COVER PAGE
COVER PAGE - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 23, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-40675 | ||
Entity Registrant Name | Immuneering Corporation | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 26-1976972 | ||
Entity Address, Address Line One | 245 Main St | ||
Entity Address, Address Line Two | Second Floor | ||
Entity Address, City or Town | Cambridge | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 02142 | ||
City Area Code | 617 | ||
Local Phone Number | 500-8080 | ||
Title of 12(b) Security | Class A common Stock, par value $0.001 per share | ||
Trading Symbol | IMRX | ||
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 | $ 239 | ||
Documents Incorporated by Reference | Portions of the registrant’s Definitive Proxy Statement relating to the registrant’s 2024 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission within 120 days of the end of the registrant’s fiscal year ended December 31, 2023 are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent stated herein. | ||
Entity Central Index Key | 0001790340 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Class A Common Stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 29,283,272 | ||
Class B Common Stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 0 |
AUDIT INFORMATION
AUDIT INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 49 |
Auditor Name | RSM US LLP |
Auditor Location | Boston, Massachusetts |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 59,405,817 | $ 72,636,886 |
Marketable securities, current | 26,259,868 | 32,887,970 |
Accounts receivable | 0 | 12,417 |
Prepaids and other current assets | 3,417,984 | 3,209,536 |
Total current assets | 89,083,669 | 108,746,809 |
Property and equipment, net | 1,400,582 | 1,369,608 |
Goodwill | 6,690,431 | 6,690,431 |
Intangible asset, net | 379,680 | 408,947 |
Right-of-use assets, net | 3,995,730 | 4,407,785 |
Other assets | 1,034,446 | 743,703 |
Total assets | 102,584,538 | 122,367,283 |
Current liabilities: | ||
Accounts payable | 2,111,666 | 3,154,557 |
Accrued expenses | 5,173,960 | 4,500,993 |
Other liabilities | 259,770 | 19,796 |
Lease liabilities | 300,107 | 378,723 |
Total current liabilities | 7,845,503 | 8,054,069 |
Long-term liabilities: | ||
Lease liabilities, net of current portion | 4,162,852 | 4,462,959 |
Total liabilities | 12,008,355 | 12,517,028 |
Commitments and contingencies (Note 11) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized at December 31, 2023 and December 31, 2022; 0 shares issued or outstanding at December 31, 2023 and December 31, 2022 | 0 | 0 |
Additional paid-in capital | 253,806,267 | 219,640,912 |
Accumulated other comprehensive loss | (778) | (30,120) |
Accumulated deficit | (163,258,578) | (109,786,956) |
Total stockholders' equity | 90,576,183 | 109,850,255 |
Total liabilities and stockholders' equity | 102,584,538 | 122,367,283 |
Class A Common Stock | ||
Stockholders’ equity: | ||
Common stock | 29,272 | 26,419 |
Class B Common Stock | ||
Stockholders’ equity: | ||
Common stock | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Preferred stock, par value per share (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Class A Common Stock | ||
Common stock, par value per share (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 29,271,629 | 26,418,732 |
Common stock, shares outstanding (in shares) | 29,271,629 | 26,418,732 |
Class B Common Stock | ||
Common stock, par value per share (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 0 | 0 |
Common stock, shares outstanding (in shares) | 0 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Revenue | $ 0 | $ 316,952 |
Cost of revenue | 0 | 158,122 |
Gross profit | 0 | 158,830 |
Operating expenses | ||
Research and development | 41,624,018 | 36,267,116 |
General and administrative | 16,759,602 | 15,606,529 |
Amortization of intangible asset | 29,267 | 30,053 |
Total operating expenses | 58,412,887 | 51,903,698 |
Loss from operations | (58,412,887) | (51,744,868) |
Other income (expense) | ||
Interest income | 3,606,996 | 1,014,456 |
Other income, net | 1,334,269 | 216,844 |
Net loss | $ (53,471,622) | $ (50,513,568) |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (1.88) | $ (1.91) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (1.88) | $ (1.91) |
Weighted-average common shares outstanding, basic (in shares) | 28,416,558 | 26,386,864 |
Weighted-average common shares outstanding, diluted (in shares) | 28,416,558 | 26,386,864 |
Other comprehensive loss: | ||
Unrealized gain from marketable securities | $ 29,342 | $ 18,889 |
Comprehensive Loss | $ (53,442,280) | $ (50,494,679) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) | Total | Class A Common Stock | Class B Common Stock | Common Stock Class A Common Stock | Common Stock Class B Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2021 | 26,320,199 | 0 | ||||||
