Armata Pharmaceuticals (ARMP) 10-Q 13 Aug 24 2024 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 09, 2024
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Entity File Number	001-37544
Entity Registrant Name	ARMATA PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	WA
Entity Tax Identification Number	91-1549568
Entity Address, Address Line One	5005 McConnell Avenue
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90066
City Area Code	310
Local Phone Number	665-2928
Title of 12(b) Security	Common Stock
Trading Symbol	ARMP
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		36,183,067
Entity Central Index Key	0000921114
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 26,405	$ 13,523
Prepaid expenses and other current assets	3,256	2,265
Other receivables	1,242	3,363
Total current assets	30,903	19,151
Restricted cash	5,480	5,720
Property and equipment, net	13,474	12,559
Operating lease right-of-use asset	43,671	44,717
In-process research and development	10,256	10,256
Goodwill	3,490	3,490
Other assets	1,039	2,470
Total assets	108,313	98,363
Current liabilities
Accounts payable and accrued liabilities	3,851	5,689
Accrued compensation	1,222	768
Convertible debt	48,261
Term debt, current	63,127
Current portion of operating lease liabilities	6,596	9,481
Other current liabilities	124	523
Total current liabilities	123,181	16,461
Operating lease liabilities, net of current portion	28,156	28,583
Convertible debt		58,633
Term debt, non-current		23,674
Deferred tax liability	3,077	3,077
Total liabilities	154,414	130,428
Commitments and contingencies (Note 12)
Stockholders' deficit
Common stock, $0.01 par value; 217,000,000 shares authorized; 36,155,992 and 36,122,932 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	362	361
Additional paid-in capital	278,391	276,393
Accumulated deficit	(324,854)	(308,819)
Total stockholders' deficit	(46,101)	(32,065)
Total liabilities and stockholders' deficit	$ 108,313	$ 98,363

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Condensed Consolidated Balance Sheets
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	217,000,000	217,000,000
Common stock, shares issued	36,155,992	36,122,932
Common stock, shares outstanding	36,155,992	36,122,932

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Condensed Consolidated Statements of Operations
Grant revenue		$ 980	$ 966	$ 1,776
Operating expenses
Research and development	$ 8,475	8,259	16,491	17,863
General and administrative	3,439	2,350	6,617	4,888
Total operating expenses	11,914	10,609	23,108	22,751
Operating loss	(11,914)	(9,629)	(22,142)	(20,975)
Other income (expense)
Interest income	221	46	273	64
Interest expense	(2,718)		(4,538)
Change in fair value of convertible debt	23,397	6,036	10,372	2,874
Total other income (expense), net	20,900	6,082	6,107	2,938
Net income (loss)	$ 8,986	$ (3,547)	$ (16,035)	$ (18,037)
Per share information:
Net income (loss) per share, basic	$ 0.25	$ (0.10)	$ (0.44)	$ (0.50)
Net loss per share, diluted	$ (0.25)	$ (0.17)	$ (0.45)	$ (0.50)
Weighted average shares outstanding, basic	36,154,521	36,068,130	36,139,873	36,056,649
Weighted average shares outstanding, diluted	58,246,626	56,544,698	58,231,978	36,056,649

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' (Deficit) Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balances at Dec. 31, 2022	$ 361	$ 275,493	$ (239,774)	$ 36,080
Balances (in shares) at Dec. 31, 2022	36,144,706
Withholdings for taxes related to net share settlement of equity awards		(18)		(18)
Withholdings for taxes related to net share settlement of equity awards, shares	(13,701)
Forfeiture of restricted stock awards (in shares)	(3,699)
Stock-based compensation expense		1,118		1,118
Net income (loss)			(18,037)	(18,037)
Balances at Jun. 30, 2023	$ 361	276,593	(257,811)	19,143
Balances (in shares) at Jun. 30, 2023	36,127,306
Balances at Mar. 31, 2023	$ 361	276,350	(254,264)	22,447
Balances (in shares) at Mar. 31, 2023	36,144,706
Withholdings for taxes related to net share settlement of equity awards		(18)		(18)
Withholdings for taxes related to net share settlement of equity awards, shares	(13,701)
Forfeiture of restricted stock awards (in shares)	(3,699)
Stock-based compensation expense		261		261
Net income (loss)			(3,547)	(3,547)
Balances at Jun. 30, 2023	$ 361	276,593	(257,811)	19,143
Balances (in shares) at Jun. 30, 2023	36,127,306
Balances at Dec. 31, 2023	$ 361	276,393	(308,819)	(32,065)
Balances (in shares) at Dec. 31, 2023	36,122,932
Exercise of stock options	$ 1	129		$ 130
Exercise of stock options (in shares)	37,282			37,282
Withholdings for taxes related to net share settlement of equity awards, shares	(4,222)
Stock-based compensation expense		1,869		$ 1,869
Net income (loss)			(16,035)	(16,035)
Balances at Jun. 30, 2024	$ 362	278,391	(324,854)	(46,101)
Balances (in shares) at Jun. 30, 2024	36,155,992
Balances at Mar. 31, 2024	$ 361	276,969	(333,840)	(56,510)
Balances (in shares) at Mar. 31, 2024	36,132,117
Exercise of stock options	$ 1	87		88
Exercise of stock options (in shares)	23,875
Stock-based compensation expense		1,335		1,335
Net income (loss)			8,986	8,986
Balances at Jun. 30, 2024	$ 362	$ 278,391	$ (324,854)	$ (46,101)
Balances (in shares) at Jun. 30, 2024	36,155,992

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Net loss	$ (16,035)	$ (18,037)
Adjustments required to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	632	458
Stock-based compensation expense	1,869	1,118
Change in fair value of convertible debt	(10,372)	(2,874)
Non-cash interest expense	4,538
Change in right-of-use asset	960
Changes in operating assets and liabilities:
Prepaid expenses and other assets	2,561	(2,207)
Accounts payable and accrued liabilities	(2,142)	116
Accrued compensation	454	(730)
Operating lease liability	(3,226)	(7,474)
Net cash used in operating activities	(20,761)	(29,630)
Investing activities:
Purchases of property and equipment	(1,616)	(2,232)
Net cash used in investing activities	(1,616)	(2,232)
Financing activities:
Proceeds from issuance of convertible debt, net of issuance costs		29,226
Proceeds from issuance of long-term debt, net of issuance costs	34,889
Proceeds from exercise of stock options	130
Net cash provided by financing activities	35,019	29,226
Net increase (decrease) in cash, cash equivalents and restricted cash	12,642	(2,636)
Cash, cash equivalents and restricted cash, beginning of period	19,243	20,812
Cash,cash equivalents and restricted cash, end of period	31,885	18,176
Supplemental disclosure of cash flow information:
Property and equipment included in accounts payable and accrued liabilities	$ 148	$ 3,416

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	$ 26,405	$ 13,523	$ 12,456
Restricted cash	5,480	5,720	5,720
Cash, cash equivalents and restricted cash	$ 31,885	$ 19,243	$ 18,176	$ 20,812

Organization and Description of

Organization and Description of the Business	6 Months Ended
	Jun. 30, 2024
Organization and Description of the Business
Organization and Description of the Business	1. Organization and Description of the Business Armata Pharmaceuticals, Inc. (“Armata”) together with its subsidiaries (the “Company”), is a clinical-stage biotechnology company focused on the development of pathogen-specific bacteriophage therapeutics for the treatment of antibiotic-resistant and difficult-to-treat bacterial infections using its proprietary bacteriophage-based technology. Armata’s common stock, par value $0.01 per share (the “Common Stock”) is traded on the NYSE American exchange under the ticker symbol “ARMP.”

