Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 28, 2023 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-37467 | |
Entity Registrant Name | Astria Therapeutics, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-3687168 | |
Entity Address, Address Line One | 75 State Street Suite 1400 | |
Entity Address, City or Town | Boston | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02109 | |
City Area Code | 617 | |
Local Phone Number | 349-1971 | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | ATXS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 28,025,844 | |
Entity Central Index Key | 0001454789 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 202,301 | $ 20,525 |
Short-term investments | 11,027 | 205,912 |
Prepaid expenses and other current assets | 2,117 | 1,253 |
Total current assets | 215,445 | 227,690 |
Right-of-use asset | 806 | 948 |
Other assets | 1,989 | 1,995 |
Total assets | 218,240 | 230,633 |
Current liabilities: | ||
Accounts payable | 930 | 788 |
Accrued expenses | 5,156 | 7,690 |
Current portion of operating lease liabilities | 587 | 582 |
Total current liabilities | 6,673 | 9,060 |
Long term portion of operating lease liabilities | 207 | 357 |
Total liabilities | 6,880 | 9,417 |
Commitments | ||
Stockholders' equity: | ||
Common stock, $0.001 par value per share, 150,000,000 shares authorized; 27,986,718 and 27,501,340 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 28 | 28 |
Additional paid-in capital | 634,843 | 632,512 |
Accumulated other comprehensive loss | (4) | (79) |
Accumulated deficit | (518,831) | (507,643) |
Total stockholders' equity | 211,360 | 221,216 |
Total liabilities and stockholders' equity | 218,240 | 230,633 |
Preferred stock | ||
Stockholders' equity: | ||
Preferred stock | ||
Series X redeemable convertible preferred stock | ||
Stockholders' equity: | ||
Preferred stock | $ 95,324 | $ 96,398 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Preferred stock, par value (in dollars per share) | $ 0.001 | |
Preferred stock, authorized | 5,000,000 | |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized | 150,000,000 | 150,000,000 |
Common stock, issued | 27,986,718 | 27,501,340 |
Common stock, outstanding | 27,986,718 | 27,501,340 |
Preferred stock | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized | 4,908,620 | 4,908,620 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Series X redeemable convertible preferred stock | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized | 91,380 | 91,380 |
Preferred stock, issued | 31,107 | 31,455 |
Preferred stock, outstanding | 31,107 | 31,455 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating expenses: | ||
Research and development | $ 8,033 | $ 10,358 |
General and administrative | 5,460 | 5,020 |
Total operating expenses | 13,493 | 15,378 |
Loss from operations | (13,493) | (15,378) |
Other income (expense): | ||
Interest and investment income | 2,321 | 56 |
Other expense, net | (16) | (1) |
Total other income, net | 2,305 | 55 |
Net loss | $ (11,188) | $ (15,323) |
Net loss per share attributable to common shareholders - basic | $ (0.40) | $ (1.18) |
Net loss per share attributable to common shareholders - diluted | $ (0.40) | $ (1.18) |
Weighted-average common shares outstanding used in net loss per share - basic | 27,944,458 | 13,016,955 |
Weighted-average common shares outstanding used in net loss per share - diluted | 27,944,458 | 13,016,955 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Condensed Consolidated Statements of Comprehensive Loss | ||
Net loss | $ (11,188) | $ (15,323) |
Other comprehensive gain (loss): | ||
Unrealized gain (loss) on short-term investments, net of tax of $0 | 75 | (53) |
Total other comprehensive gain (loss): | 75 | (53) |
Comprehensive loss | $ (11,113) | $ (15,376) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Condensed Consolidated Statements of Comprehensive Loss | |
Unrealized loss on short-term investments, net of tax | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Preferred stock Series X redeemable convertible preferred stock | Common stock | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive loss | Total |
Beginning balance at Dec. 31, 2021 | $ 96,398 | $ 13 | $ 481,709 | $ (455,809) | $ 0 | $ 122,311 |
Beginning balance (in shares) at Dec. 31, 2021 | 31,455 | 13,016,955 | ||||
Increase (Decrease) in Shareholders' Equity | ||||||
Expense related to warrants inherited in acquisition of Quellis | 1,542 | 1,542 | ||||
Stock-based compensation expense | 1,209 | 1,209 | ||||
Unrealized loss on short-term investments | (53) | (53) | ||||
Net loss | (15,323) | (15,323) | ||||
Ending balance at Mar. 31, 2022 | $ 96,398 | $ 13 | 484,460 | (471,132) | (53) | 109,686 |
Ending balance (in shares) at Mar. 31, 2022 | 31,455 | 13,016,955 | ||||
Beginning balance at Dec. 31, 2022 | $ 96,398 | $ 28 | 632,512 | (507,643) | (79) | 221,216 |
Beginning balance (in shares) at Dec. 31, 2022 | 31,455 | 27,501,340 | ||||
Increase (Decrease) in Shareholders' Equity | ||||||
Issuance of common stock upon the conversion of preferred stock | (348) | 57,910 | ||||
Issuance of common stock upon the conversion of preferred stock | $ (1,074) | 1,074 | ||||
Issuance of common stock upon exercise of options | 37 | 37 | ||||
Issuance of common stock upon exercise of options (in shares) | 427,468 | |||||
Stock-based compensation expense | 1,220 | 1,220 | ||||
Unrealized loss on short-term investments | 75 | 75 | ||||
Net loss | (11,188) | (11,188) | ||||
Ending balance at Mar. 31, 2023 | $ 95,324 | $ 28 | $ 634,843 | $ (518,831) | $ (4) | $ 211,360 |
Ending balance (in shares) at Mar. 31, 2023 | 31,107 | 27,986,718 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities | ||
Net loss | $ (11,188) | $ (15,323) |
Reconciliation of net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 1,220 | 1,209 |
Net gain on warrants inherited in acquisition of Quellis | 1,542 | |
Right-of-use asset - operating lease | 142 | |
Other non-cash items | (26) | (79) |
Changes in assets and liabilities: | ||
Prepaid expenses and other assets | (864) | 163 |
Lease liability - operating lease | (145) | (15) |
Accounts payable | 140 | (627) |
Accrued expenses | (2,532) | 571 |
Net cash used in operating activities | (13,253) | (12,559) |
Investing activities | ||
Purchases of short-term investments | (95,923) | (81,702) |
Sales and maturities of short-term investments | 290,920 | 54,603 |
Purchases of property and equipment | (5) | |
