Fresh Tracks Therapeutics (FRTX) 10-Q 11 Aug 23 2023 Q2 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	6 Months Ended
	Jun. 30, 2023	Aug. 03, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	000-21088
Entity Registrant Name	FRESH TRACKS THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	93-0948554
Entity Address, Address Line One	5777 Central Avenue,
Entity Address, City or Town	Boulder,
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80301
City Area Code	720
Local Phone Number	505-4755
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	FRTX
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 Common Stock, Shares Outstanding		5,906,475
Entity CIK	0000819050
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 8,948	$ 8,680
Prepaid expenses and other current assets	761	1,403
Total current assets	9,709	10,083
Property and equipment, net	55	75
Contract asset, net of current portion	61	64
Operating lease right-of-use asset	17	49
Total assets	9,842	10,271
Current liabilities:
Accounts payable	256	571
Accrued liabilities	1,575	2,457
Lease liability	19	49
Total current liabilities	1,850	3,077
Commitments and contingencies (Note 5)
Stockholders’ equity:
Common stock, $0.01 par value, 300,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 5,906,475 and 3,018,940 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	59	30
Additional paid-in capital	180,962	173,633
Accumulated deficit	(173,029)	(166,469)
Total stockholders’ equity	7,992	7,194
Total liabilities and stockholders’ equity	$ 9,842	$ 10,271
Common stock, shares outstanding ( in shares )	5,906,475	3,018,940

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	5,906,475	3,018,940
Common stock, shares outstanding ( in shares )	5,906,475	3,018,940

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Total revenue	$ 53	$ 4,315	$ 62	$ 4,407
Operating expenses:
Research and development	609	1,865	2,545	7,878
General and administrative	1,808	3,908	4,222	7,394
Total operating expenses	2,417	5,773	6,767	15,272
Loss from operations	(2,364)	(1,458)	(6,705)	(10,865)
Other income	82	313	150	314
Interest expense	(2)	(2)	(5)	(6)
Net loss attributable to common stockholders	$ (2,284)	$ (1,147)	$ (6,560)	$ (10,557)
Net loss per common share attributable to common stockholders, basic (in usd per share)	$ (0.39)	$ (0.43)	$ (1.36)	$ (3.98)
Net loss per common share attributable to common stockholders, diluted (in usd per share)	$ (0.39)	$ (0.43)	$ (1.36)	$ (3.98)
Weighted-average shares used to compute net loss per common share attributable to common stockholders, basic (in shares)	5,906,475	2,655,251	4,837,483	2,654,046
Weighted-average shares used to compute net loss per common share attributable to common stockholders, diluted (in shares)	5,906,475	2,655,251	4,837,483	2,654,046
Contract revenue
Total revenue	$ 53	$ 4,315	$ 62	$ 4,315
Royalty revenue
Total revenue	$ 0	$ 0	$ 0	$ 92

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Series A Preferred Stock	Common Stock	Additional Paid-In-Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		0
Beginning balance at Dec. 31, 2021		$ 0
Ending balance (in shares) at Mar. 31, 2022		0
Ending balance at Mar. 31, 2022		$ 0
Beginning balance (in shares) at Dec. 31, 2021			2,652,828
Beginning balance at Dec. 31, 2021	$ 24,907		$ 27	$ 170,247	$ (145,367)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	551			551
Net loss	(9,410)				(9,410)
Ending balance (in shares) at Mar. 31, 2022			2,652,828
Ending balance at Mar. 31, 2022	16,048		$ 27	170,798	(154,777)
Beginning balance (in shares) at Dec. 31, 2021		0
Beginning balance at Dec. 31, 2021		$ 0
Ending balance (in shares) at Jun. 30, 2022		1
Ending balance at Jun. 30, 2022		$ 0
Beginning balance (in shares) at Dec. 31, 2021			2,652,828
Beginning balance at Dec. 31, 2021	24,907		$ 27	170,247	(145,367)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(10,557)
Ending balance (in shares) at Jun. 30, 2022			2,690,360
Ending balance at Jun. 30, 2022	15,637		$ 27	171,534	(155,924)
Beginning balance (in shares) at Mar. 31, 2022		0
Beginning balance at Mar. 31, 2022		$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of preferred stock (in shares)		1
Ending balance (in shares) at Jun. 30, 2022		1
Ending balance at Jun. 30, 2022		$ 0
Beginning balance (in shares) at Mar. 31, 2022			2,652,828
Beginning balance at Mar. 31, 2022	16,048		$ 27	170,798	(154,777)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued pursuant to ATM agreements, net of issuance costs (in shares)			31,557
Common stock issued pursuant to ATM agreements, net of issuance costs	131			131
Issuance of common stock for cash under employee stock purchase plan (in shares)			5,975
Issuance of common stock for cash under employee stock purchase plan	29			29
Stock-based compensation	576			576
Net loss	(1,147)				(1,147)
Ending balance (in shares) at Jun. 30, 2022			2,690,360
Ending balance at Jun. 30, 2022	$ 15,637		$ 27	171,534	(155,924)
Beginning balance (in shares) at Dec. 31, 2022		0
Beginning balance at Dec. 31, 2022		$ 0
Ending balance (in shares) at Mar. 31, 2023		0
Ending balance at Mar. 31, 2023		$ 0
Beginning balance (in shares) at Dec. 31, 2022	3,018,940		3,018,940
Beginning balance at Dec. 31, 2022	$ 7,194		$ 30	173,633	(166,469)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued pursuant to ATM agreements, net of issuance costs (in shares)			2,887,535
Common stock issued pursuant to ATM agreements, net of issuance costs	6,569		$ 29	6,540
Stock-based compensation	379			379
Net loss	(4,276)				(4,276)
Ending balance (in shares) at Mar. 31, 2023			5,906,475
Ending balance at Mar. 31, 2023	$ 9,866		$ 59	180,552	(170,745)
Beginning balance (in shares) at Dec. 31, 2022		0
Beginning balance at Dec. 31, 2022		$ 0
Ending balance (in shares) at Jun. 30, 2023		0
Ending balance at Jun. 30, 2023		$ 0
Beginning balance (in shares) at Dec. 31, 2022	3,018,940		3,018,940
Beginning balance at Dec. 31, 2022	$ 7,194		$ 30	173,633	(166,469)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (6,560)
Ending balance (in shares) at Jun. 30, 2023	5,906,475		5,906,475
Ending balance at Jun. 30, 2023	$ 7,992		$ 59	180,962	(173,029)
Beginning balance (in shares) at Mar. 31, 2023		0
Beginning balance at Mar. 31, 2023		$ 0
Ending balance (in shares) at Jun. 30, 2023		0
Ending balance at Jun. 30, 2023		$ 0
Beginning balance (in shares) at Mar. 31, 2023			5,906,475
Beginning balance at Mar. 31, 2023	9,866		$ 59	180,552	(170,745)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	410			410
Net loss	$ (2,284)				(2,284)
Ending balance (in shares) at Jun. 30, 2023	5,906,475		5,906,475
Ending balance at Jun. 30, 2023	$ 7,992		$ 59	$ 180,962	$ (173,029)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (PARENTHETICAL) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Stock issuance costs	$ 202	$ 46

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (6,560)	$ (10,557)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	789	1,127
Non-cash operating lease expense	43	29
Depreciation	20	13
Changes in operating assets and liabilities:
Prepaid expenses and other current assets, including noncurrent portion of contract asset	645	(1,236)
Accounts payable	(315)	(342)
Accrued liabilities	(882)	(1,510)
Operating lease liability	(41)	(33)
Net cash used in operating activities	(6,301)	(12,509)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of common stock pursuant to ATM agreements, net of issuance costs	6,569	131
Payments of taxes related to net share settlement of equity awards	0	(55)
Proceeds from the issuance of common stock under employee stock purchase plan	0	29
Net cash provided by financing activities	6,569	105
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	268	(12,404)
CASH AND CASH EQUIVALENTS—BEGINNING	8,680	26,884
CASH AND CASH EQUIVALENTS—ENDING	8,948	14,480
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Acquisition of right-of-use asset through lease liability	$ 11	$ 0