Liquidity and Going Concern

Liquidity and Going Concern	6 Months Ended
	Jun. 30, 2024
Liquidity and Going Concern
Liquidity and Going Concern	2. Liquidity and Going Concern The Company has incurred significant operating losses since inception and has primarily relied on equity, debt financing and grants to fund its operations. As of June 30, 2024, the Company had an accumulated deficit of $324.9 million. The Company expects to continue to incur substantial losses, and its transition to profitability will depend on the successful development, approval and commercialization of product candidates and on the achievement of sufficient revenues to support its cost structure. The Company may never achieve profitability, and unless and until then, the Company will need to continue to raise additional capital. Existing cash and cash equivalents of $26.4 million as of June 30, 2024 will not be sufficient to fund the Company’s operations for the next 12 months from the date of these condensed consolidated financial statements. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern. The Company has prepared its condensed consolidated financial statements on a going concern basis, which assumes that the Company will realize its assets and satisfy its liabilities in the normal course of business. The accompanying condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of the uncertainty concerning the Company’s ability to continue as a going concern. Recent Financing: 2024 Credit Agreement On March 4, 2024, the Company entered into a credit and security agreement (the “2024 Credit Agreement”) for a loan in an aggregate amount of $35.0 million (the “2024 Loan”) with Innoviva Strategic Opportunities LLC, a wholly owned subsidiary of Innoviva, Inc. (NASDAQ: INVA), our principal stockholder and a related party (collectively, “Innoviva”). The 2024 Loan bears interest at an annual rate of 14% and matures on June 4, 2025. Principal and accrued interest are payable at maturity. Repayment of the 2024 Loan is guaranteed by the Company’s domestic subsidiaries, and the loan is secured by substantially all of the assets of the Company and the subsidiary guarantors. Concurrently with the execution of the 2024 Credit Agreement, the Company amended certain provisions of its existing convertible loan (the “Convertible Loan”) (see Note 7) and secured credit and security agreement, dated January 10, 2023, with Innoviva (the “Convertible Credit Agreement”) and its existing secured term loan facility (the “2023 Loan”) and credit and security agreement, dated July 10, 2023, with Innoviva (the “2023 Credit Agreement”) to, among other things, conform certain terms relating to permitted indebtedness and permitted liens (see Note 8). The Company plans to raise additional capital through equity offerings, debt financings, or other capital sources, including potential collaborations, licenses and other similar arrangements. While the Company believes this plan to raise additional funds will alleviate the conditions that raise substantial doubt about the Company’s ability to continue as a going concern, these plans are not entirely within its control and cannot be assessed as being probable of occurring. The Company’s ability to raise additional capital may be adversely impacted by potential worsening global economic conditions and the recent disruptions to, and volatility in, financial markets in the United States and worldwide. The Company may not be able to secure additional financing in a timely manner or on favorable terms, if at all. Furthermore, if the Company issues equity securities to raise additional funds, its existing stockholders may experience dilution, and the new equity securities may have rights, preferences and privileges senior to those of the Company’s existing stockholders. If the Company raises additional funds through collaboration, licensing or other similar arrangements, it may be necessary to relinquish valuable rights to its potential products on terms that are not favorable to the Company. If the Company is unable to raise capital when needed or on attractive terms, it would be forced to delay, reduce or eliminate its research and development programs or other operations. If any of these events occur, the Company’s ability to achieve the development and commercialization goals would be adversely affected.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Significant Accounting Policies
Significant Accounting Policies	3. Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes thereto as of and for the year ended December 31, 2023 included in the Company’s Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on March 21, 2024. The information as of December 31, 2023 included in the condensed consolidated balance sheets was derived from the Company’s audited financial statements. The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the requirements of the SEC for interim reporting. In the opinion of management, the accompanying condensed consolidated financial statements include all adjustments that are of a normal and recurring nature and that are necessary for the fair presentation of the Company’s financial position and the results of its operations and cash flows for the periods presented. Interim results are not necessarily indicative of results for the full year or any future period. Any reference in the condensed consolidated financial statements to applicable guidance is meant to refer to authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Significant Accounting Policies The significant accounting policies used in preparation of the condensed consolidated financial statements for the three and six months ended June 30, 2024 and 2023 are consistent with those discussed in Note 3 to the consolidated financial statements included in the Company’s Form 10-K for the year ended December 31, 2023, filed with the SEC on March 21, 2024, except as noted below and within the “Recently Adopted Accounting Pronouncements” section. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates estimates and assumptions, including but not limited to those related to convertible debt, stock-based compensation expense, accruals for research and development costs, the valuation of deferred tax assets, impairment of goodwill and intangible assets and impairment of long-lived assets. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates. Segments The Company operates and manages its business as one reportable operating segment, which is the business of developing pathogen-specific bacteriophage therapeutics for the treatment of antibiotic-resistant and difficult-to-treat acute and chronic bacterial infections using its proprietary bacteriophage-based technology. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for allocating resources and evaluating financial performance. The long-lived assets of $13.3 million, which represent 99.1% of the Company’s total long-lived assets, are maintained in the United States. Concentration of Credit Risks and Certain Other Risks Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents and restricted cash. As of June 30, 2024, cash equivalents and restricted cash was invested primarily in money market funds and U.S. treasury securities through highly rated financial institutions in accordance with the Company’s investment policy, to a concentration limit per issuer or sector. These are investment assets and are classified as cash equivalents in the condensed consolidated balance sheets as their original maturities are less than three months. Other receivables represent amounts due from the Medical Technology Enterprise Consortium (“MTEC”) (Note 13) and reimbursement for tenant improvements (Note 12). Recently Adopted Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, ASU 2020-06 modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted earnings (loss) per share (“EPS”) computation. The Company adopted this ASU as of January 1, 2024, which did not have an impact on its consolidated financial statements or related disclosures. Recent Accounting Pronouncements Not Yet Adopted In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Measurements
Fair Value Measurements	4. Fair Value Measurements The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following three levels: ● Level 1: ● Level 2: ● Level 3: The financial assets and liabilities measured and recognized at fair value were as follows as of June 30, 2024 and December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ ​ Total ​ ​ Level 1 ​ ​ Level 2 ​ ​ Level 3 Investments in money market fund – financial assets, included in cash and cash equivalents $ 21,102 ​ $ 21,102 ​ $ — ​ $ — Convertible debt– financial liabilities ​ 48,261 ​ ​ — ​ ​ — ​ ​ 48,261 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Total ​ ​ Level 1 ​ ​ Level 2 ​ ​ Level 3 Convertible debt– financial liabilities $ 58,633 ​ $ — ​ $ — ​ $ 58,633 ​ The Company’s convertible debt (Note 7) is measured at fair value and remeasured at each quarter end, with changes in fair value recorded as other income (expense) in the condensed consolidated statement of operations. The Company estimates the fair value of its convertible debt using a weighted probability model of various debt settlement scenarios during its term discounted to the reporting date. Conversion option scenarios are valued using option pricing models with assumptions and estimates such as volatility, expected term and risk-free interest rates. Level 3 fair value inputs include probability and timing of various settlement scenarios and selection of comparable companies. The Company estimated the fair value of its convertible debt using the following inputs as of June 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ ​ December 31, 2023 Discount rate ​ 28.28% ​ ​ 21.01% Probabilities of settlement scenarios ​ 0%-75% ​ ​ 0%-75% Volatility ​ 111.6% ​ ​ 120.3% Expected term (in years) ​ 0.26-0.54 ​ ​ 0.16-1.04 Risk-free rate ​ 5.18%-5.33% ​ ​ 4.66%-5.36% ​ The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial liabilities (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Six months ended ​ ​ June 30, 2024 ​ ​ June 30, 2023 Convertible debt opening balance $ 58,633 ​ $ — Issuance of the convertible debt ​ — ​ ​ 29,226 Change in fair value (10,372) ​ ​ (2,874) Convertible debt closing balance $ 48,261 ​ $ 26,352 ​

