Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CBIO | |
Entity Registrant Name | Catalyst Biosciences, Inc. | |
Entity Central Index Key | 0001124105 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 31,477,053 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 000-51173 | |
Entity Tax Identification Number | 56-2020050 | |
Entity Address, Address Line One | 611 Gateway Blvd. | |
Entity Address, Address Line Two | Suite 710 | |
Entity Address, City or Town | South San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94080 | |
City Area Code | 650 | |
Local Phone Number | 871-0761 | |
Entity Interactive Data Current | Yes | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Common Stock |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 34,817 | $ 44,347 |
Short-term investments | 2,504 | |
Accounts receivable, net | 564 | 1,818 |
Prepaid and other current assets | 1,322 | 2,807 |
Total current assets | 36,703 | 51,476 |
Other assets, noncurrent | 472 | 472 |
Right-of-use assets | 2,242 | 2,744 |
Property and equipment, net | 857 | 970 |
Total assets | 40,274 | 55,662 |
Current liabilities: | ||
Accounts payable | 4,706 | 6,419 |
Accrued compensation | 2,137 | 1,467 |
Deferred revenue | 230 | |
Other accrued liabilities | 4,438 | 4,072 |
Operating lease liability | 1,909 | 1,977 |
Total current liabilities | 13,190 | 14,165 |
Operating lease liability, noncurrent | 408 | |
Total liabilities | 13,190 | 14,573 |
Commitments and Contingencies (Note 9) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value, 5,000,000 shares authorized; zero shares issued and outstanding | ||
Common stock, $0.001 par value, 100,000,000 shares authorized; 31,477,053 and 31,409,707 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 31 | 31 |
Additional paid-in capital | 444,283 | 443,752 |
Accumulated deficit | (417,230) | (402,694) |
Total stockholders’ equity | 27,084 | 41,089 |
Total liabilities and stockholders’ equity | $ 40,274 | $ 55,662 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 31,477,053 | 31,409,707 |
Common stock, shares outstanding | 31,477,053 | 31,409,707 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Los (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue: | ||
License and collaboration revenue | $ 794 | $ 1,467 |
Operating expenses: | ||
Research and development | 9,703 | 17,013 |
General and administrative | 4,994 | 5,412 |
Total operating expenses | 15,495 | 23,905 |
Loss from operations | (14,701) | (22,438) |
Interest and other income, net | 165 | |
Net loss and comprehensive loss | $ (14,536) | $ (22,438) |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.46) | $ (0.79) |
Shares used to compute net loss per share attributable to common stockholders, basic and diluted | 31,456,090 | 28,385,432 |
Collaboration | ||
Revenue: | ||
License and collaboration revenue | $ 794 | $ 1,467 |
Cost of collaboration | ||
Operating expenses: | ||
Cost of license and collaboration | $ 798 | $ 1,480 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Balance at Dec. 31, 2020 | $ 76,069 | $ 22 | $ 390,803 | $ 5 | $ (314,761) |
Balance (in shares) at Dec. 31, 2020 | 22,097,820 | ||||
Stock-based compensation expense | 1,026 | 1,026 | |||
Stock-based compensation expense | 10,149 | ||||
Issuance of common stock for public offering, net of issuance costs | 49,250 | $ 9 | 49,241 | ||
Issuance of common stock for public offering, net of issuance costs, shares | 9,185,000 | ||||
Issuance of common stock from stock grants | 182 | 182 | |||
Issuance of common stock from stock grants, shares | 38,058 | ||||
Net loss | (22,438) | (22,438) | |||
Balance at Mar. 31, 2021 | 104,089 | $ 31 | 441,252 | $ 5 | (337,199) |
Balance (in shares) at Mar. 31, 2021 | 31,331,027 | ||||
Balance at Dec. 31, 2021 | 41,089 | $ 31 | 443,752 | (402,694) | |
Balance (in shares) at Dec. 31, 2021 | 31,409,707 | ||||
Stock-based compensation expense | 515 | 515 | |||
Stock-based compensation expense | 32,684 | ||||
Issuance of common stock from stock grants | 16 | 16 | |||
Issuance of common stock from stock grants, shares | 34,662 | ||||
Net loss | (14,536) | (14,536) | |||
Balance at Mar. 31, 2022 | $ 27,084 | $ 31 | $ 444,283 | $ (417,230) | |
Balance (in shares) at Mar. 31, 2022 | 31,477,053 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Statement Of Stockholders Equity [Abstract] | |
Issuance costs of issuance of common stock for public offering | $ 3,563 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities | ||
Net loss | $ (14,536) | $ (22,438) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 515 | 1,026 |
Depreciation and amortization | 113 | 45 |
Bad debt expense | 200 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,054 | 2,307 |
Prepaid and other current assets | 1,485 | (1,671) |
Accounts payable | (1,713) | (2,969) |
Accrued compensation and other accrued liabilities | 1,036 | (31) |
Operating lease liability and right-of-use asset | 26 | 26 |
Deferred revenue | (230) | (651) |
Net cash flows used in operating activities | (12,050) | (24,356) |
Investing Activities | ||
Proceeds from maturities of short-term investments | 2,504 | 27,581 |
Net cash flows provided by investing activities | 2,504 | 27,581 |
Financing Activities | ||
Issuance of common stock for public offering, net of issuance costs | 49,277 | |
