Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 06, 2022 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
Entity File Number | 001-35182 | |
Entity Registrant Name | AMPIO PHARMACEUTICALS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-0179592 | |
Entity Address, Address Line One | 373 Inverness Parkway, Suite 200 | |
Entity Address, City or Town | Englewood | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80112 | |
City Area Code | 720 | |
Local Phone Number | 437-6500 | |
Title of 12(b) Security | Common stock, par value $0.0001 per share | |
Trading Symbol | AMPE | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 227,186,867 | |
Entity Central Index Key | 0001411906 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 28,837,000 | $ 33,892,000 |
Prepaid expenses and other | 1,070,000 | 1,740,000 |
Total current assets | 29,907,000 | 35,632,000 |
Fixed assets, net | 2,302,000 | 2,564,000 |
Right-of-use asset, net | 577,000 | 629,000 |
Total assets | 32,786,000 | 38,825,000 |
Current liabilities | ||
Accounts payable and accrued expenses | 5,208,000 | 4,811,000 |
Lease liability-current portion | 318,000 | 311,000 |
Total current liabilities | 5,526,000 | 5,122,000 |
Lease liability-long-term | 533,000 | 614,000 |
Warrant derivative liability | 4,474,000 | 5,805,000 |
Total liabilities | 10,533,000 | 11,541,000 |
Commitments and contingencies (Note 5) | ||
Stockholders' equity | ||
Preferred Stock, par value $0.0001; 10,000,000 shares authorized; none issued | ||
Common Stock, par value $0.0001; 300,000,000 shares authorized; shares issued and outstanding - 227,186,867 as of March 31, 2022 and 227,325,381 as of December 31, 2021 | 23,000 | 23,000 |
Additional paid-in capital | 245,468,000 | 244,863,000 |
Accumulated deficit | (223,238,000) | (217,602,000) |
Total stockholders' equity | 22,253,000 | 27,284,000 |
Total liabilities and stockholders' equity | $ 32,786,000 | $ 38,825,000 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Condensed Balance Sheets | ||
Preferred Stock, par value | $ 0.0001 | $ 0.0001 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Common Stock, par value | $ 0.0001 | $ 0.0001 |
Common Stock, shares authorized | 300,000,000 | 300,000,000 |
Common Stock, shares issued | 227,186,867 | 227,325,381 |
Common Stock, shares outstanding | 227,186,867 | 227,325,381 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating expenses | ||
Research and development | $ 3,687,000 | $ 2,296,000 |
General and administrative | 3,283,000 | 1,523,000 |
Total operating expenses | 6,970,000 | 3,819,000 |
Other income | ||
Interest income | 3,000 | 1,000 |
Derivative gain | 1,331,000 | 151,000 |
Total other income | 1,334,000 | 152,000 |
Net loss | $ (5,636,000) | $ (3,667,000) |
Net loss per common share: Basic | $ (0.02) | $ (0.02) |
Net loss per common share: Diluted | $ (0.03) | $ (0.02) |
Weighted average number of common shares outstanding: Basic | 226,083,328 | 195,387,047 |
Weighted average number of common shares outstanding: Diluted | 226,110,693 | 200,752,267 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity - USD ($) | Common StockAt The Market Equity Offering Program | Common Stock | Additional Paid-in CapitalAt The Market Equity Offering Program | Additional Paid-in Capital | Accumulated DeficitAt The Market Equity Offering Program | Accumulated Deficit | At The Market Equity Offering Program | Total |
Beginning Balance at Dec. 31, 2020 | $ 19,000 | $ 218,020,000 | $ (200,527,000) | $ 17,512,000 | ||||
Beginning Balance, Shares at Dec. 31, 2020 | 193,378,996 | |||||||
Issuance of common stock for services | $ 0 | 80,000 | 0 | 80,000 | ||||
Issuance of common stock for services (Shares) | 54,052 | |||||||
Share-based compensation, net of forfeitures | $ 0 | 166,000 | 0 | 166,000 | ||||
Stock options exercised, net | $ 0 | 33,000 | 0 | 33,000 | ||||
Stock options exercised, net (Shares) | 129,500 | |||||||
Shares held back in settlement of tax obligation for shares issued in connection with restricted stock awards | (40,000) | 0 | (40,000) | |||||
Shares held back in settlement of tax obligation for shares issued in connection with restricted stock awards (Shares) | (28,562) | |||||||
Warrants exercised, net | $ 0 | 114,000 | 0 | 114,000 | ||||
Warrants exercised, net (Shares) | 306,705 | |||||||
Issuance of common stock in connection with the "at-the-market" equity offering program | $ 0 | $ 2,705,000 | $ 0 | $ 2,705,000 | ||||
Issuance of common stock in connection with the "at-the-market" equity offering program (Shares) | 1,848,437 | |||||||
Offering costs related to the issuance of common stock in connection with the "at-the-market" equity offering program | $ 0 | (126,000) | 0 | (126,000) | ||||
Net loss | 0 | 0 | (3,667,000) | (3,667,000) | ||||
Ending Balance at Mar. 31, 2021 | $ 19,000 | 220,952,000 | (204,194,000) | 16,777,000 | ||||
Ending Balance, Shares at Mar. 31, 2021 | (195,689,128) | |||||||
Beginning Balance at Dec. 31, 2021 | $ 23,000 | 244,863,000 | (217,602,000) | 27,284,000 | ||||
Beginning Balance, Shares at Dec. 31, 2021 | 227,325,381 | |||||||
Share-based compensation, net of forfeitures | $ 0 | 716,000 | 0 | 716,000 | ||||
Shares held back in settlement of tax obligation for shares issued in connection with restricted stock awards | $ 0 | (79,000) | 0 | (79,000) | ||||
Shares held back in settlement of tax obligation for shares issued in connection with restricted stock awards (Shares) | (138,514) | |||||||
Offering costs related to the issuance of common stock in connection with the public offering | $ 0 | (32,000) | 0 | (32,000) | ||||
Net loss | 0 | 0 | (5,636,000) | (5,636,000) | ||||
Ending Balance at Mar. 31, 2022 | $ 23,000 | $ 245,468,000 | $ (223,238,000) | $ 22,253,000 | ||||
Ending Balance, Shares at Mar. 31, 2022 | 227,186,867 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows used in operating activities | ||
Net loss | $ (5,636,000) | $ (3,667,000) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Share-based compensation, net of forfeitures | 716,000 | 166,000 |
Depreciation and amortization | 262,000 | 294,000 |
Issuance of common stock for services | 0 | 80,000 |
Derivative gain | (1,331,000) | (151,000) |
Changes in operating assets and liabilities | ||
(Increase) decrease in prepaid expenses and other | 670,000 | (651,000) |
Increase (decrease) in accounts payable and accrued expenses | 397,000 | (199,000) |
Decrease in lease liability | (22,000) | (19,000) |
Net cash used in operating activities | (4,944,000) | (4,147,000) |
Cash flows used in investing activities | ||
Purchase of fixed assets | 0 | (81,000) |
Net cash used in investing activities | 0 | (81,000) |
Cash flows from financing activities | ||
Proceeds from sale of common stock in connection with the "at-the-market" equity offering program | 0 | 2,705,000 |
Costs related to sale of common stock in connection with the "at-the-market" equity offering program | 0 | (126,000) |
Proceeds from sale of common stock and warrants in connection with the registered direct offering | 0 | 114,000 |
Costs related to the sale of common stock and warrants in connection with the registered direct offering | (32,000) | 0 |
Shares held back in settlement of tax obligation for shares issued in connection with restricted stock awards | (79,000) | 0 |
Other | 0 | (7,000) |
Net cash (used in) provided by financing activities | (111,000) | 2,686,000 |
Net change in cash and cash equivalents | (5,055,000) | (1,542,000) |
Cash and cash equivalents at beginning of period | 33,892,000 | 17,346,000 |
Cash and cash equivalents at end of period | $ 28,837,000 | $ 15,804,000 |
The Company and Summary of Sign
The Company and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
The Company and Summary of Significant Accounting Policies | |
