Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Document Information Line Items | ||
Entity Registrant Name | Protara Therapeutics, Inc. | |
Trading Symbol | TARA | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 11,267,389 | |
Amendment Flag | false | |
Entity Central Index Key | 0001359931 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-36694 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-4580525 | |
Entity Address, Address Line One | 345 Park Avenue South | |
Entity Address, Address Line Two | 3rd Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10010 | |
City Area Code | (646) | |
Local Phone Number | 844-0337 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Security Exchange Name | NASDAQ |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 47,498 | $ 35,724 |
Marketable debt securities | 48,819 | 55,505 |
Prepaid expenses and other current assets | 2,350 | 1,883 |
Total current assets | 98,667 | 93,112 |
Restricted cash, non-current | 745 | 745 |
Marketable debt securities, non-current | 10,760 | 39,467 |
Property and equipment, net | 1,662 | 1,719 |
Operating lease right-of-use asset | 6,506 | 7,171 |
Goodwill | 29,517 | 29,517 |
Other assets | 734 | 865 |
Total assets | 148,591 | 172,596 |
Current liabilities: | ||
Accounts payable | 456 | 954 |
Accrued expenses | 2,354 | 2,489 |
Operating lease liability | 901 | 855 |
Total current liabilities | 3,711 | 4,298 |
Operating lease liability, non-current | 5,702 | 6,384 |
Total liabilities | 9,413 | 10,682 |
Commitments and contingencies (Note 8) | ||
Stockholders’ Equity: | ||
Preferred stock, $0.001 par value, authorized 10,000,000 shares: Series 1 Convertible Preferred Stock, 8,028 shares authorized at September 30, 2022 and December 31, 2021, 8,027 shares issued and outstanding as of September 30, 2022 and December 31, 2021. | ||
Common stock, $0.001 par value, authorized 100,000,000 shares: Common stock, 11,267,389 and 11,235,731 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively. | 11 | 11 |
Additional paid-in capital | 261,294 | 256,126 |
Accumulated deficit | (120,997) | (94,012) |
Accumulated other comprehensive income (loss) | (1,130) | (211) |
Total stockholders’ equity | 139,178 | 161,914 |
Total liabilities and stockholders’ equity | $ 148,591 | $ 172,596 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 11,267,389 | 11,235,731 |
Common stock, shares outstanding | 11,267,389 | 11,235,731 |
Series 1 Convertible Preferred Stock | ||
Preferred stock, shares authorized | 8,028 | 8,028 |
Preferred stock, shares issued | 8,027 | 8,027 |
Preferred stock, shares outstanding | 8,027 | 8,027 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating expenses: | ||||
Research and development | $ 3,466 | $ 4,093 | $ 11,819 | $ 17,020 |
General and administrative | 4,508 | 6,737 | 15,734 | 20,182 |
Total operating expenses | 7,974 | 10,830 | 27,553 | 37,202 |
Loss from operations | (7,974) | (10,830) | (27,553) | (37,202) |
Other income (expense), net: | ||||
Interest and investment income | 283 | 53 | 568 | 178 |
Other income (expense), net | 283 | 53 | 568 | 178 |
Net loss | $ (7,691) | $ (10,777) | $ (26,985) | $ (37,024) |
Net loss per share attributable to common stockholders, basic and diluted (in Dollars per share) | $ (0.68) | $ (0.96) | $ (2.4) | $ (3.3) |
Weighted-average shares outstanding, basic and diluted (in Shares) | 11,265,475 | 11,235,507 | 11,256,995 | 11,231,513 |
Other comprehensive income (loss): | ||||
Net unrealized (loss) gain on marketable debt securities | $ (8) | $ 62 | $ (919) | $ (39) |
Other comprehensive income (loss) | (8) | 62 | (919) | (39) |
Comprehensive Loss | $ (7,699) | $ (10,715) | $ (27,904) | $ (37,063) |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Net loss per share attributable to common stockholders, diluted | $ (0.68) | $ (0.96) | $ (2.4) | $ (3.3) |
Weighted-average shares outstanding, diluted | 11,265,475 | 11,235,507 | 11,256,995 | 11,231,513 |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands | Series 1 Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total |
Balance at Dec. 31, 2020 | $ 11 | $ 245,992 | $ (46,760) | $ 199,243 | ||
Balance (in Shares) at Dec. 31, 2020 | 8,027 | 11,211,840 | ||||
Settlement of restricted stock units | (228) | (228) | ||||
Settlement of restricted stock units (in Shares) | 16,766 | |||||
Stock-based compensation - restricted stock units | 1,303 | 1,303 | ||||
Stock-based compensation - stock options | 1,437 | 1,437 | ||||
Unrealized (loss) gain on marketable debt securities | (164) | (164) | ||||
Net loss | (13,465) | (13,465) | ||||
Balance at Mar. 31, 2021 | $ 11 | 248,504 | (60,225) | (164) | 188,126 | |
Balance (in Shares) at Mar. 31, 2021 | 8,027 | 11,228,606 | ||||
Balance at Dec. 31, 2020 | $ 11 | 245,992 | (46,760) | 199,243 | ||
Balance (in Shares) at Dec. 31, 2020 | 8,027 | 11,211,840 | ||||
Unrealized (loss) gain on marketable debt securities | (39) | |||||
Net loss | (37,024) | |||||
Balance at Sep. 30, 2021 | $ 11 | 254,218 | (83,784) | (39) | 170,406 | |
Balance (in Shares) at Sep. 30, 2021 | 8,027 | 11,235,731 | ||||
Balance at Mar. 31, 2021 | $ 11 | 248,504 | (60,225) | (164) | 188,126 | |
Balance (in Shares) at Mar. 31, 2021 | 8,027 | 11,228,606 | ||||
Settlement of restricted stock units | ||||||
Settlement of restricted stock units (in Shares) | 5,250 | |||||
Stock-based compensation - restricted stock units | 1,360 | 1,360 | ||||
Stock-based compensation - stock options | 1,638 | 1,638 | ||||
Unrealized (loss) gain on marketable debt securities | 63 | 63 | ||||
Net loss | (12,782) | (12,782) | ||||
Balance at Jun. 30, 2021 | $ 11 | 251,502 | (73,007) | (101) | 178,405 | |
Balance (in Shares) at Jun. 30, 2021 | 8,027 | 11,233,856 | ||||
Settlement of restricted stock units (in Shares) | 1,875 | |||||
Stock-based compensation - restricted stock units | 1,307 | 1,307 | ||||
Stock-based compensation - stock options | 1,409 | 1,409 | ||||
Unrealized (loss) gain on marketable debt securities | 62 | 62 | ||||
Net loss | (10,777) | (10,777) | ||||
Balance at Sep. 30, 2021 | $ 11 | 254,218 | (83,784) | (39) | 170,406 | |
Balance (in Shares) at Sep. 30, 2021 | 8,027 | 11,235,731 | ||||
Balance at Dec. 31, 2021 | $ 11 | 256,126 | (94,012) | (211) | 161,914 | |
Balance (in Shares) at Dec. 31, 2021 | 8,027 | 11,235,731 | ||||
Settlement of restricted stock units | (72) | (72) | ||||
Settlement of restricted stock units (in Shares) | 16,196 | |||||
Stock-based compensation - restricted stock units | 314 | 314 | ||||
Stock-based compensation - stock options | 1,565 | 1,565 | ||||
Unrealized (loss) gain on marketable debt securities | (731) | (731) | ||||
Net loss | (10,755) | (10,755) | ||||
Balance at Mar. 31, 2022 | $ 11 | 257,933 | (104,767) | (942) | 152,235 | |
Balance (in Shares) at Mar. 31, 2022 | 8,027 | 11,251,927 | ||||
Balance at Dec. 31, 2021 | $ 11 | 256,126 | (94,012) | (211) | 161,914 | |
Balance (in Shares) at Dec. 31, 2021 | 8,027 | 11,235,731 | ||||
Unrealized (loss) gain on marketable debt securities | (919) | |||||
Net loss | (26,985) | |||||
Balance at Sep. 30, 2022 | $ 11 | 261,294 | (120,997) | (1,130) | 139,178 | |