Issuance of common stock from stock grants | 16 | 182 |
Net cash flows provided by financing activities | 16 | 49,459 |
Net increase (decrease) in cash and cash equivalents | (9,530) | 52,684 |
Cash and cash equivalents at beginning of the period | 44,347 | 30,360 |
Cash and cash equivalents at end of the period | $ 34,817 | $ 83,044 |
Nature of Operations and Liquid
Nature of Operations and Liquidity | 3 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Operations and Liquidity | 1. Catalyst Biosciences, Inc. and its subsidiary (the “Company” or “Catalyst”) is a biopharmaceutical company with expertise in protease engineering and several protease assets that may address unmet medical needs in disorders of the coagulation and complement systems. The Company is focused on the monetization of its assets and is exploring several strategic alternatives. The Company had a net loss of $14.5 million for the three months ended March 31, 2022 and an accumulated deficit of $417.2 million as of March 31, 2022. As of March 31, 2022, the Company had $34.8 million of cash and cash equivalents. Its primary uses of cash are to fund operating and business development expenses and general and administrative expenditures. The Company believes that its existing cash and cash equivalents as of March 31, 2022 will be sufficient to fund its cash requirements for at least the next 12 months from the date of the filing of this report. The Company might raise funds through strategic collaborations, public or private financings or other arrangements. Such funding, if needed, may not be available on favorable terms, or at all. The Company will continue to evaluate the impact of the novel coronavirus disease (“COVID-19”) pandemic on its business, operations, and cash requirements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Basis of Presentation The Company’s condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and following the requirements of the Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. These financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of the Company’s financial information. These interim results and cash flows for any interim period are not necessarily indicative of the results to be expected for the year ending December 31, 2022, or for any other future annual or interim period. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the consolidated financial statements filed with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (“Annual Report”). Accounting Pronouncements Recently Adopted In May 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options New Accounting Pronouncements Recently Issued But Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments adopt ASU 2016-13 and related updates as of January 1, 2023. The Company will assess the impact of adoption of this standard on its condensed consolidated financial statements . |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. For a description of the fair value hierarchy and the Company’s fair value methodology, see “ Part II - Item 8 - Financial Statements and Supplementary Data - Note 3 Summary of Significant Accounting Policies The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 ( in thousands March 31, 2022 Level 1 Level 2 Level 3 Total Financial assets: Money market funds ( 1) $ 34,817 $ — $ — $ 34,817 Total financial assets $ 34,817 $ — $ — $ 34,817 December 31, 2021 Level 1 Level 2 Level 3 Total Financial assets: Money market funds ( 1) $ 44,347 $ — $ — $ 44,347 U.S. government agency securities ( 2) 2,504 — — 2,504 Total financial assets $ 46,851 $ — $ — $ 46,851 (1) Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets. ( 2 ) Included in short-term investments on the accompanying condensed consolidated balance sheets and classified as available-for-sale debt securities. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate their fair values due to the short-term maturity of these instruments. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Investments All Other Investments [Abstract] | |
Financial Instruments | 4. Cash equivalents and short-term investments (debt securities) which are classified as available-for-sale debt securities, consisted of the following ( in thousands March 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds (cash equivalents) $ 34,817 $ — $ — $ 34,817 Total financial assets $ 34,817 $ — $ — $ 34,817 Classified as: Cash and cash equivalents $ 34,817 Total $ 34,817 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds (cash equivalents) $ 44,347 $ — $ — $ 44,347 U.S. government agency securities 2,504 — — 2,504 Total financial assets $ 46,851 $ — $ — $ 46,851 Classified as: Cash and cash equivalents $ 44,347 Short-term investments 2,504 Total $ 46,851 There have been no material realized gains or losses on available-for-sale debt securities for the periods presented. As of March 31, 2022, the Company had no available-for-sale debt securities. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Lessee Disclosure [Abstract] | |
