Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 03, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity File Number | 001-38161 | |
Entity Registrant Name | Calyxt, Inc. | |
Entity Central Index Key | 0001705843 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-1967997 | |
Current Fiscal Year End Date | --12-31 | |
Entity Address, Address Line One | 2800 Mount Ridge Road | |
Entity Address, City or Town | Roseville | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55113-1127 | |
City Area Code | 651 | |
Local Phone Number | 683-2807 | |
Title of 12(b) Security | Common Stock (0.0001 par value) | |
Trading Symbol | CLXT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 46,792,093 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 11,316 | $ 13,823 |
Restricted cash | 545 | 499 |
Prepaid expenses and other current assets | 1,002 | 859 |
Total current assets | 12,863 | 15,181 |
Non-current restricted cash | 53 | 99 |
Land, buildings, and equipment | 5,077 | 21,731 |
Operating lease right-of-use assets | 13,855 | 0 |
Other non-current assets | 169 | 183 |
Total assets | 32,017 | 37,194 |
Current liabilities: | ||
Accounts payable | 519 | 1,260 |
Accrued expenses | 262 | 339 |
Accrued compensation | 2,272 | 2,522 |
Due to related parties | 101 | 172 |
Current portion of financing lease obligations | 246 | 370 |
Common stock warrants | 688 | 0 |
Other current liabilities | 413 | 191 |
Total current liabilities | 4,501 | 4,854 |
Financing lease obligations | 37 | 17,506 |
Operating lease obligations | 13,652 | 0 |
Other non-current liabilities | 68 | 702 |
Total liabilities | 18,258 | 23,062 |
Stockholders' equity: | ||
Common stock, $0.0001 par value; 275,000,000 shares authorized; 46,815,694 shares issued and 46,715,542 shares outstanding as of June 30, 2022, and 38,874,146 shares issued and 38,773,994 shares outstanding as of December 31, 2021 | 5 | 4 |
Additional paid-in capital | 218,161 | 211,263 |
Common stock in treasury, at cost; 100,152 shares as of June 30, 2022, and December 31, 2021 | (1,043) | (1,043) |
Accumulated deficit | (203,364) | (196,092) |
Total stockholders' equity | 13,759 | 14,132 |
Total liabilities and stockholders' equity | $ 32,017 | $ 37,194 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 275,000,000 | 275,000,000 |
Common stock, shares issued | 46,815,694 | 38,874,146 |
Common stock, shares outstanding | 46,715,542 | 38,773,994 |
Treasury stock, shares | 100,152 | 100,152 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenue | $ 41 | $ 11,880 | $ 73 | $ 16,282 |
Costs of goods sold | 0 | 11,527 | 0 | 18,272 |
Gross profit | 41 | 353 | 73 | (1,990) |
Operating expenses: | ||||
Research and development | 3,250 | 2,844 | 6,191 | 5,894 |
Selling, general, and administrative | 3,556 | 3,493 | 6,736 | 7,781 |
Total operating expenses | 6,806 | 6,337 | 12,927 | 13,675 |
Loss from operations | (6,765) | (5,984) | (12,854) | (15,665) |
Gain upon extinguishment of Payroll Protection Program Loan | 0 | 1,528 | 0 | 1,528 |
Interest, net | (16) | (357) | (33) | (703) |
Non-operating income (expenses) | 4,296 | 6 | 4,783 | 5 |
Loss before income taxes | (2,485) | (4,807) | (8,104) | (14,835) |
Income taxes | 0 | 0 | 0 | 0 |
Net loss | $ (2,485) | $ (4,807) | $ (8,104) | $ (14,835) |
Earnings Per Share, Basic | $ (0.05) | $ (0.13) | $ (0.18) | $ (0.4) |
Earnings Per Share, Diluted | $ (0.05) | $ (0.13) | $ (0.18) | $ (0.4) |
Weighted Average Number of Shares Outstanding, Basic | 46,663,475 | 37,199,349 | 44,354,610 | 37,168,018 |
Weighted Average Number of Shares Outstanding, Diluted | 46,663,475 | 37,199,349 | 44,354,610 | 37,168,018 |
Anti-dilutive stock options, restricted stock units, performance stock units, and common stock warrants | 16,234,030 | 5,223,327 | 16,234,030 | 5,223,327 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY - USD ($) $ in Thousands | Total | ATM Facility Member | Share-based Payment Arrangement [Member] | IPO [Member] | Common Stock [Member] | Common Stock [Member] IPO [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] ATM Facility Member | Additional Paid-In Capital [Member] Share-based Payment Arrangement [Member] | Additional Paid-In Capital [Member] IPO [Member] | Shares in Treasury [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2020 | $ 36,875 | $ 4 | $ 204,807 | $ (1,043) | $ (166,893) | |||||||
Beginning balance, shares at Dec. 31, 2020 | 37,065,044 | |||||||||||
Net loss | (14,835) | (14,835) | ||||||||||
Stock-based compensation | (371) | (371) | ||||||||||
Issuance of common stock and payment of minimum employee taxes withheld upon net share settlement of restricted stock units, shares | 140,429 | |||||||||||
Issuance of common stock and payment of minimum employee taxes withheld upon net share settlement of restricted stock units, amount | $ 227 | $ 227 | ||||||||||
Ending balance at Jun. 30, 2021 | 21,896 | $ 4 | 204,663 | (1,043) | (181,728) | |||||||
Ending balance, shares at Jun. 30, 2021 | 37,205,473 | |||||||||||
Beginning balance at Mar. 31, 2021 | 25,605 | $ 4 | 203,565 | (1,043) | (176,921) | |||||||
Beginning balance, shares at Mar. 31, 2021 | 37,163,187 | |||||||||||
Net loss | (4,807) | (4,807) | ||||||||||
Stock-based compensation | 1,079 | 1,079 | ||||||||||
Issuance of common stock and payment of minimum employee taxes withheld upon net share settlement of restricted stock units, shares | 42,286 | |||||||||||
Issuance of common stock and payment of minimum employee taxes withheld upon net share settlement of restricted stock units, amount | $ 19 | $ 19 | ||||||||||
Ending balance at Jun. 30, 2021 | 21,896 | $ 4 | 204,663 | (1,043) | (181,728) | |||||||
Ending balance, shares at Jun. 30, 2021 | 37,205,473 | |||||||||||
Beginning balance at Dec. 31, 2021 | 14,132 | $ 4 | 211,263 | (1,043) | (196,092) | |||||||
Beginning balance, shares at Dec. 31, 2021 | 38,773,994 | |||||||||||
Net loss | (8,104) | (8,104) | ||||||||||
Stock-based compensation | 1,855 | 1,855 | ||||||||||
Issuance of common stock | $ (7) | $ 5,051 | $ 1 | $ (7) | $ 5,050 | |||||||
Issuance of common stock, shares | 3,880,000 | |||||||||||
Issuance of common stock upon exercise of pre-funded warrants | 3,880,000 | |||||||||||
Issuance of common stock and payment of minimum employee taxes withheld upon net share settlement of restricted stock units, shares | 181,548 | |||||||||||
Cumulative Effect Of Adoption Of Lease Accounting Standard | 832 | 832 | ||||||||||
Ending balance at Jun. 30, 2022 | 13,759 | $ 5 | 218,161 | (1,043) | (203,364) | |||||||
Ending balance, shares at Jun. 30, 2022 | 46,715,542 | |||||||||||
Beginning balance at Mar. 31, 2022 | 14,921 | $ 5 | 216,838 | (1,043) | (200,879) | |||||||
Beginning balance, shares at Mar. 31, 2022 | 42,741,763 | |||||||||||
Net loss | (2,485) | (2,485) | ||||||||||
Stock-based compensation | 1,323 | 1,323 | ||||||||||
Issuance of common stock | $ 0 | $ 0 | $ 0 | |||||||||
Issuance of common stock, shares | 3,880,000 | |||||||||||
Issuance of common stock and payment of minimum employee taxes withheld upon net share settlement of restricted stock units, shares | 93,779 | |||||||||||
Issuance of common stock and payment of minimum employee taxes withheld upon net share settlement of restricted stock units, amount | $ 0 | $ 0 | ||||||||||
Ending balance at Jun. 30, 2022 | $ 13,759 | $ 5 | $ 218,161 | $ (1,043) | $ (203,364) | |||||||
Ending balance, shares at Jun. 30, 2022 | 46,715,542 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY (Parenthetical) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Follow-on Public Offering [Member] | |
Adjustments to Additional Paid In Capital Stock And Warrants Issued Issuance Costs | $ 0.5 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities | ||
Net loss | $ (8,104) | $ (14,835) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Gain upon extinguishment of Payroll Protection Program Loan | 0 | (1,528) |
Depreciation and amortization | 763 | 1,180 |
Stock-based compensation | 1,855 | (371) |
Unrealized (gain) loss on mark-to-market of common stock warrants | (4,723) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 893 | |
Due to/from related parties | (71) | (638) |
Inventory | (1,085) | |
Prepaid expenses and other current assets | 5 | 3,301 |
Accounts payable | (114) | 1,254 |
Accrued expenses | (87) | (555) |
Accrued compensation | (250) | 143 |
Other | (550) | 992 |
Net cash used by operating activities | (11,276) | (11,249) |
Investing activities | ||
Proceeds from sales of short-term investments | 11,698 | |
Purchases of land, buildings, and equipment | (1,289) | (307) |
Net cash (used by) provided by investing activities | (1,289) | 11,391 |
Financing activities | ||
Proceeds from the issuance of common stock and pre-funded warrants | 11,209 | |
Costs incurred related to the issuance of common stock, pre-funded warrants, and common warrants | (961) | |
Repayments of financing lease obligations | (190) | (178) |
Proceeds from the exercise of stock options | 0 | 227 |
Net cash provided by financing activities | 10,058 | 49 |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (2,507) | 191 |
