Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 10, 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 | |
Trading Symbol | APVO | |
Entity Registrant Name | APTEVO THERAPEUTICS INC. | |
Entity Central Index Key | 0001671584 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 11,523,716 | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Security Exchange Name | NASDAQ | |
Entity Address, Address Line One | 2401 4th Avenue | |
Entity Address, Address Line Two | Suite 1050 | |
Entity Address, City or Town | Seattle | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98121 | |
City Area Code | 206 | |
Local Phone Number | 838-0500 | |
Entity Incorporation, State or Country Code | DE | |
Entity Current Reporting Status | Yes | |
Entity Tax Identification Number | 81-1567056 | |
Entity File Number | 001-37746 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 21,006 | $ 22,635 |
Royalty and milestone receivable | 2,500 | |
Prepaid expenses | 910 | 1,571 |
Other current assets | 764 | 744 |
Total current assets | 22,680 | 27,450 |
Property and equipment, net | 1,134 | 1,462 |
Operating lease right-of-use asset | 5,098 | 5,303 |
Total assets | 28,912 | 34,215 |
Current liabilities: | ||
Accounts payable and other accrued liabilities | 4,873 | 3,499 |
Accrued compensation | 1,292 | 2,105 |
Current portion of long-term debt | 2,000 | |
Other current liabilities | 746 | 1,102 |
Total current liabilities | 6,911 | 8,706 |
Long-term debt | 1,456 | |
Operating lease liability | 5,748 | 6,079 |
Total liabilities | 12,659 | 16,241 |
Stockholders' equity: | ||
Preferred stock: $0.001 par value; 15,000,000 shares authorized, zero shares issued or outstanding | ||
Common stock: $0.001 par value; 500,000,000 shares authorized; 7,543,440 and 6,466,294 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 49 | 48 |
Additional paid-in capital | 227,415 | 223,962 |
Accumulated deficit | (211,211) | (206,036) |
Total stockholders' equity | 16,253 | 17,974 |
Total liabilities and stockholders' equity | $ 28,912 | $ 34,215 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 15,000,000 | 15,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 7,543,440 | 6,466,294 |
Common stock, shares outstanding | 7,543,440 | 6,466,294 |
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 | |
Income Statement [Abstract] | ||||
Royalty revenue | $ 3,114 | |||
Revenue from Contract with Customer, Product and Service [Extensible List] | us-gaap:RoyaltyMember | |||
Operating expenses: | ||||
Research and development | $ (5,462) | $ (3,865) | $ (9,630) | $ (8,731) |
General and administrative | (2,716) | (3,697) | (6,304) | (7,556) |
Loss from operations | (8,178) | (7,562) | (15,934) | (13,173) |
Other income (expense): | ||||
Other income (expense) from continuing operations, net | 230 | (1,759) | 163 | (4,023) |
Gain related to sale of non-financial asset | 9,650 | |||
Gain on extinguishment of liability related to sale of royalties | 37,182 | 37,182 | ||
Net (loss) income from continuing operations | (7,948) | 27,861 | (6,121) | 19,986 |
Discontinued operations: | ||||
Income from discontinued operations | 149 | 946 | 327 | |
Net (loss) income | $ (7,948) | $ 28,010 | $ (5,175) | $ 20,313 |
Basic and diluted net (loss) income per share from continuing operations: | ||||
Basic | $ (1.23) | $ 5.55 | $ (0.85) | $ 4.01 |
Diluted | (1.23) | 5.55 | (0.85) | 4.01 |
Basic net (loss) income per share | (1.23) | 5.58 | (0.72) | 4.08 |
Diluted net (loss) income per share | $ (1.23) | $ 5.58 | $ (0.72) | $ 4.08 |
Shares used in calculation: | ||||
Basic shares used in calculation | 6,482,158 | 5,023,321 | 7,190,701 | 4,980,625 |
Diluted shares used in calculation | 6,482,158 | 5,023,321 | 7,190,701 | 4,980,970 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating Activities | ||
Net (loss) income | $ (5,175) | $ 20,313 |
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||
Stock-based compensation | 1,380 | 1,086 |
Depreciation and amortization | 328 | 518 |
Non-cash interest expense and other | 10 | 3,290 |
Gain on extinguishment of liability related to sale of royalties | (37,182) | |
Changes in operating assets and liabilities: | ||
Royalty receivable | 2,500 | 3,664 |
Prepaid expenses and other current assets | 641 | 1,248 |
Operating lease right-of-use asset | 205 | 444 |
Accounts payable, accrued compensation and other liabilities | 205 | (2,245) |
Long-term operating lease liability | (331) | 677 |
Net cash used in operating activities | (237) | (8,187) |
Investing Activities | ||
Purchases of property and equipment | (25) | |
Net cash used in investing activities | (25) | |
Financing Activities | ||
Payments of long-term debt, including fees | (3,467) | (11,267) |
Repayments under liability related to sale of royalties | (6,779) | |
Value of equity awards withheld for tax liability | (8) | (4) |
Proceeds from milestones related to sale of royalties | 10,000 | |
Transaction costs for milestones related to sale of royalties | (500) | |
Proceeds from issuance of common stock | 2,083 | 436 |
Net cash used in financing activities | (1,392) | (8,114) |
Decrease in cash and cash equivalents | (1,629) | (16,326) |
Cash and cash equivalents at beginning of period | 22,635 | 46,303 |
Cash and cash equivalents at end of period | $ 21,006 | 29,977 |
Supplemental Cash Flow Elements [Abstract] | ||
Change in ROU asset and lease liability from lease remeasurement | $ 4,372 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Common Stock Purchase Agreement Lincoln Park | Additional Paid-In Capital | Accumulated Deficit |
Balance at Dec. 31, 2021 | $ 1,216 | $ 47 | $ 215,232 | $ (214,063) | |
Balance (in shares) at Dec. 31, 2021 | 4,898,143 | ||||
Common stock issued upon vesting of restricted stock units | (4) | (4) | |||
Common stock issued upon vesting of restricted stock units (in shares) | 9,822 | ||||
Commitment shares issued/ proceeds from issuance of common stock (in shares) | 99,276 | ||||
Stock-based compensation | 601 | 601 | |||
Net income (loss) for the period | (7,697) | (7,697) | |||
Balance at Mar. 31, 2022 | (5,884) | $ 47 | 215,829 | (221,760) | |
Balance (in shares) at Mar. 31, 2022 | 5,007,241 | ||||
Balance at Dec. 31, 2021 | 1,216 | $ 47 | 215,232 | (214,063) | |
Balance (in shares) at Dec. 31, 2021 | 4,898,143 | ||||
Net income (loss) for the period | 20,313 | ||||
Balance at Jun. 30, 2022 | 23,047 | $ 47 | 216,750 | (193,750) | |
Balance (in shares) at Jun. 30, 2022 | 5,089,852 | ||||
Balance at Mar. 31, 2022 | (5,884) | $ 47 | 215,829 | (221,760) | |
Balance (in shares) at Mar. 31, 2022 | 5,007,241 | ||||
Common stock issued upon vesting of restricted stock units (in shares) | 4,326 | ||||
Commitment shares issued/ proceeds from issuance of common stock | 436 | 436 | |||
Commitment shares issued/ proceeds from issuance of common stock (in shares) | 78,285 | ||||
Stock-based compensation | 485 | 485 | |||
Net income (loss) for the period | 28,010 | 28,010 | |||
Balance at Jun. 30, 2022 | 23,047 | $ 47 | 216,750 | (193,750) | |
Balance (in shares) at Jun. 30, 2022 | 5,089,852 | ||||
Balance at Dec. 31, 2022 | 17,974 | $ 48 | 223,962 | (206,036) | |
Balance (in shares) at Dec. 31, 2022 | 6,466,294 | ||||
Common stock issued upon vesting of restricted stock units | (8) | (8) | |||
Common stock issued upon vesting of restricted stock units (in shares) | 42,264 | ||||
Commitment shares issued/ proceeds from issuance of common stock | 1,602 | $ 1 | 1,601 | ||
Commitment shares issued/ proceeds from issuance of common stock (in shares) | 730,913 | ||||
Stock-based compensation | 915 | 915 | |||
Net income (loss) for the period | 2,773 | 2,773 | |||
Balance at Mar. 31, 2023 | 23,256 | $ 49 | 226,470 | (203,263) | |
Balance (in shares) at Mar. 31, 2023 | 7,239,471 | ||||
Balance at Dec. 31, 2022 | 17,974 | $ 48 | 223,962 | (206,036) | |
Balance (in shares) at Dec. 31, 2022 | 6,466,294 | ||||
Commitment shares issued/ proceeds from issuance of common stock (in shares) | 300,000 | ||||
Net income (loss) for the period | (5,175) | ||||
Balance at Jun. 30, 2023 | 16,253 | $ 49 | 227,415 | (211,211) | |
Balance (in shares) at Jun. 30, 2023 | 7,543,440 | ||||
Balance at Mar. 31, 2023 | 23,256 | $ 49 | 226,470 | (203,263) | |
Balance (in shares) at Mar. 31, 2023 | 7,239,471 | ||||
Common stock issued upon vesting of restricted stock units | (2) | (2) | |||
Common stock issued upon vesting of restricted stock units (in shares) | 3,969 | ||||
Commitment shares issued/ proceeds from issuance of common stock | 482 | 482 | |||
Commitment shares issued/ proceeds from issuance of common stock (in shares) | 300,000 | ||||
Stock-based compensation | 465 | 465 | |||
Net income (loss) for the period | (7,948) | (7,948) | |||
Balance at Jun. 30, 2023 | $ 16,253 | $ 49 | $ 227,415 | $ (211,211) | |
Balance (in shares) at Jun. 30, 2023 | 7,543,440 |
Nature of Business and Signific
Nature of Business and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Nature of Business and Significant Accounting Policies | Note 1. Nature of Business and Significant Accounting Policies Organization and Liquidity Aptevo Therapeutics Inc. (Aptevo, we, us, or the Company) is a clinical-stage, research and development biotechnology company focused on developing novel immuno-oncology candidates for the treatment of different forms of cancer. We have developed two versatile and enabling platform technologies for rational design of precision immune modulatory drugs. Our clinical candidates, APVO436 and ALG.APV-527, and preclinical candidates, APVO603 and APVO711, were developed using our ADAPTIR modular protein technology platform. Our preclinical candidate APVO442 was developed using our ADAPTIR-FLEX modular protein technology platform. We are currently trading on the Nasdaq Capital Market under the symbol “APVO.” The accompanying financial statements have been prepared on a basis that assumes we will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. For the six months ended June 30, 2023 , we had a net loss of $ 5.2 million. We had an accumulated deficit of $ 211.2 million as of June 30, 2023. For the six months ended June 30, 2023 , net cash used in our operating activities was $ 0.2 million. We have suffered recurring losses from operations and negative cash flows from operating activities. We believe that our existing cash resources, milestone payments related to the Royalty Purchase Agreement with HealthCare Royalty Management, LLC ("HCR"), funds available under the Purchase Agreement with Lincoln Park Capital Fund, LLC ("Lincoln Park") and the Equity Distribution Agreement with Piper Sandler & Co ("Piper Sandler"), cash to be generated from future milestones related to IXINITY sales and regulatory approvals achieved by Medexus Pharmaceuticals, Inc. ("Medexus"), and contingent considerations to be received from Kamada Ltd. (previously Saol), will be sufficient to meet our projected operating requirements for at least twelve months from the date of issuance of these financial statements. On August 4, 2023, we completed a public offering related to the issuance and sale of our common stock (or pre-funded warrant in lieu thereof) and received $ 5 million in gross proceeds from issuance of these shares. Our net proceeds from the offering amounted to $ 4.5 million after placement agent and other fees (see Note 12). We may choose to raise