Lease | 5. Operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. In calculating the present value of the lease payments, the Company has elected to utilize its incremental borrowing rate based on the original lease term and not the remaining lease term. The lease includes non-lease components ( e.g. The Company leases office space for its corporate headquarters, located in South San Francisco, CA. The lease term is through April 30, 2023 and there are no stated renewal options. In March 2022, the Company entered into a sublease agreement for one of its leased facilities that commenced in April 2022. Under the terms of the sublease agreement, the Company will receive $0.2 million in base lease payments over the term of the sublease, which ends in April 2023 For the three months ended March 31, 2022 and 2021, the Company’s operating lease expense was $0.5 million and $0.2 million, respectively. The present value assumptions used in calculating the present value of the lease payments were as follows: March 31, 2022 December 31, 2021 Weighted-average remaining lease term 1.1 years 1.3 years Weighted-average discount rate 4.8 % 4.8 % The maturity of the Company’s operating lease liabilities as of March 31, 2022 were as follows (in thousands) Year Ending December 31, Amount Remaining in 2022 $ 1,543 2023 410 Total undiscounted lease payments 1,953 Less imputed interest (44 ) Total operating lease liability $ 1,909 Supplemental cash flow information related to operating leases was as follows (in thousands) Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities $ 502 $ 182 |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | 6. 2018 Omnibus Incentive Plan In June 2018, stockholders of the Company approved the Company’s 2018 Omnibus Incentive Plan (the “2018 Plan”). The 2018 Plan had previously been approved by the Company’s Board of Directors (the “Board”) and the Compensation Committee (the “Committee”) of the Board, subject to stockholder approval. The 2018 Plan became effective on June 13, 2018. On June 9, 2021, the stockholders of the Company approved an amendment previously approved by the Board to increase the number of shares of common stock reserved for issuance under the 2018 Plan by 2,500,000 to a total of 5,300,000 shares. The amendment became effective immediately upon stockholder approval. The following table summarizes stock option activity under the Company’s 2018 Plan and related information: Number of Shares Underlying Outstanding Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Outstanding — December 31, 2021 2,603,630 $ 7.70 7.46 Options granted 879,200 $ 0.52 Options forfeited (658,947 ) $ 5.20 Options expired (46,173 ) $ 9.81 Outstanding — March 31, 2022 2,777,710 $ 5.92 8.00 Exercisable — March 31, 2022 1,305,020 $ 9.42 Valuation Assumptions The Company estimated the fair value of stock options granted using the Black-Scholes option-pricing formula and a single option award approach. Due to its limited history as a public company and limited number of sales of its common stock, the Company estimated its volatility considering a number of factors including the use of the volatility of comparable public companies. The expected term of options granted under the Plan, all of which qualify as “plain vanilla” per SEC Staff Accounting Bulletin 107, is determined based on the simplified method due to the Company’s limited operating history. The risk-free rate is based on the yield of a U.S. Treasury security with a term consistent with the option. This fair value is being amortized ratably over the requisite service periods of the awards, which is generally the vesting period. The fair value of employee stock options was estimated using the following weighted-average assumptions: Three Months Ended March 31, 2022 2021 Employee Stock Options: Risk-free interest rate 1.87 % 0.69 % Expected term (in years) 6.1 6.1 Dividend yield — — Volatility 91.54 % 93.83 % Weighted-average fair value of stock options granted $ 0.39 $ 4.70 Total stock-based compensation expense recognized was as follows ( in thousands Three Months Ended March 31, 2022 2021 Research and development $ 128 $ 369 General and administrative (1) 387 657 Total stock-based compensation expense $ 515 $ 1,026 (1) Included in general and administrative stock-based compensation for the three months ended March 31, 2022 is stock-based compensation expense related to 32,684 shares of common stock issued to certain board members in lieu of their cash compensation. As of March 31, 2022, 2,937,588 shares of common stock were available for future grant. |
Collaborations
Collaborations | 3 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Collaborations | 7 . Mosaic In October 2017, the Company entered into a strategic research collaboration with Mosaic Biosciences (“Mosaic”) to develop intravitreal anti-complement factor 3 (C3) products for the treatment of dry Age-related Macular Degeneration (AMD) and other retinal diseases. The Company subsequently amended this agreement in December 2018, December 2019 and May 2020. Under the as amended Mosaic collaboration agreement, Mosaic is eligible to receive up to $4.0 million in potential future milestone payments related to regulatory and clinical development events for CB 2782-PEG and an additional anti-complement product candidate in lieu of the Company’s prior obligations to pay Mosaic a double-digit percentage of funds the Company receives from Biogen or any other amounts the Company receives related to sublicense fees, research and development payments, or