Beginning balance at Dec. 31, 2021 | $ 155,980,109 | $ 26,320 | $ 0 | $ 215,276,186 | $ (49,009) | $ (59,273,388) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock upon exercise of stock options (in shares) | 98,533 | |||||||
Issuance of common stock upon exercise of stock options | 300,379 | $ 99 | 300,280 | |||||
Stock-based compensation expense | 4,064,446 | 4,064,446 | ||||||
Net loss | (50,513,568) | (50,513,568) | ||||||
Other comprehensive (loss) gain | 18,889 | 18,889 | ||||||
Ending balance (in shares) at Dec. 31, 2022 | 26,418,732 | 0 | 26,418,732 | 0 | ||||
Ending balance at Dec. 31, 2022 | $ 109,850,255 | $ 26,419 | $ 0 | 219,640,912 | (30,120) | (109,786,956) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock upon exercise of stock options (in shares) | 125,624 | 125,624 | ||||||
Issuance of common stock upon exercise of stock options | $ 444,838 | $ 126 | 444,712 | |||||
Issuance of common stock upon public offering, net of commissions, underwriting discounts and issuance costs (in shares) | 2,727,273 | |||||||
Issuance of common stock upon public offering, net of commissions, underwriting discounts and issuance costs | 27,996,235 | $ 2,727 | 27,993,508 | |||||
Stock-based compensation expense | 5,727,135 | 5,727,135 | ||||||
Net loss | (53,471,622) | (53,471,622) | ||||||
Other comprehensive (loss) gain | 29,342 | 29,342 | ||||||
Ending balance (in shares) at Dec. 31, 2023 | 29,271,629 | 0 | 29,271,629 | 0 | ||||
Ending balance at Dec. 31, 2023 | $ 90,576,183 | $ 29,272 | $ 0 | $ 253,806,267 | $ (778) | $ (163,258,578) |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - USD ($) | 12 Months Ended | |
Apr. 20, 2023 | Dec. 31, 2023 | |
Underwriting Offering | ||
Sale of stock, proceeds before deducting offering costs payable | $ 203,768 | $ 203,768 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (53,471,622) | $ (50,513,568) |
Adjustment to reconcile to net loss to net cash used in operating activities: | ||
Depreciation expense | 322,816 | 247,199 |
Reduction in carrying amount of right-of-use assets | 412,055 | 519,541 |
Amortization of intangibles | 29,267 | 30,053 |
Stock-based compensation expense | 5,727,135 | 4,064,446 |
Net accretion of discount on marketable securities | (1,017,583) | (171,382) |
Loss on disposal of fixed assets | 3,939 | 5,170 |
(Increase) decrease in: | ||
Accounts receivable | 12,417 | 233,623 |
Prepaid expenses and other current assets | (172,660) | (284,346) |
Other assets | (290,742) | (360,200) |
Increase (decrease) in: | ||
Accounts payable | (1,106,896) | 1,760,217 |
Accrued expenses | 721,989 | 474,568 |
Lease liabilities | (378,723) | (126,382) |
Other liabilities | 239,974 | 19,796 |
Net cash used in operating activities | (48,968,634) | (44,101,265) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (342,746) | (742,483) |
Purchases of marketable securities | (44,660,762) | (50,104,515) |
Maturities of marketable securities | 52,300,000 | 92,678,000 |
Net cash provided by investing activities | 7,296,492 | 41,831,002 |
Cash flows from financing activities: | ||
Proceeds from public offering of common stock, net of commissions and underwriting | 28,200,003 | 0 |
Payment of public offering costs | (203,768) | (281,375) |
Proceeds from exercise of stock options | 444,838 | 300,379 |
Net cash provided by financing activities | 28,441,073 | 19,004 |
Net decrease in cash and cash equivalents | (13,231,069) | (2,251,259) |
Cash and cash equivalents at beginning of period | 72,636,886 | 74,888,145 |
Cash and cash equivalents at end of period | 59,405,817 | 72,636,886 |
Supplemental disclosures of noncash investing and financing information: | ||
Reduction of right-of-use asset and lease liability in connection with lease modification | 0 | 396,901 |
Property and equipment in accounts payable/accrued expenses | $ 14,983 | $ 72,272 |
Organization and Nature of Busi
Organization and Nature of Business | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Business | Organization and Nature of Business Immuneering Corporation, a Delaware corporation (“Immuneering” or the “Company”), was incorporated in 2008. Immuneering is a clinical-stage oncology company developing medicines for broad populations of cancer patients, with an initial aim to therapeutically address patients harboring RAS or RAF mutations. The Company aims to achieve universal RAS/RAF activity through deep cyclic inhibition of the MAPK pathway, impacting cancer cells while sparing healthy cells. Immuneering’s lead product candidates, IMM-1-104 and IMM-6-415, are in Phase 1/2a clinical trials in patients with advanced solid tumors harboring RAS and RAS/RAF mutations, respectively. The Company is developing IMM-1-104 as a once-daily oral therapy that aims to achieve universal-RAS activity and IMM-6-415 with an accelerated twice-daily oral dosing cadence that aims to achieve universal-RAS/RAF activity, in each case through deep cyclic inhibition of the MAPK pathway. The Company’s development pipeline also includes several early-stage programs. On October 30, 2019, Immuneering formed a wholly owned subsidiary, Immuneering Securities Corporation (“ISC”), a Massachusetts securities corporation, for the sole purpose of buying, selling and holding securities on the Company’s behalf. On December 22, 2021, the Company acquired all outstanding shares of capital stock of BioArkive, Inc. (“BioArkive”), a California corporation, which as a result became a wholly owned subsidiary. Immuneering, ISC and BioArkive are collectively referred to as the “Company” throughout these consolidated financial statements. The Company is subject to a number of inherent risks associated with any biotechnology company that has substantial expenditures for research and development. These risks include, but are not limited to, the need to obtain adequate additional funding, possible failure of clinical trials or other events demonstrating lack of clinical safety or efficacy of its product candidates, dependence on key personnel, reliance on third-party service providers for manufacturing drug product and conducting clinical trials, the ability to successfully secure its proprietary technology, and risks related to the regulatory approval and commercialization of a product candidate. There can be no assurance that the Company’s research and development programs will be successful. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees, advisors, and consultants. On August 3, 2021, the Company completed its initial public offering (“IPO”) pursuant to which it issued and sold 8,625,000 shares of its Class A common stock, inclusive of 1,125,000 shares of its Class A common stock sold pursuant to the full exercise of the underwriters’ option to purchase additional shares. The aggregate net proceeds received by the Company from the IPO were $120,318,750, after deducting underwriting discounts and commissions, but before deducting offering costs payable by the Company, which were $2,124,317. On April 20, 2023, the Company completed an underwritten follow-on equity offering, pursuant to which it issued and sold 2,727,273 shares of its Class A common stock $0.001 par value per share at an offering price of $11.00 per share. The aggregate net proceeds received by the Company from the offering were $28,200,003, after deducting underwriting discounts and commissions, but before deducting offering costs payable by the Company of $203,768. To date, the Company has funded its operations through service revenues (which have since ceased), and with proceeds from the sale of its capital stock and convertible notes. The Company has incurred recurring losses over the past several years and as of December 31, 2023, the Company had an accumulated deficit of $163,258,578. The Company expects to continue to generate operating losses for the foreseeable future. The future viability of the Company is dependent on its ability to raise additional capital to finance its operations. The Company’s inability to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies. There can be no assurances that additional funding will be available on terms acceptable to the Company, or at all. If the Company is unable to raise additional funds when needed, it may be required to delay, reduce the scope of, or eliminate development programs, which may adversely affect its business and operations. Management considered whether or not there are conditions or events, in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern, and concluded that there are none as it estimates that its cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the issuance date of the consolidated financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting standards set by the Financial Accounting Standards Board (“FASB”). The FASB sets generally accepted accounting principles (“GAAP”) to ensure the consolidated financial statements are consistently reported. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codifications (“ASC”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances 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, liabilities, revenues and expenses during the reporting periods. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgements about the carrying values of assets, liabilities and the recording of expenses that are not readily apparent from other sources. Significant estimates reflected in these consolidated financial statements include but are not limited to: the accrued research and development expenses, the determination of fair value of stock-based awards, and the impairment of goodwill and intangible assets. Actual results may differ materially and adversely from these estimates. Segments Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker (“CODM”) in making decisions regarding resource allocation and assessing performance. The Company’s chief executive officer is the CODM, and he uses consolidated financial information in determining how to allocate resources and assess performance. The Company has determined that it operates in one segment. Cash and Cash Equivalents Cash and cash equivalents are comprised of deposits at major financial