Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 01, 2023 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-36020 | |
Entity Registrant Name | Onconova Therapeutics, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 22-3627252 | |
Entity Address, Address Line One | 12 Penns Trail | |
Entity Address, City or Town | Newtown | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 18940 | |
City Area Code | 267 | |
Local Phone Number | 759-3680 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 20,969,559 | |
Title of 12(b) Security | Common Stock, par value $.01 per share | |
Trading Symbol | ONTX | |
Security Exchange Name | NASDAQ | |
Entity Central Index Key | 0001130598 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 34,220 | $ 38,757 |
Receivables | 17 | 29 |
Prepaid expenses and other current assets | 802 | 561 |
Total current assets | 35,039 | 39,347 |
Property and equipment, net | 21 | 24 |
Other non-current assets | 1 | 1 |
Total assets | 35,061 | 39,372 |
Current liabilities: | ||
Accounts payable | 4,896 | 3,860 |
Accrued expenses and other current liabilities | 4,102 | 3,960 |
Deferred revenue | 226 | 226 |
Total current liabilities | 9,224 | 8,046 |
Deferred revenue, non-current | 2,961 | 3,017 |
Total liabilities | 12,185 | 11,063 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value, 5,000,000 shares authorized, none issued and outstanding at March 31, 2023 and December 31, 2022 | ||
Common stock, $0.01 par value, 125,000,000 shares authorized, 20,969,559 and 20,925,992 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 210 | 209 |
Additional paid in capital | 492,151 | 491,816 |
Accumulated deficit | (469,458) | (463,683) |
Accumulated other comprehensive loss | (27) | (33) |
Total stockholders' equity | 22,876 | 28,309 |
Total liabilities and stockholders' equity | $ 35,061 | $ 39,372 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Condensed Consolidated Balance Sheets | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
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 (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 20,969,559 | 20,925,992 |
Common stock, shares outstanding | 20,969,559 | 20,925,992 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Condensed Consolidated Statements of Operations | ||
Revenue | $ 56 | $ 56 |
Operating expenses: | ||
General and administrative | 2,113 | 2,186 |
Research and development | 4,080 | 2,002 |
Total operating expenses | 6,193 | 4,188 |
Loss from operations | (6,137) | (4,132) |
Other income, net | 362 | 10 |
Net loss | $ (5,775) | $ (4,122) |
Net loss per share, basic (in dollars per share) | $ (0.28) | $ (0.20) |
Net loss per share, diluted (in dollars per share) | $ (0.28) | $ (0.20) |
Basic weighted average shares outstanding (in shares) | 20,960,171 | 20,904,085 |
Diluted weighted average shares outstanding (in shares) | 20,960,171 | 20,904,085 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Condensed Consolidated Statements of Comprehensive Loss | ||
Net loss | $ (5,775) | $ (4,122) |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments, net | 6 | (7) |
Other comprehensive income (loss), net of tax | 6 | (7) |
Comprehensive loss | $ (5,769) | $ (4,129) |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Common Stock | Additional Paid in Capital | Accumulated deficit | Accumulated other comprehensive (loss) income | Total |
Balance at Dec. 31, 2021 | $ 209 | $ 490,644 | $ (444,719) | $ (14) | $ 46,120 |
Balance (in shares) at Dec. 31, 2021 | 20,895,563 | ||||
Increase (Decrease) in Stockholders' Equity (Deficit) | |||||
Net loss | (4,122) | (4,122) | |||
Other comprehensive loss | (7) | (7) | |||
Stock-based compensation | 296 | 296 | |||
Balance at Mar. 31, 2022 | $ 209 | 490,940 | (448,841) | (21) | 42,287 |
Balance (in shares) at Mar. 31, 2022 | 20,895,563 | ||||
Balance at Dec. 31, 2022 | $ 209 | 491,816 | (463,683) | (33) | $ 28,309 |
Balance (in shares) at Dec. 31, 2022 | 20,925,992 | 20,925,992 | |||
Increase (Decrease) in Stockholders' Equity (Deficit) | |||||
Net loss | (5,775) | $ (5,775) | |||
Other comprehensive loss | 6 | 6 | |||
Stock-based compensation | 336 | 336 | |||
Shares issued for vested restricted stock units | $ 1 | (1) | |||
Shares issued for vested restricted stock units, shares | 43,567 | ||||
Balance at Mar. 31, 2023 | $ 210 | $ 492,151 | $ (469,458) | $ (27) | $ 22,876 |
Balance (in shares) at Mar. 31, 2023 | 20,969,559 | 20,969,559 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities: | ||
Net loss | $ (5,775) | $ (4,122) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 3 | 3 |
Stock compensation expense | 336 | 296 |
Changes in assets and liabilities: | ||
Receivables | 12 | 1 |
Prepaid expenses and other current assets | (241) | (251) |
Accounts payable | 1,036 | 365 |
Accrued expenses and other current liabilities | 142 | (532) |
Deferred revenue | (56) | (56) |
Net cash used in operating activities | (4,543) | (4,296) |
Financing activities: | ||
Effect of foreign currency translation on cash | 6 | (7) |
Net decrease in cash and cash equivalents | (4,537) | (4,303) |
Cash and cash equivalents at beginning of period | 38,757 | 55,070 |
Cash and cash equivalents at end of period | $ 34,220 | $ 50,767 |
Nature of Business
Nature of Business | 3 Months Ended |
Mar. 31, 2023 | |
Nature of Business | |
