Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 08, 2023 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-36333 | |
Entity Registrant Name | BIO-PATH HOLDINGS INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-0652870 | |
Entity Address, Address Line One | 4710 Bellaire Boulevard, Suite 210 | |
Entity Address, City or Town | Bellaire | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77401 | |
City Area Code | 832 | |
Local Phone Number | 742-1357 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | BPTH | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 11,460,164 | |
Entity Central Index Key | 0001133818 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash | $ 3,444 | $ 10,384 |
Prepaid drug product | 1,069 | 3,587 |
Other current assets | 1,746 | 1,644 |
Total current assets | 6,259 | 15,615 |
Fixed assets | ||
Furniture, fixtures & equipment | 1,120 | 1,120 |
Less accumulated depreciation | (1,006) | (962) |
Furniture, fixtures & equipment, net | 114 | 158 |
Right of use operating assets | 151 | 198 |
Total Assets | 6,524 | 15,971 |
Current liabilities | ||
Accounts payable | 638 | 667 |
Accrued expenses | 675 | 909 |
Current portion of lease liabilities | 113 | 108 |
Total current liabilities | 1,426 | 1,684 |
Noncurrent lease liabilities | 55 | 113 |
Total Liabilities | 1,481 | 1,797 |
Shareholders' equity | ||
Preferred stock, $.001 par value; 10,000 shares authorized; no shares issued and outstanding | ||
Common stock, $.001 par value; 200,000 shares authorized; 7,960 and 7,960 shares issued and outstanding, respectively | 8 | 8 |
Additional paid in capital | 106,071 | 105,695 |
Accumulated deficit | (101,036) | (91,529) |
Total shareholders' equity | 5,043 | 14,174 |
Total Liabilities & Shareholders' Equity | $ 6,524 | $ 15,971 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
Preferred Stock, par value | $ 0.001 | $ 0.001 |
Preferred Stock, shares authorized | 10,000 | 10,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 200,000 | 200,000 |
Common Stock, shares issued | 7,960 | 7,960 |
Common Stock, shares outstanding | 7,960 | 7,960 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating expenses | ||||
Research and development | $ 3,051 | $ 1,851 | $ 7,040 | $ 3,949 |
General and administrative | 1,191 | 1,159 | 2,494 | 2,420 |
Total operating expenses | 4,242 | 3,010 | 9,534 | 6,369 |
Net operating loss | (4,242) | (3,010) | (9,534) | (6,369) |
Other income | ||||
Interest income | 8 | 2 | 27 | 2 |
Total other income | 8 | 2 | 27 | 2 |
Net loss | $ (4,234) | $ (3,008) | $ (9,507) | $ (6,367) |
Net loss per share, basic (in dollars per share) | $ (0.53) | $ (0.42) | $ (1.19) | $ (0.89) |
Weighted average number of common shares outstanding, basic (in shares) | 7,960 | 7,160 | 7,960 | 7,160 |
Net loss per share, diluted (in dollars per share) | $ (0.53) | $ (0.42) | $ (1.19) | $ (0.89) |
Weighted average number of common shares outstanding, diluted (in shares) | 7,960 | 7,160 | 7,960 | 7,160 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flow from operating activities | ||
Net income loss | $ 9,507 | $ 6,367 |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Stock-based compensation | 376 | 430 |
Amortization of right of use assets | 47 | 45 |
Depreciation | 44 | 43 |
(Increase) decrease in operating assets | ||
Prepaid drug product | 2,518 | (1,624) |
Other current assets | (102) | 451 |
Increase (decrease) in operating liabilities | ||
Accounts payable and accrued expenses | (263) | 343 |
Lease liabilities | (53) | (50) |
Net cash used in operating activities | (6,940) | (6,729) |
Cash flow from investing activities | ||
Purchases of furniture, fixtures & equipment | (21) | |
Net cash used in investing activities | (21) | |
Cash flow from financing activities | ||
Net decrease in cash | (6,940) | (6,750) |
Cash, beginning of period | 10,384 | 23,774 |
Cash, end of period | $ 3,444 | 17,024 |
Non-cash operating activities | ||
Right of use asset recognized in exchange for lease obligation | $ 85 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock | Additional Paid in Capital. | Accumulated Deficit | Total |
Beginning Balance at Dec. 31, 2021 | $ 7 | $ 103,111 | $ (77,661) | $ 25,457 |
Beginning Balance (in shares) at Dec. 31, 2021 | 7,160 | |||
Stock-based compensation | 430 | 430 | ||
Net loss | (6,367) | (6,367) | ||
Ending Balance at Jun. 30, 2022 | $ 7 | 103,541 | (84,028) | 19,520 |
Ending Balance (in shares) at Jun. 30, 2022 | 7,160 | |||
Beginning Balance at Mar. 31, 2022 | $ 7 | 103,328 | (81,020) | 22,315 |
Beginning Balance (in shares) at Mar. 31, 2022 | 7,160 | |||
Stock-based compensation | 213 | 213 | ||
Net loss | (3,008) | (3,008) | ||
