Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 21, 2021 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Entity Registrant Name | Biostage, Inc. | |
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 | 9,388,407 | |
Entity Central Index Key | 0001563665 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Trading Symbol | BSTG |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 466 | |
Restricted cash | 50 | $ 50 |
Grant receivable | 22 | 77 |
Prepaid expenses and other current assets | 388 | 524 |
Total current assets | 926 | 1,677 |
Property, plant and equipment, net | 174 | 217 |
Right-of-use assets | 156 | 182 |
Total assets | 1,256 | 2,076 |
Current liabilities: | ||
Accounts payable | 81 | 31 |
Accrued and other current liabilities | 220 | 317 |
Current portion of notes payable | 346 | 284 |
Warrant liability | 14 | 17 |
Current portion of operating lease liability | 110 | 107 |
Total current liabilities | 771 | 756 |
Notes payable, net of current portion | 58 | 120 |
Operating lease liability, net of current portion | 46 | 75 |
Total liabilities | 875 | 951 |
Commitments and contingencies (Note) | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value; 2,000,000 shares authorized as of March 31, 2021 and December 31, 2020, 0 issued and outstanding | 0 | 0 |
Common stock, par value $0.01 per share, 60,000,000 shares authorized as of March 31, 2021 and December 31, 2020; 9,388,407 issued and outstanding at March 31, 2021 and December 31, 2020 | 94 | 94 |
Additional paid-in capital | 70,121 | 69,991 |
Accumulated deficit | (69,834) | (68,960) |
Total stockholders' equity | 381 | 1,125 |
Total liabilities and stockholders' equity | $ 1,256 | $ 2,076 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
CONSOLIDATED BALANCE SHEETS | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 9,388,407 | 9,388,407 |
Common stock, shares outstanding | 9,388,407 | 9,388,407 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CONSOLIDATED STATEMENTS OF OPERATIONS | ||
Revenues | $ 0 | $ 0 |
Operating expenses: | ||
Research and development | 473 | 643 |
Selling, general and administrative | 522 | 1,253 |
Total operating expenses | 995 | 1,896 |
Operating loss | (995) | (1,896) |
Other income (expense): | ||
Grant income | 118 | 0 |
Change in fair value of warrant liability | 3 | (100) |
Total other income (expense), net | 121 | (100) |
Net loss | $ (874) | $ (1,996) |
Basic and diluted net loss per share | $ (0.09) | $ (0.24) |
Weighted-average common shares, basic and diluted | 9,388 | 8,287 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2019 | $ 82,000 | $ 65,102,000 | $ (64,095,000) | $ 1,089,000 |
Balance (in shares) at Dec. 31, 2019 | 8,156 | |||
Net loss | (1,996,000) | (1,996,000) | ||
Share-based compensation | 588,000 | 588,000 | ||
Issuance of fully vested common shares | (24,000) | (24,000) | ||
Issuance of fully vested common shares (in shares) | 12 | |||
Issuance of common stock, and warrants to purchase common stock | $ 1,000 | 558,000 | 559,000 | |
Issuance of common stock, and warrants to purchase common stock (in shares) | 151 | |||
Issuance of common stock from exercise of warrants | $ 2,000 | 426,000 | 428,000 | |
Issuance of common stock from exercise of warrants (in shares) | 214 | |||
Balance at Mar. 31, 2020 | $ 85,000 | 66,650,000 | (66,091,000) | 644,000 |
Balance (in shares) at Mar. 31, 2020 | 8,533 | |||
Balance at Dec. 31, 2020 | $ 94,000 | 69,991,000 | (68,960,000) | 1,125,000 |
Balance (in shares) at Dec. 31, 2020 | 9,388 | |||
Net loss | $ 0 | 0 | (874,000) | (874,000) |
Share-based compensation | $ 0 | 130,000 | 0 | 130,000 |
Share-based compensation (in shares) | 0 | |||
Balance at Mar. 31, 2021 | $ 94,000 | $ 70,121,000 | $ (69,834,000) | $ 381,000 |
Balance (in shares) at Mar. 31, 2021 | 9,388 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
OPERATING ACTIVITIES | ||
Net loss | $ (874) | $ (1,996) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation expense | 130 | 588 |
Depreciation | 43 | 48 |
Change in fair value of warrant liability | (3) | 100 |
Changes in operating assets and liabilities: | ||
Grant receivable | 55 | 0 |
Prepaid expenses and other current assets | 136 | 98 |
Accounts payable | 50 | (14) |
Accrued and other current liabilities | (97) | 82 |
Net cash used in operating activities | (560) | (1,094) |
INVESTING ACTIVITIES | ||
Net cash used in investing activities | 0 | 0 |
FINANCING ACTIVITIES | ||
Proceeds from issuance of common stock and warrants | 0 | 559 |
Proceeds from exercise of warrants | 0 | 428 |
Net cash provided by financing activities | 0 | 987 |
Net decrease in cash and restricted cash | (560) | (107) |
Cash and restricted cash at beginning of period | 963 | |
Cash and restricted cash at end of period | $ 516 | $ 856 |
Overview and Basis of Presentat
Overview and Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Overview and Basis of Presentation | |
Overview and Basis of Presentation | 1. Overview and Basis of Presentation Overview Biostage, Inc. (Biostage or the Company) is a biotechnology company developing bioengineered organ implants based on the Company’s novel Cellframe ™ and Cellspan ™ technology. The Company’s technology is comprised of a proprietary biocompatible scaffold, which is the foundation of the Company’s Cellframe technology, that is seeded with the recipient’s own mesenchymal stromal cells to form the Company’s Cellspan implant. The Company believes that this technology may provide surgeons a new paradigm to address life-threatening conditions of the esophagus, bronchus, and trachea due to congenital abnormalities, diseases, infections and traumas . Since inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, and acquiring operating assets. The Company has one business segment and does not have significant costs or assets outside the United States. On October 31, 2013, Harvard Bioscience, Inc. (Harvard Bioscience) contributed its regenerative medicine business assets, plus $15 million of cash, into Biostage (formerly “Harvard Apparatus Regenerative Technologies” at time of spin-off.) On November 1, 2013, the