Net cash provided by (used in) investing activities | 194,992 | (27,099) |
Financing activities | ||
Proceeds from exercise of stock options | 37 | |
Net cash provided by financing activities | 37 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 181,776 | (39,658) |
Cash, cash equivalents and restricted cash, beginning of period | 20,688 | 86,629 |
Cash, cash equivalents and restricted cash, end of period | 202,464 | $ 46,971 |
Supplemental disclosure of non-cash transactions: | ||
Conversion of Series X Preferred Stock into common stock | $ 1,074 |
Organization and Operations
Organization and Operations | 3 Months Ended |
Mar. 31, 2023 | |
Organization and Operations | |
Organization and Operations | 1. Organization and Operations The Company Astria Therapeutics, Inc. (the “Company”), formerly known as Catabasis Pharmaceuticals, Inc., is a biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics. Its mission is to bring hope with life-changing therapies to patients and families that are affected by rare and niche allergic and immunological diseases. On October 26, 2020, the Company announced that the Phase 3 PolarisDMD trial of the Company’s previous lead product candidate, edasalonexent, for the treatment of Duchenne Muscular Dystrophy did not meet its primary and secondary endpoints. Based on these results, the Company announced that it was stopping activities related to the development of edasalonexent, including the Company’s ongoing open-label extension trial. On January 28, 2021, the Company acquired Quellis Biosciences, Inc. (“Quellis”). The Company’s lead product candidate, which was acquired in the Quellis acquisition, is STAR-0215, a monoclonal antibody inhibitor of plasma kallikrein in clinical development for the treatment of hereditary angioedema (“HAE”), a rare, debilitating and potentially life-threatening disease. The Company was incorporated in the State of Delaware on June 26, 2008. Liquidity On June 30, 2021, the Company entered into an Open Market Sale Agreement SM As of March 31, 2023, the Company had an accumulated deficit of $518.8 million and had available cash, cash equivalents and short-term investments $213.3 million. The Company estimates its existing cash, cash equivalents, and short-term investments are sufficient to sustain operations for at least twelve months from the issuance of these unaudited condensed consolidated financial statements. The Company has been primarily involved with research and development activities and has incurred operating losses and negative cash flows from operations since its inception. The Company has not generated any product revenues and has financed its operations primarily through public offerings and private placements of its equity securities. There can be no assurance that the Company will be able to obtain additional debt, equity or other financing or generate product revenues or revenues from collaborative partners, on terms acceptable to the Company, on a timely basis or at all. The failure of the Company to obtain sufficient funds on acceptable terms when needed could have a material adverse effect on the Company’s business, results of operations, and financial condition. The Company is subject to a number of risks similar to other life science companies, including, but not limited to, successful discovery and development of its drug candidates, raising additional capital, development by its competitors of new technological innovations, protection of proprietary technology and regulatory approval and market acceptance of the Company’s products. The Company has been primarily involved with research and development activities and has incurred operating losses and negative cash flows from operations since its inception. The Company anticipates that it will continue to incur significant operating losses for the next several years as it continues to develop its product candidates. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying financial statements and the related disclosures are unaudited and have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). Additionally, certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted from this report. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the financial statements as of and for the year ended December 31, 2022 and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “2022 Annual Report on Form 10-K”). The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, including those adjustments that are of a normal and recurring nature, which are necessary to fairly present the Company’s results for the interim periods presented. The results for the three months ended March 31, 2023 are not necessarily indicative of the results for the year ending December 31, 2023 or for any future period. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Astria Securities Corporation and Quellis Biosciences, LLC, successor in interest to Quellis. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ from such estimates. The Company utilizes certain estimates to record expenses relating to research and development contracts. These contract estimates, which are primarily related to the length of service of each contract and the amount of service provided as of each measurement date, are determined by the Company based on input from internal project management, as well as from the Company’s service providers. Net Loss Per Share Basic net loss per share is calculated by dividing net loss attributable by the weighted average shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. For purposes of the Company’s dilutive net loss per share calculation, preferred stock, stock options and warrants to purchase common stock and preferred stock were considered to be common stock equivalents but were excluded from the calculation of diluted net loss per share as their effect would be anti-dilutive; therefore, basic and diluted net loss per share were the same for all periods presented. The following common stock equivalents, including Series X Preferred Stock shown as common stock equivalents, were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended March 31, 2023 2022 Series X Preferred Stock 5,184,591 5,242,501 Stock options 2,562,234 1,962,650 Common stock warrants 1,031,820 1,530,176 8,778,645 8,735,327 Cash, Cash Equivalents and Restricted Cash Cash equivalents are short-term, highly liquid investments that are readily convertible into cash, with original maturities of three months or less. Cash