Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 12, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
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 | 5,007,242 | |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 34,991 | $ 45,044 |
Restricted cash | 1,259 | 1,259 |
Royalty receivable | 3,114 | 3,664 |
Prepaid expenses | 1,431 | 1,823 |
Other current assets | 877 | 780 |
Total current assets | 41,672 | 52,570 |
Property and equipment, net | 2,138 | 2,379 |
Operating lease right-of-use asset | 1,306 | 1,584 |
Other assets | 68 | 68 |
Total assets | 45,184 | 56,601 |
Current liabilities: | ||
Accounts payable and other accrued liabilities | 3,910 | 3,462 |
Accrued compensation | 1,040 | 2,077 |
Liability related to the sale of royalties, net - short-term | 15,318 | 15,465 |
Current portion of long-term debt | 2,000 | 11,667 |
Other current liabilities | 1,589 | 2,086 |
Total current liabilities | 23,857 | 34,757 |
Liability related to the sale of royalties, net - long-term | 23,342 | 15,580 |
Loan payable - long-term | 2,804 | 3,707 |
Operating lease liability | 1,065 | 1,341 |
Total liabilities | 51,068 | 55,385 |
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; 5,007,241 and 4,898,143 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 47 | 47 |
Additional paid-in capital | 215,829 | 215,232 |
Accumulated deficit | (221,760) | (214,063) |
Total stockholders' (deficit) equity | (5,884) | 1,216 |
Total liabilities and stockholders' equity | $ 45,184 | $ 56,601 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
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 | 5,007,241 | 4,898,143 |
Common stock, shares outstanding | 5,007,241 | 4,898,143 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Royalty revenue | $ 3,114 | $ 2,421 |
Revenue from Contract with Customer, Product and Service [Extensible Enumeration] | us-gaap:RoyaltyMember | us-gaap:RoyaltyMember |
Operating expenses: | ||
Research and development | $ (4,866) | $ (5,362) |
General and administrative | (3,859) | (3,947) |
Loss from operations | (5,611) | (6,888) |
Other expense: | ||
Other expense from continuing operations, net | (2,264) | (782) |
Net loss from continuing operations | (7,875) | (7,670) |
Discontinued operations: | ||
Income from discontinued operations | 178 | 414 |
Net loss | $ (7,697) | $ (7,256) |
Net loss from continuing operations per share | $ (1.59) | $ (1.74) |
Net income from discontinued operations per share | 0.04 | 0.09 |
Basic and diluted net loss per basic share | $ (1.55) | $ (1.64) |
Weighted-average shares used to compute per share calculations | 4,937,456 | 4,418,472 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities | ||
Net loss | $ (7,697) | $ (7,256) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 601 | 574 |
Depreciation and amortization | 242 | 294 |
Non-cash interest expense and other | 1,687 | 297 |
Changes in operating assets and liabilities: | ||
Royalty receivable | 550 | (52) |
Prepaid expenses and other current assets | 296 | 713 |
Operating lease right-of-use asset | 278 | 277 |
Accounts payable, accrued compensation and other liabilities | (798) | (2,110) |
Long-term operating lease liability | (276) | (241) |
Net cash used in operating activities | (5,117) | (7,504) |
Investing Activities | ||
Purchases of property and equipment | (191) | |
Net cash used in investing activities | (191) | |
Financing Activities | ||
Payments of long-term debt, including exit and other fees | (10,767) | (10,550) |
Repayments under liability related to sale of royalties | (3,665) | |
Proceeds from sale of royalties | 35,000 | |
Transaction costs from sale of royalties | (1,100) | |
Proceeds from exercise of stock options | 86 | |
Value of equity awards withheld for tax liability | (4) | |
Proceeds from exercise of warrants | 506 | |
Proceeds from milestones related to sale of royalties | 10,000 | |
Transaction costs for milestones related to sale of royalties | (500) | |
Net cash (used in) provided by financing activities | (4,936) | 23,942 |
(Decrease) increase in cash, cash equivalents, and restricted cash | (10,053) | 16,247 |
Cash, cash equivalents, and restricted cash at beginning of period | 46,303 | 42,534 |
Cash, cash equivalents, and restricted cash at end of period | $ 36,250 | $ 58,781 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit |
Balance at Dec. 31, 2020 | $ 16,594 | $ 46 | $ 202,154 | $ (185,606) |
Balance (in shares) at Dec. 31, 2020 | 4,410,909 | |||
Proceeds from exercise of stock options | 86 | 86 | ||
Proceeds from exercise of stock options (in shares) | 10,685 | |||
Proceeds from exercise of warrants | 506 | 506 | ||
Proceeds from exercise of warrants (in shares) | 27,828 | |||
Stock-based compensation | 574 | 574 | ||
Net loss for the period | (7,256) | (7,256) | ||
Balance at Mar. 31, 2021 | 10,504 | $ 46 | 203,320 | (192,862) |
Balance (in shares) at Mar. 31, 2021 | 4,449,422 | |||
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 | |||
Common stock sold pursuant to the Lincoln Park Purchase Agreement (in shares) | 99,276 | |||
Stock-based compensation | 601 | 601 | ||
Net 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 |
Nature of Business and Signific
Nature of Business and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
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 immunotherapeutic candidates for the treatment of different forms of cancer. We have developed two versatile and enabling platform technologies for rational design of precision immune stimulatory drugs. Our lead clinical candidate, APVO436, and preclinical candidates, ALG.APV-527 and APVO603, 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 three months ended March 31, 2022 and 2021, we had a net loss of $7.7 million and $7.3 million, respectively. We had an accumulated deficit of $221.8 million as of March 31, 2022. For the three months ended March 31, 2022, net cash used in our operating activities was $5.1 million. We have suffered recurring losses from operations and negative cash flows from operating activities. We believe that our existing cash resources, the Investment Amount and Milestone Amounts related to Royalty Purchase Agreement with HCR, Purchase Agreement with Lincoln Park, the cash to be generated from future deferred payments and milestones, release of restricted cash securing letters of credit, and funds available to us from the remaining principal balance of the Credit Agreement with MidCap Financial will be sufficient to meet our projected operating requirements and debt service for at least twelve months from the date of issuance of these financial statements. 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) potential decreases in our expected milestone and deferred payments from Medexus Pharmaceuticals Inc. (Medexus) with respect to IXINITY; (e) whether and to what extent future proceeds are received under our Royalty Purchase Agreement; 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, 2021, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. 