spin-off of the Company from Harvard Bioscience was completed. On that date, the Company became an independent company that operates the regenerative medicine business previously owned by Harvard Bioscience. The spin-off was completed through the distribution of all the shares of common stock of Biostage to stockholders of Harvard Bioscience (the “Distribution”). The Company’s common stock is currently traded on the OTCQB Venture Market under the symbol “BSTG”. Going Concern The Company has incurred substantial operating losses since its inception, and as of March 31, 2021 has an accumulated deficit of approximately $69.8 million and will require additional financing to fund future operations. The Company expects that its operating cash on-hand as of March 31, 2021 of $0.5 million, along with cash proceeds of approximately $0.3 million received in May of 2021 from existing investors, will enable it to fund its operating expenses and capital expenditure requirements into the third quarter of 2021. Therefore, these conditions raise substantial doubt about the Company’s ability to continue as a going concern. The Company will need to raise additional funds to fund its operations. In the event the Company does not raise additional capital from outside sources in the second quarter, it may be forced to curtail or cease its operations. Cash requirements and cash resource needs will vary significantly depending upon the timing of the financial and other resource needs that will be required to complete ongoing development, pre-clinical and clinical testing of products, as well as regulatory efforts and collaborative arrangements necessary for the Company’s products that are currently under development. The Company is currently seeking and will continue to seek financings from other existing and/or new investors to raise necessary funds through a combination of public or private equity offerings. The Company may also pursue debt financings, other financing mechanisms, research grants, or strategic collaborations and licensing arrangements. The Company may not be able to obtain additional financing on favorable terms, if at all. The Company’s operations will be adversely affected if it is unable to raise or obtain needed funding and such circumstance may materially affect the Company’s ability to continue as a going concern. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern and therefore, the consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amount and classifications of liabilities that may result from the outcome of this uncertainty. Basis of Presentation The consolidated financial statements reflect the Company’s financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (GAAP). Use of Estimates The preparation of our consolidated financial statements requires us to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity, expenses and related disclosures. On an ongoing basis we evaluate our estimates, judgments and methodologies. We base our estimates on historical experience and on various other assumptions that we believe are reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities and equity and the amount of expenses. Actual results may differ from these estimates. Net Loss Per Share Basic net loss per share is computed using the weighted average number of common shares outstanding during the period. Diluted net loss per share is computed using the sum of the weighted average number of common shares outstanding during the period and, if dilutive, the weighted average number of potential shares of common stock, including the assumed exercise of stock options, warrants, and the impact of unvested restricted stock. The Company applies the two-class method to calculate basic and diluted net loss per share attributable to common stockholders as its warrants to purchase common stock are participating securities. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common stockholders. However, the two-class method does not impact the net loss per share of common stock as the Company has been in a net loss position and the warrant holders do not participate in losses. Basic and diluted shares outstanding are the same for each period presented as all common stock equivalents would be antidilutive due to the net losses incurred. Unaudited Interim Financial Information The accompanying interim consolidated balance sheet as of March 31, 2021, consolidated interim statements of operations and stockholders’ equity for the three months ended March 31, 2021 and 2020, and consolidated statements of cash flows for the three months ended March 31, 2021 and 2020 are unaudited. The interim unaudited consolidated financial statements have been prepared in accordance with GAAP on the same basis as the annual audited financial statements and, in the opinion of management, reflect all adjustments necessary for a fair statement of the Company’s financial position as of March 31, 2021, its consolidated results of operations, consolidated statement of cash flows, and consolidated stockholders’ equity for the three-month periods ended March 31, 2021 and 2020. The financial data and other information disclosed in these notes related to the three-month periods ended March 31, 2021 and 2020 are unaudited. The results for the three months ended March 31, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 2021, any other interim periods or any future year or period. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Summary of Significant Accounting Policies and Recently Issued Accounting Pronouncements | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies and Recently Issued Accounting Pronouncements Summary of Significant Accounting Policies The accounting policies underlying the accompanying unaudited consolidated financial statements are those set forth in Note 2 to the consolidated financial statements for the year ended December 31, 2020 included in the Company’s Annual Report on Form 10‑K. SBIR Award Grant income is recognized when qualified research and development costs are incurred and recorded in other income (expense), net in the consolidated statements of operations. When evaluating grant revenue from the SBIR grant, the Company considered accounting requirements under the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 606, Revenue From Contracts With Customers . The Company concluded that ASC 606 did not apply as there is no exchange of goods or services or an exchange of intellectual property between the parties; therefore, the Company presents grant income in other income. On March 28, 2018, the Company was awarded a Fast-Track Small Business Innovation Research (SBIR) grant by the Eunice Kennedy National Institute of Child Health and Human Development (NICHD) to support testing of pediatric Cellspan Esophageal Implants (CEIs) . The award for Phase I provided for the reimbursement of approximately $0.2 million of qualified research and development costs which was received and recognized as grant income during 2018. On October 26, 2018, the Company was awarded the Phase II Fast-Track SBIR grant from the Eunice Kennedy NICHD grant aggregating $1.1 million to support development, testing, and translation to the clinic through September 2019 and represented years one and two of the Phase II portion of the award . On August 3, 2020, the Company was awarded a third year of the Phase II grant totaling $0.5 million for support of development, testing, and translation to the clinic covering qualified expenses incurred from October 1, 2019 through September 30, 2020. In September of 2020, the Company filed and was granted a one year, no-cost extension for the Phase II grant period extending through September 30, 2021. For the three months ended March 31, 2021, the Company recognized $0.1 million of grant income, from Phase II of the SBIR grant. The aggregate SBIR grant to date provides a total award of $1.8 million, of which, approximately $1.4 million has been recognized through March 31, 2021 . The Company did not recognize any grant income during the three months ended March 31, 2020. Restricted Cash Restricted cash consists of $50,000 held as collateral for the Company’s credit card program as of March 31, 2021 and December 31, 2020. The Company’s statements of cash flows include restricted cash with cash when reconciling the beginning-of-period and end-of-period total amounts shown on such statements. A reconciliation of the cash and restricted cash reported within the balance sheet that sum to the total of the same amounts shown in the statements of cash flows is as follows: March 31, December 31, 2021 2020 (In thousands) Cash $ 466 $ 806 Restricted cash 50 50 Total cash and restricted cash as shown in the statements of cash flows $ 516 $ 856 Recently Adopted Accounting Pronouncements Accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements upon adoption. |
Notes Payable
Notes Payable | 3 Months Ended |
Mar. 31, 2021 | |
Notes Payable | |
Notes Payable | 3. Notes Payable On May 4, 2020, the Company obtained a loan (Loan) from the Bank of America (Lender) in the aggregate amount of $0.4 million, pursuant to the , established as part of the CARES Act. The Loan is evidenced by a promissory note dated May 4, 2020 issued by the Company and will accrue interest at a fixed interest rate of 1% per annum from the funding date of May 4, 2020. Payments of principal and interest have been deferred since the funding under the original terms of the promissory note. However, the Loan and accrued interest may be forgivable at the conclusion of this period. Under the terms of the PPP, certain amounts of the Loan may be forgiven if they are used for qualifying expenses as described in the CARES Act. The terms of the promissory note, including eligibility and forgiveness, may be subject to additional requirements adopted by the SBA. Any unforgiven portion of the PPP loan, including principal and interest, will mature on May 4, 2022 and will be required to be payable monthly. The Note may be prepaid by the Company at any time prior to maturity with no prepayment penalties. The Company has accounted for the loan under FASB ASC 470, Debt. Repayment amounts due within one year have been recorded as current liabilities, and the remaining amounts due in more than one year as long-term liabilities. On December 18, 2020, the Company submitted the loan forgiveness application for the entire borrowings of $0.4 million to the Lender and was notified on January 7, 2021 that the application was submitted to the Small Business Administration (SBA) for review. The SBA had up to 90 days from the date of submittal to make a final decision on loan forgiveness. The Company has yet to be notified of the SBA’s forgiveness decision. If the Company is successful in receiving forgiveness for any portion of the loan used for qualifying expenses, those amounts will be recorded as a gain upon extinguishment. |
Capital Stock
Capital Stock | 3 Months Ended |
Mar. 31, 2021 | |
Capital Stock | |
Capital Stock | 4. Capital Stock During the three months ended March 31, 2020, the Company issued a total of 151,027 shares of our common stock at a purchase price of $3.70 per share and warrants to purchase 151,027 shares of common stock at an exercise price of $3.70 per share to a group of investors for aggregate gross and net proceeds of approximately $0.6 million, of which, $0.5 million and $0.1 million was allocated to the common stock and warrants, respectively. The Company has classified these warrants on its consolidated balance sheets as equity and valued using the Black-Scholes model based on the following weighted average assumptions: Risk-free interest rate % Expected volatility % Expected term months Expected dividend yield — Exercise price $ Market value of common stock $ During the three months ended March 31, 2020, the Company also issued 214,000 shares of our common stock to a group of investors in connection with the exercise of 214,000 previously issued warrants at $2.00 per share for aggregate gross and net proceeds of approximately $0.4 million. During the three months ended March 31, 2020, the Company issued a total of 11,950 shares of our common stock to employees due to the vesting of restricted stock units and issuance of a common stock award. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Measurements | |