The Company and Summary of Significant Accounting Policies | Note 1 – The Company and Summary of Significant Accounting Policies Ampio Pharmaceuticals, Inc. (“Ampio” or the “Company”) is a pre-revenue stage biopharmaceutical company focused on the research, development and advancement of immunomodulatory therapies for the treatment of pain from osteoarthritis. Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States for interim financial information and with the instructions of the SEC on Quarterly Reports on Form 10-Q and Article 8 of Regulation S-X. Accordingly, such financial statements do not include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, the financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the financial position and of the results of operations and cash flows of the Company for the periods presented. These financial statements should be read in conjunction with the audited financial statements and accompanying notes thereto for the year ended December 31, 2021 included in the Company’s 2021 Annual Report. The results of operations for the interim period shown in this report are not necessarily indicative of the results that may be expected for any other interim period or for the full year. The information as of and for the three months ended March 31, 2022 is unaudited. The balance sheet at December 31, 2021 was derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company has no off-balance-sheet concentrations of credit risk, such as foreign exchange contracts, option contracts or foreign currency hedging arrangements. The Company consistently maintains its cash and cash equivalent balances in the form of bank demand deposits, United States federal government backed treasury securities and fully liquid money market fund accounts with financial institutions that management believes are creditworthy. The Company periodically monitors its cash positions with, and the credit quality of, the financial institutions with which it invests. During the three months ended March 31, 2022, and as consistent with prior reporting periods, the Company maintained balances in excess of federally insured limits. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses, and related disclosures in the financial statements and accompanying notes. The Company bases its estimates on historical experience and on assumptions believed to be reasonable under the circumstances. Actual results could differ materially from those estimates. Significant items subject to such estimates and assumptions primarily include the Company’s projected current and long-term liquidity, the clinical trial accrual, projected useful lives and potential impairment of fixed assets. The Company develops these estimates using its judgment based upon the facts and circumstances known to it at the time. Liquidity / Going Concern We are a pre-revenue stage biopharmaceutical company that has incurred an accumulated deficit of $223.2 million as of March 31, 2022. We expect to generate continued operating losses for the foreseeable future as the Ampio board of directors is considering strategic alternatives for Ampio and Ampion, which may include the continued development and advancement of Ampion, capital raising, licensing and other partnering opportunities, positioning the Company for a strategic transaction or other alternative(s). As of March 31, 2022, we had $28.8 million of cash and cash equivalents. Based on our current cash position and projection of operating expenses and capital expenditures, we believe we will have sufficient liquidity to fund operations into the second half of 2023. Our cash resources and our capital needs are based upon management estimates as to future operations and expense, which involve significant judgment. Additionally, given that the Ampio board of directors is considering strategic alternatives, our forecasts regarding the sufficiency of our liquidity is based upon maintaining our current operations. Accordingly, we may exhaust our available cash and cash equivalents earlier than presently anticipated and may require more capital more quickly than presently anticipated. Additional financing may not be available in the amount or at the time we need it or may not be available on acceptable terms or at all. We may obtain future additional financing by incurring indebtedness or from an offering of our equity securities or either of these. If we raise additional equity financing, our stockholders may experience significant dilution of their ownership interests and the value of shares of our common stock could decline. Our efforts to raise additional funds from the sale of equity may be hampered by the currently depressed trading price of our common stock. If we raise additional equity financing, new investors may demand rights, preferences, or privileges senior to those of existing holders of common stock. Based on the above, these existing and ongoing factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying unaudited interim financial statements were prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These financial statements do not include any separate adjustments relating to the recovery of recorded assets or the classification of liabilities, which adjustments may be necessary in the future should the Company be unable to continue as a going concern. Adoption of Recent Accounting Pronouncements The Company has not adopted any recent accounting pronouncements during the three months ended March 31, 2022, as none were deemed to be applicable. Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, “ Debt (Subtopic 470-20); Debt with Conversion and Other Options and Derivatives and Hedging (Subtopic 815-40) Contracts in Entity’s Own Equity This Quarterly Report on Form 10-Q does not discuss recent pronouncements that are not anticipated to have a current and/or future impact on or are unrelated to the Company’s financial condition, results of operations, cash flows or disclosures. |
Prepaid Expenses and Other
Prepaid Expenses and Other | 3 Months Ended |
Mar. 31, 2022 | |
Prepaid Expenses and Other | |
Prepaid Expenses and Other | Note 2 – Prepaid Expenses and Other Prepaid expenses and other balances as of March 31, 2022 and December 31, 2021 are as follows: March 31, 2022 December 31, 2021 Deposits $ 565,000 $ 884,000 Unamortized commercial insurance premiums 212,000 465,000 Professional fees 87,000 235,000 Maintenance service contracts 63,000 — Clinical trial inventory — 72,000 Other receivable 19,000 16,000 Other 124,000 68,000 Total prepaid expenses and other $ 1,070,000 $ 1,740,000 |
Fixed Assets
Fixed Assets | 3 Months Ended |
Mar. 31, 2022 | |
Fixed Assets | |
Fixed Assets | Note 3 – Fixed Assets Fixed assets are recorded based on acquisition cost and once placed in service, are depreciated utilizing the straight-line method over their estimated economic useful lives. Leasehold improvements are accreted over the shorter of the estimated economic life or related lease term. Fixed assets, net of accumulated depreciation and amortization, consist of the following: Estimated Useful Lives (in Years) March 31, 2022 December 31, 2021 Leasehold improvements 10 $ 6,075,000 $ 6,075,000 Manufacturing facility/clean room 3 - 8 2,984,000 2,984,000 Lab equipment and office furniture 5 - 8 1,739,000 1,739,000 Fixed assets, gross 10,798,000 10,798,000 Accumulated depreciation (8,496,000) (8,234,000) Fixed assets, net $ 2,302,000 $ 2,564,000 Depreciation and amortization expense for the respective periods is as follows: Three Months Ended March 31, 2022 2021 Depreciation and amortization expense $ 262,000 $ 294,000 |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 3 Months Ended |
Mar. 31, 2022 | |
Accounts Payable and Accrued Expenses | |
Accounts Payable and Accrued Expenses | Note 4 – Accounts Payable and Accrued Expenses Accounts payable and accrued expenses as of March 31, 2022 and December 31, 2021 are as follows: March 31, 2022 December 31, 2021 Accounts payable $ 1,582,000 $ 427,000 Clinical trials 2,919,000 2,995,000 Professional fees 302,000 510,000 Accrued compensation 292,000 389,000 Commercial insurance premium financing — 269,000 Other 113,000 221,000 Accounts payable and accrued expenses $ 5,208,000 $ 4,811,000 Commercial Insurance Premium Financing Agreement In June 2021, the Company entered into an insurance premium financing agreement for $916,000, with a term of nine months and an annual interest rate of 3.57%. Under the terms and provisions of the agreement, the Company was required to make principal and interest payments totaling $82,000 per month over the remaining term of the agreement. The outstanding obligation for the Company’s annual insurance premiums were paid in full as of March 31, 2022. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 5 - Commitments and Contingencies Key Clinical Research Trial Obligations Please see Part II, Item 5 of this Form 10-Q for information regarding an internal investigation relating to our clinical studies. Osteoarthritis of the Knee AP-013 study In December 2020, the Company entered into an initial contract with a CRO in reference to the AP-013 study database totaling $1.4 million. The contractual provisions required an initial retainer of $315,000, which was applied to study expenses as further defined by the contract during the first three months ended March 31, 2022. The Company entered into a change order to the initial contract in April 2022 totaling $0.7 million which reflects the estimated final costs to close out the study with expected completion in the next three Inhaled treatment for COVID-19 patients AP-018 study and AP-019 study In March 2021, the Company entered into a contract with a CRO totaling $318,000 in reference to a Phase 1 study for at-home treatment utilizing inhaled Ampion to treat patients with Long-COVID, or prolonged respiratory symptoms due to COVID-19 (the “AP-018 study”). The contractual provisions required an initial retainer of $105,000 to be applied to future study expenses as further defined by the contract. Subsequent to March 2021, the Company agreed to a contractual amendment of $1.0 million. As of March 31, 2022, the contract is substantially complete and any future services to be performed are deemed to be minimal. In June 2021, the Company entered into a contract with a CRO