any other research, regulatory, clinical or commercial milestones and royalties on any other development candidates . ISU Abxis In December 2018, the Company entered into an amended and restated license agreement with ISU Abxis (the “A&R ISU Abxis Agreement”), which amended and restated its previous license and collaboration agreement with ISU Abxis previously entered into in September 2013, as subsequently amended in October 2014 and December 2016 (the “Original ISU Abxis Agreement”) ISU Abxis will receive commercialization rights in South Korea to the Company’s engineered Factor IX dalcinonacog alfa - DalcA and the Company will receive clinical development and commercialization rights in the rest of world (excluding South Korea) and manufacturing development and manufacturing rights worldwide (including South Korea) The eliminates the profit-sharing arrangement in the Original ISU Abxis Agreement and rovides for a low single-digit royalty payment to ISU Abxis, on a country-by-country basis, for net product sales of DalcA by the Company or its affiliates in each country other than South Korea. Pursuant to the A&R , the Company will also pay up to an aggregate of $19.5 million in milestone payments to ISU Abxis, including $2.5 million in regulatory and development milestone payments and up to $17.0 million in commercial milestone payments, if the applicable milestones are met. As of March 31, 2022, no milestones have been met. Biogen On December 18, 2019, the Company and Biogen International GmbH (“Biogen”) entered into a License and Collaboration Agreement (the “Biogen Agreement”), under which the Company granted Biogen a worldwide, royalty-bearing, exclusive, with the right to sublicense, license (“Exclusive License”) to develop and commercialize CB 2782-PEG and other anti-C3 proteases for potential treatment of dry AMD and other disorders. Pursuant to the Biogen Agreement, the Company performed certain pre-clinical and manufacturing activities (“Research Services”), and Biogen was solely responsible for funding the pre-clinical and manufacturing activities and performing IND-enabling activities, worldwide clinical development, and commercialization. Under the terms of the Biogen Agreement, the Company received an up-front payment for the transfer of the Exclusive License (inclusive of certain know-how) of $15.0 million in January 2020. The Company was eligible to receive development milestones and sales milestones of up to $340.0 million. In addition, the Company was eligible to receive royalties in the range of single-digit to low double-digit percentage rates of annual net sales on a product-by-product and country-by-country basis. The Company also received reimbursements for costs associated with the performance of the Research Services. The Company determined that the performance obligations under the Biogen Agreement were the Exclusive License and the Research Services. For the Exclusive License, the Company used the residual approach in determining the standalone selling price, or SSP, which includes the upfront payments, milestones and royalties. For the Research Services, the Company used the historical pricing approach for determining the SSP, which includes the reimbursement of personnel and out-of-pocket costs. In March 2022, the Company received written notice from Biogen to terminate the Biogen Agreement which will be effective in May 2022. As a result of the termination, Biogen will no longer have the Exclusive License to develop, manufacture and commercialize CB 2782-PEG and other anti-C3 proteases for potential treatment of dry AMD and other disorders. In March 2022, Biogen returned full rights to CB 2782-PEG. For the three months ended March 31, 2022 and 2021, the Company recognized no license revenue from the Biogen Agreement. For the three months ended March 31, 2022 and 2021, respectively, the Company recognized $0.8 million and $1.5 million in collaboration revenue for reimbursable out-of-pocket and personnel costs incurred related to Research Services. For the three months ended March 31, 2022 and 2021, respectively, $0.7 million and $1.4 million of research and development expense was recorded as cost of collaboration revenue related to the Biogen Agreement. For the three months ended March 31, 2022, the Company recognized $0.2 million of revenue from the beginning of period deferred revenue balance. |
Net Loss per Share Attributable
Net Loss per Share Attributable to Common Stockholders | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss per Share Attributable to Common Stockholders | 8. Since the Company was in a loss position for all periods presented, diluted net loss per share is the same as basic net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: Three Months Ended March 31, 2022 2021 Options to purchase common stock 2,777,710 3,208,145 Common stock warrants 85 85 Total 2,777,795 3,208,230 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9 . Commitments and Contingencies Manufacturing Agreements The Company signed an agreement with AGC Biologics, Inc. (“AGC”) to perform certain manufacturing services related to the Company’s collaboration agreement with Biogen, which includes firm work orders totaling $0.7 million. The payment obligations were fully paid off as of March 31, 2022. In