Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 02, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | AVRO | |
Entity Registrant Name | AVROBIO, INC. | |
Entity Central Index Key | 0001681087 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 44,573,911 | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Small Business | true | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-38537 | |
Entity Tax Identification Number | 81-0710585 | |
Entity Address, Address Line One | 100 Technology Square | |
Entity Address, Address Line Two | Sixth Floor | |
Entity Address, City or Town | Cambridge | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02139 | |
City Area Code | 617 | |
Local Phone Number | 914-8420 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 105,842 | $ 92,563 |
Restricted cash | 283 | 283 |
Prepaid expenses and other current assets | 2,860 | 7,112 |
Held for sale assets | 185 | 0 |
Total current assets | 109,170 | 99,958 |
Operating lease assets | 912 | 1,057 |
Property and equipment, net | 0 | 2,894 |
Restricted cash, net of current portion | 400 | 0 |
Other assets | 40 | 40 |
Total assets | 110,522 | 103,949 |
Current liabilities: | ||
Accounts payable | 910 | 384 |
Accrued expenses and other current liabilities | 5,002 | 11,732 |
Operating lease liabilities | 1,647 | 999 |
Total current liabilities | 7,559 | 13,115 |
Note payable, net of discount | 0 | 15,276 |
Operating lease liabilities, net of current portion | 105 | 188 |
Total liabilities | 7,664 | 28,579 |
Commitments and contingencies (Note 7) | ||
Stockholders’ equity: | ||
Common stock, $0.0001 par value; 150,000 shares authorized; 44,580 and 43,916 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | 4 | 4 |
Additional paid-in capital | 571,344 | 564,798 |
Accumulated deficit | (468,490) | (489,432) |
Total stockholders’ equity | 102,858 | 75,370 |
Total liabilities and stockholders’ equity | $ 110,522 | $ 103,949 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, authorized | 150,000,000 | 150,000,000 |
Common stock, issued | 44,558,000 | 43,916,000 |
Common stock, outstanding | 44,558,000 | 43,916,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating expenses: | ||||
Research and development | $ 14,829 | $ 15,919 | $ 43,310 | $ 54,049 |
General and administrative | 6,262 | 7,066 | 18,730 | 26,128 |
Total operating expenses | 21,091 | 22,985 | 62,040 | 80,177 |
Gain on asset sale | 0 | 0 | 83,736 | 0 |
Loss on impairment | (1,842) | 0 | (1,842) | 0 |
(Loss) Income from operations | (22,933) | (22,985) | 19,854 | (80,177) |
Other (expense) income: | ||||
Interest income (expense), net | 1,407 | 111 | 1,160 | (544) |
Other expense, net | (51) | (95) | (72) | (135) |
Total other income (expense), net | 1,356 | 16 | 1,088 | (679) |
Net income (loss) and comprehensive income (loss) attributable to common stockholders - basic and diluted | $ (21,577) | $ (22,969) | $ 20,942 | $ (80,856) |
Net income (loss) per share applicable to common stockholders basic | $ (0.48) | $ (0.52) | $ 0.47 | $ (1.85) |
Net income (loss) per share applicable to common stockholders diluted | $ (0.48) | $ (0.52) | $ 0.47 | $ (1.85) |
Weighted-average common shares outstanding basic | 44,527,997 | 43,772,990 | 44,234,936 | 43,722,129 |
Weighted-average common shares outstanding-diluted | 44,527,997 | 43,772,990 | 44,425,531 | 43,722,129 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2021 | $ 169,476 | $ 4 | $ 553,014 | $ (383,542) |
Beginning balance, shares at Dec. 31, 2021 | 43,652,000 | |||
Exercise of stock options, shares | 0 | |||
Issuance of common stock under the 2018 employee stock purchase plan | $ 203 | 203 | ||
Issuance of common stock under 2018 employee stock purchase plan, shares | 121,000 | |||
Stock-based compensation expense | 9,267 | 9,267 | ||
Net Income (Loss) | (80,856) | (80,856) | ||
Ending balance at Sep. 30, 2022 | 98,090 | $ 4 | 562,484 | (464,398) |
Ending balance, shares at Sep. 30, 2022 | 43,773,000 | |||
Beginning balance at Jun. 30, 2022 | 118,343 | $ 4 | 559,768 | (441,429) |
Beginning balance, shares at Jun. 30, 2022 | 43,696,000 | |||
Issuance of common stock under the 2018 employee stock purchase plan | 60 | 60 | ||
Issuance of common stock under 2018 employee stock purchase plan, shares | 77,000 | |||
Stock-based compensation expense | 2,656 | 2,656 | ||
Net Income (Loss) | (22,969) | (22,969) | ||
Ending balance at Sep. 30, 2022 | 98,090 | $ 4 | 562,484 | (464,398) |
Ending balance, shares at Sep. 30, 2022 | 43,773,000 | |||
Beginning balance at Dec. 31, 2022 | 75,370 | $ 4 | 564,798 | (489,432) |
Beginning balance, shares at Dec. 31, 2022 | 43,916,000 | |||
Vesting of restricted stock awards and units, shares | 284,000 | |||
Exercise of stock options | $ 176 | 176 | ||
Exercise of stock options, shares | 223,273 | 224,000 | ||
Issuance of common stock under the 2018 employee stock purchase plan | $ 86 | 86 | ||
Issuance of common stock under 2018 employee stock purchase plan, shares | 134,000 | |||
Stock-based compensation expense | 6,284 | 6,284 | ||
Net Income (Loss) | 20,942 | 20,942 | ||
Ending balance at Sep. 30, 2023 | 102,858 | $ 4 | 571,344 | (468,490) |
Ending balance, shares at Sep. 30, 2023 | 44,558,000 | |||
Beginning balance at Jun. 30, 2023 | 122,037 | $ 4 | 568,946 | (446,913) |
Beginning balance, shares at Jun. 30, 2023 | 44,308,000 | |||
Vesting of restricted stock awards and units, shares | 30,000 | |||
Exercise of stock options | 106 | 106 | ||
Exercise of stock options, shares | 107,000 | |||
Issuance of common stock under the 2018 employee stock purchase plan | 73 | 73 | ||
Issuance of common stock under 2018 employee stock purchase plan, shares | 113,000 | |||
Stock-based compensation expense | 2,219 | 2,219 | ||
Net Income (Loss) | (21,577) | (21,577) | ||
Ending balance at Sep. 30, 2023 | $ 102,858 | $ 4 | $ 571,344 | $ (468,490) |
Ending balance, shares at Sep. 30, 2023 | 44,558,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 20,942 | $ (80,856) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Gain on asset sale | (83,736) | 0 |
Stock-based compensation expense | 6,284 | 9,267 |
Depreciation and amortization expense | 617 | 1,105 |
Non-cash asset impairment charges | 1,842 | 0 |
Non-cash interest expense | 1,074 | 260 |
Loss on disposal of property and equipment | 0 | 59 |
Deferred rent expense | 0 | (231) |
Non-cash lease expense | 1,597 | 0 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 4,252 | (195) |
Other assets | 0 | 33 |
Accounts payable | 526 | (1,672) |
Current and non-current operating lease liabilities | (1,827) | 0 |
Accrued expenses and other current liabilities | (6,730) | (1,305) |
Net cash used in operating activities | (55,159) | (73,535) |
Cash flows from investing activities: | ||
Proceeds from asset sale, net | 83,736 | 0 |
Purchases of property and equipment | (8) | (267) |
Proceeds from the sale of property, plant, and equipment | 1,198 | 0 |
Net cash provided by (used in) investing activities | 84,926 | (267) |
Cash flows from financing activities: | ||
Repayment of note payable, including end of term charge | (16,350) | 0 |
Proceeds from exercise of stock options | 176 | 0 |
Proceeds from issuance of ESPP shares | 86 | 203 |
Net cash (used in) provided by financing activities | (16,088) | 203 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 13,679 | (73,599) |
Cash, cash equivalents and restricted cash at beginning of period | 92,846 | 190,059 |
Cash, cash equivalents and restricted cash, end of period | 106,525 | 116,460 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Purchases of property and equipment included in accounts payable and accrued expenses | 0 | 0 |
Interest paid | 831 | 1,002 |
Reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets: | ||
Cash and cash equivalents, end of period | 105,842 | 115,968 |
Restricted cash | 683 | 492 |
Cash, cash equivalents and restricted cash, end of period | $ 106,525 | $ 116,460 |
Nature of the Business
Nature of the Business | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of the Business | 1. Nature of the Business AVROBIO, Inc. (the “Company” or “AVROBIO”) is a gene therapy company which has been focused on developing potentially curative ex vivo lentiviral gene therapies to treat rare diseases following a single dose treatment regimen. On July 12, 2023, following a comprehensive review of the Company’s business by its Board of Directors (the “Board”), the Company announced its intention to halt development of its programs and explore strategic alternatives focused on maximizing stockholder value, which may include, but are not limited to, an acquisition, a merger, business combination or divestiture. The decision was not related to any safety or medical issues or negative regulatory feedback related to the Company’s programs. See Note 13 for further discussion. The Company is subject to risks and uncertainties including, should it resume development of its product candidates, risks and uncertainties common to early-stage companies in the biotechnology industry, including but not limited to, risks associated with completing preclinical studies and clinical trials, receiving regulatory approvals for product candidates, development by competitors of new biopharmaceutical products, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Should the Company resume development of its product candidates, significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization, would be required. These efforts would require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, should the Company resume development of its product candidates, it is uncertain when, if ever, the Company would realize revenue from product sales. In accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. The Company has devoted substantially all of its efforts to research and development, business planning, acquiring operating assets, seeking protection for its technology and product candidates, and raising capital. Since inception, the Company has had recurring losses and has funded its operations through sales of preferred stock and common stock, a term loan facility and the sale of the Company’s cystinosis gene therapy program (designated AVR-RD-04) and all other assets of the Company specifically related to this program. As of September 30, 2023, the Company had an accumulated deficit of $ 468,490 . The Company expects that its cash and cash equivalents of $ 105,842 as of September 30, 2023 will be sufficient to fund current planned operations and capital expenditure requirements for at least the next twelve months from the filing date of this Quarterly Report on Form 10-Q with the Securities and Exchange Commission (“SEC”). However, the future viability of the Company is dependent on its ability to raise additional capital to finance its operations. The Company’s inability to raise capital as and when needed, should the Company resume development of its product candidates, could have a negative impact on its financial condition and ability to pursue its business strategies. There can be no assurance that the current operating plan will be achieved or that additional funding will be available on terms acceptable to the Company, or at all. On May 19, 2023, the Company entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Novartis Pharma AG and Novartis Pharmaceuticals Corporation (collectively, “Novartis”), p roviding for the sale of the Company’s cystinosis gene therapy program (designated AVR-RD-04) and all other assets of the Company specifically related to this program. The aggregate consideration to the Company consisted of a cash payment of $ 87,500 upon closing of the transaction. The Company completed the Asset Sale on June 9, 2023 and recognized $ 83,736 as a gain on asset sale, net of $ 3,764 transaction costs, in the condensed consolidated statement of operations and comprehensive income (loss) for the nine months ended September 30, 2023. See Note 3 for further discussion. In July 2023, the Board approved a reduction in the Company’s workforce by approximately 50 % across different areas and functions in the Company (the “July 2023 Workforce Reduction”). The July 2023 Workforce Reduction was substantially completed by the end of July 2023. The Company informed affected employees in the July 2023 Workforce Reduction on July 12, 2023. Since the date of the July 2023 Workforce Reduction, the Company’s remaining employees have primarily focused on activities relating to halting further development of the Company’s programs, the pursuit of strategic alternatives, and the provision of services under the previously disclosed Separation Services Agreement between the Company and Novartis in connection with the sale to Novartis of the Company’s cystinosis gene therapy program. The Company’s remaining workforce was further reduced by 11 employees in a workforce reduction implemented effective as of October 31, 2023 (the “October 2023 Workforce Reduction”). Affected employees in the July 2023 Workforce Reduction and October 2023 Workforce Reduction were offered separation benefits, including severance payments. See Note 13 for further discussion. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements (the “unaudited condensed consolidated financial statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements as of and for the year ended December 31, 2022, and, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of September 30, 2023, and the results of its operations for the three and nine months ended September 30, 2023 and 2022, its statements of stockholders’ equity for the three and nine months ended September 30, 2023 and 2022 and its statement of cash flows for the nine months ended September 30, 2023 and 2022. The results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2022, any other interim periods, or any future year or period. These interim financial statements should be read in conjunction with the audited 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, filed with the SEC on March 23, 2023. The unaudited condensed consolidated financial statements reflect the application of certain significant accounting policies as described below and elsewhere in these notes to the unaudited condensed consolidated financial statements. As of September 30, 2023, there have been no changes to the Company’s significant accounting policies as described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 . Segment Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the chief executive officer (“CEO”). The Company and the CEO view the Company’s operations and manage its business as one operating segment. All material long-lived assets of the Company reside in the United States. Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires that the Company make estimates and judgments that may affect the reported amounts of assets, liabilities and expenses and the related disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. On an ongoing basis, the Company evaluates its estimates, judgments and methodologies. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates. Changes in estimates are reflected in reported results in the period in which they become known. Significant estimates relied upon in preparing the unaudited condensed consolidated financial statements include the determination of the fair value of share-based awards issued and the estimation of accrued research and development expenses. Stock-based Compensation For stock-based awards issued to employees and members of the Company’s Board for their services on the Board, the Company measures the estimated fair value of the stock-based award on the date of grant and recognizes compensation expense for those awards over the requisite service period, which is generally the vesting period of the respective award. The Company issues stock-based awards with only service-based vesting conditions and records the expense for these awards using the straight-line method. The Company has not issued any stock-based awards with performance- or market-based vesting conditions. The Company accounts for forfeitures as they occur. Prior to the adoption of Accounting Standards Update (“ASU”) No. 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting , the measurement date for non-employee awards was generally the date the services are completed, resulting in financial reporting period adjustments to stock-based compensation during the vesting terms for changes in the fair value of the awards. After adoption of ASU 2018-07, the measurement date for non-employee awards is the later of the adoption date of ASU 2018-07, or the date of grant, without change in the fair value of the award. For stock-based awards granted to nonemployees subject to graded vesting that only contain service conditions, the Company has elected to recognize stock-based compensation expense using the straight-line recognition method. The Company classifies stock-based compensation expense in its consolidated statements of operations and comprehensive income (loss) in the same manner in which the award recipient’s cash compensation costs are classified. Emerging Growth Company Status The Company is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act, or JOBS Act, and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. The Company may take advantage of these exemptions until the Company is no longer an “emerging growth company.” Section 107 of the JOBS Act provides that an “emerging growth company” can take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards and as a result of this election, its consolidated financial statements may not be comparable to companies that comply with public company effective dates. The Company may take advantage of these exemptions up until the last day of the fiscal year following the fifth anniversary of its IPO or such earlier time that it is no longer an “emerging growth company.” Subsequent Event Considerations The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the consolidated financial statements to provide additional evidence for certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated as required. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , or ASU 2016-13. ASU 2016-13 requires that credit losses be reported as an allowance using an expected losses model, representing the entity's current estimate of credit losses expected to be incurred. For available-for-sale debt securities with unrealized losses, this standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. On January 1, 2023 the Company adopted this standard, which had no impact on its financial position or results of operations. In November 2019, the FASB issued ASU 2019-11, “ Codification Improvements to Topic 326, Financial Instruments – Credit Losses ,” or ASU 2019-11. ASU 2019-11 is an accounting pronouncement that amends ASU 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments .” The amendments update guidance on reporting credit losses for financial assets. These amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. On January 1, 2023 the Company adopted this standard, which had no impact on its financial position or results of operations. |
License Agreements
License Agreements | 9 Months Ended |
Sep. 30, 2023 | |
License Agreements [Abstract] | |
License and Purchase Agreements | 3. License and Purchase Agreements Agreement with The University of Manchester On September 30, 2020, the Company entered into an agreement (“MPSII License Agreement”) with The University of Manchester, England (“UoM”), whereby UoM granted to the Company an exclusive worldwide license under certain patent and other intellectual property rights, subject to certain retained rights, to develop, commercialize and sell an ex vivo lentiviral gene therapy for use in the treatment of Hunter syndrome, or mucopolysaccharidosis type II (“MPSII”). As consideration for the MPSII License Agreement, the Company agreed to pay UoM an upfront, one-time fee of $ 8,000 , which was recognized as research and development expense during the year ended December 31, 2020. As part of the agreement, the Company was obligated to make milestone payments of up to an aggregate of $ 80,000 upon the achievement of specified development and regulatory milestones, to pay royalties, on a product-by-product and country-by-country basis, of a mid-single digit percentage based on net sales of products licensed under the agreement and to pay a low double digit percentage of any sublicense fees received by the Company. During the third quarter of 2022, a $ 2,000 milestone payment under the MPSII License Agreement became due following the date of regulatory approval of the CTA for the investigator-sponsored Phase 1/2 clinical trial sponsored by UoM. Concurrently with the MPSII License Agreement, the Company entered into a collaborative research funding agreement with UoM (“CRFA”). Under the CRFA, the Company had agreed to fund the budgeted costs of an investigator-sponsored Phase 1/2 clinical trial to be sponsored by UoM in connection with the development activities under the MPSII License Agreement, which were expected to equal approximately £ 9,900 in the aggregate. On September 8, 2023 the Company and UoM terminated the MPSII License Agreement and the CFRA, and in connection with such termination, the Company paid UoM £ 3,900 . Following the termination of the MPSII License Agreement and the CFRA, the Company does not have any remaining financial obligations to UoM. For the three months ended September 30, 2023 , the Company did no t incur costs related to the CRFA, excluding the payment made in connection with the termination. For the three months ended September 30, 2022 , the Company incurred $ 590 related to the CRFA. For the nine months ended September 30, 2023 and 2022 , the Company incurred $ 1,610 and $ 1,970 related to the CRFA, respectively, excluding the payment made in connection with the termination. Agreements with University Health Network (“UHN”) Fabry License Agreement— On January 27, 2016, the Company entered into an agreement with UHN, pursuant to which UHN granted the Company an option to enter into an exclusive license under the UHN intellectual property related to Fabry disease in accordance with the pre-negotiated licensing terms. On November 4, 2016, the Company exercised its option and entered into a license agreement with UHN, pursuant to which UHN granted the Company an exclusive worldwide license under certain intellectual property rights and a non-exclusive worldwide license under certain know-how, in each case subject to certain retained rights, to develop, commercialize and sell products for use in the treatment of Fabry disease. In addition, for three years following the execution of the agreement, UHN granted the Company an exclusive option to obtain a license under certain improvements to the licensed intellectual property rights as well as an option to negotiate a license under certain other improvements. Under this agreement, the Company paid an option fee of CAD $ 20 , an upfront license fee of CAD $ 75 , plus the annual license maintenance fee for the first year. Thereafter, the Company is also required to pay UHN future annual license maintenance fees until the first sale of a licensed product in certain markets. The Company is also obligated to make future milestone payments in an aggregate