additional funds to support our operating and capital needs in the future. We continue to face significant challenges and uncertainties and, as a result, our available capital resources may be consumed more rapidly than currently expected due to: (a) changes we may make to the business that affect ongoing operating expenses; (b) changes we may make in our business strategy; (c) changes we may make in our research and development spending plans; (d) whether and to what extent expected milestones are received from Medexus with respect to IXINITY; (e) whether and to what extent future milestone payments are received under our Royalty Purchase Agreement; (f) macroeconomic conditions such as rising interest rates, inflation and costs; and (g) other items affecting our forecasted level of expenditures and use of cash resources. We may obtain additional funding through our existing equity Purchase Agreement with Lincoln Park or our Equity Distribution Agreement with Piper Sandler, or attempt to obtain other public or private financing, collaborative or licensing arrangements with strategic partners, or through credit lines or other debt financing sources to increase the funds available to fund operations. However, we may not be able to secure such funding in a timely manner or on favorable terms, if at all. Furthermore, if we issue equity or debt securities to raise additional funds, our existing stockholders may experience dilution, and the new equity or debt securities may have rights, preferences, and privileges senior to those of our existing stockholders. If we raise additional funds through collaboration, licensing, or other similar arrangements, it may be necessary to relinquish valuable rights to our potential products or proprietary technologies, or grant licenses on terms that are not favorable to us. Without additional funds, we may be forced to delay, scale back, or eliminate some of our research and development activities or other operations and potentially delay product development in an effort to provide sufficient funds to continue our operations. If any of these events occurs, our ability to achieve our development and commercialization goals may be adversely affected. Given the continuing global economic and geopolitical climate, including rising interest rates and stock market volatility, we may experience delays or difficulties in the financing environment and raising capital due to economic uncertainty. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). These unaudited condensed consolidated financial statements include all adjustments, which include normal recurring adjustments, necessary for the fair presentation of the Company’s financial position. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2022, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and changes in these estimates are recorded when known. The unaudited condensed consolidated financial statements include the accounts of the Company and our wholly owned subsidiary, Aptevo Research and Development LLC. All intercompany balances and transactions have been eliminated. Use of Estimates The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent liabilities in the unaudited condensed financial statements and accompanying notes. Estimates are used for, but not limited to, clinical accruals, useful lives of equipment, commitments and contingencies, stock-based compensation, and incremental borrowing rate (IBR) used for our lease. Given the global economic and geopolitical climate, these estimates are becoming more challenging, and actual results could differ materially from those estimates. Significant Accounting Policies Gain Related to Sale of Nonfinancial Asset to XOMA (US) LLC On March 29, 2023, we entered into and closed a payment interest purchase agreement (the “Purchase Agreement”) with XOMA (US) LLC (“XOMA”) pursuant to which we sold to XOMA our right, title and interest in all of the deferred payments and a portion of the milestone payments from Medexus pursuant to our LLC Purchase Agreement. Under the terms of the Purchase Agreement, we received $ 9.6 million at closing (the “Closing Payment”) and an additional post-closing payment of $ 0.05 million post-closing payment. In exchange for the Closing Payment, the Company sold to XOMA its right, title and interest to the following payments under the LLC Purchase Agreement: (i) 100 % of the Company’s entitlement to receive the deferred payments that may become due and payable following March 29, 2023 (including, for avoidance of doubt, any and all payments earned during Q1 2023), (ii) 25 % of the milestone payment upon receipt of a Notice of Compliance for IXINITY from Health Canada (the "Canadian Approval Milestone Payment"); and (iii) 50 % of the milestone payments upon receipt of regulatory approval in each of Germany, France, the United Kingdom, Spain and Italy (the "European Approval Milestone Payments") and when the worldwide net sales of IXINITY for a fiscal year meet or exceed $ 120 million (the "Net Sales Milestone Payment"). We accounted for the $ 9.6 million Closing Payment and the $ 0.05 million post-closing payment from XOMA as other income in accordance with Accounting Standards Codification (ASC) 610-20 Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets in the first quarter of 2023. Contractual rights sold to XOMA represent an intangible asset under ASC 610-20 Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets for which XOMA bears all benefit and Aptevo has no obligations going forward. The Company will continue to account for its portion of future milestones under our LLC Purchase Agreement with Medexus as contingent consideration under ASC 450-30 Gain Contingencies and will record income when proceeds are received. Liability Related to Sale of Royalties and Non-Cash Interest Expense On March 30, 2021, we entered into and closed a Royalty Purchase Agreement with HCR pursuant to which we sold to HCR the right to receive royalty payments made by Pfizer in respect of global net sales of RUXIENCE. Under the terms of the Royalty Purchase Agreement, we have received $ 47.5 million through June 30, 2023 ($ 35 million at closing and $ 12.5 million in milestone payments) and we are eligible to receive an additional $ 10 million based on the achievement of sales milestone 2023. Through March 31, 2022, we accounted for the Royalty Purchase Agreement with HCR as a debt-like instrument, amortized under the effective interest rate method over the life of the related expected royalty stream. The liabilities related to the sale of royalties and the debt amortization were based on our estimates of royalties expected to be paid over the life of the arrangement. We received the 2021 milestone payments in the collective amount of $ 10 million on March 8, 2022. The proceeds from these milestone payments, net of transaction costs, were recorded as an additional liability related to the sale of royalties on the consolidated balance sheet as of March 31, 2022 pursuant to ASC 470-10-25, Debt – Sales of Future Revenues or Various Other Measures of Income . On June 7, 2022, we entered into and closed an amendment to the Royalty Purchase Agreement (the "Amendment to Royalty Purchase Agreement") (see Note 8) which removed all restrictions related to HCR’s rate of return, and it is no longer a sale of a specified percentage of royalty revenue. The Amendment to Royalty Purchase Agreement was accounted for under ASC 610-20, Gains and Losses from Derecognition of Nonfinancial Assets and ASC 405-20, Liabilities – Extinguishment of Liabilities and the transaction was no longer considered a debt-like financing. As a result of the Amendment to Royalty Purchase Agreement, the Company recognized a gain of $ 37.2 million in the second quarter of 2022, which was the total balance of liability related to the sale of royalties on the closing date. Future milestone payments will be accounted for as variable consideration and recognized as other income when such milestones are earned using the most likely method in accordance with ASC 610-20 Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets. We received the 2022 milestone payment of $ 2.5 million on February 28, 2023. The proceeds from the 2022 milestone payment were recorded as other income in the consolidated statement of operations for the year ended December 31, 2022. The Company is eligible to receive an additional milestone payment of $ 10 million based on achievement of sales milestone in 2023. Royalty Revenue We recognized revenue in accordance with ASC 606, Revenue from Contracts with Customers . Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. RUXIENCE Royalty Revenue Aptevo’s royalty revenue was exclusively related to royalties on Pfizer’s net sales of RUXIENCE. We did not recognize royalty revenue for the six months ended June 30, 2023. Royalty revenue for the period covered by this report reflects revenue recorded only in the first quarter of 2022 due to our Amendment to Royalty Purchase Agreement with HCR (see Note 8). As a result of the Amendment to Royalty Purchase Agreement, we ceased reporting as royalty revenue, royalties paid by Pfizer to HCR related to Pfizer’s sales of RUXIENCE. We recognized royalty revenue under ASC 606, which provides revenue recognition constraints by requiring the recognition of revenue at the later of the following: (1) when the subsequent sale or usage occurs or (2) when the performance obligation to which some or all of the sales-based or usage-based royalty has been allocated has been satisfied (or partially satisfied). We satisfied our performance obligation prior to the period covered by this report, specifically in May 2011 when the original Collaboration and License Agreement between Trubion Pharmaceuticals and Wyeth was amended to remove the exclusivity/non-compete restrictions so that Pfizer could develop a CD20 biosimilar product in exchange for a one-time payment of $ 2.5 million and future royalties of 2.5 % on any CD20 biosimilar product commercialized by Pfizer in the future. We do not have future performance obligations under this agreement. We applied the royalty recognition constraint required under the guidance for sales-based royalties, which requires a sales-based royalty to be recorded no sooner than the underlying sale. Therefore, royalties on sales of products commercialized by Pfizer were recognized in the quarter the product is sold. Given the royalty revenues were based on 2.5 % of global net sales of RUXIENCE, the considerations were considered variable. Pfizer generally reported sales information to us within 60 days of quarter end. Unless we received finalized sales information for the respective quarter, we estimated the expected royalty proceeds based on an analysis of historical experience, analyst expectations, interim data provided by Pfizer, including their publicly announced sales, and other publicly available information. Differences between actual and estimated royalty revenues were adjusted for in the period in which they became known, typically the following quarter. Aptevo did not record revenue for the six months ended June 30, 2023 due to our Amendment to Royalty Purchase Agreement. Revenue recorded for the six months ended June 30, 2022 represents actual royalty revenue given the timing of RUXIENCE sales reports received from Pfizer. There was no significant financing component to the contract. Debt Modification On March 29, 2023, we used a portion of the proceeds from our Purchase Agreement with XOMA to fully repay the $ 2.8 million outstanding principal balance of our MidCap debt, and $ 0.3 million in exit fees. The pre-payment was not considered an amendment to our Credit Agreement (as defined below) since we were required to fully repay the remaining principal balance if we sold our IXINITY deferred payment stream and milestones. Other Significant Accounting Policies Our other significant accounting policies were reported in our Annual Report on Form 10-K for the year ended December 31, 2022 that was filed with the SEC on March 30, 2023. Our other significant accounting policies have not changed materially from the policies previously reported. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2023 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | Note 2. Discontinued Operations The accompanying unaudited condensed consolidated financial statements include discontinued operations from two separate transactions: the sale of our hyperimmune business to Saol International Limited (subsequently acquired by Kamada Ltd.) in September 2017, from which we received a payment in March 2023 related to the collection of certain accounts receivable, and the sale of our Aptevo BioTherapeutics LLC business to Medexus in February 2020. In March 2023, we sold our rights to deferred payments and a percentage of potential future milestones from Medexus to XOMA. The following table represents the components attributable to income from discontinued operations in the unaudited condensed consolidated statements of operations (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Deferred payment from Medexus — 149 523 327 Gain on contingent consideration from release of escrow related to sale of Aptevo BioTherapeutics — — 163 — Gain on contingent consideration from Kamada — — 260 — Income from discontinued operations $ — $ 149 $ 946 $ 327 The LLC Purchase Agreement with Medexus entitled us to future deferred payments and milestones. For the six months ended June 30, 2023 , we collected $ 0.5 million in deferred payments from Medexus related to IXINITY sales and $ 0.2 million related to funds released from escrow from the sale of Aptevo BioTherapeutics in 2020. Additionally, we received $ 0.3 million related to the sale of hyperimmune business to Saol as a result of the collection of certain accounts receivable. For the six months ended June 30, 2022 , we collected $ 0.3 million in deferred payment from Medexus related to IXINITY sales. As a result of our Purchase Agreement with XOMA, we no longer receive deferred payments from Medexus. We are still entitled to receive a percentage of future milestones based on Medexus' achievement of certain IXINITY net sales and regulatory approvals. The proceeds from the income from discontinued operations is included within net income in the operating section of the unaudited condensed consolidated statements of cash flows. |
XOMA Transaction
XOMA Transaction | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
XOMA Transaction | Note 3. XOMA Transaction On March 29, 2023, we entered into and closed a Purchase Agreement with XOMA pursuant to which we sold to XOMA our right, title and interest in and to all of the deferred payments and a portion of the milestone payments from Medexus under our 2020 LLC Purchase Agreement. Under the terms of our Purchase Agreement with XOMA, we received $ 9.6 million at closing (the “Closing Payment”) and an additional post-closing payment of $ 0.05 million (the “Post-Closing Payment”). In exchange for the Closing Payment, we sold to XOMA our right, title and interest to the following payments under the LLC Purchase Agreement: (i) 100 % of the Company’s entitlement to receive the deferred payments that may become due and payable following March 29, 2023 (including, for avoidance of doubt, any and all payments earned during Q1 2023), (ii) 25 % of the Company’s entitlement to receive the Canadian Approval Milestone Payment; and (iii) 50 % of the Company’s entitlement to receive the European Approval Milestone Payments and Net Sales Milestone Payment. We accounted for the $ 9.6 million Closing Payment and the $ 0.05 million post-closing payment from XOMA as other income in accordance with ASC 610-20 Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets in the first quarter of 2023. Contractual rights sold to XOMA represent an intangible asset under ASC 610-20 Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets for which XOMA bears all benefit and Aptevo has no obligations going forward. The Company will continue to account for its portion of future milestones under our LLC Purchase Agreement with Medexus as contingent consideration under ASC 450-30 Gain Contingencies and will record income when proceeds are received. |
Collaboration Agreements
Collaboration Agreements | 6 Months Ended |
Jun. 30, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Collaboration Agreements | Note 4. Collaboration Agreements Alligator Bioscience AB On July 20, 2017, our wholly owned subsidiary Aptevo Research and Development LLC ("Aptevo R&D"), entered into a collaboration and option agreement (the "Collaboration Agreement") with Alligator Bioscience AB ("Alligator"), pursuant to which Aptevo and Alligator have been collaboratively developing ALG.APV-527, a bispecific antibody candidate simultaneously targeting 4-1BB (CD137), a member of the TNFR superfamily of a costimulatory receptor found on activated T cells, and 5T4, a tumor antigen widely overexpressed in a number of different types of cancer. We assessed the arrangement in accordance with ASC 606 and concluded that the contract counterparty, Alligator, is not a customer. As such the arrangement is not in the scope of ASC 606 and is instead treated as a collaborative agreement under ASC 808 – Collaborative Arrangements (ASC 808). In accordance with ASC 808, we concluded that because the Collaboration Agreement is a cost sharing agreement, there is no revenue. For the six months ended June 30, 2023 and 2022 , we recorded approximately $ 1.5 million and $ 0.3 million, which represent 50 % of our cost share, in our research and development expense related to the Collaboration Agreement, respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 5. Fair Value Measurements The Company’s estimates of fair value for financial assets and financial liabilities are based on the framework established in the fair value accounting guidance. The framework is based on the inputs used in valuation, it gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuations when available. The disclosure of fair value estimates in the fair value accounting guidance hierarchy is based on whether the significant inputs into the valuation are observable. In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs that reflect the Company’s significant market assumptions. The level in the fair value hierarchy within which the fair value measurement is reported is based on the lowest level input that is significant to the measurement in its entirety. The three levels of the hierarchy are as follows: Level 1— Quoted prices in active markets for identical assets and liabilities; Level 2— Inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3— Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. At June 30, 2023 and December 31, 2022 , we had $ 17.0 million and $ 21.6 million in Level 1 money market funds, respectively. The carrying amounts of our money market funds approximate their fair value. At June 30, 2023 and December 31, 2022 , we did no t have any Level 2 or Level 3 assets. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2023 | |
Cash And Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Note 6. Cash and Cash Equivalents The Company’s cash equivalents are highly liquid investments with a maturity of 90 days or less at the date of purchase and include time deposits and investments in money market funds. The following table shows our cash, cash equivalents and restricted cash as of June 30, 2023 and December 31, 2022: June 30, December 31, (in thousands) 2023 2022 Cash $ 4,034 $ 1,066 Cash equivalents 16,972 21,569 Total cash and cash equivalents $ 21,006 $ 22,635 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Note 7. Debt Credit Agreement On August 5, 2020, we entered into a Credit Agreement, with MidCap Financial (the "Credit Agreement"). The Credit Agreement provided us with up to $ 25.0 million of available borrowing capacity under a term loan facility. The full $ 25.0 million was drawn on the closing date of the Credit Agreement. On March 29, 2023, we used a portion of the proceeds from our Purchase Agreement with XOMA to fully repay the $ 2.8 million outstanding principal of our MidCap debt, including payment of $ 0.3 million in exit fees. The pre-payment was not considered an amendment to our Credit Agreement since we were required to fully repay the remaining principal balance if we sold IXINITY deferred payment stream and milestones. As of June 30, 2023 , we do no t have any outstanding debt on the balance sheet. |
Liability Related to Sale of Ro
Liability Related to Sale of Royalties | 6 Months Ended |
Jun. 30, 2023 | |
Sale Of Royalties Liability Disclosure [Abstract] | |
Liability Related to Sale of Royalties | Note 8. Liability Related to Sale of Royalties On March 30, 2021, we entered into and closed a Royalty Purchase Agreement with HCR pursuant to which we sold to HCR the right to receive royalty payments made by Pfizer in respect of global net sales of RUXIENCE. Under the terms of the Royalty Purchase Agreement, we have received $ 47.5 million through June 30, 2023 ($ 35 million at closing and $ 12.5 million in milestone payments) and we are eligible to receive an additional $ 10 million based on the achievement of sales milestone in 2023. Due to the nature of the transaction, which included a cap on HCR’s rate of return, we recorded a liability related to the proceeds received from HCR of $ 35.0 million, net of transaction costs of $ 1.1 million and the 2021 milestone payments in the collective amount of $ 10.0 million as an additional liability related to the sale of royalties on the consolidated balance sheet as of March 31, 2022 pursuant to ASC 470-10-25, Debt – Sales of Future Revenues or Various Other Measures of Income . On June 7, 2022, we entered into and closed an amendment to our Royalty Purchase Agreement, resulting in the Company recognizing a $ 37.2 million gain, which was the total balance of liability related to the sale of royalties on the closing date. The Amendment to Royalty Purchase Agreement eliminated all of our continuing involvement with the cash generating activities related to the royalties and removed all restrictions related to the rate of return and was therefore accounted for under ASC 610-20, Gains and Losses from Derecognition of Nonfinancial Assets and ASC 405-20, Liabilities – Extinguishment of Liabilities . Future milestone payments will be accounted for as variable consideration and recognized using the most likely method in accordance with ASC 610-20 Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets . We received the 2022 milestone payment of $ 2.5 million on February 28, 2023. The proceeds from the 2022 milestone payment were recorded as other income in the consolidated statement of operations for the year ended December 31, 2022. We are eligible to receive an additional milestone payment of $ 10 million based on achievement of sales milestone in 2023. Due to our Amendment to Royalty Purchase Agreement, we did not have any liability related to sale of royalties as of June 30, 2023 . The following table presents the changes in the liability in the prior period related to the sale of royalties under the Royalty Purchase Agreement with HCR (in thousands): For the Six Months Ended June 30, 2022 Liability related to sale of royalties, beginning balance $ 31,045 Proceeds from milestone payments, net of transaction costs 9,500 Non-cash interest expense 3,416 RUXIENCE royalties paid by Pfizer to HCR ( 6,779 ) Gain from extinguishment of liability related to sale of royalties ( 37,182 ) Liability related to sale of royalties, ending balance — We recorded non-cash interest expense through the date of the Amendment to Royalty Purchase Agreement. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | Note 9. Leases Office Space Lease - Operating We have an operating lease related to our office and laboratory space in Seattle, Washington. This lease was amended in March 2019 to extend the term through April 2030 and provide two options to extend the lease term, each by five years , as well as a one-time option to terminate the lease in April 2023 , with nine months’ notice, or by July 2022. We had previously determined we should not include any periods after the termination option when evaluating this amendment as we were not reasonably certain to not exercise the option, therefore we recorded our liability through April 30, 2023. On May 26, 2022, we amended our office and laboratory lease to remove the one-time termination option. In exchange for removing the termination option, we received six months of free rent. As a result, we recorded an additional $ 4.4 million of lease liability and right-of-use asset on the consolidated balance sheet on the date of the amendment. As of June 30, 2023, we are not reasonably certain to exercise the two options to extend the lease term. Therefore, pursuant to our May 26, 2022 amendment, we recorded our lease liability through April 30, 2030. For the three and six months ended June 30, 2023 and 2022 , we recorded $ 0.2 million and $ 0.4 million, respectively, related to variable lease expense. Components of lease expense: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Operating lease cost $ 297 $ 319 $ 594 $ 679 Total lease cost $ 297 $ 319 $ 594 $ 679 Right of use assets acquired under operating leases: As of June 30, As of December 31, (in thousands) 2023 2022 Seattle office lease, including amendment 5,098 5,303 Total operating leases $ 5,098 $ 5,303 Lease payments: For the Six Months Ended June 30, (in thousands) 2023 2022 For operating leases $ 459 $ 547 As of June 30, 2023 , the long-term and current portion of the lease liabilities is $ 5.7 million and $ 0.6 million, respectively. As of June 30, 2022 , the long-term and current portion of the lease liabilities were $ 6.4 million and $ 0.03 million. As of June 30, 2023 , the weighted-average remaining lease term and weighted-average discount rate for operating leases was 6.84 years and 12.03 %. As of June 30, 2022 , the weighted-average remaining lease term and weighted-average discount rate for operating leases was 7.83 years and 12.03 %. |
Net Income (Loss) per Share
Net Income (Loss) per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share | Note 10. Net Income (Loss) per Share Basic net income (loss) per share is calculated by dividing the net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted net income (loss) per share is computed by dividing the net income (loss) by the weighted-average number of common share equivalents outstanding for the period using the as-if converted method. For the purpose of this calculation, warrants, stock options and restricted stock units ("RSUs") are only included in the calculation of diluted net income (loss) per share when their effect is dilutive. We utilize the control number concept in the computation of diluted earnings per share to determine whether potential common stock instruments are dilutive. The control number used is income (loss) from continuing operations or income from discontinued operations. The control number concept requires that the same number of potentially dilutive securities applied in computing diluted earnings per share from continuing operations be applied to all other categories of income or loss, regardless of their anti-dilutive effect on such categories. Common stock equivalents include warrants, stock options and unvested RSUs. The following table presents the computation of basic and diluted net (loss) income per share (in thousands, except share and per share amounts): For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Net (loss) income from continuing operations $ ( 7,948 ) $ 27,861 $ ( 6,121 ) $ 19,986 Income from discontinued operations — 149 946 327 Net (loss) income $ ( 7,948 ) $ 28,010 $ ( 5,175 ) $ 20,313 Basic and diluted net (loss) income per share from continuing operations: Basic $ ( 1.23 ) $ 5.55 $ ( 0.85 ) $ 4.01 Diluted $ ( 1.23 ) $ 5.55 $ ( 0.85 ) $ 4.01 Basic and diluted net income per share from discontinued operations: Basic $ — $ 0.03 $ 0.13 $ 0.07 Diluted $ — $ 0.03 $ 0.13 $ 0.07 Basic and diluted net (loss) income per share: Basic $ ( 1.23 ) $ 5.58 $ ( 0.72 ) $ 4.08 Diluted $ ( 1.23 ) $ 5.58 $ ( 0.72 ) $ 4.08 Shares used in calculation: Basic 6,482,158 5,023,321 7,190,701 4,980,625 Diluted 6,482,158 5,023,321 7,190,701 4,980,970 The following table represents all potentially dilutive shares: As of June 30, (in thousands) 2023 2022 Warrants 351 351 Outstanding options to purchase common stock 467 362 Unvested RSUs 340 151 We use the treasury stock method when determining dilutive shares. For the three months ended June 30, 2023, the Company was in a net loss position, therefore the share number used to calculate diluted earnings per share is the same as the basic earnings per share. As of June 30, 2022 , we determined RSUs were the only dilutive shares, therefore included in the diluted earnings per share calculation. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Equity | Note 11. Equity Equity Distribution Agreement On December 14, 2020, we entered into an Equity Distribution Agreement with Piper Sandler (the "Equity Distribution Agreement"). The Equity Distribution Agreement provides that, upon the terms and subject to the conditions set forth therein, we may issue and sell through Piper Sandler, acting as sales agent, shares of our common stock, $ 0.001 par value per share having an aggregate offering price of up to $ 50.0 million. This offering supersedes and replaces the program we commenced in December 2017. We have no obligation to sell any such shares under the Equity Distribution Agreement. The shares of common stock by Piper Sandler will be sold pursuant to a Registration Statement on Form S-3 which we filed on December 14, 2020. In the six months ended June 30, 2023 , the Company issued 730,913 shares of common stock at an average price of $ 2.26 under the Equity Distribution Agreement. We received $ 1.6 million in proceeds from the issuance of these shares. In the six months ended June 30, 2022 , the Company issued 78,285 shares of common stock at an average price of $ 5.75 under the Equity Distribution Agreement. We received $ 0.4 million in proceeds from the issuance of these shares. Lincoln Park Purchase Agreement On February 16, 2022, we entered into a Purchase Agreement ("2022 Purchase Agreement") and a Registration Rights Agreement with Lincoln Park (the "Registration Rights Agreement"). The 2022 Purchase Agreement and Registration Rights Agreement replaced our 2018 Purchase Agreement and Registration Rights Agreement with Lincoln Park. Under the 2022 Purchase Agreement, Lincoln Park committed to purchase up to $ 35.0 million of our common stock over a 36-month period commencing after the satisfaction of certain conditions, which are within our control, as set forth in the 2022 Purchase Agreement. The purchase price per share will be based on prevailing market prices; provided, however, that the prevailing market price is not below $ 1.00 . We agreed to and issued 99,276 shares of our common stock to Lincoln Park for no cash consideration as an initial fee for its commitment to purchase shares of our common stock under the 2022 Purchase Agreement. For the six months ended June 30, 2023 , we issued 300,000 shares of our common stock to Lincoln Park under the 2022 Purchase Agreement and we received $ 0.5 million in proceeds from issuance of these shares. We did no t issue any shares of our common stock for cash consideration to Lincoln Park under the 2022 Purchase Agreement in the six months ended June 30, 2022. Rights Plan On November 8, 2020, our Board of Directors (the "Board") approved and adopted a Rights Agreement (the "Rights Agreement"), dated as of November 8, 2020, by and between the Company and Broadridge Corporate Issuer Solutions, Inc., as rights agent, pursuant to which the Board declared a dividend of one preferred share purchase right (each, a "Right") for each outstanding share of the Company’s common stock held by stockholders as of the close of business on November 23, 2020. One Right also will be issued together with each Common Share issued by the Company after November 23, 2020, but before the Distribution Date (as defined below) (or the earlier redemption or expiration of the Rights) and, in certain circumstances, after the Distribution Date. When exercisable, each Right initially would represent the right to purchase from the Company one one-thousandth of a share of a newly-designated series of preferred stock , Series A Junior Participating Preferred Stock, par value $ 0.001 per share, of the Company, at an exercise price of $ 400.00 per one one-thousandth of a Series A Junior Participating Preferred Share, subject to adjustment. Subject to various exceptions, the Rights become exercisable in the event any person (excluding certain exempted or grandfathered persons) becomes the beneficial owner of ten percent ( 10 %) or more of the Company’s common stock without the approval of the Board. The Rights Agreement was amended on November 4, 2021 to extend the expiration date of such agreement from November 8, 2021 to November 5, 2022 and further amended on November 4, 2022 to extend the expiration of such agreement to November 4, 2023. 2016 Stock Incentive Plan On August 1, 2016, the Company adopted the 2016 Stock Incentive Plan ("2016 SIP"). A total of 0.2 million shares of Aptevo common stock have been authorized for issuance under the 2016 SIP in the form of equity stock options. 