Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 09, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Trading Symbol | ACHV | |
Entity Incorporation, State or Country Code | DE | |
Entity Registrant Name | Achieve Life Sciences, Inc. | |
Entity Central Index Key | 0000949858 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity File Number | 033-80623 | |
Entity Tax Identification Number | 95-4343413 | |
Entity Address, Address Line One | 1040 West Georgia Street | |
Entity Address, Address Line Two | Suite 1030 | |
Entity Address, City or Town | Vancouver | |
Entity Address, State or Province | BC | |
Entity Address, Country | CA | |
Entity Address, Postal Zip Code | V6E 4H1 | |
City Area Code | 604 | |
Local Phone Number | 210-2217 | |
Entity Common Stock, Shares Outstanding | 9,453,542 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents [note 5] | $ 33,312 | $ 35,853 |
Grant receivable [note 2] | 151 | |
Prepaid expenses and other assets | 1,270 | 1,122 |
Total current assets | 34,733 | 36,975 |
Property and equipment, net | 21 | 42 |
Right-of-use assets [note 7] | 79 | 146 |
Other assets and restricted cash [note 5] | 235 | 237 |
License agreement [note 3 and 4] | 1,697 | 1,864 |
Goodwill [note 4] | 1,034 | 1,034 |
Total assets | 37,799 | 40,298 |
Current liabilities: | ||
Accounts payable | 815 | 332 |
Accrued liabilities other | 194 | 584 |
Accrued clinical liabilities | 757 | 453 |
Accrued compensation | 1,241 | 1,474 |
Current portion of long-term obligations [note 7] | 69 | 92 |
Total current liabilities | 3,076 | 2,935 |
Long-term obligations [note 7] | 23 | 77 |
Total liabilities | 3,099 | 3,012 |
Commitments and contingencies [note 7] | ||
Stockholders' equity: | ||
Common stock, $0.001 par value, 150,000,000 shares authorized, 9,453,542 issued and outstanding at September 30, 2021 and 6,111,735 issued and outstanding at December 31, 2020. | 79 | 76 |
Additional paid-in capital | 121,052 | 97,640 |
Accumulated deficit | (86,435) | (60,434) |
Accumulated other comprehensive income | 4 | 4 |
Total stockholders' equity | 34,700 | 37,286 |
Total liabilities and stockholders' equity | 37,799 | 40,298 |
Series A Convertible Preferred Stock [Member] | ||
Stockholders' equity: | ||
Convertible preferred stock, value | ||
Series B Convertible Preferred Stock [Member] | ||
Stockholders' equity: | ||
Convertible preferred stock, value |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value | $ 0.001 | |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 9,453,542 | 6,111,735 |
Common stock, shares outstanding | 9,453,542 | 6,111,735 |
Series B Convertible Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares designated | 6,256 | 6,256 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series A Convertible Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares designated | 9,158 | 9,158 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Consolidated Statements of Loss
Consolidated Statements of Loss and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
EXPENSES | ||||
Research and development | $ 4,591 | $ 1,891 | $ 19,460 | $ 4,535 |
General and administrative | 2,102 | 1,863 | 6,519 | 5,494 |
Total operating expenses | 6,693 | 3,754 | 25,979 | 10,029 |
OTHER INCOME (EXPENSE) | ||||
Interest income | 3 | 2 | 14 | 47 |
Other expenses | (1) | (12) | (36) | (24) |
Total other income (expense) | 2 | (10) | (22) | 23 |
Net loss and comprehensive loss | $ (6,691) | $ (3,764) | $ (26,001) | $ (10,006) |
Basic and diluted net loss per common share | $ (0.71) | $ (1.14) | $ (3.39) | $ (4.55) |
Weighted average shares used in computation of basic and diluted net loss per common share | 9,452,238 | 3,289,252 | 7,670,383 | 2,197,368 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 49 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | |
Operating Activities: | |||||
Net loss | $ (26,001) | $ (10,006) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||
Depreciation and amortization [note 3] | 188 | 191 | |||
Stock-based compensation [note 6 [c] and note 6 [d]] | $ 530 | $ 281 | 1,693 | 891 | |
Shares issued as settlement with trade vendor | 41 | ||||
Changes in operating assets and liabilities: | |||||
Grant receivable [note 2] | (151) | ||||
Prepaid expenses and other assets | (146) | (1,120) | |||
Accounts payable | 483 | (533) | |||
Accrued liabilities other | (390) | 56 | |||
Accrued clinical liabilities | 304 | (294) | |||
Accrued compensation | (233) | (176) | |||
Lease obligation [note 7] | (10) | (3) | |||
Net cash used in operating activities | (24,222) | (10,994) | |||
Financing Activities: | |||||
Proceeds from exercise of warrants | 339 | 3,080 | |||
Net cash provided by financing activities | 21,682 | 16,740 | |||
Investing Activities: | |||||
Purchase of property and equipment | (17) | ||||
Net cash used in investing activities | (17) | ||||
Effect of exchange rate changes on cash | (1) | ||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (2,541) | 5,729 | |||
Cash, cash equivalents and restricted cash at beginning of the period | 35,903 | 16,714 | |||
Cash, cash equivalents and restricted cash at end of the period | $ 33,362 | $ 22,443 | 33,362 | 22,443 | $ 33,362 |
April 2020 Private Placement [Member] | |||||
Financing Activities: | |||||
Proceeds financing and purchase agreement, net of issuance costs | 1,579 | ||||
December 2019 Public Offering [Member] | |||||
Financing Activities: | |||||
Financing costs relating to public offering and purchase agreement | (34) | ||||
July 2020 Registered Direct Offering [Member] | |||||
Financing Activities: | |||||
Proceeds from offering, net of issuance costs | 5,307 | ||||
May 2021 Public Offering [Member] | |||||
Financing Activities: | |||||
Proceeds from offering, net of issuance costs | $ 21,343 | ||||
August 2020 Public Offering [Member] | |||||
Financing Activities: | |||||
Proceeds from offering, net of issuance costs | 6,822 | ||||
LPC [Member] | |||||
Financing Activities: | |||||
Financing costs relating to public offering and purchase agreement | $ (500) | ||||
LPC [Member] | Purchase Agreement [Member] | |||||
Financing Activities: | |||||
Financing costs relating to public offering and purchase agreement | $ (14) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholder's Equity (Unaudited) - USD ($) $ in Thousands | Total | December 2019 Financing [Member] | May 2021 Public Offering [Member] | April 2020 Private Placement [Member] | July 2020 Registered Direct Offering [Member] | August 2020 Public Offering [Member] | LPC [Member] | Common stock [Member] | Common stock [Member]Series B Convertible Preferred Stock [Member] | Common stock [Member]Convertible Preferred Stock [Member] | Common stock [Member]May 2021 Public Offering [Member] | Common stock [Member]April 2020 Private Placement [Member] | Common stock [Member]July 2020 Registered Direct Offering [Member] | Common stock [Member]August 2020 Public Offering [Member] | Preferred stock [Member] | Preferred stock [Member]Series B Convertible Preferred Stock [Member] | Additional paid-in capital [Member] | Additional paid-in capital [Member]Series B Convertible Preferred Stock [Member] | Additional paid-in capital [Member]Convertible Preferred Stock [Member] | Additional paid-in capital [Member]December 2019 Financing [Member] | Additional paid-in capital [Member]May 2021 Public Offering [Member] | Additional paid-in capital [Member]April 2020 Private Placement [Member] | Additional paid-in capital [Member]July 2020 Registered Direct Offering [Member] | Additional paid-in capital [Member]August 2020 Public Offering [Member] | Additional paid-in capital [Member]LPC [Member] | Accumulated other comprehensive income (loss) [Member] | Accumulated deficit [Member] |
Beginning Balance at Dec. 31, 2019 | $ 18,050 | $ 41 | $ 63,709 | $ 4 | $ (45,704) | ||||||||||||||||||||||
Beginning Balance, Shares at Dec. 31, 2019 | 1,474,258 | 1,121 | |||||||||||||||||||||||||
Stock-based compensation expense | 302 | 302 | |||||||||||||||||||||||||
Costs relating to financing and purchase agreement | $ (34) | $ (13) | $ (34) | $ (13) | |||||||||||||||||||||||
Shares issued on conversion of preferred shares | $ 2 | $ (2) | |||||||||||||||||||||||||
Shares issued on conversion of preferred shares, Shares | 93,379 | (1,121) | |||||||||||||||||||||||||
Net loss | (3,320) | (3,320) | |||||||||||||||||||||||||
Ending Balance at Mar. 31, 2020 | 14,985 | $ 43 | 63,962 | 4 | (49,024) | ||||||||||||||||||||||
Ending Balance, Shares at Mar. 31, 2020 | 1,567,637 | ||||||||||||||||||||||||||
Beginning Balance at Dec. 31, 2019 | $ 18,050 | $ 41 | 63,709 | 4 | (45,704) | ||||||||||||||||||||||
Beginning Balance, Shares at Dec. 31, 2019 | 1,474,258 | 1,121 | |||||||||||||||||||||||||
Restricted stock unit settlements, Shares | 236 | ||||||||||||||||||||||||||
Net loss | $ (10,006) | ||||||||||||||||||||||||||
Ending Balance at Sep. 30, 2020 | 25,675 | $ 74 | 81,307 | 4 | (55,710) | ||||||||||||||||||||||
Ending Balance, Shares at Sep. 30, 2020 | 3,616,414 | ||||||||||||||||||||||||||
Beginning Balance at Mar. 31, 2020 | 14,985 | $ 43 | 63,962 | 4 | (49,024) | ||||||||||||||||||||||
Beginning Balance, Shares at Mar. 31, 2020 | 1,567,637 | ||||||||||||||||||||||||||
Stock-based compensation expense | 308 | 308 | |||||||||||||||||||||||||
Costs relating to financing and purchase agreement | $ (1) | $ (1) | |||||||||||||||||||||||||
Shares issued on conversion of preferred shares | $ 2 | $ (2) | |||||||||||||||||||||||||
Shares issued on exercise of warrants | 589 | 589 | |||||||||||||||||||||||||
Shares issued on exercise of warrants, Shares | 89,281 | ||||||||||||||||||||||||||
Shares issued | $ 1,579 | $ 6 | $ 1,573 | ||||||||||||||||||||||||
Shares issued, Shares | 280,782 | ||||||||||||||||||||||||||
Adjustment of fractional shares on reverse stock split, Shares | 3 | ||||||||||||||||||||||||||
Net loss | (2,922) | (2,922) | |||||||||||||||||||||||||
Ending Balance at Jun. 30, 2020 | 14,538 | $ 51 | 66,429 | 4 | (51,946) | ||||||||||||||||||||||
Ending Balance, Shares at Jun. 30, 2020 | 1,937,703 | ||||||||||||||||||||||||||
Stock-based compensation expense | 281 | 281 | |||||||||||||||||||||||||
Shares issued on exercise of warrants | $ 2,491 | $ 7 | 2,484 | ||||||||||||||||||||||||
Shares issued on exercise of warrants, Shares | 377,845 | ||||||||||||||||||||||||||