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 C ompany and our wholly owned subsidiaries: Aptevo Research and Development LLC and Aptevo BioTherapeutics LLC (for the period prior to its sale on February 28, 2020) . 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 consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, forecasted royalties, effective interest rates, clinical accruals, useful lives of equipment, commitments and contingencies, and stock-based compensation. Given the global economic and geopolitical climate and additional or unforeseen effects from the ongoing COVID-19 pandemic, these estimates are becoming more challenging, and actual results could differ materially from those estimates. Significant Accounting Policies Liability Related to Sale of Royalties and Non-Cash Interest Expense On March 30, 2021, the Company entered into and closed a Royalty Purchase Agreement (the Royalty Purchase Agreement) with an entity managed by HealthCare Royalty Management, LLC (HCR) the Company is eligible to receive additional payments in the aggregate of up to an additional $32.5 million based on the achievement of sales milestones in 2021, 2022 and 2023 (collectively, the Milestone Amounts) We treat the Royalty Purchase Agreement with HCR (see Note 7) 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 are based on our current estimates of royalties expected to be paid over the life of the arrangement. To the extent total royalties collected are an amount less than the liability, the Company is not obligated to fund any such shortfall. We will periodically assess the expected royalty payments using projections from external sources. To the extent our estimates of royalty payments are greater or less than previous estimates or the estimated timing of such payments is materially different than previous estimates, we will adjust the effective interest rate and recognize related non-cash interest expense on a retrospective basis. We are not obligated to repay the proceeds received under the Royalty Purchase Agreement with HCR. Due to the nature of the transaction, which includes a cap on HCR’s return from royalties, constituting continuing involvement under the Collaboration and License Agreement originally between Trubion and Wyeth , we continue to recognize royalty revenue on net sales of RUXIENCE and record the royalty payments to HCR as a reduction of the liability when paid. As such payments are made to HCR, the balance of the liability will be effectively repaid over the life of the Royalty Purchase Agreement. Debt Modification On March 30, 2021, we amended The amended Credit Agreement was accounted for under ASC 470-50, Debt Modifications and Extinguishments as a , rather than an extinguishment, based on a comparison of the present value of the cash flows under the terms of the debt immediately before and after the amendment, which resulted in a change of less than 10%. Unamortized issuance costs as of the date of modification will be amortized to interest expense using the effective interest method over the repayment term. 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, 2021 that was filed with the SEC on March 24, 2022. Our other significant accounting policies have not changed materially from the policies previously reported. |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | Note 2. Discontinued Operations The accompanying financial statements include discontinued operations from two separate transactions: the sale of our hyperimmune business in 2017, from which we received a payment in March 2021 related to the collection of a certain accounts receivable, and the sale of our Aptevo BioTherapeutics LLC business in February 2020. On February 28, 2020, we entered into an LLC Purchase Agreement with Medexus, pursuant to which we sold all of the issued and outstanding limited liability company interests of Aptevo BioTherapeutics LLC , a wholly owned subsidiary of Aptevo. As a result of the transaction, Medexus obtained all rights, title and interest to the IXINITY product and the related Hemophilia B business and intellectual property . 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 March 31, 2022 2021 Gain on contingent consideration from Saol — 227 Deferred payment from Medexus 178 187 Income from discontinued operations $ 178 $ 414 The LLC Purchase Agreement with Medexus entitles us to future deferred payments and milestones. For the three months ended March 31, 2022, we collected |
Collaboration Agreements
Collaboration Agreements | 3 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Collaboration Agreements | Note 3. 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 will collaboratively develop ALG.APV-527, a lead 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 three months ended March 31, 2022 and March 31, 2021, w e recorded approximately $0.2 million and $0.1 million in our research and development expense related to the Collaboration Agreement , respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4. 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 March 31, 2022 and December 31, 2021, we had $32.0 million and $41.2 million in Level 1 money market funds, respectively. The carrying amounts of our money market funds approximate their fair value. At March 31, 2022 and December 31, 2021, we did not have any Level 2 or Level 3 assets. |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash | 3 Months Ended |
Mar. 31, 2022 | |
Cash And Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, and Restricted Cash | Note 5. Cash, Cash Equivalents, and Restricted Cash 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. Restricted cash, which are time deposits, includes $1.3 million securing letters of credit. The following table shows our cash, cash equivalents and current restricted cash as of March 31, 2022 and December 31, 2021: March 31, December 31, (in thousands) 2022 2021 Cash $ 2,986 $ 3,841 Cash equivalents 32,005 41,203 Restricted cash 1,259 1,259 Total cash, cash equivalents, and restricted cash $ 36,250 $ 46,303 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Note 6. Debt Credit Agreement On August 5, 2020, we entered into a Credit and Security Agreement (the Credit Agreement), with MidCap Financial. 