equivalents are mainly comprised of money market accounts invested in U.S. Treasury securities, corporate debt securities, commercial paper and reverse repurchase agreements. Restricted cash is comprised of deposits with a financial institution used to collateralize letters of credit related to the Company’s lease arrangements. Restricted cash is presented as a component of other long-term assets at March 31, 2023 and prepaid expenses and other current assets and other long-term assets at March 31, 2022. The reconciliation of cash, cash equivalents and restricted cash reported within the applicable condensed consolidated balance sheet that sum to the total of the same such amount shown in the condensed consolidated statement of cash flows is as follows (in thousands): March 31, 2023 2022 Cash and cash equivalents $ 202,301 $ 46,687 Restricted cash 163 284 Total $ 202,464 $ 46,971 Preferred Stock Discount In February 2021, the Company issued Series X Preferred Stock in a private placement transaction. It was determined that this transaction resulted in recognition of a beneficial conversion feature, which was valued based on the difference between the price of the shares of common stock on the date of commitment and the conversion price on the closing date, resulting in a total value of $19.6 million. Additionally, the Company incurred total issuance costs of $5.7 million related to the private placement. Both of these features were recorded as a discount on Series X Preferred Stock recognized at the close of the transaction. These features are analogous to preferred dividends and are recorded as a non-cash return to holders of Series X Preferred Stock through additional paid in capital. The discount related to the beneficial conversion feature was recognized through the earliest possible date of conversion, which occurred in June 2021. The issuance costs are recognized as a dividend at the time of conversion to common shares. As of March 31, 2022, $24.4 million of the above amounts were accounted for as a non-cash dividend related to shares of Series X Preferred Stock, and $0.9 million remained to be recognized upon future conversion. Recent Accounting Pronouncements - Adopted From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies and adopted by the Company as of the specified effective date. In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments-Credit Losses Recent Accounting Pronouncements – Not Yet Adopted In August 2020, the FASB issued Accounting Standards Update 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40) Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note 2, “ Summary of Significant Accounting Policies |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Financial Instruments | |
Financial Instruments | 3. Financial Instruments The tables below present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022, and indicate the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize observable inputs such as quoted prices in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are either directly or indirectly observable, such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs utilize unobservable data points for which there is little or no market data, which require the Company to develop its own assumptions for the asset or liability. There were no transfers between fair value measurement levels during the three months ended March 31, 2023 and 2022. The Company’s investment portfolio may include fixed income securities that do not always trade on a daily basis. As a result, the pricing services used by the Company apply other available information as applicable through processes such as benchmark yields, benchmarking of like securities, sector groupings and matrix pricing to prepare valuations. The Company validates the prices provided by its third party pricing services by obtaining market values from other pricing sources and analyzing pricing data in certain instances. The Company also invests in certain reverse repurchase agreements which are collateralized by deposits in the form of U.S. Government Securities and Obligations for an amount no less than 102% of their value. The Company does not record an asset or liability for the collateral as the Company is not permitted to sell or re-pledge the collateral. The collateral has at least the prevailing credit rating of U.S. Government Treasuries and Agencies. The Company utilized a third-party custodian to manage the exchange of funds and ensure that collateral received is maintained at 102% of the value of the reverse repurchase agreements on a daily basis. The Company accounted for warrants to purchase its stock pursuant to Accounting Standards Codification (“ASC”) Topic 470, Debt Distinguishing Liabilities from Equity Below is a summary of assets and liabilities measured at fair value on a recurring basis (in thousands): As of March 31, 2023 Quoted Prices Significant Significant in Active Observable Unobservable Markets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets: Cash equivalents: Money market funds $ 1,715 $ — $ — $ 1,715 Reverse repurchase agreements — 69,000 — 69,000 Treasury bills 6,973 — — 6,973 Short-term investments: Corporate debt securities — 6,075 — 6,075 Treasury bills 4,952 — — 4,952 Total $ 13,640 $ 75,075 $ — $ 88,715 As of December 31, 2022 Quoted Prices Significant Significant in Active Observable Unobservable Markets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets: Cash and cash equivalents: Money market funds $ 1,944 $ — $ — $ 1,944 Short term investments Corporate debt securities — 16,445 — 16,445 Yankee securities — 1,999 — 1,999 Bonds — 2,988 — 2,988 Treasury bills 5,980 — — 5,980 Reverse repurchase agreements — 178,500 — 178,500 Total $ 7,924 $ 199,932 $ — $ 207,856 The carrying amounts reflected in the unaudited condensed consolidated balance sheets for cash, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities. Items measured at fair value on a recurring basis include cash equivalents and short-term investments as of March 31, 2023 and December 31, 2022. |
Short-Term Investments
Short-Term Investments | 3 Months Ended |
Mar. 31, 2023 | |
Short-Term Investments | |