Shares issued | $ 5,307 | $ 6,822 | $ 15 | $ 1 | $ 5,292 | $ 6,821 | |||||||||||||||||||||
Shares issued, Shares | 731,707 | 569,043 | |||||||||||||||||||||||||
Adjustment of fractional shares on reverse stock split, Shares | (12) | ||||||||||||||||||||||||||
Restricted stock unit settlements, Shares | 236 | 128 | |||||||||||||||||||||||||
Net loss | $ (3,764) | (3,764) | |||||||||||||||||||||||||
Ending Balance at Sep. 30, 2020 | 25,675 | $ 74 | 81,307 | 4 | (55,710) | ||||||||||||||||||||||
Ending Balance, Shares at Sep. 30, 2020 | 3,616,414 | ||||||||||||||||||||||||||
Beginning Balance at Dec. 31, 2020 | 37,286 | $ 76 | 97,640 | 4 | (60,434) | ||||||||||||||||||||||
Beginning Balance, Shares at Dec. 31, 2020 | 6,111,735 | ||||||||||||||||||||||||||
Stock-based compensation expense | 542 | 542 | |||||||||||||||||||||||||
Shares issued on exercise of warrants | 236 | 236 | |||||||||||||||||||||||||
Shares issued on exercise of warrants, Shares | 35,217 | ||||||||||||||||||||||||||
Shares issued | 23 | 23 | |||||||||||||||||||||||||
Shares issued, Shares | 2,965 | ||||||||||||||||||||||||||
Net loss | (7,999) | (7,999) | |||||||||||||||||||||||||
Ending Balance at Mar. 31, 2021 | 30,088 | $ 76 | 98,441 | 4 | (68,433) | ||||||||||||||||||||||
Ending Balance, Shares at Mar. 31, 2021 | 6,149,917 | ||||||||||||||||||||||||||
Beginning Balance at Dec. 31, 2020 | $ 37,286 | $ 76 | 97,640 | 4 | (60,434) | ||||||||||||||||||||||
Beginning Balance, Shares at Dec. 31, 2020 | 6,111,735 | ||||||||||||||||||||||||||
Restricted stock unit settlements, Shares | 231 | ||||||||||||||||||||||||||
Net loss | $ (26,001) | ||||||||||||||||||||||||||
Ending Balance at Sep. 30, 2021 | 34,700 | $ 79 | 121,052 | 4 | (86,435) | ||||||||||||||||||||||
Ending Balance, Shares at Sep. 30, 2021 | 9,453,542 | ||||||||||||||||||||||||||
Beginning Balance at Mar. 31, 2021 | 30,088 | $ 76 | 98,441 | 4 | (68,433) | ||||||||||||||||||||||
Beginning Balance, Shares at Mar. 31, 2021 | 6,149,917 | ||||||||||||||||||||||||||
Stock-based compensation expense | 621 | 621 | |||||||||||||||||||||||||
Shares issued on exercise of warrants | 95 | 95 | |||||||||||||||||||||||||
Shares issued on exercise of warrants, Shares | 14,443 | ||||||||||||||||||||||||||
Shares issued | 18 | $ 21,343 | $ 3 | 18 | $ 21,340 | ||||||||||||||||||||||
Shares issued, Shares | 2,149 | 3,285,714 | |||||||||||||||||||||||||
Net loss | (11,311) | (11,311) | |||||||||||||||||||||||||
Ending Balance at Jun. 30, 2021 | 40,854 | $ 79 | 120,515 | 4 | (79,744) | ||||||||||||||||||||||
Ending Balance, Shares at Jun. 30, 2021 | 9,452,223 | ||||||||||||||||||||||||||
Stock-based compensation expense | 530 | 530 | |||||||||||||||||||||||||
Shares issued on exercise of warrants | 8 | 8 | |||||||||||||||||||||||||
Shares issued on exercise of warrants, Shares | 1,174 | ||||||||||||||||||||||||||
Restricted stock unit settlements | $ (1) | (1) | |||||||||||||||||||||||||
Restricted stock unit settlements, Shares | 231 | 145 | |||||||||||||||||||||||||
Net loss | $ (6,691) | (6,691) | |||||||||||||||||||||||||
Ending Balance at Sep. 30, 2021 | $ 34,700 | $ 79 | $ 121,052 | $ 4 | $ (86,435) | ||||||||||||||||||||||
Ending Balance, Shares at Sep. 30, 2021 | 9,453,542 |
Nature of Business, Basis of Pr
Nature of Business, Basis of Presentation and Liquidity Risk | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Nature of Business, Basis of Presentation and Liquidity Risk | 1. NATURE OF BUSINESS, BASIS OF PRESENTATION AND LIQUIDITY RISK Achieve Life Sciences, Inc. (referred to as “Achieve,” “we,” “us,” or “our”) is a clinical-stage pharmaceutical company committed to the global development and commercialization of cytisinicline for smoking cessation. We were incorporated in the state of Delaware, and operate out of Vancouver, British Columbia and Seattle, Washington. The unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or U.S. GAAP, for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required to be presented for complete financial statements. The accompanying unaudited consolidated financial statements reflect all adjustments (consisting only of normal recurring items) which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. The accompanying consolidated Balance Sheet at December 31, 2020 has been derived from the audited consolidated financial statements included in our Annual Report on Form 10-K for the year then ended. The unaudited consolidated financial statements and related disclosures have been prepared with the assumption that users of the interim financial information have read or have access to the audited consolidated financial statements for the preceding fiscal year. Accordingly, these financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2020 and filed with the U.S. Securities and Exchange Commission, or the SEC, on March 11, 2021. The consolidated financial statements include the accounts of Achieve and our wholly owned subsidiaries, Achieve Life Sciences Technologies Inc., Achieve Life Science, Inc., Extab Corporation, and Achieve Pharma UK Limited. All intercompany balances and transactions have been eliminated. Liquidity We have historically experienced recurring losses from operations and have incurred an accumulated deficit of $86.4 million through September 30, 2021. At September 30, 2021, we had cash and cash equivalents of $33.3 million and a positive working capital balance of $31.7 million. For the nine months ended September 30, 2021, we incurred a net loss of $26.0 million and net cash used in operating activities was $24.2 million. We have historically financed our operations through equity financings. While we believe that we will be able to settle our commitments and liabilities in the normal course of business as they fall due during the next 12 months, as a development-stage company with no current sources of revenue, we are dependent on our ability to raise funds (through public or private securities offerings, debt financings, government funding or grants, or other sources, which may include licensing, collaborations or other strategic transactions or arrangements) to support the ongoing advancement of our clinical trials and corporate activities. |
Accounting Policies
Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Accounting Policies | 2. ACCOUNTING POLICIES The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts and related disclosures. We have discussed those estimates that we believe are critical and require the use of complex judgment in their application in our audited financial statements for the year ended December 31, 2020 in our Annual Report on Form 10-K filed with the SEC, on March 11, 2021. Since December 31, 2020, we have added an additional accounting policy for the accounting of government funded research grants. Government Grants We account for government grants by recognizing the benefit of the grant as qualifying expenditures are incurred provided that there is reasonable assurance that we have complied with all conditions under the terms of the grant and that the amount requested for reimbursement will be received. The government grant reduces the research and development, or R&D, expenses to which it relates on our statement of profit and loss. In July 2021, we were awarded a grant from the National Institute on Drug Abuse, or NIDA, of the National Institutes of Health, or NIH, to evaluate the use of cytisinicline as a treatment for cessation of nicotine e-cigarette use. This initial grant award, in the amount of $0.3 million, commenced on August 1, 2021, and is being utilized to complete critical regulatory and clinical operational activities, such as protocol finalization, clinical trial site identification, drug packaging, and submission of a ne |
Intangibles
Intangibles | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangibles | 3. INTANGIBLES All of our intangible assets are subject to amortization and are amortized using the straight-line method over their estimated useful life. We acquired license and supply agreements in relation to cytisinicline upon the acquisition of Extab Corporation, or Extab, on May 18, 2015. The agreements were determined to have a fair value of $3.1 million with an estimated useful life of 14 years. The components of intangible assets were as follows: September 30, 2021 December 31, 2020 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Value Amortization Value Value Amortization Value License Agreements $ 3,117 $ (1,420 ) $ 1,697 $ 3,117 $ (1,253 ) $ 1,864 For the three and nine months ended September 30 , 2021, September 30, 2021 Year Ending December 31, 2021 56 2022 223 2023 223 Thereafter 1,195 Total $ 1,697 We evaluate the carrying amount of intangible assets periodically by taking into account events or circumstances that may warrant revised estimates of useful life or that indicate the asset may be impaired. We conducted an analysis of potential impairment indicators for long lived assets, including the license and supply agreements for the active pharmaceutical ingredient cytisinicline, and concluded that there were no indicators of impairment identified as of September 30, 2021 |
License Agreements
License Agreements | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
