Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 04, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-33650 | |
Entity Registrant Name | CALADRIUS BIOSCIENCES, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 22-2343568 | |
Entity Address, Address Line One | 110 Allen Road, 2nd Floor | |
Entity Address, City or Town | Basking Ridge | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07920 | |
City Area Code | 908 | |
Local Phone Number | 842-0100 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | CLBS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000320017 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 59,779,855 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 12,772 | $ 16,512 |
Marketable securities | 87,377 | 18,061 |
Prepaid and other current assets | 1,958 | 758 |
Total current assets | 102,107 | 35,331 |
Property and equipment, net | 70 | 57 |
Other assets | 361 | 614 |
Total assets | 102,538 | 36,002 |
Liabilities | ||
Accounts payable | 768 | 1,020 |
Accrued liabilities | 3,304 | 2,486 |
Total current liabilities | 4,072 | 3,506 |
Other long-term liabilities | 53 | 254 |
Total liabilities | 4,125 | 3,760 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Preferred stock, authorized, 20,000,000 shares Series B convertible redeemable preferred stock liquidation value, 0.001 share of common stock, $0.01 par value; 825,000 shares designated; issued and outstanding, 10,000 shares at September 30, 2021 and December 31, 2020, respectively | 0 | 0 |
Common stock, $0.001 par value, authorized 500,000,000 shares; issued 59,790,935 and 19,389,413 shares at September 30, 2021 and December 31, 2020, respectively; and outstanding, 59,779,855 and 19,378,333 shares at September 30, 2021 and December 31, 2020, respectively | 60 | 19 |
Additional paid-in capital | 545,601 | 458,748 |
Treasury stock, at cost; 11,080 shares at September 30, 2021 and December 31, 2020 | (708) | (708) |
Accumulated deficit | (446,222) | (425,550) |
Accumulated other comprehensive loss | (64) | (13) |
Total Caladrius Biosciences, Inc. stockholders' equity | 98,667 | 32,496 |
Noncontrolling interests | (254) | (254) |
Total stockholders' equity | 98,413 | 32,242 |
Liabilities and Equity, Total | $ 102,538 | $ 36,002 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, liquidation value | 0.001 | 0.001 |
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares designated | 825,000 | 825,000 |
Preferred stock, shares issued | 10,000 | 10,000 |
Preferred stock, shares outstanding | 10,000 | 10,000 |
Common stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 59,790,935 | 19,389,413 |
Common stock, shares, outstanding | 59,779,855 | 19,378,333 |
Treasury stock (shares) | 11,080 | 11,080 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Expenses: | ||||
Research and development | $ 4,125 | $ 3,029 | $ 13,530 | $ 6,346 |
General and administrative | 2,843 | 2,321 | 8,671 | 7,353 |
Total operating expenses | 6,968 | 5,350 | 22,201 | 13,699 |
Operating loss | (6,968) | (5,350) | (22,201) | (13,699) |
Other income (expense): | ||||
Investment income, net | 41 | 25 | 111 | 118 |
Other expense, net | 0 | 0 | (90) | 0 |
Total other income (expense) | 41 | 25 | 21 | 118 |
Net loss before benefit from income taxes and noncontrolling interests | (6,927) | (5,325) | (22,180) | (13,581) |
Benefit from income taxes | 0 | 0 | (1,508) | (10,872) |
Net loss | (6,927) | (5,325) | (20,672) | (2,709) |
Less - net income attributable to noncontrolling interests | 0 | 2 | 0 | 10 |
Net loss attributable to Caladrius Biosciences, Inc. common stockholders | $ (6,927) | $ (5,327) | $ (20,672) | $ (2,719) |
Basic and diluted loss per share | ||||
Caladrius Biosciences, Inc. common stockholders - basic (in usd per share) | $ (0.12) | $ (0.29) | $ (0.38) | $ (0.19) |
Caladrius Biosciences, Inc. common stockholders - diluted (in usd per share) | $ (0.12) | $ (0.29) | $ (0.38) | $ (0.19) |
Weighted average common shares outstanding | ||||
Basic shares | 59,614 | 18,597 | 53,811 | 14,116 |
Diluted shares | 59,614 | 18,597 | 53,811 | 14,116 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (6,927) | $ (5,325) | $ (20,672) | $ (2,709) |
Available for sale securities - net unrealized loss | (47) | (14) | (51) | (14) |
Total other comprehensive loss | (47) | (14) | (51) | (14) |
Comprehensive loss | (6,974) | (5,339) | (20,723) | (2,723) |
Comprehensive income attributable to noncontrolling interests | 0 | 2 | 0 | 10 |
Comprehensive loss attributable to Caladrius Biosciences, Inc. common stockholders | $ (6,974) | $ (5,341) | $ (20,723) | $ (2,733) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Total Caladrius Biosciences, Inc. Stockholders' Equity | Series B Convertible Preferred Stock | Common Stock | Additional Paid in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Treasury Stock | Non- Controlling Interest in Subsidiary |
Beginning Balance (shares) at Dec. 31, 2019 | 10 | 10,529 | |||||||
Beginning Balance at Dec. 31, 2019 | $ 20,553 | $ 20,816 | $ 0 | $ 11 | $ 438,911 | $ 2 | $ (417,400) | $ (708) | $ (263) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | (2,709) | (2,719) | (2,719) | 10 | |||||
Unrealized loss on marketable securities | (14) | (14) | (14) | ||||||
Share-based compensation (in shares) | 81 | ||||||||
Share-based compensation | 942 | 942 | 942 | ||||||
Net proceeds from issuance of common stock and warrants (in shares) | 8,797 | ||||||||
Net proceeds from issuances of common stock and warrants | 18,715 | 18,715 | $ 8 | 18,707 | |||||
Ending Balance (shares) at Sep. 30, 2020 | 10 | 19,407 | |||||||
Ending Balance at Sep. 30, 2020 | 37,487 | 37,740 | $ 0 | $ 19 | 458,560 | (12) | (420,119) | (708) | (253) |
Beginning Balance (shares) at Jun. 30, 2020 | 10 | 15,585 | |||||||
Beginning Balance at Jun. 30, 2020 | 33,556 | 33,811 | $ 0 | $ 16 | 449,302 | (7) | (414,792) | (708) | (255) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | (5,325) | (5,327) | (5,327) | 2 | |||||
Unrealized loss on marketable securities | (5) | (5) | (5) | ||||||
Share-based compensation (in shares) | (25) | ||||||||
Share-based compensation | 229 | 229 | 229 | ||||||
Net proceeds from issuance of common stock and warrants (in shares) | 3,847 | ||||||||
Net proceeds from issuances of common stock and warrants | 9,032 | 9,032 | $ 3 | 9,029 | |||||
Ending Balance (shares) at Sep. 30, 2020 | 10 | 19,407 | |||||||
Ending Balance at Sep. 30, 2020 | 37,487 | 37,740 | $ 0 | $ 19 | 458,560 | (12) | (420,119) | (708) | (253) |
Beginning Balance (shares) at Dec. 31, 2020 | 10 | 19,389 | |||||||
Beginning Balance at Dec. 31, 2020 | 32,242 | 32,496 | $ 0 | $ 19 | 458,748 | (13) | (425,550) | (708) | (254) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | (20,672) | (20,672) | (20,672) | 0 | |||||
Unrealized loss on marketable securities | (51) | (51) | (51) | ||||||
Share-based compensation (in shares) | 535 | ||||||||
Share-based compensation | 1,391 | 1,391 | 1,391 | ||||||
Net proceeds from issuance of common stock and warrants (in shares) | 39,860 | ||||||||
Net proceeds from issuances of common stock and warrants | 85,479 | 85,479 | $ 41 | 85,438 | |||||
Proceeds from option exercises (in shares) | 7 | ||||||||
Proceeds from option exercises | 24 | 24 | 24 | ||||||
Ending Balance (shares) at Sep. 30, 2021 | 10 | 59,791 | |||||||
Ending Balance at Sep. 30, 2021 | 98,413 | 98,667 | $ 0 | $ 60 | 545,601 | (64) | (446,222) | (708) | (254) |
Beginning Balance (shares) at Jun. 30, 2021 | 10 | 59,529 | |||||||
Beginning Balance at Jun. 30, 2021 | 104,679 | 104,933 | $ 0 | $ 60 | 544,893 | (17) | (439,295) | (708) | (254) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | (6,927) | (6,927) | (6,927) | 0 | |||||
Unrealized loss on marketable securities | (47) | (47) | (47) | ||||||
Share-based compensation (in shares) | 262 | ||||||||
Share-based compensation | 708 | 708 | 708 | ||||||
Ending Balance (shares) at Sep. 30, 2021 | 10 | 59,791 | |||||||
Ending Balance at Sep. 30, 2021 | $ 98,413 | $ 98,667 | $ 0 | $ 60 | $ 545,601 | $ (64) | $ (446,222) | $ (708) | $ (254) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (20,672) | $ (2,709) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation | 1,639 | 1,090 |
Depreciation and amortization | 47 | 46 |
Accretion on marketable securities | 1,925 | 172 |
Changes in operating assets and liabilities: | ||
Prepaid and other current assets | (1,199) | (174) |
Other assets | 252 | 387 |
Accounts payable, accrued liabilities and other liabilities | 367 | (2,068) |
Net cash used in operating activities | (17,641) | (3,256) |
Cash flows from investing activities: | ||
Purchase of marketable securities | (137,329) | (21,819) |
Sale of marketable securities | 66,035 | 13,646 |
Purchase of property and equipment | (60) | (14) |