Fair Value Measurements | 5. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a valuation hierarchy for disclosure of the inputs to the valuations used to measure fair value that prioritizes the inputs into three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The Company had no assets or liabilities classified as Level 2 as of March 31, 2021 and December 31, 2020. The Company’s restricted cash that serves as collateral for the Company’s credit card program is held in a demand money market account and is measured at fair value based on quoted prices, which are Level 1 inputs. The Company classifies warrants to purchase common stock that are accounted for as liabilities as Level 3 liabilities, as discussed below. The following table presents a reconciliation of the Company’s liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2021: Warrant Liability (In thousands) Balance at December 31, 2020 $ 17 Change in fair value upon re-measurement (3) Balance at March 31, 2021 $ 14 The Company has re-measured the warrant liability to estimated fair value at inception, prior to modification and at each reporting date using the Black-Scholes option pricing model with the following weighted average assumptions: March 31, December 31, 2021 2020 Risk-free interest rate 0.16 % 0.12 % Expected volatility 140.08 % 137.89 % Expected term (in years) 0.9 1.1 Expected dividend yield — — Exercise price $ 8.00 $ 8.00 Market value of common stock $ 1.34 $ 1.25 Warrants to purchase shares of common stock 92,212 92,212 |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-Based Compensation | |
Share-Based Compensation | 6. Share-Based Compensation Biostage Amended and Restated Equity Incentive Plan The Company maintains the Amended and Restated Equity Incentive Plan (the Plan) for the benefit of certain officers, employees, non-employee directors, and other key persons (including consultants and advisory board members). All options and awards granted under the Plan consist of the Company’s shares of common stock. The Company’s policy is to issue stock available from its registered but unissued stock pool through its transfer agent to satisfy stock option exercises and the vesting of restricted stock units. The vesting period for awards is generally four years and the contractual life is ten years. Canceled and forfeited options and awards are available to be reissued under the Plan. In June 2020, the Company’s shareholders approved the Plan to, among other things, increase of the number of shares of the Company’s common stock available for issuance pursuant thereto by 3,000,000 shares, which increased the total shares authorized to be issued under the Plan to 5,098,000. There were 3,461,091 shares available for issuance as of March 31, 2021 . The Company has granted options to purchase common stock under the Plan. Stock option activity during the three months ended March 31, 2021 was as follows: Stock Options Weighted – average Amount exercise price Outstanding at December 31, 2020 1,599,720 $ 6.33 Granted 16,413 1.80 Canceled — — Outstanding at March 31, 2021 1,616,134 $ 6.31 The Company’s outstanding stock options include 338,663 performance-based awards that have vesting provisions subject to the achievement of certain business milestones. Total unrecognized compensation expense for the remaining 243,532 performance-based awards is approximately $0.8 million. No expense has been recognized for these unvested awards as of March 31 , 2021 given that the milestone achievements for these awards have not yet been deemed probable for accounting purposes. Aggregate intrinsic value for outstanding options and exercisable options for the year ended March 31, 2021 was $0 based on the Company’s closing stock price of $1.34 per share as of March 31, 2021. As of March 31, 2021, unrecognized compensation cost related to unvested nonperformance-based awards amounted to $0.3 million, which will be recognized over a weighted average period of 0.3 years. The Company uses the Black-Scholes option pricing model to value its stock options. The weighted average assumptions for valuing options granted during the three months ended March 31, 2021 were as follows : Risk-free interest rate 0.47 % Expected volatility 123.20 % Expected term 5.3 years Expected dividend yield n/a In February 2020, as part of the termination arrangement with the Company’s former chief executive officer, the Company modified certain options to purchase 236,970 shares of common stock, issued an 80,000 fully vested stock option grant, and accelerated the vesting of 3,300 restricted stock units resulting in recording $153,000, $70,000, and $4,000, respectively, of share-based compensation during the three months ended March 31, 2020. In March 2020, the Company issued 35,000 common stock awards to an employee that was earned upon the achievement of certain milestones. One of the milestones for 15,000 common shares was achieved on March 27, 2020, and the Company issued 9,795 fully vested share of common stock to the employee with 5,205 common shares withheld to cover taxes. During the three months ended March 31, 2020, the Company recognized a total of $74,800 of share-based compensation with the remaining expense of $65,200 recognized upon the achievement of certain milestones over the requisite service period during the three months ended June 30, 2020. The Company recorded share-based compensation expense in the following expense categories of its consolidated statements of operations: Three Months Ended March 31, 2021 2020 (In thousands) Research and development $ 80 $ 92 General and administrative 50 496 Total share-based compensation $ 130 $ 588 The Company estimates the fair value of non-employee share options using the Black-Scholes option pricing model reflecting the same assumptions as applied to employee and director options in each of the reporting periods, other than the expected life, which is assumed to be the remaining contractual life of the options. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies | |
Commitments and Contingencies | 7. Commitments and Contingencies On April 14, 2017, representatives for the estate of a deceased individual filed a civil lawsuit in the Suffolk Superior Court, in Boston, Massachusetts, against the Company and Harvard Bioscience. The complaint alleges that the decedent’s injury and death were caused by two tracheal implants that incorporated synthetic trachea scaffolds and a biologic component combined by the implanting surgeon with a bioreactor, and surgically implanted in the decedent in two surgeries performed in 2012 and 2013. The civil complaint seeks a non-specific sum of money to compensate the plaintiffs. This civil lawsuit relates to the Company’s first-generation trachea scaffold technology for which the Company discontinued development in 2014, and not to the Company’s current Cellspan technology nor to its lead development product candidate, the Cellspan Esophageal Implant. The Company intends to vigorously defend this case. While the Company believes that such claim lacks merit, the Company is unable to predict the ultimate outcome of such litigation. In accordance with a separation and distribution agreement between Harvard Bioscience and the Company relating to the spin-off, the Company would be required to indemnify Harvard Bioscience against losses that Harvard Bioscience may suffer as a result of this litigation. The Company has been informed by its insurance provider that the case has been accepted as an insurable claim under the Company’s product liability insurance policy. The Company does not believe a loss is probable at this time and therefore has not accrued any amounts for this contingent liability . From time to time, the Company may be involved in various claims and legal proceedings arising in the ordinary course of business. Other than the above matter, there are no such matters pending that the Company expects to be material in relation to its business, financial condition, results of operations, or cash flows. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases | |
Leases | 8. Leases The Company leases laboratory and office space and certain equipment with remaining terms ranging approximately from 1 year to 3.5 years. The laboratory and office space arrangement is under a sublease that was renewed in December of 2020 and currently extends through May 31, 2022. This lease automatically renews annually for a one-year period unless the Company or the counterparty provides a notice of termination within one hundred and eighty days prior to May 31 of each year. All of the Company’s leases qualify as operating leases. The following table summarizes the presentation of the Company’s operating leases in its consolidated balance sheets: For the Quarter ended March 31 (In thousands) Balance Sheet Classification 2021 2020 Assets: Operating lease assets Right-of-use asset $ 156 $ 166 Liabilities: Current operating lease liabilities Current portion of operating lease liabilities $ 110 $ 105 Non-current operating lease liabilities Operating lease liabilities, net of current portion $ 46 $ 61 Total operating lease liabilities $ 156 $ 166 Cash paid included in the computation of the right of use asset and lease liability during the three months ended March 31, 2021 and 2020 amounted to approximately $30,000, respectively. The weighted average remaining lease term and weighted average discount rate of the Company’s operating leases are as follows: As of March 31, 2021 2020 Weighted average remaining lease term (in years) 1.72 2.20 Weighted average discount rate 10.24 % 13.13 % The Company recorded lease expense in the following expense categories of its consolidated statements of operations: For the Three Months Ended March 31, (In thousands) Statement of Operations Classification 2021 2020 Operating lease expense Research and development $ 19 $ 19 Selling, general and administrative 11 11 $ 30 $ 30 The minimum lease payments for the next five years are expected to be as follows: As Of March 31, (In thousands) 2021 2020 $ 91 2021 62 2022 12 2023 7 2024 — Total lease payments $ 172 Less: imputed interest 16 Present value of operating lease liabilities $ 156 |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Net Loss Per Share | |
Net Loss Per Share | 9. Net Loss Per Share Basic and diluted loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average common shares outstanding. The following potential common shares were excluded from the calculation of diluted net loss per share attributable to common stockholders for the three months ended March 31, 2021 and 2020 because including them would have had an anti-dilutive effect: Three Months Ended March 31, 2021 2020 Warrants to purchase common stock 1,893,201 2,610,078 Options to purchase common stock 1,616,134 1,607,570 Common stock awards — 20,000 Total 3,509,335 4,237,648 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Taxes | |
Income Taxes | 10. Income Taxes The Company did not record a federal or state income tax provision or benefit for the three months ended March 31, 2021 and 2020, respectively, due to the expected loss before income taxes to be incurred for the years ended December 31, 2021 and 2020, as well as the Company’s continued maintenance of a full valuation allowance against its net deferred tax assets. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events | |
Subsequent Events | 11. Subsequent Events Equity Transactions In May 2021, the Company received aggregate gross and net proceeds of approximately $0.3 million from a group of existing investors. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Recently Issued Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Summary of Significant Accounting Policies and Recently Issued Accounting Pronouncements | |