License Agreements | 4. LICENSE AGREEMENTS Sopharma License and Supply Agreements We are party to a license agreement, or the Sopharma License Agreement, and a supply agreement, or the Sopharma Supply Agreement, with Sopharma, AD, or Sopharma. Pursuant to the Sopharma License Agreement, we were granted access to all available manufacturing, efficacy and safety data related to cytisinicline, as well as a granted patent in several European countries related to new oral dosage forms of cytisinicline providing enhanced stability. Additional rights granted under the Sopharma License Agreement include the exclusive use of, and the right to sublicense, certain cytisinicline trademarks in all territories described in the Sopharma License Agreement. Under the Sopharma License Agreement, we agreed to pay a nonrefundable license fee. In addition, we agreed to make certain royalty payments equal to a mid-single digit percentage of all net sales of cytisinicline products in our territory during the term of the Sopharma License Agreement, including those sold by a third party pursuant to any sublicense which may be granted by us. To date, any amounts paid to Sopharma pursuant to the Sopharma License Agreement have been immaterial. University of Bristol License Agreement In July 2016, we entered into a license agreement with the University of Bristol, or the University of Bristol License Agreement. Under the University of Bristol License Agreement, we received exclusive and nonexclusive licenses from the University of Bristol to certain patent and technology rights resulting from research activities into cytisinicline and its derivatives, including a number of patent applications related to novel approaches to cytisinicline binding at the nicotinic receptor level. In consideration of rights granted by the University of Bristol, we paid a nominal license fee and agreed to pay amounts of up to $3.2 million, in the aggregate, tied to a financing milestone and to specific clinical development and commercialization milestones resulting from activities covered by the University of Bristol License Agreement. Additionally, if we successfully commercialize any product candidates subject to the University of Bristol License Agreement, we are responsible for royalty payments in the low-single digits and payments up to a percentage in the mid-teens of any sublicense income, subject to specified exceptions, based upon net sales of such licensed products. On January 22, 2018, we and the University of Bristol entered into an amendment to the University of Bristol License Agreement. Pursuant to the amended University of Bristol License Agreement, we received exclusive rights for all human medicinal uses of cytisinicline across all therapeutic categories from the University of Bristol from research activities into cytisinicline and its derivatives. In consideration of rights granted by the amended University of Bristol License Agreement, we agreed to pay an initial amount of $37,500 upon the execution of the amended University of Bristol License Agreement, and additional amounts of up to $1.7 million, in the aggregate, tied to a financing milestone and to specific clinical development and commercialization milestones resulting from activities covered by the amended University of Bristol License Agreement, in addition to amounts under the original University of Bristol License Agreement of up to $3.2 million in the aggregate, tied to specific financing, development and commercialization milestones. Additionally, if we successfully commercialize any product candidate subject to the amended University of Bristol License Agreement or to the original University of Bristol License Agreement, we will be responsible, as provided in the original University of Bristol License Agreement, for royalty payments in the low-single digits and payments up to a percentage in the mid-teens of any sublicense income, subject to specified exceptions, based upon net sales of such licensed products. Up to September 30, 2021 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. FAIR VALUE MEASUREMENTS Assets and liabilities recorded at fair value in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. For certain of our financial instruments including amounts receivable and accounts payable the carrying values approximate fair value due to their short-term nature. ASC 820 “Fair Value Measurements and Disclosures” specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820, these inputs are summarized in the three broad levels listed below: • Level 1 – Quoted prices in active markets for identical securities. • Level 2 – Other significant inputs that are observable through corroboration with market data (including quoted prices in active markets for similar securities). • Level 3 – Significant unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability. As quoted prices in active markets are not readily available for certain financial instruments, we obtain estimates for the fair value of financial instruments through third-party pricing service providers. In determining the appropriate levels, we performed a detailed analysis of the assets and liabilities that are subject to ASC 820. We invest our excess cash in accordance with investment guidelines that limit the credit exposure to any one financial institution other than securities issued by the U.S. Government. These securities are not collateralized and mature within one year. A description of the valuation techniques applied to our financial instruments measured at fair value on a recurring basis follows. Financial Instruments Money Market Securities Money market securities are classified within Level 1 of the fair value hierarchy and are valued based on quoted prices in active markets for identical securities. The following table presents information about our assets that are measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques we utilized to determine such fair value (in thousands): September 30, 2021 Level 1 Level 2 Level 3 Total Assets Money market securities (cash equivalents) 23,507 — — 23,507 Restricted cash 50 — — 50 Total assets $ 23,557 $ — $ — $ 23,557 Cash equivalents consist of the following (in thousands): Gross Gross Amortized Unrealized Unrealized Estimated September 30, 2021 Cost Gains Losses Fair Value Money market securities $ 23,507 $ — $ — $ 23,507 Total cash equivalents $ 23,507 $ — $ — $ 23,507 Money market securities (restricted cash) 50 — — 50 Total restricted cash $ 50 $ — $ — $ 50 We only invest in A (or equivalent) rated securities. All securities included in cash and cash equivalents had maturities of 90 days or less at the time of purchase. |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Common Stock | 6. COMMON STOCK [a] Authorized 150,000,000 authorized common shares, par value of $0.001, and 5,000,000 preferred shares, par value of $0.001. [b] Issued and outstanding shares Purchase Agreement and Financing with Lincoln Park Capital On September 14, 2017 we and Lincoln Park Capital Fund, LLC, or LPC, entered into a share and unit purchase agreement, which was amended on March 12, 2020, or the Purchase Agreement, pursuant to which we have the right to sell to LPC up to $11.0 million in shares of our common stock, par value $0.001 per share, subject to certain limitations and conditions set forth in the Purchase Agreement. On May 22, 2018 we obtained the requisite stockholder authorization to sell shares of our common stock to LPC in excess of 20% of our outstanding shares of common stock (as of the date we entered into the Purchase Agreement) in order to be able to sell to LPC the full amount remaining under the Purchase Agreement. Pursuant to the Purchase Agreement, LPC initially purchased 1,644 of our units, or the Units, at a purchase price of $608.00 per unit, with each Unit consisting of (a) one share of our common stock and (b) one warrant to purchase one-quarter of a share of common stock at an exercise price of $699.20 per share, or Warrant. Each Warrant became exercisable six months following the issuance date until the date that is five years and six months after the issuance date and is subject to customary adjustments. The Warrants were issued only as part of the Units in the initial purchase of $1.0 million and no warrants shall be issued in connection with any other purchases of common stock under the Purchase Agreement. After the initial purchase, if our stock price is above $1.00, as often as every other business day over the 54-month term of the Purchase Agreement, and up to an aggregate amount of an additional $10.0 million (subject to certain limitations) of shares of common stock, we have the right, from time to time, in our sole discretion and subject to certain conditions to direct LPC to purchase up to 7,500 shares of common stock. The purchase price of shares of common stock pursuant to the Purchase Agreement will be based on prevailing market prices of common stock at the time of sales without any fixed discount, and we will control the timing and amount of any sales of common stock to LPC. As consideration for entering into the Purchase Agreement, we issued to LPC 617 shares of common stock in September 2017 and, in connection with the amendment of the Purchase Agreement in March 2020, we paid LPC $ 0.1 million as an expense reimbursement. The consideration of 617 shares of our common stock were fair valued based on the closing price of our common stock as at the transaction date and recognized as part of offering expenses. During the three and nine months ended September 30, 2021, we offered and sold zero shares of our common stock pursuant to the Purchase Agreement with LPC. Since entering into the Purchase Agreement, from September 14, 2017 through September 30, 2021, we offered and sold an aggregate of 27,868 shares of our common stock, including the 1,644 shares that were part of the initial purchase of Units. These aggregate sales resulted in gross proceeds to us of approximately $4.4 million and offering expenses of $0.5 million. As of September 30, 2021, shares of our common stock having an aggregate value of approximately $6.6 million remained available for sale under this offering program. April 2020 Private Placement On April 27, 2020 and April 28, 2020, we entered into subscription agreements with certain accredited investors pursuant to which we sold to the purchasers in a private placement approximately 280,782 units, or Units, each consisting of (i) one share of common stock, and (ii) a warrant to purchase 0.75 shares of common stock at an offering price of $6.60 per Unit, for aggregate gross proceeds of approximately $1.9 million. The placement agent received a cash commission on the gross proceeds from the sale of the Units and was issued a five (5) year warrant upon substantially similar terms as the investor warrants to purchase 25,270 shares of common stock at an initial exercise price of $7.59 per share. The net proceeds to us, after deducting placement agent expenses and commissions and offering expenses was approximately $1.6 million. Each warrant became exercisable on October 27, 2020, the six-month anniversary of the initial closing date of the offering, through April 27, 2025, which is the five-year anniversary of the initial closing date of the offering. The warrants issued pursuant to subscription agreements executed on April 27, 