Nature of Business | 1. Nature of Business The Company Onconova Therapeutics, Inc. (the Company) was incorporated in the State of Delaware on December 22, 1998 and commenced operations on January 1, 1999. The Company's headquarters are located in Newtown, Pennsylvania. The Company is a clinical-stage biopharmaceutical company focused on discovering and developing novel products for patients with cancer. The Company has proprietary molecularly targeted anti-cancer agents designed to disrupt specific cellular pathways that are important for cancer cell proliferation. The Company believes that the product candidates in its pipeline have the potential to be efficacious in a variety of cancers with unmet medical need. The Company has the following two clinical-stage programs: 1. narazaciclib (ON 123300), a multi-kinase inhibitor in solid tumors and hematological malignancies as a single agent or in combination with other anti-cancer therapies; and 2. oral rigosertib administered alone or in combination for the treatment of various cancers. The Company is currently evaluating potential compounds for in-licensing opportunities. During 2012, Onconova Europe GmbH was established as a wholly owned subsidiary of the Company for the purpose of further developing business in Europe. Liquidity The Company has incurred recurring operating losses since inception. For the three months ended March 31, 2023, the Company incurred a net loss of $5,775,000 and as of March 31, 2023 the Company had generated an accumulated deficit of $469,458,000. The Company anticipates operating losses to continue for the foreseeable future due to, among other things, costs related to research, development of its product candidates and its preclinical programs, strategic alliances and its administrative organization. At March 31, 2023, the Company had cash and cash equivalents of $34,220,000. The Company believes that its cash and cash equivalents will be sufficient to fund its ongoing trials and business operations into the first quarter of 2024; therefore, based on current projections, the Company does not have sufficient cash and cash equivalents to support its operations for at least the 12 months following the date that these financial statements are issued. These conditions raise substantial doubt about the Company’s ability to continue as a going concern through the one year period after the date that the financial statements are issued. Due to the inherent uncertainty involved in making estimates and the risks associated with the research, development, and commercialization of biotechnology products, the Company may have based this estimate on assumptions that may prove to be wrong, and the Company's operating plan may change as a result of many factors currently unknown to the Company. The Company will require substantial additional financing to fund its ongoing clinical trials and operations, and to continue to execute its strategy. To alleviate the conditions that raise substantial doubt about the Company’s ability to continue as a going concern, management plans to explore various dilutive and non-dilutive sources of funding, including equity financings, strategic alliances, business development and other sources. The future success of the Company is dependent upon its ability to obtain additional funding. There can be no assurance, however, that the Company will be successful in obtaining such funding in sufficient amounts, on terms acceptable to the Company, or at all. The failure to obtain sufficient capital on acceptable terms when needed would have a material adverse effect on the Company’s business, results of operations, and financial condition. Accordingly, management has concluded that substantial doubt exists with respect to the Company's ability to continue as a going concern within one year after the date that these financial statements are issued. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business, and do not include any adjustments relating to recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Certain information and footnotes normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The financial statements include the consolidated accounts of the Company and its wholly-owned subsidiary, Onconova Europe GmbH. All significant intercompany transactions have been eliminated. Unaudited Interim Financial Information The accompanying condensed consolidated balance sheet as of March 31, 2023, the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2023 and 2022, the consolidated statements of stockholders’ equity (deficit) for the three months ended March 31, 2023 and 2022 and the condensed consolidated statements of cash flows for the three months ended March 31, 2023 and 2022 are unaudited. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2023, the results of its operations for the three months ended March 31, 2023 and 2022, and its cash flows for the three months ended March 31, 2023 and 2022. The financial data and other information disclosed in these notes related to the three months ended March 31, 2023 and 2022 are unaudited. The results for the three months ended March 31, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2022, any other interim periods, or any future year or period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto for the year ended December 31, 2022 included in the Company’s annual report on Form 10-K filed with the SEC on March 30, 2023. Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one segment, which is the identification and development of oncology therapeutics. Concentrations of Credit Risk and Off-Balance Sheet Risk Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents. The Company maintains a portion of its cash and cash equivalent balances in the form of money market accounts with financial institutions that management believes are creditworthy. The Company has no financial instruments with off-balance sheet risk of loss At March 31, 2023 the Company had $30,001,000 of its cash and cash equivalents in a Morgan Stanley Institutional Liquidity Fund. The fund is a AAA rated money market fund that invests in a portfolio of liquid, high-quality debt securities issued by the U.S. government. The fund resides in a custodial account held by U.S. Bank for which SVB Asset Management is the advisor. Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2022 included in the Company’s annual report on Form 10-K filed with the SEC on March 30, 2023. Since the date of such financial statements, there have been no changes to the Company’s significant accounting policies. Fair Value Measurements At both March 31, 2023 and December 31, 2002, the Company had no financial assets and liabilities measured at fair value on a recurring basis. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a valuation hierarchy for disclosure of the inputs to the valuations used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The carrying amounts reported in the accompanying consolidated financial statements for cash and cash equivalents, accounts payable, and accrued liabilities approximate their respective fair values because of the short-term nature of these accounts. Recent Accounting Pronouncements In June 2016, the FASB issued new guidance on the accounting for credit losses on financial instruments. The guidance was amended in November 2019. The new guidance introduces an expected loss model for estimating credit losses, replacing the incurred loss model. The new guidance also changes the impairment model for available-for-sale debt securities, requiring the use of an allowance to record estimated credit losses (and subsequent recoveries). The guidance was effective for fiscal years beginning after December 15, 2022, and interim periods within those years, for companies deemed to be smaller reporting companies as of November 15, 2019, with early adoption permitted. The Company adopted the guidance effective January 1, 2023. The guidance did not have a material effect on the Company’s consolidated financial statements |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Revenue. | |
Revenue | 3. Revenue The Company’s revenue during the three months ended March 31, 2023 and 2022 was from its license and collaboration agreement with SymBio. Three Months Ended March 31, 2023 2022 Symbio Upfront license fee recognition over time $ 56,000 $ 56,000 Deferred revenue is as follows: Symbio Upfront Payment Deferred balance at December 31, 2022 $ 3,243,000 Recognition to revenue (56,000) Deferred balance at March 31, 2023 $ 3,187,000 |
Net Loss Per Share of Common St
Net Loss Per Share of Common Stock | 3 Months Ended |
Mar. 31, 2023 | |
Net Loss Per Share of Common Stock | |
Net Loss Per Share of Common Stock | 4. Net Loss Per Share of Common Stock The following potentially dilutive securities outstanding at March 31, 2023 and 2022 have been excluded from the computation of diluted weighted average shares outstanding, as they would be antidilutive (reflects the number of common shares as if the dilutive securities had been converted to common stock): March 31, 2023 2022 Warrants 344,990 491,586 Stock options 1,856,722 871,842 2,201,712 1,363,428 |
Warrants
Warrants | 3 Months Ended |
Mar. 31, 2023 | |
Warrants | |
Warrants | 5. Warrants Common Stock warrants are accounted for in accordance with applicable accounting guidance provided in ASC Topic 815, Derivatives and Hedging - Contracts in Entity’s Own Equity Warrants outstanding and warrant activity (reflects the number of common shares as if the warrants were converted to common stock) for the three months ended March 31, 2023 is as follows: Balance Balance Exercise Expiration December 31, Warrants Warrants Warrants March 31, Description Classification Price Date 2022 Issued Exercised Expired 2023 Non-tradable pre-funded warrants Equity $ 2.25 July 2023 26 — — — 26 Non-tradable pre-funded warrants Equity $ 2.25 none 3,522 — — — 3,522 Non-tradable pre-funded warrants Equity $ 2.25 none 4,974 — — — 4,974 Non-tradable warrants Equity $ 30.00 September 2023 7,306 — — — 7,306 Non-tradable warrants Equity $ 3.00 November 2024 244,500 — — — 244,500 Non-tradable warrants Equity $ 6.54375 December 2024 16,953 — — — 16,953 Non-tradable warrants Equity $ 6.75450 December 2024 46,263 — — — 46,263 Non-tradable warrants Equity $ 6.77850 December 2023 29,968 — — — 29,968 353,512 — — — 353,512 |
Balance Sheet Detail
Balance Sheet Detail | 3 Months Ended |
Mar. 31, 2023 | |
Balance Sheet Detail | |
Balance Sheet Detail | 6. Balance Sheet Detail Prepaid expenses and other current assets: March 31, December 31, 2023 2022 Research and development $ 462,000 $ 233,000 Manufacturing 84,000 97,000 Insurance 188,000 191,000 Other 68,000 40,000 $ 802,000 $ 561,000 Property and equipment: March 31, December 31, 2023 2022 Property and equipment $ 70,000 $ 70,000 Accumulated depreciation (49,000) (46,000) $ 21,000 $ 24,000 Accrued expenses and other current liabilities: March 31, December 31, 2023 2022 Research and development $ 3,287,000 $ 2,593,000 Employee compensation 697,000 1,187,000 Professional fees 118,000 180,000 $ 4,102,000 $ 3,960,000 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Stock-Based Compensation | |