July 2021, the Company entered into two separate agreements, one for additional clinical trial services for MarzAA, and another for the Company’s screening and natural history of disease clinical studies related to CFI deficiency, with total payments of up to $3.2 million and $6.5 million, respectively. The Company can terminate the CFI agreement at its discretion and upon termination will be responsible to pay for those services incurred prior to termination plus reasonable wind-down expenses. On September 16, 2021, the Company signed a Manufacturing and Research and Development Studies Agreement to support the lyophilized drug product, CB 4332. The agreement covers analytical method qualification to support good manufacturing practices (“GMP”) manufacturing. The Company currently has firm work orders related to this agreement totaling $0.3 million and the payment obligations remaining as of March 31, 2022 were $0.1 million. In November 2021, the Company provided notice of intent to terminate its MarzAA manufacturing agreements and incurred charges of $3.8 million to write-off prepaid manufacturing costs that will no longer be used for the clinical development of MarzAA. COVID-19 The current COVID-19 pandemic has presented a substantial public health and economic challenge around the world and is affecting the Company’s employees, potential trial participants and business operations. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition will depend on future developments that are highly uncertain and cannot be accurately predicted, including new information that may emerge concerning COVID-19, the actions taken to contain it or treat its impact and the economic impact on local, regional, national, and international markets. The COVID-19 pandemic may disrupt the operations of the Company’s manufacturers or disrupt supply logistics, which could impact the timing of deliveries and potentially increase expenses under the Company’s agreements. The Company is actively monitoring the impact of COVID-19 and the possible effects on its financial condition, liquidity, operations, clinical trials, suppliers, industry and workforce |
Interest and Other Income, Net
Interest and Other Income, Net | 3 Months Ended |
Mar. 31, 2022 | |
Other Income And Expenses [Abstract] | |
Interest and Other Income, Net | 1 0 . Interest and Other Income, Net The following table shows the detail of interest and other income, net as follows ( in thousands Three Months Ended March 31, 2022 2021 Interest income $ 2 $ 17 Gain from extinguishment of liability 180 — Other (17 ) (17 ) Total interest and other income, net $ 165 $ — |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2022 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | 1 1 . Restructuring In November 2021, the Board approved a restructuring of its business based on its decision to stop the clinical development of MarzAA and focus solely on its complement programs and protease medicines platform. The restructuring included a reduction-in-force whereby approximately 35% of employees were terminated. During the year ended December 31, 2021, the Company recorded charges of $0.4 million related to one-time severance costs and related expenses in connection with the workforce reduction, and charges of $3.8 million related to the write-off of prepaid manufacturing costs that will no longer be used for the clinical development of MarzAA. The remaining restructuring liability of $0.2 million will be paid during the second quarter of 2022. In March 2022, the Board approved a further reduction of its workforce as part of its restructuring plan whereby 22 full-time employees were terminated. Following this reduction, the Company will have five full-time employees remaining. As of March 31, 2022, the Company recorded an additional liability of $1.0 million for severance and other charges related to the reduction-in-force, recognized as an operating expense within the consolidated statements of operations, which the Company expects to pay in the second quarter of 2022. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and following the requirements of the Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. These financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of the Company’s financial information. These interim results and cash flows for any interim period are not necessarily indicative of the results to be expected for the year ending December 31, 2022, or for any other future annual or interim period. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the consolidated financial statements filed with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (“Annual Report”). |
