Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 04, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Cyteir Therapeutics, Inc. | |
Entity Central Index Key | 0001662244 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 35,998,024 | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Security12b Title | Common Stock, par value $0.001 per share | |
Trading Symbol | CYT | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-40499 | |
Entity Incorporation State Country Code | DE | |
Entity Tax Identification Number | 45-5429901 | |
Entity Address Address Line One | 99 Hayden Ave., Building B | |
Entity Address, Address Line Two | Suite 450 | |
Entity Address City Or Town | Lexington | |
Entity Address State Or Province | MA | |
Entity Address Postal Zip Code | 02421 | |
City Area Code | 857 | |
Local Phone Number | 285-4140 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 133,635 | $ 147,120 |
Prepaid expenses and other current assets | 278 | 2,089 |
Total current assets | 133,913 | 149,209 |
Property and equipment, net | 215 | 1,699 |
Other assets | 260 | 2,324 |
Total assets | 134,388 | 153,232 |
Current liabilities: | ||
Accounts payable | 1,339 | 1,128 |
Accrued expenses and other current liabilities | 5,240 | 4,187 |
Total current liabilities | 6,579 | 5,315 |
Other long term liabilities | 22 | 1,631 |
Total liabilities | 6,601 | 6,946 |
Commitments and Contingencies (Note 10) | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value: 40,000,000 shares authorized as of June 30, 2023 and December 31, 2022; no shares issued and outstanding as of June 30, 2023 and December 31, 2022 | ||
Common stock, $0.001 par value: 280,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 36,005,357 and 35,575,694 shares issued as of June 30, 2023 and December 31, 2022, respectively; 35,992,523 and 35,516,249 shares outstanding as of June 30, 2023 and December 31, 2022, respectively | 35 | 35 |
Additional paid-in capital | 286,756 | 284,365 |
Accumulated deficit | (159,004) | (138,114) |
Total stockholders' equity | 127,787 | 146,286 |
Total liabilities and stockholders' equity | $ 134,388 | $ 153,232 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 40,000,000 | 40,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 280,000,000 | 280,000,000 |
Common stock, shares issued | 36,005,357 | 35,575,694 |
Common stock, shares outstanding | 35,992,523 | 35,516,249 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating expenses: | ||||
Research and development | $ 5,403 | $ 8,794 | $ 14,715 | $ 18,882 |
General and administrative | 4,204 | 3,433 | 8,314 | 7,476 |
Total operating expenses | 9,607 | 12,227 | 23,029 | 26,358 |
Loss from operations | (9,607) | (12,227) | (23,029) | (26,358) |
Other income (expense): | ||||
Interest income | 1,203 | 106 | 2,746 | 135 |
Loss on disposal of property and equipment | (925) | |||
Gain on lease terminations and modification | 318 | |||
Total other income (expense) | 1,203 | 106 | 2,139 | 135 |
Net loss | $ (8,404) | $ (12,121) | $ (20,890) | $ (26,223) |
Net loss per share--basic | $ (0.24) | $ (0.34) | $ (0.59) | $ (0.74) |
Net loss per share--diluted | $ (0.24) | $ (0.34) | $ (0.59) | $ (0.74) |
Weighted-average common stock outstanding--basic | 35,743,580 | 35,279,376 | 35,647,202 | 35,260,378 |
Weighted-average common stock outstanding--diluted | 35,743,580 | 35,279,376 | 35,647,202 | 35,260,378 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance at Dec. 31, 2021 | $ 187,292 | $ 35 | $ 279,310 | $ (92,053) |
Balance, Shares at Dec. 31, 2021 | 35,219,834 | |||
Exercise of common stock options | 19 | 19 | ||
Exercise of common stock options, Shares | 19,575 | |||
Vesting of early exercised options | 39 | 39 | ||
Vesting of early exercised options, Shares | 32,605 | |||
Stock-based compensation expense | 1,255 | 1,255 | ||
Net loss | (14,102) | (14,102) | ||
Balance at Mar. 31, 2022 | 174,503 | $ 35 | 280,623 | (106,155) |
Balance, Shares at Mar. 31, 2022 | 35,272,014 | |||
Balance at Dec. 31, 2021 | 187,292 | $ 35 | 279,310 | (92,053) |
Balance, Shares at Dec. 31, 2021 | 35,219,834 | |||
Net loss | (26,223) | |||
Balance at Jun. 30, 2022 | 163,784 | $ 35 | 282,025 | (118,276) |
Balance, Shares at Jun. 30, 2022 | 35,303,144 | |||
Balance at Mar. 31, 2022 | 174,503 | $ 35 | 280,623 | (106,155) |
Balance, Shares at Mar. 31, 2022 | 35,272,014 | |||
Exercise of common stock options | 5 | 5 | ||
Exercise of common stock options, Shares | 4,398 | |||
Vesting of early exercised options | 32 | 32 | ||
Vesting of early exercised options, Shares | 26,732 | |||
Stock-based compensation expense | 1,365 | 1,365 | ||
Net loss | (12,121) | (12,121) | ||
Balance at Jun. 30, 2022 | 163,784 | $ 35 | 282,025 | (118,276) |
Balance, Shares at Jun. 30, 2022 | 35,303,144 | |||
Balance at Dec. 31, 2022 | 146,286 | $ 35 | 284,365 | (138,114) |
Balance, Shares at Dec. 31, 2022 | 35,516,249 | |||
Exercise of common stock options | 42 | 42 | ||
Exercise of common stock options, Shares | 41,588 | |||
Vesting of early exercised options | 31 | 31 | ||
Vesting of early exercised options, Shares | 25,144 | |||
Issuance of common stock under ESPP | 61 | 61 | ||
Issuance of common stock under ESPP, Shares | 41,146 | |||
Stock-based compensation expense | 1,042 | 1,042 | ||
Net loss | (12,486) | (12,486) | ||
Balance at Mar. 31, 2023 | 134,976 | $ 35 | 285,541 | (150,600) |
Balance, Shares at Mar. 31, 2023 | 35,624,127 | |||
Balance at Dec. 31, 2022 | $ 146,286 | $ 35 | 284,365 | (138,114) |
Balance, Shares at Dec. 31, 2022 | 35,516,249 | |||
Exercise of common stock options, Shares | 393,467 | |||
Net loss | $ (20,890) | |||
Balance at Jun. 30, 2023 | 127,787 | $ 35 | 286,756 | (159,004) |
Balance, Shares at Jun. 30, 2023 | 35,992,523 | |||
Balance at Mar. 31, 2023 | 134,976 | $ 35 | 285,541 | (150,600) |
Balance, Shares at Mar. 31, 2023 | 35,624,127 | |||
Exercise of common stock options | 428 | 428 | ||
Exercise of common stock options, Shares | 351,879 | |||
Vesting of early exercised options | 11 | 11 | ||
Vesting of early exercised options, Shares | 16,517 | |||
Stock-based compensation expense | 776 | 776 | ||
Net loss | (8,404) | (8,404) | ||
Balance at Jun. 30, 2023 | $ 127,787 | $ 35 | $ 286,756 | $ (159,004) |
Balance, Shares at Jun. 30, 2023 | 35,992,523 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||||
Net loss | $ (20,890) | $ (26,223) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization expense | $ 100 | $ 200 | 258 | 328 |
Stock-based compensation | 776 | 1,365 | 1,818 | 2,620 |
Non-cash lease expense | 158 | 398 | ||
Loss on disposal of property and equipment | 925 | |||
Gain on lease terminations and modification | (318) | |||
Changes in operating assets and liabilities: | ||||
Prepaid expenses and other current assets | 1,811 | (30) | ||
Accounts payable | 211 | 1,828 | ||
Accrued expenses and other current liabilities | 1,717 | (1,969) | ||
Other long term liabilities | (6) | |||