Net cash used in investing activities | (71,354) | (8,187) |
Cash flows from financing activities: | ||
Proceeds from exercise of options | 24 | 0 |
Tax withholding payments on net share settlement equity awards | (248) | (148) |
Net proceeds from issuance of common stock | 85,479 | 18,715 |
Net cash provided by financing activities | 85,255 | 18,567 |
Net (decrease) increase in cash and cash equivalents | (3,740) | 7,124 |
Cash and cash equivalents at beginning of period | 16,512 | 14,032 |
Cash and cash equivalents at end of period | $ 12,772 | $ 21,156 |
The Business
The Business | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Business | The Business Overview Caladrius Biosciences, Inc. (“we,” “us,” "our," “Caladrius” or the “Company”) is a clinical-stage biopharmaceutical company dedicated to the development of treatments and reversal of severe diseases. The Company is developing what are intended to be first-in-class therapeutics based on the characteristics of naturally occurring CD34+ cells and their ability to stimulate the growth of new microvasculature. Its technology is intended to leverage these cells to enable the body's natural repair mechanisms using formulations unique to each medical indication. The Company's leadership team has decades of collective biopharmaceutical development experience. Its goal is to develop and commercialize products that address important unmet medical needs based on a broad and versatile portfolio of candidates. The Company’s current product candidates include: • XOWNA ® (CLBS16), the subject of both a recently completed positive Phase 2a study (ESCaPE-CMD) and a newly initiated Phase 2b (FREEDOM Trial) study in the United States for the treatment of coronary microvascular dysfunction (“CMD”); • HONEDRA ® (CLBS12), recipient of SAKIGAKE designation and eligible for early conditional approval in Japan for the treatment of critical limb ischemia (“CLI”) and Buerger’s disease based on the results of a clinical trial being executed in Japan. Additionally, CLBS12 was the recipient of orphan drug designation in March 2021 from the U.S. Food and Drug Administration ("FDA") for Buerger's disease; and • CLBS201, designed to assess the safety and efficacy of CD34+ cell therapy as a treatment for patients with chronic kidney disease related to type 2 diabetes (diabetic kidney disease or “DKD”). Ischemic Repair (CD34 Cell Technology) The CD34+ cell was discovered as a result of the deliberate search for a cell capable of stimulating the development and/or repair of blood vessels. All tissues in the body maintain their function by replacing cells over time. In addition to the maintenance function, the body must also be capable of building new blood vessels after injury. A CD34+ cell is an endothelial progenitor cell that has the ability to stimulate new blood vessel formation at the level of the microvasculature. No other native cell discovered to date has demonstrated this same capability. The Company's proprietary cell technology using autologous (a patient’s own naturally occurring) CD34+ cells has led to the development of therapeutic product candidates designed to address diseases and conditions caused by ischemia. Ischemia occurs when the supply of oxygenated blood to healthy tissue is restricted. Through the administration of CD34+ cells, the Company seeks to promote the development and formation of new microvasculature and thereby increase blood flow to the impacted area. The Company believes that a number of conditions caused by underlying ischemic injury can be improved through our CD34+ cell technology including but not limited to Buerger's disease, CLI, CMD, and DKD. XOWNA ® for Treatment of Coronary Microvascular Dysfunction In 2017, with the assistance of a $1.9 million grant from the National Institutes of Health (Award Number R44HL135889), the Company initiated its program for XOWNA ® for the treatment of CMD, a disease that afflicts as many as 1.5 million patients in the U.S. alone, with no current targeted treatment options. That study, the ESCaPE-CMD Trial, was a Phase 2a proof-of-concept open label study that enrolled patients at the Mayo Clinic in Rochester, MN and Cedars-Sinai Medical Center in Los Angeles, CA. Those data showed a positive therapeutic effect with a statistically significant improvement in angina frequency, coronary flow reserve, Canadian Cardiovascular Society Angina Class and Seattle Angina Questionnaire scores, as well as an acceptable safety profile. The full data set from that study was presented at the SCAI 2020 Scientific Sessions Virtual Conference on May 14, 2020 by Dr. Timothy Henry, FACC, of the Christ Hospital in Cincinnati, Ohio. In December 2020, the Company commenced enrollment in its Phase 2b FREEDOM Trial of XOWNA ® , a double-blind, randomized and placebo-controlled clinical trial designed to further evaluate the efficacy and safety of intracoronary delivery of autologous CD34+ cells in subjects with CMD and without obstructive coronary artery disease. While early enrollment proceeded to plan with the first patient treated in January 2021, the impact of the COVID-19 pandemic contributed to a general slowing of enrollment. Protocol amendments to the initial FREEDOM Trial protocol, as agreed to by the FDA, were implemented with the goal of enhancing breadth and speed of subject enrollment. Actual improvement in enrollment rate will be assessed during the fourth quarter of 2021. As part of program optimization, the Company convened an advisory board meeting of key opinion leaders in the fields of cardiology, drug development, and payer access and reimbursement in mid-October 2021 with the objective of assuring the most efficient and effective development program for XOWNA ® . CLBS201 for Treatment of Diabetic Kidney Disease Progressive kidney failure is associated with attrition of the microcirculation of the kidney. Pre-clinical studies in kidney disease and injury models have demonstrated that protection or replenishment of the microcirculation results in improved kidney function. Based on these observations, the Company proposed an initial development plan for CLBS201 contemplating an adaptive design. However, after multiple conversations with key opinion leaders in the fields of nephrology and drug development, the Company has elected to move forward with a Phase 1, open-label, proof-of-concept trial evaluating CLBS201 dosed via intra-renal artery injections in subjects with DKD. This new protocol, pending approval of the Institutional Review Board (the "IRB"), is expected to include six subjects in total with the first two subjects sequentially dosed and followed for a two-week safety observation period. Clearance by the independent Data Safety Monitoring Board overseeing the study will then permit the treatment of the next four patients, with all patients being followed for safety and therapeutic effect. A key read-out of data will occur at the six-month follow-up visit for all patients. The Company projects enrollment of this study will begin in the first quarter of 2022. A key criterion for continued development of CLBS201 will be its ability to demonstrate a therapeutic effect that will make it competitive in the field of DKD treatment, i.e., kidney function regeneration, as indicated by increased glomerular filtration rate. HONEDRA ® for Treatment of Critical Limb Ischemia The Company's randomized, open-label, registration-eligible study of HONEDRA ® in Japan for the treatment of CLI and Buerger's disease continues to demonstrate positive trends in both safety and efficacy. These data remain consistent with the efficacy and safety from previously published clinical trials in Japan. The HONEDRA ® study's enrollment, however, has been significantly curtailed by the COVID-19 pandemic's impact in Japan, including the States of Emergency in Japan that have persisted for much of the past 18 months. Due to the significant and continued operational and financial burden incurred as a result of these COVID-19 delays, coupled with the unpredictability of the timing of site enrollment re-initiation, the Company is suspending further enrollment and focusing its efforts on consummating a partnership with a Japanese company that could complete the study enrollment of the three remaining no-option CLI subjects and/or explore the possibility of submitting the existing data to Japan's Pharmaceuticals and Medical Devices Agency ("PMDA") under the SAKIGAKE designation, which allows for accelerated approval of innovative medical products. Also, as previously noted, in March 2021 CLBS12 was awarded an orphan designation in the U.S. by FDA as a potential treatment for Buerger's disease. However, based on a recent response from