Ending Balance at Jun. 30, 2022 | $ 7 | 103,541 | (84,028) | 19,520 |
Ending Balance (in shares) at Jun. 30, 2022 | 7,160 | |||
Beginning Balance at Dec. 31, 2022 | $ 8 | 105,695 | (91,529) | 14,174 |
Beginning Balance (in shares) at Dec. 31, 2022 | 7,960 | |||
Stock-based compensation | 376 | 376 | ||
Net loss | (9,507) | (9,507) | ||
Ending Balance at Jun. 30, 2023 | $ 8 | 106,071 | (101,036) | 5,043 |
Ending Balance (in shares) at Jun. 30, 2023 | 7,960 | |||
Beginning Balance at Mar. 31, 2023 | $ 8 | 105,901 | (96,802) | 9,107 |
Beginning Balance (in shares) at Mar. 31, 2023 | 7,960 | |||
Stock-based compensation | 170 | 170 | ||
Net loss | (4,234) | (4,234) | ||
Ending Balance at Jun. 30, 2023 | $ 8 | $ 106,071 | $ (101,036) | $ 5,043 |
Ending Balance (in shares) at Jun. 30, 2023 | 7,960 |
Organization and Business
Organization and Business | 6 Months Ended |
Jun. 30, 2023 | |
Organization and Business | |
Organization and Business | 1. Organization and Business The Company is a clinical and preclinical stage oncology-focused RNAi nanoparticle drug development company utilizing a novel technology that achieves systemic delivery for target-specific protein inhibition for any gene product that is over-expressed in disease. The Company’s drug delivery and antisense technology, called DNAbilize®, is a platform that uses P-ethoxy, which is a deoxyribonucleic acid (DNA) backbone modification that is intended to protect the DNA from destruction by the body’s enzymes when circulating in vivo, In vivo, The Company was incorporated in May 2000 as a Utah corporation. In February 2008, Bio-Path Subsidiary completed a reverse merger with the Company, which at the time was traded over the counter and had no current operations. The prior name of the Company was changed to Bio-Path Holdings, Inc. and the directors and officers of Bio-Path Subsidiary became the directors and officers of Bio-Path Holdings, Inc. Effective December 31, 2014, the Company changed its state of incorporation from Utah to Delaware through a statutory conversion pursuant to the Utah Revised Business Corporation Act and the Delaware General Corporation Law. The Company’s operations to date have been limited to organizing and staffing the Company, acquiring, developing and securing its technology and undertaking product development for a limited number of product candidates. As the Company has not begun its planned principal operations of commercializing a product candidate, the Company’s activities are subject to significant risks and uncertainties, including the potential requirement to secure additional funding, the outcome of the Company’s clinical trials and failing to operationalize the Company’s current drug candidates before another company develops similar products. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. Significant Accounting Policies Net Loss Per Share – did not include 657,408 shares and 400,531 shares issuable pursuant to the exercise of outstanding common stock options and warrants, respectively, as of June 30, 2022 as the effect would be antidilutive. Liquidity - Fair Value - |
Prepaid Drug Product
Prepaid Drug Product | 6 Months Ended |
Jun. 30, 2023 | |
Prepaid Drug Product | |
Prepaid Drug Product | 3. Prepaid Drug Product Advance payments, including nonrefundable amounts, for goods or services that will be used or rendered for future clinical development activities are deferred and capitalized. Such amounts will be recognized as an expense as the related goods are delivered or the related services are performed. The Company recognized certain expenses and incurred installment costs for its contract drug manufacturing and raw material suppliers with prepayments totaling $3.6 million as of December 31, 2022 pursuant to drug supply contracts for the manufacture and delivery of prexigebersen for testing in a Phase 2 clinical trial. The Company recognized certain expenses and incurred additional installment costs during the first six months of 2023, with advanced payments remaining to be expensed totaling $1.1 million as of June 30, 2023. |
Other Current Assets
Other Current Assets | 6 Months Ended |
Jun. 30, 2023 | |
Other Current Assets | |
Other Current Assets | 4. Other Current Assets As of June 30, 2023, other current assets included prepaid expenses of $1.7 million, comprised primarily of prepayments of $1.7 million made for the Company’s clinical trials for BP1002 in separate clinical trials for lymphoma and AML, prexigebersen in AML as well as BP1001-A in solid tumors. As of December 31, 2022, other current assets included prepaid expenses of $1.6 million, comprised primarily of prepayments of $1.3 million made for the Company’s clinical trials for BP1002 in AML and lymphoma, BP1001-A in solid tumors and prexigebersen in AML as well as prepaid insurance of $0.3 million. |