Net cash used in operating activities | (14,316) | (23,048) | ||
Cash flows from investing activities: | ||||
Purchases of property and equipment | (302) | |||
Proceeds from sales of property and equipment | 303 | |||
Net cash provided by (used) in investing activities | 303 | (302) | ||
Cash flows from financing activities: | ||||
Proceeds from issuance of common stock under ESPP | 61 | |||
Proceeds from exercise of stock options | 470 | 24 | ||
Net cash provided by financing activities | 531 | 24 | ||
Net decrease in cash, cash equivalents, and restricted cash | (13,482) | (23,326) | ||
Cash, cash equivalents and restricted cash at beginning of period | 147,377 | 189,979 | ||
Cash, cash equivalents and restricted cash at end of period | 133,895 | 166,653 | 133,895 | 166,653 |
Supplemental disclosure of cash flows | ||||
Remeasurement of operating lease liabilities and right-of-use assets due to lease modification | (1,908) | |||
Vesting of early exercised options | 42 | 71 | ||
Reconciliation of cash, cash equivalents and restricted cash | ||||
Cash and cash equivalents | 133,635 | 166,396 | 133,635 | 166,396 |
Restricted cash (included in other assets) | $ 260 | $ 257 | $ 260 | $ 257 |
Restricted Cash and Cash Equivalents, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent | Other Assets, Noncurrent | Other Assets, Noncurrent |
Total cash, cash equivalents, and restricted cash | $ 133,895 | $ 166,653 | $ 133,895 | $ 166,653 |
Nature of the Business
Nature of the Business | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Nature Of the Business | 1. Nature of the business On June 30, 2023, Cyteir Therapeutics, Inc., (the “Company”) announced the discontinuation of development of CYT-0851, its investigational monocarboxylate transporter inhibitor, and that the Company would initiate a plan to liquidate its assets following an orderly wind down of the Company’s operations, and return remaining cash to shareholders. CYT-0851 was being evaluated in a Phase 1 combination study with capecitabine or gemcitabine in advanced ovarian cancer and other solid tumors. The Company will continue to treat patients currently enrolled in the Company’s Phase 1 combination study with capecitabine or gemcitabine until the conlcusion of the study. Through 2022, the Company used its expertise in DNA damage response biology and a disciplined approach to select targets for other novel, differentiated programs with the aim of building a patient-centric portfolio of effective cancer therapies. In January 2023, the Company announced a strategic prioritization that included the discontinuation of these preclinical efforts. The Company was formed as a Delaware corporation on June 4, 2012, pursuant to the General Corporation Law of the State of Delaware. The Company has a principal office in Lexington, Massachusetts. Liquidity The Company has incurred net operating losses since inception and has funded its operations primarily with proceeds from the sale of redeemable convertible preferred stock and the issuance of common stock in its initial public offering, or IPO. As of June 30, 2023, the Company had cash and cash equivalents of $ 133.6 million and an accumulated deficit of $ 159.0 million. The Company expects its operating losses and negative operating cash flows to continue into the foreseeable future. The Company expects that its cash and cash equivalents as of June 30, 2023 will be sufficient to fund its operating expenses and capital expenditure requirements for at least twelve months from the date these condensed consolidated financial statements are available to be issued, or until the effectiveness of the Company’s dissolution. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of significant accounting policies The Company's significant accounting policies are disclosed in the audited consolidated financial statements for the years ended December 31, 2022 and 2021 ("audited financial statements"), which are included in the Company's Annual Report on Form 10-K that was filed with the SEC on March 23, 2023. Since the date of the financial statements, there have been no changes to the Company's significant accounting policies, except as noted below. Interim Financial Information The accompanying condensed consolidated balance sheet at June 30, 2023, and the condensed consolidated statements of operations, statements of changes in stockholders’ equity for the three and six months ended June 30, 2023 and 2022 and condensed consolidated statements of cash flows for the six months ended June 30, 2023 and 2022 are unaudited. The condensed consolidated interim financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position at June 30, 2023 and the results of its operations for the three and six months ended June 30, 2023 and 2022 and its cash flows for the six months ended June 30, 2023 and 2022. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2023 and 2022 are also unaudited. The results for the three and six months ended June 30, 2023 are not necessarily indicative of results to be expected for the full year or for any other subsequent interim period. |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 3. Fair value measurement The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands): June 30, 2023 Assets: Total Quoted prices in Significant Significant Cash equivalents: Money market funds $ 133,405 $ 133,405 $ — $ — Total assets $ 133,405 $ 133,405 $ $ December 31, 2022 Assets Total Quoted prices in Significant Significant Cash equivalents: Money market funds $ 146,870 $ 146,870 $ — $ — Total assets $ 146,870 $ 146,870 $ — $ — During the six months ended June 30, 2023 and the year ended December 31, 2022 , there were no transfers between levels. The fair values of the Company’s cash equivalents, consisting of its standard checking accounts and money market funds, are based on quoted market prices in active markets without any valuation adjustment. The Company uses the carrying amounts of its restricted cash, prepaid expenses and other current assets, accounts payable and accrued expenses and other current liabilities to approximate their fair value due to the short-term nature of these amounts. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 6 Months Ended |
