Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 15, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 000-55939 | ||
Entity Registrant Name | Compass Therapeutics, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 82-4876496 | ||
Entity Address, Address Line One | 80 Guest Street, Suite 601 | ||
Entity Address, City or Town | Boston | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 02135 | ||
City Area Code | 617 | ||
Local Phone Number | 500-8099 | ||
Title of 12(b) Security | Common Stock, $0.0001 par value per share | ||
Trading Symbol | CMPX | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 283 | ||
Entity Common Stock, Shares Outstanding (in shares) | 137,589,171 | ||
Auditor Firm ID | 596 | ||
Auditor Name | CohnReznick LLP | ||
Auditor Location | Melville, New York | ||
Entity Central Index Key | 0001738021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 24,228 | $ 34,946 |
Marketable securities | 128,233 | 151,663 |
Prepaid expenses and other current assets | 1,420 | 8,182 |
Total current assets | 153,881 | 194,791 |
Property and equipment, net | 898 | 1,567 |
Operating lease, right-of-use ("ROU") asset | 1,776 | 2,967 |
Other assets | 320 | 320 |
Total assets | 156,875 | 199,645 |
Current liabilities: | ||
Accounts payable | 4,090 | 3,382 |
Accrued expenses | 2,514 | 11,690 |
Operating lease obligations, current portion | 1,197 | 1,097 |
Total current liabilities | 7,801 | 16,169 |
Operating lease obligations, net of current portion | 536 | 1,838 |
Total liabilities | 8,337 | 18,007 |
Commitments and Contingencies | ||
Stockholders' equity: | ||
Common stock, $0.0001 par value: 300,000 shares authorized; 127,668 shares issued and outstanding at December 31, 2023; 126,495 shares issued and 126,302 shares outstanding at December 31, 2022 | 13 | 13 |
Additional paid-in-capital | 463,796 | 454,741 |
Accumulated other comprehensive income (loss) | 37 | (302) |
Accumulated deficit | (315,308) | (272,814) |
Total stockholders' equity | 148,538 | 181,638 |
Total liabilities and stockholders' equity | $ 156,875 | $ 199,645 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized (in shares) | 300,000 | 300,000 |
Common Stock, Shares, Outstanding (in shares) | 127,668 | 126,302 |
Common Stock, Shares, Issued (in shares) | 127,668 | 126,495 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating expenses: | ||
Research and development | $ 38,120 | $ 29,997 |
General and administrative | 12,243 | 11,658 |
Total operating expenses | 50,363 | 41,655 |
Loss from operations | (50,363) | (41,655) |
Other income | 7,869 | 2,430 |
Loss before income tax expense | (42,494) | (39,225) |
Income tax expense | 0 | 0 |
Net loss | $ (42,494) | $ (39,225) |
Net loss per share - basic and diluted (in dollars per share) | $ (0.33) | $ (0.37) |
Basic and diluted weighted average shares outstanding (in shares) | 127,027 | 105,186 |
Other comprehensive loss: | ||
Net loss | $ (42,494) | $ (39,225) |
Unrealized gain (loss) on marketable securities | 339 | (302) |
Comprehensive loss | $ (42,155) | $ (39,527) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 100,832 | ||||
Balance at Dec. 31, 2021 | $ 10 | $ 373,657 | $ 0 | $ (233,589) | $ 140,078 |
Common shares issued in PIPE Offering, net (in shares) | 25,000 | ||||
Common shares issued in PIPE Offering, net | $ 3 | 75,739 | 0 | 0 | $ 75,742 |
Common stock issued upon exercise of options (in shares) | 6 | 6 | |||
Common stock issued upon exercise of options | $ 0 | 15 | 0 | 0 | $ 15 |
Share-based awards (in shares) | 559 | ||||
Share-based awards | $ 0 | 0 | 0 | 0 | 0 |
Stock-based compensation | $ 0 | 5,330 | 0 | 0 | 5,330 |
Cancelled shares (in shares) | (95) | ||||
Unrealized gain (loss) on marketable securities | $ 0 | 0 | (302) | 0 | (302) |
Net loss | $ 0 | 0 | 0 | (39,225) | (39,225) |
Balance (in shares) at Dec. 31, 2022 | 126,302 | ||||
Balance at Dec. 31, 2022 | $ 13 | 454,741 | (302) | (272,814) | 181,638 |
Common shares issued in PIPE Offering, net (in shares) | 952 | ||||
Common shares issued in PIPE Offering, net | $ 0 | 3,032 | 0 | 0 | $ 3,032 |
Common stock issued upon exercise of options (in shares) | 29 | 29 | |||
Common stock issued upon exercise of options | $ 0 | 62 | 0 | 0 | $ 62 |
Share-based awards (in shares) | 385 | ||||
Share-based awards | $ 0 | (159) | 0 | 0 | (159) |
Stock-based compensation | 0 | 6,120 | 0 | 0 | 6,120 |
Unrealized gain (loss) on marketable securities | 0 | 0 | 339 | 0 | 339 |
Net loss | $ 0 | 0 | 0 | (42,494) | (42,494) |
Balance (in shares) at Dec. 31, 2023 | 127,668 | ||||
Balance at Dec. 31, 2023 | $ 13 | $ 463,796 | $ 37 | $ (315,308) | $ 148,538 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (42,494) | $ (39,225) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 699 | 782 |
Gain on disposal of equipment | 0 | (70) |
Share-based compensation | 6,120 | 5,330 |
Amortization of premium and discount on marketable securities | (3,226) | (801) |
ROU asset amortization | 1,191 | 1,122 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 6,762 | (5,591) |
Accounts payable | 708 | 2,515 |
Accrued expenses | (9,176) | 2,915 |
Operating lease liability | (1,202) | (1,102) |
Net cash used in operating activities | (40,618) | (34,125) |
Cash flows from investing activities: | ||
Purchases of marketable securities | (155,418) | (200,119) |
Proceeds from sale or maturities of marketable securities | 182,413 | 48,955 |
Purchases of property and equipment | (30) | (212) |
Proceeds from sale of equipment | 0 | 176 |
Net cash provided by (used) in investing activities | 26,965 | (151,200) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | 3,126 | 76,237 |
Issuance costs from issuance of common stock | (94) | (495) |
Proceeds from exercise of stock options | 62 | 15 |
Taxes related to the vesting of RSUs | 159 | 0 |
Net cash provided by financing activities | 2,935 | 75,757 |
Net change in cash and cash equivalents | (10,718) | (109,568) |
Cash and cash equivalents at beginning of year | 34,946 | 144,514 |
Cash and cash equivalents at end of year | 24,228 | 34,946 |
Supplemental disclosure of cash flow information | ||
Unrealized (gain) loss on marketable securities | $ (339) | $ 302 |
Note 1 - Formation and Business
Note 1 - Formation and Business of the Company | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Formation and Business of the Company Compass Therapeutics, Inc. (“Compass” or the “Company”) is a clinical-stage, oncology-focused biopharmaceutical company developing proprietary antibody-based therapeutics to treat multiple human diseases. Our scientific focus is on the relationship between angiogenesis and the immune system. Our pipeline includes novel product candidates that leverage our understanding of the tumor microenvironment, including both angiogenesis-targeted agents and immune-oncology focused agents. These product candidates are designed to optimize critical components required for an effective anti-tumor response to cancer. These include modulation of the microvasculature via angiogenesis-targeted agents; induction of a potent immune response via activators on effector cells in the tumor microenvironment; and alleviation of immunosuppressive mechanisms used by tumors to evade immune surveillance. We plan to advance our product candidates through clinical development as both standalone therapies and in combination with our proprietary drug candidates as long as their continued development is supported by clinical and nonclinical data. References to Compass or the Company herein include Compass Therapeutics, Inc. and its wholly-owned subsidiaries. The Company is subject to risks and uncertainties common to companies in the biotechnology and pharmaceutical industries. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s technology will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees and consultants. |
Note 2 - Liquidity, Uncertainti