Net Income (Loss) per Share

Net Income (Loss) per Share	6 Months Ended
	Jun. 30, 2024
Net Income (Loss) per Share
Net Income (Loss) per Share	5. Net Income (Loss) per Share The computation of basic EPS is based on the weighted-average number of the Company’s Common Stock outstanding. The computation of diluted EPS is based on the weighted-average number of the Company’s Common Stock outstanding and potential dilutive common stock, which primarily includes conversion of convertible debt. Diluted EPS is computed using the more dilutive of the treasury stock method, which reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted to the Company’s Common Stock. Common Stock options, warrants and unvested restricted stock units were not included in dilutive EPS as their impact would be antidilutive. The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders for the periods presented (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2024 2023 2024 2023 Numerator: ​ ​ ​ ​ Net income (loss) attributable to common stockholders, basic ​ $ 8,986 ​ $ (3,547) ​ $ (16,035) ​ $ (18,037) ​ Gain from change in fair value of convertible debt ​ ​ (23,397) ​ ​ (6,036) ​ ​ (10,372) ​ ​ — ​ Net loss attributable to common stockholders, diluted ​ $ (14,411) ​ $ (9,583) ​ $ (26,407) ​ $ (18,037) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding, basic ​ ​ 36,154,521 ​ ​ 36,068,130 ​ ​ 36,139,873 ​ ​ 36,056,649 ​ Shares issuable upon the conversion of the convertible debt ​ ​ 22,092,105 ​ ​ 20,476,568 ​ ​ 22,092,105 ​ ​ — ​ Weighted average shares outstanding, diluted ​ 58,246,626 ​ 56,544,698 ​ 58,231,978 ​ 36,056,649 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per share, basic ​ $ 0.25 ​ $ (0.10) ​ $ (0.44) ​ $ (0.50) ​ Net loss per share, diluted ​ $ (0.25) ​ $ (0.17) ​ $ (0.45) ​ $ (0.50) ​ ​ The following outstanding securities as of June 30, 2024 and December 31, 2023 have been excluded from the computation of dilutive weighted average shares outstanding, as they would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ June 30, 2024 December 31, 2023 Outstanding stock options 4,645,737 3,165,216 ​ Unvested restricted stock units ​ 290,000 ​ 200,000 ​ Shares issuable upon the conversion of convertible debt ​ — ​ 21,293,861 ​ Outstanding warrants ​ 19,365,847 ​ 19,365,847 ​ Total 24,301,584 44,024,924 ​

Balance Sheet Details

Balance Sheet Details	6 Months Ended
	Jun. 30, 2024
Balance Sheet Details
Balance Sheet Details	6. Balance Sheet Details Property and Equipment Property and equipment as of June 30, 2024 and December 31, 2023 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 December 31, 2023 Laboratory equipment ​ $ 21,225 ​ $ 19,678 Furniture and fixtures ​ ​ 817 ​ ​ 817 Office and computer equipment ​ 438 ​ 438 Leasehold improvements ​ 3,447 ​ 3,447 Total ​ ​ 25,927 ​ ​ 24,380 Less: accumulated depreciation ​ (12,453) ​ (11,821) Property and equipment, net ​ $ 13,474 ​ $ 12,559 ​ Depreciation and amortization expense totaled $0.3 million and $0.2 million for the three months ended June 30, 2024 and 2023, and $0.6 and $0.5 million for the six months ended June 30, 2024 and 2023, respectively. Construction in progress and fixed assets not in use were $9.6 million and $8.1 million as of June 30, 2024 and December 31, 2023, respectively, and are included in the laboratory equipment in the table above. These assets are not depreciated until they are placed in service. Other receivables Other receivables as of June 30, 2024 and December 31, 2023 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 December 31, 2023 Tenant improvement allowance receivable (Note 12) ​ $ 748 ​ $ 1,835 Grant and award receivable (Note 13) ​ ​ 494 ​ ​ 1,528 ​ ​ $ 1,242 ​ $ 3,363 ​ Accounts payable and accrued liabilities Accounts payable and accrued liabilities as of June 30, 2024 and December 31, 2023 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 December 31, 2023 Accounts payable ​ $ 1,743 ​ $ 1,585 Accrued clinical trial expenses ​ ​ 1,680 ​ ​ 3,021 Other accrued expenses ​ ​ 428 ​ ​ 1,083 ​ ​ $ 3,851 ​ $ 5,689 ​

Convertible Debt

Convertible Debt	6 Months Ended
	Jun. 30, 2024
Convertible Debt
Convertible Debt	7. Convertible Debt On January 10, 2023, the Company received the Convertible Loan in the aggregate amount of $30.0 million from Innoviva pursuant to the Convertible Credit Agreement. The Convertible Loan bears interest at a rate of 8.0% per annum and was scheduled to mature on January 10, 2024. The Convertible Credit Agreement was amended on July 10, 2023, in connection with the Company’s entry into the 2023 Credit Agreement, to, among other changes, extend the maturity of the Convertible Loan to January 10, 2025. The Convertible Loan principal and accrued interest are payable at maturity. Repayment of the Convertible Loan is guaranteed by the Company’s domestic subsidiaries and foreign material subsidiaries, and the Convertible Loan is secured by substantially all of the assets of the Company and the subsidiary guarantors. The Convertible Credit Agreement provides that if there is a financing from new investors of at least $30.0 million (a “Qualified Financing”), the outstanding principal amount of and all accrued and unpaid interest on the Convertible Loan shall be converted into shares of the Company’s Common Stock, at a price per share equal to a 15.0% discount to the lowest price per share for Common Stock paid by investors in such Qualified Financing. The Convertible Credit Agreement also required the Company to file a registration statement for the resale of all securities issued to the lender in connection with any conversion under the Convertible Credit Agreement, which the Company originally filed on February 13, 2023 and which was declared effective by the SEC on April 6, 2023. The Convertible Credit Agreement also confers upon the lender the option to convert any outstanding Convertible Loan amount, including all accrued and unpaid interest thereon, at the lender’s option, into shares of Common Stock at a price per share equal to the greater of book value or market value per share of Common Stock on the date immediately preceding the effective date of the Convertible Credit Agreement, which was $1.52 (as may be appropriately adjusted for any stock split, combination or similar act). The Company evaluated authoritative guidance for accounting for the Convertible Loan and concluded that the Convertible Loan should be accounted for at fair value under ASC 480, Distinguish Liabilities from Equity, due to the fact that the Convertible Loan will predominately be settled with the Company’s Common Stock. Consequently, the Company recorded the Convertible Loan in its entirety at fair value on its condensed consolidated balance sheet, with changes in fair value recorded as other income (expenses) in the condensed consolidated statements of operations during each reporting period. The Company recognized gains of $23.4 million and $6.0 million as the change in fair value of the Convertible Loan for the three months ended June 30, 2024 and 2023, and $10.4 million and $2.9 million for the six months ended June 30, 2024 and 2023, respectively.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2024
Long-Term Debt
Long-Term Debt	8. Long-Term Debt On July 10, 2023, the Company entered into the 2023 Credit Agreement. The 2023 Credit Agreement provides for the 2023 Loan, a secured term loan facility in an aggregate amount of $25.0 million at an interest rate of 14.0% per annum and has a maturity date of January 10, 2025. Principal and accrued interest are payable at maturity. Repayment of the 2023 Loan is guaranteed by the Company’s domestic subsidiaries, and the 2023 Loan is secured by substantially all of the assets of the Company and the subsidiary guarantors. The 2023 Loan was initially recognized at fair value of $21.2 million and subsequently recognized at the amortized cost net of debt issuance costs and debt discount. Debt issuance costs and debt discount in the amounts of $0.1 million and $3.8 million, respectively, are amortized using the effective interest method to interest expense over the term of the 2023 Loan. The 2023 Loan’s annual effective interest rate was 27.31% as of June 30, 2024. On March 4, 2024, the Company entered into the 2024 Credit Agreement. The 2024 Credit Agreement provides for the 2024 Loan, a secured term loan facility in an aggregate amount of $35.0 million at an interest rate of 14.0% per annum and has a maturity date of June 4, 2025. Principal and accrued interest are payable at maturity. Repayment of the 2024 Loan is guaranteed by the Company’s domestic subsidiaries, and the 2024 Loan is secured by substantially all of the assets of the Company and the subsidiary guarantors. The 2024 Loan was initially recognized at cash proceeds of $35.0 million net of debt issuance costs of $0.1 million, and subsequently is recognized at the amortized cost. Debt issuance costs are amortized using the effective interest method to interest expense over the term of the 2024 Loan. The 2024 Loan’s annual effective interest rate was 14.25% as of June 30, 2024. The 2023 Credit Agreement and the 2024 Credit Agreement contain customary affirmative and negative covenants and representations and warranties, including financial reporting obligations and certain limitations on indebtedness, liens, investments, distributions (including dividends), collateral, investments, mergers or acquisitions and fundamental corporate changes. The 2023 Credit Agreement and the 2024 Credit Agreement also include customary events of default, including payment defaults, breaches of provisions under the loan documents, certain losses or impairment of collateral and related security interests, the occurrence of certain events that could reasonably be expected to have a “material adverse effect” as set forth in the 2023 Credit Agreement and the 2024 Credit Agreement, certain bankruptcy or insolvency events, and a material deviation from the Company’s operating budget.