the FDA regarding a development plan for U.S. registration, the Company has decided not to pursue U.S. development in Buerger's disease at this time. Additional Out-licensing Opportunities The Company's broad intellectual property portfolio of cell therapy assets includes notable programs available for out-licensing in order to continue their clinical development. The Company's current long-term strategy focuses on advancing its therapies through development with the ultimate objective of obtaining market authorizations and entering commercialization, either alone or with partners, to provide treatment options to patients suffering from life-threatening medical conditions. The Company believes that it is well-positioned to realize potentially meaningful value increases within its own proprietary pipeline if it is successful in advancing its product candidates to their next significant development milestones. Coronavirus Considerations In December 2019, a novel strain of coronavirus (SARS-CoV-2), which causes COVID-19, was reported to have surfaced in China. In March 2020, the World Health Organization declared the outbreak of COVID-19 to be a pandemic, and the world's economies began to experience pronounced effects. Despite the FDA approval of multiple COVID-19 vaccines in late 2020, there remains uncertainty around the extent and duration of disruption and any future related financial impact cannot reasonably be estimated at this time. In response to the COVID-19 pandemic, the Company has implemented universal work from home as well as stringent social distancing and other hygiene policies for employees when they must be in the office. The Company's clinical study of HONEDRA ® in Japan has experienced significant delays in enrollment due to the “State of Emergency” in effect in Japan for most of 2020 and reimplemented in Japan on January 7, 2021 through March 21, 2021 covering Tokyo and other regions in response to an increased number of COVID-19 patients. Due to reported increases in COVID-19 cases and a low rate of vaccination in Japan, a "State of Emergency" was renewed on April 25, 2021 through May 11, 2021 and then reimplemented in Tokyo from July 12, 2021 through September 30, 2021. We expect that COVID-19 in Japan will continue to negatively impact enrollment of the HONEDRA ® clinical trial. Basis of Presentation The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the accompanying Consolidated Financial Statements of the Company and its subsidiaries, which are unaudited, include all normal and recurring adjustments considered necessary to present fairly the Company’s financial position as of September 30, 2021, and the results of its operations and its cash flows for the periods presented. The unaudited consolidated financial statements herein should be read together with the historical consolidated financial statements of the Company for the years ended December 31, 2020 and 2019 included in our 2020 Form 10-K. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Estimates also affect the reported amount of expenses during the reporting period. The Company bases its estimates on historical experience and other assumptions believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. The Company makes critical estimates and assumptions in determining stock-based awards values. Accordingly, actual results could differ from those estimates and assumptions. Principles of Consolidation The Consolidated Financial Statements include the accounts of Caladrius Biosciences, Inc. and its wholly owned and majority owned subsidiaries and affiliates. All intercompany activities have been eliminated in consolidation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies In addition to the policies below, the Company's significant accounting policies are described in Note 2 of the Notes to Consolidated Financial Statements included in its 2020 Form 10-K. There were no changes to these policies during the three and nine months ended September 30, 2021. Concentration of Risks The Company is subject to credit risk from its portfolio of cash, cash equivalents and marketable securities. Under its investment policy, the Company limits amounts invested in such securities by credit rating, maturity, industry group, investment type and issuer, except for securities issued by the U.S. government. Cash is held at major banks in the United States. Therefore, the Company is not exposed to any significant concentrations of credit risk from these financial instruments. The goals of the Company's investment policy, in order of priority, are as follows: safety and preservation of principal and diversification of risk, liquidity of investments sufficient to meet cash flow requirements, and a competitive after-tax rate of return. Share-Based Compensation The Company expenses all share-based payment awards to employees, directors, and consultants, including grants of stock options, warrants, and restricted stock, over the requisite service period based on the grant date fair value of the awards. Consultant awards are remeasured each reporting period through vesting. For awards with performance-based vesting criteria, the Company estimates the probability of achievement of the performance criteria and recognizes compensation expense related to those awards expected to vest. The Company determines the fair value of option awards using the Black-Scholes option-pricing model which uses both historical and current market data to estimate the fair value. This method incorporates various assumptions such as the risk-free interest rate, expected volatility, expected dividend yield and expected life of the options or warrants. The fair value of the Company’s restricted stock and restricted stock units is based on the closing market price of the Company’s common stock on the date of grant. New Accounting Pronouncements In October 2019, the FASB issued ASU 2019-12, which affects general principles within Topic 740, Income Taxes. The amendments of ASU 2019-12 are meant to simplify and reduce the cost of accounting for income taxes. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company determined that the adoption of this new accounting guidance did not have a material impact on its consolidated financial statements and footnote disclosures. |
Available-for-Sale-Securities
Available-for-Sale-Securities | 9 Months Ended |
Sep. 30, 2021 | |
Debt Securities, Available-for-sale [Abstract] | |
Available-for-Sale-Securities | Available-for-Sale-Securities The following table is a summary of available-for-sale securities recorded in cash and cash equivalents or marketable securities in our Consolidated Balance Sheets (in thousands): September 30, 2021 December 31, 2020 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Corporate debt securities $ 60,903 $ 3 $ (61) $ 60,845 $ 8,406 $ — $ (7) $ 8,399 Money market funds 9,600 — — 9,600 7,591 — — 7,591 Municipal debt securities 26,539 — (7) 26,532 14,753 — (6) 14,747 Total $ 97,042 $ 3 $ (68) $ 96,977 $ 30,750 $ — $ (13) $ 30,737 Estimated fair values of available-for-sale securities are generally based on prices obtained from commercial pricing services. The following table summarizes the classification of the available-for-sale securities in our Consolidated Balance Sheets (in thousands): September 30, 2021 December 31, 2020 Cash equivalents $ 9,600 $ 12,676 Marketable securities 87,377 18,061 Total $ 96,977 $ 30,737 The following table summarizes our portfolio of available-for-sale securities by contractual maturity (in thousands): September 30, 2021 Amortized Cost Estimated Fair Value Less than one year $ 96,979 $ 96,914 Greater than one year 63 63 Total $ 97,042 $ 96,977 |
Income (Loss) Per Share
Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Income (Loss) Per Share | Income (Loss) Per Share For the three and nine months ended September 30, 2021 and 2020, the Company incurred net losses and therefore no common stock equivalents were utilized in the calculation of diluted loss per share as they are anti-dilutive. At September 30, 2021 and 2020, the Company excluded the following potentially dilutive securities (in thousands): September 30, 2021 2020 Stock Options 2,142 1,105 Warrants 21,357 2,638 Restricted Stock Units 798 348 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The fair value of financial assets and liabilities that are being measured and reported are defined as the exchange price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market at the measurement date (exit price). The Company is required to classify fair value measurements in one of the following categories: Level 1 inputs are defined as quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are defined as inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly or indirectly. Level 3 inputs are defined as unobservable inputs for the assets or liabilities. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The following table sets forth by level within the fair value hierarchy the Company's financial assets that were accounted for at fair value on a recurring basis as of September 30, 2021 and December 31, 2020 (in thousands). September 30, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Marketable securities - available for sale $ — $ 87,377 $ — $ 87,377 $ — $ 18,061 $ — $ 18,061 $ — $ 87,377 $ — $ 87,377 $ — $ 18,061 $ — $ 18,061 |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities as of September 30, 2021 and December 31, 2020 were as follows (in thousands): September 30, 2021 December 31, 2020 Salaries, employee benefits and related taxes $ 1,811 $ 1,716 Operating lease liabilities — current 297 370 Other 1,196 400 Total $ 3,304 $ 2,486 |