Accounting Pronouncements Recently Adopted | Accounting Pronouncements Recently Adopted In May 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options New Accounting Pronouncements Recently Issued But Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments adopt ASU 2016-13 and related updates as of January 1, 2023. The Company will assess the impact of adoption of this standard on its condensed consolidated financial statements . |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 ( in thousands March 31, 2022 Level 1 Level 2 Level 3 Total Financial assets: Money market funds ( 1) $ 34,817 $ — $ — $ 34,817 Total financial assets $ 34,817 $ — $ — $ 34,817 December 31, 2021 Level 1 Level 2 Level 3 Total Financial assets: Money market funds ( 1) $ 44,347 $ — $ — $ 44,347 U.S. government agency securities ( 2) 2,504 — — 2,504 Total financial assets $ 46,851 $ — $ — $ 46,851 (1) Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets. ( 2 ) Included in short-term investments on the accompanying condensed consolidated balance sheets and classified as available-for-sale debt securities. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate their fair values due to the short-term maturity of these instruments. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments All Other Investments [Abstract] | |
Cash Equivalents and Short-Term Investments Classified as Available-for-sale Debt Securities | Cash equivalents and short-term investments (debt securities) which are classified as available-for-sale debt securities, consisted of the following ( in thousands March 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds (cash equivalents) $ 34,817 $ — $ — $ 34,817 Total financial assets $ 34,817 $ — $ — $ 34,817 Classified as: Cash and cash equivalents $ 34,817 Total $ 34,817 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds (cash equivalents) $ 44,347 $ — $ — $ 44,347 U.S. government agency securities 2,504 — — 2,504 Total financial assets $ 46,851 $ — $ — $ 46,851 Classified as: Cash and cash equivalents $ 44,347 Short-term investments 2,504 Total $ 46,851 |
Lease (Tables)
Lease (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Lessee Disclosure [Abstract] | |
Summary of Present Value Assumptions used in Calculating Present Value of Lease Payments | The present value assumptions used in calculating the present value of the lease payments were as follows: March 31, 2022 December 31, 2021 Weighted-average remaining lease term 1.1 years 1.3 years Weighted-average discount rate 4.8 % 4.8 % |
Schedule of Maturity of Operating Lease Liabilities | The maturity of the Company’s operating lease liabilities as of March 31, 2022 were as follows (in thousands) Year Ending December 31, Amount Remaining in 2022 $ 1,543 2023 410 Total undiscounted lease payments 1,953 Less imputed interest (44 ) Total operating lease liability $ 1,909 |
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information related to operating leases was as follows (in thousands) Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities $ 502 $ 182 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Option Activity Under Company's Equity Incentive Plans | The following table summarizes stock option activity under the Company’s 2018 Plan and related information: Number of Shares Underlying Outstanding Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Outstanding — December 31, 2021 2,603,630 $ 7.70 7.46 Options granted 879,200 $ 0.52 Options forfeited (658,947 ) $ 5.20 Options expired (46,173 ) $ 9.81 Outstanding — March 31, 2022 2,777,710 $ 5.92 8.00 Exercisable — March 31, 2022 1,305,020 $ 9.42 |
Summary of Weighted Average Valuation Assumptions Used to Estimate Fair Value of Employee Stock Options | The fair value of employee stock options was estimated using the following weighted-average assumptions: Three Months Ended March 31, 2022 2021 Employee Stock Options: Risk-free interest rate 1.87 % 0.69 % Expected term (in years) 6.1 6.1 Dividend yield — — Volatility 91.54 % 93.83 % Weighted-average fair value of stock options granted $ 0.39 $ 4.70 |
Summary of Stock-Based Compensation Recognized | Total stock-based compensation expense recognized was as follows ( in thousands Three Months Ended March 31, 2022 2021 Research and development $ 128 $ 369 General and administrative (1) 387 657 Total stock-based compensation expense $ 515 $ 1,026 (1) Included in general and administrative stock-based compensation for the three months ended March 31, 2022 is stock-based compensation expense related to 32,684 shares of common stock issued to certain board members in lieu of their cash compensation. |
Net Loss per Share Attributab_2
Net Loss per Share Attributable to Common Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Anti-dilutive Security not Included In Diluted per Share Calculations | Since the Company was in a loss position for all periods presented, diluted net loss per share is the same as basic net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: Three Months Ended March 31, 2022 2021 Options to purchase common stock 2,777,710 3,208,145 Common stock warrants 85 85 Total 2,777,795 3,208,230 |
Interest and Other Income, Net
Interest and Other Income, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Income And Expenses [Abstract] | |
Detail of Interest and Other Income, Net | The following table shows the detail of interest and other income, net as follows ( in thousands Three Months Ended March 31, 2022 2021 Interest income $ 2 $ 17 Gain from extinguishment of liability 180 — Other (17 ) (17 ) Total interest and other income, net $ 165 $ — |
Nature of Operations and Liqu_2
Nature of Operations and Liquidity - Additional Information (Detail) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022USD ($)Segment | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Accounting Policies [Abstract] | |||
Number of operating segment | Segment | 1 | ||