2020 are exercisable at a price per share of common stock of $7.24, subject to adjustment, and the warrants issued pursuant to subscription agreements executed on April 28, 2020 are exercisable at a price per share of common stock of $7.32, subject to adjustment. Additionally, subject to certain exceptions, if, after the initial exercise date, (i) the volume weighted average price of the common stock for each of 30 consecutive trading days, or the Measurement Period, which, Measurement Period commences on the closing date, exceeds 300% of the exercise price (subject to adjustments for stock splits, recapitalizations, stock dividends and similar transactions), (ii) the average daily trading volume for such Measurement Period exceeds $500,000 per trading day and (iii) certain other equity conditions are met, and subject to a beneficial ownership limitation, then we may call for cancellation of all or any portion of the warrants then outstanding. Placement agent expenses and commissions and offering expenses have been charged against the gross proceeds. July 2020 Registered Direct Offering On July 1, 2020, we completed a registered direct offering, pursuant to which we sold 731,707 shares of our common stock at a price of $8.20 per share. The registered direct offering raised total gross proceeds of approximately $6.0 million, and after deducting approximately $0.7 million in placement agent fees and offering expenses, we received net proceeds of approximately $5.3 million. The placement agent fees and offering expenses have been charged against the gross proceeds. August 2020 Public Offering On August 6, 2020, we completed an underwritten public offering of our securities, pursuant to which we sold an aggregate of (a) 569,043 shares of our common stock, including 92,856 shares subject to the underwriter’s option to purchase additional shares, or the August Shares, and (b) pre-funded warrants to purchase 142,857 shares of our common stock, or the Pre-Funded Warrants, to the underwriter. The August Shares were sold at the public offering price of $10.50 per share. The Pre-Funded Warrants were sold at a public offering price of $10.499, which represents the per share public offering price for the August Shares less a $0.001 per share exercise price for each such Pre-Funded Warrant. The Pre-Funded Warrants are exercisable at any time after the date of issuance. A holder of Pre-Funded Warrants may not exercise the warrant if the holder, together with its affiliates, would beneficially own more than 9.99% of the number of shares of common stock outstanding immediately after giving effect to such exercise. A holder of Pre-Funded Warrants may increase or decrease this percentage, but not in excess of 19.99%, by providing at least 61 days’ prior notice to us. The underwritten public offering raised total gross proceeds of approximately $7.5 million and after deducting approximately $0.7 million in underwriting discounts and commissions and offering expenses, we received net proceeds of approximately $6.8 million. The underwriting discounts and commissions and offering expenses have been charged against the gross proceeds. December 2020 Public Offering On December 7, 2020, we completed an underwritten public offering of our securities, pursuant to which we sold an aggregate of 2,472,500 shares of our common stock, including 322,500 shares subject to the underwriter’s option to purchase additional shares, or the December Shares. The December Shares were sold at the public offering price of $7.00 per share. We also issued a warrant to purchase 50,000 shares of common stock to the representative of the underwriters, the Representative’s Warrant, as a portion of the underwriting compensation payable in connection with this offering. The Representative’s Warrant became exercisable beginning on May 31, 2021, with an exercise price of $8.75 per share and a term of five years. Under ASC 260, the fair value of the Representative’s Warrant of $0.3 million was charged against Additional Paid-In Capital. The underwritten public offering raised total gross proceeds of approximately $17.3 million and after deducting approximately $1.5 million in underwriting discounts and commissions and offering expenses, we received net proceeds of approximately $15.8 million. The underwriting discounts and commissions and offering expenses have been charged against the gross proceeds. May 2021 Public Offering On May 27, 2021, we completed an underwritten public offering of our securities, pursuant to which we sold an aggregate of 3,285,714 shares of our common stock, including 428,571 shares subject to the underwriter’s option to purchase additional shares, or the May Shares. The May Shares were sold at the public offering price of $7.00 per share. The underwritten public offering raised total gross proceeds of approximately $23.0 million and after deducting approximately $1.7 million in underwriting discounts and commissions and offering expenses, we received net proceeds of approximately $21.3 million. The underwriting discounts and commissions and offering expenses have been charged against the gross proceeds. Equity Award Issuances and Settlements During the three and nine months ended September 30, 2021, we did not issue any shares of common stock to satisfy stock option exercises and issued 231 shares of common stock to satisfy restricted stock unit settlements, compared with no shares of common stock issued to satisfy stock option exercises and 236 shares of common stock issued to satisfy restricted stock unit settlements, during the three and nine month periods ended September 30, 2020. [c] Stock options 2018 Equity Incentive Plan As of September 30, 2021, we had reserved, pursuant to the 2018 Equity Incentive Plan, or the 2018 Plan, 521,100 shares of common stock for issuance upon exercise of stock options and settlement of restricted stock units by employees, directors, officers and consultants of ours, of which 463,705 were reserved for options currently outstanding, 53,250 for restricted stock units currently outstanding, and 4,145 were available for future equity grants. Under the 2018 Plan, we may grant options to purchase common shares or restricted stock units to our employees, directors, officers and consultants. The exercise price of the options is determined by our board of directors, or Board, but will be at least equal to the fair value of the shares of common stock at the grant date. The options vest in accordance with terms as determined by our Board, typically over three to four years for options issued to employees and consultants, and over one to three years for members of our Board. The expiry date for each option is set by our Board with a maximum expiry date of ten years from the date of grant. In addition, the 2018 Plan allows for accelerated vesting of outstanding equity awards in the event of a change in control. The terms for accelerated vesting, in the event of a change in control, is determined at our discretion and defined under the employment agreements for our officers and certain of our employees. 2017 Equity Incentive Plan As of September 30 , 2021 Under the 2017 Plan, we granted options to purchase shares of common stock or restricted stock units to our employees, directors, officers and consultants. The exercise price of the options was determined by our board of directors but was at least equal to the fair value of the shares of common stock at the grant date. The options vest in accordance with terms as determined by our Board, typically over three to four years for options issued to employees and consultants, and over one to three years for members of our Board. The expiry date for each option was set by our Board with a maximum expiry date of ten years from the date of grant. In addition, the 2017 Plan allows for accelerated vesting of outstanding equity awards in the event of a change in control. The terms for accelerated vesting, in the event of a change in control, is determined at our discretion and defined under the employment agreements for our officers and certain of our employees. 2010 Performance Incentive Plan As of September 30 , 2021 Under the 2010 Plan we granted options to purchase shares of common stock and restricted stock units to our employees, directors, officers and consultants. The exercise price of the options was determined by our board of directors and was at least equal to the fair value of the shares of common stock at the grant date. The options vest in accordance with terms as determined by our Board, typically over three to four years for options issued to employees and consultants, and over one to three years for members of our Board. The expiry date for each option is set by our Board with a maximum expiry date of ten years from the date of grant. In addition, the 2010 Plan allows for accelerated vesting of outstanding equity awards in the event of a change in control. The terms for accelerated vesting, in the event of a change in control, is determined at our discretion and defined under the employment agreements for our officers and certain of our employees. Stock Option Summary We grant stock options that vest over time in accordance with terms as determined by our Board, which terms are typically four years for employee and consultant grants and one to three years for Board option grants. We also grant stock option awards that vest in conjunction with certain performance conditions to executive officers, employees and consultants. At each reporting date, we are required to evaluate whether achievement of the performance conditions is probable. Compensation expense is recorded over the appropriate service period based upon our assessment of accomplishing each performance condition. The expiry date for each option is set by our Board, which is typically seven to ten years. The exercise price of the options is determined by our Board. Stock option transactions and the number of stock options outstanding are summarized below: Number of Weighted Optioned Average Common Exercise Shares Price Balance, December 31, 2020 227,442 $ 44.64 Granted 294,650 12.07 Expired (2 ) 39,204.00 Balance, September 30, 2021 522,090 $ 26.11 The fair value of each stock award for employees and directors is estimated on the grant date and for consultants at each reporting