Cash, cash equivalents and restricted cash - beginning of period | 14,421 | 18,289 |
Cash, cash equivalents and restricted cash - end of period | $ 11,914 | $ 18,480 |
Basis of Presentation & Summary
Basis of Presentation & Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation & Summary of Significant Accounting Policies | 1. BASIS OF PRESENTATION & SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The unaudited consolidated financial statements of Calyxt, Inc. (Calyxt or the Company) have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP or GAAP) for interim financial information and with the rules and regulations of the Securities and Exchange Commission (SEC) applicable to interim financial statements. In the Company’s opinion, the accompanying consolidated financial statements reflect all adjustments necessary for a fair presentation of its statements of financial position, results of operations, and cash flows for the periods presented but they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Except as otherwise disclosed herein, these adjustments consist of normal recurring items. Operating results for interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole or any other interim period. The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and the related disclosures at the date of the consolidated financial statements and during the reporting period. Actual results could materially differ from these estimates. Certain prior year amounts have been reclassified to conform to the current year presentation. For further information, refer to the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K 10-Q 10-K Net Loss Per Share Due to the Company’s net loss position for the three and six months ended June 30, 2022, and June 30, 2021, all of its outstanding stock options, restricted stock units (RSUs), performance stock units (PSUs), and warrants to purchase common stock (Common Warrants) are considered anti-dilutive and excluded from the calculation of net loss per share. Accordingly, the treasury method was not used in determining the number of anti-dilutive stock options, RSUs, PSUs, or Common Warrants. Warrants The Company issued pre-funded (Pre-Funded follow-on Follow-On The Company also issued Common Warrants in the Follow-On The Common Warrants are reported at fair value with changes in fair value reported in earnings. The Company reports the changes in fair value of the Common Warrants in non-operating Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases No. 2018-10, 2018-11, Leases (Topic right-of-use The Company adopted the Standard as of January 1, 2022, using the transition method which does not require revisions to comparative periods. The Company elected to implement the transition package of practical expedients permitted within the Standard, which among other things, allows it to carryforward the historical lease classification. In addition, the Company elected the hindsight practical expedient to determine the lease term for existing leases and it also made an accounting policy election to not record leases with an initial term of 12 months or less on its consolidated balance sheet. The Company’s adoption of the Standard required it to remove the previously reported amounts for land, buildings, and equipment associated with its headquarters and laboratory facility lease as well as the associated liability. The Company assessed the elements of its lease agreement and upon adoption, recorded an operating lease associated with the sale leaseback of land component of the lease, and a second operating lease associated with the building component of the lease. The Company recorded operating lease assets and liabilities of $14.1 million within its consolidated balance sheet as of January 1, 2022. The Standard had no impact on the Company’s consolidated statements of operations or cash flows. The $0.8 million cumulative effect of the adoption of the Standard was recorded to stockholders’ equity. See Note 8 for further information regarding the Company’s leases. In June 2016, the FASB issued ASU No. 2016-13, 2016-13). 2016-13 |
Going Concern
Going Concern | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | 2. GOING CONCERN The Company has incurred losses since its inception. The Company’s net loss was million of cash for operating activities for the six months ended June 30, 2022. The Company’s primary sources of liquidity are its cash and cash equivalents, with additional liquidity accessible, subject to market conditions and other factors, including limitations that may apply to the Company under applicable SEC and Nasdaq Global Market (Nasdaq) regulations, from the capital markets, including under the Open Market Sale Agreement SM As of June 30, 2022, the Company had $11.9 million of cash, cash equivalents, and restricted cash. The Company’s restricted cash is associated with its equipment financing leases and was $0.6 million as of June 30, 2022, with $0.5 million scheduled to be returned in December 2022. Current liabilities were $4.5 million as of June 30, 2022. On February 23, 2022, the Company issued 3,880,000 shares of its common stock, Pre-Funded Follow-On The Company has incurred losses since its inception and anticipates that it will continue to generate losses for the next several years. Over the longer term and until the Company can generate cash flows sufficient to support its operating capital requirements, it expects to finance a portion of future cash needs through (i) cash on hand, (ii) commercialization activities, which may result in various types of revenue streams from (a) future product development agreements and technology licenses, including upfront and milestone payments, annual license fees, and royalties; and (b) product sales from its proprietary BioFactory production system; (iii) government or other third-party funding, which the Company expects to be more readily available if Cellectis were to own less than 50 percent of the Company’s common stock, (iv) public or private equity or debt financings, or (v) a combination of the foregoing. However, additional capital may not be available on reasonable terms, if at all. For example, based on the Company’s public float, as of the date of the filing of its Annual Report on Form 10-K, S-3, it may not sell more than the equivalent of one-third The Company’s ability to continue as a going concern will depend on its ability to obtain additional public or private equity or debt financing, obtain government or private grants and other similar types of funding, attain further operating efficiencies, reduce or contain expenditures, and, ultimately, to generate revenue. The Company believes that its cash, cash equivalents, and restricted cash as of June 30, 2022, considering its plan to continue to invest in the growth and scaling of its BioFactory production system and related capabilities , the $ million of net proceeds from the Follow-On Offering, and considering additional efforts in reassessing its discretionary spending, is sufficient to fund its operations into early . The Company’s management has concluded there is substantial doubt regarding its ability to continue as a going concern because it anticipates that it will need to raise additional capital to support this business plan for a period of months or more from the date of this filing. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above. If the Company is unable to raise additional capital in a sufficient amount or on acceptable terms, management may be required to implement various cost reduction and other cash-focused measures to manage liquidity and the Company may have to significantly delay, scale back, or cease operations, in part or in full. If the Company raises additional funds through the issuance of additional debt or equity securities, it could result in dilution to its existing stockholders and increased fixed payment obligations, and these securities may have rights senior to those of the Company’s shares of common stock. Any of these events could significantly harm the Company’s business, financial condition, and prospects. |
Financial Instruments Measured