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND NATURE OF OPERATIONS	ORGANIZATION AND NATURE OF OPERATIONS Fresh Tracks Therapeutics, Inc. (the “Company” or “Fresh Tracks”) is a clinical-stage pharmaceutical company striving to transform patient lives through the development of innovative and differentiated prescription therapeutics. The Company’s pipeline aims to disrupt existing treatment paradigms and features several new chemical entities that inhibit novel targets with first-in-class potential for autoimmune, inflammatory, and other debilitating diseases. This includes FRTX-02, a DYRK1A inhibitor for the treatment of certain autoimmune and inflammatory diseases; FRTX-10, a preclinical-stage Stimulator of Interferon Genes (“STING”) inhibitor candidate for the potential treatment of autoimmune, inflammatory, and rare genetic diseases; and a platform of next-generation kinase inhibitors that could produce treatments for autoimmune, inflammatory, and other debilitating diseases. Reverse Stock Split On July 5, 2022, the Company effected a 1-for-45 reverse stock split of outstanding shares of its common stock. All common stock share and per-share amounts, and other related balances and computations, reported as of and for all periods presented in the condensed consolidated financial statements and notes reflect the adjusted common stock share and per-share amounts, and other related balances and computations, that were effective on and after July 5, 2022. Liquidity and Capital Resources The Company has incurred significant operating losses and has an accumulated deficit as a result of ongoing efforts to in-license and develop product candidates, including conducting preclinical and clinical trials and providing general and administrative support for these operations. For the six months ended June 30, 2023, the Company had a net loss of $6.6 million and net cash used in operating activities of $6.3 million. As of June 30, 2023, the Company had cash and cash equivalents of $8.9 million and an accumulated deficit of $173.0 million. The Company believes that its cash and cash equivalents as of June 30, 2023, combined with $6.6 million in net proceeds received in July 2023 (as described further in Note 3. “ Strategic Agreements ”), will be sufficient to fund its operations for at least the next 12 months.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Brickell Subsidiary, Inc. (“Brickell Subsidiary”), and are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the SEC for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of the Company’s financial information. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023, for any other interim period, or for any other future period. The condensed consolidated balance sheet as of December 31, 2022 has been derived from audited financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. All intercompany balances and transactions have been eliminated in consolidation. The Company operates in one operating segment and, accordingly, no segment disclosures have been presented herein. Significant Accounting Policies The Company’s significant accounting policies are described in Note 2. “Summary of Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. During the six months ended June 30, 2023, the Company did not adopt any additional significant accounting policies. Reclassifications Certain comparative figures in the prior year condensed consolidated statement of cash flows within operating activities have been reclassified to conform to the current period presentation. These reclassifications did not impact total net cash used in operating activities. Use of Estimates The Company’s condensed consolidated financial statements are prepared in accordance with U.S. GAAP, which requires it 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 financial statements and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on the Company’s knowledge of current events and actions it may take in the future, actual results may ultimately differ from these estimates and assumptions. Risks and Uncertainties The Company’s business is subject to significant risks common to early-stage companies in the pharmaceutical industry including, but not limited to, the ability to develop appropriate formulations, scale up and produce the compounds; dependence on collaborative parties; uncertainties associated with obtaining and enforcing patents and other intellectual property rights; nonclinical and clinical implementation and success; the lengthy and expensive regulatory approval process; compliance with regulatory and other legal requirements; competition from other products; significant competition; ability to manage third-party manufacturers, suppliers, contract research organizations, business partners and other alliances; and obtaining additional financing to fund the Company’s efforts. The Company expects to incur additional losses for the foreseeable future and would need to obtain additional financing in order to develop its product candidates. There can be no assurance that such financing will be available or will be at terms acceptable to the Company. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less from date of purchase to be cash equivalents. Cash equivalents consist primarily of amounts held in short-term money market accounts with highly rated financial institutions. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, accounts receivable, and contract asset. The Company maintains cash and cash equivalents balances in several accounts with two financial institutions which, from time to time, are in excess of federally insured limits. One third party individually accounted for all of the Company’s revenue for the three and six months ended June 30, 2023 and 2022, as well as associated accounts receivable and contract asset balances as of June 30, 2023 and December 31, 2022. Refer to Note 3. “Strategic Agreements ” for a detailed discussion of agreements with Botanix SB Inc. and Botanix Pharmaceuticals Limited (“Botanix”). Fair Value Measurements Fair value is the price that the Company would receive to sell an asset or pay to transfer a liability in a timely transaction with an independent counterparty in the principal market, or in the absence of a principal market, the most advantageous market for the asset or liability. A three-tier hierarchy distinguishes between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs). The hierarchy is summarized in the three broad levels listed below: Level 1 —quoted prices in active markets for identical assets and liabilities Level 2 —other significant observable inputs (including quoted prices for similar assets and liabilities, interest rates, credit risk, etc.) Level 3 —significant unobservable inputs (including the Company’s own assumptions in determining the fair value of assets and liabilities) The following table sets forth the fair value of the Company’s financial assets measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands): Level 1 June 30, December 31, Assets: Money market funds $ 6,127 $ 7,680 Fair Value of Financial Instruments The following methods and assumptions were used by the Company in estimating the fair values of each class of financial instrument disclosed herein: Money Market Funds— The carrying amounts reported as cash and cash equivalents in the condensed consolidated balance sheets approximate their fair values due to their short-term nature and market rates of interest. The carrying values of cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate fair value due to the short-term maturity of those items. Revenue Recognition The Company has historically recognized revenue primarily from upfront fees, research and development milestones, research reimbursements, and consulting services fees related to the development of previously owned or sublicensed assets associated with the proprietary compound sofpironium bromide, as well as sublicense income and royalty fees on sales of sofpironium bromide gel, 5% (ECCLOCK ® ) in Japan. The Company recognizes revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including the constraint on variable consideration; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies the performance obligations. At contract inception, the Company assesses the goods or services promised within each contract and assesses whether each promised good or service is distinct and determines those that are performance obligations. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company utilizes judgment to assess the nature of the performance obligation to determine whether the performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Contract Revenue The Company evaluates its contracts, including asset sale arrangements that involve the Company’s rights to intellectual property, to determine whether they are outputs of the Company’s ordinary activities and whether the counterparty meets the definition of a customer. If the arrangement is determined to be a contract with a customer and the goods or services sold are determined to be distinct from other performance obligations identified in the arrangement, the Company recognizes revenue primarily from non-refundable upfront fees, milestone payments, sales-based payments, and fees for consulting services allocated to the goods or services when (or as) control is transferred to the customer, and the customer can use and benefit from the goods or services. Licenses of Intellectual Property If a license for the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue when the functional license is transferred to the customer, and the customer can use and benefit from the license. Milestones At the inception of each arrangement that includes milestone payments (variable consideration), excluding sales-based milestone payments discussed below, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. The most likely amount method is generally utilized when there are only two possible outcomes and represents the Company’s best estimate of the single most likely outcome to be achieved. If it is probable that a significant revenue reversal would not occur, the variable consideration for the associated milestone is included in the transaction price. Milestone payments contingent on regulatory approvals that are not within the Company or the Company’s collaboration partner’s control, as applicable, are generally not considered probable of being achieved until those approvals are received. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of milestones and any related constraint, and if necessary, adjusts the Company’s estimate of the variable consideration. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue in the period of adjustment. Sales-Based Payments For license arrangements that include sales-based payments such as royalties or milestone payments based on the level of sales, and for which the license is deemed to be the predominant item to which the sales-based payments relate, the Company recognizes revenue at the later of (i) when the related sales occur or (ii) when the performance obligation to which some or all of the sales-based payment has been allocated has been satisfied (or partially satisfied). Sales-based payments received under license arrangements are recorded as royalty revenue in the Company’s condensed consolidated statements of operations. For non-license arrangements that include sales-based payments, including earnout payments and milestone payments based on the level of sales, the Company estimates the sales-based payments (variable consideration) to be achieved and recognizes revenue to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. The Company may use either the most likely amount, as described above, or the expected value method, in making such estimates based on the nature of the payment to be received and whether there is a wide range of outcomes or only two possible outcomes. The expected value method represents the sum of probability-weighted amounts in a range of possible consideration amounts. The Company bases its estimates using the applicable method described above on factors such as, but not limited to, required regulatory approvals, historical sales levels, market events and projections, and other factors as appropriate. The Company updates its estimates at each reporting period based on actual results and future expectations as necessary. Contract Asset For non-license arrangements involving the sale and transfer of the Company’s intellectual property rights, the Company recognizes estimated variable consideration as revenue as discussed above before the customer pays consideration or before payment is due. The estimated revenue recognized is presented as a contract asset on the Company’s condensed consolidated balance sheets. The current portion of the contract asset is presented in prepaid expenses and other current assets on the Company’s condensed consolidated balance sheets. Actual amounts paid or due by the customer are recorded as a reduction to the contract asset. Any revisions to the Company’s estimated revenue based on actual results and future expectations are recognized as an adjustment to the contract asset. Research and Development Research and development costs are charged to expense when incurred and consist of costs incurred for independent and collaboration research and development activities. The major components of research and development costs include formulation development, nonclinical studies, clinical studies, clinical manufacturing costs, in-licensing fees for development-stage assets, salaries and employee benefits, and allocations of various overhead and occupancy costs. Research costs typically consist of applied research, preclinical, and toxicology work. Pharmaceutical manufacturing development costs consist of product formulation, chemical analysis, and the transfer and scale-up of manufacturing at contract manufacturers. Assets acquired (or in-licensed) that are utilized in research and development that have no alternative future use are expensed as incurred. Milestone payments related to the Company’s acquired (or in-licensed) assets are recorded as research and development expenses when probable and reasonably estimable. Costs for certain research and development activities, such as clinical trial expenses, are recognized based on an evaluation of the progress to completion of specific tasks using data such as patient enrollment, clinical site activations, and information provided to the Company by its vendor on their actual costs incurred or level of effort expended. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected on the condensed consolidated balance sheets as prepaid expenses and other current assets or accrued expenses. When the Company enters into licensing or subscription arrangements to access and utilize certain technology, the Company evaluates if the license agreement results in the acquisition of an asset or a business. To date, none of the Company’s license agreements have been considered an acquisition of a business. For asset acquisitions, the upfront payments to acquire such licenses, as well as any future milestone payments made before product approval that do not meet the definition of a derivative, are immediately recognized as research and development expenses when they are paid or become payable, provided there is no alternative future use of the rights in other research and development projects. Net Loss per Share Basic and diluted net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding. When the effects are not anti-dilutive, diluted earnings per share is computed by dividing the Company’s net income by the weighted-average number of common shares outstanding and the impact of all potentially dilutive common shares. Diluted net loss per share is the same as basic net loss per share, as the effects of potentially dilutive securities are anti-dilutive for all periods presented. The following table sets forth the potential common shares excluded from the calculation of diluted net loss per share because their inclusion would be anti-dilutive: Three and Six Months Ended 2023 2022 Outstanding warrants 621,063 621,063 Outstanding options 193,777 232,084 Unvested restricted stock units 141,250 — Total 956,090 853,147 Leases The Company determines if an arrangement is a lease at inception. Operating leases with a term greater than one year are recognized on the condensed consolidated balance sheets as right-of-use assets and lease liabilities. The Company does not currently hold any finance leases. The Company has elected the practical expedient not to recognize on the condensed consolidated balance sheets leases with terms of one year or less and not to separate lease components and non-lease components for real estate leases. Lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company estimates the incremental borrowing rate in determining the present value of lease payments. Lease expense is recognized on a straight-line basis over the lease term. New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that the Company adopts as of the specified effective date. The Company does not believe that the adoption of recently issued standards has had or will have a material impact on the Company's condensed consolidated financial statements or disclosures.