2018 Stock Incentive Plan On June 1, 2018, at the 2018 Annual Meeting of the Stockholders, the Company’s stockholders approved a new 2018 Stock Incentive Plan (the "2018 SIP"), which replaced the Restated 2016 Plan on a go-forward basis. All stock options, RSUs or other equity awards granted subsequent to June 1, 2018 have been and will be issued out of the 2018 SIP, which has 0.3 million shares of Aptevo common stock authorized for issuance. The 2018 Plan became effective immediately upon stockholder approval at the 2018 Annual Meeting of the Stockholders. Any shares subject to outstanding stock awards granted under the 2016 SIP that (a) expire or terminate for any reason prior to exercise or settlement; (b) are forfeited because of the failure to meet a contingency or condition required to vest such shares or otherwise return to the Company; or (c) otherwise would have returned to the 2016 SIP for future grant pursuant to the terms of the 2016 Plan (such shares, the “Returning Shares”) will immediately be added to the share reserve under the 2018 SIP as and when such shares become Returning Shares, up to a maximum of 0.3 million shares. On June 7, 2022, at the 2022 Annual Meeting of Stockholders, our stockholders approved the Amended and Restated 2018 SIP to increase the number of shares authorized for issuance under the 2018 SIP by 500,000 shares of common stock. As of June 30, 2023, there are approximately 0.1 million shares available to be granted under the 2018 SIP. Stock options and RSUs under the Amended and Restated 2018 SIP generally vest pro rata over a one-year or three-year period. Stock options terminate ten years from the grant date, though the specific terms of each grant are determined individually. The Company’s executive officers, members of our board of directors, and certain other employees and consultants may be awarded options and/or RSUs with different vesting criteria, and awards granted to non-employee directors will vest over a one-year period. Option exercise and RSU grant prices for new awards granted by the Company equal the closing price of the Company’s common stock on the Nasdaq Capital Market on the date of grant. Stock-Based Compensation Expense Stock-based compensation expense includes amortization of stock options and RSUs granted to employees and non-employees and has been reported in our unaudited condensed consolidated statements of operations as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Research and development $ 112 $ 53 $ 422 $ 77 General and administrative 353 431 958 1,008 Total stock-based compensation expense $ 465 $ 484 $ 1,380 $ 1,085 The Company accounts for stock-based compensation by measuring the cost of employee services received in exchange for all equity awards granted based on the fair value of the award as of the grant date. The Company recognizes the compensation expense over the vesting period. All assumptions used to calculate the grant date fair value of non-employee equity awards are generally consistent with the assumptions used for equity awards granted to employees. In the event the Company terminates any of its consulting agreements, the unvested equity underlying the agreements would also be forfeited. Stock Options Aptevo utilizes the Black-Scholes valuation model for estimating the fair value of all stock options granted. Set forth below are the assumptions used in valuing the stock options granted: For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Expected dividend yield — — — — Expected volatility — — 103.63 % 106.30 % Risk-free interest rate — — 4.18 % 1.60 % Expected average life of options — — 5 years 5 years For the six months ended June 30, 2023 , management has applied an estimated forfeiture rate of 30 %. For the three and six months ended June 30, 2022 , management has applied an estimated forfeiture rate of 31 % and 30 %, respectively. Expected volatility slightly decreased as our stock price fluctuated from a low of $ 1.34 to a high of $ 2.08 for the six months ended June 30, 2023 , compared to a low of $ 3.26 to a high of $ 6.30 for the six months ended June 30, 2022. The following is a summary of option activity for the six months ended June 30, 2023: Number of Weighted- Weighted- Balance at December 31, 2022 364,266 $ 15.77 7.39 Granted 103,965 2.11 — Exercised — — — Forfeited ( 1,013 ) 27.45 — Outstanding at June 30, 2023 467,218 12.72 7.56 Exercisable at June 30, 2023 258,798 15.36 6.47 Vested and expected to vest at June 30, 2023 397,969 13.77 7.28 As of June 30, 2023 , we had $ 1.2 million of unrecognized compensation expense related to options expected to vest over a weighted-average remaining vesting period of 1.1 years. The weighted-average grant date fair value per share of options granted during the six months ended June 30, 2023 and 2022 was $ 1.68 and $ 4.43 , respectively. The aggregate intrinsic value of options exercised for the six months ended June 30, 2023 and 2022 was $ 0 . The total fair value of stock options vested for the six months ended June 30, 2023 and 2022 was $ 1.1 million and $ 1.2 million, respectively. The aggregate intrinsic value is the total pretax intrinsic value (the difference between the closing stock price of Aptevo’s common stock on the last trading day of June 2023 and the exercise price, multiplied by the number of in the money options) that would have been received by the option holders had all the option holders exercised their options on the last trading day of the quarter. Restricted Stock Units The following is a summary of RSU activity for the six months ended June 30, 2023: Number of Weighted Balance at December 31, 2022 223,775 $ 8.47 Granted 168,168 2.09 Vested ( 50,525 ) 12.13 Forfeited ( 1,414 ) 3.43 Outstanding and expected to vest at June 30, 2023 340,004 $ 4.79 As of June 30, 2023 , there was $ 1.3 million unrecognized stock-based compensation expense related to unvested RSUs expected to vest over the weighted-average period of 1.5 years. The fair value of each RSU has been determined to be the closing trading price of the Company’s common stock on the date of grant as quoted on the Nasdaq Capital Market. Warrants In March 2019, as part of a public offering, we issued warrants to purchase up to 1,725,000 shares of our common stock, 1,571,429 of which have an exercise price of $ 18.20 per share and have a five-year life, and 153,571 of pre-funded warrants with an exercise price of $ 0.14 per share. The pre-funded warrants had a ten-year life and would have expired on March 11, 2029 ; however, all of the pre-funded warrants were exercised in March 2019. We determined the warrants do not meet liability classification pursuant to ASC 480 – Distinguishing Liabilities from Equity . These are therefore included within equity on our unaudited condensed consolidated balance sheet. For the six months ended June 30, 2023 and 2022, the Company did not have any of its warrants exercised. As of June 30, 2023 and 2022 , there were warrants to purchase 350,589 shares of common stock outstanding. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12. Subsequent Events On August 4, 2023, we completed a public offering related to the issuance and sale of 8,064,517 shares of our common stock (or pre-funded warrant in lieu thereof) at a purchase price of $ 0.62 . We received $ 5 million in gross proceeds from issuance of these shares. Our net proceeds from the offering amounted to $ 4.5 million after placement agent and other fees. Additionally, we issued Series A Common Warrants to purchase up to an aggregate of 8,064,517 shares of common stock and Series B Common Warrants to purchase up to an aggregate of 8,064,517 shares of common stock. The Series A and Series B Common Warrants have an exercise price of $ 0.62 per share, are exercisable immediately following the date of issuance and will expire in August 2028 and February 2025, respectively. If the warrants are exercised, we may receive up to an additional $ 10 million in proceeds. |
Nature of Business and Signif_2
Nature of Business and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). These unaudited condensed consolidated financial statements include all adjustments, which include normal recurring adjustments, necessary for the fair presentation of the Company’s financial position. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2022, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and changes in these estimates are recorded when known. The unaudited condensed consolidated financial statements include the accounts of the Company and our wholly owned subsidiary, Aptevo Research and Development LLC. All intercompany balances and transactions have been eliminated. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent liabilities in the unaudited condensed financial statements and accompanying notes. Estimates are used for, but not limited to, clinical accruals, useful lives of equipment, commitments and contingencies, stock-based compensation, and incremental borrowing rate (IBR) used for our lease. Given the global economic and geopolitical climate, these estimates are becoming more challenging, and actual results could differ materially from those estimates. |
Gain Related to Sale of Nonfinancial Asset | Gain Related to Sale of Nonfinancial Asset to XOMA (US) LLC On March 29, 2023, we entered into and closed a payment interest purchase agreement (the “Purchase Agreement”) with XOMA (US) LLC (“XOMA”) pursuant to which we sold to XOMA our right, title and interest in all of the deferred payments and a portion of the milestone payments from Medexus pursuant to our LLC Purchase Agreement. Under the terms of the Purchase Agreement, we received $ 9.6 million at closing (the “Closing Payment”) and an additional post-closing payment of $ 0.05 million post-closing payment. In exchange for the Closing Payment, the Company sold to XOMA its right, title and interest to the following payments under the LLC Purchase Agreement: (i) 100 % of the Company’s entitlement to receive the deferred payments that may become due and payable following March 29, 2023 (including, for avoidance of doubt, any and all payments earned during Q1 2023), (ii) 25 % of the milestone payment upon receipt of a Notice of Compliance for IXINITY from Health Canada (the "Canadian Approval Milestone Payment"); and (iii) 50 % of the milestone payments upon receipt of regulatory approval in each of Germany, France, the United Kingdom, Spain and Italy (the "European Approval Milestone Payments") and when the worldwide net sales of IXINITY for a fiscal year meet or exceed $ 120 million (the "Net Sales Milestone Payment"). We accounted for the $ 9.6 million Closing Payment and the $ 0.05 million post-closing payment from XOMA as other income in accordance with Accounting Standards Codification (ASC) 610-20 Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets in the first quarter of 2023. Contractual rights sold to XOMA represent an intangible asset under ASC 610-20 Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets for which XOMA bears all benefit and Aptevo has no obligations going forward. The Company will continue to account for its portion of future milestones under our LLC Purchase Agreement with Medexus as contingent consideration under ASC 450-30 Gain Contingencies and will record income when proceeds are received. |