Stockholders' Deficit

Stockholders' Deficit	6 Months Ended
	Jun. 30, 2024
Stockholders' Deficit
Stockholders' Deficit	9. Stockholders’ Deficit Warrants As of June 30, 2024, outstanding warrants to purchase shares of Common Stock were as follows: ​ ​ ​ ​ ​ ​ ​ Shares Exercise Price Expiration Date 993,139 ​ $ 2.87 ​ February 11, 2025 7,717,661 ​ $ 2.87 ​ March 27, 2025 1,867,912 ​ $ 3.25 ​ January 26, 2026 4,285,935 ​ $ 3.25 ​ March 16, 2026 1,807,396 ​ $ 5.00 ​ February 8, 2027 2,692,604 ​ $ 5.00 ​ March 30, 2027 1,200 ​ $ 1,680.00 ​ None 19,365,847 ​ ​ ​ Shares Reserved for Future Issuance As of June 30, 2024, the Company had reserved shares of its Common Stock for future issuance as follows: ​ ​ ​ ​ ​ June 30, 2024 Stock options outstanding 4,645,737 Unvested restricted stock units ​ 290,000 Shares issuable under the Employee stock purchase plan 11,890 Shares available for future grants under the 2016 Plan 2,480,159 Warrants outstanding 19,365,847 Shares issuable upon the conversion of convertible debt ​ 22,092,105 Total shares reserved 48,885,738 ​

Equity Incentive Plans

Equity Incentive Plans	6 Months Ended
	Jun. 30, 2024
Equity Incentive Plans
Equity Incentive Plans	10. Equity Incentive Plans Stock Award Plans The Company maintains a 2016 Equity Incentive Plan (the “2016 Plan”), which provides for the issuance of incentive share awards in the form of non-qualified and incentive stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards and performance-based stock awards. As of June 30, 2024, there were 2,480,159 shares available for issuance under the 2016 Plan. Stock option transactions during the six months ended June 30, 2024 are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Weighted ​ Remaining ​ ​ ​ ​ ​ ​ ​ Average ​ Contractual ​ Aggregate ​ ​ ​ ​ Exercise ​ Term ​ Intrinsic ​ Shares Price (Years) Value (in thousands) Outstanding at December 31, 2023 3,165,216 ​ $ 5.04 5.9 ​ $ 429 Granted 1,784,054 ​ $ 3.38 ​ ​ — Exercised ​ (37,282) ​ $ 3.38 ​ ​ ​ $ 24 Forfeited/Cancelled/Expired (266,251) ​ $ 15.36 ​ ​ — Outstanding at June 30, 2024 4,645,737 ​ $ 3.83 7.1 ​ $ 144 Vested and expected to vest at June 30, 2024 4,645,737 ​ $ 3.83 7.1 ​ $ 144 Exercisable at June 30, 2024 2,627,743 ​ $ 4.14 5.3 ​ $ 144 ​ The aggregate intrinsic value of options at June 30, 2024 is based on the Company’s closing stock price on that date of $2.75 per share. Restricted stock unit awards transactions during the six months ended June 30, 2024 are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Avg ​ ​ ​ ​ Grant Date ​ Shares Fair Value Outstanding at December 31, 2023 ​ 200,000 ​ $ 2.39 Granted ​ 90,000 ​ $ 3.38 Outstanding at June 30, 2024 ​ 290,000 ​ $ 2.70 ​ Share-based Compensation The Company estimates the fair value of stock options with performance and service conditions using the Black-Scholes valuation model (“Black-Scholes”). Compensation expense related to stock options granted is measured at the grant date based on the estimated fair value of the award and is recognized on the accelerated attribution method over the requisite service period. The assumptions used in the Black-Scholes model during the three and six months ended June 30, 2024 and 2023 are presented below. ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 ​ 2023 Risk-free interest rate ​ 4.24% - 4.25% ​ 3.54% - 4.2% Expected volatility ​ 89.4% - 92.5% ​ 90.99% - 91.58% Expected term (in years) ​ 5.12 - 7.0 ​ 5.5 - 7.00 Expected dividend yield ​ 0% ​ 0% ​ The table below summarizes the total share-based compensation expense included in the Company’s condensed consolidated statements of operations for the periods presented (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2024 2023 2024 2023 Research and development ​ $ 323 ​ $ 259 ​ $ 375 ​ $ 804 General and administrative ​ 1,012 ​ 2 ​ 1,494 ​ 314 Total stock-based compensation expense ​ $ 1,335 ​ $ 261 ​ $ 1,869 ​ $ 1,118 ​ As of June 30, 2024, there was $4.0 million of total unrecognized compensation expense related to unvested stock options and restricted stock units, which the Company expects to recognize over the weighted average remaining period of approximately 2.1 years.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Taxes
Income Taxes	11. Income Taxes The Company did no t record a provision or benefit for income taxes during the three and six months ended June 30, 2024 and 2023. The Company expects to generate net taxable losses and continues to maintain a full valuation allowance against all of its deferred tax assets.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies.
Commitments and Contingencies	12. Commitments and Contingencies Operating Leases The Company leases office and research and development space under a non-cancelable operating lease in Marina del Rey, CA. The lease commenced on January 1, 2012 and was amended in April 2020 to, among other things, extend the lease term through December 31, 2031 (the “2020 Lease Amendment”). Annual base rent is from $1.9 million and increases by 3% annually and will be $2.5 million by the end of the amended term. Concurrent with the Company’s execution of the 2020 Lease Amendment, an irrevocable letter of credit in the amount of $1.2 million was delivered to the landlord. Starting on February 1, 2022, and each year thereafter, the letter of credit will be reduced by 20% of the then outstanding amount. As of June 30, 2024, the letter of credit was $0.5 million. On October 28, 2021, the Company entered into a lease for office and research and development space under a non-cancellable lease in Los Angeles, CA (the “2021 Lease”). The 2021 Lease payment start date was May 1, 2022 and the total lease term is for 16 years and runs through 2038. Monthly rent for 2022 and 2023 was fully or partially abated while the lessor and the Company completed planned tenant improvements to the facility. Base monthly rent is approximately $0.3 million in 2024. The Company is entitled to receive an allowance for tenant improvements of up to $7.3 million, of which the Company received $6.5 million as of June 30, 2024. The Company is responsible for construction costs over such allowance. Out-of-pocket expenses to be incurred by the Company are considered noncash lease payments, and included in the lease liability and right-of-use asset when the amount can be reasonably estimated. In connection with the execution of the 2021 Lease, the Company delivered an irrevocable standby letter of credit in the amount of $5.0 million to the landlord in 2022. Future minimum annual lease payments under the Company’s noncancelable operating leases as of June 30, 2024 are as follows (in thousands): ​ ​ ​ ​ ​ ​ Operating ​ ​ Leases 2024 (remaining six months) $ 4,356 2025 ​ ​ 5,307 2026 ​ ​ 5,466 2027 ​ ​ 5,452 2028 ​ ​ 5,616 Thereafter ​ ​ 43,439 Total minimum lease payments ​ ​ 69,636 Less: amount representing interest ​ ​ (34,884) Present value of operating lease obligations ​ ​ 34,752 Less: current portion ​ ​ (6,596) Noncurrent operating lease obligations ​ $ 28,156 ​ Operating lease expenses were $2.0 million and $1.8 million for the three months ended June 30, 2024 and 2023, and $4.2 million and $3.6 million for the six months ended June 30, 2024 and 2023, respectively. Variable costs related to operating expenses and taxes, which are recognized as incurred, were $0.4 million and $0.2 million for the three months ended June 30, 2024 and 2023, and $1.0 million and $0.5 million for the six months ended June 30, 2024 and 2023, respectively. The following table summarizes supplemental cash flow information related to the Company’s operating leases for the six months ended June 30, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 5,149 ​ $ 10,608 ​ The following table summarizes the weighted-average remaining lease term and weighted-average discount rate related to the Company’s operating leases as of June 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ ​ December 31, 2023 Weighted-average remaining lease term, years ​ ​ 12.25 ​ ​ 12.79 Weighted-average discount rate, % ​ ​ 13.9 ​ ​ 13.9 ​ Legal Proceedings From time to time, the Company may be involved in disputes, including litigation, relating to claims arising out of operations in the normal course of business. Any of these claims could subject the Company to costly legal expenses and, while management generally believes that there is adequate insurance to cover many different types of liabilities, the Company’s insurance carriers may deny coverage or policy limits may be inadequate to fully satisfy any damage awards or settlements. If this were to happen, the payment of any such awards could have a material adverse effect on the Company’s consolidated results of operations and financial position. Additionally, any such claims, whether or not successful, could damage the Company’s reputation and business. The Company is currently not a party to any legal proceedings, the adverse outcome of which, in management’s opinion, individually or in the aggregate, would have a material adverse effect on our consolidated results of operations or financial position.