Note 2 - Liquidity, Uncertainties and Going Concern | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | 2. Liquidity, Uncertainties and Going Concern The Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. Since its inception, the Company has funded its operations primarily with proceeds from the sale of its equity securities. The Company has incurred recurring losses since its inception and had an accumulated deficit of $315.3 million on December 31, 2023. The Company expects to continue o generate operating losses for the foreseeable future. The Company expects that its cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements into mid-2026. The future viability of the Company beyond that point is dependent on its ability to raise additional capital to finance its operations. The Company is subject to risks common to early stage companies in the biotechnology industry including, but not limited to: having a limited operating history and no products approved for commercial sale; having a history of significant losses; its need to obtain additional financing; dependence on its ability to advance its current and future product candidates through clinical trials, marketing approval and commercialization; the lengthy and expensive nature and uncertain outcomes of the clinical development process; the lengthy, time consuming and unpredictable nature of the regulatory approval process; the results of preclinical studies and early stage clinical trials that may not be predictive of future results; dependence on its key personnel; risks related to patent protection and the Company’s pending patent applications; dependence on third party collaborators for the discovery, development and commercialization of current and future product candidates; and significant competition from other biotechnology and pharmaceutical companies. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements are presented in U.S. dollars and 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 GAAP as found in the Accounting Standards Codification (“ASC”) and as amended by Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Principles of Consolidation The accompanying consolidated financial statements include the accounts of Compass Therapeutics, Inc., and its wholly-owned subsidiaries, including Compass Therapeutics LLC, Compass Therapeutics Advisors Inc., Trigr Therapeutics, Inc. and Compass Therapeutics Securities Corporation. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the accrual of research and development expenses, useful lives of equipment, interest rate and term operating lease ROU and liability, the percentage of completion of contractual arrangements, future cash expenditures for liquidity estimates, the valuation of common stock and estimates associated with stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from those estimates. Changes in estimates are recorded prospectively in the period that they become known. Segment Information Operating segments are defined as components of an enterprise for which separate and discrete information is available for evaluation by the chief operating decision-maker in deciding how to allocate resources and assess performance. The Company has one Cash and Cash Equivalents The Company considers all highly liquid investments that are readily convertible into cash with original maturities of three months or less from the date of purchase to be cash equivalents. Cash and cash equivalents include cash held in banks and amounts held in money market funds or commercial paper. Cash equivalents are stated at cost, which approximates market value. Cash and Cash equivalents were $24.2 million and $34.9 million on December 31, 2023 and 2022, respectively. Marketable Securities All of the Company’s investment securities are debt securities and bank instruments. The Company carries these investments at fair value. Unrealized gains and losses, if any, are reported as a separate component of stockholders’ equity. The cost of investment securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in interest income. Realized gains and losses, if any, are also included in interest income. The cost of securities sold is based on the specific identification method. Concentrations of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, principally consist of cash equivalents and marketable securities. The Company invests its excess cash primarily in money market funds, U.S. treasury notes, and high quality, marketable debt instruments of corporations in accordance with the Company’s investment policy. The Company’s investment policy defines allowable investments and establishes guidelines relating to credit quality, diversification, and maturities of its investments to preserve principal and maintain liquidity. The Company has not experienced any realized losses related to its cash equivalents and marketable securities. Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are recorded using the straight-line method over the estimated useful lives of the related assets as follows: Asset Classification Estimated Useful Life Equipment 5 years Furniture and fixtures 7 years Software 5 years Leasehold improvements Lesser of estimated useful life or lease term Estimated useful lives are periodically assessed to determine if changes are appropriate. Maintenance and repairs are charged to expense as incurred. When assets are retired or otherwise disposed of, the cost of these assets and related accumulated depreciation or amortization are eliminated from the consolidated balance sheet and any resulting gains or losses are included in the consolidated statement of operations and comprehensive loss in the period of disposal. Costs for capital assets not yet placed into service are capitalized as construction-in-progress and depreciated once placed into service. Impairment of Long-Lived Assets Long-lived assets consist of property, equipment and right-of-use (“ROU”) assets. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset group for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset group to its carrying value. An impairment loss would be recognized in the consolidated statements of operations when estimated undiscounted future cash flows expected to result from the use of an asset group are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset group over its fair value, determined based on discounted cash flows. The Company did not Fair Value Measurements Certain assets and liabilities of the Company are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: ● Level 1 – Quoted prices in active markets for identical assets or liabilities. ● Level 2 – Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets and liabilities, or other inputs that are observable or can be corroborated by observable market data. ● Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. An entity may choose to measure many financial instruments and certain other items at fair value at specified election dates. Subsequent unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. Research and Development Costs Costs associated with internal research and development and external research and development services, including drug development and preclinical studies, are expensed as incurred. Research and development expenses include costs for salaries, employee benefits, subcontractors, facility-related expenses, depreciation and amortization, stock-based compensation, third-party license fees, laboratory supplies, and external costs of outside vendors engaged to conduct discovery, preclinical and clinical development activities and clinical trials as well as to manufacture clinical trial materials and other costs. The Company recognizes external research and development costs based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its service providers. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. Such prepaid expenses are recognized as an expense when the goods have been delivered or the related services have been performed, or when it is no longer expected that the goods will be delivered, or the services rendered. Costs associated with licenses of technology acquired as part of collaborative arrangements are expensed as incurred and are generally included in research and development expense in the consolidated statements of operations if it is determined the license has no alternative future use. Accrued Research and Development Expenses The Company has entered into various research and development and other agreements with commercial firms, researchers, universities and others for provisions of goods and services. These agreements are generally cancelable, and the related costs are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research and development costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies or clinical trials, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ materially from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs. Patent Costs All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expense in the consolidated statements of operations. Stock-Based Compensation The Company recognizes the grant‑date fair value of stock‑based awards issued to employees and nonemployee board members as compensation expense on a straight‑line basis over the service period of the award. The Company uses the Black‑Scholes option pricing model to determine the grant‑date fair value of stock options and adjusts expense for forfeitures in the periods they occur. The fair value of each equity award was determined by the Company on the date of grant and by using the methods and assumptions discussed below. Certain of these inputs are subjective and generally require judgment to determine. Stock price: Expected term Expected volatility Risk-free interest rate Expected dividend Net Loss per Share Basic loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during each period. Diluted loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as convertible preferred stock, stock