amount of up to CAD $ 2,450 upon the achievement of specified milestones as well as royalties on a country-by-country basis of a low to mid-single-digit percentage of annual net sales of licensed products and a lower single-digit royalty percentage in certain circumstances. Additionally, the Company has agreed to pay a low double-digit royalty percentage of all sublicensing revenue. The agreement requires the Company to meet certain performance milestones within specified timeframes. UHN may terminate the agreement if the Company fails to meet these performance milestones despite using commercially reasonable efforts and the Company is unable to reach agreement with UHN on revised timeframes. The Company’s royalty obligation expires on a licensed product-by-licensed product and country-by-country basis upon the latest to occur of the expiration or termination of the last valid claim under the licensed intellectual property rights in such country, the tenth anniversary of the first commercial sale of such licensed product in such country and the expiration of any applicable regulatory exclusivity in such country. Unless terminated earlier, the agreement expires upon the expiration of the Company’s royalty obligation for all licensed products. UHN can terminate the agreement if the Company fails to make any payments within a specified period after receiving written notice of such failure, or in the event that the Company fails to obtain or maintain insurance. Either the Company or UHN may terminate the license agreement in the event of a material breach by the other party and failure to cure such breach within a certain period of time. The Company can voluntarily terminate the agreement with prior notice to UHN. On October 3, 2023 the Company provided a notice of termination to UHN with respect to the Fabry License Agreement, specifying an effective date of termination of January 4, 2024. For the three months ended September 30, 2023 , the Company recorded research and development expense related to this agreement with UHN of $ 25 . For the three months ended September 30, 2022 the Company did no t incur any research and development expense related to this agreement with UHN for reimbursable funded study trial costs. For the nine months ended September 30, 2023 and 2022 , the Company recorded research and development expense related to this agreement with UHN of $ 59 and $ 106 , respectively, which consists of reimbursable funded study trial costs. No milestone or maintenance fees were incurred related to this agreement in the three and nine months ended September 30, 2023 and 2022. Interleukin 12 License Agreement— On January 27, 2016, the Company entered into an exclusive license agreement with UHN, pursuant to which UHN granted the Company a license to certain patent rights for the commercial development, manufacture, distribution and use of any products or processes resulting from development of those patent rights related to Interleukin 12. Upon execution of this agreement, the Company paid an upfront license fee of CAD $ 264 . In addition, as part of the initial consideration for the license, the Company issued to UHN 1,161,665 shares of the Company’s common stock and agreed to pay UHN up to $ 2,000 upon the closing of an IPO if certain criteria are met. The fair value of the shares issued to UHN of $ 480 and the upfront fee was expensed upon the execution of the agreement. Upon the closing of the IPO in 2018, as the criteria were met, the Company paid UHN $ 2,000 . The Company was also required to pay UHN future annual license maintenance fees of CAD $ 50 on each anniversary of the effective date of the license agreement prior to expiration or termination and potential future milestone payments of up to CAD $ 19,275 upon the achievement of specified clinical and regulatory milestones. The Company also agreed to pay UHN royalties of a low single-digit percentage of net sales of licensed products sold by the Company. If the Company granted any sublicense rights under the license agreement, the Company agreed to pay UHN a low double-digit royalty percentage of any sublicense income received by the Company. The agreement also required the Company to meet certain diligence requirements based upon specified milestones. Effective as of August 24, 2023, the Company and UHN agreed to terminate the Interleukin 12 License Agreement. Following the termination of the agreement, the Company does not have any remaining financial obligations to UHN pursuant to the Interleukin 12 License Agreement. For the three months ended September 30, 2023 the Company did no t incur any costs related to this agreement with UHN. For the three months ended September 30, 2022 , the Company recorded research and development expense related to this agreement with UHN of $ 39 . For the nine months ended September 30, 2023 and 2022 , the Company recorded research and development expense related to this agreement with UHN of $ 37 and $ 39 , respectively. No milestone fees were incurred related to this agreement in the three and nine months ended September 30, 2023 and 2022. Agreement with BioMarin Pharmaceutical Inc. (“BioMarin”) On August 31, 2017, the Company entered into a license agreement with BioMarin, pursuant to which BioMarin granted the Company an exclusive worldwide license under certain intellectual property rights owned or controlled by BioMarin to develop, commercialize and sell products for use in the treatment of Pompe disease. The license agreement was amended in February 2018 and again in January 2020 to, among things, provide that BioMarin would supply the Company with certain technology materials. As consideration for this agreement, the Company paid an upfront license fee of $ 500 in cash and issued 233,765 shares of Series B Preferred Stock to BioMarin at the time of the Company’s Series B Preferred Stock financing in January 2018. The Company has a license agreement with BioMarin, pursuant to which BioMarin granted the Company an exclusive worldwide license under certain intellectual property rights owned or controlled by BioMarin to develop, commercialize and sell products for use in the treatment of Pompe disease. The Company is also obligated to make future milestone payments of up to $ 13,000 upon the achievement of certain specified milestones and agreed to pay BioMarin royalties of a low single-digit percentage of net sales of licensed products sold by the Company or its affiliates covered by patent rights in a relevant country. The Company has recognized no expenses related to the license for the three and nine months ended September 30, 2023 and 2022. Unless terminated earlier, the agreement expires upon the expiration of the Company’s royalty obligation for all licensed products throughout the world. BioMarin and the Company can terminate the agreement in the event of a material breach by the other party and failure to cure such breach within a certain period of time. The Company may terminate the agreement at will upon written notice to BioMarin. BioMarin has the right to terminate the agreement upon the Company’s bankruptcy or insolvency, or in the event of any challenge or opposition to the licensed patent rights or related actions brought by the Company or its affiliates or sublicensees, or if the Company, its affiliates or sublicensees knowingly assist a third-party in challenging or otherwise opposing the licensed patent rights, except as required under a court order or subpoena. Agreement with Papillon Therapeutics, Inc. (previously GenStem Therapeutics, Inc.) On October 2, 2017, the Company entered into a license agreement with GenStem, pursuant to which GenStem granted the Company an exclusive worldwide license, subject to certain retained rights, under certain intellectual property rights owned or controlled by GenStem to develop, commercialize and sell products for use in the treatment of cystinosis. Under this agreement, the Company paid an upfront license fee of $ 1,000 and is required to make payments upon completion of certain milestones up to an aggregate of $ 16,000 . The Company also agreed to pay GenStem a tiered mid to high single-digit royalty percentage on annual net sales of licensed products as well as a low double-digit percentage of sublicense income received from certain third-party licensees. The Company’s royalty obligation expires on a licensed product-by-licensed product and country-by-country basis on the eleventh anniversary of the first commercial sale of such licensed product in such country or the expiration of the last valid claim under the licensed patent rights covering such licensed product in such country, whichever is later. Unless terminated earlier, the agreement expires upon the expiration of the Company’s royalty obligation for all licensed products throughout the world. GenStem and the Company can terminate the agreement in the event of a material breach by the other party and failure to cure such breach within a certain period of time. The Company may terminate the agreement at will upon the specified prior written notice to GenStem. In October 2021, the Company received noticed that the license agreement with GenStem had been assigned to Papillon Therapeutics, Inc. (“Papillon”). On June 9, 2023, in connection with the close of the Asset Purchase Agreement, discussed and defined above, the Company transferred this agreement to Novartis. The Company has recognized no expenses related to this agreement for the three and nine months ended September 30, 2023 and 2022. Agreement with Lund University Rights Holders On November 17, 2016, the Company entered into a license agreement with affiliates of Lund University, along with certain other relevant rights holders that may be added from time to time, pursuant to which such rights holders granted to the Company an exclusive worldwide license, subject to certain retained rights, under certain intellectual property rights to develop, commercialize and sell products in any and all uses relevant to Gaucher disease. As consideration for the license, the Company is required to make payments in connection with the achievement of certain milestones up to an aggregate of $ 550 . The agreement expires on the latest of (i) the twentieth anniversary of the end of a certain research project the Company is funding pursuant to an agreement with Lund University, (ii) the expiration of the term of any patent filed on the licensed rights that covers a licensed product, (iii) the expiration of any applicable marketing exclusivity right and (iv) such time that neither the Company nor any sublicensees, partners or contractors are commercializing a licensed product. Either the Company or the rights holders acting together may terminate the license agreement if the other such party commits a material breach and fails to cure such breach within a certain period of time, or if the other party enters into liquidation, becomes insolvent, or enters into composition or statutory reorganization proceedings. The Company has recognized no expenses related to this agreement for the three and nine months ended September 30, 2023 and 2022. Sale of Cystinosis Program On May 19, 2023, the Company entered into the Asset Purchase Agreement with Novartis, providing for the sale of the Company’s cystinosis gene therapy program (designated AVR-RD-04) and all other assets of the Company specifically related to this program. In addition, pursuant to the Asset Purchase Agreement, the Company has granted an exclusive license to Novartis to use certain intellectual property of the Company, which consists of certain proprietary elements of the Company’s plato ® gene therapy platform technology