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 The United Kingdom’s Financial Conduct Authority (FCA), which regulates LIBOR, phased out one-week and two-month US Dollar LIBOR settings on December 31, 2021. All other US Dollar LIBOR settings, including the overnight, one-month, three-month, six-month and twelve-month, will be phased out on June 30, 2023. It is unclear if at that time LIBOR will cease to exist or if new methods of calculating LIBOR will be established such that it continues to exist after 2023. Our Credit Agreement with MidCap Financial currently references one-month LIBOR and also provides that we may amend the Credit Agreement to reflect an alternative rate of interest upon the phase out of LIBOR On November 6, 2020, Kevin Tang and his related entities filed a statement on Schedule 13D to report the purchase of 1,760,000 shares of the Company’s common stock, which at the time represented approximately 54% of the Company’s issued and outstanding shares of the Company’s common stock. This acquisition of voting stock triggered a change in control, resulting in an Event of Default under Section 10.1(a)(ii) of the Credit Agreement. On November 10, 2020, the Company obtained a waiver from MidCap Financial pursuant to which, among other things, MidCap Financial waived such Event of Default and MidCap Financial and the Company agreed that an immediate event of default under the Credit Agreement will be deemed to have occurred in the event that (a) a majority of the seats on the Company’s board of directors are occupied by persons who were neither (i) nominated by the Company’s board of directors nor (ii) appointed by the directors so nominated, and (b) Tang has appointed the majority of the Company’s board of directors. No other events of default have occurred with respect to the Credit Agreement. On March 30, 2021, we amended our Credit Agreement with MidCap Financial and used $10.0 million of the proceeds received from the Royalty Purchase Agreement to pay down the outstanding principal under the Credit Agreement from $25.0 million to $15.0 million. $10.0 million of the remaining $15.0 million principal balance was paid on March 29, 2022. Beginning March 1, 2022, monthly repayment of the remaining $5.0 million of principal commenced and will continue for the final 30 months of the loan term. The term loan facility includes additional payment provisions if milestones related to IXINITY under the LLC Purchase Agreement with Medexus are sold during the term of the loan. If the Company sells the IXINITY deferred payment stream and milestones prior to full repayment of this $5.0 million principal amount, under the agreement with MidCap Financial, we will be required to use the proceeds from the sale to pay down the outstanding loan principal balance. MidCap Financial also released its security interest in the RUXIENCE royalty payments. A fee of $0.6 million was paid by the Company to MidCap Financial in connection with the amendment in lieu of the formula-based fee previously required The amended Credit Agreement was accounted for as a debt modification As of March 31, 2022, we classified $2.0 million of the remaining $4.8 million principal of the amended Credit Agreement to current portion of long-term debt on the unaudited condensed consolidated balance sheet. This facility is subject to a subjective acceleration clause that could be invoked by MidCap Financial upon the occurrence of any event MidCap Financial deems to have a material adverse effect on our ability to repay the lender. |
Liability Related to Sale of Ro
Liability Related to Sale of Royalties | 3 Months Ended |
Mar. 31, 2022 | |
Sale Of Royalties Liability Disclosure [Abstract] | |
Liability Related to Sale of Royalties | Note 7. Liability Related to Sale of Royalties In March 2021, we are eligible to receive additional payments in aggregate of up to an additional $32.5 million based on the achievement of sales milestones in 2021, 2022 and 2023 The proceeds received from HCR of $35.0 million were recorded as a liability, net of transaction costs of $1.1 million, which will be amortized over the life of the arrangement using the effective interest method. In order to determine the amortization of the liability, we are required to estimate the total amount of royalty payments to be received by HCR over the life of the arrangement. The total amount of royalty payments received by HCR under the Royalty Purchase Agreement, less the net proceeds we received of $33.9 million, is recorded as non-cash interest expense over the life of the arrangement using the effective interest method. We retain certain rights unrelated to the royalties under the Definitive Agreement originally between Trubion and Wyeth, with the exception of the cash flows of the RUXIENCE royalty payments and related rights purchased by HCR. Due to the nature of the transaction, which includes a cap on HCR’s return from royalties, constituting continuing involvement under the Collaboration and License Agreement originally between Trubion and Wyeth, we continue to recognize royalty revenue on net sales of RUXIENCE and record the royalty payments to HCR as a reduction of the liability when paid . As such payments are made to HCR, the balance of the liability will be effectively repaid over the life of the Royalty Purchase Agreement. To the extent total royalties collected are an amount less than the liability, the Company is not obligated to fund any such shortfall. We estimate the effective interest rate used to record non-cash interest expense under the Royalty Purchase Agreement based on the estimate of royalty payments to be received by HCR. As of March 31, 2022, the estimated effective interest rate under the agreement was 23.0%. Over the life of the arrangement, the actual effective interest rate will be affected by the amount and timing of the royalty payments received by HCR and changes in our forecasted royalties. Periodically, we will reassess our estimate of total royalty payments to be received by HCR, and retrospectively adjust the effective interest rate and amortization of the liability as necessary. The following table presents the changes in the liability in the quarter related to the sale of royalties under the Royalty Purchase Agreement with HCR (in thousands): Three Months Ended March 31, Three Months Ended March 31, 2022 2021 Liability related to sale of royalties, beginning balance $ 31,045 $ — Proceeds from sale of royalties — 35,000 Deferred transaction costs — (1,100 ) Milestone payment received, net of transaction costs 9,500 — Non-cash interest expense 1,780 20 RUXIENCE royalties paid to HCR (3,665 ) — Liability related to sale of royalties, ending balance 38,660 33,920 Current portion of liability related to sale of royalties (15,318 ) (11,748 ) Liability related to sale of royalties, non-current $ 23,342 $ 22,172 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | Note 8. Leases Office Space Lease - Operating We have an operating lease related to our office and laboratory space in Seattle, Washington. This lease was amended and extended in March 2019. The term of the amended lease is through April 2030 and we have 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. For the three months ended March 31, 2022 and March 31, 2021, we recorded $0.2 million and $0.2 million, respectively, related to variable expenses. Equipment Leases - Operating As of March 31, 2022, we have operating leases for one piece of lab equipment and four copiers in our Seattle, Washington headquarters. The future expense for these leases will be straight-line and will include any variable expenses that arise. Equipment