Stock-Based Compensation | 7. Stock-Based Compensation The 2018 Omnibus Incentive Compensation Plan (the “2018 Plan”) was unanimously approved by the Company’s Board of Directors on May 24, 2018 and was approved by the Company’s stockholders on June 27, 2018. Under the 2018 Plan, the Company may grant incentive stock options, non-qualified stock options, stock awards, stock units, stock appreciation rights and other stock-based awards to employees, non-employee directors and consultants, and advisors. The maximum aggregate number of shares of the Company’s common stock that may be issued under the 2018 Plan is 26,823. The 2018 Plan was amended and restated following unanimous approval of the Company’s Board of Directors on April 24, 2019 and was approved by the Company’s shareholders on June 17, 2019. The amended 2018 Plan (the “Amended Plan”) allowed for an additional 39,300 shares of the Company’s common stock that may be issued under the Amended Plan with respect to awards made on and after June 17, 2019. The 2021 Incentive Compensation Plan (the “2021 Plan”) was unanimously approved by the Company’s shareholders on July 30, 2021. Upon stockholders’ approval of the 2021 Plan, no further awards will be made under the amended 2018 Plan. Under the 2021 Plan, the Company may grant incentive stock options, non-qualified stock options, stock awards, stock units, stock appreciation rights and other stock-based awards to employees, non-employee directors and consultants, and advisors. The 2021 Plan was amended and restated following unanimous approval of the Company’s Board of Directors on May 23, 2022 and was approved by the Company’s shareholders on August 18, 2022. The amended 2021 Plan (the “Amended 2021 Plan”) allowed for an additional 2,000,000 shares of the Company’s common stock that may be issued under the Amended 2021 Plan with respect to awards made on and after August 18, 2022. At March 31, 2023, there were 1,188,373 shares available for future issuance. Stock-based compensation expense includes stock options granted to employees and non-employees and has been reported in the Company’s statements of operations and comprehensive loss in either research and development expenses or general and administrative expenses depending on the function performed by the optionee. No net tax benefits related to the stock-based compensation costs have been recognized since the Company’s inception. The Company recognized stock-based compensation expense related to stock options and restricted stock units as follows for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 General and administrative $ 169,000 $ 187,000 Research and development 167,000 109,000 $ 336,000 $ 296,000 A summary of stock option activity for the three months ended March 31, 2023 is as follows: Options Outstanding Weighted Weighted- Average Average Remaining Aggregate Number Exercise Contractual Intrinsic of Shares Price Term (in years) Value Balance, December 31, 2022 1,397,763 $ 7.15 9.18 $ — Granted 458,250 $ 0.73 10.00 — Exercised — $ — — $ — Forfeitures/adjustments 709 $ 29,880.00 — Balance, March 31, 2023 1,856,722 $ 5.36 9.19 $ — Exercisable at March 31, 2023 388,359 $ 19.90 8.33 $ — The Company accounts for all stock-based payments made to employees, non-employees and directors using an option pricing model for estimating fair value. Accordingly, stock-based compensation expense is measured based on the estimated fair value of the awards on the date of grant, net of forfeitures. Compensation expense is recognized for the portion that is ultimately expected to vest over the period during which the recipient renders the required services to the Company using the straight-line single option method. The Company uses the Black-Scholes option-pricing model to estimate the fair value of stock options at the grant date. The Black-Scholes model requires the Company to make certain estimates and assumptions, assumptions related to the expected price volatility of the Common Stock, the period during which the options will be outstanding, the rate of return on risk-free investments and the expected dividend yield for the Company’s stock. As of March 31, 2023, there was $1,604,000 of unrecognized compensation expense related to the unvested stock options which is expected to be recognized over a weighted-average period of approximately 1.87 years. The weighted-average assumptions underlying the Black-Scholes calculation of grant date fair value of stock options include the following: Three months ended March 31, 2023 2022 Risk-free interest rate 3.63 % 1.80 % Expected volatility 121.00 % 121.76 % Expected term 5.85 years 5.85 years Expected dividend yield 0 % 0 % Weighted average grant date fair value $ 0.64 $ 1.58 The weighted-average valuation assumptions were determined as follows: ● Risk-free interest rate: The Company based the risk-free interest rate on the interest rate payable on U.S. Treasury securities in effect at the time of grant for a period that is commensurate with the assumed expected option term. ● Expected term of options: Due to its lack of sufficient historical data, the Company estimates the expected life of its employee stock options using the “simplified” method, as prescribed in Staff Accounting Bulletin (SAB) No. 107, whereby the expected life equals the arithmetic average of the vesting term and the original contractual term of the option. ● Expected stock price volatility: Expected volatility is based on the historical volatility of the Company’s Common Stock. ● Expected annual dividend yield: The Company has never paid, and does not expect to pay, dividends in the foreseeable future. Accordingly, the Company assumed an expected dividend yield of 0.0% . On August 2, 2021, the compensation committee of the Board of Directors approved restricted stock unit grants to the Company’s employees (“2021 RSU”). An aggregate of 104,700 service-based RSUs were issued at a grant date fair value of $5.19. The 2021 RSU awards will be settled in stock, vest 33% on each of the first and second anniversary of the date of grant, and vest 34% on the third anniversary of the date of grant. The 2021 RSU awards were granted under the 2021 Plan. During the three months ended March 31, 2023, there were no vesting events, forfeitures, expirations, or cancelations of 2021 RSUs. On February 7, 2022, the compensation committee of the Board of Directors approved restricted stock unit grants to the Companies employees (“2022 RSU”). An aggregate of 148,343 service-based RSUs were issued at a grant date fair value of $1.82. The 2022 RSU awards will be settled in stock, vest 33% on each of the first and second anniversary of the date