totaling $2.5 million in reference to a multicenter Phase 2 clinical trial, using inhaled Ampion in the treatment of respiratory distress due to COVID-19 (the “AP-019 study”). The contractual provisions required an initial retainer of $300,000 to be applied to study expenses as further defined by the contract. The contractual amount was later amended by $0.9 million. As such, the revised contractual commitment for the AP-019 study is $3.4 million as of March 31, 2022. Enrollment of the AP-019 study was terminated on May 3, 2022, as no beneficial effect of nebulized Ampion could be documented. The Company will pay for contractually obligated services rendered and expenses incurred through the date of finalization of the study. The CRO will refund any unused portion of the retainer. As of March 31, 2022, the Company expects to spend $0.5 million related to future services expected to be performed under this contract and accordingly, does not expect any refund of any unused portion of the retainer. Intravenous (“IV”) treatment for COVID-19 patients AP-017 study In December 2020, the Company entered into a contract with a CRO totaling $1.8 million in reference to a multicenter Phase 2 clinical trial utilizing IV Ampion in the treatment of patients with complications arising from COVID-19 (the “AP-017 study”). The contractual provisions required an initial retainer of $345,000 to be applied to study expenses as further defined by the contract. The Company stopped the trial after an interim enrollment of 35 subjects, which resulted in a favorable contractual adjustment of $0.5 million to reflect the lower study enrollment. As such, the revised contractual commitment for the AP-017 study is $1.3 million as of March 31, 2022. The Company has an outstanding future commitment of $324,000 as of March 31, 2022, which reflects future services related to finalizing the study. Employment Agreements In October 2021, the Company entered into three employment agreements that expire in October 2024 and in November 2021, the Company entered into one employment agreement that expires in November 2022. These employment agreements call for initial base salaries ranging from $335,000 to $550,000. The employment agreements provide that the employee is entitled to a discretionary bonus. Additionally, the employee is entitled to a severance payment in the event the Company terminates employee’s employment without Cause, or employee terminates his or her employment with Good Reason. Related Party Research Agreements In February 2022, the Company entered into a sponsored research agreement with Trauma Research, LLC, an entity owned by one of the Company’s directors. The agreement totals $400,000 for research activities to be performed over the next year. In addition, the Company also entered into an agreement with that director to provide research services. The agreement totals $250,000, which is to be paid in four equal installments payable quarterly over the one-year term. As of March 31, 2022, commitments for future services expected to be rendered for the research and research service agreements total $358,000 and $208,000, respectively. Facility Lease In December 2013, the Company entered into a 125-month “Leases (Topic 842)” The following table provides a reconciliation of the Company’s remaining undiscounted payments for its facility lease and the carrying amount of the lease liability disclosed on the balance sheet as of March 31, 2022: Facility Lease Payments 2022 2023 2024 2025 2026 Thereafter Remaining Facility Lease Payments $ 912,000 $ 268,000 $ 364,000 $ 280,000 $ — $ — $ — Less: Discount Adjustment (61,000) Total lease liability $ 851,000 Lease liability-current portion $ 318,000 Long-term lease liability $ 533,000 The following table provides a reconciliation of the Company’s remaining ROU asset for its facility lease presented in the balance sheet as of March 31, 2022: ROU Asset Balance as of December 31, 2021 $ 629,000 Amortization (52,000) Balance as of March 31, 2022 $ 577,000 The Company recorded lease expense in the respective periods is as follows: Three Months Ended March 31, 2022 2021 Lease expense $ 81,000 $ 73,000 |
Warrants
Warrants | 3 Months Ended |
Mar. 31, 2022 | |
Warrants. | |
Warrants | Note 6 – Warrants The Company has issued both equity (“placement agent”) and liability (“investor”) classified warrants in conjunction with previous equity raises. The Company had a total of 1.1 million equity-classified warrants and 17.2 million liability-classified warrants outstanding as of March 31, 2022. There was no warrant activity during the three months ended March 31, 2022: Weighted Weighted Average Number of Average Remaining Warrants Exercise Price Contractual Life Outstanding as of December 31, 2020 4,130,724 $ 0.66 2.05 Warrants issued in connection with the registered direct offering 15,000,000 $ 1.10 4.96 Warrant exercised (812,827) $ 0.58 — Warrants expired (15,000) Outstanding as of December 31, 2021 18,302,897 $ 1.02 4.24 Warrants issued in connection with the registered direct offering — $ — Warrants exercised — $ — Warrants expired — $ — Outstanding as of March 31, 2022 18,302,897 $ 1.02 3.99 The following table summarizes the Company’s outstanding warrants between placement agent and investor warrant classifications: Weighted Weighted Average Number of Average Remaining Date Exercise Price Type Warrants Exercise Price Contractual Life December 2021 registered direct offering $ 1.10 Investor 15,000,000 4.71 August 2018 public offering $ 0.40 Investor 153,400 1.37 June 2017 registered direct offering $ 0.76 Investor 2,026,915 0.17 June 2019 public offering $ 0.50 Placement agent 823,650 2.22 June 2017 registered direct offering $ 0.76 Placement agent 298,932 0.17 Outstanding as of March 31, 2022 18,302,897 $ 1.02 3.99 The total value for the warrant derivative liability as of March 31, 2022 is approximately $4.5 million (see Note 7 |
Fair Value Considerations
Fair Value Considerations | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Considerations | |
Fair Value Considerations | Note 7 - Fair Value Considerations Authoritative guidance defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs reflect inputs that market participants would use in pricing the asset or liability based on market data obtained from sources not affiliated with the Company. Unobservable inputs are inputs that reflect the Company’s assumptions of what market participants would use in pricing the asset or liability based on the best information available in the circumstances. The hierarchy is broken down into three levels based on reliability of the inputs as follows: Level 1: Inputs that reflect unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities; Level 2: Inputs that include quoted prices for similar assets and liabilities in active or inactive markets or that are observable for the asset or liability either directly or indirectly; and Level 3: Unobservable inputs that are supported by little or no market activity. The Company’s financial instruments include cash and cash equivalents, accounts payable and accrued expenses, and warrant derivative liability. Warrants are recorded at estimated fair value utilizing the Black-Scholes warrant pricing model. The Company’s assets and liabilities which are measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. The Company’s policy is to recognize transfers in and/or out of the fair value hierarchy as of the date in which the event or change in circumstances caused the transfer. The Company has consistently applied the valuation techniques in all periods presented. The following table presents the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2022 and December 31, 2021, by level within the fair value hierarchy: Fair Value Measurements Using Level 1 Level 2 Level 3 Total March 31, 2022 Liabilities: Warrant derivative liability $ — $ — $ 4,474,000 $ 4,474,000 December 31, 2021 Liabilities: Warrant derivative liability $ — $ — $ 5,805,000 $ 5,805,000 The warrant derivative liability for both periods presented was valued using the Black-Scholes valuation methodology because that model embodies all the relevant assumptions that address the features underlying these instruments. The following table sets forth a reconciliation of changes in the fair value of financial liabilities classified as Level 3 in the fair value hierarchy: Derivative Instruments Balance as of December 31, 2021 $ 5,805,000 Warrant issuances — Warrant exercises — Change in fair value (1,331,000) Balance as of March 31, 2022 $ 4,474,000 |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2022 | |
Common Stock. | |