Short-Term Investments | 4. Short-Term Investments The following table summarizes the short-term investments held at March 31, 2023 and December 31, 2022 (in thousands): Gross Unrealized Gross Unrealized Amortized Cost Gains Losses Fair Value March 31, 2023 Corporate debt securities $ 6,082 $ — $ (7) $ 6,075 Treasury bills 4,949 3 — 4,952 Total $ 11,031 $ 3 $ (7) $ 11,027 Gross Unrealized Gross Unrealized Amortized Cost Gains Losses Fair Value December 31, 2022 Corporate debt securities $ 16,508 $ — $ (63) $ 16,445 Treasury bills 5,983 — (3) 5,980 Yankee securities 2,000 — (1) 1,999 U.S. agency bonds 3,000 — (12) 2,988 Reverse repurchase agreements 178,500 — — 178,500 Total $ 205,991 $ — $ (79) $ 205,912 The contractual maturities of all short-term investments held at March 31, 2023 and December 31, 2022 were one year or less. There were 3 and 16 short-term investments in an unrealized loss position with aggregate values of $6.2 million and $25.6 million as of March 31, 2023 and December 31, 2022, respectively. These investments were in a loss position for less than 12 months and the Company considered the loss to be temporary in nature. The Company considered the decline in market value for these securities to be primarily attributable to economic and market conditions. As of March 31, 2023, the Company did not intend to sell, and it was not likely that the Company would be required to sell, the investments that were in an unrealized loss position before recovery of their amortized cost basis. Accordingly, the Company did not recognize any other-than-temporary impairments related to its short-term investments in an unrealized loss position. Gross realized gains and losses on the sales of short-term investments are included in other income, net. Unrealized holding gains or losses for the period that have been included in accumulated other comprehensive income, as well as gains and losses reclassified out of accumulated other comprehensive income into other income, net, were not material to the Company’s condensed consolidated results of operations. The cost of investments sold or the amount reclassified out of the accumulated other comprehensive income into other income, net is based on the specific identification method for purposes of recording realized gains and losses. All proceeds in the three-month periods ended March 31, 2023 and 2022 related to maturities of underlying investments. The gains on proceeds from maturities of short-term investments were not material to the Company’s condensed consolidated results of operations for the three months ended March 31, 2023 and 2022. |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2023 | |
Accrued Expenses | |
Accrued Expenses | 5. Accrued Expenses Accrued expenses consisted of the following (in thousands): March 31, December 31, 2023 2022 Accrued contracted costs $ 2,818 $ 2,822 Accrued compensation 974 3,373 Accrued professional fees 955 588 Accrued other 409 407 Accrued milestones — 500 Total $ 5,156 $ 7,690 |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2023 | |
Commitments | |
Commitments | 6. Commitments On January 28, 2022, the Company entered into a sublease agreement (the “Sublease”) with Grant Thornton LLP for new office space to replace its existing office space. The Sublease commenced on May 1, 2022 and will end on July 31, 2024 (or on such earlier date as the term may cease or expire as set forth in the Sublease). Future minimum payments required under the Company’s Sublease as of March 31, 2023 are summarized as follows (in thousands): Period Ending December 31, Amount 2023 446 2024 395 Total lease payments $ 841 Less: imputed interest (47) Total operating lease liabilities $ 794 Rent expense was $0.2 million for each of the three months ended March 31, 2023 and 2022. Lease payments were $0.2 million for each of the three months ended March 31, 2023 and 2022. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity | |
Stockholders' Equity | 7. Stockholders’ Equity Preferred Stock Under the Company’s Restated Certificate of Incorporation, the Company has 5,000,000 shares of preferred stock authorized for issuance, with a $0.001 par value per share. Preferred stock may be issued from time to time in one In January, 2021 the Company into a Stock Purchase Agreement (the “Purchase Agreement”) with certain institutional and accredited investors. Pursuant to the Purchase Agreement, the Company sold an aggregate of 35,573 shares of Series X Preferred Stock for gross proceeds of approximately $110.0 million, and net proceeds of $104.3 million. Each share of Series X Preferred Stock is convertible into 166.67 shares of common stock. On January 3, 2023, a holder of Series X Preferred Stock elected to convert 348 shares of Series X Preferred Stock into 57,910 shares of common stock. As of March 31, 2023, the Company had 31,107 shares of Series X Preferred Stock outstanding and the number of shares of underlying common stock issuable upon conversion of the Series X Preferred Stock was 5,184,591. Outstanding Warrants The following table presents information about warrants that are issued and outstanding at March 31, 2023: Year Issued Equity Instrument Warrants Outstanding Exercise Price Date of Expiration 2018 Common Stock 699,962 $ 72.00 6/21/2023 2019 Common Stock 331,858 $ 37.50 2/7/2024 Total 1,031,820 Weighted average exercise price $ 60.90 Weighted average life in years 0.43 |
Reserved for Future Issuance
Reserved for Future Issuance | 3 Months Ended |
Mar. 31, 2023 | |
Reserved for Future Issuance | |
Reserved for Future Issuance | 8. Reserved for Future Issuance The Company has reserved for future issuance the following shares of common stock: March 31, December 31, 2023 2022 Series X Preferred Stock 5,184,591 5,242,501 Options outstanding to purchase common stock 2,562,234 2,253,431 Reserve under the 2015 Stock Incentive Plan and the 2022 Inducement Stock Incentive Plan 1,082,245 1,013,520 Warrants for the purchase of common stock 1,031,820 1,530,176 Shares reserved for the employee stock purchase plan 43,060 36,982 Total 9,903,950 10,076,610 |
Stock Incentive Plans
Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2023 | |
Stock Incentive Plans | |