banking institutions and highly liquid investments with an original maturity of three months or less at the date of purchase. Marketable Securities Our marketable securities are classified as available-for-sale pursuant to ASC 320, Investments – Debt and Equity Securities and are recorded at fair value. Unrealized gains/(losses) are included as a component of accumulated other comprehensive loss in the consolidated balance sheets and statements of stockholders’ equity and a component of total comprehensive loss in the consolidated statements of comprehensive loss, until realized. We review marketable securities for impairment whenever the fair value of a marketable security is less than the amortized cost and evidence indicates that a marketable security’s carrying amount is not recoverable. Unrealized losses are evaluated for impairment under ASC 326, Financial Instruments - Credit Losses, to determine if the impairment is credit-related or noncredit-related. Credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings, and noncredit-related impairment is recognized in other comprehensive (loss) income, net of taxes. Evidence considered in this assessment includes reasons for the impairment, compliance with our investment policy, the severity of the impairment, collectability of the security, and any adverse conditions specifically related to the security, an industry, or geographic area. There were no impairments of the Company’s available-for-sale marketable securities measured and carried at fair value during the year ended December 31, 2023. Realized gains and losses are included in other income, net on a specific-identification basis. There were no realized gains or losses on marketable securities for the years ended December 31, 2023 and 2022, respectively. Fair Value Measurements We record cash equivalents and marketable securities at fair value. ASC 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and our own assumptions (unobservable inputs). The hierarchy consists of three levels: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 – Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, directly or indirectly, for substantially the full term of the asset or liability. Level 3 – Unobservable inputs that reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date. Our financial assets, which include cash equivalents and marketable securities, have been initially valued at the transaction price, and subsequently revalued at the end of each reporting period, utilizing third-party pricing services or other observable market data. The pricing services utilize industry standard valuation models, including both income and market based approaches, and observable market inputs to determine value. After completing our validation procedures, we did not adjust or override any fair value measurements provided by the pricing services as of December 31, 2023. Fair value information for these assets, including their classification in the fair value hierarchy is included in Note 4 Fair Value Measurements . There have been no changes to the valuation methods during the year ended December 31, 2023. We evaluate transfers between levels at the end of each reporting period. The carrying amounts reflected in the consolidated balance sheets for cash, accounts receivable, accounts payable and accrued expenses approximate their respective fair values because of the short-term maturity of those financial instruments. Accounts Receivable Accounts receivable are stated at the amount management expects to collect from outstanding balances. We monitor the financial performance and creditworthiness of our customers so that we can properly assess and respond to changes in their credit profile. We reserve against these receivables for estimated losses that may arise from a customer’s inability to pay. Amounts determined to be uncollectible are charged or written-off against the reserve. At December 31, 2023 and 2022 there was no allowance for credit losses. Concentration of Credit Risk Financial instruments which potentially subject us to credit risk consist primarily of cash, cash equivalents, and marketable securities. We hold these investments in highly rated financial institutions, and, by policy, limit the amount of credit exposure at any one financial institution. These investments at times exceed federally insured limits. We have not experienced any credit losses in such accounts and do not believe we are exposed to any significant credit risk on the funds. We have no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts, or other hedging arrangements. To manage accounts receivable credit risk, the Company continuously evaluates the creditworthiness of its customers and the need for an allowance for potential credit losses. The Company has not experienced any losses in such accounts. There was no revenue in fiscal year 2023 due to the wind down of our computational biology professional services and completion of existing customer services contracts