Liability Related to Sale of Future Royalties and Non-Cash Interest Expense | Liability Related to Sale of Royalties and Non-Cash Interest Expense On March 30, 2021, we entered into and closed a Royalty Purchase Agreement with HCR pursuant to which we sold to HCR the right to receive royalty payments made by Pfizer in respect of global net sales of RUXIENCE. Under the terms of the Royalty Purchase Agreement, we have received $ 47.5 million through June 30, 2023 ($ 35 million at closing and $ 12.5 million in milestone payments) and we are eligible to receive an additional $ 10 million based on the achievement of sales milestone 2023. Through March 31, 2022, we accounted for the Royalty Purchase Agreement with HCR as a debt-like instrument, amortized under the effective interest rate method over the life of the related expected royalty stream. The liabilities related to the sale of royalties and the debt amortization were based on our estimates of royalties expected to be paid over the life of the arrangement. We received the 2021 milestone payments in the collective amount of $ 10 million on March 8, 2022. The proceeds from these milestone payments, net of transaction costs, were recorded as an additional liability related to the sale of royalties on the consolidated balance sheet as of March 31, 2022 pursuant to ASC 470-10-25, Debt – Sales of Future Revenues or Various Other Measures of Income . On June 7, 2022, we entered into and closed an amendment to the Royalty Purchase Agreement (the "Amendment to Royalty Purchase Agreement") (see Note 8) which removed all restrictions related to HCR’s rate of return, and it is no longer a sale of a specified percentage of royalty revenue. The Amendment to Royalty Purchase Agreement was accounted for under ASC 610-20, Gains and Losses from Derecognition of Nonfinancial Assets and ASC 405-20, Liabilities – Extinguishment of Liabilities and the transaction was no longer considered a debt-like financing. As a result of the Amendment to Royalty Purchase Agreement, the Company recognized a gain of $ 37.2 million in the second quarter of 2022, which was the total balance of liability related to the sale of royalties on the closing date. Future milestone payments will be accounted for as variable consideration and recognized as other income when such milestones are earned using the most likely method in accordance with ASC 610-20 Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets. We received the 2022 milestone payment of $ 2.5 million on February 28, 2023. The proceeds from the 2022 milestone payment were recorded as other income in the consolidated statement of operations for the year ended December 31, 2022. The Company is eligible to receive an additional milestone payment of $ 10 million based on achievement of sales milestone in 2023. |
Royalty Revenue | Royalty Revenue We recognized revenue in accordance with ASC 606, Revenue from Contracts with Customers . Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. RUXIENCE Royalty Revenue Aptevo’s royalty revenue was exclusively related to royalties on Pfizer’s net sales of RUXIENCE. We did not recognize royalty revenue for the six months ended June 30, 2023. Royalty revenue for the period covered by this report reflects revenue recorded only in the first quarter of 2022 due to our Amendment to Royalty Purchase Agreement with HCR (see Note 8). As a result of the Amendment to Royalty Purchase Agreement, we ceased reporting as royalty revenue, royalties paid by Pfizer to HCR related to Pfizer’s sales of RUXIENCE. We recognized royalty revenue under ASC 606, which provides revenue recognition constraints by requiring the recognition of revenue at the later of the following: (1) when the subsequent sale or usage occurs or (2) when the performance obligation to which some or all of the sales-based or usage-based royalty has been allocated has been satisfied (or partially satisfied). We satisfied our performance obligation prior to the period covered by this report, specifically in May 2011 when the original Collaboration and License Agreement between Trubion Pharmaceuticals and Wyeth was amended to remove the exclusivity/non-compete restrictions so that Pfizer could develop a CD20 biosimilar product in exchange for a one-time payment of $ 2.5 million and future royalties of 2.5 % on any CD20 biosimilar product commercialized by Pfizer in the future. We do not have future performance obligations under this agreement. We applied the royalty recognition constraint required under the guidance for sales-based royalties, which requires a sales-based royalty to be recorded no sooner than the underlying sale. Therefore, royalties on sales of products commercialized by Pfizer were recognized in the quarter the product is sold. Given the royalty revenues were based on 2.5 % of global net sales of RUXIENCE, the considerations were considered variable. Pfizer generally reported sales information to us within 60 days of quarter end. Unless we received finalized sales information for the respective quarter, we estimated the expected royalty proceeds based on an analysis of historical experience, analyst expectations, interim data provided by Pfizer, including their publicly announced sales, and other publicly available information. Differences between actual and estimated royalty revenues were adjusted for in the period in which they became known, typically the following quarter. Aptevo did not record revenue for the six months ended June 30, 2023 due to our Amendment to Royalty Purchase Agreement. Revenue recorded for the six months ended June 30, 2022 represents actual royalty revenue given the timing of RUXIENCE sales reports received from Pfizer. There was no significant financing component to the contract. |
Debt Modification | Debt Modification On March 29, 2023, we used a portion of the proceeds from our Purchase Agreement with XOMA to fully repay the $ 2.8 million outstanding principal balance of our MidCap debt, and $ 0.3 million in exit fees. The pre-payment was not considered an amendment to our Credit Agreement (as defined below) since we were required to fully repay the remaining principal balance if we sold our IXINITY deferred payment stream and milestones. |
Other Significant Accounting Policies | Other Significant Accounting Policies Our other significant accounting policies were reported in our Annual Report on Form 10-K for the year ended December 31, 2022 that was filed with the SEC on March 30, 2023. Our other significant accounting policies have not changed materially from the policies previously reported. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Summary of Reconciliation of Carrying Amounts of Assets and Liabilities and Income (Loss) from Discontinued Operation | The following table represents the components attributable to income from discontinued operations in the unaudited condensed consolidated statements of operations (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Deferred payment from Medexus — 149 523 327 Gain on contingent consideration from release of escrow related to sale of Aptevo BioTherapeutics — — 163 — Gain on contingent consideration from Kamada — — 260 — Income from discontinued operations $ — $ 149 $ 946 $ 327 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Cash And Cash Equivalents [Abstract] | |
Schedule of Cash, Cash Equivalents and Restricted Cash, Both Current and Long-term Portion | The following table shows our cash, cash equivalents and restricted cash as of June 30, 2023 and December 31, 2022: June 30, December 31, (in thousands) 2023 2022 Cash $ 4,034 $ 1,066 Cash equivalents 16,972 21,569 Total cash and cash equivalents $ 21,006 $ 22,635 |
Liability Related to Sale of _2
Liability Related to Sale of Royalties (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Sale Of Royalties Liability Disclosure [Abstract] | |
Schedule of Changes in the Liability Related to the Sale of Royalties | The following table presents the changes in the liability in the prior period related to the sale of royalties under the Royalty Purchase Agreement with HCR (in thousands): For the Six Months Ended June 30, 2022 Liability related to sale of royalties, beginning balance $ 31,045 Proceeds from milestone payments, net of transaction costs 9,500 Non-cash interest expense 3,416 RUXIENCE royalties paid by Pfizer to HCR ( 6,779 ) Gain from extinguishment of liability related to sale of royalties ( 37,182 ) Liability related to sale of royalties, ending balance — |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Components of Lease Expense | Components of lease expense: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Operating lease cost $ 297 $ 319 $ 594 $ 679 Total lease cost $ 297 $ 319 $ 594 $ 679 |
Summary of Right of Use Assets Acquired Under Operating Leases | Right of use assets acquired under operating leases: As of June 30, As of December 31, (in thousands) 2023 2022 Seattle office lease, including amendment 5,098 5,303 Total operating leases $ 5,098 $ 5,303 Lease payments: For the Six Months Ended June 30, (in thousands) 2023 2022 For operating leases $ 459 $ 547 |
Net Income (Loss) per Share (Ta
Net Income (Loss) per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net (Loss) Income per Share | The following table presents the computation of basic and diluted net (loss) income per share (in thousands, except share and per share amounts): For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Net (loss) income from continuing operations $ ( 7,948 ) $ 27,861 $ ( 6,121 ) $ 19,986 Income from discontinued operations — 149 946 327 Net (loss) income $ ( 7,948 ) $ 28,010 $ ( 5,175 ) $ 20,313 Basic and diluted net (loss) income per share from continuing operations: Basic $ ( 1.23 ) $ 5.55 $ ( 0.85 ) $ 4.01 Diluted $ ( 1.23 ) $ 5.55 $ ( 0.85 ) $ 4.01 Basic and diluted net income per share from discontinued operations: Basic $ — $ 0.03 $ 0.13 $ 0.07 Diluted $ — $ 0.03 $ 0.13 $ 0.07 Basic and diluted net (loss) income per share: Basic $ ( 1.23 ) $ 5.58 $ ( 0.72 ) $ 4.08 Diluted $ ( 1.23 ) $ 5.58 $ ( 0.72 ) $ 4.08 Shares used in calculation: Basic 6,482,158 5,023,321 7,190,701 4,980,625 Diluted 6,482,158 5,023,321 7,190,701 4,980,970 |
Summary of Potentially Dilutive Shares Excluded from Calculation of Net Loss Per Share | The following table represents all potentially dilutive shares: As of June 30, (in thousands) 2023 2022 Warrants 351 351 Outstanding options to purchase common stock 467 362 Unvested RSUs 340 151 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Summary of Stock-based Compensation Expense Includes Amortization of Stock Options and Restricted Stock Units Granted | Stock-Based Compensation Expense Stock-based compensation expense includes amortization of stock options and RSUs granted to employees and non-employees and has been reported in our unaudited condensed consolidated statements of operations as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Research and development $ 112 $ 53 $ 422 $ 77 General and administrative 353 431 958 1,008 Total stock-based compensation expense $ 465 $ 484 $ 1,380 $ 1,085 |
Assumptions used in Valuing the Stock Options Granted under Black-Scholes Valuation Model | Aptevo utilizes the Black-Scholes valuation model for estimating the fair value of all stock options granted. Set forth below are the assumptions used in valuing the stock options granted: For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Expected dividend yield — — — — Expected volatility — — 103.63 % 106.30 % Risk-free interest rate — — 4.18 % 1.60 % Expected average life of options — — 5 years 5 years |