period, using the Black-Scholes option-pricing model based on the weighted-average assumptions noted in the following table: Nine Months Ended September 30, 2021 2020 Risk-free interest rates 0.64 % 1.43 % Expected dividend yield 0 % 0 % Expected life 5.99 5.98 Expected volatility 109.61 % 104.64 % The expected life was calculated based on the simplified method as permitted by the SEC’s Staff Accounting Bulletin 110, Share-Based Payment The results for the periods set forth below included share-based compensation expense for stock options and restricted stock units in the following expense categories of the consolidated statements of loss (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Research and development $ 162 $ 91 $ 526 $ 272 General and administrative $ 368 190 1,167 619 Total stock-based compensation $ 530 $ 281 $ 1,693 $ 891 As of September 30 , 2021, 30, 2021 Loss Per Share For the three and nine months ended September 30, 2021 [d] Restricted Stock Unit Awards We grant restricted stock unit awards that generally vest and are expensed over a four-year , 2021 The following table summarizes our restricted stock unit award activity during the nine months ended September 30, 2021 Weighted Number Average of Grant Date Shares Fair Value Balance, December 31, 2020 231 $ 580.00 Granted 53,250 13.09 Released (231 ) 580.00 Balance, September 30, 2021 53,250 $ 13.09 As of September 30, 2021 [e] Non-employee options and restricted stock units We recognize non-employee stock-based compensation expense over the period of expected service by the non-employee. As the service is performed, we are required to update our valuation assumptions, re-measure unvested options and restricted stock units and record the stock-based compensation using the valuation as of the vesting date. This differs from the accounting for employee awards where the fair value is determined at the grant date and is not subsequently adjusted. This re-measurement may result in higher or lower stock-based compensation expense in the Consolidated Statements of Loss and Comprehensive Loss. As such, changes in the market price of our stock could materially change the value of an option or restricted stock unit and the resulting stock-based compensation expense. [f] Common Stock Warrants The following is a summary of outstanding warrants to purchase common stock at September 30 , 2021 Total Outstanding Exercise and price per Exercisable Share Expiration Date (1) Warrants issued in September 2017 financing 411 $ 699.200 March 2023 (2) Warrants issued in June 2018 financing 114,100 $ 80.000 June 2023 (3) Warrants issued in October 2018 financing 31,215 $ 62.890 October 2023 (4) Warrants issued in May 2019 financing 60,000 $ 90.000 May 2025 (5) Warrants issued in December 2019 financing 612,967 $ 6.600 December 2024 (6) Warrants issued in April 2020 financing 182,461 $ 7.240 April 2025 (7) Warrants issued in April 2020 financing 24,375 $ 7.320 April 2025 (8) Warrants issued in April 2020 financing 25,270 $ 7.590 April 2025 (9) Pre-Funded warrants issued in August 2020 financing 142,857 $ 0.001 * (10) Warrants issued in December 2020 financing 50,000 $ 8.750 December 2025 *The pre-funded warrants do not have an expiration date. For the nine months ended September 30, 2021, warrants to purchase 47,084 shares, issued in the December 2019 financing, were exercised at a per unit price of $6.60, for proceeds of $0.3 million, and warrants to purchase 3,750 shares issued in the April 2020 financing were exercised for a per unit price of $7.32, for proceeds of $27,450. For the nine months ended September 30, 2020, warrants to purchase 467,126 shares, issued in the December 2019 financing, were exercised at a per unit price of $6.60, for proceeds of $3.1 million. As of September 30, 2021, all of our outstanding warrants were classified as equity. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. COMMITMENTS AND CONTINGENCIES The following table summarizes our contractual obligations as of September 30, 2021 (in thousands): Total Less than 1 year 1-3 years 3-5 years More than 5 years Vancouver office operating lease $ 91 $ 68 $ 23 $ — $ — Total $ 91 $ 68 $ 23 $ — $ — Leases We have operating leases for our corporate offices. Operating leases with a term of 12 months or longer are included in ROU assets, other current liabilities, and operating lease liabilities on our consolidated balance sheets. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities on our consolidated balance sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use the incremental borrowing rate of comparable companies from a representative peer group selected based on industry and market capitalization. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Vancouver lease arrangements On November 19, 2018, we entered into a lease agreement, or the Vancouver Lease, for new office space in Vancouver, British Columbia, which commenced on February 1, 2019. Pursuant to the terms of the lease agreement, we leased approximately 2,367 square feet located at Suite 1030, The Grosvenor Building, 1040 West Georgia Street, Vancouver, B.C. The initial term of the Vancouver Lease will expire on January 31, 2023, with an option to extend the term for one further four-year Future minimum lease payments under the Vancouver Lease are as follows (in thousands): 2021 17 2022 68 2023 6 Total $ 91 Seattle lease arrangement On December 11, 2017, we entered into a lease, or the Seattle Lease, with 520 Pike Street, Inc., or Pike, pursuant to which we leased approximately 3,187 square feet located at Suite 2250 at 520 Pike Tower, Seattle, Washington, 98101, which commenced on March 1, 2018. The Seattle Lease expired on March 1, 2021 and was not renewed. Our monthly base rent for the premises started at approximately $11,685 which commenced on March 1, 2018 and increased on an annual basis up to approximately $12,397. In addition, we paid a security deposit to Pike in the amount of $37,192, that was subject to periodic reductions on the anniversary of the Seattle Lease. After the first anniversary of the Seattle Lease, we received a payment of $12,397, after the second anniversary, $12,397 from the security deposit was applied against one month of rent and on termination of the Seattle Lease, we received a payment of the $12,397 for the remaining amount in the security deposit. The Seattle Lease was classified as an operating lease. Consolidated rent expense relating to the Vancouver, British Columbia, Other information related to leases was as follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 15 $ 47 $ 68 $ 137 Right-of-use assets obtained in exchange for lease obligations: Operating leases — — — — Weighted Average Remaining Lease Term Operating leases 1.33 years 1.75 years 1.33 years 1.75 years Weighted Average Discount Rate Operating leases 9.97 % 9.9 % 9.97 % 9.9 % Guarantees and Indemnifications We indemnify our officers, directors and certain consultants for certain events or occurrences, subject to certain limits, while the officer or director is or was serving at its request in such capacity. The term of the indemnification period is equal to the officer’s or director’s lifetime. The maximum amount of potential future indemnification is unlimited; however, we have obtained director and officer insurance that limits our exposure and may enable us to recover a portion of any future amounts paid. We believe that the fair value of these indemnification obligations is minimal. Accordingly, we have not recognized any liabilities relating to these obligations as of September 30, 2021. We have certain agreements with certain organizations with which we do business that contain indemnification provisions pursuant to which we typically agree to indemnify the party against certain types of third-party claims. We accrue for known indemnification issues when a loss is probable and can be reasonably estimated. There were no accruals for, or expenses related to, indemnification issues for any period presented. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Government Grants | Government Grants We account for government grants by recognizing the benefit of the grant as qualifying expenditures are incurred provided that there is reasonable assurance that we have complied with all conditions under the terms of the grant and that the amount requested for reimbursement will be received. The government grant reduces the research and development, or R&D, expenses to which it relates on our statement of profit and loss. In July 2021, we were awarded a grant from the National Institute on Drug Abuse, or NIDA, of the National Institutes of Health, or NIH, to evaluate the use of cytisinicline as a treatment for cessation of nicotine e-cigarette use. This initial grant award, in the amount of $0.3 million, commenced on August 1, 2021, and is being utilized to complete critical regulatory and clinical operational activities, such as protocol finalization, clinical trial site identification, drug packaging, and submission of a ne |
Intangibles (Tables)
Intangibles (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Components of Intangible Assets | The components of intangible assets were as follows: September 30, 2021 December 31, 2020 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Value Amortization Value Value Amortization Value License Agreements $ 3,117 $ (1,420 ) $ 1,697 $ 3,117 $ (1,253 ) $ 1,864 |
Estimated Future Amortization Expense Related to Intangible Assets | The following table outlines the estimated future amortization expense related to intangible assets held as of September 30, 2021 Year Ending December 31, 2021 56 2022 223 2023 223 Thereafter 1,195 Total $ 1,697 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets Measured at Fair Value on Recurring Basis | The following table presents information about our assets that are measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques we utilized to determine such fair value (in thousands): September 30, 2021 Level 1 Level 2 Level 3 Total Assets Money market securities (cash equivalents) 23,507 — — 23,507 Restricted cash 50 — — 50 Total assets $ 23,557 $ — $ — $ 23,557 |