Financial Instruments Measured at Fair Value and Concentrations of Credit Risk | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Financial Instruments Measured at Fair Value and Concentrations of Credit Risk | 3. FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE AND CONCENTRATIONS OF CREDIT RISK Financial Instruments Measured at Fair Value and Financial Statement Presentation Financial instruments including cash and cash equivalents, restricted cash, accounts payable, and all other current liabilities have carrying values that approximate fair value. The Company measures common stock warrants on a quarterly basis. The accounting guidance establishes a three-tier hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as of the measurement date as follows: Level 1: Fair values are based on unadjusted quoted prices in active trading markets for identical assets and liabilities. Level 2: Fair values are based on observable quoted prices other than those in Level 1, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. Level 3: Fair values are based on at least one significant unobservable input for the asset or liability. Fair Value Measurements and Financial Statement Presentation The fair values of the Company’s financial instruments measured at fair value and their respective levels in the fair value hierarchy as of June 30, 2022, were as follows: June 30, 2022 June 30, 2022 Fair Values of Assets Fair Values of Liabilities In Thousands Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Other items reported at fair value: Common stock warrants $ — $ — $ — $ — $ — $ — $ 688 $ 688 Total $ — $ — $ — $ — $ — $ — $ 688 $ 688 The Company estimates the fair value of each Common Warrant as of the date of issuance and at the end of every fiscal period using a Black-Scholes option pricing model, which requires it to make predictive assumptions regarding future stock price volatility and dividend yield. The Company estimates the risk-free interest rate based on the United States Treasury zero-coupon The estimated fair values of the Common Warrants, and the assumptions used for the Black-Scholes option pricing model were as follows: As of June 30, Estimated fair value of Common Warrants $ 0.09 Assumptions: Risk-free interest rate 3.0 % Expected volatility 85.0 % Expected term to liquidation (in years) 5.2 As of June 30, 2022, the Company had no other financial instruments measured at fair value. The non-current portion of the Company’s financing lease obligations are also considered a financial instrument, which the Company measures at fair value for disclosure purposes. It is a Level 2 liability and had a nominal fair value as of June 30, 2022, and a fair value of $14.5 million a Foreign Exchange Risk Foreign currency fluctuations affect the Company’s foreign currency cash flows related primarily to payments to Cellectis. The Company’s principal foreign currency exposure is to the euro. The Company does not hedge these exposures, and it does not believe that the current level of foreign currency risk is significant to its operations. Concentrations of Credit Risk The Company invests its cash, cash equivalents, and restricted cash in highly liquid securities and investment funds. The Company diversifies the risk associated with investing in securities by allocating its investments to a diverse portfolio of short-dated, high investment-grade securities, which it classifies as short-term investments that are recorded at fair value in its consolidated financial statements. The Company maintains the credit risk in this portfolio in accordance with its internal policies and if necessary, makes changes to investments to minimize credit risk. The Company has not experienced any counterparty credit losses. As of June 30, 2022, the Company did not hold any short-term investments. |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 4. RELATED-PARTY TRANSACTIONS The Company is party to several agreements that govern its relationship with Cellectis, some of which require the Company to make payments to Cellectis. Pursuant to the Company’s management services agreement with Cellectis, it incurred no management fee expenses for the three and six months ended June 30, 2022, and it incurred nominal management fee expenses for the three and six months ended June 30, 2021. Cellectis has also guaranteed the lease agreement for the Company’s headquarters. Cellectis’ guarantee of the Company’s obligations under the lease will terminate at the end of the second consecutive calendar year in which the Company’s tangible net worth exceeds $300 million. At a point when Cellectis owns 50 percent or less of the Company’s outstanding common stock, the Company has agreed to indemnify Cellectis for any obligations incurred by Cellectis under its guaranty of the obligations under the lease. TALEN ® ® ® |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Federal Home Loan Banks [Abstract] | |
Stockholders' Equity | 5. STOCKHOLDERS’ EQUITY Follow-On On February 23, 2022, the Company completed the Follow-On Pre-Funded Pre-Funded Each Pre-Funded Warrant entitled the holder to purchase one share of the Company’s common stock at an exercise price of per share. The Pre-Funded paid-in Pre-Funded Common Stock Warrants Each Common Warrant entitles the holder to purchase one share of common stock at an exercise price of $1.41 per share. The Common Warrants will be exercisable beginning August 23, 2022 and expire on August 23, 2027. The Common Warrants are recorded as a liability in the Company’s consolidated balance sheet. Per the terms of the Common Warrants, a holder of an outstanding warrant is not entitled to exercise any portion of such warrant if, upon exercise of such portion of the warrant, the holder’s ownership of the Company’s common stock (together with its affiliates) or the combined voting power of the Company’s securities beneficially owned by such holder (together with its affiliates) would exceed the 4.99 percent after giving effect to the exercise. Warrant transactions for the six months ended June 30, 2022, are as follows: Number of Pre-Funded Warrants Weighted Average Number of Warrants Weighted Outstanding as of December 31, 2021: Issued 3,880,000 $ 0.0001 7,760,000 $ 1.41 Forfeited/canceled — — — — Exercised 3,880,000 $ 0.0001 — Outstanding as of June 30, 2022: — — 7,760,000 $ 1.41 Exercisable as of June 30, 2022: — — — — ATM Facility On September 21, 2021, the Company entered into an ATM Facility with Jefferies LLC who is acting as sole selling agent. Under the terms of the ATM Facility, the Company may, from time-to-time, |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 6. STOCK-BASED COMPENSATION The Company uses broad-based stock plans to attract and retain highly qualified officers and employees and to help ensure that management’s interests are aligned with those of its shareholders. The Company has also granted equity-based awards to directors, nonemployees, and certain employees of Cellectis. In December 2014, the Company adopted the Calyxt, Inc. Equity Incentive Plan (2014 Plan), which allowed for the grant of stock options, and in June 2017, it adopted the 2017 Omnibus Plan (2017 Plan), which allowed for the grant of stock options, restricted stock units, performance stock units and other types of equity awards. In July 2021, the Company also adopted the Calyxt, Inc. Employee Inducement Incentive Plan (the Inducement Plan), from which PSUs were granted to Michael A. Carr. On February 19, 2021, James Blome ceased serving as the Company’s Chief Executive Officer. In the six-month period ended June 30, 2021, the Company recorded a benefit to earnings from a $2.5 million recapture of non-cash As of June 30, 2022, 2,621,614 shares were registered and available for grant under effective registration statements, while 2,961,677 shares were available for grant in the form of stock options, restricted stock, restricted stock units, and performance stock units under the 2017 Plan. Stock-based awards currently outstanding also include awards granted under the 2014 Plan and the Inducement Plan. No further awards will be granted under either the 2014 Plan or the Inducement Plan. Stock Options The estimated fair values of stock options granted, and the assumptions used for the Black-Scholes option pricing model were as follows: Six Months Ended June 30, 2022 2021 Estimated fair values of stock options granted $ 0.86 $ 4.54 Assumptions: Risk-free interest rate 1.9% - 3.5 % 0.6% - 1.1 % Expected volatility 89.7% - 92.8 % 80.1% - 82.0 % Expected term (in years) 5.50 - 6.89 5.5 - 6.5 The Company estimates the fair value of each stock option on the grant date, or other measurement date if applicable, using a Black-Scholes option pricing model, which requires it to make predictive assumptions regarding employee exercise behavior, future stock price volatility, and dividend yield. The Company estimates the risk-free interest rate based on the United States Treasury zero-coupon Option strike prices are set at 100 percent or more of the closing share price on the date of grant and generally vest over three Information on stock option activity is as follows: Options Exercisable Weighted- Exercise Price Per Share Options Outstanding Weighted- Average Exercise Price Per Share Balance as of December 31, 2021 2,789,110 $ 10.23 4,658,405 $ 9.47 Granted 1,609,000 1.12 Exercised — — Forfeited or expired (329,417 ) 7.82 Balance as of June 30, 2022 3,018,231 $ 10.20 5,937,988 $ 7.30 Stock-based compensation expense related to stock option awards is as follows: Three Months Ended June 30, Six Months Ended June 30, In Thousands 2022 2021 2022 2021 Stock-based compensation expense $ 709 $ 800 $ 890 $ 405 As of June 30, 2022, options outstanding and exercisable had no aggregate intrinsic value and the weighted average remaining contractual term was 5.3 years as of that date. Net cash proceeds from the exercise of stock options less shares used for minimum withholding taxes and the intrinsic value