Stock Incentive Plans | 9. Stock Incentive Plans A summary of the Company’s stock option activity and related information follows: Weighted Average Aggregate Weighted- Remaining Intrinsic Average Contractual Value Shares Exercise Price Term (years) (in thousands) Outstanding at December 31, 2022 2,253,431 $ 15.43 8.57 $ 9,733 Granted 474,250 $ 13.35 Exercised (22,472) $ 1.65 Cancelled or forfeited (142,975) $ 13.52 Outstanding at March 31, 2023 2,562,234 $ 15.27 8.57 $ 7,370 Vested and exercisable at March 31, 2023 835,970 $ 23.94 7.87 $ 1,468 Vested and expected to vest at March 31, 2023 2,562,234 $ 15.27 8.57 $ 7,370 The intrinsic value of stock options exercised in the three months ended March 31, 2023 was $0.3 million. There were no stock options exercised in the three months ended March 31, 2022. The total grant date fair value of stock options vested for the three months ended March 31, 2023 and 2022 was $1.5 million and $0.6 million, respectively. The weighted-average grant date fair value of options granted to employees and non-employees for the three months ended March 31, 2023 and 2022 was $8.49 and $4.05, respectively. At March 31, 2023, the total unrecognized compensation expense related to unvested stock option awards was $11.2 million. The Company expects to recognize that cost over a weighted-average period of approximately 2.6 years. On February 1, 2023, the Company issued stock options exercisable for 855,000 shares of common stock to certain officers of the Company. Subsequently one officer of the Company left and consequently of these stock options only options exercisable for 755,000 shares remain outstanding. The stock options issued on February 1, 2023 were issued subject to stockholder approval of the authorization of additional shares of common stock for issuance under the Company’s 2015 Amended and Restated Stock Incentive Plan on or before January 31, 2024. Due to this stockholder approval requirement, these stock options are not considered granted as of March 31, 2023. The Company is seeking stockholder approval of an additional 4,300,000 shares for this plan at the Company’s 2023 Annual Meeting of Stockholders, which is scheduled for June 2, 2023. Stockholder approval of this proposal would result in the officer stock option grants discussed above being considered granted. On February 17, 2022, the Company’s Board of Directors adopted the 2022 Inducement Stock Incentive Plan (the “Inducement Plan”). The Inducement Plan provides for the grant of nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards with respect to an aggregate of 300,000 shares of the Company’s common stock. On January 31, 2023, the Company's Board of Directors approved an amendment to the Inducement Plan to increase the number of shares of common stock authorized for issuance thereunder from 300,000 shares of common stock to 700,000 shares of common stock. Awards under the Inducement Plan may only be granted to persons who (a) were not previously an employee or director of the Company or (b) are commencing employment with the Company following a bona fide period of non-employment, in either case as an inducement material to the individual’s entering into employment with the Company and in accordance with the requirements of Nasdaq Stock Market Rule 5635(c)(4). As of March 31, 2023, options to purchase 232,800 shares of common stock have been granted under the Inducement Plan, which are included in the table above. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events | |
Subsequent Events | 10. Subsequent Events The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence for certain estimates and to identify matters that require additional disclosure. Subsequent events have been evaluated as required. |
Summary of Significant Accoun_2
Summary of Significant Accounting Polices (Polices) | 3 Months Ended |
Mar. 31, 2023 | |
Summary of Significant Accounting Policies | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying financial statements and the related disclosures are unaudited and have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). Additionally, certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted from this report. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the financial statements as of and for the year ended December 31, 2022 and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “2022 Annual Report on Form 10-K”). The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, including those adjustments that are of a normal and recurring nature, which are necessary to fairly present the Company’s results for the interim periods presented. The results for the three months ended March 31, 2023 are not necessarily indicative of the results for the year ending December 31, 2023 or for any future period. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Astria Securities Corporation and Quellis Biosciences, LLC, successor in interest to Quellis. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ from such estimates. The Company utilizes certain estimates to record expenses relating to research and development contracts. These contract estimates, which are primarily related to the length of service of each contract and the amount of service provided as of each measurement date, are determined by the Company based on input from internal project management, as well as from the Company’s service providers. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is calculated by dividing net loss attributable by the weighted average shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. For purposes of the Company’s dilutive net loss per share calculation, preferred stock, stock options and warrants to purchase common stock and preferred stock were considered to be common stock equivalents but were excluded from the calculation of diluted net loss per share as their effect would be anti-dilutive; therefore, basic and diluted net loss per share were the same for all periods presented. The following common stock equivalents, including Series X Preferred Stock shown as common stock equivalents, were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended March 31, 2023 2022 Series X Preferred Stock 5,184,591 5,242,501 Stock options 2,562,234 1,962,650 Common stock warrants 1,031,820 1,530,176 8,778,645 8,735,327 |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash equivalents are short-term, highly liquid investments that are readily convertible into cash, with original maturities of three months or less. Cash equivalents are mainly comprised of money market accounts invested in U.S. Treasury securities, corporate debt securities, commercial paper and reverse repurchase agreements. Restricted cash is comprised of deposits with a financial institution used to collateralize letters of credit related to the Company’s lease arrangements. Restricted cash is presented as a component of other long-term assets at March 31, 2023 and prepaid expenses and other current assets and other long-term assets at March 31, 2022. The reconciliation of cash, cash equivalents and restricted cash reported within the applicable condensed consolidated balance sheet that sum to the total of the same such amount shown in the condensed consolidated statement of cash flows is as follows (in thousands): March 31, 2023 2022 Cash and cash equivalents $ 202,301 $ 46,687 Restricted cash 163 284 Total $ 202,464 $ 46,971 |