Summary of Cash Equivalents | Cash equivalents consist of the following (in thousands): Gross Gross Amortized Unrealized Unrealized Estimated September 30, 2021 Cost Gains Losses Fair Value Money market securities $ 23,507 $ — $ — $ 23,507 Total cash equivalents $ 23,507 $ — $ — $ 23,507 Money market securities (restricted cash) 50 — — 50 Total restricted cash $ 50 $ — $ — $ 50 |
Common Stock (Tables)
Common Stock (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Summary of Stock Options Activity | Stock option transactions and the number of stock options outstanding are summarized below: Number of Weighted Optioned Average Common Exercise Shares Price Balance, December 31, 2020 227,442 $ 44.64 Granted 294,650 12.07 Expired (2 ) 39,204.00 Balance, September 30, 2021 522,090 $ 26.11 |
Summary of Fair Value of Each Stock Award for Employees and Directors | The fair value of each stock award for employees and directors is estimated on the grant date and for consultants at each reporting period, using the Black-Scholes option-pricing model based on the weighted-average assumptions noted in the following table: Nine Months Ended September 30, 2021 2020 Risk-free interest rates 0.64 % 1.43 % Expected dividend yield 0 % 0 % Expected life 5.99 5.98 Expected volatility 109.61 % 104.64 % |
Summary of Share-Based Compensation Expense | The results for the periods set forth below included share-based compensation expense for stock options and restricted stock units in the following expense categories of the consolidated statements of loss (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Research and development $ 162 $ 91 $ 526 $ 272 General and administrative $ 368 190 1,167 619 Total stock-based compensation $ 530 $ 281 $ 1,693 $ 891 |
Summary of Restricted Stock Unit Award Activity | The following table summarizes our restricted stock unit award activity during the nine months ended September 30, 2021 Weighted Number Average of Grant Date Shares Fair Value Balance, December 31, 2020 231 $ 580.00 Granted 53,250 13.09 Released (231 ) 580.00 Balance, September 30, 2021 53,250 $ 13.09 |
Summary of Outstanding Warrants | The following is a summary of outstanding warrants to purchase common stock at September 30 , 2021 Total Outstanding Exercise and price per Exercisable Share Expiration Date (1) Warrants issued in September 2017 financing 411 $ 699.200 March 2023 (2) Warrants issued in June 2018 financing 114,100 $ 80.000 June 2023 (3) Warrants issued in October 2018 financing 31,215 $ 62.890 October 2023 (4) Warrants issued in May 2019 financing 60,000 $ 90.000 May 2025 (5) Warrants issued in December 2019 financing 612,967 $ 6.600 December 2024 (6) Warrants issued in April 2020 financing 182,461 $ 7.240 April 2025 (7) Warrants issued in April 2020 financing 24,375 $ 7.320 April 2025 (8) Warrants issued in April 2020 financing 25,270 $ 7.590 April 2025 (9) Pre-Funded warrants issued in August 2020 financing 142,857 $ 0.001 * (10) Warrants issued in December 2020 financing 50,000 $ 8.750 December 2025 *The pre-funded warrants do not have an expiration date. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Operating Leased Assets [Line Items] | |
Summary of Contractual Obligations | The following table summarizes our contractual obligations as of September 30, 2021 (in thousands): Total Less than 1 year 1-3 years 3-5 years More than 5 years Vancouver office operating lease $ 91 $ 68 $ 23 $ — $ — Total $ 91 $ 68 $ 23 $ — $ — |
Summary of Other Information Related to Leases | Other information related to leases was as follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 15 $ 47 $ 68 $ 137 Right-of-use assets obtained in exchange for lease obligations: Operating leases — — — — Weighted Average Remaining Lease Term Operating leases 1.33 years 1.75 years 1.33 years 1.75 years Weighted Average Discount Rate Operating leases 9.97 % 9.9 % 9.97 % 9.9 % |
Vancouver Office Operating Lease [Member] | |
Operating Leased Assets [Line Items] | |
Summary of Future Minimum Annual Lease Payments | Future minimum lease payments under the Vancouver Lease are as follows (in thousands): 2021 17 2022 68 2023 6 Total $ 91 |
Nature of Business, Basis of _2
Nature of Business, Basis of Presentation and Liquidity Risk - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||||||||
Accumulated deficit | $ (86,435) | $ (86,435) | $ (60,434) | ||||||
Net loss | (6,691) | $ (11,311) | $ (7,999) | $ (3,764) | $ (2,922) | $ (3,320) | (26,001) | $ (10,006) | |
Cash and cash equivalents | 33,312 | 33,312 | $ 35,853 | ||||||
Working capital | $ 31,700 | 31,700 | |||||||
Net cash used in operating activities | $ 24,222 | $ 10,994 |
Accounting Policies - Additiona
Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | Aug. 01, 2021 | Sep. 30, 2021 |
NIDA | ||
Accounting Policies [Line Items] | ||
Grant received | $ 0.3 | |
NIH Grant | ||
Accounting Policies [Line Items] | ||
Reduction in R&D expense | $ 0.2 | |
Grant receivable | $ 0.2 |
Intangibles - Additional Inform
Intangibles - Additional Information (Detail) - USD ($) | May 18, 2015 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Goodwill And Intangible Assets Disclosure [Abstract] | |||||
Intangible assets, Fair Value | $ 3,100,000 | ||||
Intangible assets, Useful life | 14 years | ||||
License agreement amortization expense | $ 100,000 | $ 100,000 | $ 200,000 | $ 200,000 | |
Impairment of intangible assets | $ 0 |
Intangibles - Components of Int
Intangibles - Components of Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Finite Lived Intangible Assets [Line Items] | |||
Intangible assets, Net Carrying Value | $ 1,697 | $ 1,864 | |
License Agreements [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Intangible assets, Gross Carrying Value | $ 3,117 | 3,117 | |
Intangible assets, Accumulated Amortization | (1,420) | (1,253) | |
Intangible assets, Net Carrying Value | $ 1,697 | $ 1,864 |
Intangibles - Estimated Future
Intangibles - Estimated Future Amortization Expense Related to Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||
2021 | $ 56 | |
2022 | 223 | |
2023 | 223 | |
Thereafter | 1,195 | |
Intangible assets, Net Carrying Value | $ 1,697 | $ 1,864 |
License Agreements - Additional
License Agreements - Additional Information (Detail) - University of Bristol [Member] - USD ($) | Jan. 22, 2018 | Sep. 30, 2021 | Jul. 31, 2016 |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Maximum amount payable under license agreement, tied to milestones | $ 3,200,000 | ||
Payments under license agreement | $ 125,000 | ||
Amendment to the University of Bristol License Agreement [Member] | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Maximum amount payable under license agreement, tied to milestones | $ 1,700,000 | ||
Payments under license agreement | $ 37,500 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Maximum maturity period of cash and cash equivalents | 90 days |
Maximum [Member] | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Maturity period of securities | 1 year |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] $ in Thousands | Sep. 30, 2021USD ($) |
Assets | |
Total assets | $ 23,557 |
Money market securities (cash equivalents) [Member] | |
Assets | |
Total assets | 23,507 |
Restricted cash [Member] | |
Assets | |
Total assets | 50 |
Level 1 [Member] | |
Assets | |
Total assets | 23,557 |
Level 1 [Member] | Money market securities (cash equivalents) [Member] | |
Assets | |
Total assets | 23,507 |
Level 1 [Member] | Restricted cash [Member] | |
Assets | |
Total assets | $ 50 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Cash Equivalents (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Cash equivalents, amortized cost and estimated fair value | $ 23,507 |
Restricted cash, amortized cost and estimated fair value | 50 |
Money market securities [Member] | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Cash equivalents, amortized cost and estimated fair value | 23,507 |
Restricted cash, amortized cost and estimated fair value | $ 50 |
Common Stock - Authorized - Add
Common Stock - Authorized - Additional Information (Detail) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | |
Preferred stock, par value | $ 0.001 |
Common Stock - Issued and Outst
Common Stock - Issued and Outstanding Shares - Additional Information (Detail) - USD ($) | May 27, 2021 | Dec. 07, 2020 | Aug. 06, 2020 | Jul. 01, 2020 | Apr. 28, 2020 | Mar. 12, 2020 | May 22, 2018 | Sep. 14, 2017 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||
Common stock, shares issued | 9,453,542 | 9,453,542 | 9,453,542 | 6,111,735 | |||||||||||||
Proceeds from exercise of warrants | $ 339,000 | $ 3,080,000 | |||||||||||||||
Stock option exercises, Shares | 0 | 0 | 0 | 0 | |||||||||||||
Restricted stock unit settlements | 231 | 236 | 231 | 236 | |||||||||||||
Common Stock [Member] | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Common stock, shares issued | 2,149 | 2,965 | |||||||||||||||
Restricted stock unit settlements | 145 | 128 | |||||||||||||||
April 2020 Private Placement [Member] | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Common stock, shares issued | 280,782 | ||||||||||||||||
Warrants to purchase shares of common stock | 0.75 | ||||||||||||||||
Warrants to purchase shares of common stock, offering price per share | $ 6.60 | ||||||||||||||||
Gross proceeds from issuance of common stock | $ 1,900,000 | ||||||||||||||||
Proceeds from exercise of warrants | $ 1,600,000 | ||||||||||||||||
Percentage of exercise price exceeds in measurement period | 300.00% | ||||||||||||||||
Average daily trading volume for measurement period | $ 500,000 | ||||||||||||||||
Number of required consecutive days weighted average trading price for cancelation or recall of warrants | 30 days | ||||||||||||||||
April 2020 Private Placement [Member] | Common Stock [Member] | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Common stock, shares issued | 280,782 | ||||||||||||||||
April 2020 Private Placement [Member] | Placement Agent [Member] | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Exercise price per unit of warrant | $ 7.59 | ||||||||||||||||
Number of common shares issuable conversion of warrants | 25,270 | ||||||||||||||||
Direct Offering [Member] | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Gross proceeds from issuance of common stock | $ 6,000,000 | ||||||||||||||||
Placement agent fees and offering expenses | 700,000 | ||||||||||||||||