options, restricted stock units, unvested restricted stock awards and common stock warrants that would result in the issuance of incremental shares of common stock. In computing the basic and diluted net loss per share, the weighted average number of shares remains the same for both calculations due to the fact that when a net loss exists, dilutive shares are not included in the calculation as the impact is anti-dilutive. The following potentially dilutive securities outstanding as of December 31, 2023 and 2022 have been excluded from the computation of diluted weighted average shares outstanding, as they would be anti-dilutive: December 31, 2023 2022 (000's) Restricted stock units 1,500 900 Stock options 7,876 5,378 Nonvested restricted stock — 193 Total 9,376 6,471 Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Deferred tax assets are reduced, as necessary, by a valuation allowance when management determines it is more likely than not that some or all of the deferred tax benefits will not be realized. The Company files income tax returns in the U.S. Federal jurisdiction and in various states. The Company has tax net operating loss carryforwards that are subject to examination for a number of years beyond the year in which they were generated for tax purposes. Since a portion of these net operating loss carryforwards may be utilized in the future, many of these net operating loss carryforwards will remain subject to examination. New Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to tax disclosures Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes The Company adopted Accounting Standards Update ASU No. 2016-13, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments There are no other pending accounting pronouncements that are expected to have a material impact on the Company’s consolidated financial statements. |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. Fair Value Measurements The following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: Fair Value Measurements as of December 31, 2023 (000's): Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Fair Value Assets Corporate bonds $ — $ 54,281 $ — $ 54,281 Commercial paper 28,534 — — 28,534 Certificates of deposit — 18,866 — 18,866 U.S. government treasuries 16,080 — — 16,080 Asset-backed securities — 10,472 — 10,472 Money market funds (cash equivalents) 575 — — 575 Total assets $ 45,189 $ 83,619 $ — $ 128,808 Fair Value Measurements as of December 31, 2022 (000's): Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Fair Value Assets Corporate bonds $ — $ 87,760 $ — $ 87,760 Commercial paper 37,682 — — 37,682 Certificates of deposit — 19,667 — 19,667 Asset-backed securities — 6,554 — 6,554 Money market funds (cash equivalents) 9,438 — — 9,438 Total assets $ 47,120 $ 113,981 $ — $ 161,101 |
Note 5 - Marketable Securities
Note 5 - Marketable Securities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 5. Marketable Securities The objectives of the Company’s investment policy are to ensure the safety and preservation of invested funds, as well as to maintain liquidity sufficient to meet cash flow requirements. The Company invests its excess cash in securities issued by financial institutions, commercial companies, and government agencies that management believes to be of high credit quality in order to limit the amount of its credit exposure. The Company has not realized any net losses from its investments. Unrealized gains and losses on investments that are available for sale are recognized in accumulated comprehensive loss, unless an unrealized loss is considered to be other than temporary, in which case the unrealized loss is charged to operations. The Company periodically reviews its investments for other than temporary declines in fair value below cost basis and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company believes the individual unrealized losses represent temporary declines primarily resulting from interest rate changes. Realized gains and losses are included in other income in the consolidated statements of operations and comprehensive loss and are determined using the specific identification method with transactions recorded on a trade date basis. The Company classifies marketable securities that are available for use in current operations as current assets on the consolidated balance sheet. The following tables summarize marketable securities held at December 31, 2023 and 2022 (in thousands): Fair Value Measurements as of December 31, 2023 Using: Amortized Cost Unrealized gains Unrealized Losses Fair Value Assets Corporate bonds $ 54,256 $ 74 $ (49 ) $ 54,281 Commercial paper 28,507 30 (3 ) 28,534 Certificates of deposit 18,850 17 (1 ) 18,866 U.S. government treasuries 16,127 3 (50 ) 16,080 Asset-backed securities 10,456 23 (7 ) 10,472 Total assets $ 128,196 $ 147 $ (110 ) $ 128,233 Fair Value Measurements as of December 31, 2022 Using: Amortized Cost Unrealized gains Unrealized Losses Fair Value Assets Corporate bonds $ 87,998 $ 12 $ (250 ) $ 87,760 Commercial paper 37,680 33 (31 ) 37,682 Certificates of deposit 19,689 16 (38 ) 19,667 Asset-backed securities 6,598 3 (47 ) 6,554 Total assets $ 151,965 $ 64 $ (366 ) $ 151,663 As of December 31, 2023 2022 Maturing in one year or less 93,117 134,620 Maturing after one year through two years 35,116 17,043 Total $ 128,233 $ 151,663 |
Note 6 - Property and Equipment
Note 6 - Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Property and Equipment Property and equipment consist of the following: December 31, 2023 2022 (000's) Equipment $ 5,167 $ 5,137 Furniture and fixtures 22 22 Leasehold improvements 1,612 1,612 Software 364 364 Total property and equipment–at cost 7,165 7,135 Less: Accumulated depreciation and amortization (6,267 ) (5,568 ) Property and equipment, net $ 898 $ 1,567 Total depreciation and amortization expense for years ended December 31, 2023 and 2022, was $0.7 million and $0.8 million, respectively. |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 7. Accrued Expenses Accrued expenses consist of the following: December 31, 2023 2022 (000's) Project expenses $ 336 $ 10,038 Compensation and benefits 1,938 1,556 Other 240 96 Total accrued expenses $ 2,514 $ 11,690 Project expenses in 2022 were primarily made up of $8.8 million of accrued manufacturing expenses including $6.4 million of minimum contractual obligations which were paid in 2023. |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 8. Stockholders Equity In November 2022, the Company sold through a Private Investment in Public Entity (“PIPE”) offering of 25,000,000 shares of our common stock at a purchase price of $3.21 per share. The gross proceeds to us from the PIPE were $80.3 million. In connection with the PIPE, the Company paid $4.5 million to the underwriters (and for other legal and accounting costs), for net proceeds of $75.7 million. In June 2023, the Company sold, through its ATM program pursuant to its Open Market Sale Agreement SM |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 9. Stock-Based Compensation Stock-based compensation expense for the years ended December 31, 2023 and 2022 was classified in the consolidated statements of operations as follows: Year Ended 2023 2022 (000's) Research and development $ 1,998 $ 1,793 General and administrative 4,122 3,537 Total $ 6,120 $ 5,330 Restricted Stock A summary of the Company’s restricted share activity during the years ended December 31, 2023 and 2022 is as follows: Shares (000's) Estimated Unvested, December 31, 2021 471 $ 1.76 Granted — $ — Vested (258 ) $ 1.77 Forfeited or canceled (20 ) $ 1.77 Unvested, December 31, 2022 193 $ 1.74 Granted — $ — Vested (193 ) $ 1.74 Forfeited or canceled — $ — Unvested, December 31, 2023 — $ — As of December 31, 2023, there was no No 2020 Plan In June 2020, the Company’s board of directors adopted the 2020 Plan and reserved 2.9 million shares of common stock for issuance under this plan. The 2020 Plan provides that the number of shares reserved and available for issuance under the 2020 Plan will automatically increase each January 1, beginning on January 1, 2021, by the lesser of (i) 4% of the outstanding number of shares of our common stock on the immediately preceding December 31 or (ii) such number of shares as determined by the plan administrator no later than the immediately preceding December 31. As of December 31, 2023, 5.1 million shares remain available for future grant. On January 1, 2024, an additional 5.1 million shares became available for issuance based on 4% of the outstanding shares of common stock, for a total of 10.2 million shares available for issuance. The 2020 Plan authorizes the board of directors or a committee of the board to grant incentive stock options, nonqualified stock options, restricted stock awards and restricted stock units ("RSUs") to eligible officers, employees, consultants and directors of the Company. Options generally vest over a period