Jun. 30, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | 4. Prepaid expenses and other current assets Prepaid expenses and other current assets consisted of the following (in thousands): June 30, December 31, Prepaid research and development expenses $ 80 $ 786 Prepaid insurance - 982 Prepaid other 103 304 Other receivables 95 17 Total $ 278 $ 2,089 |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 5. Property and equipment, net On January 19, 2023, the Company announced a strategic prioritization of clinical development of CYT-0851, which included the discontinuation of preclinical efforts and a workforce reduction by approximately 70 % of the Company's workforce. For the six months ended June 30, 2023 , the Company recognized a loss on disposal of property and equipment totaling $ 0.9 million on the Company's condensed consolidated statement of operations. Property and equipment, net consisted of the following (in thousands): Acquisition cost Laboratory and computer equipment Leasehold improvements Total As of December 31, 2022 $ 1,846 $ 1,675 $ 3,521 Disposals ( 1,752 ) ( 1,266 ) ( 3,018 ) As of June 30, 2023 $ 94 $ 409 $ 503 Accumulated depreciation and amortization Laboratory and computer equipment Leasehold improvements Total As of December 31, 2022 $ ( 827 ) $ ( 995 ) $ ( 1,822 ) Depreciation expense ( 59 ) ( 199 ) ( 258 ) Disposals 866 926 1,792 As of June 30, 2023 $ ( 20 ) $ ( 268 ) $ ( 288 ) Carrying amount Laboratory and computer equipment Leasehold improvements Total As of December 31, 2022 $ 1,019 $ 680 $ 1,699 As of June 30, 2023 $ 74 $ 141 $ 215 For the three months ended June 30, 2023 and 2022 , depreciation and amortization expense related to property and equipment was $ 0.1 million and $ 0.2 million, respectively. For both the six months ended June 30, 2023 and 2022, depreciation and amortization expense related to property and equipment was $ 0.3 million. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 6. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, December 31, Accrued research and development expenses $ 1,636 $ 1,356 Accrued compensation 3,257 1,510 Accrued other 290 432 Operating lease liabilities 57 889 Total accrued expenses and other current liabilities $ 5,240 $ 4,187 |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Common Stock | 7. Common stock The voting, dividend and liquidation rights of the holders of the Company’s common stock are subject to and qualified by the rights, powers and preferences of the holders of the preferred stock as set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The holders of the common stock are entitled to one vote for each share of common stock held submitted to a vote of stockholders, and there are not any cumulative voting rights. Holders of common stock are entitled to receive proportionately any dividends as may be declared by our board of directors subject to any preferential dividend rights of any series of preferred stock that the Company may designate and issue in the future. As of June 30, 2023 and December 31, 2022, the Company has reserved the following shares of common stock for the potential exercise of stock options: June 30, December 31, 2023 2022 Options to purchase common stock 3,100,390 3,460,897 Remaining shares reserved for future issuance 7,457,120 5,706,345 Total 10,557,510 9,167,242 |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | 8. Stock-based compensation 2012 Stock Incentive Plan The Company adopted the 2012 Stock Incentive Plan (the “2012 Plan”) in November 2012 pursuant to which the Company can issue incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards and other stock awards. Recipients of stock options or stock appreciate rights shall be eligible to purchase shares of the Company’s common stock at an exercise price equal to the estimated fair market value of such stock on the date of grant. The exercise price may be less than fair market value if the stock award is granted pursuant to an assumption or substitution for another stock award in the event of a merger or sale of the Company. The maximum term of options granted under the 2012 Plan is ten years , and stock options typically vest over a four-year period. The Board may assign vesting terms to the stock option grants as deemed appropriate. The Company also has the right of refusal to purchase any proposed disposition of shares issued under the 2012 Plan. The 2012 Plan allows for early exercise of all stock option grants if authorized by the Board at the time of grant. The shares of common stock issued from the early exercise of stock options are restricted and vest over time. The Company has the option to repurchase any unvested shares at the original purchase price upon any voluntary or involuntary termination. At the discretion of the Board, unvested shares held by employees may accelerate vesting in the event of a change of control of the Company unless assumed or substituted by the acquirer or surviving entity. The 2012 Plan has been subsequently amended and provides for the issuance of up to 6,941,421 shares of common stock as of June 30, 2023 , of which 2,732,632 shares of common stock remained available for future grant under the 2012 Plan upon the effectiveness of the 2021 Equity Incentive Plan (the “2021 Plan”) and were made available for future issuance under the 2021 Plan. 2021 Equity Incentive Plan In June 2021, the Company’s board of directors adopted and the Company’s stockholders approved the 2021 Plan, which became effective immediately prior to the effectiveness of the registration statement for the IPO. The 2021 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards. Upon effectiveness of the 2021 Plan, the number of shares of common stock reserved for issuance under the 2021 Plan was 5,932,632 , which represents 3,200,000 shares along with 2,732,632 shares of common stock reserved for issuance under the 2012 Plan that remained available for grant under the 2012 Plan immediately prior to the effectiveness of the 2021 Plan. Shares of the Company's common stock subject to outstanding awards granted under the 2012 Plan that expire unexercised or are terminated, surrendered, cancelled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right will become available for issuance under the 2021 Plan. Upon adoption of the 2021 Plan, the Company ceased the grant of additional awards under the 2012 Plan. The 2021 Plan includes an "evergreen" provision, which provides for an annual increase to be added on January 1st of each year beginning in 2022 and continuing through and including 2031 by the lesser of (i) 5 % of the number of shares of Stock outstanding as of such date and (ii) an amount determined by the board of directors. On January 1, 2023, the number of shares of Common Stock reserved and available for issuance under the 2021 Plan increased by 1,778,784 shares. At June 30, 2023, 7,457,120 shares of common stock remained available for future grant under the 2021 Plan. 2021 Employee Stock Purchase Plan In June 2021, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2021 Employee Stock Purchase Plan (the “ESPP”), which became effective immediately prior to the effectiveness of the registration statement for the IPO. The ESPP is administered by the compensation committee of the Company’s board of directors, except that the Company’s board of directors may at any time act as the administrator of the ESPP. On July 13, 2023, the Compensation Committee suspended all future purchases under the ESPP, effective as of July 14, 2023, such that no new ESPP