Proceeds from issuance of common stock | $ 5,300,000 | $ 5,307,000 | |||||||||||||||
Direct Offering [Member] | Common Stock [Member] | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Common stock, shares issued | 731,707 | 731,707 | |||||||||||||||
Common stock, price per share | $ 8.20 | ||||||||||||||||
August 2020 Public Offering [Member] | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Gross proceeds from issuance of common stock | $ 7,500,000 | ||||||||||||||||
Proceeds from issuance of common stock | 6,800,000 | 6,822,000 | |||||||||||||||
Underwriting discounts and commissions and offering expenses | $ 700,000 | ||||||||||||||||
August 2020 Public Offering [Member] | Common Stock [Member] | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Common stock, shares issued | 569,043 | 569,043 | |||||||||||||||
Common stock, price per share | $ 10.50 | ||||||||||||||||
Underwriters Over-Allotment Option Exercise [Member] | Common Stock [Member] | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Common stock, shares issued | 428,571 | 322,500 | 92,856 | ||||||||||||||
December 2020 Public Offering [Member] | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Gross proceeds from issuance of common stock | $ 17,300,000 | ||||||||||||||||
Proceeds from issuance of common stock | 15,800,000 | ||||||||||||||||
Underwriting discounts and commissions and offering expenses | $ 1,500,000 | ||||||||||||||||
December 2020 Public Offering [Member] | Common Stock [Member] | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Common stock, shares issued | 2,472,500 | ||||||||||||||||
Common stock, price per share | $ 7 | ||||||||||||||||
December 2020 Public Offering [Member] | Representative's Warrant [Member] | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Number of common shares issuable conversion of warrants | 50,000 | ||||||||||||||||
Common stock, price per share | $ 8.75 | ||||||||||||||||
Adjustments to additional paid in capital Other | $ 300,000 | ||||||||||||||||
Warrant exercisable term | 5 years | ||||||||||||||||
May 2021 Public Offering [Member] | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Gross proceeds from issuance of common stock | $ 23,000,000 | ||||||||||||||||
Proceeds from issuance of common stock | 21,300,000 | ||||||||||||||||
Underwriting discounts and commissions and offering expenses | $ 1,700,000 | ||||||||||||||||
May 2021 Public Offering [Member] | Common Stock [Member] | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Common stock, shares issued | 3,285,714 | ||||||||||||||||
Common stock, price per share | $ 7 | ||||||||||||||||
Subscription Agreements Executed on April 27, 2020 [Member] | April 2020 Private Placement [Member] | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Exercise price per unit of warrant | $ 7.24 | $ 7.24 | $ 7.24 | ||||||||||||||
Subscription Agreements Executed on April 28, 2020 [Member] | April 2020 Private Placement [Member] | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Exercise price per unit of warrant | $ 7.32 | $ 7.32 | $ 7.32 | ||||||||||||||
Pre-Funded Warrant [Member] | August 2020 Public Offering [Member] | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Number of common shares issuable conversion of warrants | 142,857 | ||||||||||||||||
Pre-funded warrant, offering price per share | $ 10.499 | ||||||||||||||||
Pre-Funded Warrant [Member] | August 2020 Public Offering [Member] | Common Stock [Member] | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Exercise price per unit of warrant | $ 0.001 | ||||||||||||||||
Number of days of prior notice to achieve not in excess percentage of common stock shares owned by warrant holder | 61 days | ||||||||||||||||
Pre-Funded Warrant [Member] | August 2020 Public Offering [Member] | Common Stock [Member] | Minimum [Member] | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Percentage of shares of common stock owned by warrant holder | 9.99% | ||||||||||||||||
Pre-Funded Warrant [Member] | August 2020 Public Offering [Member] | Common Stock [Member] | Maximum [Member] | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Percentage of shares of common stock owned by warrant holder | 19.99% | ||||||||||||||||
LPC [Member] | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Common stock value right to sell, maximum | $ 11,000,000 | ||||||||||||||||
Common stock, par value | $ 0.001 | ||||||||||||||||
Minimum percentage of common stock shares outstanding authorized to sell | 20.00% | ||||||||||||||||
Initial purchase of common stock | 1,644 | ||||||||||||||||
Common stock, shares issued | 617 | ||||||||||||||||
Payments related to expense reimbursement | $ 100,000 | ||||||||||||||||
Common stock, shares issued | 0 | 0 | 27,868 | ||||||||||||||
Gross proceeds | $ 4,400,000 | ||||||||||||||||
Offering expenses | 500,000 | ||||||||||||||||
Common stock available for sale under offering | $ 6,600,000 | $ 6,600,000 | $ 6,600,000 | ||||||||||||||
LPC [Member] | Purchase Agreement [Member] | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Common stock, purchase price | $ 1 | ||||||||||||||||
Additional common stock value right to sell, maximum | $ 10,000,000 | ||||||||||||||||
Additional purchase of common stock, maximum | 7,500 | ||||||||||||||||
Offering expenses | $ 14,000 | ||||||||||||||||
LPC [Member] | Units [Member] | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Initial purchase of common stock | 1,644 | ||||||||||||||||
Common stock, purchase price | $ 608 | ||||||||||||||||
Purchase agreement, description | Unit consisting of (a) one share of our common stock and (b) one warrant to purchase one-quarter of a share of common stock at an exercise price of $699.20 per share, or Warrant. Each Warrant became exercisable six months following the issuance date until the date that is five years and six months after the issuance date and is subject to customary adjustments. | ||||||||||||||||
Exercise price per unit of warrant | $ 699.20 | ||||||||||||||||
Initial purchase of units consisting of common stock and warrants issued | $ 1,000,000 | ||||||||||||||||
LPC [Member] | Other Units [Member] | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Number of warrants issued | 0 |
Common Stock - Stock Options -
Common Stock - Stock Options - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common shares reserved for options currently outstanding | 522,090 | 522,090 | 227,442 | ||
Unrecognized compensation expense related to stock options granted | $ 3.6 | $ 3.6 | |||
Anti-dilutive securities excluded from earning per share computation | 1,818,996 | 1,397,119 | 1,818,996 | 1,397,119 | |
Warrant [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Anti-dilutive securities excluded from earning per share computation | 1,243,656 | 1,243,656 | |||
Stock Options [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Anti-dilutive securities excluded from earning per share computation | 522,090 | 522,090 | |||
Restricted Stock Unit [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Anti-dilutive securities excluded from earning per share computation | 53,250 | 53,250 | |||
Stock Options [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Weighted-average period, restricted stock awards | 2 years 8 months 19 days | ||||
Stock Options [Member] | Employees and Consultants [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Award vesting period | 4 years | ||||
Stock Options [Member] | Minimum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Award expiration period | 7 years | ||||
Stock Options [Member] | Minimum [Member] | Board of Directors [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Award vesting period | 1 year | ||||
Stock Options [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Award expiration period | 10 years | ||||
Stock Options [Member] | Maximum [Member] | Board of Directors [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Award vesting period | 3 years | ||||
Restricted Stock Unit [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Restricted shares reserved for issuance under incentive plan | 53,250 | 53,250 | |||
Award vesting period | 4 years | ||||
Common shares reserved for awards currently outstanding | 53,250 | 53,250 | 231 | ||
Weighted-average period, restricted stock awards | 1 year 8 months 26 days | ||||
2018 Equity Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common shares reserved for issuance under incentive plan | 4,145 | 4,145 | |||
Award expiration period | 10 years | ||||
2018 Equity Incentive Plan [Member] | Minimum [Member] | Employees and Consultants [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Award vesting period | 3 years | ||||
2018 Equity Incentive Plan [Member] | Minimum [Member] | Board of Directors [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Award vesting period | 1 year | ||||
2018 Equity Incentive Plan [Member] | Maximum [Member] | Employees and Consultants [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Award vesting period | 4 years | ||||
2018 Equity Incentive Plan [Member] | Maximum [Member] | Board of Directors [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Award vesting period | 3 years | ||||
2018 Equity Incentive Plan [Member] | Stock Options [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common shares reserved for issuance under incentive plan | 521,100 | 521,100 | |||
Common shares reserved for options currently outstanding | 463,705 | 463,705 | |||
2017 Equity Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Award expiration period | 10 years | ||||
2017 Equity Incentive Plan [Member] | Minimum [Member] | Employees and Consultants [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Award vesting period | 3 years | ||||
2017 Equity Incentive Plan [Member] | Minimum [Member] | Board of Directors [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Award vesting period | 1 year | ||||
2017 Equity Incentive Plan [Member] | Maximum [Member] | Employees and Consultants [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Award vesting period | 4 years | ||||
2017 Equity Incentive Plan [Member] | Maximum [Member] | Board of Directors [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Award vesting period | 3 years | ||||
2017 Equity Incentive Plan [Member] | Stock Options [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common shares reserved for issuance under incentive plan | 13,156 | 13,156 | |||