of four ten Stock Options: The following table summarizes the stock option activity for the 2020 Plan: Number of Weighted Weighted Aggregate Intrinsic Value (000's) Outstanding at December 31, 2021 3,659 $ 5.01 8.98 $ — Granted 2,277 $ 2.30 8.81 $ — Exercised (6 ) $ 2.26 — $ 6 Forfeited/cancelled (552 ) $ 4.78 — $ 118 Outstanding at December 31, 2022 5,378 $ 3.89 8.24 $ 6,316 Granted 2,803 $ 3.69 9.18 $ — Exercised (29 ) $ 1.75 — $ 35 Forfeited/cancelled (276 ) $ 4.29 — $ 164 Outstanding at December 31, 2023 7,876 $ 3.81 8.05 $ 11 Vested at December 31, 2023 3,938 $ 4.22 7.43 $ 5 For the year ended December 31, 2023, the weighted average grant date fair value for options granted was $3.69. The aggregate intrinsic value for options vested and outstanding as of December 31, 2023 and 2022 was $11 thousand and $6.3 million, respectively. As of December 31, 2023, the unrecognized compensation cost related to outstanding options was $9.5 million, expected to be recognized over a weighted average period of approximately 2.6 years. The weighted average assumptions used in the Black-Scholes option pricing model to determine the fair value of stock options granted to employees and directors during the years ended December 31, 2023 and 2022 were as follows: Year Ended December 31, 2023 2022 Expected term (in years) 6.0 6.0 Risk-free rate 3.83 % 2.02 % Expected volatility 87 % 94 % RSUs: The following table summarizes the RSU activity for the 2020 Plan: Shares (000's) Weighted Weighted Unvested, December 31, 2021 1,200 $ 3.83 $ 4,596 Granted — — — Vested (300 ) 3.83 (1,149 ) Forfeited or canceled — — — Unvested, December 31, 2022 900 $ 3.83 $ 3,447 Granted 900 $ 3.93 $ 3,537 Vested (300 ) 3.83 (1,149 ) Forfeited or canceled — — — Unvested, December 31, 2023 1,500 $ 3.83 $ 5,745 Weighted average price per share is the weighted grant price based on the closing market price of each of the stock grants. The weighted average fair value is the weighted average share price times the number of shares. As of December 31, 2023, remaining unrecognized compensation cost related to RSUs to be recognized in future periods totaled $4.9 million, which is expected to be recognized over a weighted average period of 2.6 years. As of December 31, 2023, the total unrecognized compensation cost from all plans to be recognized in future periods totaled approximately $14.4 million. |
Note 10 - License, Research and
Note 10 - License, Research and Collaboration Agreements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | 10. License, Research and Collaboration Agreements Collaboration Agreements ABL Bio Corporation ("ABL Bio") Agreements In November 2018, the Company and ABL Bio, a South Korean biotechnology company, entered into an exclusive global (excluding South Korea) license agreement which granted the Company a license to CTX-009 (ABL001), ABL Bio’s bispecific antibody targeting DLL4 and VEGF-A. Under the terms of the agreement, the two companies would jointly develop CTX-009, with ABL Bio responsible for development of CTX-009 throughout the end of Phase 1 clinical trials and the Company responsible for the development of CTX-009 from Phase 2 and onward. ABL Bio received a $5 million upfront payment and $6 million development milestone payment. In addition, ABL Bio is eligible to receive up to $96 million of development and regulatory milestone payments, and up to $303 million of commercial milestone payments and tiered single-digit royalties on net sales of CTX-009 in oncology. ABL Bio is also eligible to receive up to $75 million in development and regulatory milestones and up to $110 million in commercial milestone payments and tiered, single-digit royalties on net sales of CTX-009 in ophthalmology. In May 2021, TRIGR and ABL Bio terminated license agreements to several preclinical assets. As a result of the return of these assets to ABL Bio and termination of the license agreements, the Company is eligible to receive royalty payments if ABL Bio develops or licenses two bispecific antibodies that were previously licensed to TRIGR. Adimab Agreement The Company entered into a collaboration agreement with Adimab, LLC on October 16, 2014. The agreement includes provisions for payment of royalties at rates ranging in the single digits as a percentage of future net sales within a specified term from the first commercial sale for certain antibodies, including our product candidate, CTX-471. There were no |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. Commitments and Contingencies Leases The Company accounts for operating leases on a straight-line basis over the lease term, with recognition of a right-of-use asset and a corresponding lease liability, initially measured at the present value of the lease payments. For leases with a term of 12 months or less, we recognize lease expense on a straight-line basis over the lease term. The Company has one four one The table below presents the undiscounted cash flows for the lease term. The undiscounted cash flows are reconciled to the operating lease liabilities recorded on the consolidated balance sheets: (000's) Years ending December 31, 2024 $ 1,264 2025 543 Total minimum lease payments 1,807 Less: amount of lease payments representing interest (74 ) Present value of future minimum lease payments 1,733 Less: operating lease obligations, current portion (1,197 ) Operating lease obligations, long-term portion $ 536 Defined Contribution Plan The Company has a 401(k) defined contribution plan (the “401(k) Plan”) for substantially all its employees. Eligible employees may make pre-tax or post-tax (Roth) contributions to the 401(k) Plan up to statutory limits. Since January 1, 2020, the Company has been matching employee contributions to the plan up to 4% of salary. On July 1, 2023, the Company increased the employee matching contribution from 4% to 6%. The Company made matching contributions of $0.2 million and $0.1 million for the years ended December 31, 2023 and 2022, respectively. |
Note 12 - Other Income
Note 12 - Other Income | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Other Nonoperating Income and Expense [Text Block] | 12. Other income Other income consisted of the following: December 31, 2023 2022 (000's) Interest income, net $ 7,869 $ 2,360 Realized gain on disposal of equipment — 70 Total other income $ 7,869 $ 2,430 |
Note 15 - Income Taxe3
Note 15 - Income Taxe3 | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. Income Taxes The Company had no The effective tax rate of our provision for income taxes differs from the federal statutory rate for the periods presented as follows: December 31, 2023 2022 Statutory rate 21.0 % 21.0 % State taxes 7.9 % 5.6 % Share-based compensation & other nondeductible expenses 1.5 % -2.7 % Research credits 7.3 % 1.4 % Other -0.6 % -0.1 % Change in valuation allowance -37.1 % -25.2 % Total 0.0 % 0.0 % The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized. In determining the need for a valuation allowance, management reviews both positive and negative evidence, including current and historical results of operations, future income projections and the overall prospects of our business. Based upon management’s assessment of all available evidence, the Company believes that it is more-likely-than-not that the deferred tax assets will not be realizable, and therefore, a valuation allowance has been established. The valuation allowance for deferred tax assets was approximately $43.8 million and $28.0 million as of December 31, 2023 and 2022, respectively. As of December 31, 2023, the Company has U.S. federal and state net operating loss carryforwards (“NOLs”) of $65.5 million and $58.8 million, respectively. As of December 31, 2023, the Company has federal and state research and development credit carryforwards (“R&D credits”) of $3.7 million and $3.4 million, respectively. For income tax purposes, federal NOLs will not expire since they were generated after 2017 and federal R&D credits will begin expiring in 2039. For income tax purposes, state NOLs and state R&D credits will begin to expire in 2040 and 2031, respectively. Net operating loss and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service (the “IRS”) and may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50% as defined under Sections 382 and 383 in the Internal Revenue Code, which could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the Company’s value immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The Company has not yet conducted a study to determine if any such limitation exists. The Tax Cuts and Jobs Act of 2017 (“TCJA”) amended IRC Section 174 to require capitalization of all research and developmental (R&D) costs incurred in tax years beginning after December 31, 2021. These costs are required to be amortized with a half-year convention over five years if the R&D activities are performed in the U.S., or over 15 years if the activities were performed outside the U.S. The Company capitalized approximately $36.9 million and amortized $6.9 million of R&D expenses incurred for the year ended December 31, 2023. no no Significant components of the Company’s deferred tax assets and liabilities are as follows: December 31, 2023 2022 Deferred tax assets (000's) Federal net operating loss carryforwards $ 13,760 $ 12,405 State net operating loss carryforwards 3,719 2,687 Research and development credits 6,387 3,273 Section 174 Capitalization 15,525 7,294 Share-based compensation 2,701 701 Lease liabilities 474 801 Capitalized licensing fees 1,484 1,591 Other 234 70 Subtotal 44,284 28,822 Less valuation allowance (43,799 ) (28,013 ) Deferred tax assets, net of valuation allowance 485 809 Deferred tax liabilities Right-of-use assets (485 ) (809 ) Other — — Net deferred tax assets $ — $ — |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 14. Subsequent Events In the first quarter of 2024, the Company sold, through its Open Market Sale Agreement SM |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended | 252 Months Ended |