specifically within the field of cystinosis. The foregoing transactions contemplated by the Asset Purchase Agreement are referred to as the “Asset Sale.” The Company has also agreed not to assert claims against Novartis for violations of certain other Company intellectual property rights in connection with Novartis’s exercise of the exclusive license granted to it under the Asset Purchase Agreement, and for violations of the licensed intellectual property, except in connection with activities by Novartis in the fields of Gaucher disease, Pompe disease, Hunter syndrome and Fabry disease, or indemnification claims under the Asset Purchase Agreement. The aggregate consideration to the Company consisted of a cash payment of $ 87,500 upon closing of the transaction. The Asset Purchase Agreement contains certain customary representations, warranties and covenants. The Asset Purchase Agreement also contains customary indemnification provisions pursuant to which the parties agree to indemnify each other for certain matters, including, among other things, breaches of certain representations, warranties and covenants in connection with the Asset Sale, subject to specified caps and limitations. The Company has also agreed to a covenant that would prohibit the Company from engaging in specified activities that would compete with the cystinosis business, for a period of 5 years, subject to certain limitations and exceptions. The Company completed the Asset Sale on June 9, 2023. For the three and nine months ended September 30, 2023 the Company recognized $ 83,736 as a gain on asset sale, net of $ 3,764 transaction costs, related to legal, accounting, and financial advisory services and transferred prepaid assets. |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 4. Fair Value Measurement The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of September 30, 2023 and December 31, 2022: Fair Value Measurements as of September 30, 2023 Level 1 Level 2 Level 3 Total Assets: Cash equivalents — money market funds $ 104,541 $ — $ — $ 104,541 $ 104,541 $ — $ — $ 104,541 Fair Value Measurements as of December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Cash equivalents — money market funds $ 91,095 $ — $ — $ 91,095 $ 91,095 $ — $ — $ 91,095 The fair value of cash equivalents was determined through quoted prices by third-party pricing services. During the nine months ended September 30, 2023 , there were no transfers between levels. |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 9 Months Ended |
Sep. 30, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Balance Sheet Information | 5. Supplemental Balance Sheet Information Prepaid expenses and other current assets Prepaid expenses and other current assets consisted of the following: September 30, December 31, Prepaid research and development expenses $ 828 $ 4,509 Prepaid insurance 1,221 999 Other current assets 805 1,008 Prepaid compensation benefits 6 327 Tax incentive refund — 269 Prepaid expenses and other current assets $ 2,860 $ 7,112 Property and equipment, net Property and equipment, net consisted of the following: September 30, December 31, Laboratory and office equipment $ 5,973 $ 5,967 Leasehold improvements 629 629 Computer equipment 104 102 6,706 6,698 Less: Accumulated depreciation and amortization ( 4,421 ) ( 3,804 ) Reclassified to held for sale ( 2,285 ) — Property and equipment, net $ — $ 2,894 Reclassified to held for sale $ 2,285 $ — Less: Loss on impairment ( 902 ) — Less: Sales ( 1,198 ) — Held for Sale $ 185 $ — As of September 30, 2023 , the Company had $ 185 of property and equipment classified as held for sale, and the Company's intention is to complete the sale of these assets within the fourth quarter of 2023. During the three and nine months ended September 30, 2023 , $ 2,285 of assets were reclassified as held for sale and $ 1,198 were sold. For the three and nine months ended September 30, 2023 , the Company recognized $ 902 as a loss on impairment on assets. No depreciation or amortization expense was recognized for the three months ended September 30, 2023 . Depreciation and amortization expense was $ 617 for the nine months ended September 30, 2023 . Depreciation and amortization expense was $ 336 and $ 1,105 , respectively, for the three and nine months ended September 30, 2022 . Restricted cash As of September 30, 2023 and December 31, 2022, the Company had restricted cash as presented in the table below, which consists of cash used to secure letters of credit for the benefit of the landlord in connection with the Company’s lease agreements. The cash will be restricted until the termination or modification of the lease arrangement. September 30, 2023 December 31, 2022 Restricted cash $ 283 $ 283 Restricted cash, net of current portion 400 — Accrued expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following: September 30, December 31, Research and development expenses $ 1,479 $ 6,122 Compensation and benefit costs 2,402 4,175 Consulting and professional fees 1,120 1,224 Other liabilities 1 211 Accrued expenses and other current liabilities $ 5,002 $ 11,732 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Leases | 6. Leases On August 31, 2018, the Company entered into a sublease agreement for office and lab space located in Cambridge Massachusetts, United States, which was set to expire in October 2020 . On June 9, 2020, the Company amended the terms of the sublease, which was set to expire in April 2022 . Effective January 1, 2022, the Company amended the terms of the sublease, to extend the term through April 2023 . In July 2022, the Company moved its corporate headquarters to its subleased space in this location. Effective January 24, 2023, the Company amended the terms of the sublease, which is now set to expire in April 2024. The annual lease payments are subject to a 5 % increase each year. In accordance with the lease agreement, the Company is required to maintain a security deposit of $ 283 , which was recorded in restricted cash as of September 30, 2023 and December 31, 2022 . In July 2023, the Company ceased use of the lab space. This resulted in an impairment of the right of use asset of $ 940 , recognized in the third quarter of 2023. On June 1, 2020, the Company entered into a lease agreement for office space located in Toronto, Ontario, Canada, which is set to expire in June 2025 . The annual lease payments are fixed for years 1 and 2, and then subject to a 6.67 % increase for years 3 through 5 . In accordance with the lease agreement, the Company is required to maintain a security deposit of CAD$ 27 , which was recorded in other long-term assets as of September 30, 2023 and December 31, 2022 . In October 2022, the Company entered into a sublease agreement to sublease this space. The term of the sublease agreement commenced on October 1, 2022 and expires on June 29, 2025 . The following table summarizes the effect of lease costs in the Company’s consolidated statement of operations and comprehensive income (loss): Three Months Ended September 30, 2023 Operating lease costs $ 483 Sublease income ( 23 ) Total lease costs $ 460 During the three months ended September 30, 2023 and 2022 , the Company made cash payments for operating leases of $ 706 and $ 831 , respectively. During the nine months ended September 30, 2023 and 2022 , the Company made cash payments for operating leases of $ 2,088 and $ 2,493 , respectively. As of September 30, 2023, future minimum payments of operating lease liabilities are as follows (in thousands): September 30, 2023 $ 706 2024 1,033 2025 69 2026 — 2027 — Thereafter — Total lease payments $ 1,808 Less: interest ( 82 ) Plus: FX gain/loss 26 Present value of lease liabilities $ 1,752 As of September 30, 2023 , the weighted average remaining lease term was 0.8 years and the weighted average incremental borrowing rate used to determine the operating lease liability was 15.59 %. As of September 30, 2022 , the weighted average remaining lease term was 1.0 year and the weighted average incremental borrowing rate used to determine the operating lease liability was 10.51 %. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies Legal Proceedings The Company, from time to time, may be party to litigation arising in the ordinary course of business. The Company was not subject to any material legal proceedings during the nine months ended September 30, 2023 and 2022 and to the best of the Company’s knowledge, no material legal proceedings are currently pending or threatened. Other The Company is also party to various agreements, principally relating to licensed technology, that require future payments relating to milestones not met at September 30, 2023 and December 31, 2022, or royalties on future sales. No milestone or royalty payments under these agreements are expected to be payable in the immediate future, except as disclosed in Note 3 “License Agreements.” The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to the agreements, the Company agrees to indemnify, hold harmless, and to reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally the Company’s business partners, in connection with any U.S. patent or any copyright or other intellectual property infringement claim by any third-party with respect to the Company’s products. Further, the Company indemnifies its directors and officers who are, or were, serving at the Company’s request in such capacities. The Company’s maximum exposure under these arrangements is unknown as of September 30, 2023 . The Company does not anticipate recognizing any significant losses relating to these arrangements. The term of these indemnification agreements is generally perpetual any time after execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. The Company has never incurred costs to defend lawsuits or settle claims related to these indemnification agreements. |
Note Payable
Note Payable | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Note Payable | 8. Note Payable On November 2, 2021 (the “Closing Date”), the Company entered into a Loan and Security Agreement (the “Loan Agreement”) with Silicon Valley Bank (“SVB”) pursuant to which a term loan in an aggregate principal amount of up to $ 50,000 (the “Term Loan Facility”) was available to the Company in three tranches, subject to certain terms and conditions. The first tranche of $ 15,000 was advanced to the Company on the Closing Date. Subject to the terms and conditions of the Loan Agreement, the first tranche allowed the Company to borrow an additional $ 15,000 through October 31, 2023. Upon satisfaction of certain milestones, the second and third tranches were available under the Term Loan Facility which allowed the Company to borrow an additional amount up to $ 10,000 in each tranche through October 31, 2023. Additionally, the Company could seek to borrow up to an additional $ 15,000 at the sole discretion of the lender through the term of the Loan Agreement. The Loan Agreement provided for an October 1, 2026 maturity date (the “Maturity Date”). The Company was required to pay an end of term fee (“End of Term Charge”) equal to 9.00 % of the aggregate principal amount of the Term Loan advances upon repayment. Advances under the Term Loan Facility bore interest at a rate equal to the greater of either (i) the Prime Rate (as reported in The Wall Street Journal) plus 4.85 %, and (ii) 8.10 %. The Company was obligated to make interest only payments through November 1, 2024. Following the interest only period, the Company was to repay the principal balance and interest of the advances in equal monthly installments through October 1, 2026 . The Company could prepay advances under the Loan Agreement, in