Summary of Stock Option Activity | The following is a summary of option activity for the six months ended June 30, 2023: Number of Weighted- Weighted- Balance at December 31, 2022 364,266 $ 15.77 7.39 Granted 103,965 2.11 — Exercised — — — Forfeited ( 1,013 ) 27.45 — Outstanding at June 30, 2023 467,218 12.72 7.56 Exercisable at June 30, 2023 258,798 15.36 6.47 Vested and expected to vest at June 30, 2023 397,969 13.77 7.28 |
Summary of RSU Activity | The following is a summary of RSU activity for the six months ended June 30, 2023: Number of Weighted Balance at December 31, 2022 223,775 $ 8.47 Granted 168,168 2.09 Vested ( 50,525 ) 12.13 Forfeited ( 1,414 ) 3.43 Outstanding and expected to vest at June 30, 2023 340,004 $ 4.79 |
Nature of Business and Signif_3
Nature of Business and Significant Accounting Policies - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 27 Months Ended | |||||||||||
Aug. 04, 2023 USD ($) | Mar. 29, 2023 USD ($) | Feb. 28, 2023 USD ($) | Jun. 07, 2022 USD ($) | Mar. 08, 2022 USD ($) | Jun. 30, 2023 USD ($) Platform | Mar. 31, 2022 | Jun. 30, 2023 USD ($) Platform | Mar. 31, 2023 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2023 USD ($) Platform | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) Platform | Dec. 31, 2022 USD ($) | |
Nature Of Business [Line Items] | |||||||||||||||
Number of technology platforms | Platform | 2 | 2 | 2 | 2 | |||||||||||
Net income (loss) | $ (7,948) | $ 2,773 | $ 28,010 | $ (7,697) | $ (5,175) | $ 20,313 | |||||||||
Accumulated deficit | $ (211,211) | (211,211) | (211,211) | $ (211,211) | $ (206,036) | ||||||||||
Net cash used in operating activities | (237) | (8,187) | |||||||||||||
Income from discontinued operations | 149 | 946 | 327 | ||||||||||||
Deferred payment from Medexus | 149 | 523 | 327 | ||||||||||||
Proceeds from sale of investments | 35,000 | 12,500 | 47,500 | ||||||||||||
Additional milestone payment | 10,000 | 10,000 | |||||||||||||
Milestone payment | $ 2,500 | $ 10,000 | 12,500 | ||||||||||||
Gain from extinguishment of liability related to sale of royalties | $ 37,200 | $ 37,200 | 37,182 | ||||||||||||
One time payment of royalties | 6,779 | ||||||||||||||
Proceeds from issuance of common stock | 2,083 | 436 | |||||||||||||
Subsequent Event | |||||||||||||||
Nature Of Business [Line Items] | |||||||||||||||
Proceeds from initial offering | $ 4,500 | ||||||||||||||
Subsequent Event | Warrants | |||||||||||||||
Nature Of Business [Line Items] | |||||||||||||||
Proceeds from issuance of common stock | $ 5,000 | ||||||||||||||
IXINITY | |||||||||||||||
Nature Of Business [Line Items] | |||||||||||||||
Deferred payment from Medexus | 500 | $ 300 | |||||||||||||
Discontinued operation, revenue | $ 120,000 | ||||||||||||||
RUXIENCE | |||||||||||||||
Nature Of Business [Line Items] | |||||||||||||||
One time payment of royalties | $ 2,500 | ||||||||||||||
Royalty revenue | 2.50% | 2.50% | |||||||||||||
Payment Interest Purchase Agreement | |||||||||||||||
Nature Of Business [Line Items] | |||||||||||||||
Income from discontinued operations | 9,600 | ||||||||||||||
Additional post-closing payment | $ 50 | ||||||||||||||
Percentage of entitlement to receive deferred payments | 100% | ||||||||||||||
Percentage of entitlement to receive Canadian approval milestone payment | 25% | ||||||||||||||
Percentage of entitlement to receive European approval milestone payment | 50% | ||||||||||||||
Repayment of debt | $ 2,800 | ||||||||||||||
Exit fees | $ 300 | ||||||||||||||
Payment Interest Purchase Agreement | ASC 610-20 | |||||||||||||||
Nature Of Business [Line Items] | |||||||||||||||
Income from discontinued operations | $ 9,600 | ||||||||||||||
Additional post-closing payment | 50 | ||||||||||||||
Nasdaq Capital Market | |||||||||||||||
Nature Of Business [Line Items] | |||||||||||||||
Net income (loss) | (5,200) | ||||||||||||||
Accumulated deficit | $ 211,200 | $ 211,200 | 211,200 | $ 211,200 | |||||||||||
Net cash used in operating activities | $ 200 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Reconciliation of Carrying Amounts of Assets and Liabilities and Income (Loss) from Discontinued Operation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Deferred payment from Medexus | $ 149 | $ 523 | $ 327 |
Income from discontinued operations | $ 149 | 946 | $ 327 |
Aptevo BioTherapeutics [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Deferred payment from Medexus | 200 | ||
Gain on contingent consideration | 163 | ||
Kamada [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Gain on contingent consideration | $ 260 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Deferred payment | $ 149 | $ 523 | $ 327 |
Hyperimmune Business | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Deferred payment | 300 | ||
IXINITY | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Deferred payment | 500 | $ 300 | |
Aptevo BioTherapeutics | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Deferred payment | $ 200 |
XOMA Transaction - Additional I
XOMA Transaction - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Related Party Transaction [Line Items] | ||||
Income from discontinued operations | $ 149 | $ 946 | $ 327 | |
Payment Interest Purchase Agreement | ||||
Related Party Transaction [Line Items] | ||||
Income from discontinued operations | $ 9,600 | |||
Additional post-closing payment | $ 50 | |||
Percentage of entitlement to receive deferred payments | 100% | |||
Percentage of entitlement to receive Canadian approval milestone payment | 25% | |||
Percentage of entitlement to receive European approval milestone payment | 50% | |||
Payment Interest Purchase Agreement | ASC 610-20 | ||||
Related Party Transaction [Line Items] | ||||
Income from discontinued operations | 9,600 | |||
Additional post-closing payment | $ 50 |
Collaboration Agreements - Addi
Collaboration Agreements - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Research and development expense | $ 1.5 | $ 0.3 |
Percentage of cost related to research and development | 50% | 50% |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Money market funds | $ 17,000,000 | $ 21,600,000 |
Level Two | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value assets | 0 | 0 |
Level Three | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value assets | $ 0 | $ 0 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2023 | |
Restricted Cash And Cash Equivalents Items [Line Items] | |
Cash equivalents, maturity period | 90 days |
Cash and Cash Equivalents - Sch
Cash and Cash Equivalents - Schedule of Cash, Cash Equivalents and Restricted Cash, Both Current and Long-term Portion (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Cash And Cash Equivalents [Abstract] | ||
Cash | $ 4,034 | $ 1,066 |
Cash equivalents | 16,972 | 21,569 |
Total cash and cash equivalents | $ 21,006 | $ 22,635 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | Mar. 29, 2023 | Jun. 30, 2023 | Aug. 05, 2020 |
Line Of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 25,000,000 | ||
Debt outstanding | $ 0 | ||
Payment Interest Purchase Agreement | |||
Line Of Credit Facility [Line Items] | |||
Repayment of debt | $ 2,800,000 | ||
Exit fees | $ 300,000 | ||
Credit Agreement | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility, used borrowing capacity | $ 25,000,000 |
Liability Related to Sale of _3
Liability Related to Sale of Royalties - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 27 Months Ended | ||||
Feb. 28, 2023 | Jun. 07, 2022 | Mar. 08, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | |
Debt Instrument [Line Items] | ||||||||
Proceeds from sale of investments | $ 35,000 | $ 12,500 | $ 47,500 | |||||
Closing payments | 35,000 | |||||||
Milestone payment | $ 2,500 | $ 10,000 | 12,500 | |||||
Additional milestone payment | 10,000 | 10,000 | ||||||
Transaction costs | $ 500 | |||||||
Proceeds from milestones related to sale of royalties | 10,000 | |||||||
Gain from extinguishment of liability related to sale of royalties | $ 37,200 | $ 37,200 | $ 37,182 | |||||
HCR | ||||||||
Debt Instrument [Line Items] | ||||||||
Milestone payment | 10,000 | |||||||
Transaction costs | $ 1,100 | 1,100 | $ 1,100 | |||||
HCR | Liability | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from royalties received | $ 35,000 |
Liability Related to Sale of _4
Liability Related to Sale of Royalties - Schedule of Changes in the Liability Related to the Sale of Royalties (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 07, 2022 | Jun. 30, 2022 | Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |||
Liability related to sale of royalties, beginning balance | $ 31,045 | ||
Proceeds from milestone payments, net of transaction costs | 9,500 | ||
Non-cash interest expense | 3,416 | ||
RUXIENCE royalties paid by Pfizer to HCR | (6,779) | ||
Gain on extinguishment of liability related to sale of royalties | $ (37,200) | $ (37,200) | (37,182) |
Liability related to sale of royalties, ending balance | $ 0 | $ 0 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | |||
Mar. 31, 2019 RenewalOption | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | May 26, 2022 USD ($) | |
Lessee Lease Description [Line Items] | |||||
Operating lease liability | $ 4,400 | ||||
Operating lease right-of-use asset | $ 5,098 | $ 5,303 | $ 4,400 | ||
Variable expense | 200 | $ 400 | |||
Long term portion of operating lease liabilities | 5,748 | 6,400 | $ 6,079 | ||
Current portion of operating lease liabilities | $ 600 | $ 30 | |||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities Current | Other Liabilities Current | |||
Weighted average remaining lease term for operating leases | 6 years 10 months 2 days | 7 years 9 months 29 days | |||
Weighted discount rate for operating leases | 12.03% | 12.03% | |||
Office Space Lease | |||||
Lessee Lease Description [Line Items] | |||||
Initial operating lease term date | 2030-04 | ||||
Operating lease renewal option description | the term through April 2030 and provide two options to extend the lease term, each by five years, as well as a one-time option to terminate the lease in April 2023 | ||||
Operating lease renewal option term | 5 years | ||||
Number of operating lease renewal option | RenewalOption | 2 | ||||
Operating lease option to extend | true |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | ||||
Operating lease cost | $ 297 | $ 319 | $ 594 | $ 679 |
Total lease cost | $ 297 | $ 319 | $ 594 | $ 679 |
Leases - Summary of Right of Us
Leases - Summary of Right of Use Assets Acquired Under Operating Leases (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | May 26, 2022 | |
Lessee Lease Description [Line Items] | ||||
Operating lease right-of-use asset | $ 5,098 | $ 5,303 | $ 4,400 | |
For operating leases | 459 | $ 547 | ||
Seattle Office Lease, Including Amendment | ||||
Lessee Lease Description [Line Items] | ||||
Operating lease right-of-use asset | $ 5,098 | $ 5,303 |
Net Income (Loss) Per Share - C
Net Income (Loss) Per Share - Computation of Basic and Diluted Net (Loss) Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||||
Net (loss) income from continuing operations | $ (7,948) | $ 27,861 | $ (6,121) | $ 19,986 | ||
Income from discontinued operations | 0 | 149 | 946 | 327 | ||
Net (loss) income | $ (7,948) | $ 2,773 | $ 28,010 | $ (7,697) | $ (5,175) | $ 20,313 |
Basic and diluted net (loss) income per share: | ||||||
Basic net income per share from continuing operations | $ (1.23) | $ 5.55 | $ (0.85) | $ 4.01 | ||