Lease – Financing As of March 31, 2022, we had one equipment lease classified as a financing lease as the lease transferred ownership of the underlying asset to us at the end of the lease term in 2020. The lease has no remaining expense obligation. There were no financing lease payments in the three months ended March 31, 2022. Components of lease expense: For the Three Months Ended March 31, For the Three Months Ended March 31, (in thousands) 2022 2021 Operating lease cost $ 360 $ 395 Finance lease cost: Amortization of right-of-use assets 2 2 Interest on lease liabilities — — Total lease cost $ 362 $ 397 Right of use assets acquired under operating leases: As of March 31, As of December 31, (in thousands) 2022 2021 Operating leases, excluding Seattle office lease $ 6 $ 7 Seattle office lease, including amendment 1,301 1,577 Total operating leases $ 1,307 $ 1,584 Lease payments: For the Three Months Ended March 31, For the Three Months Ended March 31, (in thousands) 2022 2021 For operating leases $ 323 $ 346 The long-term portion of the lease liabilities included in the amounts above is $1.1 million and the remainder of our lease liabilities are included in other current liabilities on our unaudited condensed consolidated balance sheets. As of March 31, 2022, the weighted average remaining lease term and weighted average discount rate for operating leases was 1.08 years and 14.45%. As of March 31, 2021, the weighted average remaining lease term and weighted average discount rate for operating leases was 2.05 years and 14.50%. |
Net Income (Loss) per Share
Net Income (Loss) per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share | Note 9. 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 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. Therefore, no dilutive effect has been recognized in the calculation of income from discontinued operations per share. Common stock equivalents include warrants, stock options and unvested RSUs. The following table presents the computation of basic and diluted net income (loss) per share (in thousands, except share and per share amounts): For the Three Months Ended March 31, 2022 2021 Net loss from continuing operations $ (7,875 ) $ (7,670 ) Income from discontinued operations 178 414 Net loss $ (7,697 ) $ (7,256 ) Basic and diluted net income (loss) per share: Net loss from continuing operations $ (1.59 ) $ (1.74 ) Net income from discontinued operations $ 0.04 $ 0.09 Net loss per basic share $ (1.55 ) $ (1.64 ) Weighted-average shares used to compute per share calculations 4,937,456 4,418,472 The following table represents all potentially dilutive shares, which were all anti-dilutive and therefore excluded from the calculation of diluted net loss per share: For the Three Months Ended March 31, (in thousands) 2022 2021 Warrants 351 377 Outstanding options to purchase common stock 366 357 Unvested RSUs 70 62 |
Equity
Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Equity | Note 10. Equity Equity Distribution Agreement On December 14, 2020, we entered into an Equity Distribution Agreement (the Equity Distribution Agreement) with Piper Sandler. 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. Lincoln Park Purchase Agreement On December 20, 2018, we entered into a Purchase Agreement and a Registration Rights Agreement, with Lincoln Park (the Purchase Agreement), both of which expired in March 2022. Pursuant to the Purchase Agreement, Lincoln Park has committed to purchase up to $35.0 million worth of our common stock over a 36-month period commencing on February 13, 2019, the date the registration statement covering the resale of the shares was declared effective by the SEC. Under the Purchase Agreement, on any business day selected by us, we may direct Lincoln Park to purchase shares of our common stock provided that Lincoln Park’s maximum commitment on any single day does not exceed $2.0 million. The purchase price per share will be based off of prevailing market prices of our common stock immediately preceding the time of sale; provided, however, that we cannot direct any such purchase if the prevailing market price is less than $1.00. On February 16, 2022, the Company entered into a new Purchase Agreement and a Registration Rights Agreement with Lincoln Park. Under the new 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 Purchase Agreement. The purchase price per share will be based on prevailing market price; provided, however, that the prevailing market price is not below $1.00. The Company agreed to issue 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 Purchase Agreement. The Company did not issue any shares of common stock for cash consideration to Lincoln Park under the Purchase Agreement in the three months ended March 31, 2022. Rights Plan On November 8, 2020, our Board of Directors (Board) approved and adopted a 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. 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. C onverted Equity Awards Incentive Plan In connection with the spin-off from Emergent BioSolutions, Inc. (Emergent) in August 2016, we adopted the Converted Equity Awards Incentive Plan (Converted Plan) and outstanding equity awards of Emergent held by Aptevo employees were converted into or replaced with equity awards of Aptevo (Conversion Awards). A total of 0.1 million shares of Aptevo common stock have been authorized for issuance under the Converted Plan. 2016 Stock Incentive Plan On August 1, 2016, the Company adopted the 2016 Stock Incentive Plan (the 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. On May 31, 2017, at the 2017 Annual Meeting of Stockholders (Annual Meeting), the Company’s stockholders approved the amendment and restatement of the Company’s 2016 SIP (Restated 2016 Plan) to, among other things, increase the number of authorized shares issuable by 0.1 million shares of Aptevo common stock. The Restated 2016 Plan was previously approved, subject to stockholder approval, by the Board of Directors of the Company. 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 (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. As of March 31, 2022, there are less than 0.1 million shares available to be granted under the 2018 SIP. Stock options and RSUs under the 2018 SIP generally vest pro rata over a three-year three-year 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 March 31, (in thousands) 2022 2021 Research and development $ 24 $ 239 General and administrative 577 335 Total stock-based compensation expense $ 601 $ 574 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 nonemployee options are generally consistent with the assumptions used for options granted to employees. In the event the Company terminates any of its consulting agreements, the unvested options underlying the agreements would also be cancelled. 