option periods will commence after July 14, 2023. The ESPP provides participating employees with the opportunity to purchase shares of common stock, with an initial aggregate share pool of 300,000 shares of common stock. The number of shares of common stock reserved for issuance under the ESPP will automatically increase on January 1st of each year beginning in 2022 and continuing through and including 2031 by the least of (i) 1 % of the number of shares of Stock outstanding as of such date, (ii) 600,000 shares of Stock and (iii) the number of shares of Stock determined by the Company’s board of directors on or prior to such date for such year, up to a maximum of 6,300,000 shares in the aggregate. On January 1, 2023, the number of shares of Common Stock reserved and available for issuance under the ESPP increased by 355,756 shares. The ESPP allows eligible employees to authorize payroll deductions of between 1% and 15% of their regular base salary or wages to be applied toward the purchase of shares of the Company's common stock on the last trading day of the offering period, subject to certain limitations contained in the ESPP. Participating employees will purchase shares of the Company's common stock at a discount of 15% on the lesser of the closing price of the Company's common stock on the Nasdaq Global Select Market (i) on the first trading day of the offering period or (ii) the last trading day of the offering period. The Company utilizes the Black Scholes option pricing model to compute the fair market value of the shares subject to outstanding options under the ESPP and compensation expense is recognized over the offering period. Participation in the ESPP is voluntary. Eligible employees become participants in the ESPP by enrolling in the plan and authorizing payroll deductions in accordance with the terms of the ESPP. At the end of each offering period, accumulated payroll deductions are used to purchase the Company’s shares at the discounted price. The Company makes no contributions to the ESPP. A participant may withdraw from the ESPP or reduce contributions to the ESPP during an offering period. If the participant elects to withdraw during an offering period, all contributions are refunded as soon as administratively practicable. If a participant elects to withdraw during an offering period, the participant may not re-enroll in the current offering but may elect to participate in future offerings, subject to the terms of the ESPP. Only whole shares of the Company may be purchased under the ESPP. The Company issued 41,147 common shares under the ESPP during the six months ended June 30, 2023 at an average price per share of $ 1.49 . Cash received from purchases under the ESPP for the six months ended June 30, 2023 wa s $ 0.1 million. The Company recognized an immaterial amount of compensation expense for the ESPP during the six months ended June 30, 2023. Early exercise of unvested stock options Shares purchased by employees pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be outstanding shares until those shares vest according to their respective vesting schedules. Cash received from employee exercises of unvested options is included in long-term liabilities on the condensed consolidated balance sheets. Amounts recorded are reclassified to common stock and additional paid-in capital as the shares vest. As of June 30, 2023 and December 31, 2022, there wer e 12,834 and 59,445 unvested shares related to early exercises of stock options, respectively. Stock option valuation The assumptions that the Company used in the Black Scholes option-pricing model to determine the grant date fair value of stock options granted were as follows: June 30, December 31, Risk-free interest rate range 3.64 - 3.65 % 1.89 %- 4.23 % Dividend yield 0.0 % 0.0 % Expected life of options (years) 6.0 6.0 Volatility rate range 93.0 - 93.3 % 92.4 %- 93.3 % The following table summarizes the Company’s stock option activity during the six months ended June 30, 2023: Number of Weighted average Weighted average Aggregate intrinsic Outstanding as of December 31, 2022 3,460,897 $ 5.60 8.23 $ 375 Granted 1,054,357 $ 1.69 — — Exercised ( 393,467 ) $ 1.20 — — Forfeited or cancelled ( 1,021,397 ) $ 5.11 — — Outstanding as of June 30, 2023 3,100,390 $ 5.00 7.83 $ 1,362 Options vested and exercisable as of June 30, 2023 1,580,569 $ 6.21 6.71 $ 468 As of June 30, 2023 , there was $ 4.2 million of unrecognized stock-based compensation expense related to the share-based compensation arrangements under the 2012 Plan. The Company expects to recognize this amount over a weighted-average period of 2.4 years. The aggregate intrinsic value of options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the common stock as of the end of the reporting period. The weighted-average grant date fair value of the Company’s stock options granted during the three months ended June 30, 2023 and 2022 was $ 1.57 and $ 1.72 , respectively. The total fair value of options vested during the three months ended June 30, 2023 and 2022 was $ 1.0 million and $ 2.1 million, respectively. Stock-based compensation expense Stock-based compensation expense included in the Company’s condensed consolidated statements of operations is as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Research and development $ 215 $ 463 $ 637 $ 888 General and administrative 561 902 1,181 1,732 Total stock-based compensation expense $ 776 $ 1,365 $ 1,818 $ 2,620 |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 9. Net loss per share The Company’s potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following shares from the computation of diluted net loss per share attributable to common stockholders as of June 30, 2023 and 2022 because including them would have had an anti-dilutive effect: Six Months Ended 2023 2022 Options to purchase common stock 3,100,390 3,623,819 Unvested shares from early exercises 12,834 110,283 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Legal proceedings From time to time, in the ordinary course of business, the Company is subject to litigation and regulatory examinations as well as information gathering requests, inquiries and investigations. As of June 30, 2023, there were no matters which would have a material impact on the Company’s financial results. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | 11. Leases Operating Lease In August 2018, the Company entered into an operating lease agreement (the "Lease") for office and laboratory space within the building complex located in Lexington, Massachusetts. The Lease commenced in November 2018, and as subsequently amended, is approximately 14,636 rentable square feet (“Original Premises”) and has a maturity date of October 31, 2023 . In July 2021, the Company entered into the second amendment of the Lease and expanded the office space by approximately 5,531 square feet (the “Expansion Premises”), and extended the maturity date to December 31, 2025 for both the Original Premises and Expansion Premises. Lease payments are made monthly, subject to a 3 % annual rent increase, and the Company pays for its proportionate share of building operating costs such as maintenance, utilities, and insurance that are treated as variable costs and excluded from the measurement of the Lease. On March 29, 2023, the Company entered into a Lease Amendment and Termination Agreement (the “Amendment”) with respect to the operating lease with 99 Hayden LLC, which covers certain laboratory and office space at Ledgemont Technology Center at 99 Hayden Avenue, Lexington, Massachusetts (the “Premises”). The Amendment amends the terms of the Lease to terminate the Lease as of March 31, 2023, subject to completion of the requisite surrender requirements, with respect to approximately 14,636 rentable square feet consisting of office and lab space located on two floors of the Premises, and 140 rentable square feet of storage space located on the Premises. Under the terms of the Amendment, the Company will retain and consolidate into the remaining 5,531 rentable square feet of office space under the Lease at the Premises, which will serve as the Company's principal executive office, until October 31, 2023, at which time the Lease will terminate in its entirety. Prior to the expiration of the Lease, the Company intends to assess its real estate needs and plan appropriately. The Company recognized a gain on lease terminations and modification of $ 0.3 million for the six months ended June 30, 2023 on the condensed consolidated statement of operations and derecognized $ 2.2 million in lease liabilities and $ 1.9 million in right of use assets on the condensed consolidated balance sheets. The following table summarizes the presentation of the Company's operating leases on its consolidated balance sheet: Leases Balance sheet classification June 30, December 31, Assets Operating lease assets Other assets $ — $ 2,066 Liabilities Current Operating lease liabilities Accrued expenses and other current liabilities $ 57 $ 889 Noncurrent Operating lease liabilities Other long term liabilities — 1,560 Total lease liabilities $ 57 $ 2,449 The components of lease cost under ASC 842 included in the Company’s condensed consolidated statement of operations for the six months ended June 30, 2023 and 2022 were as follows: Three Months Ended Six Months Ended Lease Cost Statement of operations classification 2023 2022 2023 2022 Operating lease cost Research and development $ 15 $ 158 $ 135 $ 304 Operating lease cost General and administrative 8 33 75 80 Variable lease cost Research and development 24 131 105 244 Variable lease cost General and administrative 13 29 59 65 Total lease cost $ 60 $ 351 $ 374 $ 693 The weighted average remaining lease term and weighted average discount rate of the operating leases was 0.3 years and 5.0 %, respectively, at June 30, 2023 . The Company made cash payments for amounts included in the measurement of operating liabilities of $ 0.3 million for the six months ended June 30, 2023. Future minimum lease payments under non-cancellable operating leases as of June 30, 2023 were as follows (in thousands): Maturity of lease liabilities Amount 2023 (excluding the six months ended June 30, 2023) $ 57 Less: interest — Present value of operating lease liabilities $ 57 |
Employee benefit plans
Employee benefit plans | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Employee benefit plans | 12. Employee benefit plans The Company has a 401(k) retirement plan for its employees, which is designed to be qualified under Section 401(k) of the Internal Revenue Code. Eligible employees are permitted to contribute to the 401(k) plan within statutory and 401(k) plan limits. The Company implemented a matching contribution in 2022 and has made $ 0.2 million matching contributions for the six months ended June 30, 2023 . |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | 13. Restructuring On January 19, 2023, the Company announced a strategic prioritization of clinical development of CYT-0851, which included the discontinuation of preclinical efforts and a workforce reduction by approximately 70 % of the Company's workforce. For the six months ended June 30, 2023 , the Company estimated and incurred $ 4.5 million of restructuring charges related to termination benefits and other related charges of which $ 2.7 million and $ 1.8 million, respectively, were recorded in research and development expenses and general and administrative expenses in the Company's condensed consolidated statements of operations. Non-cash expenses related to the strategic prioritization, consisting of an estimated $ 0.9 million loss on disposal of property and equipment and a gain of $ 0.3 million on lease terminations and modification and were recorded in other income (expense) in the Company's condensed consolidated statements of operations. On June 30, 2023, the Company's Board of Directors announced its discontinuation of all development of CYT-0851 and has determined to dissolve the Company. For the three months ended June 30, 2023, we recognized restructuring charges of $ 2.2 million related to termination benefits of which $ 1.1 million were recorded in both research and development expenses and general and administrative expenses in the Company's condensed consolidated statements of operations. For the six months ended June 30, 2023, t he Company made $ 2.3 million of cash payments related to the restructuring. As of June 30, 2023 , the restructuring accrual was approximately $ 2.2 million and was recorded in accrued expenses and other current liabilities in the Company's condensed consolidated balance sheet. The following table outlines our restructuring activities for the six months ended June 30, 2023 (in thousands): Opening Balance - December 31, 2022 $ - Employee termination-related charges 4,536 Payments ( 2,318 ) Balance - June 30, 2023 $ 2,218 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent events On June 30, 2023, the Company's Board of Directors announced its discontinuation of all development of CYT-0851, its investigational monocarboxylate transporter inhibitor, and has determined to dissolve the Company. The Company’s Board of Directors intends to approve a Plan of Liquidation and Dissolution (“Plan of Dissolution”) that would, subject to shareholder approval, include the distribution of remaining cash to shareholders following an orderly wind down of the Company’s operations, including the proceeds, if any, from the sale of its assets. Prior to winding down operations, the Company intends to complete regulatory and patient obligations from the ongoing clinical trial. The Company has engaged independent advisors, who are experienced in the dissolution and liquidation of companies, to assist in the Company’s dissolution and liquidation. The Company also intends to call a special meeting of its shareholders in the second half of 2023 to seek approval of the Plan of Dissolution and will file proxy materials relating to the special meeting with the Securities and Exchange Commission (the “SEC”). If the Company’s shareholders approve the Plan of Dissolution and the likelihood is remote that the Company would return from liquidation, the Company would consider liquidation as imminent and implement liquidation basis of accounting. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Interim Financial Information | Interim Financial Information The accompanying condensed consolidated balance sheet at June 30, 2023, and the condensed consolidated statements of operations, statements of changes in stockholders’ equity for the three and six months ended June 30, 2023 and 2022 and condensed consolidated statements of cash flows for the six months ended June 30, 2023 and 2022 are unaudited. The condensed consolidated interim financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position at June 30, 2023 and the results of its operations for the three and six months ended June 30, 2023 and 2022 and its cash flows for the six months ended June 30, 2023 and 2022. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2023 and 2022 are also unaudited. The results for the three and six months ended June 30, 2023 are not necessarily indicative of results to be expected for the full year or for any other subsequent interim period. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value On Recurring Basis | The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands): June 30, 2023 Assets: Total Quoted prices in Significant Significant Cash equivalents: Money market funds $ 133,405 $ 133,405 $ — $ — Total assets $ 133,405 $ 133,405 $ $ December 31, 2022 Assets Total Quoted prices in Significant Significant Cash equivalents: Money market funds $ 146,870 $ 146,870 $ — $ — Total assets $ 146,870 $ 146,870 $ — $ — |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): June 30, December 31, Prepaid research and development expenses $ 80 $ 786 Prepaid insurance - 982 Prepaid other 103 304 Other receivables 95 17 Total $ 278 $ 2,089 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): Acquisition cost Laboratory and computer equipment Leasehold improvements Total As of December 31, 2022 $ 1,846 $ 1,675 $ 3,521 Disposals ( 1,752 ) ( 1,266 ) ( 3,018 ) As of June 30, 2023 $ 94 $ 409 $ 503 Accumulated depreciation and amortization Laboratory and computer equipment Leasehold improvements Total As of December 31, 2022 $ ( 827 ) $ ( 995 ) $ ( 1,822 ) Depreciation expense ( 59 ) ( 199 ) ( 258 ) Disposals 866 926 1,792 As of June 30, 2023 $ ( 20 ) $ ( 268 ) $ ( 288 ) Carrying amount Laboratory and computer equipment Leasehold improvements Total As of December 31, 2022 $ 1,019 $ 680 $ 1,699 As of June 30, 2023 $ 74 $ 141 $ 215 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, December 31, Accrued research and development expenses $ 1,636 $ 1,356 Accrued compensation 3,257 1,510 Accrued other 290 432 Operating lease liabilities 57 889 Total accrued expenses and other current liabilities $ 5,240 $ 4,187 |
Common Stock (Tables)
Common Stock (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Common Stock for Potential Exercise of Stock Options | As of June 30, 2023 and December 31, 2022, the Company has reserved the following shares of common stock for the potential exercise of stock options: June 30, December 31, 2023 2022 Options to purchase common stock 3,100,390 3,460,897 Remaining shares reserved for future issuance 7,457,120 5,706,345 Total 10,557,510 9,167,242 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Assumptions Used in Black Scholes Option-Pricing Model to Determine Grant Fair Value of Stock Option | The assumptions that the Company used in the Black Scholes option-pricing model to determine the grant date fair value of stock options granted were as follows: June 30, December 31, Risk-free interest rate range 3.64 - 3.65 % 1.89 %- 4.23 % Dividend yield 0.0 % 0.0 % Expected life of options (years) 6.0 6.0 Volatility rate range 93.0 - 93.3 % 92.4 %- 93.3 % |
Schedule of Stock Option Activity | The following table summarizes the Company’s stock option activity during the six months ended June 30, 2023: Number of Weighted average Weighted average Aggregate intrinsic Outstanding as of December 31, 2022 3,460,897 $ 5.60 8.23 $ 375 Granted 1,054,357 $ 1.69 — — Exercised ( 393,467 ) $ 1.20 — — Forfeited or cancelled ( 1,021,397 ) $ 5.11 — — Outstanding as of June 30, 2023 3,100,390 $ 5.00 7.83 $ 1,362 Options vested and exercisable as of June 30, 2023 1,580,569 $ 6.21 6.71 $ 468 |
Schedule of Stock Based Compensation Expense | Stock-based compensation expense included in the Company’s condensed consolidated statements of operations is as follows (in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Research and development $ 215 $ 463 $ 637 $ 888 General and administrative 561 902 1,181 1,732 Total stock-based compensation expense $ 776 $ 1,365 $ 1,818 $ 2,620 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Diluted Net Loss per Share Attributable to Common Stockholders | The Company excluded the following shares from the computation of diluted net loss per share attributable to common stockholders as of June 30, 2023 and 2022 because including them would have had an anti-dilutive effect: Six Months Ended 2023 2022 Options to purchase common stock 3,100,390 3,623,819 Unvested shares from early exercises 12,834 110,283 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Summary of Operating Leases on Consolidated Balance Sheet | The following table summarizes the presentation of the Company's operating leases on its consolidated balance sheet: Leases Balance sheet classification June 30, December 31, Assets Operating lease assets Other assets $ — $ 2,066 Liabilities Current Operating lease liabilities Accrued expenses and other current liabilities $ 57 $ 889 Noncurrent Operating lease liabilities Other long term liabilities — 1,560 Total lease liabilities $ 57 $ 2,449 |
Components of Lease Cost | The components of lease cost under ASC 842 included in the Company’s condensed consolidated statement of operations for the six months ended June 30, 2023 and 2022 were as follows: Three Months Ended Six Months Ended Lease Cost Statement of operations classification 2023 2022 2023 2022 Operating lease cost Research and development $ 15 $ 158 $ 135 $ 304 Operating lease cost General and administrative 8 33 75 80 Variable lease cost Research and development 24 131 105 244 Variable lease cost General and administrative 13 29 59 65 Total lease cost $ 60 $ 351 $ 374 $ 693 |