Grant and Awards

Grant and Awards	6 Months Ended
	Jun. 30, 2024
Grant and Awards
Grant and Awards	13. Grant and Awards MTEC Grant On June 15, 2020, the Company entered into a Research Project Award agreement (the “MTEC Agreement”) with MTEC, pursuant to which the Company received a $15.0 million grant and entered into a three-year program administered by the U.S. Department of Defense through MTEC managed by the Naval Medical Research Command with funding from the Defense Health Agency and Joint Warfighter Medical Research Program. On September 29, 2022, the MTEC Agreement was modified to increase the total award by $1.3 million to $16.3 million and extend the term into the third quarter of 2024. In July 2024, the MTEC Agreement was modified to increase the total award by $5.3 million to a total of $21.6 million and extend the term into the third quarter of 2025. The MTEC funds are to partially fund a Phase 1b/2a, randomized, double-blind, placebo-controlled, dose escalation clinical study of the Company’s therapeutic phage-based candidate, AP-SA02, for the treatment of complicated Staphylococcus aureus Upon license or commercialization of intellectual property developed with the funding from the MTEC Agreement, additional fees will be due to MTEC. The Company will elect whether to (a) pay a fixed royalty amount, which is subject to a cap based upon total funding received, or (b) pay an additional assessment fee, which would also be subject to a cap based upon a percentage of total funding received. The MTEC Agreement is effective through August 15, 2025. The MTEC Agreement may be terminated in whole or in part 30 calendar days following written notice from the Company to MTEC. In addition, MTEC has the right to terminate the MTEC Agreement upon material breach by the Company. The Company determined that the MTEC Agreement is not in the scope of ASC 808 or ASC 606. Applying ASC 606 by analogy, the Company recognizes proceeds received under the MTEC Agreement as grant revenue in the statement of operations when related costs are incurred. The Company recognized zero and $1.0 million in grant revenue from the MTEC Agreement during the three and six months ended June 30, 2024, respectively. As of March 31, 2024, the Company recognized the entire $16.3 million award as grant revenue. Since the additional award was approved in July 2024, the Company will recognize grant revenue from July 2024 until the full amount is utilized. The Company recognized $1.0 million and $1.8 million in grant revenue from the MTEC Agreement during the three and six months ended June 30, 2023. As of June 30, 2024, and December 31, 2023, the Company had $0.5 million and $1.5 million as awards receivable from MTEC, respectively. CFF Therapeutics Development Award On March 13, 2020, the Company entered into an award agreement (the “Award Agreement”) with CFF, pursuant to which the Company received a Therapeutics Development Award of up to $5.0 million (the “CFF Award”). The CFF Award was used to fund a portion of the Company’s Phase 1b/2a clinical trial of the Pseudomonas aeruginosa (“ P. aeruginosa The first payment under the Award Agreement, in the amount of $1.0 million, became due upon signing the Award Agreement and was received in April 2020. The remainder of the CFF Award was payable to the Company incrementally in installments upon the achievement of certain milestones related to the development program and progress of the Phase 1b/2a clinical trial of AP-PA02, as set forth in the Award Agreement. The total amount of the CFF award was recognized through December 2023 and no additional payments are expected. If the Company ceases to use commercially reasonable efforts directed to the development of AP-PA02, or any other Product (as defined in the Award Agreement), for a period of 360 days (an “Interruption”) and fails to resume the development of the Product after receiving from CFF notice of an Interruption, then the Company must either repay the amount of the CFF Award actually received by the Company, plus interest, or grant to CFF (1) an exclusive (even as to the Company), worldwide, perpetual, sublicensable license under technology developed under the Award Agreement that covers the Product for use in treating infections in CF patients (the “CF Field”), and (2) a non-exclusive, worldwide, perpetual, sublicensable license under certain background intellectual property covering the Product, to the extent necessary to commercialize the Product in the CF Field. Upon commercialization by the Company of any Product, the Company will owe a fixed royalty amount to CFF, which is to be paid in installments determined, in part, based on commercial sales volumes of the Product. The Company will be obligated to make an additional fixed royalty payment upon achieving specified sales milestones. The Company may also be obligated to make a payment to CFF if the Company transfers, sells or licenses the Product in the CF Field, or if the Company enters into a change of control transaction. The term of the Award Agreement commenced on March 10, 2020 and expires on the earlier of the date on which the Company has paid CFF all of the fixed royalty payments set forth therein, the effective date of any license granted to CFF following an Interruption, or upon earlier termination of the Award Agreement. Either CFF or the Company may terminate the Award Agreement for cause, which includes the Company’s material failure to achieve certain development milestones. The Company’s payment obligations survive the termination of the Award Agreement. The Company concluded that the CFF Award is in the scope of ASC 808. Accordingly, as discussed in Note 3, the Company recognizes the award upon achievement of certain milestones as credits to research and development expenses. No credits to research and development expenses were recognized during the three and six months ended June 30, 2024 and 2023, respectively, related to the CFF Award. In addition, the Company concluded under the guidance in ASC 730 that it does not have an obligation to repay funds received once related research and development expenses are incurred.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 8,986	$ (3,547)	$ (16,035)	$ (18,037)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
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

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Significant Accounting Policies
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes thereto as of and for the year ended December 31, 2023 included in the Company’s Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on March 21, 2024. The information as of December 31, 2023 included in the condensed consolidated balance sheets was derived from the Company’s audited financial statements. The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the requirements of the SEC for interim reporting. In the opinion of management, the accompanying condensed consolidated financial statements include all adjustments that are of a normal and recurring nature and that are necessary for the fair presentation of the Company’s financial position and the results of its operations and cash flows for the periods presented. Interim results are not necessarily indicative of results for the full year or any future period. Any reference in the condensed consolidated financial statements to applicable guidance is meant to refer to authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates estimates and assumptions, including but not limited to those related to convertible debt, stock-based compensation expense, accruals for research and development costs, the valuation of deferred tax assets, impairment of goodwill and intangible assets and impairment of long-lived assets. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates.
Segments	Segments The Company operates and manages its business as one reportable operating segment, which is the business of developing pathogen-specific bacteriophage therapeutics for the treatment of antibiotic-resistant and difficult-to-treat acute and chronic bacterial infections using its proprietary bacteriophage-based technology. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for allocating resources and evaluating financial performance. The long-lived assets of $13.3 million, which represent 99.1% of the Company’s total long-lived assets, are maintained in the United States.
Concentration of Credit Risks and Certain Other Risks	Concentration of Credit Risks and Certain Other Risks Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents and restricted cash. As of June 30, 2024, cash equivalents and restricted cash was invested primarily in money market funds and U.S. treasury securities through highly rated financial institutions in accordance with the Company’s investment policy, to a concentration limit per issuer or sector. These are investment assets and are classified as cash equivalents in the condensed consolidated balance sheets as their original maturities are less than three months. Other receivables represent amounts due from the Medical Technology Enterprise Consortium (“MTEC”) (Note 13) and reimbursement for tenant improvements (Note 12).
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, ASU 2020-06 modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted earnings (loss) per share (“EPS”) computation. The Company adopted this ASU as of January 1, 2024, which did not have an impact on its consolidated financial statements or related disclosures. Recent Accounting Pronouncements Not Yet Adopted In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value of Financial Assets and Liabilities - Derivative Instruments
Schedule of assets and liabilities measured at fair value	The financial assets and liabilities measured and recognized at fair value were as follows as of June 30, 2024 and December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ ​ Total ​ ​ Level 1 ​ ​ Level 2 ​ ​ Level 3 Investments in money market fund – financial assets, included in cash and cash equivalents $ 21,102 ​ $ 21,102 ​ $ — ​ $ — Convertible debt– financial liabilities ​ 48,261 ​ ​ — ​ ​ — ​ ​ 48,261 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Total ​ ​ Level 1 ​ ​ Level 2 ​ ​ Level 3 Convertible debt– financial liabilities $ 58,633 ​ $ — ​ $ — ​ $ 58,633
Schedule of Fair Value Measurements	The Company estimated the fair value of its convertible debt using the following inputs as of June 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ ​ December 31, 2023 Discount rate ​ 28.28% ​ ​ 21.01% Probabilities of settlement scenarios ​ 0%-75% ​ ​ 0%-75% Volatility ​ 111.6% ​ ​ 120.3% Expected term (in years) ​ 0.26-0.54 ​ ​ 0.16-1.04 Risk-free rate ​ 5.18%-5.33% ​ ​ 4.66%-5.36%
Schedule of Changes in Fair Value of Liabilities	The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial liabilities (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Six months ended ​ ​ June 30, 2024 ​ ​ June 30, 2023 Convertible debt opening balance $ 58,633 ​ $ — Issuance of the convertible debt ​ — ​ ​ 29,226 Change in fair value (10,372) ​ ​ (2,874) Convertible debt closing balance $ 48,261 ​ $ 26,352 ​