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 March 31, 2022 2021 Expected dividend yield 0.00% 0.00% Expected volatility 106.30% 99.80% Risk-free interest rate 1.60% 0.48% Expected average life of options 5 years 5 years Management has applied an estimated forfeiture rate of 29% for the three months ended March 31, 2022 and 26% for the three months ended March 31, 2021. Expected volatility increased as our stock price fluctuated from a low of $4.48 to a high of $6.96 for the three months ended March 31, 2022, compared to a low of $27.86 to a high of $40.59 for the three months ended March 31, 2021. The following is a summary of option activity for the three months ended March 31, 2022: Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Term Aggregate Intrinsic Value (in thousands) Balance at December 31, 2021 334,412 $ 19.17 8.70 $ 43 Granted 64,088 5.72 — — Exercised (85 ) 6.97 — — Forfeited (31,986 ) 18.19 — — Outstanding at March 31, 2022 366,429 16.20 8.21 32 Exercisable at March 31, 2022 161,985 13.29 7.02 — Vested and expected to vest at March 31, 2022 285,706 15.75 7.90 16 As of March 31, 2022, we had $2.6 million of unrecognized compensation expense related to options expected to vest over a weighted average term of 2.0 years. As of March 31, 2022, the weighted average remaining term of outstanding and exercisable options was 7.02 years. For the three months ended March 31, 2022, 31,986 shares were forfeited, compared to 292 shares forfeited for the three months ended March 31, 2021. The weighted-average grant date fair value per share of options granted during the quarters ended March 31, 2022 and 2021 was $4.43 and $25.09, respectively. The aggregate intrinsic value of options exercised for the three months ended March 31, 2022 and 2021 was $0 and $0.2 million, respectively. The total fair value of stock options vested for the three months ended March 31, 2022 and 2021 was $0.9 million and $0.3 million, respectively. The aggregate intrinsic value in the table above represents the total pretax intrinsic value (the difference between the closing stock price of Aptevo’s common stock on the last trading day of March 2022 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 three months ended March 31, 2022: Number of Units Weighted Average Fair Value per Unit Balance at December 31, 2021 56,810 $ 30.66 Granted 33,151 5.52 Vested (10,582 ) 33.50 Forfeited (9,601 ) 27.33 Outstanding and expected to vest at March 31, 2022 69,778 $ 18.74 As of March 31, 2022, there was $1.2 million unrecognized stock-based compensation expense related to unvested RSUs expected to vest over the weighted average period of 2.1 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 ten-year Distinguishing Liabilities from Equity |
Nature of Business and Signif_2
Nature of Business and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2021, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. 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 C ompany and our wholly owned subsidiaries: Aptevo Research and Development LLC and Aptevo BioTherapeutics LLC (for the period prior to its sale on February 28, 2020) . 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 consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, forecasted royalties, effective interest rates, clinical accruals, useful lives of equipment, commitments and contingencies, and stock-based compensation. Given the global economic and geopolitical climate and additional or unforeseen effects from the ongoing COVID-19 pandemic, these estimates are becoming more challenging, and actual results could differ materially from those estimates. |
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, the Company entered into and closed a Royalty Purchase Agreement (the Royalty Purchase Agreement) with an entity managed by HealthCare Royalty Management, LLC (HCR) the Company is eligible to receive additional payments in the aggregate of up to an additional $32.5 million based on the achievement of sales milestones in 2021, 2022 and 2023 (collectively, the Milestone Amounts) We treat the Royalty Purchase Agreement with HCR (see Note 7) 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 are based on our current estimates of royalties expected to be paid over the life of the arrangement. To the extent total royalties collected are an amount less than the liability, the Company is not obligated to fund any such shortfall. We will periodically assess the expected royalty payments using projections from external sources. To the extent our estimates of royalty payments are greater or less than previous estimates or the estimated timing of such payments is materially different than previous estimates, we will adjust the effective interest rate and recognize related non-cash interest expense on a retrospective basis. We are not obligated to repay the proceeds received under the Royalty Purchase Agreement with HCR. Due to the nature of the transaction, which includes a cap on HCR’s return from royalties, constituting continuing involvement under the Collaboration and License Agreement originally between Trubion and Wyeth , we continue to recognize royalty revenue on net sales of RUXIENCE and record the royalty payments to HCR as a reduction of the liability when paid. As such payments are made to HCR, the balance of the liability will be effectively repaid over the life of the Royalty Purchase Agreement. |
Debt Modification | Debt Modification On March 30, 2021, we amended The amended Credit Agreement was accounted for under ASC 470-50, Debt Modifications and Extinguishments as a , rather than an extinguishment, based on a comparison of the present value of the cash flows under the terms of the debt immediately before and after the amendment, which resulted in a change of less than 10%. Unamortized issuance costs as of the date of modification will be amortized to interest expense using the effective interest method over the repayment term. |
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, 2021 that was filed with the SEC on March 24, 2022. Our other significant accounting policies have not changed materially from the policies previously reported. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 2021 Gain on contingent consideration from Saol — 227 Deferred payment from Medexus 178 187 Income from discontinued operations $ 178 $ 414 |
Cash, Cash Equivalents, and R_2
Cash, Cash Equivalents, and Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 current restricted cash as of March 31, 2022 and December 31, 2021: March 31, December 31, (in thousands) 2022 2021 Cash $ 2,986 $ 3,841 Cash equivalents 32,005 41,203 Restricted cash 1,259 1,259 Total cash, cash equivalents, and restricted cash $ 36,250 $ 46,303 |
Liability Related to Sale of _2