Balance (in Shares) at Sep. 30, 2022 | 8,027 | 11,267,389 | ||||
Balance at Mar. 31, 2022 | $ 11 | 257,933 | (104,767) | (942) | 152,235 | |
Balance (in Shares) at Mar. 31, 2022 | 8,027 | 11,251,927 | ||||
Settlement of restricted stock units | ||||||
Settlement of restricted stock units (in Shares) | 5,250 | |||||
Stock-based compensation - restricted stock units | 390 | 390 | ||||
Stock-based compensation - stock options | 1,552 | 1,552 | ||||
Unrealized (loss) gain on marketable debt securities | (180) | (180) | ||||
Net loss | (8,539) | (8,539) | ||||
Balance at Jun. 30, 2022 | $ 11 | 259,875 | (113,306) | (1,122) | 145,458 | |
Balance (in Shares) at Jun. 30, 2022 | 8,027 | 11,257,177 | ||||
Settlement of restricted stock units | (18) | (18) | ||||
Settlement of restricted stock units (in Shares) | 10,212 | |||||
Stock-based compensation - restricted stock units | 287 | 287 | ||||
Stock-based compensation - stock options | 1,150 | 1,150 | ||||
Unrealized (loss) gain on marketable debt securities | (8) | (8) | ||||
Net loss | (7,691) | (7,691) | ||||
Balance at Sep. 30, 2022 | $ 11 | $ 261,294 | $ (120,997) | $ (1,130) | $ 139,178 | |
Balance (in Shares) at Sep. 30, 2022 | 8,027 | 11,267,389 |
Unaudited Condensed Consolida_6
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows used in operating activities: | ||||
Net loss | $ (7,691) | $ (10,777) | $ (26,985) | $ (37,024) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Stock-based compensation | 5,258 | 8,454 | ||
Operating lease right-of-use asset | 1,024 | 712 | ||
Depreciation | 173 | 63 | ||
Amortization of premium on marketable debt securities | 1,029 | 1,280 | ||
Changes in operating assets and liabilities: | ||||
Prepaid expenses and other current assets | (433) | (605) | ||
Other assets | 131 | 213 | ||
Accounts payable | (498) | 14 | ||
Accrued expenses | (135) | 5 | ||
Operating lease liabilities | (995) | (707) | ||
Net cash used in operating activities | (21,431) | (27,595) | ||
Cash flows from investing activities: | ||||
Purchase of marketable debt securities | (14,428) | (115,959) | ||
Proceeds from maturity and redemption of marketable debt securities | 47,837 | 16,428 | ||
Purchase of property and equipment | (114) | (552) | ||
Net cash provided by/(used in) investing activities | 33,295 | (100,083) | ||
Cash flows from financing activities: | ||||
Repurchase of shares in connection with settlement of RSUs | (90) | (228) | ||
Net cash used in financing activities | (90) | (228) | ||
Net decrease in cash and cash equivalents and restricted cash | 11,774 | (127,906) | ||
Cash and cash equivalents and restricted cash - beginning of year | 36,469 | 169,393 | ||
Cash and cash equivalents and restricted cash - end of period | 48,243 | 41,487 | 48,243 | 41,487 |
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets: | ||||
Cash and cash equivalents | 47,498 | 40,742 | 47,498 | 40,742 |
Restricted cash | ||||
Restricted cash, non-current | 745 | 745 | 745 | 745 |
Cash and cash equivalents and restricted cash | $ 48,243 | $ 41,487 | $ 48,243 | $ 41,487 |
Organization and Nature of the
Organization and Nature of the Business | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Organization and Nature of the Business | 1. Organization and Nature of the Business Overview Protara Therapeutics, Inc., and its consolidated subsidiaries (“Protara” or the “Company”), is a clinical-stage biopharmaceutical company committed to identifying and advancing transformative therapies for the treatment of cancer and rare diseases. Protara’s portfolio includes two development programs utilizing TARA-002, an investigational cell therapy in development for the treatment of lymphatic malformations, or LMs and non-muscle invasive bladder cancer, or NMIBC. The third program in the portfolio is Intravenous, or IV, Choline Chloride, an investigational phospholipid substrate replacement therapy initially in development for patients receiving parenteral nutrition, or PN who have intestinal failure associated liver disease, or IFALD. Liquidity, Capital Resources and Management Plans The Company is in the business of developing biopharmaceuticals and has no current or near-term revenues. The Company has incurred substantial clinical and other costs in its drug development efforts. The Company will need to raise additional capital in order to fully realize management’s plans. The Company believes that its current financial resources are sufficient to satisfy the Company’s estimated liquidity needs for at least twelve months from the date of issuance of these unaudited condensed consolidated financial statements. Impact of the COVID-19 Pandemic The ultimate impact of the current COVID-19 pandemic is highly uncertain and subject to change. The Company has experienced delays and may experience additional future delays that impact the business, research and development activities, the healthcare systems in which the Company operates and the global economy as a whole. Due to the continued evolution of the COVID-19 pandemic and the global responses to curb its spread, the Company is not able to estimate the ongoing effects on the Company’s results of operations, financial condition, or liquidity. The Company will continue to monitor the COVID-19 public health crisis closely including whether the effects would have a material impact on the Company’s operations, liquidity and capital resources. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements and the notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the United States Securities and Exchange Commission, or SEC, on March 9, 2022. Except as reflected below, there were no changes to the Company’s significant accounting policies as described in the Annual Report on Form 10-K. Reflected in this note are updates to accounting policies, including the impact of the adoption of new policies. Basis of Presentation The accompanying condensed consolidated financial statements and the related disclosures as of September 30, 2022 and for the three and nine months ended September 30, 2022 and 2021 are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, and the rules and regulations of the SEC for interim financial statements. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These interim condensed consolidated financial statements should be read in conjunction with the 2021 and 2020 audited consolidated financial statements and notes included in the Annual Report on Form 10-K. The December 31, 2021 consolidated balance sheet included herein was derived from the audited financial statements as of that date but does not include all disclosures including notes required by U.S. GAAP for complete financial statements. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for the fair presentation of the Company’s financial position and results of operations for the three and nine months ended September 30, 2022 and 2021. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or any other interim period or future year or period. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in the accompanying condensed consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses, and related disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements. Significant items subject to such estimates include but are not limited to income taxes, the valuation of deferred tax assets, recoverability of goodwill, and contingencies. On an ongoing basis, the Company’s management evaluates its estimates based on historical and anticipated results, trends, and various other assumptions believed to be reasonable. Actual results could differ from those estimates. The results of any changes in accounting estimates are reflected in the financial statements of the period in which the change becomes evident. Concentrations of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consists principally of cash, cash equivalents and investments in marketable debt securities. The Company currently invests its excess cash primarily in money market funds and high quality investment grade marketable debt securities of corporations. The Company has adopted an investment policy that includes guidelines relative to credit quality, diversification and maturities to preserve principal and liquidity. Recent Accounting Pronouncements Not Yet Adopted In June 2016, the Financial Accounting Standards Board, or the FASB, issued ASU 2016-13 - Measurement of Credit Losses on Financial Statements Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates The Company has evaluated other recently issued accounting pronouncements and has concluded that the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption. Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were available to be issued. The Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 3. Fair Value of Financial Instruments The Company measures certain financial assets and liabilities at fair value. Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy, as follows: ● Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. ● Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. ● Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. The following tables present the Company’s financial assets and liabilities that are measured and carried at fair value and indicate the level within the fair value hierarchy of valuation techniques it utilizes to determine such fair value: September 30, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 36,510 $ - $ - $ 36,510 Restricted cash, non-current: Money market funds 745 - - 745 Marketable debt securities Corporate bonds - 59,579 - 59,579 Total $ 37,255 $ 59,579 $ - $ 96,834 December 31, 2021 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 26,323 $ - $ - $ 26,323 Restricted cash, non-current: Money market funds 745 - - 745 Marketable debt securities Corporate bonds - 94,972 - 94,972 Total $ 27,068 $ 94,972 $ - $ 122,040 Money market funds are classified as Level 1 within the fair value hierarchy, because they are valued using quoted prices in active markets. Corporate debt securities classified as Level 2 within the fair value hierarchy are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. Prices of these securities are obtained through independent, third-party pricing services and include market quotations that may include both observable and unobservable inputs. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. There were no transfers of financial instruments among Level 1, Level 2, and Level 3 during the period presented. Cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses at September 30, 2022 and December 31, 2021 are carried at amounts that approximate fair value due to their short-term maturities. |
Marketable Debt Securities
Marketable Debt Securities | 9 Months Ended |
Sep. 30, 2022 | |
Marketable Debt Securities [Abstract] | |
Marketable Debt Securities | 4. Marketable Debt Securities Marketable debt securities, all of which were classified as available-for-sale, consist of the following: September 30, 2022 Amortized Unrealized Unrealized Estimated Corporate bonds - presented in marketable debt securities $ 49,511 $ - $ (692 ) $ 48,819 Corporate bonds - presented in marketable debt securities, non-current 11,198 - (438 ) 10,760 Total $ 60,709 $ - $ (1,130 ) $ 59,579 December 31, 2021 Amortized Unrealized Unrealized Estimated Corporate bonds - presented in marketable debt securities $ 55,548 $ - $ (43 ) $ 55,505 Corporate bonds - presented in marketable debt securities, non-current 39,635 - (168 ) 39,467 Total $ 95,183 $ - $ (211 ) $ 94,972 The Company has recorded the securities at fair value in its condensed consolidated balance sheets and unrealized gains and losses are reported as a component of accumulated other comprehensive income (loss). The amount of realized gains and losses reclassified into earnings are based on the specific identification of the securities sold or securities that reached maturity date. The amount of realized gains and losses reclassified into earnings have not been material to the Company’s condensed consolidated statements of operations. At the time of purchase, the Company determines the appropriate classification of investments based upon its intent with regard to such investments. The Company classifies investments in marketable debt securities with remaining maturities when purchased of greater than three months as available-for-sale. Investments with a remaining maturity date greater than one year are classified as non-current. The contractual maturities of all securities held at September 30, 2022 was 15 months or less. There were no sales of securities in the periods presented. Of the 29 securities in a loss position held by the Company, there were 12 securities in a continuous unrealized loss position for greater than twelve months at September 30, 2022. The total unrealized loss related to these securities was $375 and was not material. The Company has the ability to hold such securities with an unrealized loss until its forecasted recovery. The Company determined that there was no material change in the credit risk of the above investments. No other than temporary impairment loss has been recorded on the securities as of September 30, 2022, as the Company believes that any decrease in fair value of these securities is temporary and the Company expects to recover at least up to the initial cost of the investment for these securities. Investment Income Investment income consists of the following: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Interest income $ 557 $ 547 $ 1,598 $ 1,458 Accretion/(amortization) of discount/premium, net (274 ) (494 ) (1,030 ) (1,280 ) Total interest and investment income $ 283 $ 53 $ 568 $ 178 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 9 Months Ended |
Sep. 30, 2022 | |
Prepaid Expenses and Other Current Assets [Abstract] | |