Operating Leases
Operating Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Operating Leases | Operating LeasesThe Company has operating leases for two offices with terms that expire in 2022 and 2023. The Company estimates its incremental borrowing rate, at lease commencement, to determine the present value of lease payments, since most of the Company's leases do not provide an implicit rate of return. The Company recognizes lease expense on a straight-line basis over the lease term. For lease agreements entered into or reassessed after the adoption of Topic 842, the Company elected to account for non-lease components associated with its leases and lease components as a single lease component. Each of the Company's leases include options for the Company to extend the lease term and/or sub-lease space in whole or in part. Operating lease liabilities and right-of-use assets were recorded in the following captions of our balance sheet were as follows (in thousands): September 30, 2021 December 31, 2020 Right-of Use Assets: Other assets $ 322 $ 574 Total Right-of-Use Asset $ 322 $ 574 Operating Lease Liabilities: Accrued liabilities $ 297 $ 370 Other long-term liabilities 53 254 Total Operating Lease Liabilities $ 350 $ 624 As of September 30, 2021, the weighted average remaining lease term for our operating leases was 1.1 years, and the weighted average discount rate for our operating leases was 9.625%. Future minimum lease payments under the lease agreements as of September 30, 2021 were as follows (in thousands): Years ended Operating Leases 2021 104 2022 239 2023 27 Total lease payments 370 Less: Amounts representing interest (20) Present value of lease liabilities $ 350 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Equity Issuances Purchase Agreement In March 2019, the Company and Lincoln Park Capital Fund, LLC (“Lincoln Park”) entered into a purchase agreement (the “Purchase Agreement”) and a registration rights agreement (the “Registration Rights Agreement”), pursuant to which the Company has the right to sell to Lincoln Park shares of the Company’s common stock having an aggregate value of up to $26.0 million, subject to certain limitations and conditions set forth in the Purchase Agreement (the “Offering”). As consideration for entering into the Purchase Agreement, the Company issued to Lincoln Park an additional 181,510 shares of common stock as commitment shares. Pursuant to the Purchase Agreement, Lincoln Park purchased 250,000 shares of common stock, at a price of $4.00 per share, for a total gross purchase price of $1.0 million (the “Initial Purchase”) upon commencement. Thereafter, as often as every business day from and after one business day following the date of the Initial Purchase and over the 36-month term of the Purchase Agreement the Company has the right, from time to time, at its sole discretion and subject to certain conditions, to direct Lincoln Park to purchase up to 100,000 shares of common stock, with such amount increasing as the closing sale price of the common stock increases; provided Lincoln Park’s obligation under any single such purchase will not exceed $2.5 million, unless the Company and Lincoln Park mutually agree to increase the maximum amount of such single purchase (each, a “Regular Purchase”). If the Company directs Lincoln Park to purchase the maximum number of shares of common stock it then may sell in a Regular Purchase, then in addition to such Regular Purchase, and subject to certain conditions and limitations in the Purchase Agreement, the Company may direct Lincoln Park in an “accelerated purchase” to purchase an additional amount of common stock that may not exceed the lesser of (i) 300% the number of shares purchased pursuant to the corresponding Regular Purchase or (ii) 30% of the total number of shares of the Company’s common stock traded during a specified period on the applicable purchase date as set forth in the Purchase Agreement. Under certain circumstances and in accordance with the Purchase Agreement, the Company may direct Lincoln Park to purchase shares in multiple accelerated purchases on the same trading day. The Company controls the timing and amount of any sales of its common stock to Lincoln Park. There is no upper limit on the price per share that Lincoln Park must pay for its common stock under the Purchase Agreement, but in no event will shares be sold to Lincoln Park on a day the closing price is less than the floor price specified in the Purchase Agreement. In all instances, the Company may not sell shares of its common stock to Lincoln Park under the purchase agreement if it would result in Lincoln Park beneficially owning more than 9.99% of its common stock. The Purchase Agreement does not limit the Company’s ability to raise capital from other sources at the Company’s sole discretion, except that (subject to certain exceptions) the Company may not enter into any Variable Rate Transaction (as defined in the Purchase Agreement, including the issuance of any floating conversion rate or variable priced equity-like securities) during the 36 months after the date of the Purchase Agreement. The Company has the right to terminate the Purchase Agreement at any time, at no cost to the Company. As of September 30, 2021, the Company had not made any sales of common stock to Lincoln Park under the Purchase Agreement other than the Initial Purchase. Common Stock Sales Agreement In February 2018, the Company entered into a common stock sales agreement with H.C. Wainwright & Co., LLC ("HCW") as sales agent, which was subsequently amended in August 2018 (the "Sales Agreement"), in connection with an “at the market offering” under which the Company from time to time could offer and sell shares of its common stock having an aggregate offering price of not more than $25.0 million. The Company provided HCW with customary indemnification rights, and HCW was entitled to a commission at a fixed commission rate equal to 3.0% of the gross proceeds per share sold. On February 12, 2021, the Company suspended the use of the at-the-market transactions facility and terminated the continuous offering pursuant to the Sales Agreement. As of the termination of the Sales Agreement on February 12, 2021, the Company had sold an aggregate of 3,784,912 shares of its common stock pursuant to the Sales Agreement for net proceeds of $9.5 million. During the nine months ended September 30, 2021, the Company had not issued any shares under the Sales Agreement. At The Market Offering Agreement On June 4, 2021, the Company entered into an At The Market Offering Agreement (the “ATM Agreement”) with HCW, as sales agent, in connection with an “at the market offering” under which the Company from time to time may offer and sell shares of its common stock, having an aggregate offering price of up to $50.0 million. During the nine months ended September 30, 2021, the Company had not issued any shares under the ATM Agreement. Registered Direct Offerings In February 2021, the Company entered into a Securities Purchase Agreement (the “Institutional Purchase Agreement”) with certain institutional investors (the “Institutional Purchasers”). Pursuant to the terms of the Institutional Purchase Agreement, the Company sold to the Institutional Purchasers in a registered direct offering an aggregate of 24,906,134 shares of its common stock and warrants to purchase an aggregate of 12,453,067 shares of its common stock at a combined purchase price equal to $2.45 per share and associated warrant. Each warrant features an exercise price equal to $2.90 per share, is exercisable immediately upon issuance and will expire five years from the issuance date. Additionally, in a concurrent non-brokered registered direct offering, the Company entered into a Securities Purchase Agreement (the “Additional Purchase Agreement”) with certain accredited investors (the “Additional Purchasers”). Pursuant to the terms of the Additional Purchase Agreement, the Company sold to the Additional Purchasers an aggregate of 1,632,652 shares of its common stock and warrants to purchase an aggregate of 816,326 shares of its common stock at a combined purchase price equal to $2.45 per share and associated warrant. Each warrant features an exercise price equal to $2.90 per share, is exercisable immediately upon issuance and will expire five years from the issuance date. In connection with the registered direct offerings, the Company received gross proceeds of approximately $65.0 million. Private Placement In January 2021, the Company entered into a securities purchase agreement (the “January Private Placement”) with certain investors (the “January Purchasers”). Pursuant to the terms of the January Private Placement, the Company agreed to sell to the January Purchasers an aggregate of 12,500,000 shares of its common stock at a purchase price equal to $2.00 per share, along with warrants to purchase an aggregate of 6,250,000 shares of its common stock. In connection with the January Private Placement, the Company received gross proceeds of $25.0 million. Each warrant is exercisable for one share of common stock and features an exercise price equal to $2.90 per share. The warrants are exercisable immediately upon issuance and will expire five and one-half years from the issuance date. Warrant Exercises In January 2021, the Company issued 801,148 shares of common stock for net proceeds of $1.8 million in connection with warrant exercises associated with the April 23, 2020 securities purchase agreement and the May 25, 2020 securities purchase agreement. Stock Options and Warrants The following table summarizes the activity for stock options and warrants for the nine months ended September 30, 2021: Stock Options Warrants Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In Thousands) Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In Thousands) Outstanding at December 31, 2020 963,700 $ 14.64 5.86 $ — 2,638,355 $ 2.18 4.98 $ — Changes during the period: Granted 1,314,790 1.32 19,519,393 2.90 Exercised (7,250) 3.28 (801,148) 2.19 Forfeited (19,492) 1.92 — — Expired (109,549) 34.12 — — Outstanding at September 30, 2021 2,142,199 $ 5.63 8.26 $ — 21,356,600 $ 2.84 4.63 $ — Vested at September 30, 2021 2,126,167 $ 5.65 8.26 $ — 21,356,600 $ 2.84 4.63 $ — Vested at September 30, 2021 1,122,583 $ 9.26 7.04 $ — 21,356,600 $ 2.84 4.63 $ — Restricted Stock During the nine months ended September 30, 2021 and 2020, the Company issued restricted stock for services as follows ($ in thousands): Nine Months Ended September 30, 2021 2020 Number of restricted stock issued 612,950 156,184 Value of restricted stock issued $ 878 $ 512 The vesting terms of restricted stock issuances are generally between one Restricted Stock Units During the nine months ended September 30, 2021 and 2020, the Company issued restricted stock units for services as follows ($ in thousands, except share data): Nine Months Ended September 30, 2021 2020 Number of restricted stock units issued 458,245 246,383 Value of restricted stock units issued $ 729 $ 743 |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Share-Based Compensation | Share-Based Compensation Share-Based Compensation We utilize share-based compensation in the form of stock options, restricted stock, and restricted stock units. The following table summarizes the components of share-based compensation expense for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Research and development $ 523 $ 58 $ 643 $ 240 General and administrative 250 171 996 850 Total share-based compensation expense $ 773 $ 229 $ 1,639 $ 1,090 Total compensation cost related to non-vested awards not yet recognized and the weighted-average periods over which the awards were expected to be recognized at September 30, 2021 were as follows (in thousands): Stock Options Restricted Stock Units Restricted Stock Unrecognized compensation cost $ 915 $ 277 $ 673 Expected weighted-average period in years of compensation cost to be recognized 1.82 1.23 1.88 Total fair value of shares vested and the weighted average estimated fair values of shares granted for the nine months ended September 30, 2021 and 2020 were as follows (in thousands): Stock Options Nine Months Ended September 30, 2021 2020 Total fair value of shares vested $ 757 $ 535 Weighted average estimated fair value of shares granted $ 0.91 $ 2.12 Valuation Assumptions The fair value of stock options and warrants at the date of grant was estimated using the Black-Scholes option pricing model. The expected volatility is based upon historical volatility of the Company’s stock. The expected term for the options is based upon observation of actual time elapsed between date of grant and exercise of options for all employees. The expected term for the warrants is based upon the contractual term of the warrants. |
Research Funding
Research Funding | 9 Months Ended |
Sep. 30, 2021 | |
Research and Development [Abstract] | |
Research Funding | Research FundingCalifornia Institute of Regenerative Medicine Grant AwardIn February 2017, the California Institute for Regenerative Medicine ("CIRM") awarded the Company funds of up to $12.2 million to support The Sanford Project: T-Rex Study, a prospective, randomized, placebo-controlled, double-blind Phase 2 clinical trial to evaluate the safety and efficacy of CLBS03 as a treatment for recent-onset type 1 diabetes. The funding is based upon the achievement of certain milestones related to the proportion of subjects enrolled in California, as well as manufacturing and development costs incurred in California. Based on the actual number of subjects enrolled in California, the total amount of funding was revised to $8.6 million, of which $8.2 million has been received through the grant project period completion. The Company received $5.7 million in initial funding in May 2017, a $1.9 million milestone payment in December 2017, a $0.3 million progress payment in March 2018, and a $0.2 million progress payment in May 2019, of which the total was amortized over the estimated award period through July 2020 as a reduction to the related research and development expenses, with the final true up payment of $46 thousand received in September 2020 and recorded as a reduction to the related research and development expenses. During the three and nine months ended September 30, 2021, the Company amortized and recognized $0.0 million and $0.0 million in credits, respectively, to research and development related to CIRM funds received. During the three and nine months ended September 30, 2020, the Company amortized and recognized $0.3 million and $1.6 million in credits, respectively, to research and development related to CIRM funds received. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesIn assessing the realizability of deferred tax assets, including the net operating loss carryforwards ("NOLs"), the Company assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize its existing deferred tax assets. Based on its assessment, the Company has provided a full valuation allowance against its net deferred tax assets as their future utilization remains uncertain at this time. As of December 31, 2020, the Company had approximately $264 million of federal NOLs available to offset future taxable income expiring from 2030 through 2036. As of December 31, 2020, the Company had State NOLs available in New Jersey of $99 million, California of $70 million, and New York City of $13 million to offset future taxable income expiring from 2030 through 2040. In accordance with Section 382 of the Internal Revenue code, the usage of the Company’s NOLs could be limited in the event of a change in ownership. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period when those temporary differences become deductible. The Company performed an analysis and determined that they did not have an ownership change of greater than 50% over a 3-year testing period. The last ownership change was determined to be on June 3, 2015. Based on a market capitalization of $125 million and using an applicable federal rate of 2.5%, the annual limitation would be approximately $3.0 million. Post change losses generated after June 3, 2015 would not be subject to 382 limitations. The Company applies the FASB’s provisions for uncertain tax positions. The Company utilizes the two-step process to determine the amount of recognized tax benefit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company recognizes interest and penalties associated with uncertain tax positions as a component of income tax expense. As of September 30, 2021, management does not believe the Company has any material uncertain tax positions that would require it to measure and reflect the potential lack of sustainability of a position on audit in its financial statements. The Company will continue to evaluate its uncertain tax positions in future periods to determine if measurement and recognition in its financial statements is necessary. The Company does not believe there will be any material changes in its unrecognized tax positions over the next year. For years prior to 2017, the federal statute of limitations is closed for assessing tax. The Company’s state tax returns remain open to examination for a period of three to four years from date of filing. In February 2021, the Company received preliminary approval from the New Jersey Economic Development Authority ("NJEDA") to participate in the Technology Business Tax Certificate Transfer Program (the "Program"). The Program permits qualified companies to sell a percentage of their New Jersey net operating losses ("NJ NOLs") to unrelated profitable corporations. On April 12, 2021, the Company received final approval from NJEDA to sell a portion of our NJ NOLs, which were subsequently sold to a qualifying and approved buyer pursuant to the Program for net proceeds of $1.4 million. The $1.5 million of our NJ NOL related tax benefits ("NJ NOL Tax Benefits") have been recorded as a benefit from income taxes and the loss on sale of $0.1 million recorded in other income (expense) in the consolidated financial statements. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Contingencies From time to time, the Company is subject to legal proceedings and claims, either asserted or unasserted, that arise in the ordinary course of business. While the outcome of pending claims cannot be predicted with certainty, the Company does not believe that the outcome of any pending claims will have a material adverse effect on the Company's financial condition or operating results. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the accompanying Consolidated Financial Statements of the Company and its subsidiaries, which are unaudited, include all normal and recurring adjustments considered necessary to present fairly the Company’s financial position as of September 30, 2021, and the results of its operations and its cash flows for the periods presented. The unaudited consolidated financial statements herein should be read together with the historical consolidated financial statements of the Company for the years ended December 31, 2020 and 2019 included in our 2020 Form 10-K. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Estimates also affect the reported amount of expenses during the reporting period. The Company bases its estimates on historical experience and other assumptions believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. The Company makes critical estimates and assumptions in determining stock-based awards values. Accordingly, actual results could differ from those estimates and assumptions. |
Principles of Consolidation | Principles of ConsolidationThe Consolidated Financial Statements include the accounts of Caladrius Biosciences, Inc. and its wholly owned and majority owned subsidiaries and affiliates. All intercompany activities have been eliminated in consolidation |
Concentration of Risks | Concentration of Risks The Company is subject to credit risk from its portfolio of cash, cash equivalents and marketable securities. Under its investment policy, the Company limits amounts invested in such securities by credit rating, maturity, industry group, investment type and issuer, except for securities issued by the U.S. government. Cash is held at major banks in the United States. Therefore, the Company is not exposed to any significant concentrations of credit risk from these financial instruments. The goals of the Company's investment policy, in order of priority, are as follows: safety and preservation of principal and diversification of risk, liquidity of investments sufficient to meet cash flow requirements, and a competitive after-tax rate of return. |
Share-Based Compensation | Share-Based Compensation The Company expenses all share-based payment awards to employees, directors, and consultants, including grants of stock options, warrants, and restricted stock, over the requisite service period based on the grant date fair value of the awards. Consultant awards are remeasured each reporting period through vesting. For awards with performance-based vesting criteria, the Company estimates the probability of achievement of the performance criteria and recognizes compensation expense related to those awards expected to vest. The Company determines the fair value of option awards using the Black-Scholes option-pricing model which uses both historical and current market data to estimate the fair value. This method incorporates various assumptions such as the risk-free interest rate, expected volatility, expected dividend yield and expected life of the options or |
New Accounting Pronouncements | New Accounting Pronouncements In October 2019, the FASB issued ASU 2019-12, which affects general principles within Topic 740, Income Taxes. The amendments of ASU 2019-12 are meant to simplify and reduce the cost of accounting for income taxes. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company determined that the adoption of this new accounting guidance did not have a material impact on its consolidated financial statements and footnote disclosures. |
Available-for-Sale-Securities (
Available-for-Sale-Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Securities, Available-for-sale [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | The following table is a summary of available-for-sale securities recorded in cash and cash equivalents or marketable securities in our Consolidated Balance Sheets (in thousands): September 30, 2021 December 31, 2020 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Corporate debt securities $ 60,903 $ 3 $ (61) $ 60,845 $ 8,406 $ — $ (7) $ 8,399 Money market funds 9,600 — — 9,600 7,591 — — 7,591 Municipal debt securities 26,539 — (7) 26,532 14,753 — (6) 14,747 Total $ 97,042 $ 3 $ (68) $ 96,977 $ 30,750 $ — $ (13) $ 30,737 |
Schedule of Marketable Securities | Estimated fair values of available-for-sale securities are generally based on prices obtained from commercial pricing services. The following table summarizes the classification of the available-for-sale securities in our Consolidated Balance Sheets (in thousands): September 30, 2021 December 31, 2020 Cash equivalents $ 9,600 $ 12,676 Marketable securities 87,377 18,061 Total $ 96,977 $ 30,737 |
Investments Classified by Contractual Maturity Date | The following table summarizes our portfolio of available-for-sale securities by contractual maturity (in thousands): September 30, 2021 Amortized Cost Estimated Fair Value Less than one year $ 96,979 $ 96,914 Greater than one year 63 63 Total $ 97,042 $ 96,977 |
Income (Loss) Per Share (Tables
Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | At September 30, 2021 and 2020, the Company excluded the following potentially dilutive securities (in thousands): September 30, 2021 2020 Stock Options 2,142 1,105 Warrants 21,357 2,638 Restricted Stock Units 798 348 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | The following table sets forth by level within the fair value hierarchy the Company's financial assets that were accounted for at fair value on a recurring basis as of September 30, 2021 and December 31, 2020 (in thousands). September 30, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Marketable securities - available for sale $ — $ 87,377 $ — $ 87,377 $ — $ 18,061 $ — $ 18,061 $ — $ 87,377 $ — $ 87,377 $ — $ 18,061 $ — $ 18,061 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accrued Liabilities [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities as of September 30, 2021 and December 31, 2020 were as follows (in thousands): September 30, 2021 December 31, 2020 Salaries, employee benefits and related taxes $ 1,811 $ 1,716 Operating lease liabilities — current 297 370 Other 1,196 400 Total $ 3,304 $ 2,486 |
Operating Leases (Tables)
Operating Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Schedule of Operating Lease Liabilities and Right-of-Use Assets on Balance Sheet | Operating lease liabilities and right-of-use assets were recorded in the following captions of our balance sheet were as follows (in thousands): September 30, 2021 December 31, 2020 Right-of Use Assets: Other assets $ 322 $ 574 Total Right-of-Use Asset $ 322 $ 574 Operating Lease Liabilities: Accrued liabilities $ 297 $ 370 Other long-term liabilities 53 254 Total Operating Lease Liabilities $ 350 $ 624 |