SBIR Award | SBIR Award Grant income is recognized when qualified research and development costs are incurred and recorded in other income (expense), net in the consolidated statements of operations. When evaluating grant revenue from the SBIR grant, the Company considered accounting requirements under the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 606, Revenue From Contracts With Customers . The Company concluded that ASC 606 did not apply as there is no exchange of goods or services or an exchange of intellectual property between the parties; therefore, the Company presents grant income in other income. On March 28, 2018, the Company was awarded a Fast-Track Small Business Innovation Research (SBIR) grant by the Eunice Kennedy National Institute of Child Health and Human Development (NICHD) to support testing of pediatric Cellspan Esophageal Implants (CEIs) . The award for Phase I provided for the reimbursement of approximately $0.2 million of qualified research and development costs which was received and recognized as grant income during 2018. On October 26, 2018, the Company was awarded the Phase II Fast-Track SBIR grant from the Eunice Kennedy NICHD grant aggregating $1.1 million to support development, testing, and translation to the clinic through September 2019 and represented years one and two of the Phase II portion of the award . On August 3, 2020, the Company was awarded a third year of the Phase II grant totaling $0.5 million for support of development, testing, and translation to the clinic covering qualified expenses incurred from October 1, 2019 through September 30, 2020. In September of 2020, the Company filed and was granted a one year, no-cost extension for the Phase II grant period extending through September 30, 2021. For the three months ended March 31, 2021, the Company recognized $0.1 million of grant income, from Phase II of the SBIR grant. The aggregate SBIR grant to date provides a total award of $1.8 million, of which, approximately $1.4 million has been recognized through March 31, 2021 . The Company did not recognize any grant income during the three months ended March 31, 2020. |
Restricted Cash | Restricted Cash Restricted cash consists of $50,000 held as collateral for the Company’s credit card program as of March 31, 2021 and December 31, 2020. The Company’s statements of cash flows include restricted cash with cash when reconciling the beginning-of-period and end-of-period total amounts shown on such statements. A reconciliation of the cash and restricted cash reported within the balance sheet that sum to the total of the same amounts shown in the statements of cash flows is as follows: March 31, December 31, 2021 2020 (In thousands) Cash $ 466 $ 806 Restricted cash 50 50 Total cash and restricted cash as shown in the statements of cash flows $ 516 $ 856 |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements upon adoption. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Recently Issued Accounting Pronouncements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Summary of Significant Accounting Policies and Recently Issued Accounting Pronouncements | |
Schedule of reconciliation of the cash and restricted cash reported within the balance sheet that sum to the total of the same amounts shown in the consolidated statements of cash flows | March 31, December 31, 2021 2020 (In thousands) Cash $ 466 $ 806 Restricted cash 50 50 Total cash and restricted cash as shown in the statements of cash flows $ 516 $ 856 |
Capital Stock (Tables)
Capital Stock (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Capital Stock | |
Schedule of Classification of warrants to equity | Risk-free interest rate % Expected volatility % Expected term months Expected dividend yield — Exercise price $ Market value of common stock $ |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Measurements | |
Schedule of reconciliation company's liabilities at fair value on recurring basis | Warrant Liability (In thousands) Balance at December 31, 2020 $ 17 Change in fair value upon re-measurement (3) Balance at March 31, 2021 $ 14 |
Schedule of weighted average assumptions | March 31, December 31, 2021 2020 Risk-free interest rate 0.16 % 0.12 % Expected volatility 140.08 % 137.89 % Expected term (in years) 0.9 1.1 Expected dividend yield — — Exercise price $ 8.00 $ 8.00 Market value of common stock $ 1.34 $ 1.25 Warrants to purchase shares of common stock 92,212 92,212 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-Based Compensation | |
Schedule of Stock option and restricted stock unit activity | The Company has granted options to purchase common stock under the Plan. Stock option activity during the three months ended March 31, 2021 was as follows: Stock Options Weighted – average Amount exercise price Outstanding at December 31, 2020 1,599,720 $ 6.33 Granted 16,413 1.80 Canceled — — Outstanding at March 31, 2021 1,616,134 $ 6.31 |
Schedule of weighted average assumptions | The Company uses the Black-Scholes option pricing model to value its stock options. The weighted average assumptions for valuing options granted during the three months ended March 31, 2021 were as follows : Risk-free interest rate 0.47 % Expected volatility 123.20 % Expected term 5.3 years Expected dividend yield n/a |
Schedule of share-based compensation expense | The Company recorded share-based compensation expense in the following expense categories of its consolidated statements of operations: Three Months Ended March 31, 2021 2020 (In thousands) Research and development $ 80 $ 92 General and administrative 50 496 Total share-based compensation $ 130 $ 588 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases | |
Summary of presentation of operating leases in consolidated balance sheets | The following table summarizes the presentation of the Company’s operating leases in its consolidated balance sheets: For the Quarter ended March 31 (In thousands) Balance Sheet Classification 2021 2020 Assets: Operating lease assets Right-of-use asset $ 156 $ 166 Liabilities: Current operating lease liabilities Current portion of operating lease liabilities $ 110 $ 105 Non-current operating lease liabilities Operating lease liabilities, net of current portion $ 46 $ 61 Total operating lease liabilities $ 156 $ 166 |