Preferred Stock Discount | In February 2021, the Company issued Series X Preferred Stock in a private placement transaction. It was determined that this transaction resulted in recognition of a beneficial conversion feature, which was valued based on the difference between the price of the shares of common stock on the date of commitment and the conversion price on the closing date, resulting in a total value of $19.6 million. Additionally, the Company incurred total issuance costs of $5.7 million related to the private placement. Both of these features were recorded as a discount on Series X Preferred Stock recognized at the close of the transaction. These features are analogous to preferred dividends and are recorded as a non-cash return to holders of Series X Preferred Stock through additional paid in capital. The discount related to the beneficial conversion feature was recognized through the earliest possible date of conversion, which occurred in June 2021. The issuance costs are recognized as a dividend at the time of conversion to common shares. As of March 31, 2022, $24.4 million of the above amounts were accounted for as a non-cash dividend related to shares of Series X Preferred Stock, and $0.9 million remained to be recognized upon future conversion. |
Recent Accounting Pronouncements - Adopted | Recent Accounting Pronouncements - Adopted From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies and adopted by the Company as of the specified effective date. In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments-Credit Losses |
Recent Accounting Pronouncements - Not Yet Adopted | Recent Accounting Pronouncements – Not Yet Adopted In August 2020, the FASB issued Accounting Standards Update 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40) |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note 2, “ Summary of Significant Accounting Policies |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Summary of Significant Accounting Policies | |
Schedule of anti-dilutive common stock equivalents excluded from the calculation of diluted net loss per share | Three Months Ended March 31, 2023 2022 Series X Preferred Stock 5,184,591 5,242,501 Stock options 2,562,234 1,962,650 Common stock warrants 1,031,820 1,530,176 8,778,645 8,735,327 |
Schedule of cash equivalents and restricted cash | The reconciliation of cash, cash equivalents and restricted cash reported within the applicable condensed consolidated balance sheet that sum to the total of the same such amount shown in the condensed consolidated statement of cash flows is as follows (in thousands): March 31, 2023 2022 Cash and cash equivalents $ 202,301 $ 46,687 Restricted cash 163 284 Total $ 202,464 $ 46,971 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Financial Instruments | |
Summary of assets and liabilities measured fair value on a recurring basis | Below is a summary of assets and liabilities measured at fair value on a recurring basis (in thousands): As of March 31, 2023 Quoted Prices Significant Significant in Active Observable Unobservable Markets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets: Cash equivalents: Money market funds $ 1,715 $ — $ — $ 1,715 Reverse repurchase agreements — 69,000 — 69,000 Treasury bills 6,973 — — 6,973 Short-term investments: Corporate debt securities — 6,075 — 6,075 Treasury bills 4,952 — — 4,952 Total $ 13,640 $ 75,075 $ — $ 88,715 As of December 31, 2022 Quoted Prices Significant Significant in Active Observable Unobservable Markets Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets: Cash and cash equivalents: Money market funds $ 1,944 $ — $ — $ 1,944 Short term investments Corporate debt securities — 16,445 — 16,445 Yankee securities — 1,999 — 1,999 Bonds — 2,988 — 2,988 Treasury bills 5,980 — — 5,980 Reverse repurchase agreements — 178,500 — 178,500 Total $ 7,924 $ 199,932 $ — $ 207,856 |
Short-Term Investments (Tables)
Short-Term Investments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Short-Term Investments | |
Summary of the short-term investments | The following table summarizes the short-term investments held at March 31, 2023 and December 31, 2022 (in thousands): Gross Unrealized Gross Unrealized Amortized Cost Gains Losses Fair Value March 31, 2023 Corporate debt securities $ 6,082 $ — $ (7) $ 6,075 Treasury bills 4,949 3 — 4,952 Total $ 11,031 $ 3 $ (7) $ 11,027 Gross Unrealized Gross Unrealized Amortized Cost Gains Losses Fair Value December 31, 2022 Corporate debt securities $ 16,508 $ — $ (63) $ 16,445 Treasury bills 5,983 — (3) 5,980 Yankee securities 2,000 — (1) 1,999 U.S. agency bonds 3,000 — (12) 2,988 Reverse repurchase agreements 178,500 — — 178,500 Total $ 205,991 $ — $ (79) $ 205,912 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accrued Expenses | |
Schedule of accrued expenses | Accrued expenses consisted of the following (in thousands): March 31, December 31, 2023 2022 Accrued contracted costs $ 2,818 $ 2,822 Accrued compensation 974 3,373 Accrued professional fees 955 588 Accrued other 409 407 Accrued milestones — 500 Total $ 5,156 $ 7,690 |
Commitments (Tables)
Commitments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments | |
Schedule of future minimum payments required under the Company's non-cancelable operating lease | Future minimum payments required under the Company’s Sublease as of March 31, 2023 are summarized as follows (in thousands): Period Ending December 31, Amount 2023 446 2024 395 Total lease payments $ 841 Less: imputed interest (47) Total operating lease liabilities $ 794 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity | |
Schedule of warrants issued and outstanding | The following table presents information about warrants that are issued and outstanding at March 31, 2023: Year Issued Equity Instrument Warrants Outstanding Exercise Price Date of Expiration 2018 Common Stock 699,962 $ 72.00 6/21/2023 2019 Common Stock 331,858 $ 37.50 2/7/2024 Total 1,031,820 Weighted average exercise price $ 60.90 Weighted average life in years 0.43 |
Reserved for Future Issuance (T
Reserved for Future Issuance (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Reserved for Future Issuance | |