Schedule of Future Minimum Lease Payments Under Lease Agreements | Future minimum lease payments under the lease agreements as of September 30, 2021 were as follows (in thousands): Years ended Operating Leases 2021 104 2022 239 2023 27 Total lease payments 370 Less: Amounts representing interest (20) Present value of lease liabilities $ 350 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Stock Option Activity | The following table summarizes the activity for stock options and warrants for the nine months ended September 30, 2021: Stock Options Warrants Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In Thousands) Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In Thousands) Outstanding at December 31, 2020 963,700 $ 14.64 5.86 $ — 2,638,355 $ 2.18 4.98 $ — Changes during the period: Granted 1,314,790 1.32 19,519,393 2.90 Exercised (7,250) 3.28 (801,148) 2.19 Forfeited (19,492) 1.92 — — Expired (109,549) 34.12 — — Outstanding at September 30, 2021 2,142,199 $ 5.63 8.26 $ — 21,356,600 $ 2.84 4.63 $ — Vested at September 30, 2021 2,126,167 $ 5.65 8.26 $ — 21,356,600 $ 2.84 4.63 $ — Vested at September 30, 2021 1,122,583 $ 9.26 7.04 $ — 21,356,600 $ 2.84 4.63 $ — |
Schedule of Restricted Stock Activity | During the nine months ended September 30, 2021 and 2020, the Company issued restricted stock for services as follows ($ in thousands): Nine Months Ended September 30, 2021 2020 Number of restricted stock issued 612,950 156,184 Value of restricted stock issued $ 878 $ 512 |
Schedule of Restricted Stock Units Activity | During the nine months ended September 30, 2021 and 2020, the Company issued restricted stock units for services as follows ($ in thousands, except share data): Nine Months Ended September 30, 2021 2020 Number of restricted stock units issued 458,245 246,383 Value of restricted stock units issued $ 729 $ 743 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule Share-based Compensation Expense | The following table summarizes the components of share-based compensation expense for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Research and development $ 523 $ 58 $ 643 $ 240 General and administrative 250 171 996 850 Total share-based compensation expense $ 773 $ 229 $ 1,639 $ 1,090 |
Schedule of Total Compensation Cost Related to Nonvested Awards | Total compensation cost related to non-vested awards not yet recognized and the weighted-average periods over which the awards were expected to be recognized at September 30, 2021 were as follows (in thousands): Stock Options Restricted Stock Units Restricted Stock Unrecognized compensation cost $ 915 $ 277 $ 673 Expected weighted-average period in years of compensation cost to be recognized 1.82 1.23 1.88 |
Schedule of Fair Value of Share-based Compensation Awards | Total fair value of shares vested and the weighted average estimated fair values of shares granted for the nine months ended September 30, 2021 and 2020 were as follows (in thousands): Stock Options Nine Months Ended September 30, 2021 2020 Total fair value of shares vested $ 757 $ 535 Weighted average estimated fair value of shares granted $ 0.91 $ 2.12 |
The Business (Details)
The Business (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Feb. 28, 2017 |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||
Grants awarded | $ 12.2 | |
CLBS16 Treatment of CMD | ||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||
Grants awarded | $ 1.9 |
Available-for-Sale-Securities -
Available-for-Sale-Securities - Schedule of Available-for-Sale Securities Reconciliation (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Cost | $ 97,042 | $ 30,750 |
Gross Unrealized Gains | 3 | 0 |
Gross Unrealized Losses | (68) | (13) |
Estimated Fair Value | 96,977 | 30,737 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 60,903 | 8,406 |
Gross Unrealized Gains | 3 | 0 |
Gross Unrealized Losses | (61) | (7) |
Estimated Fair Value | 60,845 | 8,399 |
Money market funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 9,600 | 7,591 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 9,600 | 7,591 |
Municipal debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 26,539 | 14,753 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (7) | (6) |
Estimated Fair Value | $ 26,532 | $ 14,747 |
Available-for-Sale-Securities_2
Available-for-Sale-Securities - Classification of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Abstract] | ||
Cash equivalents | $ 9,600 | $ 12,676 |
Marketable securities | 87,377 | 18,061 |
Total | $ 96,977 | $ 30,737 |
Available-for-Sale-Securities_3
Available-for-Sale-Securities - Available-for-Sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Less than one year | $ 96,979 | |
Greater than one year | 63 | |
Cost | 97,042 | $ 30,750 |
Estimated Fair Value | ||
Less than one year | 96,914 | |
Greater than one year | 63 | |
Total estimated fair value | $ 96,977 | $ 30,737 |
Income (Loss) Per Share (Detail
Income (Loss) Per Share (Details) - shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 2,142 | 1,105 |
Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 21,357 | 2,638 |
Restricted Stock Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 798 | 348 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities - available for sale | $ 87,377 | $ 18,061 |
Assets, fair value disclosure | 87,377 | 18,061 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities - available for sale | 0 | 0 |
Assets, fair value disclosure | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities - available for sale | 87,377 | 18,061 |
Assets, fair value disclosure | 87,377 | 18,061 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities - available for sale | 0 | 0 |
Assets, fair value disclosure | $ 0 | $ 0 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accrued Liabilities [Abstract] | ||
Salaries, employee benefits and related taxes | $ 1,811 | $ 1,716 |
Operating lease liabilities — current | 297 | 370 |
Other | 1,196 | 400 |
Total accrued liabilities | $ 3,304 | $ 2,486 |
Operating Leases - Narrative (D
Operating Leases - Narrative (Details) | Sep. 30, 2021office |
Leases [Abstract] | |
Number of offices under operating leases | 2 |
Weighted average remaining lease term for operating leases (in years) | 1 year 1 month 6 days |
Weighted average discount rate for operating leases (percent) | 9.625% |
Operating Leases - Balance Shee
Operating Leases - Balance Sheet Presentation (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Right-of Use Assets: | ||
Right-of-use assets | $ 322 | $ 574 |
Right-of-use assets, balance sheet line item | Other assets | Other assets |
Operating Lease Liabilities: | ||
Operating lease liabilities, current | $ 297 | $ 370 |
Operating lease liabilities, noncurrent | 53 | 254 |
Operating lease liabilities | $ 350 | $ 624 |
Operating lease liabilities, current, balance sheet line item | Accrued liabilities | Accrued liabilities |
Operating lease liabilities, noncurrent, balance sheet line item | Other long-term liabilities | Other long-term liabilities |
Operating Leases - Future Minim
Operating Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Finance Minimum Lease Payments | ||
2021 | $ 104 | |
2022 | 239 | |
2023 | 27 | |
Total lease payments | 370 | |
Less: Amounts representing interest | (20) | |
Present value of lease liabilities | $ 350 | $ 624 |
Stockholders' Equity - Equity I
Stockholders' Equity - Equity Issuances (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | 36 Months Ended | |||||
Feb. 28, 2021 | Jan. 31, 2021 | Mar. 31, 2019 | Aug. 31, 2018 | Sep. 30, 2021 | Sep. 30, 2020 | Feb. 12, 2021 | Jun. 04, 2021 | |
Class of Stock [Line Items] | ||||||||
Net proceeds from issuance of common stock | $ 65,000 | $ 85,479 | $ 18,715 | |||||
Shares issued upon exercise of warrants | 801,148 | |||||||
Net proceeds from warrant exercises | $ 1,800 | |||||||
Lincoln Park Agreement | ||||||||
Class of Stock [Line Items] | ||||||||
Aggregate offering amount authorized per agreement | $ 26,000 | |||||||
Commitment shares issued as consideration per agreement (in shares) | 181,510 | |||||||
Number of shares sold (in shares) | 250,000 | |||||||
Price of shares sold (in dollars per share) | $ 4 | |||||||
Gross price for stock transaction | $ 1,000 | |||||||
Term of agreement (in months) | 36 months | |||||||
Number of shares allowable to direct for Regular Purchase (in shares) | 100,000 | |||||||
Maximum obligation per directed purchase transaction for Regular Purchase | $ 2,500 | |||||||
Maximum shares allowed in Accelerated Purchase as percent of shares In Regular Purchase (percent) | 300.00% | |||||||
Maximum shares allowed in Accelerated Purchase as percent of shares traded during specified period (percent) | 30.00% | |||||||