Schedule of Weighted average discount rate and lease term | The weighted average remaining lease term and weighted average discount rate of the Company’s operating leases are as follows: As of March 31, 2021 2020 Weighted average remaining lease term (in years) 1.72 2.20 Weighted average discount rate 10.24 % 13.13 % |
Summary of lease expense categories in consolidated statements of operations | The Company recorded lease expense in the following expense categories of its consolidated statements of operations: For the Three Months Ended March 31, (In thousands) Statement of Operations Classification 2021 2020 Operating lease expense Research and development $ 19 $ 19 Selling, general and administrative 11 11 $ 30 $ 30 |
Summary of minimum lease payments for the next five years and thereafter | The minimum lease payments for the next five years are expected to be as follows: As Of March 31, (In thousands) 2021 2020 $ 91 2021 62 2022 12 2023 7 2024 — Total lease payments $ 172 Less: imputed interest 16 Present value of operating lease liabilities $ 156 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Net Loss Per Share | |
Schedule of antidilutive securities excluded from computation of earnings per share | Three Months Ended March 31, 2021 2020 Warrants to purchase common stock 1,893,201 2,610,078 Options to purchase common stock 1,616,134 1,607,570 Common stock awards — 20,000 Total 3,509,335 4,237,648 |
Overview and Basis of Present_2
Overview and Basis of Presentation (Details) - USD ($) $ in Thousands | 1 Months Ended | |||
May 31, 2021 | Oct. 31, 2013 | Mar. 31, 2021 | Dec. 31, 2020 | |
Overview And Basis Of Presentation [Line Items] | ||||
Retained Earnings (Accumulated Deficit) | $ (69,834) | $ (68,960) | ||
Cash | $ 466 | |||
Harvard Bioscience Plan [Member] | ||||
Overview And Basis Of Presentation [Line Items] | ||||
Proceeds from Contributions from Parent | $ 15,000 | |||
Subsequent Event [Member] | Existing Investors | ||||
Overview And Basis Of Presentation [Line Items] | ||||
Cash proceeds received | $ 300 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Recently Issued Accounting Pronouncements - Additional Information (Details) - USD ($) | Oct. 26, 2018 | Mar. 28, 2018 | Mar. 31, 2021 | Dec. 31, 2020 | Aug. 03, 2020 |
Basic And Diluted Earnings Per Share [Line Items] | |||||
Recognized grants receivable | $ 1,400,000 | ||||
Restricted Cash | $ 50,000 | $ 50,000 | |||
Maximum Research And Development Expenses Reimbursement | $ 200,000 | ||||
Grants Receivable | 1,800,000 | ||||
Phase Two [Member] | |||||
Basic And Diluted Earnings Per Share [Line Items] | |||||
Grants Receivable in fiscal year | $ 1,100,000 | $ 500,000 | |||
Grant Income Recognized | $ 100,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies and Recently Issued Accounting Pronouncements - Cash and restricted cash (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Summary of Significant Accounting Policies and Recently Issued Accounting Pronouncements | ||||
Cash | $ 466 | |||
Restricted cash | 50 | $ 50 | ||
Total cash and restricted cash as shown in the consolidated statements of cash flows | $ 516 | $ 856 | $ 963 |
Notes Payable (Details)
Notes Payable (Details) - Paycheck Protection Program loan [Member] - USD ($) $ in Millions | Dec. 18, 2020 | May 04, 2020 |
Debt Instrument [Line Items] | ||
Proceeds from Issuance of Debt | $ 0.4 | $ 0.4 |
Fixed interest rate | 1.00% |
Capital Stock (Details)
Capital Stock (Details) | 3 Months Ended |
Mar. 31, 2020$ / shares | |
Capital Stock | |
Risk-free interest rate | 0.88% |
Expected volatility | 106.70% |
Expected term (in months) | 2 months |
Expected dividend yield | 0.00% |
Exercise price | $ 3.70 |
Market value of common stock | $ 3.11 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 92,212 | 92,212 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 8 | $ 8 | |
Proceeds from Issuance of Private Placement | $ 0 | $ 559,000 | |
Private Placement [Member] | |||
Stock Issued During Period, Shares, New Issues | 100,000 | ||
Gross and net proceeds from issuance | $ 600,000 | ||
Restricted Stock [Member] | |||
Stock Issued During Period, Shares, New Issues | 11,950 | ||
Common Stock [Member] | |||
Warrants and Rights Outstanding | $ 500,000 | ||
Warrant One [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 151,027 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3.70 | ||
Share Price | $ 3.70 | ||
Stock Issued During Period, Value, New Issues | $ 151,027 | ||
Warrant Two [Member] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2 | ||
Proceeds from Warrant Exercises | $ 400,000 | ||
Stock Issued During Period, Shares, New Issues | 214,000 | ||
Shares Issued As A Result Of Exercise Of Warrants | 214,000 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of company liabilities (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Fair Value Measurements | |
Beginning Balance | $ 17 |
Change in fair value upon re-measurement | (3) |
Ending Balance | $ 14 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Liabilities: | ||
Liabilities classified | $ 14 | $ 17 |
Level 2 [Member] | ||
Assets: | ||
Assets classified | 0 | 0 |
Liabilities: | ||
Liabilities classified | $ 0 | $ 0 |
Fair Value Measurements - Weigh
Fair Value Measurements - Weighted average assumptions (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Exercise Price | $ 8 | $ 8 |
Market value of common stock | $ 1.34 | $ 1.25 |
Warrants to purchase shares of common stock | 92,212 | 92,212 |
Measurement Input, Risk Free Interest Rate [Member] | ||
Risk-free interest rate | 0.16% | 0.12% |
Measurement Input, Price Volatility [Member] | ||
Expected volatility | 140.08 | 137.89 |
Measurement Input, Expected Term [Member] | ||
Expected term (in years) | 10 months 24 days | 1 year 1 month 6 days |
Measurement Input, Expected Dividend Rate [Member] | ||
Expected dividend yield | 0.00% | 0.00% |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock option and restricted stock unit activity (Details) - Biostage2013 Equity Incentive Plan [Member] - Stock Options [Member] shares in Thousands | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Amount, Outstanding | shares | 1,599,720 |
Amount, Granted | shares | 16,413 |