whole or in part, at any time subject to a prepayment charge (the “Prepayment Premium”) equal to: (a) 1.50 % of amounts so prepaid, if such prepayment occurred during the first year following the Closing Date; (b) 1.00 % of the amount so prepaid, if such prepayment occurred during the second year following the Closing Date; and (c) 0.00 % of the amount so prepaid, if such prepayment occurred after the second year following the Closing Date. Upon prepayment or repayment of all or any of the term loans under the Term Loan Facility, the Company was required to pay (in addition to any Prepayment Premium) an end of term charge of 9.0 % of the aggregate funded amount under the Term Loan Facility. The Term Loan Facility was secured by substantially all of the Company’s assets, other than the Company’s intellectual property. The Company agreed to not pledge or secure its intellectual property to others. The End of Term Charge is recorded as a debt discount with an initial carrying balance of $ 1,350 . During the year ended December 31, 2021 the Company recognized $ 103 of debt issuance costs related to legal expenses that has been included in the debt discount balance. The debt discount costs are being accreted to the principal amount of debt and being amortized from the date of issuance through the Maturity Date to interest expense using the effective-interest rate method. The effective interest rate of the outstanding debt under the Loan Agreement was approximately 16.29 %. On June 9, 2023, upon the closing of the Asset Sale, all outstanding amounts due and owed, including principal, interest, and other charges, under the Term Loan Facility, dated as of November 2, 2021, by and among the Company, Silicon Valley Bank, a division of First-Citizens Bank & Trust and the other parties thereto, were repaid in full and the Term Loan Facility was terminated. Upon repayment, the obligations of the Company under the Term Loan Facility were satisfied in full, the Term Loan Facility and all related loan documents were terminated and all liens and security interests granted thereunder were released and terminated (excluding certain indemnification obligations that expressly survive termination of the Term Loan Facility). During the three months ended September 30, 2023 the Company did no t recognize any interest expense related to the Loan Agreement, and during the three months ended September 30, 2022 the Company recognized $ 482 of interest expense related to the Loan Agreement which is reflected in other (expense) income, net on the consolidated statements of operations and comprehensive income (loss), respectively. During the nine months ended September 30, 2023 and 2022 , the Company recognized $ 1,917 and $ 1,280 of interest expense related to the Loan Agreement which is reflected in other (expense) income, net on the consolidated statements of operations and comprehensive income (loss), respectively. Of the $ 1,917 recognized during the nine months ended September 30, 2023, $ 939 is related to the loss on the extinguishment of debt due to the write off of the debt discount balance. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | 9. Stockholders’ Equity C ommon Stock As of September 30, 2023 and December 31, 2022 , the authorized capital stock of the Company included 150,000,000 shares of common stock, $ 0.0001 par value and 10,000,000 shares of undesignated preferred stock. As of September 30, 2023 and December 31, 2022 , no undesignated preferred stock was outstanding. As of September 30, 2023 , no cash dividends have been declared or paid. Common Stock Reserved for Future Issuance As of September 30, 2023 and December 31, 2022, the Company has reserved the following shares of common stock for future issuance: September 30, December 31, Shares reserved for exercise of outstanding stock options 5,922,447 9,423,271 Shares reserved for vesting of restricted stock units 1,224,997 940,392 Shares reserved for issuance under the 2018 Stock Option and Grant Plan 7,287,262 5,005,295 Shares reserved for issuance under the 2018 Employee Stock Purchase Plan 1,332,587 1,467,026 Shares reserved for issuance under the 2019 Inducement Plan 1,137,800 786,656 Shares reserved for issuance under the 2020 Inducement Plan 1,700,000 1,637,000 Total shares of authorized common stock reserved for future issuance 18,605,093 19,259,640 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 10. Stock-based Compensation Stock Option Valuation The assumptions that the Company used to determine the grant-date fair value of stock options granted to employees and members of the Board were as follows, presented on a weighted-average basis: Nine Months Ended September 30, 2023 2022 Expected option life (years) 6.00 5.96 Risk-free interest rate 3.82 % 1.80 % Expected volatility 83.36 % 80.22 % Expected dividend yield — % — % The following table summarizes the Company’s stock option activity for the nine months ended September 30, 2023: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2022 9,423,271 $ 7.26 8.14 $ 22 Granted 123,501 $ 1.09 Exercised ( 223,273 ) $ 0.79 Cancelled or forfeited ( 3,401,052 ) $ 7.15 Outstanding as of September 30, 2023 5,922,447 $ 7.43 6.32 $ 1,068 Exercisable as of September 30, 2023 3,606,590 $ 10.16 4.82 $ 217 The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock for those stock options that had exercise prices lower than the estimated fair value of the Company’s common stock. The aggregate intrinsic value of options exercised during the nine months ended September 30, 2023 was $ 85 . No options were exercised during the nine months ended September 30, 2022. The weighted-average grant-date fair value of the Company’s stock options granted during the nine months ended September 30, 2023 and 2022 was $ 0.79 and $ 1.23 , respectively. Restricted Stock Units The following table summarizes the Company’s restricted common stock units for the nine months ended September 30, 2023: Number Weighted- Issued and unvested as of December 31, 2022 940,392 $ 3.62 Granted 1,548,117 $ 1.65 Vested ( 283,835 ) $ 4.98 Forfeited, cancelled or expired ( 979,677 ) $ 2.02 Issued and unvested as of September 30, 2023 1,224,997 $ 2.10 The total fair value of restricted stock units vested during the nine months ended September 30, 2023 and 2022 was $ 1,367 and $ 7 , respectively. Stock-Based Compensation Stock-based compensation expense was allocated as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Research and development $ 415 $ 448 $ 1,705 $ 2,169 General and administrative 1,804 2,208 4,579 7,098 Total stock-based compensation expense $ 2,219 $ 2,656 $ 6,284 $ 9,267 As of September 30, 2023 , total unrecognized compensation cost related to the unvested stock-based awards was $ 6,282 , which is expected to be recognized over a weighted-average period of 2.10 years. |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 11. Net Income (Loss) Per Share The following table sets forth the computation of the Company’s basic and diluted net income (loss) per share for the three and nine months ended September 30, 2023 and 2022 (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator: Net income (loss) attributable to common stockholders—basic and diluted $ ( 21,577 ) $ ( 22,969 ) $ 20,942 $ ( 80,856 ) Denominator: Weighted-average common shares outstanding—basic 44,527,997 43,772,990 44,234,936 43,722,129 Weighted-average common shares outstanding—diluted 44,527,997 43,772,990 44,425,531 43,722,129 Net income (loss) per share applicable to common stockholders—basic $ ( 0.48 ) $ ( 0.52 ) $ 0.47 $ ( 1.85 ) Net income (loss) per share applicable to common stockholders—diluted $ ( 0.48 ) $ ( 0.52 ) $ 0.47 $ ( 1.85 ) The Company excluded the following potential common shares from the computation of diluted net income (loss) per share attributable to common stockholders for the three and nine months ended September 30, 2023 and 2022 because including them would have had an anti-dilutive effect: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Options to purchase common stock 4,827,316 8,083,363 7,683,446 8,083,363 Restricted stock units 276,008 870,536 1,414,256 870,536 Employee stock purchase plan — — 4,976 — |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 12. Related Party Transactions UHN For the three months ended September 30, 2023 and 2022 , the Company recognized $ 25 and $ 82 , respectively, of research and development expense related to the license agreements with UHN. For the nine months ended September 30, 2023 and 2022 , the Company recognized $ 97 and $ 145 , respectively, of research and development expense related to the license agreements with UHN. Refer to Note 3 “ License Agreements ” for additional information regarding the UHN license agreements. Others In the first quarter of 2023, the sublease for space that was previously provided by an entity affiliated with a member of the Company’s Board was assigned to Novartis. Therefore, for the three months ended September 30, 2023 the Company did no t record expense related to a sublease to rent office and lab space provided by an entity affiliated with a member of the Company’s Board. For the three months ended September 30, 2022 the Company recorded $ 795 related to the sublease to rent office and lab space previously provided by an entity affiliated with a member of the Company’s Board. For the nine months ended September 30, 2023 and 2022 , the Company recorded expenses of $ 754 and $ 2,381 , respectively, related to the sublease to rent office and lab space previously provided by an entity affiliated with a member of the Company’s Board. |
Restructuring Activities
Restructuring Activities | 9 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Activities | 13. Restructuring Activities In July 2023, the Board approved a reduction in the Company’s workforce by approximately 50 % across different areas and functions in the Company’s July 2023 Workforce Reduction. The July 2023 Workforce Reduction was substantially completed by the end of July 2023. The Company informed affected employees in the July 2023 Workforce Reduction on July 12, 2023. Since the date of the July 2023 Workforce Reduction, the Company’s remaining employees have primarily focused on activities relating to halting further development of the Company’s programs, the pursuit of strategic alternatives, and the provision of services under the previously disclosed Separation Services Agreement between the Company and Novartis in connection with the sale to Novartis of the Company’s cystinosis gene therapy program. Under the July 2023 Workforce Reduction, the Company recognized total restructuring expenses of $ 3,685 for the three and nine months ended September 30, 2023 . These one-time employee termination benefits are related to affected employees, who were offered separation benefits, including severance payments. Approximately $ 2,782 of these payments were made during the three months ended September 30, 2023 , $ 903 of these expenses were related to non-cash stock-based compensation expense, and there are no remaining accrued remaining payments at September 30, 2023 . Employee Severance Restructuring expenses $ 3,685 Cash payments ( 2,782 ) Non-cash expenses ( 903 ) Liability included in accrued expenses and other current liabilities at September 30, 2023 $ — |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events The Company’s workforce was reduced by 11 employees in the October 2023 Workforce Reduction effective as of October 31, 2023. Affected employees in the October 2023 Workforce Reduction were offered separation benefits, including severance payments. The Company estimates that the severance and termination-related costs will total approximately $ 1.2 million in the aggregate and expects to primarily record these charges in the fourth quarter of 2023. The Company expects that payments of these costs will substantially be made through the end of the fourth quarter of 2023. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements (the “unaudited condensed consolidated financial statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements as of and for the year ended December 31, 2022, and, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of September 30, 2023, and the results of its operations for the three and nine months ended September 30, 2023 and 2022, its statements of stockholders’ equity for the three and nine months ended September 30, 2023 and 2022 and its statement of cash flows for the nine months ended September 30, 2023 and 2022. The results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2022, any other interim periods, or any future year or period. These interim financial statements should be read in conjunction with the audited 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, filed with the SEC on March 23, 2023. The unaudited condensed consolidated financial statements reflect the application of certain significant accounting policies as described below and elsewhere in these notes to the unaudited condensed consolidated financial statements. As of September 30, 2023, there have been no changes to the Company’s significant accounting policies as described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 . |