of options exercised were as follows: Three Months Ended June 30, Six Months Ended June 30, In Thousands 2022 2021 2022 2021 Net cash proceeds $ — $ 19 $ — $ 227 Intrinsic value of options exercised $ — $ 13 $ — $ 344 As of June 30, 2022, unrecognized compensation expense related to non-vested Restricted Stock Units The Company grants restricted stock units which generally vest over three Number of Restricted Stock Units Outstanding Weighted- Average Grant Date Fair Value Unvested balance as of December 31, 2021 571,303 $ 6.15 Granted 1,077,600 1.26 Vested (181,248 ) 6.38 Forfeited (61,613 ) 5.55 Unvested balance as of June 30, 2022 1,406,042 $ 2.40 The total grant-date fair value of restricted stock unit awards that vested is as follows: Three Months Ended June 30, Six Months Ended June 30, In Thousands 2022 2021 2022 2021 Grant-date fair value $ 539 $ 390 $ 1,156 $ 641 Stock-based compensation expense related to restricted stock units is as follows: Three Months Ended June 30, Six Months Ended June 30, In Thousands 2022 2021 2022 2021 Stock-based compensation expense $ 453 $ 228 $ 658 $ (521 ) As of June 30, 2022, unrecognized compensation expense related to restricted stock units was $2.0 million. This expense will be recognized over 27 months on average. The Company accounts for stock-based compensation awards granted to employees of Cellectis as deemed dividends. The Company recorded deemed dividends as follows: Three Months Ended June 30, Six Months Ended June 30, In Thousands 2022 2021 2022 2021 Deemed dividends from grants to Cellectis employees $ 27 $ 107 $ 64 $ 28 Performance Stock Units In June 2022, PSU grants made to two executive officers in 2019 were forfeited because the underlying performance criteria were not met. These PSUs contained a market condition and had a five-year service period. The Company will continue to expense these PSUs over the remaining service period. In March 2022, the Company granted 530,000 PSUs under the 2017 In July 2021, the Company granted 600,000 PSUs under the Inducement Plan to Mr. Carr. The PSUs will vest if the Company’s stock remains above three specified price levels for thirty calendar days over the three-year performance period. The PSUs will be settled in unrestricted shares of the Company’s common stock on the vesting date. PSU activity for the six months ended June 30, 2022, is as follows: Number of PSUs Outstanding as of December 31, 2021: Issued 745,000 530,000 Forfeited/canceled (145,000 ) Exercised — Outstanding as of June 30, 2022: 1,130,000 Stock-based compensation expense related to PSUs is as follows: Three Months Ended Six Months Ended In Thousands 2022 2021 2022 2021 Stock-based compensation expense $ 161 $ 51 $ 307 $ (255 ) As of June 30, 2022, unrecognized compensation expense related to PSUs was $1.3 million. This expense will be recognized over 25 months on average. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. INCOME TAXES The Company provides for a valuation allowance when it is more likely than not that it will not realize a portion of the deferred tax assets. The Company has established a full valuation allowance for deferred tax assets due to the uncertainty that enough taxable income will be generated in the taxing jurisdiction to utilize the assets. Therefore, the Company has not reflected any benefit of such deferred tax assets in the accompanying consolidated financial statements. As of June 30, 2022, there were no material changes to what the Company disclosed regarding tax uncertainties or penalties as of December 31, 2021. |
Leases, Commitments, and Contin
Leases, Commitments, and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Leases, Commitments, and Contingencies | 8. LEASES, COMMITMENTS, AND CONTINGENCIES Leases In February 2016, the FASB issued ASU No. 2016-02, Leases No. 2018-10, 2018-11, Leases (Topic The Company’s leases are summarized as follows: • A lease for its headquarters and laboratory facilities in Roseville, MN which encompasses approximately 38,000 square feet. The original lease term was 20 years, and the Company holds four 5-year renewal options. Historically, this lease was considered a failed sale leaseback based on the nature of the transactions and was reported as a financing-type lease. • An equipment financing arrangement that is considered a financing-type lease. This arrangement has a term of four years for each draw. The Company was required to deposit cash into a restricted account in an amount equal to the future rent payments required by the lease. As of June 30, 2022, restricted cash totaled $0.6 million. The Company has the option to request the return of excess collateral annually in December, and the amount the Company expects to receive is reflected as a current asset. • A small number of short-term and immaterial leases for office equipment. The Company’s adoption of the Standard required it to remove its existing land, buildings, and equipment associated with its headquarters lease as well as the associated liability. The Company assessed the elements of its lease agreement and upon adoption, recorded an operating lease associated with the sale leaseback of land underlying the headquarter facility, and a second operating lease associated with the building. The cumulative effect of the adoption of the Standard was recorded to stockholders’ equity. The impact of adoption on the Company’s December 31, 2021, consolidated balance sheet was as follows: As Reported Adoption of As Adjusted Assets Land, buildings, and equipment $ 21,731 $ (16,543 ) $ 5,188 Operating lease right-of-use assets — 14,090 14,090 $ 21,731 $ (2,453 ) $ 19,278 Liabilities and stockholders’ equity Current portion of financing lease obligations $ 370 $ (4 ) $ 366 Other current liabilities 191 276 467 Financing lease obligations 17,506 (17,371 ) 135 Operating lease obligations — 13,814 13,814 Accumulated deficit (196,092 ) 832 (195,260 ) $ (178,025 ) $ (2,453 ) $ (180,478 ) The Company records its operating lease liabilities at the present value of the future lease payments over the lease term. If the lease term includes options to extend or terminate the lease, those elements are included in the determination of lease term when it is reasonably certain that the option will be exercised. The rate used to determine the present value of future lease payments is the rate stated in the lease agreement, or if not stated, the Company’s incremental borrowing rate is used, up to an effective rate that enables the lease liability to amortize to zero over the lease term. Rent expense for operating leases is recorded in selling, general, and administrative (SG&A) expense in the consolidated statements of operations and in operating cash flows in the consolidated statements of cash flows. The Company also records operating lease right-of-use assets at an initial amount equal to the operating lease liability. Those right-of-use assets are amortized to lease expense within SG&A over the lease term using the effective interest method to ensure the right-of-use asset amortizes to zero concurrent with the associated liability, and the right-of-use asset amortization expense is also reported in operating cash flows in the consolidated statements of cash flows. The Company records its financing lease liabilities at the present value of the future lease payments over the lease term. If the lease term includes options to extend or terminate the lease, those elements are included in the determination of lease term when it is reasonably certain that the option will be exercised. The rate used to determine the present value of future lease payments is the rate stated in the lease agreement, or if not stated, the Company’s incremental borrowing rate is used, up to an effective rate that enables the lease liability to amortize to zero over the lease term. Expense associated with financing leases is recorded in interest, net in the consolidated statements of operations and in operating cash flows in the consolidated statements of cash flows. The Company is obligated under non-cancellable As of June 30, 2022 Remaining Right-of-Use In Thousands Term (years) Asset Roseville, MN lease 15.8 $ 13,852 Total $ 13,852 The Roseville, MN lease includes four options to each extend the lease for 5 years. These options to extend the lease are not recognized as part of the right-of-use The components of lease expense were as follows: In Thousands Three Months Ended Six Months Ended Finance lease costs $ 7 $ 16 Operating lease costs 394 793 Variable lease costs 227 458 Total $ 628 $ 1,267 Operating lease cost for short-term leases was not material for the six months ended June 30, 2022. Other information related to leases was as follows: In Thousands except for lease term and discount rate As of and for Six Months Ended Operating Financing Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 135 $ — Financing cash flows $ — $ 190 Weighted average remaining lease term (years) 15.8 0.5 Weighted average discount rate 7.9 % 8.1 % As of June 30, 2022, future minimum payments under operating and finance leases were as follows: In Thousands Operating Financing Total Remainder of 2022 $ 689 $ 258 $ 947 2023 1,446 38 1,484 2024 1,480 — 1,480 2025 1,479 — 1,479 2026 1,479 — 1,479 2027 1,479 — 1,479 Thereafter 16,991 — 16,991 25,043 296 25,339 Less: imputed interest (11,088 ) (13 ) (11,101 ) Total $ 13,955 $ 283 $ 14,238 Litigation and Claims The Company is not currently a party to any material pending legal proceeding. |