Net Income (Loss) per Share (Ta

Net Income (Loss) per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Net Income (Loss) per Share
Computation of Basic and Diluted Net Loss Per Share	The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders for the periods presented (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2024 2023 2024 2023 Numerator: ​ ​ ​ ​ Net income (loss) attributable to common stockholders, basic ​ $ 8,986 ​ $ (3,547) ​ $ (16,035) ​ $ (18,037) ​ Gain from change in fair value of convertible debt ​ ​ (23,397) ​ ​ (6,036) ​ ​ (10,372) ​ ​ — ​ Net loss attributable to common stockholders, diluted ​ $ (14,411) ​ $ (9,583) ​ $ (26,407) ​ $ (18,037) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding, basic ​ ​ 36,154,521 ​ ​ 36,068,130 ​ ​ 36,139,873 ​ ​ 36,056,649 ​ Shares issuable upon the conversion of the convertible debt ​ ​ 22,092,105 ​ ​ 20,476,568 ​ ​ 22,092,105 ​ ​ — ​ Weighted average shares outstanding, diluted ​ 58,246,626 ​ 56,544,698 ​ 58,231,978 ​ 36,056,649 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per share, basic ​ $ 0.25 ​ $ (0.10) ​ $ (0.44) ​ $ (0.50) ​ Net loss per share, diluted ​ $ (0.25) ​ $ (0.17) ​ $ (0.45) ​ $ (0.50) ​
Schedule of Antidilutive Securities Excluded from Computation of Diluted Weighted Shares Outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2024 2023 2024 2023 Numerator: ​ ​ ​ ​ Net income (loss) attributable to common stockholders, basic ​ $ 8,986 ​ $ (3,547) ​ $ (16,035) ​ $ (18,037) ​ Gain from change in fair value of convertible debt ​ ​ (23,397) ​ ​ (6,036) ​ ​ (10,372) ​ ​ — ​ Net loss attributable to common stockholders, diluted ​ $ (14,411) ​ $ (9,583) ​ $ (26,407) ​ $ (18,037) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding, basic ​ ​ 36,154,521 ​ ​ 36,068,130 ​ ​ 36,139,873 ​ ​ 36,056,649 ​ Shares issuable upon the conversion of the convertible debt ​ ​ 22,092,105 ​ ​ 20,476,568 ​ ​ 22,092,105 ​ ​ — ​ Weighted average shares outstanding, diluted ​ 58,246,626 ​ 56,544,698 ​ 58,231,978 ​ 36,056,649 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) per share, basic ​ $ 0.25 ​ $ (0.10) ​ $ (0.44) ​ $ (0.50) ​ Net loss per share, diluted ​ $ (0.25) ​ $ (0.17) ​ $ (0.45) ​ $ (0.50) ​

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	6 Months Ended
	Jun. 30, 2024
Balance Sheet Details
Schedule of Property and Equipment	Property and equipment as of June 30, 2024 and December 31, 2023 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 December 31, 2023 Laboratory equipment ​ $ 21,225 ​ $ 19,678 Furniture and fixtures ​ ​ 817 ​ ​ 817 Office and computer equipment ​ 438 ​ 438 Leasehold improvements ​ 3,447 ​ 3,447 Total ​ ​ 25,927 ​ ​ 24,380 Less: accumulated depreciation ​ (12,453) ​ (11,821) Property and equipment, net ​ $ 13,474 ​ $ 12,559
Schedule of Other receivables	Other receivables as of June 30, 2024 and December 31, 2023 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 December 31, 2023 Tenant improvement allowance receivable (Note 12) ​ $ 748 ​ $ 1,835 Grant and award receivable (Note 13) ​ ​ 494 ​ ​ 1,528 ​ ​ $ 1,242 ​ $ 3,363
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities as of June 30, 2024 and December 31, 2023 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 December 31, 2023 Accounts payable ​ $ 1,743 ​ $ 1,585 Accrued clinical trial expenses ​ ​ 1,680 ​ ​ 3,021 Other accrued expenses ​ ​ 428 ​ ​ 1,083 ​ ​ $ 3,851 ​ $ 5,689 ​

Stockholders' Deficit (Tables)

Stockholders' Deficit (Tables)	6 Months Ended
	Jun. 30, 2024
Stockholders' Deficit
Schedule of Warrant Information	​ ​ ​ ​ ​ ​ ​ Shares Exercise Price Expiration Date 993,139 ​ $ 2.87 ​ February 11, 2025 7,717,661 ​ $ 2.87 ​ March 27, 2025 1,867,912 ​ $ 3.25 ​ January 26, 2026 4,285,935 ​ $ 3.25 ​ March 16, 2026 1,807,396 ​ $ 5.00 ​ February 8, 2027 2,692,604 ​ $ 5.00 ​ March 30, 2027 1,200 ​ $ 1,680.00 ​ None 19,365,847 ​ ​
Schedule of Shares Reserved for Future Issuance	​ ​ ​ ​ ​ June 30, 2024 Stock options outstanding 4,645,737 Unvested restricted stock units ​ 290,000 Shares issuable under the Employee stock purchase plan 11,890 Shares available for future grants under the 2016 Plan 2,480,159 Warrants outstanding 19,365,847 Shares issuable upon the conversion of convertible debt ​ 22,092,105 Total shares reserved 48,885,738 ​

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	6 Months Ended
	Jun. 30, 2024
Equity Incentive Plans
Schedule of Stock Option Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Weighted ​ Remaining ​ ​ ​ ​ ​ ​ ​ Average ​ Contractual ​ Aggregate ​ ​ ​ ​ Exercise ​ Term ​ Intrinsic ​ Shares Price (Years) Value (in thousands) Outstanding at December 31, 2023 3,165,216 ​ $ 5.04 5.9 ​ $ 429 Granted 1,784,054 ​ $ 3.38 ​ ​ — Exercised ​ (37,282) ​ $ 3.38 ​ ​ ​ $ 24 Forfeited/Cancelled/Expired (266,251) ​ $ 15.36 ​ ​ — Outstanding at June 30, 2024 4,645,737 ​ $ 3.83 7.1 ​ $ 144 Vested and expected to vest at June 30, 2024 4,645,737 ​ $ 3.83 7.1 ​ $ 144 Exercisable at June 30, 2024 2,627,743 ​ $ 4.14 5.3 ​ $ 144
Schedule of Restricted Stock Awards and Restricted Stock Unit Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Avg ​ ​ ​ ​ Grant Date ​ Shares Fair Value Outstanding at December 31, 2023 ​ 200,000 ​ $ 2.39 Granted ​ 90,000 ​ $ 3.38 Outstanding at June 30, 2024 ​ 290,000 ​ $ 2.70
Schedule of Assumptions Used in the Black-Scholes Model	​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2024 ​ 2023 Risk-free interest rate ​ 4.24% - 4.25% ​ 3.54% - 4.2% Expected volatility ​ 89.4% - 92.5% ​ 90.99% - 91.58% Expected term (in years) ​ 5.12 - 7.0 ​ 5.5 - 7.00 Expected dividend yield ​ 0% ​ 0%
Schedule of Stock-Based Compensation Expenses	The table below summarizes the total share-based compensation expense included in the Company’s condensed consolidated statements of operations for the periods presented (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2024 2023 2024 2023 Research and development ​ $ 323 ​ $ 259 ​ $ 375 ​ $ 804 General and administrative ​ 1,012 ​ 2 ​ 1,494 ​ 314 Total stock-based compensation expense ​ $ 1,335 ​ $ 261 ​ $ 1,869 ​ $ 1,118