of grant, and vest 34% on the third anniversary of the date of grant. During the three months ended March 31, 2023, there was a vesting event for 43,567 of the 2022 RSUs. There were no forfeitures, expirations, or cancelations of the 2022 RSUs during the period. On June 10, 2022, the compensation committee of the Board of Directors approved restricted stock unit grants to certain of the Company’s employees (“2022 RSU2”). An aggregate of 24,200 service-based RSUs were issued at a grant date fair value of $1.33. The 2022 RSU2 awards will be settled in stock, vest 33% on each of the first and second anniversary of the date of grant, and vest 34% on the third anniversary of the date of grant. During the three months ended March 31, 2023, there were no vesting events expirations, or cancelations of the 2022 RSU2s. At March 31, 2023, the unrecognized compensation cost related to unvested service-based RSUs was Grants of PSUs and SARs During 2020 and 2021, the compensation committee of the Board of Directors and the board approved a cash bonus program of cash-settled stock appreciation right (“SAR”) awards to the Company’s employees and non-employee directors, and cash-settled performance stock unit (“PSU”) awards to the Company’s employees. These awards were granted outside of the 2018 Plan and the 2021 Plan. As the Company’s stock price has decreased since these awards, their impact on the results of operations and balance sheet of the Company are not material during 2022 or 2023. |
Research Agreements
Research Agreements | 3 Months Ended |
Mar. 31, 2023 | |
Research Agreements | |
Research Agreements | 8. Research Agreements The Company has entered into various licensing and right-to-sublicense agreements with educational institutions for the exclusive use of patents and patent applications, as well as any patents that may develop from research being conducted by such educational institutions in the field of anticancer therapy, genes and proteins. Results from this research have been licensed to the Company pursuant to these agreements. Under one of these agreements with Temple University (“Temple”), the Company is required to make annual maintenance payments to Temple and royalty payments based upon a percentage of sales generated from any products covered by the licensed patents, with minimum specified royalty payments. As no sales had been generated through March 31, 2023 under the licensed patents, the Company has not incurred any royalty expenses related to this agreement. In addition, the Company is required to pay Temple a percentage of any sublicensing fees received by the Company. |
Securities Registrations and Sa
Securities Registrations and Sales Agreements | 3 Months Ended |
Mar. 31, 2023 | |
Securities Registrations and Sales Agreements | |
Securities Registrations and Sales Agreements | 9. Securities Registrations and Sales Agreements August 2021 Equity Distribution Agreement On August 20, 2021, the Company entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with Piper Sandler & Co. (“Piper Sandler”) under which the Company may offer and sell, from time to time at its sole discretion, shares of the Company’s common stock, with aggregate gross sales proceeds of up to $25.0 million through an “at the market” equity offering program under which Piper Sandler is the sales agent. Under the Equity Distribution Agreement, the Company has the right to set the parameters for the sale of shares, including the number of shares to be issued, the time period during which sales are requested to be made, limitations on the number of shares that may be sold in any one trading day and any minimum price below which sales may not be made. Subject to the terms and conditions of the Equity Distribution Agreement, Piper Sandler may sell the shares by methods deemed to be an “at the market” offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, including sales made through The Nasdaq Capital Market or any other trading market for our common stock. The Equity Distribution Agreement provides that Piper Sandler is entitled to compensation for its services equal to 3.0% of the gross proceeds of any shares of common stock sold through Piper Sandler under the Equity Distribution Agreement. The Company has no obligation to sell any shares under the Equity Distribution Agreement, and may at any time suspend solicitation and offers under the Equity Distribution Agreement. Through March 31, 2023, the Company sold 109,523 shares under the agreement at a weighted average price of $5.32 per share. Net proceeds after commissions and offering expenses were approximately $0.5 million. There were no shares sold by the Company under the agreement during the three months ended March 31, 2023 and 2022. The shares are issued pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-237844). The Company filed a prospectus supplement, dated August 20, 2021 with the Securities and Exchange Commission in connection with the offer and sale of the shares pursuant to the Equity Distribution Agreement. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Summary of Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation The condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Certain information and footnotes normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The financial statements include the consolidated accounts of the Company and its wholly-owned subsidiary, Onconova Europe GmbH. All significant intercompany transactions have been eliminated. |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The accompanying condensed consolidated balance sheet as of March 31, 2023, the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2023 and 2022, the consolidated statements of stockholders’ equity (deficit) for the three months ended March 31, 2023 and 2022 and the condensed consolidated statements of cash flows for the three months ended March 31, 2023 and 2022 are unaudited. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2023, the results of its operations for the three months ended March 31, 2023 and 2022, and its cash flows for the three months ended March 31, 2023 and 2022. The financial data and other information disclosed in these notes related to the three months ended March 31, 2023 and 2022 are unaudited. The results for the three months ended March 31, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2022, any other interim periods, or any future year or period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto for the year ended December 31, 2022 included in the Company’s annual report on Form 10-K filed with the SEC on March 30, 2023. |