Segment Information | Segment Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the chief executive officer (“CEO”). The Company and the CEO view the Company’s operations and manage its business as one operating segment. All material long-lived assets of the Company reside in the United States. |
Use of Estimates | Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires that the Company make estimates and judgments that may affect the reported amounts of assets, liabilities and expenses and the related disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. On an ongoing basis, the Company evaluates its estimates, judgments and methodologies. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates. Changes in estimates are reflected in reported results in the period in which they become known. Significant estimates relied upon in preparing the unaudited condensed consolidated financial statements include the determination of the fair value of share-based awards issued and the estimation of accrued research and development expenses. |
Stock-Based Compensation | Stock-based Compensation For stock-based awards issued to employees and members of the Company’s Board for their services on the Board, the Company measures the estimated fair value of the stock-based award on the date of grant and recognizes compensation expense for those awards over the requisite service period, which is generally the vesting period of the respective award. The Company issues stock-based awards with only service-based vesting conditions and records the expense for these awards using the straight-line method. The Company has not issued any stock-based awards with performance- or market-based vesting conditions. The Company accounts for forfeitures as they occur. Prior to the adoption of Accounting Standards Update (“ASU”) No. 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting , the measurement date for non-employee awards was generally the date the services are completed, resulting in financial reporting period adjustments to stock-based compensation during the vesting terms for changes in the fair value of the awards. After adoption of ASU 2018-07, the measurement date for non-employee awards is the later of the adoption date of ASU 2018-07, or the date of grant, without change in the fair value of the award. For stock-based awards granted to nonemployees subject to graded vesting that only contain service conditions, the Company has elected to recognize stock-based compensation expense using the straight-line recognition method. The Company classifies stock-based compensation expense in its consolidated statements of operations and comprehensive income (loss) in the same manner in which the award recipient’s cash compensation costs are classified. |
Emerging Growth Company Status | Emerging Growth Company Status The Company is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act, or JOBS Act, and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. The Company may take advantage of these exemptions until the Company is no longer an “emerging growth company.” Section 107 of the JOBS Act provides that an “emerging growth company” can take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards and as a result of this election, its consolidated financial statements may not be comparable to companies that comply with public company effective dates. The Company may take advantage of these exemptions up until the last day of the fiscal year following the fifth anniversary of its IPO or such earlier time that it is no longer an “emerging growth company.” |
Subsequent Event Considerations | Subsequent Event Considerations The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the consolidated financial statements to provide additional evidence for certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated as required. |
Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , or ASU 2016-13. ASU 2016-13 requires that credit losses be reported as an allowance using an expected losses model, representing the entity's current estimate of credit losses expected to be incurred. For available-for-sale debt securities with unrealized losses, this standard now requires allowances to be recorded instead of reducing the amortized cost of the investment. On January 1, 2023 the Company adopted this standard, which had no impact on its financial position or results of operations. In November 2019, the FASB issued ASU 2019-11, “ Codification Improvements to Topic 326, Financial Instruments – Credit Losses ,” or ASU 2019-11. ASU 2019-11 is an accounting pronouncement that amends ASU 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments .” The amendments update guidance on reporting credit losses for financial assets. These amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. On January 1, 2023 the Company adopted this standard, which had no impact on its financial position or results of operations. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets Measured at Fair Value on Recurring Basis | The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of September 30, 2023 and December 31, 2022: Fair Value Measurements as of September 30, 2023 Level 1 Level 2 Level 3 Total Assets: Cash equivalents — money market funds $ 104,541 $ — $ — $ 104,541 $ 104,541 $ — $ — $ 104,541 Fair Value Measurements as of December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Cash equivalents — money market funds $ 91,095 $ — $ — $ 91,095 $ 91,095 $ — $ — $ 91,095 |
Supplemental Balance Sheet In_2
Supplemental Balance Sheet Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Summary of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following: September 30, December 31, Prepaid research and development expenses $ 828 $ 4,509 Prepaid insurance 1,221 999 Other current assets 805 1,008 Prepaid compensation benefits 6 327 Tax incentive refund — 269 Prepaid expenses and other current assets $ 2,860 $ 7,112 |
Summary of Property and Equipment, Net | Property and equipment, net consisted of the following: September 30, December 31, Laboratory and office equipment $ 5,973 $ 5,967 Leasehold improvements 629 629 Computer equipment 104 102 6,706 6,698 Less: Accumulated depreciation and amortization ( 4,421 ) ( 3,804 ) Reclassified to held for sale ( 2,285 ) — Property and equipment, net $ — $ 2,894 Reclassified to held for sale $ 2,285 $ — Less: Loss on impairment ( 902 ) — Less: Sales ( 1,198 ) — Held for Sale $ 185 $ — As of September 30, 2023 , the Company had $ 185 of property and equipment classified as held for sale, and the Company's intention is to complete the sale of these assets within the fourth quarter of 2023. During the three and nine months ended September 30, 2023 , $ 2,285 of assets were reclassified as held for sale and $ 1,198 were sold. For the three and nine months ended September 30, 2023 , the Company recognized $ 902 as a loss on impairment on assets. No depreciation or amortization expense was recognized for the three months ended September 30, 2023 . Depreciation and amortization expense was $ 617 for the nine months ended September 30, 2023 . Depreciation and amortization expense was $ 336 and $ 1,105 , respectively, for the three and nine months ended September 30, 2022 . |
Summary of Restricted Cash | As of September 30, 2023 and December 31, 2022, the Company had restricted cash as presented in the table below, which consists of cash used to secure letters of credit for the benefit of the landlord in connection with the Company’s lease agreements. The cash will be restricted until the termination or modification of the lease arrangement. September 30, 2023 December 31, 2022 Restricted cash $ 283 $ 283 Restricted cash, net of current portion 400 — |
Summary of Accrued Expenses | Accrued expenses and other current liabilities consisted of the following: September 30, December 31, Research and development expenses $ 1,479 $ 6,122 Compensation and benefit costs 2,402 4,175 Consulting and professional fees 1,120 1,224 Other liabilities 1 211 Accrued expenses and other current liabilities $ 5,002 $ 11,732 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Schedule of effective lease cost comprehensive income loss | The following table summarizes the effect of lease costs in the Company’s consolidated statement of operations and comprehensive income (loss): Three Months Ended September 30, 2023 Operating lease costs $ 483 Sublease income ( 23 ) Total lease costs $ 460 |
Schedule of Future Minimum Payments of Operating Lease Liabilities | As of September 30, 2023, future minimum payments of operating lease liabilities are as follows (in thousands): September 30, 2023 $ 706 2024 1,033 2025 69 2026 — 2027 — Thereafter — Total lease payments $ 1,808 Less: interest ( 82 ) Plus: FX gain/loss 26 Present value of lease liabilities $ 1,752 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Summary of Common Stock Reserved for Future Issuance | As of September 30, 2023 and December 31, 2022, the Company has reserved the following shares of common stock for future issuance: September 30, December 31, Shares reserved for exercise of outstanding stock options 5,922,447 9,423,271 Shares reserved for vesting of restricted stock units 1,224,997 940,392 Shares reserved for issuance under the 2018 Stock Option and Grant Plan 7,287,262 5,005,295 Shares reserved for issuance under the 2018 Employee Stock Purchase Plan 1,332,587 1,467,026 Shares reserved for issuance under the 2019 Inducement Plan 1,137,800 786,656 Shares reserved for issuance under the 2020 Inducement Plan 1,700,000 1,637,000 Total shares of authorized common stock reserved for future issuance 18,605,093 19,259,640 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Assumptions that Used to Determine Grant-Date Fair Value of Stock Options Granted to Employees and Members of Board of Directors | The assumptions that the Company used to determine the grant-date fair value of stock options granted to employees and members of the Board were as follows, presented on a weighted-average basis: Nine Months Ended September 30, 2023 2022 Expected option life (years) 6.00 5.96 Risk-free interest rate 3.82 % 1.80 % Expected volatility 83.36 % 80.22 % Expected dividend yield — % — % |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity for the nine months ended September 30, 2023: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2022 9,423,271 $ 7.26 8.14 $ 22 Granted 123,501 $ 1.09 Exercised ( 223,273 ) $ 0.79 Cancelled or forfeited ( 3,401,052 ) $ 7.15 Outstanding as of September 30, 2023 5,922,447 $ 7.43 6.32 $ 1,068 Exercisable as of September 30, 2023 3,606,590 $ 10.16 4.82 $ 217 |