Dec. 31, 2023 | Dec. 31, 2023 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | Item 9B. Other Information. Rule 10b5-1 Trading Plans During the three months December 31, 2023, none | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying consolidated financial statements are presented in U.S. dollars and 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 GAAP as found in the Accounting Standards Codification (“ASC”) and as amended by Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Compass Therapeutics, Inc., and its wholly-owned subsidiaries, including Compass Therapeutics LLC, Compass Therapeutics Advisors Inc., Trigr Therapeutics, Inc. and Compass Therapeutics Securities Corporation. All intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the accrual of research and development expenses, useful lives of equipment, interest rate and term operating lease ROU and liability, the percentage of completion of contractual arrangements, future cash expenditures for liquidity estimates, the valuation of common stock and estimates associated with stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from those estimates. Changes in estimates are recorded prospectively in the period that they become known. |
Segment Reporting, Policy [Policy Text Block] | Segment Information Operating segments are defined as components of an enterprise for which separate and discrete information is available for evaluation by the chief operating decision-maker in deciding how to allocate resources and assess performance. The Company has one |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid investments that are readily convertible into cash with original maturities of three months or less from the date of purchase to be cash equivalents. Cash and cash equivalents include cash held in banks and amounts held in money market funds or commercial paper. Cash equivalents are stated at cost, which approximates market value. Cash and Cash equivalents were $24.2 million and $34.9 million on December 31, 2023 and 2022, respectively. |
Marketable Securities, Policy [Policy Text Block] | Marketable Securities All of the Company’s investment securities are debt securities and bank instruments. The Company carries these investments at fair value. Unrealized gains and losses, if any, are reported as a separate component of stockholders’ equity. The cost of investment securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in interest income. Realized gains and losses, if any, are also included in interest income. The cost of securities sold is based on the specific identification method. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, principally consist of cash equivalents and marketable securities. The Company invests its excess cash primarily in money market funds, U.S. treasury notes, and high quality, marketable debt instruments of corporations in accordance with the Company’s investment policy. The Company’s investment policy defines allowable investments and establishes guidelines relating to credit quality, diversification, and maturities of its investments to preserve principal and maintain liquidity. The Company has not experienced any realized losses related to its cash equivalents and marketable securities. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are recorded using the straight-line method over the estimated useful lives of the related assets as follows: Asset Classification Estimated Useful Life Equipment 5 years Furniture and fixtures 7 years Software 5 years Leasehold improvements Lesser of estimated useful life or lease term Estimated useful lives are periodically assessed to determine if changes are appropriate. Maintenance and repairs are charged to expense as incurred. When assets are retired or otherwise disposed of, the cost of these assets and related accumulated depreciation or amortization are eliminated from the consolidated balance sheet and any resulting gains or losses are included in the consolidated statement of operations and comprehensive loss in the period of disposal. Costs for capital assets not yet placed into service are capitalized as construction-in-progress and depreciated once placed into service. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets Long-lived assets consist of property, equipment and right-of-use (“ROU”) assets. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset group for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset group to its carrying value. An impairment loss would be recognized in the consolidated statements of operations when estimated undiscounted future cash flows expected to result from the use of an asset group are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset group over its fair value, determined based on discounted cash flows. The Company did not |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements Certain assets and liabilities of the Company are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: ● Level 1 – Quoted prices in active markets for identical assets or liabilities. ● Level 2 – Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets and liabilities, or other inputs that are observable or can be corroborated by observable market data. ● Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. An entity may choose to measure many financial instruments and certain other items at fair value at specified election dates. Subsequent unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs Costs associated with internal research and development and external research and development services, including drug development and preclinical studies, are expensed as incurred. Research and development expenses include costs for salaries, employee benefits, subcontractors, facility-related expenses, depreciation and amortization, stock-based compensation, third-party license fees, laboratory supplies, and external costs of outside vendors engaged to conduct discovery, preclinical and clinical development activities and clinical trials as well as to manufacture clinical trial materials and other costs. The Company recognizes external research and development costs based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its service providers. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. Such prepaid expenses are recognized as an expense when the goods have been delivered or the related services have been performed, or when it is no longer expected that the goods will be delivered, or the services rendered. Costs associated with licenses of technology acquired as part of collaborative arrangements are expensed as incurred and are generally included in research and development expense in the consolidated statements of operations if it is determined the license has no alternative future use. |
Accrued Research and Development Expenses [Policy Text Block] | Accrued Research and Development Expenses The Company has entered into various research and development and other agreements with commercial firms, researchers, universities and others for provisions of goods and services. These agreements are generally cancelable, and the related costs are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research and development costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies or clinical trials, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ materially from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs. |