Accounts Payable
Accounts Payable | 6 Months Ended |
Jun. 30, 2023 | |
Accounts Payable | |
Accounts Payable | 5. Accounts Payable As of June 30, 2023, current liabilities included accounts payable of $0.6 million, comprised primarily of expenses related to drug manufacturing, development and testing services of $0.4 million and clinical trial expenses of $0.2 million. As of December 31, 2022, current liabilities included accounts payable of $0.7 million, comprised primarily of expenses related to drug manufacturing, development and testing services of $0.6 million and legal and patent fees of $0.1 million. |
Accrued Expense
Accrued Expense | 6 Months Ended |
Jun. 30, 2023 | |
Accrued Expense | |
Accrued Expense | 6. Accrued Expense As of June 30, 2023, current liabilities included accrued expenses of $0.7 million, comprised primarily of accrued employee vacation and bonus expenses of $0.4 million, professional and consulting fees of $0.1 million, legal and patent fees of $0.1 million and other accrued expenses of $0.1 million. As of December 31, 2022, current liabilities included accrued expenses of $0.9 million, comprised primarily of accrued employee vacation and bonus expenses of $0.4 million, drug manufacturing development and testing services of $0.2 million, professional and consulting fees of $0.1 million, legal and patent fees of $0.1 million and other accrued expenses of $0.1 million. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity | |
Stockholders' Equity | 7. Stockholders’ Equity Issuances of Common Stock Stockholders’ Equity totaled $5.0 million as of June 30, 2023 compared to $14.2 million as of December 31, 2022. There were 7,960,164 shares of common stock issued and outstanding outstanding |
Stock-Based Compensation Plan
Stock-Based Compensation Plan | 6 Months Ended |
Jun. 30, 2023 | |
Stock-Based Compensation Plan | |
Stock-Based Compensation Plan | 8. Stock-Based Compensation Plan The 2022 Plan ten Stock-based compensation expense for each of the three months ended June 30, 2023 and 2022 was $0.2 million. Of these amounts, stock-based compensation expense for personnel involved in the Company’s general and administrative activities for the three months ended June 30, 2023 and 2022 was $0.2 million and $0.1 million, respectively. Stock-based compensation expense for personnel involved in the Company’s research and development activities for the three months ended June 30, 2023 and 2022 was $43,000 and $50,000, respectively. Stock-based compensation expense for each of the six months ended June 30, 2023 and 2022 was $0.4 million. Of these amounts, stock-based compensation expense for personnel involved in the Company’s general and administrative activities for each of the six months ended June 30, 2023 and 2022 was $0.3 million. Stock-based compensation expense for personnel involved in the Company’s research and development activities for each of the six months ended June 30, 2023 and 2022 was $0.1 million. The Company utilized the Black-Scholes valuation model for estimating the fair value of the stock options granted, with the following weighted-average assumptions for options granted in the six months ended June 30, 2023 and 2022, respectively: 2023 2022 Risk-free interest rate 3.42 % 2.43 % Expected volatility 129 % 127 % Expected term in years 6.0 6.0 Dividend yield — % — % The following summary represents option activity under the Company’s stock-based compensation plans for the six months ended June 30, 2023: Weighted- Average Exercise Options Price (in thousands) Outstanding at December 31, 2022 658 $ 11.67 Granted 221 1.39 Outstanding at June 30, 2023 879 $ 9.09 Vested and expected to vest June 30, 2023 822 $ 9.23 Exercisable at June 30, 2023 428 $ 15.18 As of June 30, 2023, the aggregate intrinsic value of outstanding stock options was $0.1 million. The aggregate intrinsic value represents the total pretax intrinsic value (the difference between the Company’s closing stock price on June 30, 2023 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on June 30, 2023. This amount changes based on the fair value of the Company’s stock. As of June 30, 2023, unamortized stock-based compensation expense for all outstanding options was $1.2 million, which is expected to be recognized over a weighted average vesting period of 2.1 years. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies | |
Commitments and Contingencies | 9. Commitments and Contingencies Drug Supplier Project Plan |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events | |