Schedule of reserved for future issuance | The Company has reserved for future issuance the following shares of common stock: March 31, December 31, 2023 2022 Series X Preferred Stock 5,184,591 5,242,501 Options outstanding to purchase common stock 2,562,234 2,253,431 Reserve under the 2015 Stock Incentive Plan and the 2022 Inducement Stock Incentive Plan 1,082,245 1,013,520 Warrants for the purchase of common stock 1,031,820 1,530,176 Shares reserved for the employee stock purchase plan 43,060 36,982 Total 9,903,950 10,076,610 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Stock Incentive Plans | |
Summary of stock option activity | Weighted Average Aggregate Weighted- Remaining Intrinsic Average Contractual Value Shares Exercise Price Term (years) (in thousands) Outstanding at December 31, 2022 2,253,431 $ 15.43 8.57 $ 9,733 Granted 474,250 $ 13.35 Exercised (22,472) $ 1.65 Cancelled or forfeited (142,975) $ 13.52 Outstanding at March 31, 2023 2,562,234 $ 15.27 8.57 $ 7,370 Vested and exercisable at March 31, 2023 835,970 $ 23.94 7.87 $ 1,468 Vested and expected to vest at March 31, 2023 2,562,234 $ 15.27 8.57 $ 7,370 |
Organization and Operations - L
Organization and Operations - Liquidity (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Sep. 15, 2022 | Nov. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2021 | |
Liquidity | |||||
Accumulated deficit | $ 518,831 | $ 507,643 | |||
Cash, cash equivalents and short-term investments | 213,300 | ||||
Jefferies | ATM Program | |||||
Liquidity | |||||
Maximum aggregate value of common shares which can be issued under the agreement | $ 50,000 | $ 25,000 | |||
Percentage of commission paid to underwriter based on proceeds from common stock | 3% | ||||
Amount of common stock available for future issuance | $ 30,500 | $ 50,000 | |||
Aggregate offering price | $ 88,100 | ||||
Amount of common stock remains available for sale under ATM program | $ 50,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Net Loss Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive common stock equivalents excluded from computation of diluted net loss per share | ||
Anti-dilutive securities excluded from the calculation of diluted net loss per share (in shares) | 8,778,645 | 8,735,327 |
Series X Preferred Stock | ||
Antidilutive common stock equivalents excluded from computation of diluted net loss per share | ||
Anti-dilutive securities excluded from the calculation of diluted net loss per share (in shares) | 5,184,591 | 5,242,501 |
Stock options | ||
Antidilutive common stock equivalents excluded from computation of diluted net loss per share | ||
Anti-dilutive securities excluded from the calculation of diluted net loss per share (in shares) | 2,562,234 | 1,962,650 |
Common stock warrants | ||
Antidilutive common stock equivalents excluded from computation of diluted net loss per share | ||
Anti-dilutive securities excluded from the calculation of diluted net loss per share (in shares) | 1,031,820 | 1,530,176 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Summary of Significant Accounting Policies | ||||
Cash and cash equivalents | $ 202,301 | $ 20,525 | $ 46,687 | |
Restricted cash | 163 | 284 | ||
Total | $ 202,464 | $ 20,688 | $ 46,971 | $ 86,629 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Preferred Stock Discount (Details) - Private Placement - Series X redeemable convertible preferred stock - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
Feb. 28, 2021 | Mar. 31, 2023 | |
Preferred stock discount | ||
Beneficial conversion feature | $ 19.6 | |
Issuance costs | $ 5.7 | |
Non-cash dividend | $ 24.4 | |
Value of remaining shares not yet converted | $ 0.9 |
Financial Instruments - Fair va
Financial Instruments - Fair value hierarchy (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Financial Instruments Measurements | |||
Transfers between fair value measurement levels | $ 0 | $ 0 | |
Minimum | Reverse repurchase agreements | Government Securities and Obligations | |||
Financial Instruments Measurements | |||
Percentage of investment amount to collateralized deposits value | 102% | ||
Recurring | |||
Assets: | |||
Total | $ 88,715 | $ 207,856 | |
Recurring | Level 1 | |||
Assets: | |||
Total | 13,640 | 7,924 | |
Recurring | Level 2 | |||
Assets: | |||
Total | 75,075 | 199,932 | |
Recurring | Money market funds | |||
Assets: | |||
Cash and cash equivalents: | 1,715 | 1,944 | |
Recurring | Money market funds | Level 1 | |||
Assets: | |||
Cash and cash equivalents: | 1,715 | 1,944 | |
Recurring | Corporate debt securities | |||
Assets: | |||
Short term investments | 6,075 | 16,445 | |
Recurring | Corporate debt securities | Level 2 | |||
Assets: | |||
Short term investments | 6,075 | 16,445 | |
Recurring | Yankee securities | |||
Assets: | |||
Short term investments | 1,999 | ||
Recurring | Yankee securities | Level 2 | |||
Assets: | |||
Short term investments | 1,999 | ||
Recurring | Bonds | |||
Assets: | |||
Short term investments | 2,988 | ||
Recurring | Bonds | Level 2 | |||
Assets: | |||
Short term investments | 2,988 | ||
Recurring | Treasury bills | |||
Assets: | |||
Cash and cash equivalents: | 6,973 | ||
Short term investments | 4,952 | 5,980 | |
Recurring | Treasury bills | Level 1 | |||
Assets: | |||
Cash and cash equivalents: | 6,973 | ||
Short term investments | 4,952 | 5,980 | |
Recurring | Reverse repurchase agreements | |||
Assets: | |||
Cash and cash equivalents: | 69,000 | ||
Short term investments | 178,500 | ||
Recurring | Reverse repurchase agreements | Level 2 | |||
Assets: | |||
Cash and cash equivalents: | $ 69,000 | ||
Short term investments | $ 178,500 |
Short-Term Investments (Details
Short-Term Investments (Details) $ in Thousands | Mar. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) item |
Short-term Investments | ||
Short-Term Investments | ||
Amortized Cost | $ 11,031 | $ 205,991 |
Gross Unrealized Gains | 3 | |
Gross Unrealized Losses | (7) | (79) |
Fair Value | $ 11,027 | $ 205,912 |
Number of short term investments in unrealized loss position for less than 12 months | item | 3 | 16 |
Aggregate value of short term investments in unrealized loss position for less than 12 months | $ 6,200 | $ 25,600 |
Corporate debt securities | ||
Short-Term Investments | ||
Amortized Cost | 6,082 | 16,508 |
Gross Unrealized Losses | (7) | (63) |
Fair Value | 6,075 | 16,445 |
Treasury bills | ||
Short-Term Investments | ||
Amortized Cost | 4,949 | 5,983 |
Gross Unrealized Gains | 3 | |