Patents Costs [Policy Text Block] | Patent Costs All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expense in the consolidated statements of operations. |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company recognizes the grant‑date fair value of stock‑based awards issued to employees and nonemployee board members as compensation expense on a straight‑line basis over the service period of the award. The Company uses the Black‑Scholes option pricing model to determine the grant‑date fair value of stock options and adjusts expense for forfeitures in the periods they occur. The fair value of each equity award was determined by the Company on the date of grant and by using the methods and assumptions discussed below. Certain of these inputs are subjective and generally require judgment to determine. Stock price: Expected term Expected volatility Risk-free interest rate Expected dividend |
Earnings Per Share, Policy [Policy Text Block] | Net Loss per Share Basic loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during each period. Diluted loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as convertible preferred stock, stock options, restricted stock units, unvested restricted stock awards and common stock warrants that would result in the issuance of incremental shares of common stock. In computing the basic and diluted net loss per share, the weighted average number of shares remains the same for both calculations due to the fact that when a net loss exists, dilutive shares are not included in the calculation as the impact is anti-dilutive. The following potentially dilutive securities outstanding as of December 31, 2023 and 2022 have been excluded from the computation of diluted weighted average shares outstanding, as they would be anti-dilutive: December 31, 2023 2022 (000's) Restricted stock units 1,500 900 Stock options 7,876 5,378 Nonvested restricted stock — 193 Total 9,376 6,471 |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Deferred tax assets are reduced, as necessary, by a valuation allowance when management determines it is more likely than not that some or all of the deferred tax benefits will not be realized. The Company files income tax returns in the U.S. Federal jurisdiction and in various states. The Company has tax net operating loss carryforwards that are subject to examination for a number of years beyond the year in which they were generated for tax purposes. Since a portion of these net operating loss carryforwards may be utilized in the future, many of these net operating loss carryforwards will remain subject to examination. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to tax disclosures Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes The Company adopted Accounting Standards Update ASU No. 2016-13, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments There are no other pending accounting pronouncements that are expected to have a material impact on the Company’s consolidated financial statements. |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment, Estimated Useful Lives [Table Text Block] | Asset Classification Estimated Useful Life Equipment 5 years Furniture and fixtures 7 years Software 5 years Leasehold improvements Lesser of estimated useful life or lease term |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | December 31, 2023 2022 (000's) Restricted stock units 1,500 900 Stock options 7,876 5,378 Nonvested restricted stock — 193 Total 9,376 6,471 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements as of December 31, 2023 (000's): Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Fair Value Assets Corporate bonds $ — $ 54,281 $ — $ 54,281 Commercial paper 28,534 — — 28,534 Certificates of deposit — 18,866 — 18,866 U.S. government treasuries 16,080 — — 16,080 Asset-backed securities — 10,472 — 10,472 Money market funds (cash equivalents) 575 — — 575 Total assets $ 45,189 $ 83,619 $ — $ 128,808 Fair Value Measurements as of December 31, 2022 (000's): Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Fair Value Assets Corporate bonds $ — $ 87,760 $ — $ 87,760 Commercial paper 37,682 — — 37,682 Certificates of deposit — 19,667 — 19,667 Asset-backed securities — 6,554 — 6,554 Money market funds (cash equivalents) 9,438 — — 9,438 Total assets $ 47,120 $ 113,981 $ — $ 161,101 |
Note 5 - Marketable Securities
Note 5 - Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Marketable Securities [Table Text Block] | Fair Value Measurements as of December 31, 2023 Using: Amortized Cost Unrealized gains Unrealized Losses Fair Value Assets Corporate bonds $ 54,256 $ 74 $ (49 ) $ 54,281 Commercial paper 28,507 30 (3 ) 28,534 Certificates of deposit 18,850 17 (1 ) 18,866 U.S. government treasuries 16,127 3 (50 ) 16,080 Asset-backed securities 10,456 23 (7 ) 10,472 Total assets $ 128,196 $ 147 $ (110 ) $ 128,233 Fair Value Measurements as of December 31, 2022 Using: Amortized Cost Unrealized gains Unrealized Losses Fair Value Assets Corporate bonds $ 87,998 $ 12 $ (250 ) $ 87,760 Commercial paper 37,680 33 (31 ) 37,682 Certificates of deposit 19,689 16 (38 ) 19,667 Asset-backed securities 6,598 3 (47 ) 6,554 Total assets $ 151,965 $ 64 $ (366 ) $ 151,663 |
Investments Classified by Contractual Maturity Date [Table Text Block] | As of December 31, 2023 2022 Maturing in one year or less 93,117 134,620 Maturing after one year through two years 35,116 17,043 Total $ 128,233 $ 151,663 |
Note 6 - Property and Equipme_2
Note 6 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2023 2022 (000's) Equipment $ 5,167 $ 5,137 Furniture and fixtures 22 22 Leasehold improvements 1,612 1,612 Software 364 364 Total property and equipment–at cost 7,165 7,135 Less: Accumulated depreciation and amortization (6,267 ) (5,568 ) Property and equipment, net $ 898 $ 1,567 |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2023 2022 (000's) Project expenses $ 336 $ 10,038 Compensation and benefits 1,938 1,556 Other 240 96 Total accrued expenses $ 2,514 $ 11,690 |
Note 9 - Stock-based Compensa_2
Note 9 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended 2023 2022 (000's) Research and development $ 1,998 $ 1,793 General and administrative 4,122 3,537 Total $ 6,120 $ 5,330 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Shares (000's) Estimated Unvested, December 31, 2021 471 $ 1.76 Granted — $ — Vested (258 ) $ 1.77 Forfeited or canceled (20 ) $ 1.77 Unvested, December 31, 2022 193 $ 1.74 Granted — $ — Vested (193 ) $ 1.74 Forfeited or canceled — $ — Unvested, December 31, 2023 — $ — |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Weighted Weighted Aggregate Intrinsic Value (000's) Outstanding at December 31, 2021 3,659 $ 5.01 8.98 $ — Granted 2,277 $ 2.30 8.81 $ — Exercised (6 ) $ 2.26 — $ 6 Forfeited/cancelled (552 ) $ 4.78 — $ 118 Outstanding at December 31, 2022 5,378 $ 3.89 8.24 $ 6,316 Granted 2,803 $ 3.69 9.18 $ — Exercised (29 ) $ 1.75 — $ 35 Forfeited/cancelled (276 ) $ 4.29 — $ 164 Outstanding at December 31, 2023 7,876 $ 3.81 8.05 $ 11 Vested at December 31, 2023 3,938 $ 4.22 7.43 $ 5 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, 2023 2022 Expected term (in years) 6.0 6.0 Risk-free rate 3.83 % 2.02 % Expected volatility 87 % 94 % |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Shares (000's) Weighted Weighted Unvested, December 31, 2021 1,200 $ 3.83 $ 4,596 Granted — — — Vested (300 ) 3.83 (1,149 ) Forfeited or canceled — — — Unvested, December 31, 2022 900 $ 3.83 $ 3,447 Granted 900 $ 3.93 $ 3,537 Vested (300 ) 3.83 (1,149 ) Forfeited or canceled — — — Unvested, December 31, 2023 1,500 $ 3.83 $ 5,745 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | (000's) Years ending December 31, 2024 $ 1,264 2025 543 Total minimum lease payments 1,807 Less: amount of lease payments representing interest (74 ) Present value of future minimum lease payments 1,733 Less: operating lease obligations, current portion (1,197 ) Operating lease obligations, long-term portion $ 536 |
Note 12 - Other Income (Tables)
Note 12 - Other Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | December 31, 2023 2022 (000's) Interest income, net $ 7,869 $ 2,360 Realized gain on disposal of equipment — 70 Total other income $ 7,869 $ 2,430 |
Note 15 - Income Taxe3 (Tables)
Note 15 - Income Taxe3 (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | December 31, 2023 2022 Statutory rate 21.0 % 21.0 % State taxes 7.9 % 5.6 % Share-based compensation & other nondeductible expenses 1.5 % -2.7 % Research credits 7.3 % 1.4 % Other -0.6 % -0.1 % Change in valuation allowance -37.1 % -25.2 % Total 0.0 % 0.0 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2023 2022 Deferred tax assets (000's) Federal net operating loss carryforwards $ 13,760 $ 12,405 State net operating loss carryforwards 3,719 2,687 Research and development credits 6,387 3,273 Section 174 Capitalization 15,525 7,294 Share-based compensation 2,701 701 Lease liabilities 474 801 Capitalized licensing fees 1,484 1,591 Other 234 70 Subtotal 44,284 28,822 Less valuation allowance (43,799 ) (28,013 ) Deferred tax assets, net of valuation allowance 485 809 Deferred tax liabilities Right-of-use assets (485 ) (809 ) Other — — Net deferred tax assets $ — $ — |
Note 2 - Liquidity, Uncertain_2
Note 2 - Liquidity, Uncertainties and Going Concern (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Retained Earnings (Accumulated Deficit), Total | $ (315,308) | $ (272,814) |