Prepaid Expenses and Other Current Assets | 5. Prepaid Expenses and Other Current Assets Included in the Company’s prepaid expenses and other current assets within the condensed consolidated balance sheets are: As of September 30, December 31, Prepaid insurance $ 751 $ 279 Prepaid research and development 947 684 Prepaid software 82 79 Accrued interest on marketable debt securities 380 634 Other prepaid expenses 190 173 Other current assets - 34 Total $ 2,350 $ 1,883 |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 6. Accrued Expenses Included in the Company’s accrued expenses within the condensed consolidated balance sheets are: As of September 30, December 31, Payroll $ 1,320 $ 1,801 Legal fees 27 29 Research and development costs 829 437 Other expenses 178 222 Total $ 2,354 $ 2,489 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | 7. Leases Operating leases Leases classified as operating leases are included in operating lease right-of use, or ROU, assets, operating lease liabilities and operating lease liabilities, non-current, in the Company’s consolidated balance sheets. Cash paid for operating lease liabilities was $995 and $707 during the nine months ended September 30, 2022 and 2021, respectively, which is included in operating cash flows. The components of lease expense were as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, Lease cost 2022 2021 2022 2021 Operating lease cost $ 342 $ 367 $ 1,024 $ 712 Short-term lease cost - 4 3 92 Total $ 342 $ 371 $ 1,027 $ 804 Variable lease expense for the three and nine months ended September 30, 2022 and 2021, respectively, was not material. The weighted-average remaining lease term and the weighted average discount rate for operating leases were: As of Weighted-average discount rate 7.0 % Weighted-average remaining lease term – operating lease (in months) 70 As of September 30, 2022, the expected annual minimum lease payments of the Company’s operating lease liabilities were as follows: For Years Ending December 31, Operating Lease Payments 2022 (excluding the nine months ended September 30, 2022) $ 332 2023 1,327 2024 1,327 2025 1,395 2026 1,429 Thereafter 2,234 Total operating lease payments 8,044 Less: imputed interest 1,441 Present value of future minimum lease payments $ 6,603 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Commitments The Company has commitments under certain license and collaboration agreements, lease agreements, and employment agreements. Commitments under certain license agreements primarily include annual payments, payments upon the achievement of certain milestones, and royalty payments based on net sales of licensed products. Commitments under lease agreements consist of future minimum lease payments for operating leases which are further described in Note 7 of this Quarterly Report on Form 10-Q. Contingencies From time to time, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of its business activities. Management is of the opinion that the ultimate outcome of these matters would not have a material adverse impact on the financial position of the Company or the results of its operations. In the normal course of business, the Company enters into contracts in which it makes representations and warranties regarding the performance of its services and that its services will not infringe on third-party intellectual rights. There have been no significant events related to such representations and warranties in which the Company believes the outcome could result in losses or penalties in the future. |
Stockholders_ Equity
Stockholders’ Equity | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders’ Equity | 9 Stockholders’ Equity Common Stock As of September 30, 2022 and December 31, 2021, the Company has 100,000,000 shares of common stock authorized for issuance, $0.001 par value per share, of which 11,267,389 and 11,235,731 shares were issued and outstanding, respectively. The holders of the Company’s common stock are entitled to one vote per share. Preferred Stock As of September 30, 2022 and December 31, 2021, the Company has 10,000,000 shares of preferred stock authorized for issuance, $0.001 par value per share, of which 8,028 shares of Series 1 Convertible Preferred Stock are authorized for issuance and 8,027 shares were issued and outstanding. Each share of Series 1 Convertible Preferred Stock is convertible into approximately 1,000 shares of common stock, at a conversion price initially equal to approximately $7.01 per common share, subject to certain adjustments as described in the certificate of designation of preferences, rights and limitations of Series 1 Convertible Preferred Stock. The holders of Series 1 Convertible Preferred Stock are not entitled to vote. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 10 Stock-Based Compensation 2020 Inducement Plan On March 26, 2020, the Compensation Committee of the Board of Directors (the “Compensation Committee”) approved the 2020 Inducement Plan in order to award nonstatutory stock options, restricted stock awards, restricted stock unit awards and other stock-based awards to persons not previously an employee or director of the Company, or following a bona fide period of non-employment, as an inducement material to such persons entering into employment with the Company. The 2020 Inducement Plan provides for a total of 600,000 shares for the issuance of the Company’s common stock. The Compensation Committee also adopted a form of stock option grant notice and stock option agreement and forms of restricted stock unit grant notice and restricted stock unit agreement for use with the Inducement Plan. As of September 30, 2022, 446,000 shares remain available to be issued under the 2020 Inducement Plan. 2017 Equity Incentive Plan On August 10, 2017, Private ArTara (a predecessor entity of the Company), its Board of Directors and its stockholders approved the ArTara Therapeutics, Inc. 2017 Equity Incentive Plan to enable Private ArTara and its affiliates to recruit and retain highly qualified personnel and to incentivize personnel for productivity and growth. The 2017 Equity Incentive Plan provided for the grant of a total of 2,000,000 shares for the issuance of stock options, stock appreciation rights, restricted stock and restricted stock units to among others, members of the Board of Directors, employees, consultants and service providers to the Company and its affiliates. As of January 9, 2020, in connection with the Merger, no additional awards will be made under the 2017 Equity Incentive Plan. 2014 Equity Incentive Plan On October 3, 2014, the stockholders approved the 2014 Equity Incentive Plan. On June 20, 2017, the Company’s Board of Directors amended the 2014 Equity Incentive Plan, or the Amended 2014 Plan. On July 31, 2017, the stockholders approved this amendment. On January 1, 2020, Protara Therapeutics, Inc. amended its Amended and Restated 2014 Equity Incentive Plan. The Amended and Restated 2014 Plan, as amended provides for the grant of incentive and non-statutory stock options, stock appreciation rights, restricted stock and stock unit awards, performance units, stock grants and qualified performance-based awards. The Amended and Restated 2014 Plan, as amended provides that the number of shares reserved and available for issuance will automatically increase each January 1, by four percent of the Company’s common stock on the immediately preceding December 31, adjusted for the number of shares of the Company’s