Supplemental Information
Supplemental Information | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Information | 9. SUPPLEMENTAL INFORMATION Certain statement of operations amounts are as follows: Three Months Ended June 30, Six Months Ended June 30, In Thousands 2022 2021 2022 2021 Stock-based compensation expense: Research and development $ 380 $ 417 $ 410 $ 809 Selling, general, and administrative 943 662 1,445 (1,180 ) Total $ 1,323 $ 1,079 $ 1,855 $ (371 ) Three Months Ended June 30, Six Months Ended June 30, In Thousands 2022 2021 2022 2021 Interest, net: Interest expense $ (6 ) $ (359 ) $ (16 ) $ (719 ) Interest income 12 2 13 16 Common stock warrants - financing costs amortization (22 ) — (30 ) — Total $ (16 ) $ (357 ) $ (33 ) $ (703 ) Certain balance sheet amounts are as follows: In Thousands As of June 30, As of December 31, Cash, cash equivalents, and restricted cash: Cash and cash equivalents $ 11,316 $ 13,823 Restricted cash 545 499 Non-current 53 99 Total $ 11,914 $ 14,421 Supplemental statement of cash flows information is as follows: As of June 30, In Thousands 2022 2021 Interest paid $ 14 $ 716 Non-cash As of June 30, In Thousands 2022 2021 Receivable from Jefferies for shares issued under ATM facility $ (260 ) $ — Non-cash $ (618 ) $ — Unpaid stock offering costs included in stockholders’ equity $ 1 $ — Cumulative effect of adoption of lease accounting standard on stockholders’ equity $ 832 $ — Establishment of operating lease right-of-use $ 14,090 $ — |
Basis of Presentation & Summa_2
Basis of Presentation & Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Warrants | Warrants The Company issued pre-funded (Pre-Funded follow-on Follow-On The Company also issued Common Warrants in the Follow-On The Common Warrants are reported at fair value with changes in fair value reported in earnings. The Company reports the changes in fair value of the Common Warrants in non-operating |
Net Loss Per Share | Net Loss Per Share Due to the Company’s net loss position for the three and six months ended June 30, 2022, and June 30, 2021, all of its outstanding stock options, restricted stock units (RSUs), performance stock units (PSUs), and warrants to purchase common stock (Common Warrants) are considered anti-dilutive and excluded from the calculation of net loss per share. Accordingly, the treasury method was not used in determining the number of anti-dilutive stock options, RSUs, PSUs, or Common Warrants. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases No. 2018-10, 2018-11, Leases (Topic right-of-use The Company adopted the Standard as of January 1, 2022, using the transition method which does not require revisions to comparative periods. The Company elected to implement the transition package of practical expedients permitted within the Standard, which among other things, allows it to carryforward the historical lease classification. In addition, the Company elected the hindsight practical expedient to determine the lease term for existing leases and it also made an accounting policy election to not record leases with an initial term of 12 months or less on its consolidated balance sheet. The Company’s adoption of the Standard required it to remove the previously reported amounts for land, buildings, and equipment associated with its headquarters and laboratory facility lease as well as the associated liability. The Company assessed the elements of its lease agreement and upon adoption, recorded an operating lease associated with the sale leaseback of land component of the lease, and a second operating lease associated with the building component of the lease. The Company recorded operating lease assets and liabilities of $14.1 million within its consolidated balance sheet as of January 1, 2022. The Standard had no impact on the Company’s consolidated statements of operations or cash flows. The $0.8 million cumulative effect of the adoption of the Standard was recorded to stockholders’ equity. See Note 8 for further information regarding the Company’s leases. In June 2016, the FASB issued ASU No. 2016-13, 2016-13). 2016-13 |
Financial Instruments Measure_2
Financial Instruments Measured at Fair Value and Concentrations of Credit Risk (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Summary of Fair Value Measurements and Financial Statement Presentation | The fair values of the Company’s financial instruments measured at fair value and their respective levels in the fair value hierarchy as of June 30, 2022, were as follows: June 30, 2022 June 30, 2022 Fair Values of Assets Fair Values of Liabilities In Thousands Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Other items reported at fair value: Common stock warrants $ — $ — $ — $ — $ — $ — $ 688 $ 688 Total $ — $ — $ — $ — $ — $ — $ 688 $ 688 |
Summary of Fair Value of the Common Warrants | The estimated fair values of the Common Warrants, and the assumptions used for the Black-Scholes option pricing model were as follows: As of June 30, Estimated fair value of Common Warrants $ 0.09 Assumptions: Risk-free interest rate 3.0 % Expected volatility 85.0 % Expected term to liquidation (in years) 5.2 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Text Block [Abstract] | |
Disclosure of Warrants Transactions | Warrant transactions for the six months ended June 30, 2022, are as follows: Number of Pre-Funded Warrants Weighted Average Number of Warrants Weighted Outstanding as of December 31, 2021: Issued 3,880,000 $ 0.0001 7,760,000 $ 1.41 Forfeited/canceled — — — — Exercised 3,880,000 $ 0.0001 — Outstanding as of June 30, 2022: — — 7,760,000 $ 1.41 Exercisable as of June 30, 2022: — — — — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Fair Values of Stock Options Granted and Assumptions used in Black-Scholes Model | The estimated fair values of stock options granted, and the assumptions used for the Black-Scholes option pricing model were as follows: Six Months Ended June 30, 2022 2021 Estimated fair values of stock options granted $ 0.86 $ 4.54 Assumptions: Risk-free interest rate 1.9% - 3.5 % 0.6% - 1.1 % Expected volatility 89.7% - 92.8 % 80.1% - 82.0 % Expected term (in years) 5.50 - 6.89 5.5 - 6.5 |
Summary of Stock Option Activity | Information on stock option activity is as follows: Options Exercisable Weighted- Exercise Price Per Share Options Outstanding Weighted- Average Exercise Price Per Share Balance as of December 31, 2021 2,789,110 $ 10.23 4,658,405 $ 9.47 Granted 1,609,000 1.12 Exercised — — Forfeited or expired (329,417 ) 7.82 Balance as of June 30, 2022 3,018,231 $ 10.20 5,937,988 $ 7.30 |
Summary of Stock-based Compensation Expense | Stock-based compensation expense related to PSUs is as follows: Three Months Ended Six Months Ended In Thousands 2022 2021 2022 2021 Stock-based compensation expense $ 161 $ 51 $ 307 $ (255 ) |
Schedule of Net Cash Proceeds from Exercise of Stock Options Less Shares Used for Minimum Withholding Taxes and Intrinsic Value of Options Exercised | Net cash proceeds from the exercise of stock options less shares used for minimum withholding taxes and the intrinsic value of options exercised were as follows: Three Months Ended June 30, Six Months Ended June 30, In Thousands 2022 2021 2022 2021 Net cash proceeds $ — $ 19 $ — $ 227 Intrinsic value of options exercised $ — $ 13 $ — $ 344 |
Summary of Activity of Restricted Stock Units | Information on restricted stock unit activity is as follows: Number of Restricted Stock Units Outstanding Weighted- Average Grant Date Fair Value Unvested balance as of December 31, 2021 571,303 $ 6.15 Granted 1,077,600 1.26 Vested (181,248 ) 6.38 Forfeited (61,613 ) 5.55 Unvested balance as of June 30, 2022 1,406,042 $ 2.40 |
Summary of Grant Date Fair Value of Restricted Stock Unit Awards Vested | The total grant-date fair value of restricted stock unit awards that vested is as follows: Three Months Ended June 30, Six Months Ended June 30, In Thousands 2022 2021 2022 2021 Grant-date fair value $ 539 $ 390 $ 1,156 $ 641 |
Summary of Stock-Based Compensation Granted As Deemed Dividends | The Company accounts for stock-based compensation awards granted to employees of Cellectis as deemed dividends. The Company recorded deemed dividends as follows: Three Months Ended June 30, Six Months Ended June 30, In Thousands 2022 2021 2022 2021 Deemed dividends from grants to Cellectis employees $ 27 $ 107 $ 64 $ 28 |