Liability Related to Sale of Royalties (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 quarter related to the sale of royalties under the Royalty Purchase Agreement with HCR (in thousands): Three Months Ended March 31, Three Months Ended March 31, 2022 2021 Liability related to sale of royalties, beginning balance $ 31,045 $ — Proceeds from sale of royalties — 35,000 Deferred transaction costs — (1,100 ) Milestone payment received, net of transaction costs 9,500 — Non-cash interest expense 1,780 20 RUXIENCE royalties paid to HCR (3,665 ) — Liability related to sale of royalties, ending balance 38,660 33,920 Current portion of liability related to sale of royalties (15,318 ) (11,748 ) Liability related to sale of royalties, non-current $ 23,342 $ 22,172 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Components of Lease Expense | Components of lease expense: For the Three Months Ended March 31, For the Three Months Ended March 31, (in thousands) 2022 2021 Operating lease cost $ 360 $ 395 Finance lease cost: Amortization of right-of-use assets 2 2 Interest on lease liabilities — — Total lease cost $ 362 $ 397 |
Summary of Right of Use Assets Acquired Under Operating Leases | Right of use assets acquired under operating leases: As of March 31, As of December 31, (in thousands) 2022 2021 Operating leases, excluding Seattle office lease $ 6 $ 7 Seattle office lease, including amendment 1,301 1,577 Total operating leases $ 1,307 $ 1,584 Lease payments: For the Three Months Ended March 31, For the Three Months Ended March 31, (in thousands) 2022 2021 For operating leases $ 323 $ 346 |
Net Income (Loss) per Share (Ta
Net Income (Loss) per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income (Loss) per Share | The following table presents the computation of basic and diluted net income (loss) per share (in thousands, except share and per share amounts): For the Three Months Ended March 31, 2022 2021 Net loss from continuing operations $ (7,875 ) $ (7,670 ) Income from discontinued operations 178 414 Net loss $ (7,697 ) $ (7,256 ) Basic and diluted net income (loss) per share: Net loss from continuing operations $ (1.59 ) $ (1.74 ) Net income from discontinued operations $ 0.04 $ 0.09 Net loss per basic share $ (1.55 ) $ (1.64 ) Weighted-average shares used to compute per share calculations 4,937,456 4,418,472 |
Summary of Potentially Dilutive Shares Excluded from Calculation of Net Loss Per Share | The following table represents all potentially dilutive shares, which were all anti-dilutive and therefore excluded from the calculation of diluted net loss per share: For the Three Months Ended March 31, (in thousands) 2022 2021 Warrants 351 377 Outstanding options to purchase common stock 366 357 Unvested RSUs 70 62 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, (in thousands) 2022 2021 Research and development $ 24 $ 239 General and administrative 577 335 Total stock-based compensation expense $ 601 $ 574 |
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 March 31, 2022 2021 Expected dividend yield 0.00% 0.00% Expected volatility 106.30% 99.80% Risk-free interest rate 1.60% 0.48% Expected average life of options 5 years 5 years |
Summary of Stock Option Activity | The following is a summary of option activity for the three months ended March 31, 2022: Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Term Aggregate Intrinsic Value (in thousands) Balance at December 31, 2021 334,412 $ 19.17 8.70 $ 43 Granted 64,088 5.72 — — Exercised (85 ) 6.97 — — Forfeited (31,986 ) 18.19 — — Outstanding at March 31, 2022 366,429 16.20 8.21 32 Exercisable at March 31, 2022 161,985 13.29 7.02 — Vested and expected to vest at March 31, 2022 285,706 15.75 7.90 16 |
Summary of RSU Activity | The following is a summary of RSU activity for the three months ended March 31, 2022: Number of Units Weighted Average Fair Value per Unit Balance at December 31, 2021 56,810 $ 30.66 Granted 33,151 5.52 Vested (10,582 ) 33.50 Forfeited (9,601 ) 27.33 Outstanding and expected to vest at March 31, 2022 69,778 $ 18.74 |
Nature of Business and Signif_3
Nature of Business and Significant Accounting Policies - Additional Information (Details) $ in Thousands | Mar. 08, 2022USD ($) | Mar. 31, 2021USD ($) | Mar. 30, 2021USD ($) | Mar. 31, 2022USD ($)platform | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) |
Nature Of Business [Line Items] | ||||||
Number of technology platforms | platform | 2 | |||||
Net loss | $ 7,697 | $ 7,256 | ||||
Accumulated deficit | 221,760 | $ 214,063 | ||||
Net cash used in operating activities | (5,117) | (7,504) | ||||
Proceeds from Sale of Investments | $ 35,000 | $ 35,000 | ||||
Milestone Payment | $ 10,000 | |||||
Payment of royalty purchase agreement | 190.00% | 190.00% | ||||
Payment of royalty interest | 50.00% | 50.00% | ||||
Payment Of Amount Outstanding | $ 10,000 | |||||
Mid Cap Financial | ||||||
Nature Of Business [Line Items] | ||||||
Proceeds from sale of investments used | $ 10,000 | |||||
Maximum | ||||||
Nature Of Business [Line Items] | ||||||
Revenue from related Parties | 22,500 | 22,500 | ||||
Maximum | Mid Cap Financial | ||||||
Nature Of Business [Line Items] | ||||||
Payment Of Amount Outstanding | 25,000 | |||||
Maximum | RUXIENCE | ||||||
Nature Of Business [Line Items] | ||||||
Revenue from related Parties | $ 32,500 | 32,500 | ||||
Minimum | Mid Cap Financial | ||||||
Nature Of Business [Line Items] | ||||||
Payment Of Amount Outstanding | $ 15,000 | |||||
Nasdaq Capital Market | ||||||
Nature Of Business [Line Items] | ||||||
Net loss | 7,700 | $ 7,300 | ||||
Accumulated deficit | 221,800 | |||||
Net cash used in operating activities | $ 5,100 |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Discontinued Operations And Disposal Groups [Abstract] | ||
Gain on contingent consideration from Saol | $ 227 | |
Deferred payment from Medexus | $ 178 | 187 |
Income from discontinued operations | $ 178 | $ 414 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Deferred payment from Medexus | $ 178 | $ 187 |
IXINITY | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Deferred payment from Medexus | $ 200 | |
Accounts receivable and deferred payment from Medexus | 200 | |
Hyperimmune Business | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Deferred payment from Medexus | $ 200 |
Collaboration Agreements - Addi
Collaboration Agreements - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Research and development expense | $ 0.2 | $ 0.1 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Money market funds | $ 32,000,000 | $ 41,200,000 |
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, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Cash equivalents, maturity period | 90 days | |
Current restricted cash | $ 1,259 | $ 1,259 |
Letter of Credit | ||
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Current restricted cash | $ 1,300 |
Cash, Cash Equivalents, and R_3
Cash, Cash Equivalents, and Restricted Cash - Schedule of Cash, Cash Equivalents and Restricted Cash, Both Current and Long-term Portion (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Cash And Cash Equivalents [Abstract] | ||
Cash | $ 2,986 | $ 3,841 |
Cash equivalents | 32,005 | 41,203 |
Restricted cash | 1,259 | 1,259 |