Subsequent Events | 10. Subsequent Events 2023 Public Offering million (the “2023 Public Offering”). The 2023 Public Offering was made pursuant to a registration statement on Form S-1, as amended (File No. 333-272879), which was declared effective by the SEC on August 2, 2023. The 2023 Public Offering closed on August 7, 2023. The net proceeds from the offering, after deducting the placement agent’s fees and expenses and the Company’s offering expenses, and excluding the proceeds, if any, from the exercise of the warrants issued in the offering, were approximately $1.7 million. In connection with the 2023 Public Offering, the Company agreed to amend the existing warrants to purchase up to an aggregate of |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies | |
Net Loss Per Share | Net Loss Per Share – did not include 657,408 shares and 400,531 shares issuable pursuant to the exercise of outstanding common stock options and warrants, respectively, as of June 30, 2022 as the effect would be antidilutive. |
Liquidity | Liquidity - |
Fair Value | Fair Value - |
Stock-Based Compensation Plan (
Stock-Based Compensation Plan (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Stock-Based Compensation Plan | |
Summary of weighted-average assumptions | The Company utilized the Black-Scholes valuation model for estimating the fair value of the stock options granted, with the following weighted-average assumptions for options granted in the six months ended June 30, 2023 and 2022, respectively: 2023 2022 Risk-free interest rate 3.42 % 2.43 % Expected volatility 129 % 127 % Expected term in years 6.0 6.0 Dividend yield — % — % |
Schedule of option activity under stock-based compensation plans | The following summary represents option activity under the Company’s stock-based compensation plans for the six months ended June 30, 2023: Weighted- Average Exercise Options Price (in thousands) Outstanding at December 31, 2022 658 $ 11.67 Granted 221 1.39 Outstanding at June 30, 2023 879 $ 9.09 Vested and expected to vest June 30, 2023 822 $ 9.23 Exercisable at June 30, 2023 428 $ 15.18 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Significant Accounting Policies [Line Items] | |||
Cash | $ 3,444 | $ 10,384 | |
Warrant | |||
Significant Accounting Policies [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 1,200,531 | 400,531 | |
Stock Options | |||
Significant Accounting Policies [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 878,408 | 657,408 |
Prepaid Drug Product (Details)
Prepaid Drug Product (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Prepaid Drug Product | ||
Prepaid drug product for testing | $ 3.6 | |
Advanced payments remaining to be expensed | $ 1.1 |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Other prepaid expenses | $ 3,600 | |
Other current assets | $ 1,746 | 1,644 |
Other Current Assets [Member] | ||
Other prepaid expenses | 1,700 | 1,600 |
Other Current Assets [Member] | BP1002 in lymphoma, prexigebersen in AML and prexigebersen-A [Member] | ||
Prepayments for clinical trials | $ 1,700 | 1,300 |
Prepaid insurance | $ 300 |
Accounts Payable (Details)
Accounts Payable (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Accounts Payable [Line Items] | ||
Accounts payable, current | $ 638 | $ 667 |
Accounts Payable [Member] | ||
Accounts Payable [Line Items] | ||
Accounts payable, current | 600 | 700 |
Drug manufacturing, development and testing services | 400 | 600 |
Clinical trial expenses | $ 200 | |
Legal and patent fees | $ 100 |
Accrued Expense (Details)
Accrued Expense (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accrued expense | $ 675 | $ 909 |
Accrued Expenses | ||
Accrued expense | 700 | 900 |
Vacation and bonus expenses | 400 | 400 |
Professional and consulting fees | 100 | 100 |
Legal and patent fees | 100 | 100 |
Other expenses | $ 100 | 100 |
Manufacturing expenses | $ 200 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ in Thousands | Nov. 09, 2022 | Nov. 06, 2022 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Shareholders Equity [Line Items] | ||||||||
Stockholders' Equity total amount | $ 5,043 | $ 9,107 | $ 14,174 | $ 19,520 | $ 22,315 | $ 25,457 | ||
Common Stock, shares issued | 7,960,000 | 7,960,000 | ||||||
Common Stock, shares outstanding | 7,960,000 | 7,960,000 | ||||||
Preferred Stock, shares issued | 0 | 0 | ||||||
Preferred Stock, shares outstanding | 0 | 0 | ||||||
Common Stock | ||||||||
Shareholders Equity [Line Items] | ||||||||
Stockholders' Equity total amount | $ 8 | $ 8 | $ 8 | $ 7 | $ 7 | $ 7 | ||
2022 Registered Direct Offering [Member] | ||||||||
Shareholders Equity [Line Items] | ||||||||