Schedule of Future Minimum Payments Required Under Non-cancellable Operating Leases | Future minimum lease payments under non-cancellable operating leases as of June 30, 2023 were as follows (in thousands): Maturity of lease liabilities Amount 2023 (excluding the six months ended June 30, 2023) $ 57 Less: interest — Present value of operating lease liabilities $ 57 |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Activities | The following table outlines our restructuring activities for the six months ended June 30, 2023 (in thousands): Opening Balance - December 31, 2022 $ - Employee termination-related charges 4,536 Payments ( 2,318 ) Balance - June 30, 2023 $ 2,218 |
Nature of the Business - Additi
Nature of the Business - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Subsidiary or Equity Method Investee [Line Items] | |||
Accumulated deficit | $ (159,004) | $ (138,114) | |
Cash and cash equivalents | $ 133,635 | $ 147,120 | $ 166,396 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Financial Assets and Liabilities Measured at Fair Value On Recurring Basis (Details) - Recurring - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Assets: | ||
Total assets | $ 133,405 | $ 146,870 |
Money Market Funds | ||
Assets: | ||
Cash equivalents | 133,405 | 146,870 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Total assets | 133,405 | 146,870 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money Market Funds | ||
Assets: | ||
Cash equivalents | $ 133,405 | $ 146,870 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Fair value of assets, Level 1 to Level 2 transfers, amount | $ 0 | $ 0 |
Fair value of assets, Level 2 to Level 1 transfers, amount | $ 0 | $ 0 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid research and development expenses | $ 80 | $ 786 |
Prepaid insurance | 982 | |
Prepaid other | 103 | 304 |
Other receivable | 95 | 17 |
Total | $ 278 | $ 2,089 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Property Plant And Equipment [Line Items] | ||
Acquisition cost, Beginning Balance | $ 3,521 | |
Acquisition cost, Disposals | (3,018) | |
Acquisition cost, Ending Balance | 503 | |
Accumulated depreciation and amortization, beginning balance | (1,822) | |
Accumulated depreciation and amortization, Depreciation expense | (258) | |
Accumulated depreciation and amortization, Disposals | 1,792 | |
Accumulated depreciation and amortization, Ending balance | (288) | |
Property and equipment, net | 215 | $ 1,699 |
Laboratory and Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Acquisition cost, Beginning Balance | 1,846 | |
Acquisition cost, Disposals | (1,752) | |
Acquisition cost, Ending Balance | 94 | |
Accumulated depreciation and amortization, beginning balance | (827) | |
Accumulated depreciation and amortization, Depreciation expense | (59) | |
Accumulated depreciation and amortization, Disposals | 866 | |
Accumulated depreciation and amortization, Ending balance | (20) | |
Property and equipment, net | 74 | 1,019 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Acquisition cost, Beginning Balance | 1,675 | |
Acquisition cost, Disposals | (1,266) | |
Acquisition cost, Ending Balance | 409 | |
Accumulated depreciation and amortization, beginning balance | (995) | |
Accumulated depreciation and amortization, Depreciation expense | (199) | |
Accumulated depreciation and amortization, Disposals | 926 | |
Accumulated depreciation and amortization, Ending balance | (268) | |
Property and equipment, net | $ 141 | $ 680 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jan. 19, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |||||
Depreciation and amortization expense | $ 100 | $ 200 | $ 258 | $ 328 | |
Loss on disposal of property and equipment | $ 925 | ||||
Percentage of workforce reduction and preclinical efforts | 70% |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued research and development expenses | $ 1,636 | $ 1,356 |
Accrued compensation | 3,257 | 1,510 |
Accrued other | 290 | 432 |
Operating lease liabilities | 57 | 889 |
Total accrued expenses and other current liabilities | $ 5,240 | $ 4,187 |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Common stock, voting rights | The holders of the common stock are entitled to one vote for each share of common stock held submitted to a vote of stockholders, and there are not any cumulative voting rights. |
Common Stock - Schedule of Comm
Common Stock - Schedule of Common Stock for Potential Exercise of Stock Options (Details) - shares | Jun. 30, 2023 | Dec. 31, 2022 |
Class Of Stock [Line Items] | ||
Common stock issuable upon conversion | 10,557,510 | 9,167,242 |
Options to Purchase Common Stock | ||
Class Of Stock [Line Items] | ||
Common stock issuable upon conversion | 3,100,390 | 3,460,897 |
Remaining Shares Reserved for Future Issuance | ||
Class Of Stock [Line Items] | ||
Common stock issuable upon conversion | 7,457,120 | 5,706,345 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jan. 01, 2023 | Jun. 21, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Issuance of shares of common stock | 10,557,510 | 10,557,510 | 9,167,242 | |||
Weighted average exercise price | $ 5 | $ 5 | $ 5.60 | |||
Weighted-average grant date fair value of stock options granted | $ 1.57 | $ 1.72 | ||||
Weighted-average period | 2 years 4 months 24 days | |||||
Total fair value of options vested | $ 1 | $ 2.1 | ||||
Unvested Stock Options | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unvested shares related to early exercises of stock options | 12,834 | 12,834 | 59,445 | |||
2012 Stock Incentive Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Maximum term of options granted | 10 years | |||||
Vesting period | 4 years | |||||
Common stock available for future grant | 2,732,632 | 2,732,632 | ||||
Unrecognized stock based compensation expense | $ 4.2 | $ 4.2 | ||||
2012 Stock Incentive Plan | Maximum | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Issuance of shares of common stock | 6,941,421 | 6,941,421 | ||||
2021 Equity Incentive Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Issuance of shares of common stock | 5,932,632 | 5,932,632 | ||||
Common stock available for future grant | 7,457,120 | 7,457,120 | ||||
Percentage of number of shares of stock outstanding | 5% | |||||
Increase in common stock reserved and available for issuance | 1,778,784 | |||||
2021 Employee Stock Purchase Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of number of shares of stock outstanding | 1% | |||||
Proceeds from ESPP | $ 0.1 | |||||
Increase in common stock reserved and available for issuance | 355,756 | |||||
Number of share increase | 600,000 | |||||
2021 Employee Stock Purchase Plan | Common Stock | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of shares issued | 41,147 | |||||
Weighted average exercise price | $ 1.49 | $ 1.49 | ||||
2021 Employee Stock Purchase Plan | Maximum | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Issuance of shares of common stock | 300,000 | |||||
Number of shares of stock authorized | 6,300,000 | 6,300,000 | ||||