Common stock | Note 8 - Common Stock Authorized Shares The Company had 300.0 million authorized shares of common stock as of March 31, 2022 and December 31, 2021. The following table summarizes the Company’s remaining authorized shares available for future issuance: March 31, 2022 Authorized shares 300,000,000 Common stock outstanding 227,186,867 Options outstanding 9,010,312 Warrants outstanding 18,302,897 Reserved for issuance under 2019 Stock and Incentive Plan 2,984,023 Available shares 42,515,901 ATM Equity Offering Program In February 2020, the Company entered into a Sales Agreement with two agents to implement an “at the market” (ATM) equity offering program under which the Company, from time to time and at its sole discretion, may offer and sell shares of its common stock having an aggregate offering price up to $50.0 million to the public through the agents until (i) each agent declines to accept the terms for any reason, (ii) the entire amount of shares has been sold, or (iii) the Company suspends or terminates the Sales Agreement. Subject to the terms and conditions of the Sales Agreement, the agents shall use their commercially reasonable efforts to sell shares from time to time, based upon the Company’s instructions as documented on a purchase notification form. If an agent declines to accept the purchase notification form, the agent must promptly notify the Company and the other agent then has the ability to accept or decline the purchase notification form. The Company has no obligation to sell any shares and may, at any time and in its sole discretion, suspend sales under the Sales Agreement or terminate the Sales Agreement in accordance with its terms. The Sales Agreement includes customary indemnification rights in favor of the agents and provides that the agents will be entitled to an aggregate fixed commission of 4.0% of the gross proceeds (2.0% to each agent) to the Company from any shares sold pursuant to the Sales Agreement. The following table summarizes the Company’s sales and related issuance costs incurred under the Sales Agreement during the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Total shares of common stock sold — 1,848,437 Gross proceeds $ — $ 2,705,000 Commissions earned by placement agents — (109,000) Issuance fees — (17,000) Net proceeds $ — $ 2,579,000 Common Stock Issued for Services The Company issued an aggregate of 54,052 shares of common stock under the Ampio Pharmaceuticals, Inc. 2019 Stock and Incentive Plan (the “2019 Plan”), valued at an aggregate of $80,000 as partial compensation for the services of four non-employee directors, during the three months ended March 31, 2021. During the three months ended March 31, 2022, the Company did not issue any shares of common stock as partial compensation for the services of non-employee directors. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity | |
Equity | Note 9 - Equity Options In December 2019, the Company’s Board of Directors and stockholders approved the adoption of the 2019 Plan, under which shares were reserved for future issuance of equity related awards classified as option awards, restricted stock awards and other equity related awards. The 2019 Plan permits grants of equity awards to employees, directors and consultants. The stockholders approved a total of 10.0 million shares to be reserved for issuance under the 2019 Plan. The Company’s previous 2010 Stock and Incentive Plan (the “2010 Plan”) was cancelled concurrently with the adoption of the 2019 Plan. The following table summarizes the activity of the 2019 Plan and the shares available for future equity awards as of March 31, 2022: 2019 Plan Total shares reserved for equity awards 10,000,000 Options granted, net of forfeitures during previous fiscal years (3,933,471) Options granted during fiscal 2022 (1,598,323) Restricted stock awards, net of settlement granted during fiscal 2021 (1,785,000) Restricted stock awards, net of settlement granted during fiscal 2022 0 Forfeited, expired and/or cancelled equity awards, prior year 5,500 Forfeited, expired and/or cancelled equity awards, during 2022 26,500 Shares forfeited to settle exercise price and tax obligation during fiscal 2021 130,303 Shares forfeited to settle exercise price and tax obligation during 2022 138,514 Remaining shares available for future equity awards 2,984,023 The following table summarizes the Company’s restricted stock awards activity during the three months ended March 31, 2022: Weighted Average Grant-Date Aggregate Awards Fair Value Intrinsic Value Nonvested as of December 31, 2021 1,468,000 $ 1.64 Granted — Vested (367,000) $ 1.64 $ — Nonvested as of March 31, 2022 1,101,000 $ 1.64 Of the vested restricted stock awards reported above, the Company withheld 138,514 common shares which represented the fair value of the tax settlement. The following table summarizes the Company’s stock option activity during the three months ended March 31, 2022: Weighted Weighted Average Number of Average Remaining Aggregate Options Exercise Price Contractual Life Intrinsic Value Outstanding as of December 31, 2021 7,506,989 $ 1.04 7.36 $ — Granted 1,598,323 $ 0.48 Exercised — $ — Forfeited, expired and/or cancelled (95,000) $ 0.89 Outstanding as of March 31, 2022 9,010,312 $ 1.01 7.50 $ 36,000 Exercisable as of March 31, 2022 6,624,442 $ 1.12 6.69 $ 17,000 The following table summarizes the outstanding options that were issued in accordance with the 2010 Plan and the 2019 Plan: Outstanding Options by Plan March 31, 2022 2010 Plan 3,561,518 2019 Plan 5,448,794 Outstanding as of March 31, 2022 9,010,312 Stock options outstanding as of March 31, 2022 are summarized in the table below: Number of Weighted Weighted Average Options Average Remaining Range of Exercise Prices Outstanding Exercise Price Contractual Lives Up to $0.50 1,767,823 $ 0.45 9.22 $0.51 - $1.00 4,697,345 $ 0.69 6.81 $1.01 - $1.50 937,000 $ 1.19 9.45 $1.51 and above 1,608,144 $ 2.46 6.48 Total 9,010,312 $ 1.01 7.50 The Company computes the fair value for all options granted or modified using the Black-Scholes option pricing model. To calculate the fair value of the options, certain assumptions are made regarding components of the model, including the fair value of the underlying common stock, risk-free interest rate, volatility, expected dividend yield and expected option life. Changes to the assumptions could cause significant adjustments to the valuation. The Company calculates its volatility assumption using the actual changes in the market value of its stock. Forfeitures are recognized as they occur. The Company’s historical option exercises do not provide a reasonable basis to estimate an expected term due to the lack of sufficient data. Therefore, the Company estimates the expected term by using the simplified method. The simplified method calculates the expected term as the average of the vesting term plus the contractual life of the options. The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of the grant for treasury securities of similar maturity. The Company computed the fair value of options granted/modified during the period ended March 31, 2022, using the following assumptions: Three Months Ended March 31, 2022 2021 Expected volatility 117% - 119 % 127.17 % Risk free interest rate 1.26% - 1.94 % 0.78 % Expected term (years) 5.45 - 6.51 5.0 Stock-based compensation expense related to the fair value of stock options is included in the statements of operations as research and development expenses or general and administrative expenses as set forth in the table below. The following table summarizes stock-based compensation expense (stock options and common stock issued for services) for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Research and development expenses Share-based compensation $ 47,000 $ 46,000 General and administrative expenses Issuance of common stock for services (see Note 8 — 80,000 Share-based compensation 669,000 120,000 Total share-based compensation $ 716,000 $ 246,000 Unrecognized share-based compensation expense related to stock options as of March 31, 2022 $ 996,000 Weighted average remaining years to vest for stock options 2.04 Unrecognized share-based compensation expense related to restricted stock awards as of March 31, 2022 1,339,000 Weighted average remaining years to vest for restricted stock awards 2.76 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share | |
Earnings Per Share | Note 10 - Earnings Per Share Basic earnings per share is computed by dividing net loss available to common stockholders by the weighted-average number of shares of common stock outstanding during each period. Diluted earnings per share is based on the treasury stock method and computed by dividing net loss available to common stockholders by the diluted weighted-average shares of common stock outstanding during each period. The Company’s potentially dilutive shares include stock options and warrants for the shares of common stock. The potentially dilutive shares are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when the effect is dilutive. The investor warrants are treated as equity in the calculation of diluted earnings per share in both the computation of the numerator and denominator, if dilutive. The following table sets forth the calculations of basic and diluted earnings per share for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Net loss $ (5,636,000) $ (3,667,000) Less: decrease in fair value of investor warrants (1,331,000) (151,000) Loss available to common stockholders $ (6,967,000) $ (3,818,000) Basic weighted-average common shares outstanding 226,083,328 195,387,047 Add: dilutive effect of equity instruments 27,365 5,365,220 Diluted weighted-average shares outstanding 226,110,693 200,752,267 Earnings per share – basic $ (0.02) $ (0.02) Earnings per share – diluted $ (0.03) $ (0.02) The potentially dilutive shares of common stock that have been excluded from the calculation of net loss per share because of their anti-dilutive effect are as follows: Three Months Ended March 31, 2022 2021 Warrants to purchase shares of common stock 18,275,532 2,939,996 Outstanding stock options 9,010,312 1,510,485 Restricted stock awards 1,101,000 — Total potentially dilutive shares of common stock 28,386,844 4,450,481 |