Share-based Payment Arrangement, Performance Shares, Outstanding Activity | PSU activity for the six months ended June 30, 2022, is as follows: Number of PSUs Outstanding as of December 31, 2021: Issued 745,000 530,000 Forfeited/canceled (145,000 ) Exercised — Outstanding as of June 30, 2022: 1,130,000 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Stock-based Compensation Expense | Stock-based compensation expense related to stock option awards is as follows: Three Months Ended June 30, Six Months Ended June 30, In Thousands 2022 2021 2022 2021 Stock-based compensation expense $ 709 $ 800 $ 890 $ 405 |
Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Stock-based Compensation Expense | Stock-based compensation expense related to restricted stock units is as follows: Three Months Ended June 30, Six Months Ended June 30, In Thousands 2022 2021 2022 2021 Stock-based compensation expense $ 453 $ 228 $ 658 $ (521 ) |
Leases, Commitments, and Cont_2
Leases, Commitments, and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Lease, Cost [Abstract] | |
Schedule Of Impact Of Adoption Of The Standard On Consolidated Balance Sheet | The impact of adoption on the Company’s December 31, 2021, consolidated balance sheet was as follows: As Reported Adoption of As Adjusted Assets Land, buildings, and equipment $ 21,731 $ (16,543 ) $ 5,188 Operating lease right-of-use assets — 14,090 14,090 $ 21,731 $ (2,453 ) $ 19,278 Liabilities and stockholders’ equity Current portion of financing lease obligations $ 370 $ (4 ) $ 366 Other current liabilities 191 276 467 Financing lease obligations 17,506 (17,371 ) 135 Operating lease obligations — 13,814 13,814 Accumulated deficit (196,092 ) 832 (195,260 ) $ (178,025 ) $ (2,453 ) $ (180,478 ) |
Summary of Non Cancellable Operating Leases | The Company is obligated under non-cancellable As of June 30, 2022 Remaining Right-of-Use In Thousands Term (years) Asset Roseville, MN lease 15.8 $ 13,852 Total $ 13,852 |
Summary of Lease Cost | The components of lease expense were as follows: In Thousands Three Months Ended Six Months Ended Finance lease costs $ 7 $ 16 Operating lease costs 394 793 Variable lease costs 227 458 Total $ 628 $ 1,267 |
Summary of Other Information Related to Leases | Other information related to leases was as follows: In Thousands except for lease term and discount rate As of and for Six Months Ended Operating Financing Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 135 $ — Financing cash flows $ — $ 190 Weighted average remaining lease term (years) 15.8 0.5 Weighted average discount rate 7.9 % 8.1 % |
Summary of Future Minimum Rental Payments | As of June 30, 2022, future minimum payments under operating and finance leases were as follows: In Thousands Operating Financing Total Remainder of 2022 $ 689 $ 258 $ 947 2023 1,446 38 1,484 2024 1,480 — 1,480 2025 1,479 — 1,479 2026 1,479 — 1,479 2027 1,479 — 1,479 Thereafter 16,991 — 16,991 25,043 296 25,339 Less: imputed interest (11,088 ) (13 ) (11,101 ) Total $ 13,955 $ 283 $ 14,238 |
Supplemental Information (Table
Supplemental Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Certain Statements of Operations Amounts | Certain statement of operations amounts are as follows: Three Months Ended June 30, Six Months Ended June 30, In Thousands 2022 2021 2022 2021 Stock-based compensation expense: Research and development $ 380 $ 417 $ 410 $ 809 Selling, general, and administrative 943 662 1,445 (1,180 ) Total $ 1,323 $ 1,079 $ 1,855 $ (371 ) Three Months Ended June 30, Six Months Ended June 30, In Thousands 2022 2021 2022 2021 Interest, net: Interest expense $ (6 ) $ (359 ) $ (16 ) $ (719 ) Interest income 12 2 13 16 Common stock warrants - financing costs amortization (22 ) — (30 ) — Total $ (16 ) $ (357 ) $ (33 ) $ (703 ) |
Schedule of Certain Balance Sheet Amounts | Certain balance sheet amounts are as follows: In Thousands As of June 30, As of December 31, Cash, cash equivalents, and restricted cash: Cash and cash equivalents $ 11,316 $ 13,823 Restricted cash 545 499 Non-current 53 99 Total $ 11,914 $ 14,421 |
Schedule of Statements of Certain Statements of Cash Flows Amounts | Supplemental statement of cash flows information is as follows: As of June 30, In Thousands 2022 2021 Interest paid $ 14 $ 716 Non-cash As of June 30, In Thousands 2022 2021 Receivable from Jefferies for shares issued under ATM facility $ (260 ) $ — Non-cash $ (618 ) $ — Unpaid stock offering costs included in stockholders’ equity $ 1 $ — Cumulative effect of adoption of lease accounting standard on stockholders’ equity $ 832 $ — Establishment of operating lease right-of-use $ 14,090 $ — |
Basis of Presentation & Summa_3
Basis of Presentation & Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Operating lease right-of-use assets | $ 13,855 | $ 0 | |
Operating lease obligations | 13,652 | $ 0 | |
Accounting Standards Update 2016-02 [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Operating lease right-of-use assets | $ 14,100 | ||
Operating lease obligations | $ 14,100 | ||
Stockholders equity cumulative effect of adoption of lease accounting standard. | $ 800 | ||
Follow On Offering [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.41 | ||
Date from which Warrants or Rights Exercisable | Aug. 23, 2027 |
Going Concern - Additional Info
Going Concern - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Feb. 23, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Net loss | $ 2,485,000 | $ 4,807,000 | $ 8,104,000 | $ 14,835,000 | ||||
Net cash used by operating activities | 11,276,000 | 11,249,000 | ||||||
Cash, cash equivalents, and restricted cash | 11,914,000 | $ 18,480,000 | 11,914,000 | $ 18,480,000 | $ 14,421,000 | $ 18,289,000 | ||
Cash expense for separation-related payments | 545,000 | 545,000 | $ 500,000 | 499,000 | ||||
Current liabilities | 4,501,000 | 4,501,000 | $ 4,854,000 | |||||
Common stock, issued and sold | 3,880,000 | |||||||
Issuance of common stock | $ 10,000,000 | |||||||
After deduction of underwriting discounts and estimated other offering expenses | $ 900,000 | |||||||
Shelf Registration Statement [Member] | ATM Facility [Member] | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Minimum public float | 75,000,000 | $ 75,000,000 | ||||||
Maximum [Member] | Cellectis [Member] | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Threshold percentage of ownership in outstanding common stock to enact indemnification agreement | 50% | |||||||
Pre-funded Warrants [Member] | Maximum [Member] | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Warrants issued (in shares) | 3,880,000 | |||||||
Common Warrants [Member] | Maximum [Member] | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Warrants issued (in shares) | 7,760,000 | |||||||
Equipment [Member] | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Restricted cash | $ 600,000 | $ 600,000 |
Financial Instruments Measure_3
Financial Instruments Measured at Fair Value and Concentrations of Credit Risk - Summary of Fair Value Measurements and Financial Statement Presentation (Detail) $ in Thousands | Jun. 30, 2022 USD ($) |
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | |
Fair Values of Liabilities | $ 688 |
Common Stock Warrants [Member] | |
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | |
Fair Values of Liabilities | 688 |
Level 3 [Member] | |
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | |
Fair Values of Liabilities | 688 |
Level 3 [Member] | Common Stock Warrants [Member] | |
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | |
Fair Values of Liabilities | $ 688 |
Financial instruments and finan
Financial instruments and financial risk management - Summary of Fair Value of the Common Warrants (Details) | Jun. 30, 2022 yr |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Estimated fair value of Common Warrants | 0.09 |
Risk-free interest rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Assumptions | 3 |
Expected volatility | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Assumptions | 85 |
Expected term to liquidation (in years) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Assumptions | 5.2 |
Financial Instruments Measure_4
Financial Instruments Measured at Fair Value and Concentrations of Credit Risk - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Fair value of financing leases | $ 14.5 | |
Corporate Debt Securities [Member] | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Other Financial Instruments | $ 0 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - Cellectis [Member] $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Related Party Transaction [Line Items] | |
Minimum net worth required | $ 300 |
Maximum [Member] | |
Related Party Transaction [Line Items] | |
Threshold percentage of ownership in outstanding common stock to enact indemnification agreement | 50% |
Stockholders' Equity - Summary
Stockholders' Equity - Summary Of Warrants Transactions (Detail) - $ / shares | 6 Months Ended | |
Jun. 30, 2022 | Feb. 23, 2022 | |
Pre Funded Warrants [Member] | ||
Disclosure of Warrants Transactions [Line Items] | ||
Number of restricted stock units outstanding, Issued | 3,880,000 | |
Weighted-average grant date fair value, Issued | $ 0.0001 | |
Number of restricted stock units outstanding, Exercised | 3,880,000 | |
Number of restricted stock units outstanding, Unvested ending balance | 0 | |