Note 3 - Summary of Significa_3
Note 3 - Summary of Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2021 $ / shares | |
Number of Operating Segments | 1 | ||
Cash and cash equivalents | $ 24,228 | $ 34,946 | |
Impairment, Long-Lived Asset, Held-for-Use | $ 0 | $ 0 | |
Common Stock [Member] | |||
Shares Issued, Price Per Share | $ / shares | $ 5 |
Note 3 - Summary of Significa_4
Note 3 - Summary of Significant Accounting Policies - Schedule of Estimated Lives (Details) | Dec. 31, 2023 |
Equipment [Member] | |
Property, plant and equipment, useful life (Year) | 5 years |
Furniture and Fixtures [Member] | |
Property, plant and equipment, useful life (Year) | 7 years |
Software and Software Development Costs [Member] | |
Property, plant and equipment, useful life (Year) | 5 years |
Note 3 - Summary of Significa_5
Note 3 - Summary of Significant Accounting Policies - Schedule of Antidilutive Securities (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Potentially dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares) | 9,376 | 6,471 |
Restricted Stock Units (RSUs) [Member] | ||
Potentially dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares) | 1,500 | 900 |
Share-Based Payment Arrangement, Option [Member] | ||
Potentially dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares) | 7,876 | 5,378 |
Restricted Stock [Member] | ||
Potentially dilutive securities excluded from computation of diluted weighted average shares outstanding (in shares) | 0 | 193 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements - Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Marketable Securities | $ 128,233 | $ 151,663 |
Corporate Debt Securities [Member] | ||
Marketable Securities | 54,281 | 87,760 |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Marketable Securities | 28,534 | 37,682 |
Certificates of Deposit [Member] | ||
Marketable Securities | 18,866 | 19,667 |
Asset-Backed Securities [Member] | ||
Marketable Securities | 10,472 | 6,554 |
US Treasury Securities [Member] | ||
Marketable Securities | 16,080 | |
Fair Value, Recurring [Member] | ||
Total assets | 128,808 | 161,101 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Marketable Securities | 54,281 | 87,760 |
Fair Value, Recurring [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Marketable Securities | 28,534 | 37,682 |
Fair Value, Recurring [Member] | Certificates of Deposit [Member] | ||
Marketable Securities | 18,866 | 19,667 |
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | ||
Marketable Securities | 10,472 | 6,554 |
Fair Value, Recurring [Member] | Cash and Cash Equivalents [Member] | ||
Marketable Securities | 575 | 9,438 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Marketable Securities | 16,080 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total assets | 45,189 | 47,120 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Marketable Securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Marketable Securities | 28,534 | 37,682 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ||
Marketable Securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Asset-Backed Securities [Member] | ||
Marketable Securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | ||
Marketable Securities | 575 | 9,438 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | ||
Marketable Securities | 16,080 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total assets | 83,619 | 113,981 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Marketable Securities | 54,281 | 87,760 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Marketable Securities | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Marketable Securities | 18,866 | 19,667 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-Backed Securities [Member] | ||
Marketable Securities | 10,472 | 6,554 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | ||
Marketable Securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Marketable Securities | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total assets | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Marketable Securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Marketable Securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | ||
Marketable Securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-Backed Securities [Member] | ||
Marketable Securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | ||
Marketable Securities | 0 | $ 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Treasury Securities [Member] | ||
Marketable Securities | $ 0 |
Note 5 - Marketable Securitie_2
Note 5 - Marketable Securities - Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amortized Cost | $ 128,196 | $ 151,965 |
Unrealized gains | 147 | 64 |
Unrealized Losses | (110) | (366) |
Fair Value | 128,233 | 151,663 |
Marketable Securities | 128,233 | 151,663 |
Corporate Debt Securities [Member] | ||
Amortized Cost | 54,256 | 87,998 |
Unrealized gains | 74 | 12 |
Unrealized Losses | (49) | (250) |
Fair Value | 54,281 | 87,760 |
Marketable Securities | 54,281 | 87,760 |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Amortized Cost | 28,507 | 37,680 |
Unrealized gains | 30 | 33 |
Unrealized Losses | (3) | (31) |
Fair Value | 28,534 | 37,682 |
Marketable Securities | 28,534 | 37,682 |
Certificates of Deposit [Member] | ||
Amortized Cost | 18,850 | 19,689 |
Unrealized gains | 17 | 16 |
Unrealized Losses | (1) | (38) |
Fair Value | 18,866 | 19,667 |
Marketable Securities | 18,866 | 19,667 |
Asset-Backed Securities [Member] | ||
Amortized Cost | 10,456 | 6,598 |
Unrealized gains | 23 | 3 |
Unrealized Losses | (7) | (47) |
Fair Value | 10,472 | 6,554 |
Marketable Securities | 10,472 | $ 6,554 |
US Treasury Securities [Member] | ||
Amortized Cost | 16,127 | |
Unrealized gains | 3 | |
Unrealized Losses | (50) | |
Fair Value | 16,080 | |
Marketable Securities | $ 16,080 |
Note 5 - Marketable Securitie_3
Note 5 - Marketable Securities - Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Maturing in one year or less | $ 93,117 | $ 134,620 |
Maturing after one year through two years | 35,116 | 17,043 |
Total | $ 128,233 | $ 151,663 |
Note 6 - Property and Equipme_3
Note 6 - Property and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Depreciation, Total | $ 0.7 | $ 0.8 |
Note 6 - Property and Equipme_4
Note 6 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Total property and equipment–at cost | $ 7,165 | $ 7,135 |
Less: Accumulated depreciation and amortization | (6,267) | (5,568) |
Property and equipment, net | 898 | 1,567 |
Equipment [Member] | ||
Total property and equipment–at cost | 5,167 | 5,137 |
Furniture and Fixtures [Member] | ||
Total property and equipment–at cost | 22 | 22 |
Leasehold Improvements [Member] | ||
Total property and equipment–at cost | 1,612 | 1,612 |
Software Development [Member] | ||
Total property and equipment–at cost | $ 364 | $ 364 |
Note 7 - Accrued Expenses (Deta
Note 7 - Accrued Expenses (Details Textual) $ in Millions | Dec. 31, 2023 USD ($) |
Accrued Manufacturing Expenses | $ 8.8 |
Manufacture and Purchase of CTX-009 [Member] | |
Contractual Obligation, Total | $ 6.4 |
Note 7 - Accrued Expenses - Sch
Note 7 - Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Project expenses | $ 336 | $ 10,038 |
Compensation and benefits | 1,938 | 1,556 |
Other | 240 | 96 |
Total accrued expenses | $ 2,514 | $ 11,690 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Nov. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Proceeds from Issuance of Common Stock | $ 3,126 | $ 76,237 | ||
Payments of Stock Issuance Costs | $ 94 | $ 495 | ||
Private Investment in Public Entity Offering [Member] | ||||
Stock Issued During Period, Shares, New Issues | 25,000,000 | |||
Shares Issued, Price Per Share | $ 3.21 | |||
Proceeds from Issuance of Common Stock | $ 80,300 | |||
Payments of Stock Issuance Costs | 4,500 | |||
Proceeds from Issuance of Common Stock, Net | $ 75,700 | |||
At The Market [Member] | ||||
Stock Issued During Period, Shares, New Issues | 951,873 | |||
Shares Issued, Price Per Share | $ 3.28 | |||
Proceeds from Issuance of Common Stock | $ 3,100 | |||
Proceeds from Issuance of Common Stock, Net | $ 3,000 |
Note 9 - Stock-based Compensa_3
Note 9 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Jan. 01, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2020 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 14,400 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 3.69 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 11 | $ 6,300 | ||
The 2020 Stock Option and Incentive Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 2,900 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 5,100 | |||
The 2020 Stock Option and Incentive Plan [Member] | Subsequent Event [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 10,200 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized | 5,100 | |||