STRATEGIC AGREEMENTS

STRATEGIC AGREEMENTS	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
STRATEGIC AGREEMENTS	STRATEGIC AGREEMENTS License and Development Agreement with Voronoi On August 27, 2021, the Company entered into a License and Development Agreement (the “Voronoi License Agreement”) with Voronoi Inc. (“Voronoi”), pursuant to which the Company acquired exclusive, worldwide rights to research, develop, and commercialize FRTX-02 and other next-generation kinase inhibitors. With respect to FRTX-02, the Voronoi License Agreement provides that the Company will make payments to Voronoi of up to $211.0 million in the aggregate contingent upon achievement of specified development, regulatory, and commercial milestones. With respect to the compounds arising from the next-generation kinase inhibitor platform, the Company will make payments to Voronoi of up to $107.5 million in the aggregate contingent upon achievement of specified development, regulatory, and commercial milestones. Further, the Voronoi License Agreement provides that the Company will pay Voronoi tiered royalty payments ranging from low-single digits up to 10% of net sales of products arising from the DYRK1A inhibitor programs and next-generation kinase inhibitor platform. All of the contingent payments and royalties are payable in cash in U.S. Dollars, except for $1.0 million of the development and regulatory milestone payments, which amount is payable in equivalent shares of the Company’s common stock. Under the terms of the Voronoi License Agreement, the Company is responsible for, and bears the future costs of, all development and commercialization activities, including patenting, related to all the licensed compounds. As of June 30, 2023 and through the date of this Quarterly Report, the Company has not yet made any payments or recorded any liabilities related to the specified development, regulatory, and commercial milestones or royalties on net sales pursuant to the Voronoi License Agreement. Exclusive License and Development Agreement with Carna On February 2, 2022, the Company entered into an Exclusive License Agreement (the “Carna License Agreement”) with Carna Biosciences, Inc. (“Carna”), pursuant to which the Company acquired exclusive, worldwide rights to research, develop, and commercialize Carna’s portfolio of novel STING inhibitors. In accordance with the terms of the Carna License Agreement, in exchange for the licens ed rights, the Company made a one -time cash payment of $2.0 million, which was recorded as research and development expenses in the condensed consolidated statements of operations during the six months ended June 30, 2022. The Carna License Agreement provides that the Company will make success-based payments to Carna of up to $258.0 million in the aggregate contingent upon achievement of specified development, regulatory, and commercial milestones. Further, the Carna License Agreement provides that the Company will pay Carna tiered royalty payments ranging from mid-single digits up to 10% of net sales. All of the contingent payments and royalties are payable in cash in U.S. Dollars. Under the terms of the Carna License Agreement, the Company is responsible for, and bears the future costs of, all development and commercialization activities, including patenting, related to all the licensed compounds. As of June 30, 2023 and through the date of this Quarterly Report, the Company has not yet made any payments or recorded any liabilities related to the specified development, regulatory, and commercial milestones or royalties on net sales pursuant to the Carna License Agreement. Agreements with Botanix Asset Purchase Agreement with Botanix On May 3, 2022 (the “Effective Date”), the Company and Brickell Subsidiary entered into an asset purchase agreement with Botanix (the “Asset Purchase Agreement”), pursuant to which Botanix acquired and assumed control of all rights, title, and interests to assets primarily related to the proprietary compound sofpironium bromide that were owned and/or licensed by the Company or Brickell Subsidiary (the “Assets”). Prior to the sale of the Assets, the Company had previously entered into a License Agreement with Bodor Laboratories, Inc. (“Bodor”), dated December 15, 2012 (last amended in February 2020) that provided the Company with a worldwide exclusive license to develop, manufacture, market, sell, and sublicense products containing sofpironium bromide through which the Assets were developed (the “Amended and Restated License Agreement”). As a result of the Asset Purchase Agreement, Botanix is now responsible for all further research, development, and commercialization of sofpironium bromide globally and replaced the Company as the exclusive licensee under the Amended and Restated License Agreement. In accordance with the sublicense rights provided to the Company under the Amended and Restated License Agreement, the Company also had previously entered into a License, Development, and Commercialization Agreement with Kaken Pharmaceutical Co., Ltd. (“Kaken”), dated as of March 31, 2015 (as amended in May 2018, the “Kaken Agreement”), under which the Company granted to Kaken an exclusive right to develop, manufacture, and commercialize the sofpironium bromide compound in Japan and certain other Asian countries (the “Territory”). In exchange for the sublicense, the Company was entitled to receive aggregate payments of up to $10.0 million upon the achievement of specified development milestones, which were earned and received in 2017 and 2018, and up to $19.0 million upon the achievement of sales-based milestones, as well as tiered royalties based on a percentage of net sales of licensed products in the Territory. In September 2020, Kaken received regulatory approval in Japan to manufacture and market ECCLOCK for the treatment of primary axillary hyperhidrosis, and as a result, the Company began recognizing royalty revenue earned on a percentage of net sales of ECCLOCK in Japan. Pursuant to the Asset Purchase Agreement, the Kaken Agreement was assigned to Botanix, which replaced the Company as the exclusive sub-licensor to Kaken. During the three and six months ended June 30, 2022, prior to entering into the Asset Purchase Agreement, the Company recognized royalty revenue under the Kaken Agreement of $0 and $0.1 million, respectively. The Company determined that the development of and ultimate sale and assignment of rights to the Assets is an output of the Company’s ordinary activities and Botanix is a customer as it relates to the sale of the Assets and related activities. In accordance with the terms of the Asset Purchase Agreement, in exchange for the Assets, the Company (i) received an upfront payment at closing in the amount of $3.0 million, (ii) was reimbursed for certain recent development expenditures in advancement of the Assets, (iii) received a milestone payment of $2.0 million upon the acceptance by the U.S. Food and Drug Administration (“FDA”) in December 2022 of the filing of a new drug application (“NDA”) for sofpironium bromide gel, 15%, and (iv) would have been eligible to receive a contingent milestone payment of $4.0 million if marketing approval in the U.S. for sofpironium bromide gel, 15%, is received on or before September 30, 2023, or $2.5 million if such marketing approval is received after September 30, 2023 but on or before February 17, 2024. Botanix submitted an NDA for sofpironium bromide gel, 15%, to the FDA in September 2022, which was accepted by the FDA in December 2022. Under the Asset Purchase Agreement, the Company also would have been eligible to receive additional success-based regulatory and sales milestone payments of up to $168.0 million. Further, the Company would have been eligible to receive tiered earnout payments ranging from high-single digits to mid-teen digits on net sales of sofpironium bromide gel (the “Earnout Payments”). The Asset Purchase Agreement also provided that Botanix would pay to the Company a portion of the sales-based milestone payments and royalties that Botanix received from Kaken under the assigned Kaken Agreement (together, the “Sublicense Income”). Sublicense Income represented the Company’s estimate of payments that would be earned by the Company in the applicable period from sales-based milestone payments and royalties Botanix would receive from Kaken to the extent it was probable that a significant reversal in the amount of cumulative revenue recognized would not occur. Royalties vary based on net sales that are impacted by a wide variety of market and other factors and, as such, the Company utilized the expected value approach, which the Company believed would best predict the amount of consideration to which it would be entitled. In relation to the sales-based milestone payments that Botanix could receive from Kaken in the future, the Company utilized the most likely amount method and determined it was not yet probable that the Company would receive any payments from Botanix in relation to such milestone payments. Therefore, the Company determined that such milestone payments were fully constrained as of June 30, 2023, and, as such, had not yet been recognized such amounts as contract revenue. With respect to the recognition of contract revenue for the Sublicense Income based on future royalties that would be due to Botanix from Kaken, certain amounts were not