Maximum beneficial ownership allowable per agreement (percent) | 9.99% | |||||||
H.C. Wainwright Sales Amended Agreement | ||||||||
Class of Stock [Line Items] | ||||||||
Aggregate offering amount authorized per agreement | $ 25,000 | |||||||
Commission on gross proceeds due to third party (percent) | 3.00% | |||||||
Stock issued (shares) | 0 | 3,784,912 | ||||||
Net proceeds from issuance of common stock | $ 9,500 | |||||||
ATM Agreement | ||||||||
Class of Stock [Line Items] | ||||||||
Aggregate offering amount authorized per agreement | $ 50,000 | |||||||
Stock issued (shares) | 0 | |||||||
Institutional Purchase Agreement | ||||||||
Class of Stock [Line Items] | ||||||||
Number of shares sold (in shares) | 24,906,134 | |||||||
Price of shares sold (in dollars per share) | $ 2.45 | |||||||
Number of shares called by warrants issued | 12,453,067 | |||||||
Warrant exercise price (in dollars per share) | $ 2.90 | |||||||
Warrants expiration term | 5 years | |||||||
Additional Purchase Agreement | ||||||||
Class of Stock [Line Items] | ||||||||
Number of shares sold (in shares) | 1,632,652 | |||||||
Price of shares sold (in dollars per share) | $ 2.45 | |||||||
Number of shares called by warrants issued | 816,326 | |||||||
Warrant exercise price (in dollars per share) | $ 2.90 | |||||||
Warrants expiration term | 5 years | |||||||
January 2021 Private Placement | ||||||||
Class of Stock [Line Items] | ||||||||
Number of shares sold (in shares) | 12,500,000 | |||||||
Price of shares sold (in dollars per share) | $ 2 | |||||||
Net proceeds from issuance of common stock | $ 25,000 | |||||||
Number of shares called by warrants issued | 6,250,000 | |||||||
Warrant exercise price (in dollars per share) | $ 2.90 | |||||||
Warrants expiration term | 5 years 6 months | |||||||
Number of shares called by each warrant | 1 |
Stockholders' Equity - Stock Op
Stockholders' Equity - Stock Options and Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Warrants, Number of Shares [Roll Forward] | |||
Warrants, Outstanding, Beginning of Period (in shares) | 2,638,355 | 2,638,355 | |
Warrants, Granted (in shares) | 19,519,393 | ||
Warrants, Exercised (in shares) | (801,148) | ||
Warrants, Forfeited (in shares) | 0 | ||
Warrants, Expired (in shares) | 0 | ||
Warrants, Outstanding, End of Period (in shares) | 21,356,600 | ||
Warrants Weighted Average Exercise Price [Roll Forward] | |||
Warrants Outstanding, Beginning of Period (in dollars per share) | $ 2.18 | $ 2.18 | |
Warrants, Granted (in dollars per share) | 2.90 | ||
Warrants, Exercised (in dollars per share) | 2.19 | ||
Warrants, Forfeited (in dollars per share) | 0 | ||
Warrants, Expired (in dollars per share) | 0 | ||
Warrants Outstanding, End of Period (in dollars per share) | $ 2.84 | ||
Warrants, Outstanding, Weighted Average Remaining Contractual Term | 4 years 11 months 23 days | 4 years 7 months 17 days | |
Warrants Outstanding, Aggregate Intrinsic Value | $ 0 | $ 0 | |
Warrants, Vested and expected to vest (in shares) | 21,356,600 | ||
Weighted Average Exercise Price, Warrants Vested And Expected To Vest | $ 2.84 | ||
Warrants, Vested and expected to vest, Weighted Average Remaining Contractual Term | 4 years 7 months 17 days | ||
Warrants, Vested and expected to vest, Aggregate Intrinsic Value | $ 0 | ||
Warrants, Vested (in shares) | 21,356,600 | ||
Warrants, Vested, Weighted Average Exercise Price (in dollars per share) | $ 2.84 | ||
Warrants, Vested, Weighted Average Remaining Contractual Term | 4 years 7 months 17 days | ||
Warrants, Vested, Aggregate Intrinsic Value | $ 0 | ||
US Equity Plan [Member] | |||
Options, Outstanding [Roll Forward] | |||
Options, Outstanding, Beginning of Period (in shares) | 963,700 | 963,700 | |
Options, Granted (in shares) | 1,314,790 | ||
Options, Exercised (in shares) | (7,250) | ||
Options, Forfeited (in shares) | (19,492) | ||
Options, Expired (in shares) | (109,549) | ||
Options, Outstanding, End of Period (in shares) | 2,142,199 | ||
Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Options, Outstanding. Beginning of Period (in dollars per share) | $ 14.64 | $ 14.64 | |
Options, Granted (in dollars per share) | 1.32 | ||
Options, Exercised (in dollars per share) | 3.28 | ||
Options, Forfeited (in dollars per share) | 1.92 | ||
Options, Expired (in dollars per share) | 34.12 | ||
Options, Outstanding, End of Period (in dollars per share) | $ 5.63 | ||
Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 10 months 9 days | 8 years 3 months 3 days | |
Options, Outstanding, Aggregate Intrinsic Value | $ 0 | $ 0 | |
Options, Vested and expected to vest (in shares) | 2,126,167 | ||
Options, Vested and expected to vest, Weighted Average Exercise Price (in dollars per share) | $ 5.65 | ||
Options, Vested and expected to vest, Weighted Average Remaining Contractual Term | 8 years 3 months 3 days | ||
Options, Vested and expected to vest, Aggregate Intrinsic Value | $ 0 | ||
Options, Vested (in shares) | 1,122,583 | ||
Options, Vested, Weighted Average Exercise Price (in dollars per share) | $ 9.26 | ||
Options, Vested, Weighted Average Remaining Contractual Term | 7 years 14 days | ||
Options, Vested, Aggregate Intrinsic Value | $ 0 |
Stockholders' Equity - Restrict
Stockholders' Equity - Restricted Stock and Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock issued | 612,950 | 156,184 |
Value of restricted stock issued | $ 878 | $ 512 |
Weighted average estimated fair value of restricted stock issued | $ 1.59 | $ 3.02 |
Restricted Stock | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting terms (years) | 1 year | |
Restricted Stock | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting terms (years) | 4 years | |
Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock issued | 458,245 | 246,383 |
Value of restricted stock issued | $ 729 | $ 743 |
Vesting terms (years) | 1 year |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ 773 | $ 229 | $ 1,639 | $ 1,090 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expense | 523 | 58 | 643 | 240 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ 250 | $ 171 | $ 996 | $ 850 |
Share-Based Compensation - Comp
Share-Based Compensation - Compensation Cost Not Yet Recognized (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 915 |
Expected weighted-average period in years of compensation cost to be recognized | 1 year 9 months 25 days |
Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 277 |
Expected weighted-average period in years of compensation cost to be recognized | 1 year 2 months 23 days |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ 673 |
Expected weighted-average period in years of compensation cost to be recognized | 1 year 10 months 17 days |
Share-Based Compensation - Fair
Share-Based Compensation - Fair Value of Shares Vested and Weighted Average Estimated Fair Value of Shares Granted (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total fair value of shares vested | $ 757 | $ 535 |
Weighted average estimated fair value of shares granted | $ 0.91 | $ 2.12 |
Research Funding (Details)
Research Funding (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 41 Months Ended | |||||||
Sep. 30, 2020 | May 31, 2019 | Mar. 31, 2018 | Dec. 31, 2017 | May 31, 2017 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2020 | Feb. 28, 2017 | |
Research and Development [Abstract] | |||||||||||
Grants awarded | $ 12,200 | ||||||||||
Total funding amount awarded | $ 8,600 | ||||||||||
Funding of grant award | $ 5,700 | $ 8,200 | |||||||||
Milestone payment received on grant award | $ 1,900 | ||||||||||
Progress payment received on grant award | $ 300 | ||||||||||
Research and Development Arrangement with Federal Government, Customer Funding to Offset Costs Incurred | $ 46 | $ 200 | |||||||||
Amortization of accrued grant funding to offset expense | $ 0 | $ 300 | $ 0 | $ 1,600 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | Apr. 12, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Operating Loss Carryforwards [Line Items] | |||
Market capitalization used in net operating loss analysis | $ 125 | ||
Annual limitation on usage of net operating losses | $ 3 | ||
Proceeds from sale of NOLs | $ 1.4 | ||
Proceeds from sale of NOLs, gross | 1.5 | ||
Loss on sale of NOLs | $ 0.1 | ||
Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 264 | ||
State and Local Jurisdiction | New Jersey Division of Taxation | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 99 | ||
State and Local Jurisdiction | California Franchise Tax Board | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 70 | ||
State and Local Jurisdiction | New York State Division of Taxation and Finance | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | $ 13 |