common stock issuable upon conversion of any security that the Company may issue that is convertible into or exchangeable for the Company’s common stock, or such lesser number of shares as determined by the Company’s Board of Directors. On January 1, 2022, pursuant to the Amended and Restated 2014 Plan, as amended annual evergreen feature, the number of shares authorized under the Amended and Restated 2014 Plan, as amended was increased by 840,181 shares to 1,238,785 shares. As of September 30, 2022, 562,228 shares remain available to be issued under the Amended and Restated 2014 Plan, as amended. Terms of the stock awards, including vesting requirements, are determined by the Board of Directors, subject to the provisions of the plans. Certain awards provide for accelerated vesting if there is a change in control as defined in the plan. 2014 Employee Stock Purchase Plan On October 3, 2014, the stockholders approved the 2014 Employee Stock Purchase Plan, or the 2014 ESPP. The 2014 ESPP initially authorized the issuance of up to 3,513 shares of the Company’s common stock. The number of shares increases each January 1, commencing on January 1, 2015 and ending on (and including) January 1, 2024, by an amount equal to the lesser of one percent of the outstanding shares as of the end of the immediately preceding fiscal year, 7,025 shares or any lower amount determined by the Company’s Board of Directors prior to each such January 1st. On January 1, 2022, pursuant to the increase per the 2014 ESPP, the number of shares authorized under the 2014 ESPP was increased by 7,025 shares to 32,062 shares. As of September 30, 2022, the authorized number of shares under the 2014 ESPP is 32,062 and the number of shares available for issuance is 32,062. During the nine months ended September 30, 2022 and 2021, no shares were issued under the 2014 ESPP. Restricted Stock Units The following table summarizes restricted stock unit, or RSU, activities for the nine months ended September 30, 2022: Restricted Weighted Non-vested as of December 31, 2021 96,201 $ 28.87 Granted 178,425 6.08 Forfeited (18,800 ) 13.66 Vested (51,388 ) 21.67 Non-vested as of September 30, 2022 204,438 $ 12.19 The fair value of RSUs is amortized on a straight-line basis over the requisite service period of the respective awards. As of September 30, 2022, the unamortized value of RSUs was $1,727. As of September 30, 2022, the weighted average remaining amortization period was 1.77 years. As of September 30, 2022 and December 31, 2021, 289,500 and 286,918 RSUs, respectively, have vested that have not yet been settled into shares of the Company’s common stock. During the nine months ended September 30, 2022, the Company issued 31,658 shares of the Company’s common stock from the net settlement of 48,806 RSUs. The Company paid $90 in connection with the net share settlement of these RSUs. Stock Options The following table summarizes stock option activities for the nine months ended September 30, 2022: Options Weighted Average Exercise Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (1) Outstanding as of December 31, 2021 1,356,639 $ 20.51 8.59 $ 1 Granted 769,500 6.43 - - Exercised - - - - Forfeited (234,078 ) 15.70 - - Expired (29,703 ) 14.79 - - Outstanding as of September 30, 2022 1,862,358 $ 15.38 8.00 $ - Vested and expected to vest at September 30, 2022 1,862,358 $ 15.38 8.00 - Exercisable as of September 30, 2022 757,332 $ 20.51 6.76 $ - (1) Aggregate intrinsic value represents the difference between the exercise price of the option and the closing market price of the Company’s common stock on September 30, 2022. The intrinsic value of options exercised during the months ended September 30, 2022 was $0, respectively, as no options were exercised. The weighted average grant date fair value per share of the options granted during the nine months ended September 30, 2022 and 2021 was $5.04 and $13.38, respectively. As of September 30, 2022, there was approximately $9,393 of unrecognized share-based compensation for unvested stock option grants which is expected to be recognized over a weighted average period of 2.58 years. The total unrecognized stock-based compensation cost will be adjusted for actual forfeitures as they occur. Summary of Stock-Based Compensation Expense The following tables summarize total stock-based compensation costs recognized: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Restricted stock units $ 287 $ 1,307 $ 991 $ 3,970 Stock options 1,150 1,409 4,267 4,484 Total $ 1,437 $ 2,716 $ 5,258 $ 8,454 Stock-based compensation expense was reflected within the condensed consolidated statements of operations and comprehensive loss as: For the Three Months ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Research and development $ 361 $ 392 $ 1,150 $ 1,114 General and administrative 1,076 2,324 4,108 7,340 Total $ 1,437 $ 2,716 $ 5,258 $ 8,454 |
Net Loss Per Common Share
Net Loss Per Common Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Common Share | 11. Net Loss per Common Share The following table sets forth the computation of the net loss per share attributable to common stockholders, basic and diluted: As of 2022 2021 Numerator: Net loss attributable to common stockholders $ 26,985 $ 37,024 Denominator: Weighted-average shares of common stock outstanding, basic and diluted 11,256,995 11,231,513 Net loss per share attributable to common stockholders, basic and diluted $ (2.40 ) $ (3.30 ) Since the Company was in a net loss position for all periods presented, net loss per share attributable to common stockholders was the same on a basic and diluted basis, as the inclusion of all potential common equivalent shares outstanding would have been anti-dilutive. The Company excluded the following potential shares of common stock, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: As of 2022 2021 Stock options issued and outstanding 1,862,358 1,385,855 Restricted stock units issued and outstanding 493,938 383,119 Conversion of Series 1 Convertible Preferred Stock 8,029,039 8,029,039 Total potentially dilutive shares 10,385,335 9,798,013 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements and the related disclosures as of September 30, 2022 and for the three and nine months ended September 30, 2022 and 2021 are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, and the rules and regulations of the SEC for interim financial statements. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These interim condensed consolidated financial statements should be read in conjunction with the 2021 and 2020 audited consolidated financial statements and notes included in the Annual Report on Form 10-K. The December 31, 2021 consolidated balance sheet included herein was derived from the audited financial statements as of that date but does not include all disclosures including notes required by U.S. GAAP for complete financial statements. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for the fair presentation of the Company’s financial position and results of operations for the three and nine months ended September 30, 2022 and 2021. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or any other interim period or future year or period. |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in the accompanying condensed consolidated financial statements. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses, and related disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements. Significant items subject to such estimates include but are not limited to income taxes, the valuation of deferred tax assets, recoverability of goodwill, and contingencies. On an ongoing basis, the Company’s management evaluates its estimates based on historical and anticipated results, trends, and various other assumptions believed to be reasonable. Actual results could differ from those estimates. The results of any changes in accounting estimates are reflected in the financial statements of the period in which the change becomes evident. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consists principally of cash, cash equivalents and investments in marketable debt securities. The Company currently invests its excess cash primarily in money market funds and high quality investment grade marketable debt securities of corporations. The Company has adopted an investment policy that includes guidelines relative to credit quality, diversification and maturities to preserve principal and liquidity. |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In June 2016, the Financial Accounting Standards Board, or the FASB, issued ASU 2016-13 - Measurement of Credit Losses on Financial Statements Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates The Company has evaluated other recently issued accounting pronouncements and has concluded that the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption. |
Subsequent Events | Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were available to be issued. The Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial instruments measured at fair value on a recurring basis | September 30, 2022 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 36,510 $ - $ - $ 36,510 Restricted cash, non-current: Money market funds 745 - - 745 Marketable debt securities Corporate bonds - 59,579 - 59,579 Total $ 37,255 $ 59,579 $ - $ 96,834 December 31, 2021 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 26,323 $ - $ - $ 26,323 Restricted cash, non-current: Money market funds 745 - - 745 Marketable debt securities Corporate bonds - 94,972 - 94,972 Total $ 27,068 $ 94,972 $ - $ 122,040 |
Marketable Debt Securities (Tab
Marketable Debt Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Marketable Debt Securities [Abstract] | |
Schedule of marketable debt securities | September 30, 2022 Amortized Unrealized Unrealized Estimated Corporate bonds - presented in marketable debt securities $ 49,511 $ - $ (692 ) $ 48,819 Corporate bonds - presented in marketable debt securities, non-current 11,198 - (438 ) 10,760 Total $ 60,709 $ - $ (1,130 ) $ 59,579 December 31, 2021 Amortized Unrealized Unrealized Estimated Corporate bonds - presented in marketable debt securities $ 55,548 $ - $ (43 ) $ 55,505 Corporate bonds - presented in marketable debt securities, non-current 39,635 - (168 ) 39,467 Total $ 95,183 $ - $ (211 ) $ 94,972 |
Schedule of investment income | For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Interest income $ 557 $ 547 $ 1,598 $ 1,458 Accretion/(amortization) of discount/premium, net (274 ) (494 ) (1,030 ) (1,280 ) Total interest and investment income $ 283 $ 53 $ 568 $ 178 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Prepaid Expenses and Other Current Assets [Abstract] | |
Schedule of prepaid expenses and other current assets | As of September 30, December 31, Prepaid insurance $ 751 $ 279 Prepaid research and development 947 684 Prepaid software 82 79 Accrued interest on marketable debt securities 380 634 Other prepaid expenses 190 173 Other current assets - 34 Total $ 2,350 $ 1,883 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses | As of September 30, December 31, Payroll $ 1,320 $ 1,801 Legal fees 27 29 Research and development costs 829 437 Other expenses 178 222 Total $ 2,354 $ 2,489 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Schedule of lease expense | For the Three Months Ended September 30, For the Nine Months Ended September 30, Lease cost 2022 2021 2022 2021 Operating lease cost $ 342 $ 367 $ 1,024 $ 712 Short-term lease cost - 4 3 92 Total $ 342 $ 371 $ 1,027 $ 804 |
Schedule of weighted-average remaining lease term and the weighted average discount rate for operating leases | As of Weighted-average discount rate 7.0 % Weighted-average remaining lease term – operating lease (in months) 70 |
Schedule of annual minimum lease payments of operating lease liabilities | For Years Ending December 31, Operating Lease Payments 2022 (excluding the nine months ended September 30, 2022) $ 332 2023 1,327 2024 1,327 2025 1,395 2026 1,429 Thereafter 2,234 Total operating lease payments 8,044 Less: imputed interest 1,441 Present value of future minimum lease payments $ 6,603 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of restricted stock unit, or RSU, activities | Restricted Weighted Non-vested as of December 31, 2021 96,201 $ 28.87 Granted 178,425 6.08 Forfeited (18,800 ) 13.66 Vested (51,388 ) 21.67 Non-vested as of September 30, 2022 204,438 $ 12.19 |
Schedule of stock option activities | Options Weighted Average Exercise Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (1) Outstanding as of December 31, 2021 1,356,639 $ 20.51 8.59 $ 1 Granted 769,500 6.43 - - Exercised - - - - Forfeited (234,078 ) 15.70 - - Expired (29,703 ) 14.79 - - Outstanding as of September 30, 2022 1,862,358 $ 15.38 8.00 $ - Vested and expected to vest at September 30, 2022 1,862,358 $ 15.38 8.00 - Exercisable as of September 30, 2022 757,332 $ 20.51 6.76 $ - |
Schedule of total stock-based compensation costs | For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Restricted stock units $ 287 $ 1,307 $ 991 $ 3,970 Stock options 1,150 1,409 4,267 4,484 Total $ 1,437 $ 2,716 $ 5,258 $ 8,454 |
Schedule of stock-based compensation expense | For the Three Months ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Research and development $ 361 $ 392 $ 1,150 $ 1,114 General and administrative 1,076 2,324 4,108 7,340 Total $ 1,437 $ 2,716 $ 5,258 $ 8,454 |
Net Loss Per Common Share (Tabl
Net Loss Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of net loss per share attributable to common stockholders, basic and diluted | As of 2022 2021 Numerator: Net loss attributable to common stockholders $ 26,985 $ 37,024 Denominator: Weighted-average shares of common stock outstanding, basic and diluted 11,256,995 11,231,513 Net loss per share attributable to common stockholders, basic and diluted $ (2.40 ) $ (3.30 ) |
Schedule of potentially anti-dilutive shares | As of 2022 2021 Stock options issued and outstanding 1,862,358 1,385,855 Restricted stock units issued and outstanding 493,938 383,119 Conversion of Series 1 Convertible Preferred Stock 8,029,039 8,029,039 Total potentially dilutive shares 10,385,335 9,798,013 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - Schedule of financial assets and liabilities measured at fair value on a recurring basis - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Cash equivalents: | ||