Summary of Restricted Common Stock Units | The following table summarizes the Company’s restricted common stock units for the nine months ended September 30, 2023: Number Weighted- Issued and unvested as of December 31, 2022 940,392 $ 3.62 Granted 1,548,117 $ 1.65 Vested ( 283,835 ) $ 4.98 Forfeited, cancelled or expired ( 979,677 ) $ 2.02 Issued and unvested as of September 30, 2023 1,224,997 $ 2.10 |
Schedule of Stock-based Compensation Expense | Stock-based compensation expense was allocated as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Research and development $ 415 $ 448 $ 1,705 $ 2,169 General and administrative 1,804 2,208 4,579 7,098 Total stock-based compensation expense $ 2,219 $ 2,656 $ 6,284 $ 9,267 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Components of Basic and Diluted Earnings Per Share | The following table sets forth the computation of the Company’s basic and diluted net income (loss) per share for the three and nine months ended September 30, 2023 and 2022 (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator: Net income (loss) attributable to common stockholders—basic and diluted $ ( 21,577 ) $ ( 22,969 ) $ 20,942 $ ( 80,856 ) Denominator: Weighted-average common shares outstanding—basic 44,527,997 43,772,990 44,234,936 43,722,129 Weighted-average common shares outstanding—diluted 44,527,997 43,772,990 44,425,531 43,722,129 Net income (loss) per share applicable to common stockholders—basic $ ( 0.48 ) $ ( 0.52 ) $ 0.47 $ ( 1.85 ) Net income (loss) per share applicable to common stockholders—diluted $ ( 0.48 ) $ ( 0.52 ) $ 0.47 $ ( 1.85 ) |
Schedule of Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net Loss per Share | The Company excluded the following potential common shares from the computation of diluted net income (loss) per share attributable to common stockholders for the three and nine months ended September 30, 2023 and 2022 because including them would have had an anti-dilutive effect: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Options to purchase common stock 4,827,316 8,083,363 7,683,446 8,083,363 Restricted stock units 276,008 870,536 1,414,256 870,536 Employee stock purchase plan — — 4,976 — |
Restructuring Activities (Table
Restructuring Activities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Activities | Employee Severance Restructuring expenses $ 3,685 Cash payments ( 2,782 ) Non-cash expenses ( 903 ) Liability included in accrued expenses and other current liabilities at September 30, 2023 $ — |
Nature of the Business - Additi
Nature of the Business - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Jun. 09, 2023 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Oct. 31, 2023 Number | Jul. 12, 2023 | May 19, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Net Income (Loss) | $ (21,577) | $ (22,969) | $ 20,942 | $ (80,856) | |||||
Accumulated deficit | (468,490) | (468,490) | $ (489,432) | ||||||
Cash payment of closing the transaction | $ 87,500 | ||||||||
Cash and cash equivalents | 105,842 | $ 115,968 | 105,842 | $ 115,968 | $ 92,563 | ||||
Gain loss on recognize assets sales | $ 83,736 | $ 83,736 | $ 3,764 | ||||||
Reduction in workforce, percentage | 50% | ||||||||
Subsequent Event [Member] | |||||||||
Reduction in workforce, number | Number | 11 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 USD ($) Segment | Dec. 31, 2022 USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Number of operating segment | Segment | 1 | |
Operating lease assets | $ 912 | $ 1,057 |
Operating lease liabilities | $ 1,752 |
License Agreements - Additional
License Agreements - Additional Information (Detail) £ in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Sep. 08, 2023 GBP (£) | Jun. 09, 2023 USD ($) | Sep. 30, 2020 USD ($) | Oct. 02, 2017 USD ($) | Jan. 27, 2016 USD ($) | Jan. 27, 2016 CAD ($) shares | Aug. 31, 2017 USD ($) shares | Sep. 30, 2023 USD ($) shares | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) shares | Sep. 30, 2023 GBP (£) shares | Sep. 30, 2022 USD ($) | Dec. 31, 2020 USD ($) | May 19, 2023 USD ($) | Dec. 31, 2022 shares | Nov. 17, 2016 USD ($) | |
License Agreement [Line Items] | ||||||||||||||||
Collaborative agreement expenses | $ 0 | $ 590,000 | $ 1,610,000 | $ 1,970,000 | ||||||||||||
Common stock, issued | shares | 44,558,000 | 44,558,000 | 44,558,000 | 43,916,000 | ||||||||||||
Research and development | $ 14,829,000 | 15,919,000 | $ 43,310,000 | 54,049,000 | ||||||||||||
Cash payment of closing the transaction | $ 87,500,000 | |||||||||||||||
Gain loss on recognize assets sales | $ 83,736,000 | 83,736,000 | 3,764,000 | |||||||||||||
Sale of Cystinosis Program [Member] | ||||||||||||||||
License Agreement [Line Items] | ||||||||||||||||
Cash payment of closing the transaction | $ 87,500,000 | |||||||||||||||
University of Manchester Agreement [Member] | MPSII License Agreement [Member] | ||||||||||||||||
License Agreement [Line Items] | ||||||||||||||||
Upfront license fee | $ 8,000,000 | |||||||||||||||
Milestone payments payable | $ 80,000,000 | |||||||||||||||
Milestone payment paid | $ 2,000,000 | |||||||||||||||
Research and development expense | £ | £ 3,900 | £ 9,900 | ||||||||||||||
UHN Agreement [Member] | ||||||||||||||||
License Agreement [Line Items] | ||||||||||||||||
Research and development expense | 25,000 | 0 | 59,000 | 106,000 | ||||||||||||
Milestone fees | 0 | 0 | 0 | 0 | ||||||||||||
UHN Agreement [Member] | Fabry License Agreement [Member] | ||||||||||||||||
License Agreement [Line Items] | ||||||||||||||||
Upfront license fee | $ 75 | |||||||||||||||
Milestone payments payable | 2,450 | |||||||||||||||
Option fee | 20 | |||||||||||||||
UHN Agreement [Member] | Interleukin 12 License Agreement [Member] | ||||||||||||||||
License Agreement [Line Items] | ||||||||||||||||
Upfront license fee | 264 | |||||||||||||||
Milestone payments payable | 19,275 | |||||||||||||||
Milestone fees | 0 | 0 | 0 | 0 | ||||||||||||
Annual maintenance fees | $ 50 | |||||||||||||||
Common stock, issued | shares | 1,161,665 | |||||||||||||||
Fair value of shares issued | $ 480,000 | |||||||||||||||
Payments upon closing of an initial public offering | $ 2,000,000 | |||||||||||||||
Research and development | 0 | 39,000 | 37,000 | 39,000 | ||||||||||||
BioMarin Pharmaceutical Inc [Member] | ||||||||||||||||
License Agreement [Line Items] | ||||||||||||||||
Upfront license fee | $ 500,000 | |||||||||||||||
Preferred stock issued | shares | 233,765 | |||||||||||||||
Milestone payments | 13,000,000 | |||||||||||||||
Expenses related to license | 0 | 0 | 0 | 0 | ||||||||||||
GenStem Therapeutics Inc [Member] | ||||||||||||||||
License Agreement [Line Items] | ||||||||||||||||
Upfront license fee | $ 1,000,000 | |||||||||||||||
Milestone payments payable | $ 16,000,000 | |||||||||||||||
Expenses related to license | 0 | 0 | 0 | 0 | ||||||||||||
Lund University Rights Holders Agreement [Member] | ||||||||||||||||
License Agreement [Line Items] | ||||||||||||||||
Milestone payments payable | $ 550,000 | |||||||||||||||
Expenses related to license | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - Fair Value on Recurring Basis [Member] - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets Fair Value Disclosure | ||
Assets Fair Value Disclosure | $ 104,541 | $ 91,095 |
Money Market Funds [Member] | Cash Equivalents [Member] | ||
Assets Fair Value Disclosure | ||
Assets Fair Value Disclosure | 104,541 | 91,095 |
Level 1 [Member] | ||
Assets Fair Value Disclosure | ||
Assets Fair Value Disclosure | 104,541 | 91,095 |
Level 1 [Member] | Money Market Funds [Member] | Cash Equivalents [Member] | ||
Assets Fair Value Disclosure | ||
Assets Fair Value Disclosure | $ 104,541 | $ 91,095 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) $ in Thousands | Sep. 30, 2023 USD ($) |
Fair Value Disclosures [Abstract] | |
Fair value input transfer between levels | $ 0 |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information - Summary of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Supplemental Balance Sheet Information Disclosures [Abstract] | ||
Prepaid research and development expenses | $ 828 | $ 4,509 |
Prepaid insurance | 1,221 | 999 |
Other current assets | 805 | 1,008 |
Prepaid compensation benefits | 6 | 327 |
Tax incentive refund | 0 | 269 |
Prepaid expenses and other current assets | $ 2,860 | $ 7,112 |
Supplemental Balance Sheet In_4
Supplemental Balance Sheet Information - Summary of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 6,706 | $ 6,698 |
Less: Accumulated depreciation and amortization | (4,421) | (3,804) |
Reclassified to held for sale | (2,285) | 0 |
Property and equipment, net | 0 | 2,894 |
Reclassified to held for sale | 2,285 | 0 |
Less: Loss on impairment | (902) | 0 |
Less: Sales | (1,198) | 0 |
Held for Sale | 185 | 0 |
Laboratory and Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 5,973 | 5,967 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 629 | 629 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 104 | $ 102 |
Supplemental Balance Sheet In_5
Supplemental Balance Sheet Information - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Impairment Effects on Earnings Per Share [Line Items] | |||||
Depreciation and amortization expense | $ 617 | $ 1,105 | |||
Property, plant, and equipment that is held for sale | 1,198 | ||||
Held for Sale | 185 | $ 0 | |||
loss on impairment on assets | $ 0 | $ 0 | 83,736 | 0 | |
Property, Plant and Equipment [Member] | |||||
Impairment Effects on Earnings Per Share [Line Items] | |||||
Property, plant, and equipment that is held for sale | 185 | ||||
Held for Sale | 2,285 | 2,285 | |||
loss on impairment on assets | 902 | 902 | |||
depreciation or amortization expense | $ 0 | $ 336 | $ 617 | $ 1,105 |
Supplemental Balance Sheet In_6
Supplemental Balance Sheet Information - Summary of Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Restricted Cash and Investments [Abstract] | ||
Restricted cash | $ 283 | $ 283 |
Restricted cash, net of current portion | $ 400 | $ 0 |
Supplemental Balance Sheet In_7
Supplemental Balance Sheet Information - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accrued Liabilities, Current [Abstract] | ||
Research and development expenses | $ 1,479 | $ 6,122 |
Compensation and benefit costs | 2,402 | 4,175 |
Consulting and professional fees | 1,120 | 1,224 |
Other liabilities | 1 | 211 |
Accrued expenses and other current liabilities | $ 5,002 | $ 11,732 |
Leases - Summary of effective l
Leases - Summary of effective lease cost comprehensive income loss (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2023 USD ($) | |
Leases [Abstract] | |
Operating lease costs | $ 483 |
Sublease income | (23) |
Total lease costs | $ 460 |
Leases (Additional Information)
Leases (Additional Information) (Details) $ in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||||
Jan. 01, 2022 | Jun. 09, 2020 | Jun. 01, 2020 | Aug. 31, 2018 | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CAD ($) | |
Lessee, Lease, Description [Line Items] | |||||||||||
Percentage of annual increase in rent | 5% | 6.67% | |||||||||
Lease Expiration Month And Year | 2023-04 | 2022-04 | 2025-06 | 2020-10 | |||||||
