares issued | 6,307,690 | ||||
Share Price | $ 2.3241 | ||||
SAFE 3 [Member] | |||||
Simple Agreement for Future Equity [Line Items] | |||||
Simple agreement for future equity | $ 2,900 | $ 24,300 | |||
Minimum value of qualified financing, equity financing provision | $ 50,000 | ||||
Series Seed-2 Stock [Member] | SAFE 1 [Member] | |||||
Simple Agreement for Future Equity [Line Items] | |||||
Shares issued | 463,162 | ||||
Share Price | $ 0.7773 |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Class Of Stock [Line Items] | ||
Issuance of stock, shares | 32,505,306 | |
Class A Common Stock [Member] | ||
Class Of Stock [Line Items] | ||
Issuance of stock, shares | 6,000,000 | |
Share Price | $ 13 | |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Class A Common Stock [Member] | Chief Executive Officer [Member] | ||
Class Of Stock [Line Items] | ||
Shares converted | 2,874,983 | |
Common Class B [Member] | ||
Class Of Stock [Line Items] | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common Stock [Member] | Class A Common Stock [Member] | ||
Class Of Stock [Line Items] | ||
Issuance of stock, shares | 6,537,711 | |
Amended And Restated Common Stock [Member] | ||
Class Of Stock [Line Items] | ||
Common stock, shares authorized | 1,100,000,000 | |
Common stock, par value | $ 0.0001 | |
Amended And Restated Common Stock [Member] | Class A Common Stock [Member] | ||
Class Of Stock [Line Items] | ||
Common stock, shares authorized | 1,000,000,000 | |
Amended And Restated Common Stock [Member] | Common Class B [Member] | ||
Class Of Stock [Line Items] | ||
Common stock, shares authorized | 100,000,000 | |
UNS [Member] | Class A Common Stock [Member] | ||
Class Of Stock [Line Items] | ||
Issuance of stock, shares | 60,360,523 | |
Shares converted | 0.2191 | |
UNS [Member] | Common Class B [Member] | ||
Class Of Stock [Line Items] | ||
Issuance of stock, shares | 10,999,149 | |
Shares converted | 3.4233 |
Common Stock (Reserved Share of
Common Stock (Reserved Share of Common Stock for Issuance) (Details) - shares | Dec. 31, 2022 | Dec. 31, 2021 |
Class Of Stock [Line Items] | ||
Options issued and outstanding | 20,416,760 | 21,387,909 |
Options [Member] | ||
Class Of Stock [Line Items] | ||
Options issued and outstanding | 20,716,760 | 21,387,909 |
Options available for future grants | 6,064,003 | 7,209,538 |
Warrants issued and outstanding to purchase shares of common stock | 1,928,020 | 1,928,020 |
Reserved Shares of Common Stock | 28,708,783 | 30,525,467 |
Equity Incentive Plan (Narrativ
Equity Incentive Plan (Narrative) (Details - USD ($) | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options outstanding | 20,416,760 | 21,387,909 | |
Options exercisable | 14,799,188 | ||
Total stock-based compensation expense | $ 8,714,000 | $ 30,412,000 | |
Shares canceled | 1,291,784 | ||
Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares available for grant | 6,064,003 | 7,209,538 | |
Options outstanding | 20,716,760 | 21,387,909 | |
Minimum [Member] | Restricted Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award vesting period | 1 year | ||
Employee and Non-Employees [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Award vesting period | 4 years | ||
Class A Common Stock [Member] | Co-Founder [Member] | Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares canceled | 378,786 | ||
2021 Stock Option and Grant Plan [Member] | Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Intrinsic value of options exercised | $ 4,500,000 | ||
Weighted-average grant-date fair value per share of options granted | $ 2.21 | $ 4.21 | |
Total fair value of options vested | $ 8,800,000 | $ 24,500,000 | |
2021 Stock Option and Grant Plan [Member] | Restricted Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total unrecognized compensation cost | $ 16,200,000 | ||
Recognized over a weighted average period | 2 years 8 months 12 days | ||
2021 Stock Option and Grant Plan [Member] | Maximum [Member] | Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Intrinsic value of options exercised | 100,000 | ||