Money market funds | $ 36,510 | $ 26,323 |
Restricted cash, non-current: | ||
Money market funds | 745 | 745 |
Marketable debt securities | ||
Corporate bonds | 59,579 | 94,972 |
Total | 96,834 | 122,040 |
Level 1 [Member] | ||
Cash equivalents: | ||
Money market funds | 36,510 | 26,323 |
Restricted cash, non-current: | ||
Money market funds | 745 | 745 |
Marketable debt securities | ||
Corporate bonds | ||
Total | 37,255 | 27,068 |
Level 2 [Member] | ||
Cash equivalents: | ||
Money market funds | ||
Restricted cash, non-current: | ||
Money market funds | ||
Marketable debt securities | ||
Corporate bonds | 59,579 | 94,972 |
Total | 59,579 | 94,972 |
Level 3 [Member] | ||
Cash equivalents: | ||
Money market funds | ||
Restricted cash, non-current: | ||
Money market funds | ||
Marketable debt securities | ||
Corporate bonds | ||
Total |
Marketable Debt Securities (Det
Marketable Debt Securities (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Marketable Debt Securities [Abstract] | |
Unrealized loss related to securities | $ 375 |
Marketable Debt Securities (D_2
Marketable Debt Securities (Details) - Schedule of marketable debt securities - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Marketable Securities [Line Items] | ||
Amortized Cost | $ 60,709 | $ 95,183 |
Unrealized Gains | ||
Unrealized Losses | (1,130) | (211) |
Estimated Fair Value | 59,579 | 94,972 |
Corporate bonds - presented in marketable debt securities [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 49,511 | 55,548 |
Unrealized Gains | ||
Unrealized Losses | (692) | (43) |
Estimated Fair Value | 48,819 | 55,505 |
Corporate bonds - presented in marketable debt securities, non-current [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 11,198 | 39,635 |
Unrealized Gains | ||
Unrealized Losses | (438) | (168) |
Estimated Fair Value | $ 10,760 | $ 39,467 |
Marketable Debt Securities (D_3
Marketable Debt Securities (Details) - Schedule of investment income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule Of Investment Income Abstract | ||||
Interest income | $ 557 | $ 547 | $ 1,598 | $ 1,458 |
Accretion/(amortization) of discount/premium, net | (274) | (494) | (1,030) | (1,280) |
Total interest and investment income | $ 283 | $ 53 | $ 568 | $ 178 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Details) - Schedule of prepaid expenses and other current assets - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Schedule Of Prepaid Expenses And Other Current Assets Abstract | ||
Prepaid insurance | $ 751 | $ 279 |
Prepaid research and development | 947 | 684 |
Prepaid software | 82 | 79 |
Accrued interest on marketable debt securities | 380 | 634 |
Other prepaid expenses | 190 | 173 |
Other current assets | 34 | |
Total | $ 2,350 | $ 1,883 |
Accrued Expenses (Details) - Sc
Accrued Expenses (Details) - Schedule of accrued expenses - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule Of Accrued Expenses [Abstract] | ||
Payroll | $ 1,320 | $ 1,801 |
Legal fees | 27 | 29 |
Research and development costs | 829 | 437 |
Other expenses | 178 | 222 |
Total | $ 2,354 | $ 2,489 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||
Operating lease liabilities | $ 995 | $ 707 |
Leases (Details) - Schedule of
Leases (Details) - Schedule of lease expense - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule Of Lease Expense Abstract | ||||
Operating lease cost | $ 342 | $ 367 | $ 1,024 | $ 712 |
Short-term lease cost | 4 | 3 | 92 | |
Total | $ 342 | $ 371 | $ 1,027 | $ 804 |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of weighted-average remaining lease term and the weighted average discount rate for operating leases | Sep. 30, 2022 |
Schedule Of Weighted Average Remaining Lease Term And The Weighted Average Discount Rate For Operating Leases Abstract | |
Weighted-average discount rate | 7% |
Weighted-average remaining lease term – operating lease (in months) | 70 months |
Leases (Details) - Schedule o_3
Leases (Details) - Schedule of annual minimum lease payments of operating lease liabilities $ in Thousands | Sep. 30, 2022 USD ($) |
Schedule Of Annual Minimum Lease Payments Of Operating Lease Liabilities Abstract | |
2022 (excluding the six months ended September 30, 2022) | $ 332 |
2023 | 1,327 |
2024 | 1,327 |
2025 | 1,395 |
2026 | 1,429 |
Thereafter | 2,234 |
Total operating lease payments | 8,044 |
Less: imputed interest | 1,441 |
Present value of future minimum lease payments | $ 6,603 |
Stockholders_ Equity (Details)
Stockholders’ Equity (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Stockholders’ Equity (Details) [Line Items] | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock shares issued | 11,267,389 | 11,235,731 |
Common stock, shares outstanding | 11,267,389 | 11,235,731 |
Voting description | The holders of the Company’s common stock are entitled to one vote per share. | |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Series 1 Convertible Preferred Stock [Member] | ||
Stockholders’ Equity (Details) [Line Items] | ||
Preferred stock, shares authorized | 8,028 | 8,028 |
Preferred stock, shares issued | 8,027 | 8,027 |
Preferred stock, shares outstanding | 8,027 | 8,027 |
Conversion of stock shares | 1,000 | |
Conversion price per share (in Dollars per share) | $ 7.01 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Oct. 03, 2014 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Jan. 01, 2022 | |
Stock-Based Compensation (Details) [Line Items] | |||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | |||
Common stock, shares issued | 11,267,389 | 11,235,731 | |||
2020 Inducement Plan [Member] | |||||
Stock-Based Compensation (Details) [Line Items] | |||||
Issuance of common stock | 600,000 | ||||
Shares available for issuance | 446,000 | ||||
2017 Equity Incentive Plan [Member] | |||||
Stock-Based Compensation (Details) [Line Items] | |||||
Shares available for issuance | 2,000,000 | ||||
Amended and Restated 2014 Plan [Member] | |||||
Stock-Based Compensation (Details) [Line Items] | |||||
Remaining shares issued | 562,228 | ||||
Employee stock purchase plan description | The number of shares increases each January 1, commencing on January 1, 2015 and ending on (and including) January 1, 2024, by an amount equal to the lesser of one percent of the outstanding shares as of the end of the immediately preceding fiscal year, 7,025 shares or any lower amount determined by the Company’s Board of Directors prior to each such January 1st. | ||||
2014 Employee Stock Purchase Plan [Member] | |||||
Stock-Based Compensation (Details) [Line Items] | |||||
Shares available for issuance | 32,062 | ||||
Common stock, shares authorized | 3,513 | ||||
Number of shares authorized | 32,062 | ||||
Minimum [Member] | Amended and Restated 2014 Plan [Member] | |||||
Stock-Based Compensation (Details) [Line Items] | |||||
Common stock, shares authorized | 840,181 | ||||