Amount, Outstanding | shares | 1,616,134 |
Weighted-average exercise price, Outstanding | $ / shares | $ 6.33 |
Weighted-average exercise price, Granted | $ / shares | 1.80 |
Weighted-average exercise price, Outstanding | $ / shares | $ 6.31 |
Share-Based Compensation - Weig
Share-Based Compensation - Weighted average assumptions (Details) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 0.88% | |
Expected volatility | 106.70% | |
Expected term (in years) | 2 months | |
Expected dividend yield | 0.00% | |
Biostage2013 Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 0.47% | |
Expected volatility | 123.20% | |
Expected term (in years) | 5 years 3 months 18 days |
Share-Based Compensation - Shar
Share-Based Compensation - Share-based compensation expenses (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Feb. 29, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total share-based compensation | $ 70,000 | $ 130 | $ 588 |
Research and development [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total share-based compensation | 80 | 92 | |
Selling, general and administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total share-based compensation | $ 50 | $ 496 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) - USD ($) | Mar. 27, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Feb. 29, 2020 | Mar. 31, 2021 | Mar. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Allocated Share-based Compensation Expense | $ 70,000,000 | $ 130,000 | $ 588,000 | |||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Allocated Share-based Compensation Expense | 4,000,000 | |||||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 243,532 | |||||
Share Based Compensation Arrangement By Share Based Payment Award Unrecognized Compensation Costs | $ 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 338,663 | |||||
Allocated Share-based Compensation Expense | $ 800,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 338,663 | |||||
Number of options outstanding at September 30, 2020 | 338,663 | |||||
Common Stock Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 9,795 | 35,000 | ||||
Allocated Share-based Compensation Expense | $ 74,800,000 | |||||
Number of awards issued | 9,795 | 35,000 | ||||
Number of common shares whose milestone were achieved | 15,000 | |||||
Number of fully vested shares withheld | 5,205 | |||||
Expense to be recognized upon the achievement of certain milestones | $ 65,200,000 | $ 65,200,000 | ||||
Chief Financial Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Allocated Share-based Compensation Expense | 153,000,000 | |||||
Stock options issued | $ 80,000,000 | |||||
Number of options to purchase common stock modified | 236,970 | |||||
Chief Financial Officer [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of awards whose vesting was accelerated | 3,300 | |||||
Biostage Amended and Restated Equity Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 3,000,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 5,098,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 300,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 months 18 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | |||||
Share Price | $ 1.34 | |||||
Shares available for issuance | 3,461,091 |
Leases (Details)
Leases (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Lessee, Lease, Description [Line Items] | |
Renewal term | 1 year |
Termination option | false |
Notice period for termination | 180 days |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Remaining term | 1 year |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Remaining term | 3 years 6 months |
Leases - Operating leases in co
Leases - Operating leases in consolidated balance sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Leases | |||
Operating lease assets | $ 156 | $ 182 | $ 166 |
Right-of-use asset | Operating lease assets | ||
Current portion of operating lease liabilities | $ 110 | 107 | 105 |
Current portion of operating lease liabilities | Current portion of operating lease liabilities | ||
Non-current Operating lease liabilities | $ 46 | $ 75 | 61 |
Operating lease liabilities, net of current portion | Non-current Operating lease liabilities | ||
Present value of operating lease liabilities | $ 156 | $ 166 |
Leases - Weighted average disco
Leases - Weighted average discount rate and lease term (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases | ||
Cash paid included in the computation of the right of use asset and lease liability | $ 30,000 | |
Weighted average remaining lease term (in years) | 0 years | 2 years 2 months 12 days |
Weighted average discount rate | 0.00% | 13.13% |
Leases - Operating lease expens
Leases - Operating lease expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Research and development | $ 473 | $ 643 |
Selling, general and administrative | 522 | 1,253 |
Assets Leased To Other [Member] | ||
Research and development | 19 | 19 |
Selling, general and administrative | 11 | 11 |
Operating lease expense | $ 30 | $ 30 |
Leases - Minimum lease payments
Leases - Minimum lease payments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Minimum lease payments for the next five years and thereafter | ||
2020 | $ 91 | |
2021 | 62 | |
2022 | 12 | |
2023 | 7 | |
Total lease payments | 172 | |
Less: imputed interest | 16 | |
Present value of operating lease liabilities | $ 156 | $ 166 |
Net loss Per Share - Anti-dilut
Net loss Per Share - Anti-dilutive shares (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,509,335 | 4,237,648 |
Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,893,201 | 2,610,078 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,616,134 | 1,607,570 |
Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 20,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | ||
May 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Subsequent Event [Line Items] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 8 | $ 8 | |
Subsequent Event [Member] | Existing Investors | |||
Subsequent Event [Line Items] | |||
Gross and net proceeds from issuance | $ 0.3 |