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies.
Future Minimum Lease Payments	Future minimum annual lease payments under the Company’s noncancelable operating leases as of June 30, 2024 are as follows (in thousands): ​ ​ ​ ​ ​ ​ Operating ​ ​ Leases 2024 (remaining six months) $ 4,356 2025 ​ ​ 5,307 2026 ​ ​ 5,466 2027 ​ ​ 5,452 2028 ​ ​ 5,616 Thereafter ​ ​ 43,439 Total minimum lease payments ​ ​ 69,636 Less: amount representing interest ​ ​ (34,884) Present value of operating lease obligations ​ ​ 34,752 Less: current portion ​ ​ (6,596) Noncurrent operating lease obligations ​ $ 28,156
Operating leases	The following table summarizes supplemental cash flow information related to the Company’s operating leases for the six months ended June 30, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 5,149 ​ $ 10,608 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ ​ December 31, 2023 Weighted-average remaining lease term, years ​ ​ 12.25 ​ ​ 12.79 Weighted-average discount rate, % ​ ​ 13.9 ​ ​ 13.9

Organization and Description _2

Organization and Description of the Business (Narrative) (Details) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Organization and Description of the Business
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01

Liquidity and Going Concern (Na

Liquidity and Going Concern (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 04, 2024	Dec. 31, 2023	Jun. 30, 2023
Accumulated deficit	$ (324,854)		$ (308,819)
Cash and cash equivalents	$ 26,405		$ 13,523	$ 12,456
Innoviva Strategic Opportunities LLC | Credit And Security Agreement
Aggregate amount		$ 35,000
Interest rate (as a percent)		14%

Significant Accounting Polici_3

Significant Accounting Policies (Narrative) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) item	Dec. 31, 2023 USD ($)
Operating segment | item	1
Long-lived assets	$ 13,474	$ 12,559
UNITED STATES
Long-lived assets	$ 13,300
Percentage of long-lived assets	99.10%

Fair Value Measurements (Assets

Fair Value Measurements (Assets and liabilities at fair value) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments in money market fund - financial assets, included in cash and cash equivalents	$ 21,102
Convertible debt- financial liabilities	48,261	$ 58,633
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments in money market fund - financial assets, included in cash and cash equivalents	21,102
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible debt- financial liabilities	$ 48,261	$ 58,633

Fair Value Measurements (Compan

Fair Value Measurements (Company's Fair Value Measurements Using Level 3 Inputs) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2024 Y	Dec. 31, 2023 Y
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input, for the period	0.2828	0.2101
Probabilities of settlement scenarios | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input, for the period	0	0
Probabilities of settlement scenarios | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input, for the period	0.75	0.75
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input, for the period	1.116	1.203
Expected term | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input, for the period	0.26	0.16
Expected term | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input, for the period	0.54	1.04
Risk-free rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input, for the period	0.0518	0.0466
Risk-free rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input, for the period	0.0533	0.0536

Fair Value Measurement (Changes

Fair Value Measurement (Changes in Fair Value of Liabilities) (Details) - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Convertible debt opening balance	$ 58,633
Issuance of the convertible debt		$ 29,226
Change in fair value	(10,372)	(2,874)
Convertible debt closing balance	$ 48,261	$ 26,352

Net Income (Loss) per Share (Ba

Net Income (Loss) per Share (Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income (loss) attributable to common stockholders, basic	$ 8,986	$ (3,547)	$ (16,035)	$ (18,037)
Less: Gain from change in fair value of convertible debt	(23,397)	(6,036)	(10,372)
Net loss attributable to common shareholders - diluted	$ (14,411)	$ (9,583)	$ (26,407)	$ (18,037)
Denominator:
Weighted average shares outstanding, basic	36,154,521	36,068,130	36,139,873	36,056,649
Shares issuable upon the conversion of the convertible debt	22,092,105	20,476,568	22,092,105
Weighted average shares outstanding, diluted	58,246,626	56,544,698	58,231,978	36,056,649
Net income (loss) per share, basic	$ 0.25	$ (0.10)	$ (0.44)	$ (0.50)
Net loss per share, diluted	$ (0.25)	$ (0.17)	$ (0.45)	$ (0.50)

Net Income (Loss) per Share (An

Net Income (Loss) per Share (Antidilutive Shares Excluded from Computation of Diluted Shares Outstanding) (Details) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted weighted shares outstanding	24,301,584	44,024,924
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted weighted shares outstanding	4,645,737	3,165,216
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted weighted shares outstanding	290,000	200,000
Shares issuable upon the conversion of Convertible Loan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted weighted shares outstanding		21,293,861
Outstanding warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted weighted shares outstanding	19,365,847	19,365,847

Balance Sheet Details (Narrativ

Balance Sheet Details (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Balance Sheet Details
Depreciation	$ 0.3	$ 0.2	$ 0.6	$ 0.5
Construction in progress and fixed assets	$ 9.6		$ 9.6		$ 8.1

Balance Sheet Details (Property

Balance Sheet Details (Property and Equipment) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total	$ 25,927	$ 24,380
Less: accumulated depreciation	(12,453)	(11,821)
Property and equipment, net	13,474	12,559
Laboratory equipment
Property, Plant and Equipment [Line Items]
Total	21,225	19,678
Office and computer equipment
Property, Plant and Equipment [Line Items]
Total	438	438
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total	817	817
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total	$ 3,447	$ 3,447

Balance Sheet Details (Other re

Balance Sheet Details (Other receivables) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Details
Tenant improvement allowance receivable (Note 12)	$ 748	$ 1,835
Grant and award receivable (Note 13)	494	1,528
Other receivables	$ 1,242	$ 3,363

Balance Sheet Details (Accounts

Balance Sheet Details (Accounts payable and accrued liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Details
Accounts payable	$ 1,743	$ 1,585
Accrued clinical trial expenses	1,680	3,021
Other accrued expenses	428	1,083
Accounts Payable and Accrued Liabilities, Current, Total	$ 3,851	$ 5,689

Convertible Debt (Narrative) (D

Convertible Debt (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Jan. 10, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Change in fair value of convertible debt		$ 23,397	$ 6,036	$ 10,372	$ 2,874
Innoviva Strategic Opportunities LLC [Member]
Proceeds from qualified financing per agreement benchmark	$ 30,000
Innoviva Strategic Opportunities LLC [Member] | Secured term loan
Aggregate amount	$ 30,000
Interest rate (as a percent)	8%
Discount on share price for conversion	15%
Price per share	$ 1.52
Change in fair value of convertible debt		$ 23,400	$ 6,000	$ 10,400	$ 2,900

Long-Term Debt (Details)

Long-Term Debt (Details) - Secured term loan - Innoviva Strategic Opportunities LLC - USD ($) $ in Millions	Jun. 30, 2024	Mar. 04, 2024	Jul. 10, 2023	Jan. 10, 2023
Term Loan
Aggregate amount				$ 30
Interest rate (as a percent)				8%
2023 Credit Agreement
Term Loan
Aggregate amount			$ 25
Interest rate (as a percent)	27.31%		14%
Debt issuance costs			$ 0.1
Recognized at fair value			21.2
Debt discount			$ 3.8
2024 Credit Agreement
Term Loan
Aggregate amount		$ 35
Interest rate (as a percent)	14.25%	14%
Debt issuance costs		$ 0.1