Segment Information | Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one segment, which is the identification and development of oncology therapeutics. |
Concentrations of Credit Risk and Off-Balance Sheet Risk | Concentrations of Credit Risk and Off-Balance Sheet Risk Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents. The Company maintains a portion of its cash and cash equivalent balances in the form of money market accounts with financial institutions that management believes are creditworthy. The Company has no financial instruments with off-balance sheet risk of loss At March 31, 2023 the Company had $30,001,000 of its cash and cash equivalents in a Morgan Stanley Institutional Liquidity Fund. The fund is a AAA rated money market fund that invests in a portfolio of liquid, high-quality debt securities issued by the U.S. government. The fund resides in a custodial account held by U.S. Bank for which SVB Asset Management is the advisor. |
Significant Accounting Policies | Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2022 included in the Company’s annual report on Form 10-K filed with the SEC on March 30, 2023. Since the date of such financial statements, there have been no changes to the Company’s significant accounting policies. |
Fair Value Measurements | Fair Value Measurements At both March 31, 2023 and December 31, 2002, the Company had no financial assets and liabilities measured at fair value on a recurring basis. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a valuation hierarchy for disclosure of the inputs to the valuations used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The carrying amounts reported in the accompanying consolidated financial statements for cash and cash equivalents, accounts payable, and accrued liabilities approximate their respective fair values because of the short-term nature of these accounts. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued new guidance on the accounting for credit losses on financial instruments. The guidance was amended in November 2019. The new guidance introduces an expected loss model for estimating credit losses, replacing the incurred loss model. The new guidance also changes the impairment model for available-for-sale debt securities, requiring the use of an allowance to record estimated credit losses (and subsequent recoveries). The guidance was effective for fiscal years beginning after December 15, 2022, and interim periods within those years, for companies deemed to be smaller reporting companies as of November 15, 2019, with early adoption permitted. The Company adopted the guidance effective January 1, 2023. The guidance did not have a material effect on the Company’s consolidated financial statements |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue. | |
Schedule of recognized revenue under license and collaboration agreements | Three Months Ended March 31, 2023 2022 Symbio Upfront license fee recognition over time $ 56,000 $ 56,000 |
Schedule of deferred revenue | Symbio Upfront Payment Deferred balance at December 31, 2022 $ 3,243,000 Recognition to revenue (56,000) Deferred balance at March 31, 2023 $ 3,187,000 |
Net Loss Per Share of Common _2
Net Loss Per Share of Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Net Loss Per Share of Common Stock | |
Schedule of antidilutive securities which have been excluded from the computation of diluted weighted average shares outstanding | March 31, 2023 2022 Warrants 344,990 491,586 Stock options 1,856,722 871,842 2,201,712 1,363,428 |
Warrants (Tables)
Warrants (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Warrants | |
Schedule of warrants outstanding and warrant activity | Balance Balance Exercise Expiration December 31, Warrants Warrants Warrants March 31, Description Classification Price Date 2022 Issued Exercised Expired 2023 Non-tradable pre-funded warrants Equity $ 2.25 July 2023 26 — — — 26 Non-tradable pre-funded warrants Equity $ 2.25 none 3,522 — — — 3,522 Non-tradable pre-funded warrants Equity $ 2.25 none 4,974 — — — 4,974 Non-tradable warrants Equity $ 30.00 September 2023 7,306 — — — 7,306 Non-tradable warrants Equity $ 3.00 November 2024 244,500 — — — 244,500 Non-tradable warrants Equity $ 6.54375 December 2024 16,953 — — — 16,953 Non-tradable warrants Equity $ 6.75450 December 2024 46,263 — — — 46,263 Non-tradable warrants Equity $ 6.77850 December 2023 29,968 — — — 29,968 353,512 — — — 353,512 |
Balance Sheet Detail (Tables)
Balance Sheet Detail (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Balance Sheet Detail | |
Schedule of prepaid expenses and other current assets | March 31, December 31, 2023 2022 Research and development $ 462,000 $ 233,000 Manufacturing 84,000 97,000 Insurance 188,000 191,000 Other 68,000 40,000 $ 802,000 $ 561,000 |
Schedule of property and equipment | March 31, December 31, 2023 2022 Property and equipment $ 70,000 $ 70,000 Accumulated depreciation (49,000) (46,000) $ 21,000 $ 24,000 |