Diluted net income per share from continuing operations | (1.23) | 5.55 | (0.85) | 4.01 | ||
Basic net income per share from discontinued operations | 0.03 | 0.13 | 0.07 | |||
Diluted net income per share from discontinued operations | 0.03 | 0.13 | 0.07 | |||
Basic net (loss) income per share | (1.23) | 5.58 | (0.72) | 4.08 | ||
Diluted net (loss) income per share | $ (1.23) | $ 5.58 | $ (0.72) | $ 4.08 | ||
Shares used in calculation: | ||||||
Basic shares used in calculation | 6,482,158 | 5,023,321 | 7,190,701 | 4,980,625 | ||
Diluted shares used in calculation | 6,482,158 | 5,023,321 | 7,190,701 | 4,980,970 |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Summary of Potentially Dilutive Shares Excluded from Calculation of Net Loss Per Share (Details) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Warrants | ||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||
Anti-dilutive shares excluded from calculation of diluted net loss per share | 351 | 351 |
Outstanding Options to Purchase Common Stock | ||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||
Anti-dilutive shares excluded from calculation of diluted net loss per share | 467 | 362 |
Unvested RSUs | ||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||
Anti-dilutive shares excluded from calculation of diluted net loss per share | 340 | 151 |
Equity - Additional Information
Equity - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||
Feb. 16, 2022 | Dec. 14, 2020 | Nov. 08, 2020 | Jun. 01, 2018 | Mar. 31, 2019 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Jun. 07, 2022 | Aug. 01, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||
Proceeds from issuance of common stock | $ 2,083,000 | $ 436,000 | ||||||||||||
Issuance of common stock, net | $ 482,000 | $ 1,602,000 | $ 436,000 | |||||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||
Estimated forfeiture rate | 31% | 30% | 30% | |||||||||||
Weighted-average grant date fair value per share of options granted | $ 1.68 | $ 4.43 | ||||||||||||
Aggregate intrinsic value of options exercised | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||
Total fair value of stock option vested | 1,100,000 | $ 1,200,000 | ||||||||||||
Pre funded warrants outstanding, term | 10 years | |||||||||||||
Pre funded warrants expire date | Mar. 11, 2029 | |||||||||||||
Tranche Two | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Number of common stock to be issued exercise of prefunded warrants | 153,571 | |||||||||||||
Pre funded warrants exercise price, per share | $ 0.14 | |||||||||||||
Unvested RSUs | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Unrecognized compensation expense | 1,300,000 | $ 1,300,000 | ||||||||||||
Options expected to vest, weighted average period | 1 year 6 months | |||||||||||||
Stock Option | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Unrecognized compensation expense | $ 1,200,000 | $ 1,200,000 | ||||||||||||
Options expected to vest, weighted average remaining vesting term | 1 year 1 month 6 days | |||||||||||||
2016 Stock Incentive Plan | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Stock authorized for issuance under Stock Plan | 200,000 | |||||||||||||
2018 Stock Incentive Plan | Unvested RSUs | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Stock authorized for issuance under Stock Plan | 300,000 | 500,000 | ||||||||||||
Maximum number of returning shares from old plan to be add to shares reserve | 300,000 | |||||||||||||
Number of shares available for grant | 100,000 | 100,000 | ||||||||||||
Stock plan termination period | 10 years | |||||||||||||
2018 Stock Incentive Plan | Unvested RSUs | Non-employee Directors | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Stock plan vesting period | 1 year | |||||||||||||
Broadridge Corporate Issuer Solutions | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Preferred share purchase right | 1 | |||||||||||||
Broadridge Corporate Issuer Solutions | Series A Junior Participating Preferred Stock [Member] | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Preferred stock, par value | $ 0.001 | |||||||||||||
Share portion entitled to purchase by rights | When exercisable, each Right initially would represent the right to purchase from the Company one one-thousandth of a share of a newly-designated series of preferred stock | |||||||||||||
Warrants exercise price, per share | $ 400 | |||||||||||||
Percentage of beneficial ownership | 10% | |||||||||||||
Minimum | Stock Option | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Expected volatility | $ 1.34 | $ 3.26 | ||||||||||||
Minimum | 2018 Stock Incentive Plan | Unvested RSUs | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Stock plan vesting period | 1 year | |||||||||||||
Maximum | Stock Option | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Expected volatility | $ 2.08 | $ 6.30 | ||||||||||||
Maximum | 2018 Stock Incentive Plan | Unvested RSUs | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Stock plan vesting period | 3 years | |||||||||||||
Common Stock | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Issuance of common stock shares | 300,000 | 730,913 | 78,285 | |||||||||||
Issuance of common stock, net | $ 1,000 | |||||||||||||
Warrants | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Warrants outstanding, term | 5 years | |||||||||||||
Warrants outstanding | 350,589 | 350,589 | 350,589 | 350,589 | ||||||||||
Warrants | Tranche One | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Warrants exercise price, per share | $ 18.20 | |||||||||||||
Number of warrants issued | 1,571,429 | |||||||||||||
Warrants | Maximum | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Number of common stock to be issued up conversion of warrants | 1,725,000 | |||||||||||||
Equity Distribution Agreement | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Common stock, par value | $ 0.001 | $ 2.26 | $ 2.26 | |||||||||||
Issuance of common stock shares | 730,913 | |||||||||||||
Proceeds from issuance of common stock | $ 1,600,000 | $ 400,000 | ||||||||||||
Equity Distribution Agreement | Common Stock | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Common stock, par value | $ 5.75 | $ 5.75 | ||||||||||||
Issuance of common stock shares | 78,285 | |||||||||||||
Equity Distribution Agreement | Common Stock | Maximum | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Aggregate offering price | $ 50,000,000 | |||||||||||||
Purchase Agreement | Common Stock | Lincoln Park | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Issuance of common stock shares | 99,276 | 99,276 | 300,000 | |||||||||||
Proceeds from issuance of common stock | $ 500,000 | |||||||||||||
Cash consideration as an initial fee for commitment to purchase shares of common stock | $ 0 | |||||||||||||
Shares of common stock issued for cash consideration | 0 | |||||||||||||
Purchase Agreement | Common Stock | Minimum | Lincoln Park | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Minimum prevailing market price to direct purchase | $ 1 | |||||||||||||
Purchase Agreement | Common Stock | Maximum | Lincoln Park | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Issuance of common stock, net | $ 35,000,000 |
Equity - Summary of Stock-based
Equity - Summary of Stock-based Compensation Expense Includes Amortization of Stock Options and Restricted Stock Units Granted (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] | ||||
Stock-based compensation expense | $ 465 | $ 484 | $ 1,380 | $ 1,085 |
Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 112 | 53 | 422 | 77 |
General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 353 | $ 431 | $ 958 | $ 1,008 |
Equity - Assumptions used in Va
Equity - Assumptions used in Valuing the Stock Options Granted under Black-Scholes Valuation Model (Details) - Stock Option | 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] | ||||
Expected dividend yield | 0% | 0% | ||
Expected volatility | 103.63% | 106.30% | ||
Risk-free interest rate | 4.18% | 1.60% | ||
Expected average life of options | 5 years | 5 years |
Equity - Summary of Stock Optio
Equity - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Aggregate Intrinsic Value, Exercisable | $ 0 | $ 0 | |
Stock Option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Shares, Outstanding, Beginning balance | 364,266 | ||
Number of Shares, Granted | 103,965 | ||
Number of Shares, Forfeited | (1,013) | ||
Number of Shares, Outstanding, Ending balance | 467,218 | 364,266 | |
Number of Shares, Exercisable | 258,798 | ||
Number of Shares, Vested and expected to Vest | 397,969 | ||
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ 15.77 | ||
Weighted-Average Exercise Price, Granted | 2.11 | ||
Weighted-Average Exercise Price, Forfeited | 27.45 | ||
Weighted-Average Exercise Price, Outstanding, Ending balance | 12.72 | $ 15.77 | |
Weighted-Average Exercise Price, Exercisable | 15.36 | ||
Weighted-Average Exercise Price, Vested and expected to vest | $ 13.77 | ||
Weighted-Average Remaining Term, Outstanding | 7 years 6 months 21 days | 7 years 4 months 20 days | |
Weighted-Average Remaining Term, Exercisable | 6 years 5 months 19 days | ||
Weighted-Average Remaining Term, Vested and expected to vest | 7 years 3 months 10 days |
Equity - Summary of RSU Activit
Equity - Summary of RSU Activity (Details) - Unvested RSUs - $ / shares | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Units, Outstanding | 223,775 | |
Number of Units, Granted | 168,168 | |
Number of Units, Vested | (50,525) | |
Number of Units, Forfeited | (1,414) | |
Number of Units, Outstanding and expected to vest | 340,004 | |
Weighted Average Fair Value per Unit, Outstanding | $ 8.47 | |
Weighted Average Fair Value per Unit, Granted | $ 2.09 | |
Weighted Average Fair Value per Unit, Vested | 12.13 | |
Weighted Average Fair Value per Unit, Forfeited | 3.43 | |
Weighted Average Fair Value per Unit, Outstanding and expected to vest | $ 4.79 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |||
Aug. 04, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2019 | |
Subsequent Event [Line Items] | ||||
Proceeds from issuance of common stock | $ 2,083 | $ 436 | ||
Maximum | Warrants | ||||
Subsequent Event [Line Items] | ||||
Number of common stock to be issued up conversion of warrants | 1,725,000 | |||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Proceeds from initial offering | $ 4,500 | |||
Subsequent Event | Warrants | ||||
Subsequent Event [Line Items] | ||||
Issuance and sale of common stock | 8,064,517 | |||
Warrants exercise price, per share | $ 0.62 | |||
Proceeds from issuance of common stock | $ 5,000 | |||
Subsequent Event | Warrants | Series A | ||||
Subsequent Event [Line Items] | ||||
Warrants exercise price, per share | $ 0.62 | |||
Subsequent Event | Warrants | Series B | ||||
Subsequent Event [Line Items] | ||||
Warrants exercise price, per share | $ 0.62 | |||
Subsequent Event | Warrants | Common Class A And B | ||||
Subsequent Event [Line Items] | ||||
Additional amount to be received upon exercise of warrants | $ 10,000 | |||
Subsequent Event | Maximum | Warrants | Series A | ||||
Subsequent Event [Line Items] | ||||
Number of common stock to be issued up conversion of warrants | 8,064,517 | |||
Subsequent Event | Maximum | Warrants | Series B | ||||
Subsequent Event [Line Items] | ||||
Number of common stock to be issued up conversion of warrants | 8,064,517 |