Stockholders' Deficit (Summary

Stockholders' Deficit (Summary of Warrants Outstanding) (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants	19,365,847
Exercise Price $2.87, February 11, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants	993,139
Exercise Price | $ / shares	$ 2.87
Warrant Expiration Date	Feb. 11, 2025
Exercise Price $2.87, March 27, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants	7,717,661
Exercise Price | $ / shares	$ 2.87
Warrant Expiration Date	Mar. 27, 2025
Exercise Price $3.25, January 26, 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants	1,867,912
Exercise Price | $ / shares	$ 3.25
Warrant Expiration Date	Jan. 26, 2026
Exercise Price $3.25, March 16, 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants	4,285,935
Exercise Price | $ / shares	$ 3.25
Warrant Expiration Date	Mar. 16, 2026
Exercise Price $5.00, February 8, 2027
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants	1,807,396
Exercise Price | $ / shares	$ 5
Warrant Expiration Date	Feb. 08, 2027
Exercise Price $5.00, March 30, 2027
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants	2,692,604
Exercise Price | $ / shares	$ 5
Warrant Expiration Date	Mar. 30, 2027
Exercise Price 1680.00
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants	1,200
Exercise Price | $ / shares	$ 1,680

Stockholders' Deficit (Shares R

Stockholders' Deficit (Shares Reserved for Future Issuance) (Details) - shares	Jun. 30, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding	4,645,737	3,165,216
Shares issuable under the Employee stock purchase plan	11,890
Shares available for future grants under the 2016 Plan	2,480,159
Warrants outstanding	19,365,847
Shares issuable upon the conversion of convertible debt	22,092,105
Total shares reserved	48,885,738
Unvested Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted stock units	290,000
Equity Incentive Plan 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants under the 2016 Plan	2,480,159

Equity Incentive Plans (Narrati

Equity Incentive Plans (Narrative) (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Shares available for future grants under the 2016 Plan | shares	2,480,159
Employee Stock Option [Member]
Common stock closing price | $ / shares	$ 2.75
Stock Options And Restricted Stock Awards [Member]
Unrecognized compensation cost related to unvested options | $	$ 4
Weighted-average remaining period for recognition of compensation costs related to unvested options	2 years 1 month 6 days

Equity Incentive Plans (Summary

Equity Incentive Plans (Summary of Stock Option Activity) (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Equity Incentive Plans
Shares, Balance Beginning | shares	3,165,216
Shares, Granted | shares	1,784,054
Shares, Exercised | shares	(37,282)
Shares, Forfeited/Cancelled | shares	(266,251)
Shares, Balance Ending | shares	4,645,737	3,165,216
Vested and expected to vest at June 30, 2024 | shares	4,645,737
Exercisable at June 30, 2024 | shares	2,627,743
Weighted Average Exercise Price, Outstanding Beginning | $ / shares	$ 5.04
Weighted Average Exercise Price, Granted | $ / shares	3.38
Weighted Average Exercise Price, Exercised | $ / shares	3.38
Weighted Average Exercise Price, Forfeited/Cancelled | $ / shares	15.36
Weighted Average Exercise Price, Outstanding Ending | $ / shares	3.83	$ 5.04
Weighted Average Exercise Price, Vested and expected to vest at June 30, 2024 | $ / shares	3.83
Weighted Average Exercise Price, Exercisable at June 30, 2024 | $ / shares	$ 4.14
Weighted Average Remaining Contractual Term (Years), Outstanding	7 years 1 month 6 days	5 years 10 months 24 days
Weighted Average Remaining Contractual Term (Years), Vested and expected to vest at June 30, 2024	7 years 1 month 6 days
Weighted Average Remaining Contractual Term (Years), Exercisable at June 30, 2024	5 years 3 months 18 days
Aggregate Intrinsic Value, Outstanding Beginning | $	$ 429
Aggregate Intrinsic Value, Exercised | $	24
Aggregate Intrinsic Value, Outstanding Ending | $	144	$ 429
Aggregate Intrinsic Value, Vested and expected to vest at June 30, 2024 | $	144
Aggregate Intrinsic Value, Exercisable at June 30, 2024 | $	$ 144

Equity Incentive Plans (Restric

Equity Incentive Plans (Restricted stock award and restricted stock unit award activity) (Details) - Restricted Stock Awards [Member] - C3J Stock Plan 2016 [Member]	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Shares
Outstanding at beginning of period (in shares) | shares	200,000
Granted (in shares) | shares	90,000
Outstanding at end of period (in shares) | shares	290,000
Weighted Avg Grant Date Fair Value
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 2.39
Granted (in dollars per share) | $ / shares	3.38
Outstanding at end of period (in dollars per share) | $ / shares	$ 2.70

Equity Incentive Plans (Assumpt

Equity Incentive Plans (Assumptions Used in the Black-Scholes Model) (Details) - Common Stock Options [Member]	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Measurement Input, Expected Dividend Rate [Member]
Fair value input, equity securities	0	0
Minimum [Member] | Measurement Input, Risk Free Interest Rate [Member]
Fair value input, equity securities	0.0424	0.0354
Minimum [Member] | Measurement Input, Price Volatility [Member]
Fair value input, equity securities	0.894	0.9099
Minimum [Member] | Measurement Input, Expected Term [Member]
Fair value input, equity securities	5.12	5.5
Maximum [Member] | Measurement Input, Risk Free Interest Rate [Member]
Fair value input, equity securities	0.0425	0.042
Maximum [Member] | Measurement Input, Price Volatility [Member]
Fair value input, equity securities	0.925	0.9158
Maximum [Member] | Measurement Input, Expected Term [Member]
Fair value input, equity securities	7	7

Equity Incentive Plans (Allocat

Equity Incentive Plans (Allocation of Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 1,335	$ 261	$ 1,869	$ 1,118
Research and development expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	323	259	375	804
General and administrative expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 1,012	$ 2	$ 1,494	$ 314

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Taxes
Income tax expense (benefit)	$ 0	$ 0	$ 0	$ 0

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2020	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Oct. 28, 2021
Annual increase in rent percentage	3%
Standby letter of credit						$ 5
Lease term						16 years
Base annual rent for 2024						$ 0.3
Maximum allowance for tenant improvements						$ 7.3
Tenant allowances		$ 6.5		$ 6.5
Rent expense under operating leases		2	$ 1.8	4.2	$ 3.6
Variable lease, payment		0.4	$ 0.2	1	$ 0.5
Minimum [Member]
Base rent at the end of lease term	$ 1.9
Maximum [Member]
Base rent at the end of lease term	2.5
Cash [Member]
Standby letter of credit	$ 1.2	$ 0.5		$ 0.5
Annual reduction of standby letter of credit	20%

Commitments and Contingencies_3

Commitments and Contingencies (Future Minimum Lease Payments) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies.
2024 (remaining six months)	$ 4,356
2025	5,307
2026	5,466
2027	5,452
2028	5,616
Thereafter	43,439
Total minimum lease payments	69,636
Less: amount representing interest	(34,884)
Present value of operating lease obligations	34,752
Less: current portion	(6,596)	$ (9,481)
Noncurrent operating lease obligations	$ 28,156	$ 28,583

Commitments and Contingencies_4

Commitments and Contingencies (Operating leases) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Commitments and Contingencies.
Operating cash flows from operating leases	$ 5,149	$ 10,608
Weighted-average remaining lease term, years	12 years 3 months		12 years 9 months 14 days
Weighted-average discount rate, %	13.90%		13.90%

Grant and Awards (Narrative) (D

Grant and Awards (Narrative) (Details) - USD ($)				1 Months Ended	3 Months Ended		6 Months Ended
	Sep. 29, 2022	Jun. 15, 2020	Mar. 13, 2020	Jul. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023
MTEC Grant [Member]
Government Assistance [Line Items]
Revenue from grants	$ 16,300,000	$ 15,000,000							$ 16,300,000
Government assistance, transaction duration		3 years
Increase in expected revenue from grants	$ 1,300,000
Grant revenue from the MTEC Agreement					$ 0	$ 1,000,000	$ 1,000,000	$ 1,800,000
Grants receivable					500,000		500,000			$ 1,500,000
MTEC Grant [Member] | Subsequent Event
Government Assistance [Line Items]
Revenue from grants				$ 21,600,000
Increase in expected revenue from grants				$ 5,300,000
CFF Therapeutics Development Award [Member]
Government Assistance [Line Items]
Grant revenue from the MTEC Agreement					$ 0	$ 0	$ 0	$ 0
Proceeds from governments grants			$ 1,000,000
Award agreement interruption period			360 days
CFF Therapeutics Development Award [Member] | Maximum [Member]
Government Assistance [Line Items]
Revenue from grants			$ 5,000,000