Net loss | $ 14,536 | $ 22,438 | |
Accumulated deficit | 417,230 | $ 402,694 | |
Cash and cash equivalents | $ 34,817 | $ 44,347 |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value | $ 34,817 | $ 46,851 | |
U.S. Government Agency Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value | [1] | 2,504 | |
Money Market Funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value | [2] | 34,817 | 44,347 |
Fair Value, Inputs, Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value | 34,817 | 46,851 | |
Fair Value, Inputs, Level 1 | U.S. Government Agency Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value | [1] | 2,504 | |
Fair Value, Inputs, Level 1 | Money Market Funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value | [2] | $ 34,817 | $ 44,347 |
[1] | Included in short-term investments on the accompanying condensed consolidated balance sheets and classified as available-for-sale debt securities. | ||
[2] | Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets. |
Cash Equivalents and Short-Term
Cash Equivalents and Short-Term Investments Classified as Available-for-sale Debt Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 34,817 | $ 46,851 |
Estimated Fair Value | 34,817 | 46,851 |
Money Market Funds | Cash and Cash Equivalents | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 34,817 | 44,347 |
Estimated Fair Value | 34,817 | 44,347 |
Cash and Cash Equivalents | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Value | $ 34,817 | 44,347 |
U.S. Government Agency Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 2,504 | |
Estimated Fair Value | 2,504 | |
Short-Term Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Value | $ 2,504 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Fair Value Disclosures [Abstract] | |
Material realized gains or losses on available-for-sale securities | $ 0 |
Available-for-sale debt securities current | $ 0 |
Lease - Additional Information
Lease - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | |
Lessee Lease Description [Line Items] | |||
Lease expiration date | Apr. 30, 2023 | ||
Lessee operating lease renewal term description | no stated renewal options | ||
Operating lease expense | $ 0.5 | $ 0.2 | |
Sublease Arrangement | |||
Lessee Lease Description [Line Items] | |||
Lease expiration date | Apr. 30, 2023 | ||
Lease Payments Receivable | $ 0.2 | $ 0.2 |
Summary of Present Value Assump
Summary of Present Value Assumptions used in Calculating Present Value of Lease Payments (Detail) | Mar. 31, 2022 | Dec. 31, 2021 |
Lessee Disclosure [Abstract] | ||
Weighted-average remaining lease term | 1 year 1 month 6 days | 1 year 3 months 18 days |
Weighted-average discount rate | 4.80% | 4.80% |
Schedule of Maturity of Operati
Schedule of Maturity of Operating Lease Liabilities - (Detail) $ in Thousands | Mar. 31, 2022USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
Remaining in 2022 | $ 1,543 |
2023 | 410 |
Total undiscounted lease payments | 1,953 |
Less imputed interest | (44) |
Total operating lease liability | $ 1,909 |
Schedule of Supplemental Cash F
Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Lease Liabilities Payments Due [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities | $ 502 | $ 182 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - shares | Jun. 09, 2021 | Mar. 31, 2022 |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award [Table] | ||
Number of common stock available for future grant | 2,937,588 | |
2018 Omnibus Incentive Plan | ||
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award [Table] | ||
Increase in number of shares of common stock reserved for issuance | 2,500,000 | |
Common Stock, Capital Shares Reserved for Future Issuance | 5,300,000 |
Summary of Option Activity Unde
Summary of Option Activity Under Company's Equity Incentive Plans (Detail) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Number of Shares Underlying Outstanding Options | ||
Number of Shares Underlying Outstanding Options, Beginning Balance | 2,603,630 | |
Number of Shares Underlying Outstanding Options, Options granted | 879,200 | |
Number of Shares Underlying Outstanding Options, Options forfeited | (658,947) | |
Number of Shares Underlying Outstanding Options, Options expired | (46,173) | |
Number of Shares Underlying Outstanding Options, Ending Balance | 2,777,710 | 2,603,630 |
Number of Shares Underlying Outstanding Options, Exercisable - March 31, 2022 | 1,305,020 | |
Weighted- Average Exercise Price | ||
Weighted- Average Exercise Price, Beginning Balance | $ 7.70 | |
Weighted- Average Exercise Price, Options granted | 0.52 | |
Weighted- Average Exercise Price, Options forfeited | 5.20 | |
Weighted- Average Exercise Price, Options expired | 9.81 | |
Weighted- Average Exercise Price, Ending Balance | 5.92 | $ 7.70 |
Weighted- Average Exercise Price, Exercisable - March 31, 2022 | $ 9.42 | |
Weighted-Average Remaining Contractual Term (Years) | ||
Weighted-Average Remaining Contractual Term (Years), Outstanding Balance | 8 years | 7 years 5 months 15 days |
Fair Values of Stock Options Es
Fair Values of Stock Options Estimated Using Black-Scholes Valuation Model (Detail) - Employee Stock Option - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Black Scholes Method Used [Line Items] | ||