The Company and Summary of Si_2
The Company and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
The Company and Summary of Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States for interim financial information and with the instructions of the SEC on Quarterly Reports on Form 10-Q and Article 8 of Regulation S-X. Accordingly, such financial statements do not include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, the financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the financial position and of the results of operations and cash flows of the Company for the periods presented. These financial statements should be read in conjunction with the audited financial statements and accompanying notes thereto for the year ended December 31, 2021 included in the Company’s 2021 Annual Report. The results of operations for the interim period shown in this report are not necessarily indicative of the results that may be expected for any other interim period or for the full year. The information as of and for the three months ended March 31, 2022 is unaudited. The balance sheet at December 31, 2021 was derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company has no off-balance-sheet concentrations of credit risk, such as foreign exchange contracts, option contracts or foreign currency hedging arrangements. The Company consistently maintains its cash and cash equivalent balances in the form of bank demand deposits, United States federal government backed treasury securities and fully liquid money market fund accounts with financial institutions that management believes are creditworthy. The Company periodically monitors its cash positions with, and the credit quality of, the financial institutions with which it invests. During the three months ended March 31, 2022, and as consistent with prior reporting periods, the Company maintained balances in excess of federally insured limits. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses, and related disclosures in the financial statements and accompanying notes. The Company bases its estimates on historical experience and on assumptions believed to be reasonable under the circumstances. Actual results could differ materially from those estimates. Significant items subject to such estimates and assumptions primarily include the Company’s projected current and long-term liquidity, the clinical trial accrual, projected useful lives and potential impairment of fixed assets. The Company develops these estimates using its judgment based upon the facts and circumstances known to it at the time. |
Liquidity / Going Concern | Liquidity / Going Concern We are a pre-revenue stage biopharmaceutical company that has incurred an accumulated deficit of $223.2 million as of March 31, 2022. We expect to generate continued operating losses for the foreseeable future as the Ampio board of directors is considering strategic alternatives for Ampio and Ampion, which may include the continued development and advancement of Ampion, capital raising, licensing and other partnering opportunities, positioning the Company for a strategic transaction or other alternative(s). As of March 31, 2022, we had $28.8 million of cash and cash equivalents. Based on our current cash position and projection of operating expenses and capital expenditures, we believe we will have sufficient liquidity to fund operations into the second half of 2023. Our cash resources and our capital needs are based upon management estimates as to future operations and expense, which involve significant judgment. Additionally, given that the Ampio board of directors is considering strategic alternatives, our forecasts regarding the sufficiency of our liquidity is based upon maintaining our current operations. Accordingly, we may exhaust our available cash and cash equivalents earlier than presently anticipated and may require more capital more quickly than presently anticipated. Additional financing may not be available in the amount or at the time we need it or may not be available on acceptable terms or at all. We may obtain future additional financing by incurring indebtedness or from an offering of our equity securities or either of these. If we raise additional equity financing, our stockholders may experience significant dilution of their ownership interests and the value of shares of our common stock could decline. Our efforts to raise additional funds from the sale of equity may be hampered by the currently depressed trading price of our common stock. If we raise additional equity financing, new investors may demand rights, preferences, or privileges senior to those of existing holders of common stock. Based on the above, these existing and ongoing factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying unaudited interim financial statements were prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These financial statements do not include any separate adjustments relating to the recovery of recorded assets or the classification of liabilities, which adjustments may be necessary in the future should the Company be unable to continue as a going concern. |
Adoption of Recent Accounting Pronouncements | Adoption of Recent Accounting Pronouncements The Company has not adopted any recent accounting pronouncements during the three months ended March 31, 2022, as none were deemed to be applicable. Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, “ Debt (Subtopic 470-20); Debt with Conversion and Other Options and Derivatives and Hedging (Subtopic 815-40) Contracts in Entity’s Own Equity This Quarterly Report on Form 10-Q does not discuss recent pronouncements that are not anticipated to have a current and/or future impact on or are unrelated to the Company’s financial condition, results of operations, cash flows or disclosures. |
Prepaid Expenses and Other (Tab
Prepaid Expenses and Other (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Prepaid Expenses and Other | |
Schedule Of Prepaid Expenses and other balances | March 31, 2022 December 31, 2021 Deposits $ 565,000 $ 884,000 Unamortized commercial insurance premiums 212,000 465,000 Professional fees 87,000 235,000 Maintenance service contracts 63,000 — Clinical trial inventory — 72,000 Other receivable 19,000 16,000 Other 124,000 68,000 Total prepaid expenses and other $ 1,070,000 $ 1,740,000 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fixed Assets | |
Schedule of Fixed Assets | Estimated Useful Lives (in Years) March 31, 2022 December 31, 2021 Leasehold improvements 10 $ 6,075,000 $ 6,075,000 Manufacturing facility/clean room 3 - 8 2,984,000 2,984,000 Lab equipment and office furniture 5 - 8 1,739,000 1,739,000 Fixed assets, gross 10,798,000 10,798,000 Accumulated depreciation (8,496,000) (8,234,000) Fixed assets, net $ 2,302,000 $ 2,564,000 |
Schedule Of Depreciation expense | Three Months Ended March 31, 2022 2021 Depreciation and amortization expense $ 262,000 $ 294,000 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounts Payable and Accrued Expenses | |
Schedule of accounts payable and accrued expenses | March 31, 2022 December 31, 2021 Accounts payable $ 1,582,000 $ 427,000 Clinical trials 2,919,000 2,995,000 Professional fees 302,000 510,000 Accrued compensation 292,000 389,000 Commercial insurance premium financing — 269,000 Other 113,000 221,000 Accounts payable and accrued expenses $ 5,208,000 $ 4,811,000 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of reconciliation of the Company's undiscounted payments for its facility lease and the carrying amount of the lease liability | The following table provides a reconciliation of the Company’s remaining undiscounted payments for its facility lease and the carrying amount of the lease liability disclosed on the balance sheet as of March 31, 2022: Facility Lease Payments 2022 2023 2024 2025 2026 Thereafter Remaining Facility Lease Payments $ 912,000 $ 268,000 $ 364,000 $ 280,000 $ — $ — $ — Less: Discount Adjustment (61,000) Total lease liability $ 851,000 Lease liability-current portion $ 318,000 Long-term lease liability $ 533,000 |