Schedule of accrued expenses and other current liabilities | March 31, December 31, 2023 2022 Research and development $ 3,287,000 $ 2,593,000 Employee compensation 697,000 1,187,000 Professional fees 118,000 180,000 $ 4,102,000 $ 3,960,000 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Stock-Based Compensation | |
Schedule of stock-based compensation expense | Three Months Ended March 31, 2023 2022 General and administrative $ 169,000 $ 187,000 Research and development 167,000 109,000 $ 336,000 $ 296,000 |
Schedule of stock option activity | Options Outstanding Weighted Weighted- Average Average Remaining Aggregate Number Exercise Contractual Intrinsic of Shares Price Term (in years) Value Balance, December 31, 2022 1,397,763 $ 7.15 9.18 $ — Granted 458,250 $ 0.73 10.00 — Exercised — $ — — $ — Forfeitures/adjustments 709 $ 29,880.00 — Balance, March 31, 2023 1,856,722 $ 5.36 9.19 $ — Exercisable at March 31, 2023 388,359 $ 19.90 8.33 $ — |
Schedule of weighted-average assumptions used for estimating the fair value of the stock compensation granted | Three months ended March 31, 2023 2022 Risk-free interest rate 3.63 % 1.80 % Expected volatility 121.00 % 121.76 % Expected term 5.85 years 5.85 years Expected dividend yield 0 % 0 % Weighted average grant date fair value $ 0.64 $ 1.58 |
Nature of Business (Details)
Nature of Business (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Nature of Business | ||||
Number of clinical programs (in programs) | 2 | |||
Net loss | $ (5,775) | $ (4,122) | ||
Accumulated deficit | 469,458 | $ 463,683 | ||
Cash and cash equivalents | $ 34,220 | $ 50,767 | $ 38,757 | $ 55,070 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 3 Months Ended |
Mar. 31, 2023 segment | |
Summary of Significant Accounting Policies | |
Number of operating segments | 1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Concentrations of Credit Risk and Off-Balance Sheet Risk (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Risks and Uncertainties [Abstract] | |
Off-balance sheet risk, asset | $ 0 |
Off-balance sheet risk, liability | 0 |
Morgan Stanley Institutional Liquidity Fund | |
Risks and Uncertainties [Abstract] | |
Cash and cash equivalents | $ 30,001 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Recurring basis | ||
Liabilities measured at fair value | ||
Financial liabilities | $ 0 | $ 0 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue | ||
Revenue | $ 56 | $ 56 |
Activity in deferred revenue | ||
Balance at the beginning of the period | 226 | |
Balance at the end of the period | 226 | |
SymBio | ||
Activity in deferred revenue | ||
Balance at the beginning of the period | 3,243 | |
Deferred revenue recognized | (56) | |
Balance at the end of the period | 3,187 | |
License and collaboration agreements. | SymBio | ||
Revenue | ||
Revenue | $ 56 | $ 56 |
Net Loss Per Share of Common _3
Net Loss Per Share of Common Stock (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Potentially dilutive securities outstanding excluded from the computation of diluted weighted average shares as they would be antidilutive | ||
Potentially dilutive securities outstanding excluded from the computation of diluted weighted average shares | 2,201,712 | 1,363,428 |
Warrants. | ||
Potentially dilutive securities outstanding excluded from the computation of diluted weighted average shares as they would be antidilutive | ||
Potentially dilutive securities outstanding excluded from the computation of diluted weighted average shares | 344,990 | 491,586 |
Stock options | ||
Potentially dilutive securities outstanding excluded from the computation of diluted weighted average shares as they would be antidilutive | ||
Potentially dilutive securities outstanding excluded from the computation of diluted weighted average shares | 1,856,722 | 871,842 |
Warrants (Details)
Warrants (Details) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Warrants outstanding and warrant activity | ||
Warrants outstanding | 353,512 | 353,512 |
Warrant exercise price range one [member] | ||
Warrants | ||
Warrant exercise price (in dollars per share) | $ 2.25 | |
Warrants outstanding and warrant activity | ||
Warrants outstanding | 26 | 26 |
Warrant exercise price range two [member] | ||
Warrants | ||
Warrant exercise price (in dollars per share) | $ 2.25 | |
Warrants outstanding and warrant activity | ||
Warrants outstanding | 3,522 | 3,522 |
Warrant exercise price range three [member] | ||
Warrants | ||
Warrant exercise price (in dollars per share) | $ 2.25 | |
Warrants outstanding and warrant activity | ||
Warrants outstanding | 4,974 | 4,974 |
Warrant exercise price range four [member] | ||
Warrants | ||
Warrant exercise price (in dollars per share) | $ 30 | |
Warrants outstanding and warrant activity | ||
Warrants outstanding | 7,306 | 7,306 |
Warrant exercise price range five [member] | ||
Warrants | ||
Warrant exercise price (in dollars per share) | $ 3 | |
Warrants outstanding and warrant activity | ||
Warrants outstanding | 244,500 | 244,500 |
Warrant exercise price range six [member] | ||
Warrants | ||
Warrant exercise price (in dollars per share) | $ 6.54375 | |
Warrants outstanding and warrant activity | ||
Warrants outstanding | 16,953 | 16,953 |
Warrant exercise price range seven [member] | ||
Warrants | ||
Warrant exercise price (in dollars per share) | $ 6.75450 | |
Warrants outstanding and warrant activity | ||
Warrants outstanding | 46,263 | 46,263 |
Warrant exercise price range eight [member] | ||
Warrants | ||
Warrant exercise price (in dollars per share) | $ 6.77850 | |
Warrants outstanding and warrant activity | ||
Warrants outstanding | 29,968 | 29,968 |
Balance Sheet Detail - Prepaid
Balance Sheet Detail - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Prepaid expenses and other current assets: | ||