yet due from Botanix. Therefore, the Company recorded a contract asset equal to the amount of revenue recognized related to the Sublicense Income, less the amount of payments received from or due by Botanix in relation to the Sublicense Income. All other consideration due under the Asset Purchase Agreement was contingent upon certain regulatory approvals and future sales subsequent to such regulatory approvals, or was based upon future sales that the Company determined were not yet probable due to such revenues being highly susceptible to factors outside of the Company’s influence and uncertainty about the amount of such consideration that would not be resolved for an extended period of time. Therefore, the Company determined that such variable consideration amounts were fully constrained as of June 30, 2023, and as such, did not recognize such amounts as contract revenue. Amendment No. 1 to the Asset Purchase Agreement On July 21, 2023, the Company and Brickell Subsidiary entered into Amendment No. 1 to Asset Purchase Agreement (the “Asset Purchase Agreement Amendment”) with Botanix. The Asset Purchase Agreement Amendment provides that, in lieu of any remaining amounts potentially payable by Botanix to the Company pursuant to the Asset Purchase Agreement (collectively, the “Post-Closing Payment Obligations”), Botanix would pay $6.6 million to the Company and $1.65 million on behalf of the Company to Bodor, the payments for which were made on July 26, 2023. The Asset Purchase Agreement Amendment also provides that upon payment of the amounts by Botanix thereunder, all Post-Closing Payment Obligations under the Asset Purchase Agreement were terminated and of no further force or effect. Transition Services Agreement with Botanix In connection with the sale of the Assets, on the Effective Date, the Company and Botanix entered into a transition services agreement (the “TSA”) whereby the Company provides consulting services as an independent contractor to Botanix in support of and through filing and potential approval of the U.S. NDA for sofpironium bromide gel, 15%. In accordance with the terms of the TSA, in exchange for providing these services (i) prior to the acceptance of the filing by the FDA of such NDA in December 2022, the Company received from Botanix a fixed monthly amount of $71 thousand, and (ii) after the acceptance of the filing in December 2022, the Company receives from Botanix a variable amount based upon actual hours worked, in each case plus related fees and expenses of the Company’s advisors (plus a 5% administrative fee) and the Company’s out-of-pocket expenses. During the three and six months ended June 30, 2023, the Company recognized $0 and $9 thousand, respectively, of contract revenue associated with consulting services provided under the TSA. During the three and six months ended June 30, 2022, the Company recognized $0.4 million of contract revenue associated with consulting services provided under the TSA. Contract Asset under the Botanix Agreements The following table presents changes in the value of the Company’s contract asset related to Sublicense Income for the following periods (in thousands): Contract asset as of January 1, 2023 $ 318 Sublicense Income recognized 53 Amounts received or receivable (65) Contract asset as of June 30, 2023 $ 306 Contract asset, included in prepaid expenses and other current assets $ 245 Contract asset, net of current portion $ 61 Contract asset as of January 1, 2022 $ — Sublicense Income recognized 333 Contract asset as of June 30, 2022 $ 333 Contract asset, included in prepaid expenses and other current assets $ 152 Contract asset, net of current portion $ 181 In July 2023, after entering into the Asset Purchase Agreement Amendment, the Company’s contract asset balances as of June 30, 2023 were fully settled. Agreements with Bodor In connection with the sale of the Assets, on the Effective Date, the Company, Brickell Subsidiary, and Bodor entered into an agreement (the “Rights Agreement”) to clarify that the Company and Brickell Subsidiary have the power and authority under the Amended and Restated License Agreement to enter into the Asset Purchase Agreement and the TSA, and that Botanix would assume the Amended and Restated License Agreement pursuant to the Asset Purchase Agreement. The Rights Agreement included a general release of claims and no admission of liability between the parties. Pursuant to such Rights Agreement, as subsequently amended on November 10, 2022, the Company agreed to pay Bodor (i) 20% of the amount of each payment due to the Company from Botanix for upfront and milestone payments, subject to deductions, credits, or offsets applied under the Asset Purchase Agreement, as well as (ii) certain tiered payments, set as a percentage ranging from mid-single digits to mid-teen digits, of the amount of each of the applicable Earnout Payments due to the Company from Botanix after deductions, credits or offsets applied under the Asset Purchase Agreement. Pursuant to the terms of the Asset Purchase Agreement, the Company retained its obligation under the Amended and Restated License Agreement to issue $1.0 million in shares of its common stock to Bodor upon the FDA’s acceptance of an NDA filing for sofpironium bromide gel, 15%. On November 10, 2022, the Company entered into an Acknowledgment and Agreement Related to Asset Purchase Agreement and Amended and Restated License Agreement (the “Acknowledgment”) with Brickell Subsidiary, Botanix, and Bodor. Pursuant to the Acknowledgment, the Company paid $1.0 million in cash to Bodor in full satisfaction of the Company’s obligation to issue shares upon the FDA’s acceptance of the NDA. In connection with the Asset Purchase Agreement Amendment, on July 21, 2023, the Company, Brickell Subsidiary, and Bodor entered into a Second Amendment to Rights Agreement (the “RA Amendment”). The RA Amendment provides that in exchange for the one-time payment of $1.65 million by Botanix on behalf of

DETAILED ACCOUNT BALANCES

DETAILED ACCOUNT BALANCES	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
DETAILED ACCOUNT BALANCES	DETAILED ACCOUNT BALANCES Prepaid expenses and other current assets consisted of the following (in thousands): June 30, December 31, Prepaid insurance $ 419 $ 521 Contract asset 245 254 Prepaid research and development expenses 24 254 Accounts receivable — 250 Other 73 124 Total $ 761 $ 1,403 Accrued liabilities consisted of the following (in thousands): June 30, December 31, Accrued compensation $ 920 $ 1,320 Accrued professional fees 494 705 Accrued research and development expenses 161 432 Total $ 1,575 $ 2,457

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Operating Lease In August 2016, the Company entered into a multi-year, noncancelable lease for its Colorado-based office space, which was amended on December 29, 2022 to, among other things, extend the lease term to December 31, 2025, eliminate options previously available to the Company to extend the lease, and provide that the Company may terminate the lease effective June 30, 2023 if notice is provided by April 30, 2023 (as amended, the “Boulder Lease”). Minimum base lease payments under the Boulder Lease are recognized on a straight-line basis over the term of the lease. In addition to base rental payments included in the contractual obligations table below, the Company is responsible for its pro rata share of the operating expenses for the building, which includes common area maintenance, utilities, property taxes, and insurance. Upon modification of the Boulder Lease in December 2022, the Company reassessed classification of the lease and determined that the lease still met the criteria to be classified as an operating lease. Furthermore, the Company remeasured the lease liability as of the effective date by calculating the present value of the new lease payments, discounted at the Company’s incremental borrowing rate, over the lease term of six months. The lease term includes periods covered by an option to terminate the lease that the Company was reasonably certain to exercise. The operating expenses are variable and are not included in the present value determination of the lease liability. On May 4, 2023, the Company entered into an amendment to the Boulder Lease, which will terminate the Boulder Lease, effective August 31, 2023, and provided for the payment of a termination fee by the Company of approximately $5 thousand in May 2023. Upon modification of the Boulder Lease in May 2023, the Company reassessed classification of the lease and determined that the lease still met the criteria to be classified as an operating lease. Furthermore, the Company remeasured the lease liability as of the effective date by calculating the present value of the new lease payments, discounted at the Company’s incremental borrowing rate, over the remaining lease term of four months. The operating expenses are variable and are not included in the present value determination of the lease liability. The following is a summary of the contractual obligations related to operating lease commitments as of June 30, 2023 (in thousands): Total maturities, through December 31, 2023 $ 19 Present value of lease liability $ 19 Licensing and Other Agreements Refer to Note 3. “ Strategic Agreements ” for more information about the Company’s obligations under its licensing and other agreements.