Total cash, cash equivalents, and restricted cash | $ 36,250 | $ 46,303 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) $ in Thousands | Nov. 06, 2020 | Aug. 05, 2020 | Mar. 31, 2021 | Mar. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 |
Line Of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 25,000 | |||||
Payment Of Amount Outstanding | $ 10,000 | |||||
Repayments of subordinated debt | 5,000 | $ 10,767 | $ 10,550 | |||
Amendment in lieu of the formula-based fee | 600 | $ 600 | ||||
HCR | ||||||
Line Of Credit Facility [Line Items] | ||||||
Proceeds from sale of investments used | 10,000 | |||||
Payment Of Amount Outstanding | $ 15,000 | |||||
Principal balance payable date | Mar. 1, 2022 | |||||
Mid Cap Financial | ||||||
Line Of Credit Facility [Line Items] | ||||||
Proceeds from sale of investments used | $ 10,000 | |||||
Mid Cap Financial | Maximum | ||||||
Line Of Credit Facility [Line Items] | ||||||
Payment Of Amount Outstanding | 25,000 | |||||
Mid Cap Financial | Minimum | ||||||
Line Of Credit Facility [Line Items] | ||||||
Payment Of Amount Outstanding | $ 15,000 | |||||
Mid Cap Financial | HCR | Maximum | ||||||
Line Of Credit Facility [Line Items] | ||||||
Payment Of Amount Outstanding | $ 25,000 | |||||
Mid Cap Financial | HCR | Minimum | ||||||
Line Of Credit Facility [Line Items] | ||||||
Payment Of Amount Outstanding | $ 15,000 | |||||
Tang | ||||||
Line Of Credit Facility [Line Items] | ||||||
Purchase of shares of common stock | 1,760,000 | |||||
Percentage of common stock shares issued and outstanding | 54.00% | |||||
Business acquisition, description | This acquisition of voting stock triggered a change in control, resulting in an Event of Default under Section 10.1(a)(ii) of the Credit Agreement. On November 10, 2020, the Company obtained a waiver from MidCap Financial pursuant to which, among other things, MidCap Financial waived such Event of Default and MidCap Financial and the Company agreed that an immediate event of default under the Credit Agreement will be deemed to have occurred in the event that (a) a majority of the seats on the Company’s board of directors are occupied by persons who were neither (i) nominated by the Company’s board of directors nor (ii) appointed by the directors so nominated, and (b) Tang has appointed the majority of the Company’s board of directors. No other events of default have occurred with respect to the Credit Agreement. | |||||
Credit Agreement | ||||||
Line Of Credit Facility [Line Items] | ||||||
Line of credit facility, used borrowing capacity | $ 25,000 | |||||
Payment Of Amount Outstanding | 2,000 | |||||
Remaining Principal Balance Payable | $ 4,800 | |||||
Credit Agreement | London Interbank Offered Rate LIBOR [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Line of credit facility, borrowing capacity, description | The term loan facility has a 48 month term, is interest-only for the first 18 months, with straight-line amortization for the remaining 30 months and bears interest at a rate of one month LIBOR plus 6.25% per annum, subject to a 1.50% LIBOR floor and a 2.50% LIBOR cap. | |||||
Interest rate | 6.25% | |||||
Floor interest rate | 1.50% | |||||
Cap interest rate | 2.50% |
Liability Related to Sale of _3
Liability Related to Sale of Royalties - Additional Information (Details) - USD ($) $ in Thousands | Mar. 08, 2022 | Mar. 31, 2021 | Mar. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 |
Debt Instrument [Line Items] | |||||
Proceeds from Sale of Investments | $ 35,000 | $ 35,000 | |||
Milestone Payment | $ 10,000 | ||||
Payment of royalty purchase agreement | 190.00% | 190.00% | |||
Payment of royalty interest | 50.00% | 50.00% | |||
Proceeds from royalties received | $ 35,000 | ||||
Transaction costs | $ 1,100 | 1,100 | |||
Non-cash interest expense | $ 1,780 | $ 20 | |||
Interest rate, effective percentage | 23.00% | ||||
Maximum | |||||
Debt Instrument [Line Items] | |||||
Revenue from related Parties | 22,500 | $ 22,500 | |||
RUXIENCE | Maximum | |||||
Debt Instrument [Line Items] | |||||
Revenue from related Parties | $ 32,500 | $ 32,500 | |||
HCR | |||||
Debt Instrument [Line Items] | |||||
Transaction costs | $ 1,100 | ||||
Non-cash interest expense | 33,900 | ||||
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Disclosure [Abstract] | ||
Liability related to sale of royalties, beginning balance | $ 31,045 | |
Proceeds from royalties received | $ 35,000 | |
Deferred transaction costs | (1,100) | |
Milestone payment received, net of transaction costs | 9,500 | |
Non-cash interest expense | 1,780 | 20 |
RUXIENCE royalties paid to HCR | (3,665) | |
Liability related to sale of royalties, ending balance | 38,660 | 33,920 |
Current portion of liability related to sale of royalties | (15,318) | (11,748) |
Liability related to sale of royalties, non-current | $ 23,342 | $ 22,172 |
Leases - Additional Information
Leases - Additional Information (Details) | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2019RenewalOption | Mar. 31, 2022USD ($)PieceCopierEquipment | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Lessee Lease Description [Line Items] | ||||
Operating lease number of piece for lab equipment | Piece | 1 | |||
Operating lease number of copiers | Copier | 4 | |||
Financing lease number of equipment | Equipment | 1 | |||
Financing lease payments | $ 0 | |||
Long term portion of operating lease liabilities | $ 1,065,000 | $ 1,341,000 | ||
Weighted average remaining lease term for operating leases | 1 year 29 days | 2 years 18 days | ||
Weighted discount rate for operating leases | 14.45% | 14.50% | ||
Office Space Lease | ||||
Lessee Lease Description [Line Items] | ||||
Initial operating lease term date | 2030-04 | |||
Operating lease renewal option description | The term of the amended lease is through April 2030 and we have 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 | |||
Variable expense | $ 200,000 | $ 200,000 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Operating lease cost | $ 360 | $ 395 |
Finance lease cost: | ||
Amortization of right-of-use assets | 2 | 2 |
Total lease cost | $ 362 | $ 397 |
Leases - Summary of Right of Us
Leases - Summary of Right of Use Assets Acquired Under Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Lessee Lease Description [Line Items] | |||
Total operating leases | $ 1,307 | $ 1,584 | |
For operating leases | 323 | $ 346 | |
Operating Leases, Excluding Seattle Office Lease | |||
Lessee Lease Description [Line Items] | |||
Total operating leases | 6 | 7 | |
Seattle Office Lease, Including Amendment | |||
Lessee Lease Description [Line Items] | |||
Total operating leases | $ 1,301 | $ 1,577 |
Net Income (Loss) Per Share - C
Net Income (Loss) Per Share - Computation of Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net loss from continuing operations | $ (7,875) | $ (7,670) |
Income from discontinued operations | 178 | 414 |
Net loss | $ (7,697) | $ (7,256) |
Basic and diluted net income (loss) per share: | ||
Net loss from continuing operations per share | $ (1.59) | $ (1.74) |