Weighted-average grant date fair value, Unvested ending balance | $ 0 | |
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 0 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0 | $ 0.0001 |
Common Stock Warrants [Member] | ||
Disclosure of Warrants Transactions [Line Items] | ||
Number of restricted stock units outstanding, Issued | 7,760,000 | |
Weighted-average grant date fair value, Issued | $ 1.41 | |
Number of restricted stock units outstanding, Unvested ending balance | 7,760,000 | |
Weighted-average grant date fair value, Unvested ending balance | $ 1.41 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.41 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Feb. 23, 2022 | Jun. 30, 2022 | |
Equity, Class of Treasury Stock [Line Items] | ||
Common stock, issued and sold | 3,880,000 | |
Net proceeds from issuance of common stock and exercise of overallotment | $ 10 | |
After deduction of underwriting discounts and estimated other offering expenses | $ 0.9 | |
ATM Facility [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Aggregate common stock offering value | $ 50 | |
Pre-funded Warrants [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.0001 | $ 0 |
Pre-funded Warrants [Member] | Maximum [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Warrants issued (in shares) | 3,880,000 | |
Common Warrants [Member] | Maximum [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Warrants issued (in shares) | 7,760,000 | |
Common Stock Warrants [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.41 | |
Common Stock, Voting Rights | 4.99 | |
Common Stock Warrants [Member] | Maximum [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Date from which Warrants or Rights Exercisable | Aug. 23, 2027 | |
Common Stock Warrants [Member] | Minimum [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Date from which Warrants or Rights Exercisable | Aug. 23, 2022 | |
Follow-on Public Offering [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Common stock, issued and sold | 3,880,000 | |
Common stock issued price per share | $ 1.41 | |
Net proceeds from issuance of common stock and exercise of overallotment | $ 10 | |
After deduction of underwriting discounts and estimated other offering expenses | $ 0.9 | |
Follow-on Public Offering [Member] | Pre-funded Warrants [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Common stock issued price per share | $ 1.4099 | |
Follow-on Public Offering [Member] | Pre-funded Warrants [Member] | Maximum [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Warrants issued (in shares) | 3,880,000 | |
Follow-on Public Offering [Member] | Common Warrants [Member] | Maximum [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Warrants issued (in shares) | 7,760,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2022 | Feb. 19, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation arrangement by share-based payment award, number of shares registered and available for grant | 2,621,614 | |
Mr. Blome [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected benefit to earnings from recapture of non-cash stock compensation expense | $ 2.5 | |
2017 Omnibus Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation arrangement by share-based payment award, number of shares registered and available for grant | 2,961,677 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Fair Values of Stock Options Granted and Assumptions used in Black-Scholes Model (Detail) - Stock Options [Member] - $ / shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Estimated fair values of stock options granted | $ 0.86 | $ 4.54 |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.90% | 0.60% |
Expected volatility | 89.70% | 80.10% |
Expected term (in years) | 5 years 6 months | 5 years 6 months |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 3.50% | 1.10% |
Expected volatility | 92.80% | 82% |
Expected term (in years) | 6 years 10 months 20 days | 6 years 6 months |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options - Additional Information (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
2017 Omnibus Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options priced at fair market value, Percent | 100% |
Stock option expiration period | 10 years |
2017 Omnibus Plan [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock option, vesting period | 3 years |
2017 Omnibus Plan [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock option, vesting period | 6 years |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average remaining contractual term | 5 years 3 months 18 days |
Aggregate intrinsic value of options outstanding and exercisable | $ 0 |
Unrecognized stock-based compensation expense related to non-vested stock options | $ 4,500 |
Unrecognized stock-based compensation expense, expected recognition weighted-average period | 25 months |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock Option Activity (Detail) | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Share-based Payment Arrangement [Abstract] | |
Options Exercisable, Beginning Balance | shares | 2,789,110 |
Options Exercisable, Ending Balance | shares | 3,018,231 |
Weighted-Average Exercise Price Per Share, Beginning Balance | $ / shares | $ 10.23 |
Weighted-Average Exercise Price Per Share, Ending Balance | $ / shares | $ 10.2 |
Options Outstanding, Beginning Balance | shares | 4,658,405 |
Options Outstanding, Granted | shares | 1,609,000 |
Options Outstanding, Forfeited or expired | shares | (329,417) |
Options Outstanding, Ending Balance | shares | 5,937,988 |
Weighted-Average Exercise Price Per Share, Beginning Balance | $ / shares | $ 9.47 |
Weighted-Average Exercise Price Per Share, Granted | $ / shares | 1.12 |
Weighted-Average Exercise Price Per Share, Forfeited or expired | $ / shares | 7.82 |
Weighted-Average Exercise Price Per Share, Ending Balance | $ / shares | $ 7.3 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Stock-Based Compensation Expense Related to Stock Option Awards (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expenses | $ 1,323 | $ 1,079 | $ 1,855 | $ (371) |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expenses | $ 709 | $ 800 | $ 890 | $ 405 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Net Cash Proceeds from Exercise of Stock Options Less Shares Used for Minimum Withholding Taxes and Intrinsic Value of Options Exercised (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | ||||
Net cash proceeds | $ 0 | $ 19 | $ 0 | $ 227 |
Intrinsic value of options exercised | $ 0 | $ 13 | $ 0 | $ 344 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Units - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
2017 Omnibus Plan [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
2017 Omnibus Plan [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 6 years |
Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense related to restricted stock units | $ 2 |
Unrecognized stock-based compensation expense, expected recognition weighted-average period | 27 months |
Restricted Stock Units [Member] | 2017 Omnibus Plan [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Restricted Stock Units [Member] | 2017 Omnibus Plan [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 5 years |
Stock-Based Compensation - Su_5
Stock-Based Compensation - Summary of Activity of Restricted Stock Units (Detail) - Restricted Stock Units [Member] | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of restricted stock units outstanding, Unvested beginning balance | shares | 571,303 |
Number of restricted stock units outstanding, Granted | shares | 1,077,600 |
Number of restricted stock units outstanding, Vested | shares | (181,248) |
Number of restricted stock units outstanding, Forfeited | shares | (61,613) |
Number of restricted stock units outstanding, Unvested ending balance | shares | 1,406,042 |
Weighted-average grant date fair value, Unvested beginning balance | $ / shares | $ 6.15 |
Weighted-average grant date fair value, Granted | $ / shares | 1.26 |
Weighted-average grant date fair value, Vested | $ / shares | 6.38 |
Weighted-average grant date fair value, Forfeited | $ / shares | 5.55 |
Weighted-average grant date fair value, Unvested ending balance | $ / shares | $ 2.4 |
Stock-Based Compensation - Su_6
Stock-Based Compensation - Summary of Grant Date Fair Value of Restricted Stock Unit Awards Vested (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant-date fair value | $ 539 | $ 390 | $ 1,156 | $ 641 |
Stock-Based Compensation - Su_7
Stock-Based Compensation - Summary of Stock-Based Compensation Expenses Related to Restricted Stock Units (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expenses | $ 1,323 | $ 1,079 | $ 1,855 | $ (371) |
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expenses | $ 453 | $ 228 | $ 658 | $ (521) |
Stock-Based Compensation - Su_8
Stock-Based Compensation - Summary of Stock-Based Compensation Granted as Deemed Dividends (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Nonemployee Restricted Stock Units [Member] | Cellectis [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Deemed dividends from grants to Cellectis employee | $ 27 | $ 107 | $ 64 | $ 28 |