Restricted Stock [Member] | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 0 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | 0 | ||
Share-Based Payment Arrangement, Option [Member] | ||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 9,500 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 7 months 6 days | |||
Share-Based Payment Arrangement, Option [Member] | The 2020 Stock Option and Incentive Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period | 4 years | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period | 10 years | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 4,900 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 900 | 0 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 7 months 6 days |
Note 9 - Stock-based Compensa_4
Note 9 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Stock-based compensation expense | $ 6,120 | $ 5,330 |
Research and Development Expense [Member] | ||
Stock-based compensation expense | 1,998 | 1,793 |
General and Administrative Expense [Member] | ||
Stock-based compensation expense | $ 4,122 | $ 3,537 |
Note 9 - Stock-based Compensa_5
Note 9 - Stock-based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Unvested, shares (in shares) | 193 | 471 |
Unvested, estimated fair value per share (in dollars per share) | $ 1.74 | $ 1.76 |
Granted, shares (in shares) | 0 | 0 |
Granted, estimated fair value per share (in dollars per share) | $ 0 | $ 0 |
Vested, shares (in shares) | (193) | (258) |
Vested, estimated fair value per share (in dollars per share) | $ 1.74 | $ 1.77 |
Forfeited or canceled, shares (in shares) | 0 | (20) |
Forfeited or canceled, estimated fair value per share (in dollars per share) | $ 0 | $ 1.77 |
Unvested, shares (in shares) | 0 | 193 |
Unvested, estimated fair value per share (in dollars per share) | $ 0 | $ 1.74 |
Note 9 - Stock-based Compensa_6
Note 9 - Stock-based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Outstanding, options (in shares) | 5,378 | 3,659 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 3.89 | $ 5.01 | |
Outstanding, weighted average remaining contractual life (Year) | 8 years 18 days | 8 years 2 months 26 days | 8 years 11 months 23 days |
Granted, options (in shares) | 2,803 | 2,277 | |
Granted, weighted average exercise price (in dollars per share) | $ 3.69 | $ 2.3 | |
Granted, weighted average remaining contractual life (Year) | 9 years 2 months 4 days | 8 years 9 months 21 days | |
Exercised, options (in shares) | (29) | (6) | |
Exercised, weighted average exercise price (in dollars per share) | $ 1.75 | $ 2.26 | |
Exercised, aggregate intrinsic value | $ 35 | $ 6 | |
Forfeited/cancelled, options (in shares) | (276) | (552) | |
Forfeited/cancelled, weighted average exercise price (in dollars per share) | $ 4.29 | $ 4.78 | |
Forfeited/cancelled, aggregate intrinsic value | $ 164 | $ 118 | |
Outstanding, options (in shares) | 7,876 | 5,378 | 3,659 |
Outstanding, weighted average exercise price (in dollars per share) | $ 3.81 | $ 3.89 | $ 5.01 |
Outstanding, aggregate intrinsic value | $ 11 | $ 6,300 | |
Vested, options (in shares) | 3,938 | ||
Vested, weighted average exercise price (in dollars per share) | $ 4.22 | ||
Vested, weighted average remaining contractual life (Year) | 7 years 5 months 4 days | ||
Vested, aggregate intrinsic value | $ 5 |
Note 9 - Stock-based Compensa_7
Note 9 - Stock-based Compensation - Weighted Average Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Expected term (in years) (Year) | 6 years | 6 years |
Risk-free rate | 3.83% | 2.02% |
Expected volatility | 87% | 94% |
Note 9 - Stock-based Compensa_8
Note 9 - Stock-based Compensation - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Unvested, shares (in shares) | 900 | 1,200 |
Unvested, estimated fair value per share (in dollars per share) | $ 3.83 | $ 3.83 |
Granted, shares (in shares) | 900 | 0 |
Granted, estimated fair value per share (in dollars per share) | $ 3.93 | $ 0 |
Granted, weighted average fair value | $ 3,537 | $ 0 |
Vested, shares (in shares) | (300) | (300) |
Vested, estimated fair value per share (in dollars per share) | $ 3.83 | $ 3.83 |
Vested, weighted average fair value | $ (1,149) | $ (1,149) |
Forfeited or canceled, shares (in shares) | 0 | 0 |
Forfeited or canceled, estimated fair value per share (in dollars per share) | $ 0 | $ 0 |
Unvested, weighted average fair value | $ 5,745 | $ 3,447 |
Unvested, shares (in shares) | 1,500 | 900 |
Unvested, estimated fair value per share (in dollars per share) | $ 3.83 | $ 3.83 |
Note 10 - License, Research a_2
Note 10 - License, Research and Collaboration Agreements (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended |
Nov. 30, 2018 | Dec. 31, 2023 | |
ABL Bio Agreement [Member] | ||
Upfront Payment | $ 5,000 | |
License and Research Agreement, Future Payments | 6,000 | |
Milestone Payment Obligation | 96,000 | |
Maximum Development and Regulatory Milestone Payments | $ 303,000 | |
Milestone Payments Paid | $ 110,000 | |
ABL Bio Agreement [Member] | Ophthalmology [Member] | ||
Maximum Development and Regulatory Milestone Payments | 75,000 | |
Adimab Agreement [Member] | ||
Milestone Payment Obligation | 2,000 | |
Milestone Payments Paid | $ 0 |
Note 11 - Commitments and Con_3
Note 11 - Commitments and Contingencies (Details Textual) $ in Millions | 6 Months Ended | 12 Months Ended | 42 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2023 | |
Number of Operating Leases | 1 | 1 | ||
Lessee, Operating Lease, Term of Contract | 4 years 4 months 30 days | 4 years 4 months 30 days | ||
Lessee, Operating Lease, Discount Rate | 6.25% | 6.25% | ||
Lessee, Operating Lease, Remaining Lease Term | 2 years 4 months 30 days | 2 years 4 months 30 days | ||
Operating Lease, Payments | $ 1.3 | $ 1.3 | ||
Defined Contribution Plan, Cost | $ 0.2 | $ 0.1 | ||
Maximum [Member] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6% | 4% |
Note 11 - Commitments and Con_4
Note 11 - Commitments and Contingencies - Undiscounted Cash Flows Reconciled to Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 1,264 | |
2025 | 543 | |
Total minimum lease payments | 1,807 | |
Less: amount of lease payments representing interest | (74) | |
Present value of future minimum lease payments | 1,733 | |
Less: operating lease obligations, current portion | (1,197) | $ (1,097) |
Operating lease obligations, long-term portion | $ 536 | $ 1,838 |
Note 12 - Other Income - Schedu
Note 12 - Other Income - Schedule of Other Income (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Interest income, net | $ 7,869 | $ 2,360 |
Realized gain on disposal of equipment | 0 | 70 |
Total other income | $ 7,869 | $ 2,430 |
Note 15 - Income Taxe3 (Details
Note 15 - Income Taxe3 (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Expense (Benefit) | $ 0 | $ 0 |
Deferred Tax Assets, Valuation Allowance | 43,799 | 28,013 |
Deferred Tax Assets, Capitalized Research and Development Expenses | 36,900 | |
Deferred Tax Assets, Amortized Research and Development Expenses | 6,900 | |
Unrecognized Tax Benefits | 0 | 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 0 | $ 0 |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards | 65,500 | |
Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward, Amount | 3,700 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards | 58,800 | |
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward, Amount | $ 3,400 |
Note 13 - Income Taxes - Schedu
Note 13 - Income Taxes - Schedule of Effective Tax Rate of Provision for Income Taxes differs from Federal Statutory Rate (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statutory rate | 21% | 21% |
State taxes | 7.90% | 5.60% |
Share-based compensation & other nondeductible expenses | 1.50% | (2.70%) |
Research credits | 7.30% | 1.40% |
Other | (0.60%) | (0.10%) |
Change in valuation allowance | (37.10%) | (25.20%) |
Total | 0% | 0% |
Note 13 - Income Taxes - Signif
Note 13 - Income Taxes - Significant Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Federal net operating loss carryforwards | $ 13,760 | $ 12,405 |
State net operating loss carryforwards | 3,719 | 2,687 |
Research and development credits | 6,387 | 3,273 |
Section 174 Capitalization | 15,525 | 7,294 |
Share-based compensation | 2,701 | 701 |
Lease liabilities | 474 | 801 |
Capitalized licensing fees | 1,484 | 1,591 |
Other | 234 | 70 |
Subtotal | 44,284 | 28,822 |
Less valuation allowance | (43,799) | (28,013) |
Deferred tax assets, net of valuation allowance | 485 | 809 |
Right-of-use assets | (485) | (809) |
Other | 0 | 0 |
Net deferred tax assets | $ 0 | $ 0 |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Proceeds from Issuance of Common Stock | $ 3,126 | $ 76,237 | |
Open Market Sale Agreement [Member] | Subsequent Event [Member] | |||
Stock Issued During Period, Shares, New Issues | 9,790,577 | ||
Shares Issued, Price Per Share | $ 1.85 | ||
Proceeds from Issuance of Common Stock | $ 18,100 | ||
Proceeds from Issuance of Common Stock, Net | $ 17,600 |