Risk-free interest rate | 1.87% | 0.69% |
Expected term (in years) | 6 years 1 month 6 days | 6 years 1 month 6 days |
Dividend yield | 0.00% | 0.00% |
Volatility | 91.54% | 93.83% |
Weighted-average fair value of stock options granted | $ 0.39 | $ 4.70 |
Summary of Stock-Based Compensa
Summary of Stock-Based Compensation Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | $ 515 | $ 1,026 | |
Research and development | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | 128 | 369 | |
General and Administrative | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | [1] | $ 387 | $ 657 |
[1] | Included in general and administrative stock-based compensation for the three months ended March 31, 2022 is stock-based compensation expense related to 32,684 shares of common stock issued to certain board members in lieu of their cash compensation. |
Summary of Stock-Based Compen_2
Summary of Stock-Based Compensation Recognized (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2022shares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of shares of common stock issued to certain board members in lieu of cash compensation | 32,684 |
Collaborations - Additional Inf
Collaborations - Additional Information (Detail) - USD ($) | May 08, 2020 | Jan. 31, 2020 | Dec. 31, 2018 | Mar. 31, 2022 | Mar. 31, 2021 |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||||
License and collaboration revenue | $ 794,000 | $ 1,467,000 | |||
Research and development | 9,703,000 | 17,013,000 | |||
Deferred revenue, recognized | 200,000 | ||||
Collaboration | |||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||||
License and collaboration revenue | 794,000 | 1,467,000 | |||
Collaboration | Reimbursable Out-of-Pocket and Personnel Costs Incurred Related to Research Services | |||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||||
License and collaboration revenue | 800,000 | 1,500,000 | |||
Mosaic | Maximum | |||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||||
Milestone payment related to regulatory and clinical development events | $ 4,000,000 | ||||
ISU Abxis | Amended and Restated License Agreement | |||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||||
Regulatory and development milestone payment | $ 2,500,000 | 0 | |||
ISU Abxis | Maximum | Amended and Restated License Agreement | |||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||||
Milestone payment | 19,500,000 | 0 | |||
Commercial milestone payments | $ 17,000,000 | 0 | |||
Biogen | |||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||||
License and collaboration revenue | 0 | 0 | |||
Biogen | Collaboration | |||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||||
Research and development | $ 700,000 | $ 1,400,000 | |||
Biogen | Exclusive License | |||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||||
Up-front payments received | $ 15,000,000 | ||||
Biogen | Maximum | Exclusive License | |||||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |||||
Development and sales milestone payments | $ 340,000,000 |
Anti-dilutive Security not Incl
Anti-dilutive Security not Included In Diluted per Share Calculations (Detail) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti dilutive securities | 2,777,795 | 3,208,230 |
Options To Purchase Common Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti dilutive securities | 2,777,710 | 3,208,145 |
Common Stock Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti dilutive securities | 85 | 85 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Line Items] | |||
Charges related to write off of prepaid manufacturing cost | $ 3.8 | $ 3.8 | |
AGC Biologics, Inc | Marzeptacog Alfa Activated and Dalcinonacog Alfa | Service Agreements | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Cost of Manufacturing Services | $ 0.7 | ||
Catalent Indiana, LLC. | Dalcinonacog alfa. | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Firm work order supporting clinical trials | 0.3 | ||
Contractual obligation payments | 0.1 | ||
Marzeptacog Alfa Activated | Marzeptacog Alfa Activated and Dalcinonacog Alfa | Maximum | Service Agreements | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Cost of services as per agreement | 3.2 | ||
Marzeptacog Alfa Activated | Dalcinonacog Alfa | Maximum | Service Agreements | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Cost of services as per agreement | $ 6.5 |
Detail of Interest and Other In
Detail of Interest and Other Income, Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Other Income And Expenses [Abstract] | ||
Interest income | $ 2 | $ 17 |
Gain from extinguishment of liability | 180 | |
Other | (17) | $ (17) |
Total interest and other income, net | $ 165 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022Employee | Nov. 30, 2021USD ($) | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | |
Restructuring Cost And Reserve [Line Items] | ||||
Percent of employees terminated | 35.00% | |||
Severance costs and expenses | $ 0.4 | |||
Charges related to write off of prepaid manufacturing cost | $ 3.8 | 3.8 | ||
Restructuring liability | $ 0.2 | |||
Number of employees terminated | Employee | 22 | |||
Remaining number of full time employees | Employee | 5 | |||
Operating Expense | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Severance and other charges | $ 1 |