Stock-Based Compensation - Perf
Stock-Based Compensation - Performance Stock Units - Additional Information (Detail) | 1 Months Ended | 6 Months Ended | |
Jul. 31, 2021 Day | Jun. 30, 2022 USD ($) shares | Jul. 07, 2021 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance stock, shares granted | 2,621,614 | ||
2017 Omnibus Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance stock, shares granted | 2,961,677 | ||
Performance Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock-based compensation expense related to performance stock units | $ | $ 1,300 | ||
Unrecognized stock-based compensation expense, expected recognition weighted-average period | 25 months | ||
Performance Stock Units [Member] | 2021 Grant | Inducement Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Consecutive trading day | Day | 30 | ||
Performance Stock Units [Member] | 2021 Grant | Mr Carr [Member] | 2017 Omnibus Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance stock, shares granted | 530,000 | ||
Performance Stock Units [Member] | 2021 Grant | Mr Carr [Member] | Inducement Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance stock, shares granted | 600,000 |
Share Based Compensation- Summa
Share Based Compensation- Summary Of Share Based Compensation Performance Shares Award Outstanding Activity (Detail) - Performance Stock Units [Member] | 6 Months Ended |
Jun. 30, 2022 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding as of December 31, 2021: | 745,000 |
Issued | 530,000 |
Forfeited/canceled | (145,000) |
Exercised | 0 |
Outstanding as of June 30, 2022: | 1,130,000 |
Stock-Based Compensation - Su_9
Stock-Based Compensation - Summary of Stock-Based Compensation Expenses Related to Performance Stock Units (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expenses | $ 1,323 | $ 1,079 | $ 1,855 | $ (371) |
Performance Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expenses | $ 161 | $ 51 | $ 307 | $ (255) |
Leases, Commitments, and Cont_3
Leases, Commitments, and Contingencies - Additional Information (Detail) $ in Millions | Jun. 30, 2022 USD ($) ft² |
Roseville, MN Lease [Member] | |
Other Commitments [Line Items] | |
Lessee, Operating Lease, Remaining Lease Term | 15 years 9 months 18 days |
Maximum [Member] | Roseville, MN Lease [Member] | |
Other Commitments [Line Items] | |
Lessee, Operating Lease, Remaining Lease Term | 5 years |
Corporate Headquarters [Member] | |
Other Commitments [Line Items] | |
Office and lab building area | ft² | 38,000 |
Equipment [Member] | |
Other Commitments [Line Items] | |
Restricted cash | $ | $ 0.6 |
Leases, Commitments, and Cont_4
Leases, Commitments, and Contingencies - Schedule Of Impact Of Adoption Of The Standard On Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jan. 01, 2022 | Dec. 31, 2021 |
Assets | |||
Land, buildings, and equipment | $ 5,077 | $ 21,731 | |
Operating lease right-of-use assets | 13,855 | 0 | |
Liabilities and stockholders' equity | |||
Current portion of financing lease obligations | 246 | 370 | |
Other current liabilities | 413 | 191 | |
Financing lease obligations | 37 | 17,506 | |
Operating lease obligations | 13,652 | 0 | |
Accumulated deficit | $ (203,364) | (196,092) | |
Accounting Standards Update 2016-02 [Member] | |||
Assets | |||
Operating lease right-of-use assets | $ 14,100 | ||
Liabilities and stockholders' equity | |||
Operating lease obligations | $ 14,100 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accounting Standards Update 2016-02 [Member] | |||
Assets | |||
Land, buildings, and equipment | 5,188 | ||
Operating lease right-of-use assets | 14,090 | ||
Total assets | 19,278 | ||
Liabilities and stockholders' equity | |||
Current portion of financing lease obligations | 366 | ||
Other current liabilities | 467 | ||
Financing lease obligations | 135 | ||
Operating lease obligations | 13,814 | ||
Accumulated deficit | (195,260) | ||
Total liabilities and stockholders' equity | (180,478) | ||
Previously Reported [Member] | Accounting Standards Update 2016-02 [Member] | |||
Assets | |||
Land, buildings, and equipment | 21,731 | ||
Operating lease right-of-use assets | 0 | ||
Total assets | 21,731 | ||
Liabilities and stockholders' equity | |||
Current portion of financing lease obligations | 370 | ||
Other current liabilities | 191 | ||
Financing lease obligations | 17,506 | ||
Operating lease obligations | 0 | ||
Accumulated deficit | (196,092) | ||
Total liabilities and stockholders' equity | (178,025) | ||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Accounting Standards Update 2016-02 [Member] | |||
Assets | |||
Land, buildings, and equipment | (16,543) | ||
Operating lease right-of-use assets | 14,090 | ||
Total assets | (2,453) | ||
Liabilities and stockholders' equity | |||
Current portion of financing lease obligations | (4) | ||
Other current liabilities | 276 | ||
Financing lease obligations | (17,371) | ||
Operating lease obligations | 13,814 | ||
Accumulated deficit | 832 | ||
Total liabilities and stockholders' equity | $ (2,453) |
Leases, Commitments, and Cont_5
Leases, Commitments, and Contingencies - Summary of Non Cancellable Operating Leases (Detail) $ in Thousands | Jun. 30, 2022 USD ($) |
Disclosure of Non Cancellable Operating Leases [Line Items] | |
Right-of-Use Asset | $ 13,852 |
Roseville, MN Lease [Member] | |
Disclosure of Non Cancellable Operating Leases [Line Items] | |
Remaining Term (years) | 15 years 9 months 18 days |
Right-of-Use Asset | $ 13,852 |
Leases, Commitments, and Cont_6
Leases, Commitments, and Contingencies - Summary of Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Lease, Cost [Abstract] | ||
Finance Lease cost | $ 7 | $ 16 |
Operating lease cost | 394 | 793 |
Variable lease cost | 227 | 458 |
Total | $ 628 | $ 1,267 |
Leases, Commitments, and Cont_7
Leases, Commitments, and Contingencies - Summary of Other Information Related to Leases (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows, Operating | $ 135 |
Operating cash flows, Financing | 0 |
Financing cash flows, Operating | 0 |
Financing cash flows, Financing | $ 190 |
Operating Lease, Weighted average remaining lease term (years) | 15 years 9 months 18 days |
Finance Lease, Weighted average remaining lease term (years) | 6 months |
Operating Lease, Weighted average discount rate | 7.90% |
Finance Lease, Weighted average discount rate | 8.10% |
Leases, Commitments, and Cont_8
Leases, Commitments, and Contingencies - Summary of Future Minimum Rental Payments (Detail) $ in Thousands | Jun. 30, 2022 USD ($) |
Schedule of Future Minimum Rental Payments [Abstract] | |
Operating, Remainder of 2022 | $ 689 |
Operating, 2023 | 1,446 |
Operating, 2024 | 1,480 |
Operating, 2025 | 1,479 |
Operating, 2026 | 1,479 |
Operating, 2027 | 1,479 |
Operating, Thereafter | 16,991 |
Total Operating | 25,043 |
Operating, Less: imputed interest | (11,088) |
Total | 13,955 |
Financing, Remainder of 2022 | 258 |
Financing, 2023 | 38 |
Financing, 2024 | 0 |
Financing, 2025 | 0 |
Financing, 2026 | 0 |
Financing, 2027 | 0 |
Financing, Thereafter | 0 |
Total Financing | 296 |
Financing, Less: imputed interest | (13) |
Total | 283 |
Remainder of 2022 | 947 |
2023 | 1,484 |
2024 | 1,480 |
2025 | 1,479 |
2026 | 1,479 |
2027 | 1,479 |
Thereafter | 16,991 |
Total | 25,339 |
Less: imputed interest | (11,101) |
Total | $ 14,238 |
Supplemental Information - Summ
Supplemental Information - Summary of Certain Statements of Operations Amounts (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expenses | $ 1,323 | $ 1,079 | $ 1,855 | $ (371) |
Interest expense | (6) | (359) | (16) | (719) |
Interest income | 12 | 2 | 13 | 16 |
Common stock warrants - financing costs amortization | (22) | 0 | (30) | 0 |
Total | (16) | (357) | (33) | (703) |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expenses | 380 | 417 | 410 | 809 |
Selling, General, and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expenses | $ 943 | $ 662 | $ 1,445 | $ (1,180) |
Supplemental Information - Su_2
Supplemental Information - Summary of Certain Balance Sheet Amounts (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Condensed Balance Sheet Statements Captions [Line Items] | |||
Cash and cash equivalents | $ 11,316 | $ 13,823 | |
Restricted cash | $ 500 | 545 | 499 |
Non-current restricted cash | 53 | 99 | |
Total | $ 11,914 | $ 14,421 |
Supplemental Information - Su_3
Supplemental Information - Summary of Statements of Certain Statements of Cash Flows Amounts (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Condensed Financial Information Disclosure [Abstract] | ||
Interest paid | $ 14 | $ 716 |
Receivable from Jefferies for shares issued under ATM Facility | (260) | 0 |
Non-cash additions to land, buildings, and equipment | (618) | 0 |
Unpaid stock offering costs included in stockholders' equity | 1 | 0 |
Cumulative effect of adoption of lease accounting standard on stockholders' equity | 832 | 0 |
Establishment of right-to-use assets and associated operating lease liabilities | $ 14,090 | $ 0 |