Lease Expense | The following table provides a reconciliation of the Company’s remaining ROU asset for its facility lease presented in the balance sheet as of March 31, 2022: ROU Asset Balance as of December 31, 2021 $ 629,000 Amortization (52,000) Balance as of March 31, 2022 $ 577,000 The Company recorded lease expense in the respective periods is as follows: Three Months Ended March 31, 2022 2021 Lease expense $ 81,000 $ 73,000 |
Warrants (Tables)
Warrants (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Warrants. | |
Summary of Company's warrant activity | There was no warrant activity during the three months ended March 31, 2022: Weighted Weighted Average Number of Average Remaining Warrants Exercise Price Contractual Life Outstanding as of December 31, 2020 4,130,724 $ 0.66 2.05 Warrants issued in connection with the registered direct offering 15,000,000 $ 1.10 4.96 Warrant exercised (812,827) $ 0.58 — Warrants expired (15,000) Outstanding as of December 31, 2021 18,302,897 $ 1.02 4.24 Warrants issued in connection with the registered direct offering — $ — Warrants exercised — $ — Warrants expired — $ — Outstanding as of March 31, 2022 18,302,897 $ 1.02 3.99 |
Schedule of stockholders equity note warrants or rights classified as equity and liability | The following table summarizes the Company’s outstanding warrants between placement agent and investor warrant classifications: Weighted Weighted Average Number of Average Remaining Date Exercise Price Type Warrants Exercise Price Contractual Life December 2021 registered direct offering $ 1.10 Investor 15,000,000 4.71 August 2018 public offering $ 0.40 Investor 153,400 1.37 June 2017 registered direct offering $ 0.76 Investor 2,026,915 0.17 June 2019 public offering $ 0.50 Placement agent 823,650 2.22 June 2017 registered direct offering $ 0.76 Placement agent 298,932 0.17 Outstanding as of March 31, 2022 18,302,897 $ 1.02 3.99 |
Fair Value Considerations (Tabl
Fair Value Considerations (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Considerations | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2022 and December 31, 2021, by level within the fair value hierarchy: Fair Value Measurements Using Level 1 Level 2 Level 3 Total March 31, 2022 Liabilities: Warrant derivative liability $ — $ — $ 4,474,000 $ 4,474,000 December 31, 2021 Liabilities: Warrant derivative liability $ — $ — $ 5,805,000 $ 5,805,000 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table sets forth a reconciliation of changes in the fair value of financial liabilities classified as Level 3 in the fair value hierarchy: Derivative Instruments Balance as of December 31, 2021 $ 5,805,000 Warrant issuances — Warrant exercises — Change in fair value (1,331,000) Balance as of March 31, 2022 $ 4,474,000 |
Common Stock (Tables)
Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Common Stock. | |
Schedule of remaining authorized Shares | March 31, 2022 Authorized shares 300,000,000 Common stock outstanding 227,186,867 Options outstanding 9,010,312 Warrants outstanding 18,302,897 Reserved for issuance under 2019 Stock and Incentive Plan 2,984,023 Available shares 42,515,901 |
Schedule of sale of stock under sales agreement | Three Months Ended March 31, 2022 2021 Total shares of common stock sold — 1,848,437 Gross proceeds $ — $ 2,705,000 Commissions earned by placement agents — (109,000) Issuance fees — (17,000) Net proceeds $ — $ 2,579,000 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule of restricted stock awards activity | Weighted Average Grant-Date Aggregate Awards Fair Value Intrinsic Value Nonvested as of December 31, 2021 1,468,000 $ 1.64 Granted — Vested (367,000) $ 1.64 $ — Nonvested as of March 31, 2022 1,101,000 $ 1.64 |
Schedule of Stock Options Outstanding and Exercisable | Stock options outstanding as of March 31, 2022 are summarized in the table below: Number of Weighted Weighted Average Options Average Remaining Range of Exercise Prices Outstanding Exercise Price Contractual Lives Up to $0.50 1,767,823 $ 0.45 9.22 $0.51 - $1.00 4,697,345 $ 0.69 6.81 $1.01 - $1.50 937,000 $ 1.19 9.45 $1.51 and above 1,608,144 $ 2.46 6.48 Total 9,010,312 $ 1.01 7.50 |
Schedule of Assumptions Used in Computing Fair Value of All Options Granted | Three Months Ended March 31, 2022 2021 Expected volatility 117% - 119 % 127.17 % Risk free interest rate 1.26% - 1.94 % 0.78 % Expected term (years) 5.45 - 6.51 5.0 |
Schedule of Stock-Based Compensation Expense | Three Months Ended March 31, 2022 2021 Research and development expenses Share-based compensation $ 47,000 $ 46,000 General and administrative expenses Issuance of common stock for services (see Note 8 — 80,000 Share-based compensation 669,000 120,000 Total share-based compensation $ 716,000 $ 246,000 Unrecognized share-based compensation expense related to stock options as of March 31, 2022 $ 996,000 Weighted average remaining years to vest for stock options 2.04 Unrecognized share-based compensation expense related to restricted stock awards as of March 31, 2022 1,339,000 Weighted average remaining years to vest for restricted stock awards 2.76 |
Employee Stock Option | |
Schedule of stock option activity | Weighted Weighted Average Number of Average Remaining Aggregate Options Exercise Price Contractual Life Intrinsic Value Outstanding as of December 31, 2021 7,506,989 $ 1.04 7.36 $ — Granted 1,598,323 $ 0.48 Exercised — $ — Forfeited, expired and/or cancelled (95,000) $ 0.89 Outstanding as of March 31, 2022 9,010,312 $ 1.01 7.50 $ 36,000 Exercisable as of March 31, 2022 6,624,442 $ 1.12 6.69 $ 17,000 Outstanding Options by Plan March 31, 2022 2010 Plan 3,561,518 2019 Plan 5,448,794 Outstanding as of March 31, 2022 9,010,312 |
2019 Stock plan | |
Schedule of stock option activity | The following table summarizes the activity of the 2019 Plan and the shares available for future equity awards as of March 31, 2022: 2019 Plan Total shares reserved for equity awards 10,000,000 Options granted, net of forfeitures during previous fiscal years (3,933,471) Options granted during fiscal 2022 (1,598,323) Restricted stock awards, net of settlement granted during fiscal 2021 (1,785,000) Restricted stock awards, net of settlement granted during fiscal 2022 0 Forfeited, expired and/or cancelled equity awards, prior year 5,500 Forfeited, expired and/or cancelled equity awards, during 2022 26,500 Shares forfeited to settle exercise price and tax obligation during fiscal 2021 130,303 Shares forfeited to settle exercise price and tax obligation during 2022 138,514 Remaining shares available for future equity awards 2,984,023 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share | |
Schedule for the calculations of basic and diluted earnings per share | Three Months Ended March 31, 2022 2021 Net loss $ (5,636,000) $ (3,667,000) Less: decrease in fair value of investor warrants (1,331,000) (151,000) Loss available to common stockholders $ (6,967,000) $ (3,818,000) Basic weighted-average common shares outstanding 226,083,328 195,387,047 Add: dilutive effect of equity instruments 27,365 5,365,220 Diluted weighted-average shares outstanding 226,110,693 200,752,267 Earnings per share – basic $ (0.02) $ (0.02) Earnings per share – diluted $ (0.03) $ (0.02) |
Schedule of potentially dilutive securities, excluded | Three Months Ended March 31, 2022 2021 Warrants to purchase shares of common stock 18,275,532 2,939,996 Outstanding stock options 9,010,312 1,510,485 Restricted stock awards 1,101,000 — Total potentially dilutive shares of common stock 28,386,844 4,450,481 |
Summary of Significant Accounti
Summary of Significant Accounting Policies - Liquidity and Going Concern (Detail) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
The Company and Summary of Significant Accounting Policies | ||
Accumulated deficit | $ 223,238,000 | $ 217,602,000 |
Cash and cash equivalents | $ 28,837,000 | $ 33,892,000 |
Prepaid Expenses and Other (Det
Prepaid Expenses and Other (Detail) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Prepaid Expenses and Other | ||
Deposits | $ 565,000 | $ 884,000 |
Unamortized commercial insurance premiums | 212,000 | 465,000 |
Professional fees | 87,000 | 235,000 |
Maintenance service contracts | 63,000 | |
Clinical trial inventory | 72,000 | |
Other receivable | 19,000 | 16,000 |
Other | 124,000 | 68,000 |
Total prepaid expenses and other | $ 1,070,000 | $ 1,740,000 |
Fixed Assets (Detail)
Fixed Assets (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | $ 10,798,000 | $ 10,798,000 |
Accumulated depreciation | (8,496,000) | (8,234,000) |
Fixed assets, net | $ 2,302,000 | 2,564,000 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives in Years | 10 years | |
Fixed assets, gross | $ 6,075,000 | 6,075,000 |
Manufacturing facility/clean room [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | $ 2,984,000 | 2,984,000 |
Manufacturing facility/clean room [Member] | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives in Years | 3 years | |
Manufacturing facility/clean room [Member] | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives in Years | 8 years | |
Lab equipment and office furniture | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | $ 1,739,000 | $ 1,739,000 |