2021 Stock Option and Grant Plan [Member] | First Anniversary [Member] | Restricted Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total fair value of options vested | $ 0 | $ 100,000 | |
2021 Stock Option and Grant Plan [Member] | Performance And Market Based [Member] | Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares available for grant | 6,799,625 | ||
Shares vested | 5,439,700 | ||
2021 Stock Option and Grant Plan [Member] | Board of Directors [Member] | Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options exercisable | 815,955 | ||
Intrinsic value of options exercised | $ 300,000 | ||
2021 Stock Option and Grant Plan [Member] | Class A Common Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Available for issuance under Plan | 21,593,830 | ||
2021 Stock Option and Grant Plan [Member] | Class A Common Stock [Member] | Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Available for issuance under Plan | 8,700,000 | ||
Increase in number of shares available for grant | 11,886,306 | ||
Number of shares available for grant | 6,064,003 | ||
Options outstanding | 14,054,305 | ||
Options exercisable | 9,830,751 | ||
Percent of shares outstanding increase, in certain scenarios | 4% | ||
2021 Stock Option and Grant Plan [Member] | Class A Common Stock [Member] | Employee and Non-Employees [Member] | Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options exercisable | 6,799,625 | ||
2021 Stock Option and Grant Plan [Member] | Common Class B [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares available for grant | 6,362,455 | ||
2021 Stock Option and Grant Plan [Member] | Common Class B [Member] | Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options outstanding | 6,362,455 | ||
Options exercisable | 4,968,437 | ||
2021 Stock Option and Grant Plan [Member] | Common Class B [Member] | Employee and Non-Employees [Member] | Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options outstanding | 5,983,670 | ||
Total fair value of options vested | $ 23,800,000 |
Equity Incentive Plan (Summary
Equity Incentive Plan (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Equity Incentive Plan [Abstract] | ||
Number of Stock Options Outstanding, Balance at December 31, 2021 | 21,387,909 | |
Number of Stock Options Outstanding, Granted | 1,387,221 | |
Number of Stock Options Outstanding, Exercised | (1,066,586) | |
Number of Stock Options Outstanding, Forfeited | (1,291,784) | |
Number of Stock Options Outstanding, Balance at December 31, 2022 | 20,416,760 | 21,387,909 |
Number of Stock Options Outstanding, Options vested and exercisable at December 31, 2022 | 14,799,188 | |
Weighted Price Per Share, Balance at December 31, 2021 | $ 5.25 | |
Weighted Price Per Share, Granted | 2.96 | |
Weighted Price Per Share, Exercised | (3.26) | |
Weighted Price Per Share, Forfeited | (7.14) | |
Weighted Price Per Share, Balance at December 31, 2021 | 5.07 | $ 5.25 |
Weighted Price Per Share, Options vested and exercisable at December 31, 2022 | $ 4.62 | |
Weighted Contractual Term (years), Balance at December 31 | 6 years 9 months 18 days | 7 years 4 months 24 days |
Weighted Contractual Term (years), Options vested and exercisable at December 31, 2022 | 6 years 6 months | |
Aggregate Intrinsic Value, Balance at December 31 | $ 7,166 | $ 49,684 |
Aggregate Intrinsic Value, Options vested and exercisable at December 31, 2022 | $ 6,923 |
Equity Incentive Plan (Weighted
Equity Incentive Plan (Weighted Average Assumptions) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate, minimum | 1.46% | 0.59% |
Risk-free interest rate, maximum | 4.22% | 1.35% |
Expected volatility, minimum | 90.01% | 71.60% |
Expected volatility, maximum | 97.82% | 93.40% |
Expected dividend yield | 0% | 0% |
Mei Mei Hu and Louis Reese [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate | 58% | |
Expected term (in years) | 4 years 6 months | |
Expected volatility | 75% | |
Cost Of Equity | 25% | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price | $ 10.07 | |
Peter Diamandis [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate | 0.09% | |