CAPITAL STOCK

CAPITAL STOCK	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
CAPITAL STOCK	CAPITAL STOCK Common Stock Under the Company’s Restated Certificate of Incorporation, the Company’s Board has the authority to issue up to 300,000,000 shares of common stock with a par value of $0.01 per share. Each share of the Company’s common stock is entitled to one vote, and the holders of the Company’s common stock are entitled to receive dividends when and as declared or paid by its Board. The Company had reserved authorized shares of common stock for future issuance as of June 30, 2023 as follows: June 30, Common stock warrants 621,063 Common stock options outstanding 193,777 Unvested restricted stock units 141,250 Shares available for grant under the Employee Stock Purchase Plan 42,728 Shares available for grant under the 2020 Omnibus Long-Term Incentive Plan 22,132 Total 1,020,950 The Company may be limited in its ability to sell a certain number of shares of its common stock under the Purchase Agreement or ATM Agreements described below, depending on the availability at any given time of authorized and available shares of common stock. Public Offerings of Common Stock and Warrants In October 2020, the Company completed a sale of 422,300 shares of its common stock, and, to certain investors, pre-funded warrants to purchase 40,663 shares of its common stock, and accompanying common stock warrants to purchase up to an aggregate of 462,979 shares of its common stock (the “October 2020 Offering”). Each share of common stock and pre-funded warrant to purchase one share of the Company’s common stock was sold together with a common warrant to purchase one share of the Company’s common stock. The shares of common stock and pre-funded warrants, and the accompanying common warrants, were issued separately and were immediately separable upon issuance. The common warrants are exercisable at a price of $32.40 per share of the Company’s common stock and will expire five years from the date of issuance. The pre-funded warrants were exercised in October 2020. No warrants associated with the October 2020 Offering were exercised during the three and six months ended June 30, 2023 or 2022. In June 2020, the Company completed a sale of 328,669 shares of its common stock, and, to certain investors, pre-funded warrants to purchase 60,220 shares of its common stock, and accompanying common stock warrants to purchase up to an aggregate of 388,920 shares of its common stock (the “June 2020 Offering”). Each share of common stock and pre-funded warrant to purchase one share of common stock was sold together with a common warrant to purchase one share of common stock. The shares of common stock and pre-funded warrants, and the accompanying common warrants, were issued separately and were immediately separable upon issuance. The pre-funded warrants were exercised in the third quarter of 2020. The common warrants were immediately exercisable at a price of $56.25 per share of common stock and will expire five years from the date of issuance. No warrants associated with the June 2020 Offering were exercised during the three and six months ended June 30, 2023 or 2022. At Market Issuance Sales Agreements In March 2021, the Company entered into an At Market Issuance Sales Agreement (the “2021 ATM Agreement”) with Oppenheimer & Co. Inc. (“Oppenheimer”) and William Blair & Company, L.L.C. as the Company’s sales agents (the “Agents”). Pursuant to the terms of the 2021 ATM Agreement, the Company may sell from time to time through the Agents shares of its common stock having an aggregate offering price of up to $50.0 million. Such shares are issued pursuant to the Company’s shelf registration statement on Form S-3 (Registration No. 333-254037). Sales of the shares are made by means of ordinary brokers’ transactions on The Nasdaq Capital Market at market prices or as otherwise agreed by the Company and the Agents. Under the terms of the 2021 ATM Agreement, the Company may also sell the shares from time to time to an Agent as principal for its own account at a price to be agreed upon at the time of sale. Any sale of the shares to an Agent as principal would be pursuant to the terms of a separate placement notice between the Company and such Agent. During the six months ended June 30, 2023, the Company sold 2,887,535 shares of common stock under the 2021 ATM Agreement at a weighted-average price of $2.34 per share, for aggregate net proceeds of $6.6 million, after giving effect to a 3% commission to the Agents. During the three months ended June 30, 2023, no sales of common stock under the 2021 ATM Agreement occurred. During the three and six months ended June 30, 2022, the Company sold 31,557 shares of common stock under the 2021 ATM Agreement at a weighted-average price of $5.61 per share, for aggregate net proceeds of $0.2 million, after giving effect to a 3% commission to the Agents. As of June 30, 2023, approximately $38.0 million of shares of common stock were remaining, but had not yet been sold by the Company under the 2021 ATM Agreement. In April 2020, the Company entered into an At Market Issuance Sales Agreement (the “2020 ATM Agreement” and, together with the 2021 ATM Agreement, the “ATM Agreements”) with Oppenheimer as the Company’s sales agent. Pursuant to the terms of the 2020 ATM Agreement, the Company may sell from time to time through Oppenheimer shares of its common stock having an aggregate offering price of up to $8.0 million. As of June 30, 2023, approximately $2.6 million of shares of common stock were remaining, but had not yet been sold by the Company under the 2020 ATM Agreement. However, the shares that may be sold pursuant to the 2020 ATM Agreement are not currently registered under the Securities Act of 1933, as amended. During the three and six months ended June 30, 2023 and 2022, no sales of common stock under the 2020 ATM Agreement occurred. The Company is subject to the SEC’s “baby shelf rules,” which prohibit companies with a public float of less than $75 million from issuing securities under a shelf registration statement in excess of one-third of such company’s public float in a 12-month period. These rules currently limit future issuances of shares by the Company under the ATM Agreements or other common stock offerings. Private Placement Offerings In February 2020, the Company and Lincoln Park Capital Fund, LLC (“Lincoln Park”) entered into (i) a securities purchase agreement (the “Securities Purchase Agreement”); (ii) a purchase agreement (the “Purchase Agreement”); and (iii) a registration rights agreement (the “Registration Rights Agreement”). Pursuant to the Securities Purchase Agreement, Lincoln Park purchased, and the Company sold, (i) an aggregate of 21,111 shares of common stock (the “Common Shares”); (ii) a warrant to initially purchase an aggregate of up to 13,476 shares of common stock at an exercise price of $0.45 per share (the “Series A Warrant”); and (iii) a warrant to initially purchase an aggregate of up to 34,588 shares of common stock at an exercise price of $52.20 per share (the “Series B Warrant” and, together with the Series A Warrant, the “Warrants”). No warrants associated with the Securities Purchase Agreement were exercised during the three and six months ended June 30, 2023 or 2022. Under the terms and subject to the conditions of the Purchase Agreement, the Company has the right, but not the obligation, to sell to Lincoln Park, and Lincoln Park is obligated to purchase, up to $28.0 million in the aggregate of shares of common stock. In order to retain maximum flexibility to issue and sell up to the maximum of $28.0 million of the Company’s common stock under the Purchase Agreement, the Company sought and, at its annual meeting on April 19, 2021, received, stockholder approval for the sale and issuance of common stock in connection with the Purchase Agreement under Nasdaq Listing Rule 5635(d). Sales of common stock by the Company will be subject to certain limitations, and may occur from time to time, at the Company’s sole discretion, over the 36-month period commencing on August 14, 2020 (the “Commencement Date”). Following the Commencement Date, under the Purchase Agreement, on any business day selected by the Company, the Company may direct Lincoln Park to purchase up to 2,222 shares of common stock on such business day (each, a “Regular Purchase”), provided, however, that (i) the Regular Purchase may be increased to up to 2,777 shares, provided that the closing sale price of the common stock is not below $3.00 on the purchase date; and (ii) the Regular Purchase may be increased to up to 3,333 shares, provided that the closing sale price of the common stock is not below $5.00 on the purchase date. In each case, Lincoln Park’s maximum commitment in any single Regular Purchase may not exceed $1,000,000. The purchase price per share for each such Regular Purchase will be based on prevailing market prices of common stock immediately preceding the time of sale. In addition to Regular Purchases, the Company may direct Lincoln Park to purchase other amounts as accelerated purchases or as additional accelerated purchases if the closing sale price of the common stock exceeds certain threshold prices as set forth 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 the outstanding shares of common stock. During the three and six months ended June 30, 2023 and 2022, no sales of common stock under the Purchase Agreement occurred. As of June 30, 2023, approximately $26.9 million of shares of common stock were remaining, but had not yet been sold by the Company under the Purchase Agreement. On September 9, 2022, a registration statement was declared effective covering the resale of up to 1,750,000 additional shares of the Company’s common stock that the Company has reserved for issuance and sale to Lincoln Park under the Purchase Agreement (Registration Statement No. 333-267254). The Company has the right to terminate the Purchase Agreement at any time, at no cost or penalty. The Securities Purchase Agreement, the Purchase Agreement, and the Registration Rights Agreement contain customary representations, warranties, agreements, and conditions to completing future sale transactions, indemnification rights, and obligations of the parties. Preferred Stock Under the Company’s Restated Certificate of Incorporation, the Company’s Board has the authority to issue up to 5,000,000 shares of preferred stock with a par value of $0.01 per share, at its discretion, in one or more classes or series and to fix the powers, preferences and rights, and the qualifications, limitations, or restrictions thereof, including dividend rights, conversion rights, voting rights, terms of redemption, and liquidation preferences, without further vote or action by the Company’s stockholders. On May 25, 2022, the Company issued and sold one share of the Company’s preferred stock, which was designated as Series A Preferred Stock (the “Series A Preferred Stock”), for a nominal amount. During the time the Series A Preferred Stock was outstanding, it had 80,000,000 votes exclusively with respect to any proposal to amend the Company’s Restated Certificate of Incorporation to effect a reverse stock split of the Company’s common stock. The terms of the Series A Preferred Stock provided that it would be voted, without action by the holder, on any such proposal in the same proportion as shares of the Company’s common stock were voted. The Series A Preferred Stock otherwise had no voting rights except as otherwise required by the General Corporation Law of the State of Delaware. The Series A Preferred Stock was not convertible into, or exchangeable for, shares of any other class or series of stock or other securities of the Company and had no rights with respect to any distribution of assets of the Company, including upon a liquidation, bankruptcy, reorganization, merger, acquisition, sale, dissolution or winding up of the Company, whether voluntarily or involuntarily. The holder of the Series A Preferred Stock was not entitled to receive dividends of any kind. The Series A Preferred Stock was redeemed in whole on July 5, 2022 upon the effectiveness of the amendment to the Restated Certificate of Incorporation implementing the reverse stock split. As of June 30, 2023, there were no shares of preferred stock outstanding.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Equity Incentive Plans On April 20, 2020, the Company’s stockholders approved the 2020 Omnibus Long-Term Incentive Plan (the “Omnibus Plan”), which replaced, with respect to new award grants, the Company’s 2009 Equity Incentive Plan, as amended and restated (the “2009 Plan”), and the Vical Equity Incentive Plan (the “Vical Plan”) (collectively, the “Prior Plans”) that were previously in effect. Following the approval of the Omnibus Plan on April 20, 2020, no further awards were available to be issued under the Prior Plans but awards outstanding under those plans as of that date remain outstanding in accordance with their terms. As of June 30, 2023, 24,769 and 1,672 shares were subject to outstanding awards under the 2009 Plan and Vical Plan, respectively. On May 17, 2022, the Company’s stockholders approved an increase in the number of shares of common stock authorized for issuance under the Omnibus Plan by 119,377 shares. As of June 30, 2023, 323,364 shares were authorized, and 335,027 shares were subject to outstanding awards under the Omnibus Plan. As of June 30, 2023, 22,132 shares remained available for grant under the Omnibus Plan. Employee Stock Purchase Plan On April 19, 2021, the Company’s stockholders approved the Fresh Tracks Therapeutics, Inc. Employee Stock Purchase Plan (the “ESPP”), which had a first eligible purchase period commencing on July 1, 2021. The ESPP allows qualified employees to purchase shares of the Company’s common stock at a price per share equal to 85% of the lower of: (i) the closing price of the Company’s common stock on the first trading day of the applicable purchase period or (ii) the closing price of the Company’s common stock on the last trading day of the applicable purchase period. New six-month purchase periods begin each January 1 and July 1. As of June 30, 2023, the Company had 42,728 shares available for issuance and 15,049 cumulative shares had been issued under the ESPP. Stock-Based Compensation Expense Total stock-based compensation expense reported in the condensed consolidated statements of operations was allocated as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Research and development $ 103 $ 113 $ 195 $ 216 General and administrative 307 463 594 911 Total stock-based compensation expense $ 410 $ 576 $ 789 $ 1,127