Research and development | $ 462 | $ 233 |
Manufacturing | 84 | 97 |
Insurance | 188 | 191 |
Other | 68 | 40 |
Prepaid expenses and other current assets | $ 802 | $ 561 |
Balance Sheet Detail - Property
Balance Sheet Detail - Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property and Equipment | ||
Property and equipment | $ 70 | $ 70 |
Accumulated depreciation | (49) | (46) |
Property and equipment, net | $ 21 | $ 24 |
Balance Sheet Detail - Accrued
Balance Sheet Detail - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Balance Sheet Detail | ||
Research and development | $ 3,287 | $ 2,593 |
Employee compensation | 697 | 1,187 |
Professional fees | 118 | 180 |
Accrued expenses and other current liabilities | $ 4,102 | $ 3,960 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - shares | 3 Months Ended | ||
Aug. 18, 2022 | Jun. 17, 2019 | Mar. 31, 2023 | |
2018 Plan | |||
Stock-Based Compensation | |||
Shares authorized (in shares) | 26,823 | ||
Additional shares authorized (in shares) | 39,300 | ||
2021 Incentive Plan | |||
Stock-Based Compensation | |||
Common Stock available for future issuance (in shares) | 1,188,373 | ||
2021 Incentive Plan | Common Stock | |||
Stock-Based Compensation | |||
Additional shares authorized (in shares) | 2,000,000 | ||
Restricted Stock Units (RSUs) | |||
Stock-Based Compensation | |||
Cancelled (in shares) | 0 | ||
Forfeitures and expirations (in shares) | 0 |
Stock-Based Compensation - Expe
Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Stock-Based Compensation | ||
Net tax benefits related to the stock-based compensation costs | $ 0 | |
Compensation expense | 336 | $ 296 |
General and administrative | ||
Stock-Based Compensation | ||
Compensation expense | 169 | 187 |
Research and development | ||
Stock-Based Compensation | ||
Compensation expense | $ 167 | $ 109 |
Stock-Based Compensation - Opti
Stock-Based Compensation - Options Activity (Details) - Stock options - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Number of Shares | ||
Balance at the beginning of the period (in shares) | 1,397,763 | |
Granted (in shares) | 458,250 | |
Forfeitures/adjustments (in shares) | (709) | |
Balance at the end of the period (in shares) | 1,856,722 | 1,397,763 |
Exercisable at the end of the period (in shares) | 388,359 | |
Weighted-Average Exercise Price | ||
Balance at the beginning of the period (in dollars per share) | $ 7.15 | |
Granted (in dollars per share) | 0.73 | |
Forfeitures (in dollars per share) | 29,880 | |
Balance at the end of the period (in dollars per share) | 5.36 | $ 7.15 |
Exercisable at the end of the period (in dollars per share) | $ 19.90 | |
Additional Disclosures | ||
Weighted average remaining contractual term | 9 years 2 months 8 days | 9 years 2 months 4 days |
Weighted average remaining contractual term of options granted | 10 years | |
Weighted average remaining contractual term of options exercisable | 8 years 3 months 29 days |
Stock-Based Compensation - Op_2
Stock-Based Compensation - Options Unrecognized Compensation Expense (Details) - Stock options $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Stock-Based Compensation | |
Unrecognized compensation expense related to unvested stock options | $ 1,604 |
Weighted-average period for recognizing unrecognized compensation expense (in years) | 1 year 10 months 13 days |
Stock-Based Compensation - Fair
Stock-Based Compensation - Fair Value Assumptions (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Assumptions used | ||
Risk-free interest rate (as a percent) | 3.63% | 1.80% |
Expected volatility (as a percent) | 121% | 121.76% |
Expected term (in years) | 5 years 10 months 6 days | 5 years 10 months 6 days |
Expected dividend yield (as a percent) | 0% | 0% |
Weighted average grant date fair value (in dollars per share) | $ 0.64 | $ 1.58 |
Stock-Based Compensation - RSUs
Stock-Based Compensation - RSUs, PSUs and SARs (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||
Jun. 10, 2022 | Feb. 07, 2022 | Aug. 02, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense | $ 336 | $ 296 | |||
Employee | 2021 service-based RSUs | 2021 Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Nonoption units granted | 104,700 | ||||
Grant date fair value per unit | $ 5.19 | ||||
Employee | 2022 service-based RSUs | 2021 Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Nonoption units granted | 24,200 | 148,343 | |||
Grant date fair value per unit | $ 1.33 | $ 1.82 | |||
Vesting RSU | 43,567 | ||||
Unrecognized compensation cost related to awards other than options | $ 503 | ||||
Employee | Vesting Percentage One | 2021 service-based RSUs | 2021 Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting (Percentage) | 33% | ||||
Employee | Vesting Percentage One | 2022 service-based RSUs | 2021 Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting (Percentage) | 33% | 33% | |||
Employee | Vesting Percentage Two | 2021 service-based RSUs | 2021 Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting (Percentage) | 34% | ||||
Employee | Vesting Percentage Two | 2022 service-based RSUs | 2021 Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting (Percentage) | 34% | 34% |
Research Agreements (Details)
Research Agreements (Details) | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
License | |
Research Agreements | |
Revenue | $ 0 |
Securities Registrations and _2
Securities Registrations and Sales Agreements (Details) - Piper Sandler & Co - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 19 Months Ended | |
Aug. 20, 2021 | Mar. 31, 2023 | Mar. 31, 2023 | |
Issuance of common stock, net (in shares) | 0 | 109,523 | |
Proceeds from issuance of common stock | $ 25 | $ 0.5 | |
Percentage of gross proceeds of shares of common stock sold | 3% | ||
Weighted average price per share | $ 5.32 | $ 5.32 |