Net income from discontinued operations per share | 0.04 | 0.09 |
Basic and diluted net loss per basic share | $ (1.55) | $ (1.64) |
Weighted-average shares used to compute per share calculations | 4,937,456 | 4,418,472 |
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 | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Warrants | ||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||
Anti-dilutive shares excluded from calculation of diluted net loss per share | 351 | 377 |
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 | 366 | 357 |
Unvested RSUs | ||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||
Anti-dilutive shares excluded from calculation of diluted net loss per share | 70 | 62 |
Equity - Additional Information
Equity - Additional Information (Details) - USD ($) | Feb. 16, 2022 | Dec. 14, 2020 | Nov. 08, 2020 | Jun. 01, 2018 | Mar. 31, 2019 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2018 | Dec. 31, 2021 | May 31, 2017 | Aug. 01, 2016 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | |||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | |||||||||
Warrants exercise price, per share | $ 18.20 | ||||||||||
Number of share options forfeited | 31,986 | 292 | |||||||||
Weighted-average grant date fair value per share of options granted | $ 4.43 | $ 25.09 | |||||||||
Aggregate intrinsic value of options exercised | $ 0 | $ 200,000 | |||||||||
Total fair value of stock option vested | $ 900,000 | $ 300,000 | |||||||||
Pre funded warrants outstanding, term | 10 years | ||||||||||
Pre funded warrants expire date | Mar. 11, 2029 | ||||||||||
Number of common stock shares to be issued upon exercise of warrants | 27,828 | ||||||||||
Proceeds from exercise of warrants | $ 506,000 | ||||||||||
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] | |||||||||||
Options expected to vest, weighted average term | 2 years 1 month 6 days | ||||||||||
Unrecognized compensation expense | $ 1,200,000 | ||||||||||
Stock Option | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Estimated forfeiture rate | 29.00% | 26.00% | |||||||||
Unrecognized compensation expense | $ 2,600,000 | ||||||||||
Options expected to vest, weighted average term | 2 years | ||||||||||
Options outstanding and exercisable weighted average remaining term | 7 years 7 days | ||||||||||
Number of share options forfeited | 31,986 | ||||||||||
2016 Stock Incentive Plan | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Stock authorized for issuance under Stock Plan | 200,000 | ||||||||||
2016 Stock Incentive Plan | Unvested RSUs | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Increase of authorized shares issuable | 100,000 | ||||||||||
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 | ||||||||||
Maximum number of returning shares from old plan to be add to shares reserve | 300,000 | ||||||||||
Stock plan vesting period | 3 years | ||||||||||
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 | 3 years | ||||||||||
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 | 10.00% | ||||||||||
Minimum | Stock Option | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Expected volatility | $ 4.48 | $ 27.86 | |||||||||
Maximum | Stock Option | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Expected volatility | $ 6.96 | $ 40.59 | |||||||||
Maximum | 2018 Stock Incentive Plan | Unvested RSUs | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Number of shares available for grant | 100,000 | ||||||||||
Common Stock | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Issuance of common stock shares | 99,276 | ||||||||||
Common Stock | Converted Equity Awards Incentive Plan | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Stock authorized for issuance under Stock Plan | 100,000 | ||||||||||
Warrants | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Warrants outstanding, term | 5 years | ||||||||||
Warrants outstanding | 350,589 | 376,866 | |||||||||
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 | ||||||||||
Issuance of common stock shares | 0 | 0 | |||||||||
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 | ||||||||||
Issuance of common stock, net | $ 35,000,000 | ||||||||||
Commitment to purchase shares of common stock, maximum amount | $ 2,000,000 | ||||||||||
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 | $ 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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 601 | $ 574 |
Research and Development | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 24 | 239 |
General and Administrative | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 577 | $ 335 |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected dividend yield | 0.00% | 0.00% |
Expected volatility | 106.30% | 99.80% |
Risk-free interest rate | 1.60% | 0.48% |
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 Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Shares, Forfeited | (31,986) | (292) | |
Aggregate Intrinsic Value, Exercisable | $ 0 | $ 200 | |
Stock Option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Shares, Outstanding, Beginning balance | 334,412 | ||
Number of Shares, Granted | 64,088 | ||
Number of Shares, Exercised | (85) | ||
Number of Shares, Forfeited | (31,986) | ||
Number of Shares, Outstanding, Ending balance | 366,429 | 334,412 | |
Number of Shares, Exercisable | 161,985 | ||
Number of Shares, Vest and expected to Vest | 285,706 | ||
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ 19.17 | ||
Weighted-Average Exercise Price, Granted | 5.72 | ||
Weighted-Average Exercise Price, Exercised | 6.97 | ||
Weighted-Average Exercise Price, Forfeited | 18.19 | ||
Weighted-Average Exercise Price, Outstanding, Ending balance | 16.20 | $ 19.17 | |
Weighted-Average Exercise Price, Exercisable | 13.29 | ||
Weighted-Average Exercise Price, vest and expected to vest | $ 15.75 | ||
Weighted-Average Remaining Term, Outstanding | 8 years 2 months 15 days | 8 years 8 months 12 days | |
Weighted-Average Remaining Term, Exercisable | 7 years 7 days | ||
Weighted-Average Remaining Term, Vested and expected to vest | 7 years 10 months 24 days | ||
Aggregate Intrinsic Value, Outstanding, Beginning balance | $ 43 | ||
Aggregate Intrinsic Value, Outstanding, Ending balance | 32 | $ 43 | |
Aggregate Intrinsic Value, Vested and expected to vest | $ 16 |
Equity - Summary of RSU Activit
Equity - Summary of RSU Activity (Details) - Unvested RSUs - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Units, Outstanding | 56,810 | |
Number of Units, Granted | 33,151 | |
Number of Units, Vested | (10,582) | |
Number of Units, Forfeited | (9,601) | |
Number of Units, Outstanding and expected to vest | 69,778 | |
Weighted Average Fair Value per Unit, Outstanding | $ 30.66 | |
Weighted Average Fair Value per Unit, Granted | $ 5.52 | |
Weighted Average Fair Value per Unit, Vested | 33.50 | |
Weighted Average Fair Value per Unit, Forfeited | 27.33 | |
Weighted Average Fair Value per Unit, Outstanding and expected to vest | $ 18.74 |