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (2,284)	$ (4,276)	$ (1,147)	$ (9,410)	$ (6,560)	$ (10,557)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Brickell Subsidiary, Inc. (“Brickell Subsidiary”), and are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the SEC for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of the Company’s financial information. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023, for any other interim period, or for any other future period. The condensed consolidated balance sheet as of December 31, 2022 has been derived from audited financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. All intercompany balances and transactions have been eliminated in consolidation. The Company operates in one operating segment and, accordingly, no segment disclosures have been presented herein. Significant Accounting Policies The Company’s significant accounting policies are described in Note 2. “Summary of Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. During the six months ended June 30, 2023, the Company did not adopt any additional significant accounting policies.
Reclassifications	Reclassifications Certain comparative figures in the prior year condensed consolidated statement of cash flows within operating activities have been reclassified to conform to the current period presentation. These reclassifications did not impact total net cash used in operating activities.
Use of Estimates	Use of Estimates The Company’s condensed consolidated financial statements are prepared in accordance with U.S. GAAP, which requires it 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 financial statements and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on the Company’s knowledge of current events and actions it may take in the future, actual results may ultimately differ from these estimates and assumptions.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less from date of purchase to be cash equivalents. Cash equivalents consist primarily of amounts held in short-term money market accounts with highly rated financial institutions.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, accounts receivable, and contract asset. The Company maintains cash and cash equivalents balances in several accounts with two financial institutions which, from time to time, are in excess of federally insured limits. One third party individually accounted for all of the Company’s revenue for the three and six months ended June 30, 2023 and 2022, as well as associated accounts receivable and contract asset balances as of June 30, 2023 and December 31, 2022. Refer to Note 3. “Strategic Agreements ” for a detailed discussion of agreements with Botanix SB Inc. and Botanix Pharmaceuticals Limited (“Botanix”).
Fair Value Measurements	Fair Value Measurements Fair value is the price that the Company would receive to sell an asset or pay to transfer a liability in a timely transaction with an independent counterparty in the principal market, or in the absence of a principal market, the most advantageous market for the asset or liability. A three-tier hierarchy distinguishes between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs). The hierarchy is summarized in the three broad levels listed below: Level 1 —quoted prices in active markets for identical assets and liabilities Level 2 —other significant observable inputs (including quoted prices for similar assets and liabilities, interest rates, credit risk, etc.) Level 3 —significant unobservable inputs (including the Company’s own assumptions in determining the fair value of assets and liabilities) Fair Value of Financial Instruments The following methods and assumptions were used by the Company in estimating the fair values of each class of financial instrument disclosed herein: Money Market Funds— The carrying amounts reported as cash and cash equivalents in the condensed consolidated balance sheets approximate their fair values due to their short-term nature and market rates of interest. The carrying values of cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate fair value due to the short-term maturity of those items.
Revenue Recognition	Revenue Recognition The Company has historically recognized revenue primarily from upfront fees, research and development milestones, research reimbursements, and consulting services fees related to the development of previously owned or sublicensed assets associated with the proprietary compound sofpironium bromide, as well as sublicense income and royalty fees on sales of sofpironium bromide gel, 5% (ECCLOCK ® ) in Japan. The Company recognizes revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including the constraint on variable consideration; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies the performance obligations. At contract inception, the Company assesses the goods or services promised within each contract and assesses whether each promised good or service is distinct and determines those that are performance obligations. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company utilizes judgment to assess the nature of the performance obligation to determine whether the performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Contract Revenue The Company evaluates its contracts, including asset sale arrangements that involve the Company’s rights to intellectual property, to determine whether they are outputs of the Company’s ordinary activities and whether the counterparty meets the definition of a customer. If the arrangement is determined to be a contract with a customer and the goods or services sold are determined to be distinct from other performance obligations identified in the arrangement, the Company recognizes revenue primarily from non-refundable upfront fees, milestone payments, sales-based payments, and fees for consulting services allocated to the goods or services when (or as) control is transferred to the customer, and the customer can use and benefit from the goods or services. Licenses of Intellectual Property If a license for the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue when the functional license is transferred to the customer, and the customer can use and benefit from the license. Milestones At the inception of each arrangement that includes milestone payments (variable consideration), excluding sales-based milestone payments discussed below, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. The most likely amount method is generally utilized when there are only two possible outcomes and represents the Company’s best estimate of the single most likely outcome to be achieved. If it is probable that a significant revenue reversal would not occur, the variable consideration for the associated milestone is included in the transaction price. Milestone payments contingent on regulatory approvals that are not within the Company or the Company’s collaboration partner’s control, as applicable, are generally not considered probable of being achieved until those approvals are received. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of milestones and any related constraint, and if necessary, adjusts the Company’s estimate of the variable consideration. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue in the period of adjustment. Sales-Based Payments For license arrangements that include sales-based payments such as royalties or milestone payments based on the level of sales, and for which the license is deemed to be the predominant item to which the sales-based payments relate, the Company recognizes revenue at the later of (i) when the related sales occur or (ii) when the performance obligation to which some or all of the sales-based payment has been allocated has been satisfied (or partially satisfied). Sales-based payments received under license arrangements are recorded as royalty revenue in the Company’s condensed consolidated statements of operations. For non-license arrangements that include sales-based payments, including earnout payments and milestone payments based on the level of sales, the Company estimates the sales-based payments (variable consideration) to be achieved and recognizes revenue to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. The Company may use either the most likely amount, as described above, or the expected value method, in making such estimates based on the nature of the payment to be received and whether there is a wide range of outcomes or only two possible outcomes. The expected value method represents the sum of probability-weighted amounts in a range of possible consideration amounts. The Company bases its estimates using the applicable method described above on factors such as, but not limited to, required regulatory approvals, historical sales levels, market events and projections, and other factors as appropriate. The Company updates its estimates at each reporting period based on actual results and future expectations as necessary. Contract Asset
Research and Development	Research and Development Research and development costs are charged to expense when incurred and consist of costs incurred for independent and collaboration research and development activities. The major components of research and development costs include formulation development, nonclinical studies, clinical studies, clinical manufacturing costs, in-licensing fees for development-stage assets, salaries and employee benefits, and allocations of various overhead and occupancy costs. Research costs typically consist of applied research, preclinical, and toxicology work. Pharmaceutical manufacturing development costs consist of product formulation, chemical analysis, and the transfer and scale-up of manufacturing at contract manufacturers. Assets acquired (or in-licensed) that are utilized in research and development that have no alternative future use are expensed as incurred. Milestone payments related to the Company’s acquired (or in-licensed) assets are recorded as research and development expenses when probable and reasonably estimable. Costs for certain research and development activities, such as clinical trial expenses, are recognized based on an evaluation of the progress to completion of specific tasks using data such as patient enrollment, clinical site activations, and information provided to the Company by its vendor on their actual costs incurred or level of effort expended. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected on the condensed consolidated balance sheets as prepaid expenses and other current assets or accrued expenses. When the Company enters into licensing or subscription arrangements to access and utilize certain technology, the Company evaluates if the license agreement results in the acquisition of an asset or a business. To date, none of the Company’s license agreements have been considered an acquisition of a business. For asset acquisitions, the upfront payments to acquire such licenses, as well as any future milestone payments made before product approval that do not meet the definition of a derivative, are immediately recognized as research and development expenses when they are paid or become payable, provided there is no alternative future use of the rights in other research and development projects.
Net Loss per Share	Net Loss per Share Basic and diluted net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding. When the effects are not anti-dilutive, diluted earnings per share is computed by dividing the Company’s net income by the weighted-average number of common shares outstanding and the impact of all potentially dilutive common shares. Diluted net loss per share is the same as basic net loss per share, as the effects of potentially dilutive securities are anti-dilutive for all periods presented.
Leases	Leases The Company determines if an arrangement is a lease at inception. Operating leases with a term greater than one year are recognized on the condensed consolidated balance sheets as right-of-use assets and lease liabilities. The Company does not currently hold any finance leases. The Company has elected the practical expedient not to recognize on the condensed consolidated balance sheets leases with terms of one year or less and not to separate lease components and non-lease components for real estate leases. Lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the
New Accounting Pronouncements	New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that the Company adopts as of the specified effective date. The Company does not believe that the adoption of recently issued standards has had or will have a material impact on the Company's condensed consolidated financial statements or disclosures.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Schedule of Fair Value Measurements, Recurring and Nonrecurring	The following table sets forth the fair value of the Company’s financial assets measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands): Level 1 June 30, December 31, Assets: Money market funds $ 6,127 $ 7,680
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table sets forth the potential common shares excluded from the calculation of diluted net loss per share because their inclusion would be anti-dilutive: Three and Six Months Ended 2023 2022 Outstanding warrants 621,063 621,063 Outstanding options 193,777 232,084 Unvested restricted stock units 141,250 — Total 956,090 853,147