Gross Unrealized Losses | (3) | |
Fair Value | $ 4,952 | 5,980 |
Yankee securities | ||
Short-Term Investments | ||
Amortized Cost | 2,000 | |
Gross Unrealized Losses | (1) | |
Fair Value | 1,999 | |
U.S. agency bonds | ||
Short-Term Investments | ||
Amortized Cost | 3,000 | |
Gross Unrealized Losses | (12) | |
Fair Value | 2,988 | |
Reverse repurchase agreements | ||
Short-Term Investments | ||
Amortized Cost | 178,500 | |
Fair Value | $ 178,500 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accrued Expenses | ||
Accrued contracted costs | $ 2,818 | $ 2,822 |
Accrued compensation | 974 | 3,373 |
Accrued professional fees | 955 | 588 |
Accrued other | 409 | 407 |
Accrued milestones | 500 | |
Total | $ 5,156 | $ 7,690 |
Commitments (Details)
Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Future minimum payments | ||
2023 | $ 446 | |
2024 | 395 | |
Total lease payments | 841 | |
Less: imputed interest | (47) | |
Total operating lease liabilities | 794 | |
Operating leases | ||
Rent expense | 200 | $ 200 |
Lease payments | $ 200 | $ 200 |
Stockholders' Equity - Preferre
Stockholders' Equity - Preferred Stock (Details) $ / shares in Units, $ in Millions | 1 Months Ended | ||||
Jan. 03, 2023 shares | Jan. 31, 2021 USD ($) shares | Mar. 31, 2023 series $ / shares shares | Jan. 31, 2023 shares | Dec. 31, 2022 $ / shares shares | |
Preferred Stock | |||||
Preferred stock, authorized | 5,000,000 | ||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | ||||
Minimum number of series used to issue preferred stock | series | 1 | ||||
Series X redeemable convertible preferred stock | |||||
Preferred Stock | |||||
Preferred stock, authorized | 91,380 | 91,380 | |||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | |||
Aggregate shares of series X preferred stock | 35,573 | ||||
Gross proceeds from series X preferred stock | $ | $ 110 | ||||
Net proceeds from series X preferred stock | $ | $ 104.3 | ||||
Number of preferred shares converted during period | 348 | ||||
Issuance of common stock upon the conversion of preferred stock | 57,910 | ||||
Preferred stock, outstanding (in shares) | 31,107 | 31,455 | |||
Common stock issuable upon conversion of the series X preferred stock | 5,184,591 | 166.67 |
Stockholders' Equity - Outstand
Stockholders' Equity - Outstanding warrants (Details) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Common Stock Warrants | |
Warrants Outstanding (in shares) | shares | 1,031,820 |
Exercise price (in dollars per share) | $ / shares | $ 60.90 |
Weighted average | |
Common Stock Warrants | |
Weighted average life (in years) | 5 months 4 days |
Warrants Issued in 2018 | Common stock warrants | |
Common Stock Warrants | |
Warrants Outstanding (in shares) | shares | 699,962 |
Exercise price (in dollars per share) | $ / shares | $ 72 |
Warrants Issued in 2019 | Common stock warrants | |
Common Stock Warrants | |
Warrants Outstanding (in shares) | shares | 331,858 |
Exercise price (in dollars per share) | $ / shares | $ 37.50 |
Reserved for Future Issuance (D
Reserved for Future Issuance (Details) - shares | Mar. 31, 2023 | Dec. 31, 2022 |
Stockholders' Equity | ||
Number of shares reserved for future issuance | 9,903,950 | 10,076,610 |
Series X Preferred Stock | ||
Stockholders' Equity | ||
Number of shares reserved for future issuance | 5,184,591 | 5,242,501 |
Options outstanding to purchase common stock | ||
Stockholders' Equity | ||
Number of shares reserved for future issuance | 2,562,234 | 2,253,431 |
Reserve under the 2015 Stock Incentive Plan and the 2022 Inducement Stock Incentive Plan | ||
Stockholders' Equity | ||
Number of shares reserved for future issuance | 1,082,245 | 1,013,520 |
Warrants for the purchase of common stock | ||
Stockholders' Equity | ||
Number of shares reserved for future issuance | 1,031,820 | 1,530,176 |
Shares reserved for the employee stock purchase plan | ||
Stockholders' Equity | ||
Number of shares reserved for future issuance | 43,060 | 36,982 |
Stock Incentive Plans - Stock o
Stock Incentive Plans - Stock options (Details) - Stock options - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Shares | |||
Outstanding, beginning of year (in shares) | 2,253,431 | ||
Granted (in shares) | 474,250 | ||
Exercised (in shares) | (22,472) | 0 | |
Cancelled or forfeited (in shares) | (142,975) | ||
Outstanding, end of year (in shares) | 2,562,234 | 2,253,431 | |
Vested and exercisable (in shares) | 835,970 | ||
Vested and expected to vest (in shares) | 2,562,234 | ||
Weighted-Average Exercise Price | |||
Outstanding, beginning of year (in dollars per share) | $ 15.43 | ||
Granted (in dollars per share) | 13.35 | ||
Exercised (in dollars per share) | 1.65 | ||
Cancelled or forfeited (in dollars per share) | 13.52 | ||
Outstanding at end of year (in dollars per share) | 15.27 | $ 15.43 | |
Vested and exercisable at end of year (in dollars per share) | 23.94 | ||
Vested and expected to vest at end of the year (in dollars per share) | $ 15.27 | ||
Weighted Average Remaining Contractual Term (years) | |||
Outstanding | 8 years 6 months 25 days | 8 years 6 months 25 days | |
Vested and exercisable | 7 years 10 months 13 days | ||
Vested and expected to vest | 8 years 6 months 25 days | ||
Aggregate Intrinsic Value | |||
Outstanding | $ 7,370,000 | $ 9,733,000 | |
Vested and exercisable | 1,468,000 | ||
Vested and expected to vest | $ 7,370,000 | ||
Stock Incentive Plans | |||
Number of options exercised (in shares) | 22,472 | 0 | |
Intrinsic value of options exercised | $ 300,000 | ||
Aggregate fair value of options vested | $ 1,500,000 | $ 600,000 | |
Weighted average grant date fair value of options granted (in dollars per share) | $ 8.49 | $ 4.05 | |
Unrecognized compensation expense related to unvested stock option awards | $ 11,200,000 | ||
Weighted-average amortization period over which cost is expected to be recognized | 2 years 7 months 6 days |
Stock Incentive Plans - Inducem
Stock Incentive Plans - Inducement plan (Details) - shares | 3 Months Ended | ||||
Jun. 02, 2023 | Feb. 01, 2023 | Mar. 31, 2023 | Jan. 31, 2023 | Feb. 17, 2022 | |
2022 Inducement Stock Incentive Plan | |||||
Stock Incentive Plans | |||||
Number of shares authorized | 700,000 | 300,000 | 300,000 | ||
Number of grants issued | 232,800 | ||||
2015 Amended and Restated Stock Incentive Plan | |||||
Stock Incentive Plans | |||||
Number of shares issued | 855,000 | ||||
Outstanding shares | 755,000 | ||||
Number of additional shares authorized | 4,300,000 |