Current Equity Incentive Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Issuance of shares of common stock | 3,200,000 | 3,200,000 | ||||
2012 Shares Made Available 2021 Equity Incentive Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Issuance of shares of common stock | 2,732,632 | 2,732,632 |
Stock-based Compensation - Assu
Stock-based Compensation - Assumptions Used in Black Scholes Option-Pricing Model to Determine Grant Fair Value of Stock Option (Details) - Stock Option | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate range, minimum | 3.64% | 1.89% |
Risk-free interest rate range, maximum | 3.65% | 4.23% |
Dividend yield | 0% | 0% |
Expected life of options (years) | 6 years | 6 years |
Volatility rate range, minimum | 93% | 92.40% |
Volatility rate range, maximum | 93.30% | 93.30% |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Number of shares, beginning balance | 3,460,897 | |
Number of shares, Granted | 1,054,357 | |
Number of shares, Exercised | (393,467) | |
Number of shares, Forfeited or cancelled | (1,021,397) | |
Number of shares, ending balance | 3,100,390 | 3,460,897 |
Number of shares, Options vested and exercisable | 1,580,569 | |
Weighted average exercise price, beginning balance | $ 5.60 | |
Weighted average exercise price, Granted | 1.69 | |
Weighted average exercise price, Exercised | 1.20 | |
Weighted average exercise price, Forfeited or cancelled | 5.11 | |
Weighted average exercise price, ending balance | 5 | $ 5.60 |
Weighted average exercise price, Options vested and exercisable | $ 6.21 | |
Weighted average remaining contractual term (in years), balance | 7 years 9 months 29 days | 8 years 2 months 23 days |
Weighted average remaining contractual term (in years), Options vested and exercisable | 6 years 8 months 15 days | |
Aggregate intrinsic value, beginning balance | $ 375 | |
Aggregate intrinsic value, ending balance | 1,362 | $ 375 |
Aggregate intrinsic value, Options vested and exercisable | $ 468 |
Stock-based Compensation - Sc_2
Stock-based Compensation - Schedule of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 776 | $ 1,365 | $ 1,818 | $ 2,620 |
Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 215 | 463 | 637 | 888 |
General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 561 | $ 902 | $ 1,181 | $ 1,732 |
Net Loss per Share - Computatio
Net Loss per Share - Computation of Diluted Net Loss per Share Attributable to Common Stockholders (Details) - shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Options to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of EPS | 3,100,390 | 3,623,819 |
Unvested Shares from Early Exercises | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of EPS | 12,834 | 110,283 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 ft² | Aug. 31, 2018 ft² | Jun. 30, 2023 USD ($) | Mar. 29, 2023 ft² Floor | |
Lessee, Lease, Description [Line Items] | ||||
Operating lease, weighted average remaining lease term | 3 months 18 days | |||
Operating lease, weighted average discount rate | 5% | |||
Operating lease, payments | $ | $ 300 | |||
Operating Lease Liability Derecognized | $ | 2,200 | |||
Right of Use Assets Derecognized | $ | 1,900 | |||
Gain on lease terminations and modification | $ | $ 318 | |||
Massachusetts | ||||
Lessee, Lease, Description [Line Items] | ||||
Total rentable area | 5,531 | |||
Premises | Massachusetts | ||||
Lessee, Lease, Description [Line Items] | ||||
Total rentable area | 14,636 | |||
Lease expiration date | Oct. 31, 2023 | |||
Number of square feet expanding | 5,531 | |||
Operating lease extended maturity date | Dec. 31, 2025 | |||
Description of option to extend operating lease | In July 2021, the Company entered into the second amendment of the Lease and expanded the office space by approximately 5,531 square feet (the “Expansion Premises”), and extended the maturity date to December 31, 2025 for both the Original Premises and Expansion Premises. | |||
Existence option to extend operating lease | true | |||
Increase in annual rent percentage | 3% | |||
Office and Lab Space [Member] | Massachusetts | ||||
Lessee, Lease, Description [Line Items] | ||||
Total rentable area | 14,636 | |||
Number of floors | Floor | 2 | |||
Storage Space [Member] | Massachusetts | ||||
Lessee, Lease, Description [Line Items] | ||||
Total rentable area | 140 |
Leases - Summary of Operating L
Leases - Summary of Operating Leases on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Operating lease assets | $ 2,066 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Liabilities | ||
Operating lease liabilities, Current | $ 57 | $ 889 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Other Accrued Liabilities, Current | Accounts Payable and Other Accrued Liabilities, Current |
Operating lease liabilities, Noncurrent | $ 1,560 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Total lease liabilities | $ 57 | $ 2,449 |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Lessee, Lease, Description [Line Items] | ||||
Total lease cost | $ 60 | $ 351 | $ 374 | $ 693 |
Research and Development | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease cost | 15 | 158 | 135 | 304 |
Variable lease cost | 24 | 131 | 105 | 244 |
General and Administrative | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease cost | 8 | 33 | 75 | 80 |
Variable lease cost | $ 13 | $ 29 | $ 59 | $ 65 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Payments Required Under Non-cancellable Operating Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Lessee, Operating Lease, Liability, to be Paid [Abstract] | ||
2023 (excluding the six months ended June 30, 2023) | $ 57 | |
Present value of operating lease liabilities | $ 57 | $ 2,449 |
Employee benefit plans - Additi
Employee benefit plans - Additional Information (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Share-Based Payment Arrangement [Abstract] | |
Contributions by employer | $ 0.2 |
Restructuring - Additional Info
Restructuring - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jan. 19, 2023 | Jun. 30, 2023 | Jun. 30, 2023 | |
Restructuring Cost and Reserve [Line Items] | |||
Percentage of Workforce Reduction and Preclinical Efforts | 70% | ||
Restructuring charges | $ 2,200 | $ 4,500 | |
Cash payments related to restructuring | 2,318 | ||
Loss on disposal of property and equipment | 925 | ||
Gain on lease terminations and modification | 318 | ||
Restructuring accrual | 2,200 | ||
Research and development | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 1,100 | 2,700 | |
General and Administrative | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 1,100 | $ 1,800 |
Restructuring - Schedule of Res
Restructuring - Schedule of Restructuring Activities (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Restructuring and Related Activities [Abstract] | |
Opening Balance - December 31, 2022 | $ 0 |
Employee termination related charges | 4,536 |
Payments | (2,318) |
Balance - March 31, 2023 | $ 2,218 |