STRATEGIC AGREEMENTS (Tables)

STRATEGIC AGREEMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Contract with Customer, Contract Asset, Contract Liability, and Receivable	The following table presents changes in the value of the Company’s contract asset related to Sublicense Income for the following periods (in thousands): Contract asset as of January 1, 2023 $ 318 Sublicense Income recognized 53 Amounts received or receivable (65) Contract asset as of June 30, 2023 $ 306 Contract asset, included in prepaid expenses and other current assets $ 245 Contract asset, net of current portion $ 61 Contract asset as of January 1, 2022 $ — Sublicense Income recognized 333 Contract asset as of June 30, 2022 $ 333 Contract asset, included in prepaid expenses and other current assets $ 152 Contract asset, net of current portion $ 181

DETAILED ACCOUNT BALANCES (Tabl

DETAILED ACCOUNT BALANCES (Tables)	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Schedule of Prepaid Expenses	Prepaid expenses and other current assets consisted of the following (in thousands): June 30, December 31, Prepaid insurance $ 419 $ 521 Contract asset 245 254 Prepaid research and development expenses 24 254 Accounts receivable — 250 Other 73 124 Total $ 761 $ 1,403
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): June 30, December 31, Accrued compensation $ 920 $ 1,320 Accrued professional fees 494 705 Accrued research and development expenses 161 432 Total $ 1,575 $ 2,457

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Contractual Obligations	The following is a summary of the contractual obligations related to operating lease commitments as of June 30, 2023 (in thousands): Total maturities, through December 31, 2023 $ 19 Present value of lease liability $ 19

CAPITAL STOCK (Tables)

CAPITAL STOCK (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Reserved Authorized Shares of Common Stock	The Company had reserved authorized shares of common stock for future issuance as of June 30, 2023 as follows: June 30, Common stock warrants 621,063 Common stock options outstanding 193,777 Unvested restricted stock units 141,250 Shares available for grant under the Employee Stock Purchase Plan 42,728 Shares available for grant under the 2020 Omnibus Long-Term Incentive Plan 22,132 Total 1,020,950

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Share-Based Compensation Expense	Total stock-based compensation expense reported in the condensed consolidated statements of operations was allocated as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Research and development $ 103 $ 113 $ 195 $ 216 General and administrative 307 463 594 911 Total stock-based compensation expense $ 410 $ 576 $ 789 $ 1,127

ORGANIZATION AND NATURE OF OP_2

ORGANIZATION AND NATURE OF OPERATIONS (Details) $ in Thousands		3 Months Ended				6 Months Ended
	Jul. 05, 2022	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Stock split, conversion ratio	0.0222
Net loss		$ (2,284)	$ (4,276)	$ (1,147)	$ (9,410)	$ (6,560)	$ (10,557)
Net cash used in operating activities						(6,301)	$ (12,509)
Cash and cash equivalents		8,948				8,948		$ 8,680
Accumulated deficit		$ (173,029)				(173,029)		$ (166,469)
Proceeds from strategic agreement						$ 6,600

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 segment
Accounting Policies [Abstract]
Number of operating segments	1

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value of Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Recurring | Fair Value, Inputs, Level 1
Assets:
Money market funds	$ 6,127	$ 7,680

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Common Shares Excluded from EPS Calculations (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of EPS (in shares)	956,090	853,147	956,090	853,147
Outstanding warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of EPS (in shares)	621,063	621,063	621,063	621,063
Outstanding options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of EPS (in shares)	193,777	232,084	193,777	232,084
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of EPS (in shares)	141,250	0	141,250	0