Minimum [Member] | 2014 Employee Stock Purchase Plan [Member] | |||||
Stock-Based Compensation (Details) [Line Items] | |||||
Number of shares authorized and increased | 7,025 | ||||
Maximum [Member] | Amended and Restated 2014 Plan [Member] | |||||
Stock-Based Compensation (Details) [Line Items] | |||||
Common stock, shares authorized | 1,238,785 | ||||
Maximum [Member] | 2014 Employee Stock Purchase Plan [Member] | |||||
Stock-Based Compensation (Details) [Line Items] | |||||
Number of shares authorized and increased | 32,062 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Stock-Based Compensation (Details) [Line Items] | |||||
Unamortized value of RSUs (in Dollars) | $ 1,727 | ||||
Weighted average remaining amortization period | 1 year 9 months 7 days | ||||
Number of RSUs | 289,500 | 286,918 | |||
Common stock, shares issued | 31,658 | ||||
Common stock from net settlement | 48,806 | ||||
Net share settlement (in Dollars) | $ 90 | ||||
Stock Options [Member] | |||||
Stock-Based Compensation (Details) [Line Items] | |||||
Intrinsic value of options exercised (in Dollars) | $ 0 | ||||
Weighted average grant date fair value per share (in Dollars per share) | $ 5.04 | $ 13.38 | |||
Unrecognized share based compensation for unvested stock option grants (in Dollars) | $ 9,393 | ||||
Recognized over a weighted average period | 2 years 6 months 29 days |
Stock-Based Compensation (Det_2
Stock-Based Compensation (Details) - Schedule of restricted stock unit, or RSU, activities | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Stock-Based Compensation (Details) - Schedule of restricted stock unit, or RSU, activities [Line Items] | |
Non-vested Restricted Stock Units, Balance at ending | $ 204,438 |
Non-vested Weighted Average Grant Date Fair Value, Balance at ending | $ 12.19 |
Restricted Stock Unit [Member] | |
Stock-Based Compensation (Details) - Schedule of restricted stock unit, or RSU, activities [Line Items] | |
Non-vested Restricted Stock Units, Balance at beginning (in Shares) | shares | 96,201 |
Non-vested Weighted Average Grant Date Fair Value, Balance at beginning | $ 28.87 |
Granted ,Restricted Stock Units (in Shares) | shares | 178,425 |
Granted ,Weighted Average Grant Date Fair Value | $ 6.08 |
Forfeited ,Restricted Stock Units (in Shares) | shares | (18,800) |
Forfeited ,Weighted Average Grant Date Fair Value | $ 13.66 |
Vested, Restricted Stock Units (in Shares) | shares | (51,388) |
Vested ,Weighted Average Grant Date Fair Value | $ 21.67 |
Stock-Based Compensation (Det_3
Stock-Based Compensation (Details) - Schedule of stock option activities - Equity Option [Member] $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 USD ($) $ / shares shares | ||
Stock-Based Compensation (Details) - Schedule of stock option activities [Line Items] | ||
Number of Options, Outstanding Beginning balance | shares | 1,356,639 | |
Weighted Average Exercise Price, Outstanding Beginning balance | $ / shares | $ 20.51 | |
Weighted Average Remaining Contractual Term (years), Outstanding Beginning balance | 8 years 7 months 2 days | |
Aggregate Intrinsic Value, Outstanding Beginning balance | $ | $ 1 | [1] |
Number of Options, Vested and expected to vest | shares | 1,862,358 | |
Weighted Average Exercise Price, Vested and expected to vest | $ / shares | $ 15.38 | |
Weighted Average Remaining Contractual Term (years), Vested and expected to vest | 8 years | |
Aggregate Intrinsic Value, Vested and expected to vest | $ | [1] | |
Number of Options, Exercisable | shares | 757,332 | |
Weighted Average Exercise Price, Exercisable | $ / shares | $ 20.51 | |
Weighted Average Remaining Contractual Term (years), Exercisable | 6 years 9 months 3 days | |
Aggregate Intrinsic Value, Exercisable | $ | [1] | |
Number of Options, Granted | shares | 769,500 | |
Weighted Average Exercise Price, Granted | $ / shares | $ 6.43 | |
Weighted Average Remaining Contractual Term (years), Granted | ||
Aggregate Intrinsic Value, Granted | $ | [1] | |
Number of Options, Exercised | shares | ||
Weighted Average Exercise Price, Exercised | $ / shares | ||
Weighted Average Remaining Contractual Term (years), Exercised | ||
Aggregate Intrinsic Value, Exercised | $ | [1] | |
Number of Options, Forfeited | shares | (234,078) | |
Weighted Average Exercise Price, Forfeited | $ / shares | $ 15.7 | |
Weighted Average Remaining Contractual Term (years), Forfeited | ||
Aggregate Intrinsic Value, Forfeited | $ | [1] | |
Number of Options, Expired | shares | (29,703) | |
Weighted Average Exercise Price, Expired | $ / shares | $ 14.79 | |
Weighted Average Remaining Contractual Term (years),Expired | ||
Aggregate Intrinsic Value, Expired | $ | [1] | |
Number of Options, Outstanding Ending balance | shares | 1,862,358 | |
Weighted Average Exercise Price, Outstanding Ending balance | $ / shares | $ 15.38 | |
Weighted Average Remaining Contractual Term (years), Outstanding Ending balance | 8 years | |
Aggregate Intrinsic Value, Outstanding Ending balance | $ | [1] | |
[1]Aggregate intrinsic value represents the difference between the exercise price of the option and the closing market price of the Company’s common stock on September 30, 2022. The intrinsic value of options exercised during the months ended September 30, 2022 was $0, respectively, as no options were exercised. |
Stock-Based Compensation (Det_4
Stock-Based Compensation (Details) - Schedule of total stock-based compensation costs - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule Of Total Stock Based Compensation Costs Abstract | ||||
Restricted stock units | $ 287 | $ 1,307 | $ 991 | $ 3,970 |
Stock options | 1,150 | 1,409 | 4,267 | 4,484 |
Total | $ 1,437 | $ 2,716 | $ 5,258 | $ 8,454 |
Stock-Based Compensation (Det_5
Stock-Based Compensation (Details) - Schedule of stock-based compensation expense - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | $ 1,437 | $ 2,716 | $ 5,258 | $ 8,454 |
Research and development [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | 361 | 392 | 1,150 | 1,114 |
General and administrative [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | $ 1,076 | $ 2,324 | $ 4,108 | $ 7,340 |
Net Loss Per Common Share (Deta
Net Loss Per Common Share (Details) - Schedule of net loss per share attributable to common stockholders, basic and diluted - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Numerator: | ||||
Net loss attributable to common stockholders | $ 26,985 | $ 37,024 | ||
Denominator: | ||||
Weighted-average shares of common stock outstanding, basic and diluted | 11,265,475 | 11,235,507 | 11,256,995 | 11,231,513 |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.68) | $ (0.96) | $ (2.4) | $ (3.3) |
Net Loss Per Common Share (De_2
Net Loss Per Common Share (Details) - Schedule of potentially anti-dilutive shares - shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule Of Potentially Anti Dilutive Shares Abstract | ||
Stock options issued and outstanding | 1,862,358 | 1,385,855 |
Restricted stock units issued and outstanding | 493,938 | 383,119 |
Conversion of Series 1 Convertible Preferred Stock | 8,029,039 | 8,029,039 |
Total potentially dilutive shares | 10,385,335 | 9,798,013 |