Impairment of right of use assets | $ 940 | ||||||||||
Annual Lease Payments Description | The annual lease payments are fixed for years 1 and 2, and then subject to a 6.67% increase for years 3 through 5 | ||||||||||
Lease Expiration Date | Jun. 29, 2025 | ||||||||||
Operating leases and Rent expenses | $ 706 | $ 831 | $ 2,088 | $ 2,493 | |||||||
Weighted average remaining lease | 9 months 18 days | 1 year | 9 months 18 days | 1 year | 9 months 18 days | ||||||
Weighted average incremental borrowing rate | 15.59% | 10.51% | 15.59% | 10.51% | 15.59% | ||||||
Restricted Cash [Member] | |||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||
Security Deposit | $ 283 | $ 283 | $ 283 | ||||||||
Other Noncurrent Assets [Member] | |||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||
Security Deposit | $ 27 | $ 27 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Payments of Operating Lease Liabilities (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Leases [Abstract] | |
2023 | $ 706 |
2024 | 1,033 |
2025 | 69 |
2026 | 0 |
2027 | 0 |
Thereafter | 0 |
Total lease payments | 1,808 |
Less: interest | (82) |
Plus: FX gain/loss | 26 |
Present value of lease liabilities | $ 1,752 |
Note Payable - Additional Infor
Note Payable - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Nov. 02, 2021 USD ($) Tranche | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Disclosure [Line Items] | ||||||
Interest expense recognized | $ 0 | $ 482 | $ 1,917 | $ 1,280 | ||
Loan Agreement [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Gain (Loss) on Extinguishment of Debt, before Debt Issuance Cost Writeoff | 1,917 | |||||
Deferred Debt Issuance Cost, Writeoff | $ 939 | |||||
Loan Agreement [Member] | Silicon Valley Bank [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Loan, interest rate | 16.29% | |||||
Debt discount | $ 1,350 | |||||
Loan Agreement [Member] | Silicon Valley Bank [Member] | Legal Expenses [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Debt Issuance Costs, Net | $ 103 | |||||
Term Loan Facility [Member] | Silicon Valley Bank [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Loan maturity date | Oct. 01, 2026 | |||||
End of term charge as percentage on principal amount | 9% | |||||
Loan, interest rate | 8.10% | |||||
Term Loan Facility [Member] | Silicon Valley Bank [Member] | Prime Rate [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Loan, interest rate | 4.85% | |||||
Term Loan Facility [Member] | Loan Agreement [Member] | Silicon Valley Bank [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Borrowing amount | $ 50,000 | |||||
Debt instrument number of tranches | Tranche | 3 | |||||
Proceeds from loan agreement | $ 15,000 | |||||
Additional borrowing amount | 15,000 | |||||
Line of credit facility additional discretionary | $ 15,000 | |||||
Loan maturity date | Oct. 01, 2026 | |||||
End of term charge as percentage on principal amount | 9% | |||||
Term Loan Facility [Member] | Loan Agreement [Member] | Silicon Valley Bank [Member] | Regulatory Milestone [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Additional borrowing amount | $ 10,000 | |||||
Term Loan Prepayment During First Year [Member] | Silicon Valley Bank [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Line of credit facility prepayment of premium percentage | 1.50% | |||||
Term Loan Prepayment During Second Year [Member] | Silicon Valley Bank [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Line of credit facility prepayment of premium percentage | 1% | |||||
Term Loan Prepayment After Second Year [Member] | Silicon Valley Bank [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Line of credit facility prepayment of premium percentage | 0% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Equity [Abstract] | ||
Common stock, authorized | 150,000,000 | 150,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Undesignated preferred stock | 10,000,000 | 10,000,000 |
Undesignated shares of preferred stock outstanding | 0 | 0 |
Cash dividends | $ 0 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Common Stock Reserved for Future Issuance (Detail) - shares | Sep. 30, 2023 | Dec. 31, 2022 |
Class Of Stock [Line Items] | ||
Total shares of authorized common stock reserved for future issuance | 18,605,093 | 19,259,640 |
Employee Stock Option [Member] | ||
Class Of Stock [Line Items] | ||
Total shares of authorized common stock reserved for future issuance | 5,922,447 | 9,423,271 |
Restricted Stock Units | ||
Class Of Stock [Line Items] | ||
Total shares of authorized common stock reserved for future issuance | 1,224,997 | 940,392 |
2018 Stock Option and Incentive Plan | ||
Class Of Stock [Line Items] | ||
Total shares of authorized common stock reserved for future issuance | 7,287,262 | 5,005,295 |
2018 Employee Stock Purchase Plan | ||
Class Of Stock [Line Items] | ||
Total shares of authorized common stock reserved for future issuance | 1,332,587 | 1,467,026 |
2019 Inducement Plan | ||
Class Of Stock [Line Items] | ||
Total shares of authorized common stock reserved for future issuance | 1,137,800 | 786,656 |
2020 Inducement Plan | ||
Class Of Stock [Line Items] | ||
Total shares of authorized common stock reserved for future issuance | 1,700,000 | 1,637,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Assumptions that Used to Determine Grant-Date Fair Value of Stock Options Granted to Employees and Members of Board of Directors (Detail) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Expected option life (years) | 6 years | 5 years 11 months 15 days |
Risk-free interest rate | 3.82% | 1.80% |
Expected volatility | 83.36% | 80.22% |
Expected dividend yield | 0% | 0% |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | |||
Number of options, Outstanding beginning balance | 9,423,271 | ||
Number of options, Granted | 123,501 | ||
Number of options, Exercised | (223,273) | 0 | |
Number of options, Cancelled or forfeited | (3,401,052) | ||
Number of options, Outstanding ending balance | 5,922,447 | 9,423,271 | |
Number of options, Exercisable | 3,606,590 | ||
Weighted average exercise price, Outstanding beginning balance | $ 7.26 | ||
Weighted average exercise price, Granted | 1.09 | ||
Weighted average exercise price, Exercised | 0.79 | ||
Weighted average exercise price, Cancelled or forfeited | 7.15 | ||
Weighted average exercise price, Outstanding ending balance | 7.43 | $ 7.26 | |
Weighted average exercise price, Exercisable | $ 10.16 | ||
Weighted average remaining contractual term, Outstanding balance | 6 years 3 months 25 days | 8 years 1 month 20 days | |
Weighted average remaining contractual term, Exercisable | 4 years 9 months 25 days | ||
Aggregate intrinsic value, Outstanding balance | $ 1,068 | $ 22 | |
Aggregate intrinsic value, Exercisable | $ 217 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Aggregate intrinsic value of options exercised | $ 85 | |
Exercise of stock options, shares | 223,273 | 0 |
Options Granted, Weighted-average grant-date fair value | $ 0.79 | $ 1.23 |
Total fair value of restricted stock units vested | $ 1,367 | $ 7 |
Unrecognized stock-based compensation expenses | $ 6,282 | |
Unrecognized stock-based compensation expense, period for recognition | 2 years 1 month 6 days |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Restricted Common Stock Units (Detail) - Restricted Stock Units | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of shares, Issued and unvested beginning balance | shares | 940,392 |
Number of shares, Granted | shares | 1,548,117 |
Number of shares, Vested | shares | (283,835) |
Number of shares, Forfeited, cancelled or expired | shares | (979,677) |
Number of shares, Issued and unvested ending balance | shares | 1,224,997 |
Weighted average grant date fair value, Issued and unvested, beginning balance | $ / shares | $ 3.62 |
Weighted average grant date fair value, Granted | $ / shares | 1.65 |
Weighted average grant date fair value, Vested | $ / shares | 4.98 |
Weighted average grant date fair value, Forfeited, cancelled or expired | $ / shares | 2.02 |
Weighted average grant date fair value, Issued and unvested, ending balance | $ / shares | $ 2.1 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 2,219 | $ 2,656 | $ 6,284 | $ 9,267 |
Research and Development Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 415 | 448 | 1,705 | 2,169 |
General and Administrative Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 1,804 | $ 2,208 | $ 4,579 | $ 7,098 |
Net Income (Loss) Per Share - C
Net Income (Loss) Per Share - Components of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Numerator: | ||||
Net income (loss) attributable to common stockholder basic | $ (21,577) | $ (22,969) | $ 20,942 | $ (80,856) |
Net income (loss) attributable to common stockholders diluted | $ (21,577) | $ (22,969) | $ 20,942 | $ (80,856) |
Denominator: | ||||
Weighted-average common shares outstanding basic | 44,527,997 | 43,772,990 | 44,234,936 | 43,722,129 |
Weighted-average number of common shares outstanding - diluted | 44,527,997 | 43,772,990 | 44,425,531 | 43,722,129 |
Net income (loss) per share applicable to common stockholders basic | $ (0.48) | $ (0.52) | $ 0.47 | $ (1.85) |
Net income (loss) per share applicable to common stockholders diluted | $ (0.48) | $ (0.52) | $ 0.47 | $ (1.85) |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net Loss per Share (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Options to Purchase Common Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share amount | 4,827,316 | 8,083,363 | 7,683,446 | 8,083,363 |
Restricted Stock Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share amount | 276,008 | 870,536 | 1,414,256 | 870,536 |
Employee stock purchase plan | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share amount | 0 | 0 | 4,976 | 0 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Related Party Transaction [Line Items] | ||||
Research and development expense | $ 14,829 | $ 15,919 | $ 43,310 | $ 54,049 |
Company Recorded Expenses | 483 | |||
License Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Research and development expense | 25 | 82 | 97 | 145 |
Sub-lease Agreement [Member] | Officers and Board Members [Member] | ||||
Related Party Transaction [Line Items] | ||||
Company Recorded Expenses | $ 0 | $ 795 | $ 754 | $ 2,381 |
Restructuring Activities (Addit
Restructuring Activities (Additional Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Jul. 12, 2023 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | $ 3,685 | ||
Board Of Directors [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Company workforce reduction | 50% | ||
Employee Severance and Other Benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | (903) | ||
Cash Payments | $ 2,782 | 2,782 | |
Accrued Remaining Payments | 0 | 0 | |
July 2023 Workforce Reduction [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | $ 3,685 | $ 3,685 |
Restructuring Activities - Summ
Restructuring Activities - Summary of Restructuring Activities (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | $ 3,685 | |
Employee Severance and Other Benefits | ||
Restructuring Cost and Reserve [Line Items] | ||
Cash Payments | $ (2,782) | (2,782) |
Restructuring expenses | (903) | |
Liability included in accrued expenses and other current liabilities at September 30, 2023 | $ 0 | $ 0 |
Subsequent Events (Additional I
Subsequent Events (Additional Information) (Details) - Subsequent Event [Member] $ in Millions | 3 Months Ended | |
Dec. 31, 2023 USD ($) | Oct. 31, 2023 Number | |
Subsequent Event [Line Items] | ||
Severance and termination related costs | $ | $ 1.2 | |
Company workforce reduction | Number | 11 |