Lab equipment and office furniture | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives in Years | 5 years | |
Lab equipment and office furniture | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives in Years | 8 years |
Fixed Assets - Depreciation Exp
Fixed Assets - Depreciation Expenses (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Fixed Assets | ||
Depreciation and amortization expense | $ 262,000 | $ 294,000 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses (Detail) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts Payable and Accrued Expenses | ||
Accounts payable | $ 1,582,000 | $ 427,000 |
Clinical trials | 2,919,000 | 2,995,000 |
Professional fees | 302,000 | 510,000 |
Accrued compensation | 292,000 | 389,000 |
Commercial insurance premium financing | 269,000 | |
Other | 113,000 | 221,000 |
Accounts payable and accrued expenses | $ 5,208,000 | $ 4,811,000 |
Accounts Payable and Accrued _4
Accounts Payable and Accrued Expenses - Commercial Insurance Premium Financing Agreement (Detail) - Commercial Insurance Premium Financing Agreement | 1 Months Ended |
Jun. 30, 2021USD ($) | |
Debt Instrument [Line Items] | |
Financing agreement amount | $ 916,000 |
Term of agreement (in years) | 9 months |
Interest rate (as a percentage) | 3.57% |
Principal and interest payments per month | $ 82,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | |||||
Apr. 30, 2022USD ($) | Feb. 28, 2022USD ($)installment | Dec. 31, 2013USD ($) | Mar. 31, 2022USD ($)item | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Commitments and Contingencies [Line Items] | |||||||
Contract amount | $ 700,000 | ||||||
Facility Lease Incremental Borrowing Rate | 5.75% | ||||||
Minimum | |||||||
Commitments and Contingencies [Line Items] | |||||||
Expected completion period for contracts | 3 months | ||||||
Maximum | |||||||
Commitments and Contingencies [Line Items] | |||||||
Expected completion period for contracts | 5 months | ||||||
Newly Leased Office Space and Manufacturing Facility | |||||||
Commitments and Contingencies [Line Items] | |||||||
Non-cancellable operating lease period | 125 months | ||||||
Lease initial base rent per month | $ 23,000 | ||||||
Rent expense | $ 3,300,000 | ||||||
New CRO | |||||||
Commitments and Contingencies [Line Items] | |||||||
Contract amount | $ 1,400,000 | ||||||
Contractual deposit Commitment | $ 315,000 | ||||||
Intravenous treatment for COVID 19 patients | |||||||
Commitments and Contingencies [Line Items] | |||||||
Contract amount | 1,800,000 | ||||||
Contractual deposit Commitment | $ 345,000 | ||||||
Contractual amendment | $ 500,000 | ||||||
Number of subjects under interim enrollment | item | 3 | ||||||
Number of subjects enrolled | item | 5 | ||||||
Contractual obligation | $ 324,000 | ||||||
Revised contract amount | 1,300,000 | ||||||
Regional Hospital Group, AP-018 Study | |||||||
Commitments and Contingencies [Line Items] | |||||||
Contract amount | $ 318,000 | ||||||
Contractual deposit Commitment | $ 105,000 | ||||||
Contractual amendment | 1,000,000 | ||||||
Regional Hospital Group, AP-019 Study | |||||||
Commitments and Contingencies [Line Items] | |||||||
Contract amount | $ 2,500,000 | ||||||
Contractual deposit Commitment | $ 300,000 | ||||||
Contractual amendment | 900,000 | ||||||
Contractual obligation | 500,000 | ||||||
Revised contract amount | $ 3,400,000 | ||||||
Sponsored Research Agreement with Trauma Research, LLC | |||||||
Commitments and Contingencies [Line Items] | |||||||
Contract amount | $ 400,000 | ||||||
Contractual obligation | 358,000 | ||||||
Research Agreement with Director to Provide Research Services | |||||||
Commitments and Contingencies [Line Items] | |||||||
Contract amount | $ 250,000 | ||||||
Number of Installments | installment | 4 | ||||||
Term of agreement | 1 year | ||||||
Contractual obligation | $ 208,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Employment Agreements (Detail) | 3 Months Ended |
Mar. 31, 2022USD ($)agreement | |
Agreement Expire in October 2024 | |
Related Party Transaction [Line Items] | |
Number of employment agreement expires | agreement | 3 |
Agreement Expire in November 2022 | |
Related Party Transaction [Line Items] | |
Number of employment agreement expires | agreement | 1 |
Minimum | |
Related Party Transaction [Line Items] | |
Annual Salary | $ | $ 335,000 |
Maximum | |
Related Party Transaction [Line Items] | |
Annual Salary | $ | $ 550,000 |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Reconciliation of Company's Undiscounted Payments for Facility Lease and Carrying Amount of Lease Liability (Detail) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Remainder of 2021 | $ 268,000 | |
2022 | 364,000 | |
2023 | 280,000 | |
Remaining Facility Lease Payments | 912,000 | |
Less: Discount Adjustment | (61,000) | |
Total lease liability | 851,000 | |
Lease liability - current portion | 318,000 | $ 311,000 |
Long-term lease liability | $ 533,000 | $ 614,000 |
Commitments and Contingencies_4
Commitments and Contingencies - Lease Expense (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Balance as of December 31, 2021 | $ 629,000 | |
Amortization | (52,000) | |
Balance as of March 31, 2022 | 577,000 | |
Lease expense | $ 81,000 | $ 73,000 |
Warrants - Warrants Activity (D
Warrants - Warrants Activity (Detail) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Warrants Outstanding | |||
Class of Warrant or Right, Outstanding | 18,302,897 | 18,302,897 | 4,130,724 |
Number of Warrants Outstanding, Beginning Balance | 18,302,897 | 4,130,724 | |
Number of Warrants, Warrants issued | 15,000,000 | ||
Number of Warrants, Warrants exercised | (812,827) | ||
Number of Warrants, Warrants expired | (15,000) | ||
Number of Warrants Outstanding, Ending Balance | 18,302,897 | 18,302,897 | 4,130,724 |
Warrants, Weighted Average Exercise Price | |||
Weighted Average Exercise Price, Outstanding Beginning Balance | $ 1.02 | $ 0.66 | |
Weighted Average Exercise Price, Warrants issued | 1.10 | ||
Weighted Average Exercise Price, Warrants exercised | 0.58 | ||
Weighted Average Exercise Price, Outstanding Ending Balance | $ 1.02 | $ 1.02 | $ 0.66 |
Weighted Average Remaining Contractual Life | |||
Weighted Average Remaining Contractual Life, Warrants Outstanding | 3 years 11 months 26 days | 4 years 2 months 26 days | 2 years 18 days |
Weighted Average Remaining Contractual Life, Warrants Issued | 4 years 11 months 15 days | ||
Equity based-warrants | |||
Number of Warrants Outstanding | |||
Class of Warrant or Right, Outstanding | 1,100,000 | ||
Number of Warrants Outstanding, Ending Balance | 1,100,000 | ||
Liability warrants | |||
Number of Warrants Outstanding | |||
Class of Warrant or Right, Outstanding | 17,200,000 | ||
Number of Warrants Outstanding, Ending Balance | 17,200,000 |
Warrants - Warrants Activity Cl
Warrants - Warrants Activity Classified as Equity and Liability (Detail) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Warrants Outstanding, Ending Balance | 18,302,897 | 18,302,897 | 4,130,724 |
Exercise price | $ 1.02 | $ 1.02 | $ 0.66 |
Weighted Average Remaining Contractual Life, Warrants Outstanding | 3 years 11 months 26 days | 4 years 2 months 26 days | 2 years 18 days |
Investor warrants $1.10 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Warrants Outstanding, Ending Balance | 15,000,000 | ||
Exercise price | $ 1.10 | ||
Weighted Average Remaining Contractual Life, Warrants Outstanding | 4 years 8 months 15 days | ||
Investor warrants at $0.40 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Warrants Outstanding, Ending Balance | 153,400 | ||
Exercise price | $ 0.40 | ||
Weighted Average Remaining Contractual Life, Warrants Outstanding | 1 year 4 months 13 days | ||
Investor warrants at $0.76 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Warrants Outstanding, Ending Balance | 2,026,915 | ||
Exercise price | $ 0.76 | ||
Weighted Average Remaining Contractual Life, Warrants Outstanding | 2 months 1 day | ||
Placement agent warrants at $0.50 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Warrants Outstanding, Ending Balance | 823,650 | ||
Exercise price | $ 0.50 | ||
Weighted Average Remaining Contractual Life, Warrants Outstanding | 2 years 2 months 19 days | ||
Placement agent warrants at $0.76 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Warrants Outstanding, Ending Balance | 298,932 | ||
Exercise price | $ 0.76 | ||
Weighted Average Remaining Contractual Life, Warrants Outstanding | 2 months 1 day |
Warrants - Narrative (Detail)
Warrants - Narrative (Detail) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Warrants. | ||
Warrant derivative liability | $ 4,474,000 | $ 5,805,000 |
Fair Value Considerations - Fin
Fair Value Considerations - Financial Assets and Liabilities (Detail) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
LIABILITIES | ||
Warrant derivative liability | $ 4,474,000 | $ 5,805,000 |
Fair Value, Inputs, Level 3 [Member] | ||
LIABILITIES | ||
Warrant derivative liability | $ 4,474,000 | $ 5,805,000 |
Fair Value Considerations - Set