Expected term (in years) | 1 year | |
Expected volatility | 90% | |
Cost Of Equity | 25% | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price | $ 4.12 | |
Minimum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (in years) | 5 years 6 months | 5 years |
Maximum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (in years) | 6 years 1 month 6 days | 6 years 3 months 18 days |
Equity Incentive Plan (Summar_2
Equity Incentive Plan (Summary of Restricted Stock Activity) (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Unvested at December 31, 2021 | shares | 0 |
Number of Shares, Issued | shares | 300,000 |
Number of Shares, Unvested at December 31, 2022 | shares | 300,000 |
Weighted Average Grant Date Fair Value Per Share, Unvested at December 31, 2021 | $ / shares | $ 0 |
Weighted Average Grant Date Fair Value Per Share, Issued | $ / shares | 3.76 |
Weighted Average Grant Date Fair Value Per Share, Unvested at December 31, 2022 | $ / shares | $ 3.76 |
Equity Incentive Plan (Schedule
Equity Incentive Plan (Schedule of Stock-Based Compensation Expense for Stock Options) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense | $ 8,714 | $ 30,412 |
Research And Development Expense [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense | 3,276 | 1,343 |
General And Administrative Expense [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense | $ 5,438 | $ 29,069 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | ||
Valuation allowance increase | $ 15 | $ 20.9 |
Unrecognized tax benefits that would impact effective tax rate | $ 0.1 | |
Effective Income Tax Rate Continuing Operations | 0% | 0% |
Unrecognized Tax Benefits that Would Not Impact Effective Tax Rate | $ 0.7 | |
Income Tax Examination Penalties And Interest Accrued | 0.2 | |
Federal [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | 165.1 | $ 134.6 |
Foreign [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | $ 29.2 | $ 24 |
Income Taxes (Schedule of Loss
Income Taxes (Schedule of Loss Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Abstract] | ||
Domestic entities | $ (69,943) | $ (128,538) |
Entities outside the U.S. | (5,477) | (8,636) |
Loss before income taxes | $ (75,420) | $ (137,174) |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | ||
Federal | $ 0 | $ 0 |
State and local | 0 | 0 |
Foreign | 0 | 0 |
Total current tax expense | 0 | 0 |
Deferred tax (benefit): | ||
Federal | 0 | 0 |
State and local | 0 | 0 |
Foreign | 0 | 0 |
Total deferred tax (benefit) | 0 | 0 |
Provision for income taxes | $ 0 | $ 0 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Income Tax Percent) (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Abstract] | ||
Income taxes at statutory rate | 21% | 21% |
State and local taxes, net of federal benefits | (1.17%) | 0.50% |
Stock compensation | (0.68%) | (3.65%) |
Foreign rate differential | (0.59%) | (0.74%) |
Uncertain tax positions | 0% | 0% |
Other | 1.41% | (1.90%) |
Change in valuation allowance | (19.98%) | (15.21%) |
Provision for income taxes | 0% | 0% |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Income Taxes [Abstract] | ||
Net operating loss carryforwards | $ 39,184 | $ 32,405 |
Stock Compensation | 2,090 | 1,735 |
Section 174 Costs | 7,424 | 0 |
Other | 559 | 27 |
Total deferred tax assets | 49,257 | 34,167 |
Less: valuation allowance | (49,173) | (34,106) |
Net deferred tax assets | 84 | 61 |
Depreciation | (84) | (61) |
Net deferred tax liabilities | (84) | (61) |
Net deferred income taxes | $ 0 | $ 0 |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Abstract] | ||
Uncertain tax position liability at the beginning of the year | $ 652 | $ 652 |
Increases (decreases) related to tax positions taken during current period | 0 | 0 |
Uncertain tax position liability at the end of the year | $ 652 | $ 652 |
Net Loss Per Share (Schedule of
Net Loss Per Share (Schedule of Excluded Potential Common Shares from Computation of Diluted Net Loss Per Share) (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Excluded potential common shares from computation of diluted net loss per share | 22,644,780 | 23,315,929 |