Net proceeds from sale of common stock | $ 2,000 | |||||||
2022 Registered Direct Offering [Member] | Common Stock | ||||||||
Shareholders Equity [Line Items] | ||||||||
Shares issued (in shares) | 800,000 | |||||||
2022 Private Placement [Member] | ||||||||
Shareholders Equity [Line Items] | ||||||||
Net proceeds | $ 1,700 | |||||||
2022 Private Placement [Member] | Warrant | ||||||||
Shareholders Equity [Line Items] | ||||||||
Shares available for purchase from warrants issued | 800,000 | |||||||
At-The-Market Offering Agreement [Member] | ||||||||
Shareholders Equity [Line Items] | ||||||||
Stockholders' Equity total amount | $ 5,000 | $ 14,200 | ||||||
At-The-Market Offering Agreement [Member] | Common Stock | ||||||||
Shareholders Equity [Line Items] | ||||||||
Common Stock, shares issued | 7,960,164 | |||||||
Common Stock, shares outstanding | 7,960,164 | |||||||
At-The-Market Offering Agreement [Member] | Preferred Stock | ||||||||
Shareholders Equity [Line Items] | ||||||||
Preferred Stock, shares issued | 0 | |||||||
Preferred Stock, shares outstanding | 0 |
Stock-Based Compensation Plan -
Stock-Based Compensation Plan - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 18 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | |
Stock Based Compensation Plans [Line Items] | |||||
Stock-based compensation expense | $ 200,000 | $ 200,000 | $ 400,000 | ||
Aggregate intrinsic value of outstanding stock options | 100,000 | $ 100,000 | 100,000 | ||
Unamortized stock-based compensation expense for outstanding options | 1,200,000 | $ 1,200,000 | 1,200,000 | ||
Weighted average vesting period | 2 years 1 month 6 days | ||||
2022 Stock Incentive Plan | |||||
Stock Based Compensation Plans [Line Items] | |||||
Common stock shares reserved for future issuance | 1,300,000 | ||||
2022 Stock Incentive Plan | Maximum | |||||
Stock Based Compensation Plans [Line Items] | |||||
Expiration period (in years) | 10 years | ||||
Research and Development Expenses | |||||
Stock Based Compensation Plans [Line Items] | |||||
Stock-based compensation expense | 43,000 | 50,000 | 100,000 | ||
General and Administrative Expenses | |||||
Stock Based Compensation Plans [Line Items] | |||||
Stock-based compensation expense | $ 200,000 | $ 100,000 | $ 300,000 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plan - Weighted Average Assumptions (Details) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Stock-Based Compensation Plan | ||
Risk-free interest rate | 3.42% | 2.43% |
Expected volatility | 129% | 127% |
Expected term in years | 6 years | 6 years |
Dividend yield | 0% | 0% |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plan - Option Activity Under Plan (Details) shares in Thousands | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Stock-Based Compensation Plan | |
Outstanding | shares | 658 |
Granted | shares | 221 |
Outstanding | shares | 879 |
Vested and expected to vest | shares | 822 |
Exercisable | shares | 428 |
Weighted-Average Exercise Price, Outstanding | $ / shares | $ 11.67 |
Weighted-Average Exercise Price, Granted | $ / shares | 1.39 |
Weighted-Average Exercise Price, Outstanding | $ / shares | 9.09 |
Weighted - Average Exercise Price, Vested and expected to vest | $ / shares | 9.23 |
Weighted-Average Exercise Price, Exercisable | $ / shares | $ 15.18 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Product Liability Contingency [Line Items] | |
Other commitments, due in next twelve months | $ 1.7 |
Drug Supplier Project Plan | |
Product Liability Contingency [Line Items] | |
Other commitments | $ 1.9 |
Term over which commitment expenses are incurred | 12 months |
Manufacture of Grb2 | |
Product Liability Contingency [Line Items] | |
Other commitments | $ 1.4 |
Manufacturer of Prexigebersen | |
Product Liability Contingency [Line Items] | |
Other commitments | 0.2 |
Testing Services | |
Product Liability Contingency [Line Items] | |
Other commitments | $ 0.3 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 03, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Subsequent Event [Line Items] | |||
Common shares authorized for best efforts public offering | 200,000,000 | 200,000,000 | |
Subsequent Event [Member] | 2023 Public Offering | |||
Subsequent Event [Line Items] | |||
Existing warrants amended | 800,000 | ||
Weighted average exercise price | $ 2.85 | ||
Reduction in average exercise price on amended warrants | $ 0.7593 | ||
Subsequent Event [Member] | Placement agency agreement with Roth Capital Partners, LLC | |||
Subsequent Event [Line Items] | |||
Common shares authorized for best efforts public offering | 3,500,000 | ||
Warrants to purchase common stock | 3,500,000 | ||
Gross proceeds | $ 2.1 |