Fair Value Considerations - Sets Forth a Reconciliation of Changes (Detail) | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract] | |
Balance as of December 31, 2021 | $ 5,805,000 |
Change in fair value | (1,331,000) |
Balance as of March 31, 2022 | $ 4,474,000 |
Common Stock - Summarizes the C
Common Stock - Summarizes the Company's remaining authorized shares available (Detail) - shares | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Common Stock. | |||
Authorized shares | 300,000,000 | 300,000,000 | |
Common stock outstanding | 227,186,867 | 227,325,381 | |
Options Outstanding | 9,010,312 | ||
Warrants Outstanding | 18,302,897 | 18,302,897 | 4,130,724 |
Reserved for issuance under 2019 Stock and Incentive Plan | 2,984,023 | ||
Available Shares | 42,515,901 |
Common Stock - Sales Agreement
Common Stock - Sales Agreement (Detail) | 1 Months Ended | 3 Months Ended |
Feb. 29, 2020USD ($)item | Mar. 31, 2021USD ($)shares | |
Class of Stock [Line Items] | ||
Total shares of common stock sold | shares | 1,848,437 | |
Gross Proceeds | $ 2,705,000 | |
Commissions earned by placement agents | (109,000) | |
Issuance fees | (17,000) | |
Net Proceeds | $ 2,579,000 | |
Sale Agreement (ATM) | ||
Class of Stock [Line Items] | ||
Number of agents | item | 2 | |
Maximum aggregate offering price of equity securities | $ 50,000,000 | |
Percentage of commission | 4.00% | |
Sales Agreement Agent [Member] | Sale Agreement (ATM) | ||
Class of Stock [Line Items] | ||
Percentage of commission | 2.00% |
Common Stock - Common Stock Iss
Common Stock - Common Stock Issued for Services (Detail) | 3 Months Ended |
Mar. 31, 2021USD ($)shares | |
Components of common Stock [Line Items] | |
Issuance of common stock for services | $ 80,000 |
Common Stock Issued for Services | Non Employee Directors [Member] | |
Components of common Stock [Line Items] | |
Issuance of common stock for services (Shares) | shares | 54,052 |
Issuance of common stock for services | $ 80,000 |
Equity - Activity of Plan (Deta
Equity - Activity of Plan (Detail) - Employee Stock Option - shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted | (1,598,323) | ||
Forfeited, expired and/or cancelled equity awards | 95,000 | ||
2019 Stock plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total shares reserved for equity awards | 10,000,000 | 10,000,000 | |
Options granted | (1,598,323) | (3,933,471) | |
Restricted stock awards granted | 0 | (1,785,000) | |
Forfeited, expired and/or cancelled equity awards | 26,500 | 5,500 | |
Shares forfeited to settle exercise price and tax obligation | 138,514 | 130,303 | |
Remaining shares available for future equity awards | 2,984,023 |
Equity - Restricted Stock Award
Equity - Restricted Stock Awards (Details) - Restricted stock | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Awards | |
Unvested as of December 31, 2021 | 1,468,000 |
Vested (Shares) | (367,000) |
Unvested at March 31, 2022 | 1,101,000 |
Average Grant-Date Fair Value | |
Unvested at December 31, 2021 (Dollars per share) | $ / shares | $ 1,640 |
Vested (Dollars per share) | $ / shares | 1,640 |
Unvested at March 31, 2022 (Dollars per share) | $ / shares | $ 1,640 |
Number Of Common Shares Which Represented The Fair Value Of The Tax Settlement | 138,514 |
Equity - Stock Option Activity
Equity - Stock Option Activity (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Number of Options | ||
Number of Options, Ending Balance | 9,010,312 | |
Employee Stock Option | ||
Number of Options | ||
Number of Options, Beginning Balance | 7,506,989 | |
Number of Options, Granted | 1,598,323 | |
Number of Options, Forfeited, expired and/or cancelled | (95,000) | |
Number of Options, Ending Balance | 9,010,312 | 7,506,989 |
Number of Options, Exercisable | 6,624,442 | |
Weighted Average Exercise Price | ||
Weighted Average Exercise Price, Beginning Balance | $ 1.04 | |
Weighted Average Exercise Price, Granted | 0.48 | |
Weighted Average Exercise Price, Forfeited, expired and/or cancelled | 0.89 | |
Weighted Average Exercise Price, Ending Balance | 1.01 | $ 1.04 |
Weighted Average Exercise Price, Exercisable | $ 1.12 | |
Weighted Average Remaining Contractual Life, Outstanding | 7 years 6 months | 7 years 4 months 9 days |
Weighted Average Remaining Contractual Life, Exercisable | 6 years 8 months 8 days | |
Aggregate Intrinsic Value, Outstanding | $ 36,000 | |
Aggregate Intrinsic Value, Exercisable | $ 17,000 | |
2010 Stock Plan | ||
Number of Options | ||
Number of Options, Ending Balance | 3,561,518 | |
2019 Stock plan | ||
Number of Options | ||
Number of Options, Ending Balance | 5,448,794 | |
2019 Stock plan | Employee Stock Option | ||
Number of Options | ||
Number of Options, Granted | 1,598,323 | 3,933,471 |
Number of Options, Forfeited, expired and/or cancelled | (26,500) | (5,500) |
Number of Options, Available for grant | 2,984,023 |
Equity - Summary of Stock Optio
Equity - Summary of Stock Options Outstanding and Exercisable (Detail) - Employee Stock Option | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Options Outstanding | shares | 9,010,312 |
Weighted Average Exercise Price | $ 1.01 |
Weighted Average Remaining Contractual Lives | 7 years 6 months |
Up to $0.50 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Options Outstanding | shares | 1,767,823 |
Weighted Average Exercise Price | $ 0.45 |
Weighted Average Remaining Contractual Lives | 9 years 2 months 19 days |
Range of Exercise Prices Upper | $ 0.50 |
$0.51 - $1.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Options Outstanding | shares | 4,697,345 |
Weighted Average Exercise Price | $ 0.69 |
Weighted Average Remaining Contractual Lives | 6 years 9 months 21 days |
Range of Exercise Prices Lower | $ 0.51 |
Range of Exercise Prices Upper | $ 1 |
$1.01 - $1.50 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Options Outstanding | shares | 937,000 |
Weighted Average Exercise Price | $ 1.19 |
Weighted Average Remaining Contractual Lives | 9 years 5 months 12 days |
Range of Exercise Prices Lower | $ 1.01 |
Range of Exercise Prices Upper | $ 1.50 |
$1.51 and above | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Options Outstanding | shares | 1,608,144 |
Weighted Average Exercise Price | $ 2.46 |
Weighted Average Remaining Contractual Lives | 6 years 5 months 23 days |
Range of Exercise Prices Lower | $ 1.51 |
Equity - Assumptions Used in Co
Equity - Assumptions Used in Computing Fair Value of All Options Granted (Detail) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility, Minimum | 117.00% | |
Expected volatility, Maximum | 119.00% | |
Risk free interest rate, Minimum | 1.26% | |
Risk free interest rate, Maximum | 1.94% | |
Expected volatility | 127.17% | |
Risk free interest rate | 0.78% | |
Expected term (years) | 5 years | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (years) | 5 years 5 months 12 days | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (years) | 6 years 6 months 3 days |
Equity - Summary of Stock-Based
Equity - Summary of Stock-Based Compensation Expense (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expenses | $ 716,000 | $ 246,000 |
Unrecognized share-based compensation expense related to stock options as of March 31, 2022 | $ 996,000 | |
Weighted average remaining years to vest for stock options | 2 years 14 days | |
Unrecognized share-based compensation expense related to restricted stock awards as of March 31, 2022 | $ 1,339,000 | |
Weighted average remaining years to vest for restricted stock awards | 2 years 9 months 3 days | |
Research and Development Expenses | Stock Based Compensation | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expenses | $ 47,000 | 46,000 |
General and Administrative Expenses | Common Stock Issued for Services | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expenses | 0 | 80,000 |
General and Administrative Expenses | Stock Based Compensation | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expenses | $ 669,000 | $ 120,000 |
Earnings Per Share (Detail)
Earnings Per Share (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share | ||
Net loss | $ (5,636,000) | $ (3,667,000) |
Less: decrease in fair value of investor warrants | (1,331,000) | (151,000) |
Loss available to common stockholders | $ (6,967,000) | $ (3,818,000) |
Basic weighted-average common shares outstanding | 226,083,328 | 195,387,047 |
Add: dilutive effect of equity instruments | 27,365 | 5,365,220 |
Diluted weighted-average shares outstanding | 226,110,693 | 200,752,267 |
Earnings per share - basic | $ (0.02) | $ (0.02) |
Earnings per share - diluted | $ (0.03) | $ (0.02) |
Earnings Per Share - Anti-dilut
Earnings Per Share - Anti-dilutive (Detail) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares of common stock | 28,386,844 | 4,450,481 |
Warrant | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares of common stock | 18,275,532 | 2,939,996 |
Employee Stock Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares of common stock | 9,010,312 | 1,510,485 |
Restricted stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares of common stock | 1,101,000 |