STRATEGIC AGREEMENTS - Addition

STRATEGIC AGREEMENTS - Additional Information (Details)						3 Months Ended		6 Months Ended
	Jul. 26, 2023 USD ($)	Jul. 21, 2023 USD ($)	Nov. 10, 2022 USD ($)	May 03, 2022 USD ($)	Aug. 27, 2021 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Feb. 02, 2022 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense, future payment, payment two					$ 107,500,000
Royalty payments, maximum percentage of net sales					10%
Milestone payment					$ 1,000,000
Total revenue						$ 53,000	$ 4,315,000	$ 62,000	$ 4,407,000
Value of shares issued in agreement			$ 1,000,000
General and administrative						1,808,000	3,908,000	4,222,000	7,394,000
Royalty revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue						0	0	0	92,000
Voronoi Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense, future payment, payment one					$ 211,000,000
Carna Biosciences, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, one-time cash payment										$ 2,000,000
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments										$ 258,000,000
Collaborative arrangement, rights and obligations, royalty payments, percent of net sales										0.10
Kaken | Milestone Payments | Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue, remaining performance obligation, variable consideration amount				$ 10,000,000
Kaken | Royalty revenue | Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue, remaining performance obligation, variable consideration amount				19,000,000
Botanix
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contract with customer, liability				$ 3,000,000
Collaborative agreement, administration fee percentage				5%
Contract with customer, liability, revenue recognized						0	400,000	9,000	400,000
Botanix | Subsequent Event | Botanix
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contract with customer, asset, purchase	$ 6,600,000
Botanix | Payment Criteria Three
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue, remaining performance obligation, variable consideration amount				$ 168,000,000
Botanix | Milestone Payments
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue, remaining performance obligation, variable consideration amount				2,000,000
Botanix | Milestone Payments | Payment Criteria Two
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue, remaining performance obligation, variable consideration amount				2,500,000
Botanix | Milestone Payments | Maximum | Payment Criteria One
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue, remaining performance obligation, variable consideration amount				4,000,000
Botanix | Royalty revenue | Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenue							0		100,000
Botanix | Consulting services provided under the TSA
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative agreement, monthly payment to be received				$ 71,000
Bodor Laboratories, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative agreement, percentage of actual fees to be paid				20%
Payment for asset purchase agreement			$ 1,000,000
General and administrative						$ 0	$ 500,000	$ 0	$ 500,000
Bodor Laboratories, Inc. | Subsequent Event | Botanix
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contract with customer, asset, purchase	$ 1,650,000	$ 1,650,000

STRATEGIC AGREEMENTS - Schedule

STRATEGIC AGREEMENTS - Schedule of Contract with Customer, Contract Asset, Contract Liability, and Receivable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Contract With Customer, Asset, After Allowance For Credit Loss [Roll Forward]
Contract asset, included in prepaid expenses and other current assets	$ 245		$ 254
Contract asset, net of current portion	61		$ 64
Botanix
Contract With Customer, Asset, After Allowance For Credit Loss [Roll Forward]
Contract asset as of January 1, 2023	318	$ 0
Sublicense Income recognized	53	333
Amounts received or receivable	(65)
Contract asset as of June 30, 2023	306	333
Contract asset, included in prepaid expenses and other current assets	245	152
Contract asset, net of current portion	$ 61	$ 181

DETAILED ACCOUNT BALANCES - Sum

DETAILED ACCOUNT BALANCES - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Prepaid insurance	$ 419	$ 521
Contract asset	245	254
Prepaid research and development expenses	24	254
Accounts receivable	0	250
Other prepaid expenses	73	124
Total	$ 761	$ 1,403

DETAILED ACCOUNT BALANCES - S_2

DETAILED ACCOUNT BALANCES - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued compensation	$ 920	$ 1,320
Accrued professional fees	494	705
Accrued research and development expenses	161	432
Total	$ 1,575	$ 2,457

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	May 04, 2023
Commitments and Contingencies Disclosure [Abstract]
Extended lease term	6 months
Lease termination fee		$ 5

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Schedule of Contractual Obligations (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Total maturities, through December 31, 2023	$ 19
Present value of lease liability	$ 19

CAPITAL STOCK - Narrative (Deta

CAPITAL STOCK - Narrative (Details)			1 Months Ended			3 Months Ended		6 Months Ended
	Sep. 09, 2022 shares	May 25, 2022 vote shares	Oct. 31, 2020 $ / shares shares	Jun. 30, 2020 $ / shares shares	Feb. 29, 2020 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) vote $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) vote $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares shares	Mar. 31, 2021 USD ($)	Apr. 30, 2020 USD ($)
Class of Stock [Line Items]
Common stock, shares authorized (in shares)						300,000,000		300,000,000		300,000,000
Common stock, par value (in usd per share) | $ / shares						$ 0.01		$ 0.01		$ 0.01
Number of votes per share | vote						1		1
Sale of stock, expiration term			5 years
Common stock, shares issued (in shares)						5,906,475		5,906,475		3,018,940
Sale of stock, percentage of commission							0.03	0.03	0.03
Number of additional shares authorized (in share)	1,750,000
Temporary equity, shares authorized (in shares)						5,000,000		5,000,000
Temporary equity, par or stated value per share (in dollars per share) | $ / shares						$ 0.01		$ 0.01
Preferred stock, outstanding, votes | vote		80,000,000
Preferred stock, shares outstanding (in shares)		1
Lincoln Park
Class of Stock [Line Items]
Maximum commitment purchase amount | $					$ 1,000,000
Percentage of ownership after transaction					9.99%
October 2020 Offering
Class of Stock [Line Items]
Number of shares authorized to be repurchased (in shares)			462,979
Common Stock Public Offering
Class of Stock [Line Items]
Exercise price (in usd per share) | $ / shares				$ 56.25
Sale of stock, expiration term				5 years
Common stock, shares issued (in shares)				328,669
2021 At Market Issuance Sales Agreement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)						0	31,557	2,887,535	31,557
Aggregate offering price | $											$ 50,000,000
Sale of stock, weighted average price per share (in usd per share) | $ / shares							$ 5.61	$ 2.34	$ 5.61
Consideration received on transaction | $							$ 200,000	$ 6,600,000	$ 200,000
Shares remaining to be sold, amount | $						$ 38,000,000		$ 38,000,000
2020 At Market Issuance Sales Agreement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)						0	0	0	0
Aggregate offering price | $												$ 8,000,000
2020 At Market Issuance Sales Agreement Scenario 2
Class of Stock [Line Items]
Sale of stock additional shares authorized amount | $						$ 2,600,000		$ 2,600,000
Private Placement Offerings
Class of Stock [Line Items]
Common stock, shares issued (in shares)					21,111
Purchase Agreement
Class of Stock [Line Items]
Sale of stock additional shares authorized amount | $						$ 26,900,000		$ 26,900,000
Purchase Agreement | Lincoln Park
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)						0	0	0	0
Purchase obligation | $					$ 28,000,000
Purchase obligation, term					36 months
Maximum shares allowed to be purchased (in shares)					2,222
Maximum share increase amount (in shares)					2,777
Closing sale price (in usd per share) | $ / shares					$ 3
Regular Purchase | Lincoln Park
Class of Stock [Line Items]
Maximum share increase amount (in shares)					3,333
Closing sale price (in usd per share) | $ / shares					$ 5
Common Stock | October 2020 Offering
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)			422,300
Common Stock Warrants
Class of Stock [Line Items]
Exercise price (in usd per share) | $ / shares			$ 32.40
Common Stock Warrants | October 2020 Offering
Class of Stock [Line Items]
Number of shares authorized to be repurchased (in shares)			40,663
Class of warrant or right, number of securities called by each warrant or right (in shares)			1
Pre-Funded Warrant | Common Stock Public Offering
Class of Stock [Line Items]
Class of warrant or right, number of securities called by each warrant or right (in shares)				1
Stock issuable upon warrants (in shares)				60,220
Accompanying Common Warrant | Common Stock Public Offering
Class of Stock [Line Items]
Stock issuable upon warrants (in shares)				388,920
Series A | Private Placement Offerings
Class of Stock [Line Items]
Exercise price (in usd per share) | $ / shares					$ 0.45
Stock issuable upon warrants (in shares)					13,476
Series B | Private Placement Offerings
Class of Stock [Line Items]
Exercise price (in usd per share) | $ / shares					$ 52.20
Stock issuable upon warrants (in shares)					34,588
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)						0		0

CAPITAL STOCK - Reserved Author

CAPITAL STOCK - Reserved Authorized Shares of Common Stock (Details)	Jun. 30, 2023 shares
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in share)	1,020,950
Outstanding warrants
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in share)	621,063
Common stock options outstanding
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in share)	193,777
Unvested restricted stock units
Class of Stock [Line Items]
Unvested restricted stock units (in shares)	141,250
Shares available for grant under the Employee Stock Purchase Plan
Class of Stock [Line Items]
Shares available for grant (in share)	42,728
Outstanding options | 2020 Omnibus Plan
Class of Stock [Line Items]
Shares available for grant (in share)	22,132

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - shares			6 Months Ended	26 Months Ended
	Sep. 09, 2022	May 17, 2022	Jun. 30, 2023	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized (in share)	1,750,000
Stock purchase offering period			6 months
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in period (in share)				15,049
Outstanding options | 2009 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)			24,769	24,769
Outstanding options | Vical Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)			1,672	1,672
Outstanding options | 2020 Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)			335,027	335,027
Number of additional shares authorized (in share)		119,377
Shares authorized (in shares)			323,364	323,364
Shares available for grant (in share)			22,132	22,132
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in share)			42,728	42,728
Employee Stock | Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount from market price, purchase date			85%

STOCK-BASED COMPENSATION - Shar

STOCK-BASED COMPENSATION - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 410	$ 576	$ 789	$ 1,127
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	103	113	195	216
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 307	$ 463	$ 594	$ 911