2010 Performance Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Award expiration period | 10 years | ||||
2010 Performance Incentive Plan [Member] | Minimum [Member] | Employees and Consultants [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Award vesting period | 3 years | ||||
2010 Performance Incentive Plan [Member] | Minimum [Member] | Board of Directors [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Award vesting period | 1 year | ||||
2010 Performance Incentive Plan [Member] | Maximum [Member] | Employees and Consultants [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Award vesting period | 4 years | ||||
2010 Performance Incentive Plan [Member] | Maximum [Member] | Board of Directors [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Award vesting period | 3 years | ||||
2010 Performance Incentive Plan [Member] | Stock Options [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common shares reserved for issuance under incentive plan | 229 | 229 | |||
Common shares reserved for options currently outstanding | 229 | 229 | |||
2010 Performance Incentive Plan [Member] | Restricted Stock Unit [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common shares reserved for awards currently outstanding | 0 | 0 |
Common Stock - Summary of Stock
Common Stock - Summary of Stock Options Activity (Detail) | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of Optioned Common Shares, Beginning Balance | shares | 227,442 |
Number of Optioned Common Shares, Granted | shares | 294,650 |
Number of Optioned Common Shares, Expired | shares | (2) |
Number of Optioned Common Shares, Ending Balance | shares | 522,090 |
Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 44.64 |
Weighted Average Exercise Price, Granted | $ / shares | 12.07 |
Weighted Average Exercise Price, Expired | $ / shares | 39,204 |
Weighted Average Exercise Price, Ending Balance | $ / shares | $ 26.11 |
Common Stock - Summary of Fair
Common Stock - Summary of Fair Value of Each Stock Award for Employees and Directors (Detail) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Risk-free interest rates | 0.64% | 1.43% |
Expected dividend yield | 0.00% | 0.00% |
Expected life | 5 years 11 months 26 days | 5 years 11 months 23 days |
Expected volatility | 109.61% | 104.64% |
Common Stock - Summary of Share
Common Stock - Summary of Share-Based Compensation Expense for Stock Options and Restricted Stock (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation | $ 530 | $ 281 | $ 1,693 | $ 891 |
Research and development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation | 162 | 91 | 526 | 272 |
General and administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation | $ 368 | $ 190 | $ 1,167 | $ 619 |
Common Stock - Restricted Stock
Common Stock - Restricted Stock Unit Awards - Additional Information (Detail) - Restricted Stock Unit [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
Stock based compensation expense | $ 100,000 | $ 35,000 | $ 300,000 | $ 100,000 |
Total unrecognized compensation expense related to the Company's restricted stock unit awards | $ 500,000 | $ 500,000 | ||
Weighted-average period, restricted stock awards | 1 year 8 months 26 days |
Common Stock - Summary of Restr
Common Stock - Summary of Restricted Stock Unit Award Activity (Detail) - Restricted Stock Unit [Member] | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Beginning Balance | shares | 231 |
Number of Shares, Granted | shares | 53,250 |
Number of Shares, Released | shares | (231) |
Number of Shares, Ending Balance | shares | 53,250 |
Weighted-Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 580 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 13.09 |
Weighted-Average Grant Date Fair Value, Released | $ / shares | 580 |
Weighted-Average Grant Date Fair Value, Ending Balance | $ / shares | $ 13.09 |
Common Stock - Summary of Outst
Common Stock - Summary of Outstanding Warrants (Detail) - $ / shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Warrants Issued In September 2017 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Total Outstanding and Exercisable | 411 | |
Exercise price per Share | $ 699.200 | |
Expiration Date | 2023-03 | |
Warrants Issued In June 2018 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Total Outstanding and Exercisable | 114,100 | |
Exercise price per Share | $ 80 | |
Expiration Date | 2023-06 | |
Warrants Issued in October 2018 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Total Outstanding and Exercisable | 31,215 | |
Exercise price per Share | $ 62.890 | |
Expiration Date | 2023-10 | |
Warrants Issued in May 2019 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Total Outstanding and Exercisable | 60,000 | |
Exercise price per Share | $ 90 | |
Expiration Date | 2025-05 | |
Warrants Issued in December 2019 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Total Outstanding and Exercisable | 612,967 | |
Exercise price per Share | $ 6.600 | $ 6.60 |
Expiration Date | 2024-12 | |
Warrants Issued in April 2020 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Total Outstanding and Exercisable | 182,461 | |
Exercise price per Share | $ 7.240 | |
Expiration Date | 2025-04 | |
Warrants Issued in April 2020 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Total Outstanding and Exercisable | 24,375 | |
Exercise price per Share | $ 7.320 | |
Expiration Date | 2025-04 | |
Warrants Issued in April 2020 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Total Outstanding and Exercisable | 25,270 | |
Exercise price per Share | $ 7.590 | |
Expiration Date | 2025-04 | |
Pre-Funded Warrants Issued in August 2020 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Total Outstanding and Exercisable | 142,857 | |
Exercise price per Share | $ 0.001 | |
Warrants Issued in December 2020 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Total Outstanding and Exercisable | 50,000 | |
Exercise price per Share | $ 8.750 | |
Expiration Date | 2025-12 |
Common Stock - Common Stock War
Common Stock - Common Stock Warrants - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Class of Warrant or Right [Line Items] | ||
Proceeds from exercise of warrants | $ 339,000 | $ 3,080,000 |
Warrants Issued in December 2019 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants to purchase common stock | 47,084 | 467,126 |
Exercise price per unit of warrant | $ 6.600 | $ 6.60 |
Proceeds from exercise of warrants | $ 300,000 | $ 3,100,000 |
Warrants Issued in April 2020 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants to purchase common stock | 3,750 | |
Exercise price per unit of warrant | $ 7.32 | |
Proceeds from exercise of warrants | $ 27,450 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Contractual Obligations (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Contractual Obligation Fiscal Year Maturity Schedule [Line Items] | |
Total | $ 91 |
Less than 1 year | 68 |
1-3 years | 23 |
Vancouver Office Operating Lease [Member] | |
Contractual Obligation Fiscal Year Maturity Schedule [Line Items] | |
Total | 91 |
Less than 1 year | 68 |
1-3 years | $ 23 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) | Nov. 19, 2018USD ($)ft² | Dec. 11, 2017ft² | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Mar. 01, 2018USD ($) |
Other Commitments [Line Items] | |||||||
Indemnification obligations | $ 0 | $ 0 | |||||
Expenses related to indemnification issues | 0 | ||||||
Seattle Lease Arrangement [Member] | |||||||
Other Commitments [Line Items] | |||||||
Consolidated rent expense | 29,000 | $ 100,000 | $ 100,000 | $ 200,000 | |||
Seattle Lease Arrangement [Member] | Pike [Member] | |||||||
Other Commitments [Line Items] | |||||||
Area of office space leased | ft² | 3,187 | ||||||
Lease agreement | On December 11, 2017, we entered into a lease, or the Seattle Lease, with 520 Pike Street, Inc., or Pike, pursuant to which we leased approximately 3,187 square feet located at Suite 2250 at 520 Pike Tower, Seattle, Washington, 98101, which commenced on March 1, 2018. The Seattle Lease expired on March 1, 2021 and was not renewed. | ||||||
Monthly base rent | $ 11,685 | ||||||
Monthly base rent, maximum annual increase | 12,397 | ||||||
Lease, security deposit, annual payment | 37,192 | ||||||
Lease, security deposit payment, annual decrease | 12,397 | ||||||
Lease, security deposit payment, annual decrease after second anniversary | 12,397 | ||||||
Lease, security deposit payment, annual decrease on termination of lease | $ 12,397 | ||||||
Vancouver Office Operating Lease [Member] | |||||||
Other Commitments [Line Items] | |||||||
Consolidated rent expense | $ 29,000 | $ 100,000 | $ 100,000 | $ 200,000 | |||
Vancouver Office Operating Lease [Member] | Vancouver, British Columbia [Member] | |||||||
Other Commitments [Line Items] | |||||||
Lease agreement commencement date | Feb. 1, 2019 | ||||||
Area of office space leased | ft² | 2,367 | ||||||
Initial term of lease expiration date | Jan. 31, 2023 | ||||||
Operating lease, term of contract | 4 years | ||||||
Operating lease, option to extend, description | The initial term of the Vancouver Lease will expire on January 31, 2023, with an option to extend the term for one further four-year period | ||||||
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | ||||||
Operating lease, initial monthly base rent expenses | $ 5,200 | ||||||
Operating lease, revised monthly base rent expenses | 5,400 | ||||||
Construction allowance | 14,200 | ||||||
Security deposit | $ 18,600 |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Future Minimum Annual Lease Payments (Detail) - Vancouver Office Operating Lease [Member] $ in Thousands | Sep. 30, 2021USD ($) |
Operating Leased Assets [Line Items] | |
2021 | $ 17 |
2022 | 68 |
2023 | 6 |
Total | $ 91 |
Commitments and Contingencies_4
Commitments and Contingencies - Summary of Other Information Related to Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | $ 15 | $ 47 | $ 68 | $ 137 |
Right-of-use assets obtained in exchange for lease obligations: | ||||
Weighted Average Remaining Lease Term Operating leases | 1 year 3 months 29 days | 1 year 9 months | 1 year 3 months 29 days | 1 year 9 months |
Weighted Average Discount Rate Operating leases | 9.97% | 9.90% | 9.97% | 9.90% |