Unvested Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Excluded potential common shares from computation of diluted net loss per share | 300,000 | 0 |
Options Issued And Outstanding [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Excluded potential common shares from computation of diluted net loss per share | 20,416,760 | 21,387,909 |
Warrants Issued And Outstanding [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Excluded potential common shares from computation of diluted net loss per share | 1,928,020 | 1,928,020 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) ft² Item shares | Dec. 31, 2021 USD ($) | |
Commitments And Contingencies [Line Items] | |||
Rent expense | $ 500,000 | $ 100,000 | |
Shares issued | shares | 32,505,306 | ||
Restricted Cash And Current Accrued Liability | $ 1,000,000 | ||
Reduction In Research And Development | $ 7,500,000 | ||
Number of Operating Lease Agreements | Item | 2 | ||
Project Grant | $ 800,000 | ||
Grant, Accrued Liability, Current | 0 | ||
Grant, Decrease In Research And Development | 100,000 | $ 100,000 | |
Exploration Park, Florida [Member] | |||
Commitments And Contingencies [Line Items] | |||
Security deposit | $ 100,000 | ||
Lease in square feet | ft² | 9,839 | ||
Lease, initial term | 1 year | ||
Lease obligation | $ 500,000 | ||
New York, New York [Member] | |||
Commitments And Contingencies [Line Items] | |||
Lease in square feet | ft² | 4,419 | ||
Lease, initial term | 1 year | ||
Contract Research Organizations [Member] | |||
Commitments And Contingencies [Line Items] | |||
Remaining prepayments | $ 2,900,000 | ||
Contract Manufacturing Organizations [Member] | |||
Commitments And Contingencies [Line Items] | |||
Remaining prepayments | 100,000 | ||
UB-612 [Member] | |||
Commitments And Contingencies [Line Items] | |||
Project Grant | 9,300,000 | ||
Materials Ordered | $ 7,200,000 | ||
Materials Expensed | 1,200,000 | $ 1,800,000 | |
Materials Received | 3,000,000 | ||
Anticipated raw material amount | 7,200,000 | ||
Value of materials authorized using advance payment | 3,000,000 | ||
Amount of material canceled | $ 4,200,000 |
Benefit Plans (Narrative) (Deta
Benefit Plans (Narrative) (Details) - Foreign Plan [Member] - Personal Retirement Savings Account [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan Disclosure [Line Items] | ||
Company contribution percent | 5% | |
Company contributions | $ 0.1 | $ 0.1 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||
Due to related parties | $ 12.8 | $ 19.4 |
Service fees | 4.2 | 35.4 |
Due From Related Parties | $ 0.4 | $ 0.4 |
United Biomedical Inc [Member] | UBI [Member] | ||
Related Party Transaction [Line Items] | ||
Percent of ownership | 44% |
Related Party Transactions (Sch
Related Party Transactions (Schedule of Related Party Operating Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||
Prepaid expenses and other current assets | $ 5,551 | $ 8,851 |
Property and equipment, net | 12,512 | 12,372 |
Amounts due from related parties | 400 | 400 |
Amounts due to related parties | 12,800 | 19,400 |
Current portion of note payable | 1,113 | 0 |
Note payable | 3,112 | 0 |
Revenue | 0 | 66 |
Cost of revenue | 0 | 1,937 |
Other (income) expense | (757) | 12,100 |
UBI IP [Member] | Services Provided By Related Parties [Member] | ||
Related Party Transaction [Line Items] | ||
Prepaid expenses and other current assets | 237 | 3,517 |
Property and equipment, net | 0 | 337 |
Amounts due from related parties | 414 | 393 |
Accrued expenses | 0 | 0 |
Amounts due to related parties | 12,772 | 19,407 |
Current portion of note payable | 1,113 | 0 |
Note payable | 3,112 | 0 |
Accrued interest payable | 73 | 0 |
Revenue | 0 | 0 |
Cost of revenue | 0 | 0 |
Research and development | 4,172 | 41,430 |
General and administrative | 0 | 1,173 |
Other (income) expense | 73 | 0 |
UBI IP [Member] | Taiwan CDC Grant [Member] | ||
Related Party Transaction [Line Items] | ||
Research and development | $ 0 | $ (7,199) |