during the year ended December 31, 2022. As of December 31, 2023, there were no remaining accounts receivable or customers. The following customer comprised 10% or more of the Company’s total accounts receivable or revenues as of or for the period ended December 31, 2022: Year Ended December 31, 2022 As of December 31, 2022 Revenue % of Total Accounts Receivable % of Total Customer #1 $ 299,890 94.6 % $ 11,275 90.8 % Property and Equipment Property and equipment are recorded at cost, net of accumulated depreciation. Expenditures for major replacements and improvements are capitalized, while expenditures for general repairs and maintenance are expensed as incurred. Upon retirements or disposition of property and equipment, the related cost and accumulated depreciation are removed from the consolidated balance sheet and any resulting gain or loss is recorded in the consolidated statement of operations. Depreciation is calculated using the straight-line method once assets are placed in service. Asset Class Estimated Computer equipment 3 years Furniture and fixtures 5 years Lab equipment 7 years Leasehold improvements 1-10 years Impairment of Long-lived Assets Periodically, the Company evaluates its long-lived assets, which consist primarily of property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the fair value of the asset. To date, no impairments have occurred. Leases In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) (“ASC 842”), a standard issued to increase transparency and comparability among organizations related to their leasing activities. This standard established a right-of-use model that requires the recognition of right-of-use assets and lease liabilities for most leases as well as provides disclosure with respect to certain qualitative and quantitative information related to a company’s leasing arrangements to meet the objective of allowing users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. The Company adopted the leasing standard using the modified retrospective transition approach as of January 1, 2020, with no restatement of prior periods or cumulative adjustment to retained earnings. Upon adoption, the Company elected the package of transition practical expedients, which allowed the Company to carry forward prior conclusions related to whether any expired or existing contracts are or contain leases, the lease classification for any expired or existing leases, and initial direct costs for existing leases. The Company also made an accounting policy election to not recognize leases with an initial term of 12 months or less within its consolidated balance sheets, and to recognize those lease payments on a straight-line basis in its consolidated statements of operations over the lease term. The adoption of the leasing standard did not have an impact on the consolidated statement of operations. The Company determines if an arrangement is a lease at contract inception. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the commencement date of the lease based upon the present value of future lease payments over the expected lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. As most of the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate, which is based on rates that would be incurred to borrow on a collateralized basis over a term equal to the lease payments in a similar economic environment, in determining the present value of lease payments. The Company has elected not to separate lease and non-lease components as a single lease component. The Company’s leases are reflected in right-of-use assets and lease liabilities (current and non-current) in the consolidated balance sheets. Revenue Recognition In accordance with ASC 606 Revenue from Contracts with Customers, revenue is recognized when a customer obtains control of promised goods and services. The core principle of the standard is to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. To achieve that core principle, the Company applies the following five-step model: • Identify the contract with a customer • Identify the performance obligations in the contract • Determine the transaction price • Allocate the transaction price to the performance obligations in the contract • Recognize revenue when or as performance obligations are satisfied With respect to the Company's historical services business (which has ceased), the Company’s contracts generally consist of the promise to provide computational biology professional services to pharmaceutical and biotechnology companies, which the Company concluded constitutes one performance obligation that is delivered over time. The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the services to the customer. The Company’s services contracts provide for either agreed upon rates per hour based on the level of the professional working on the project or a fixed fee for a defined scope of work. The Company recognizes revenue over time by measuring the progress toward complete satisfaction of the performance obligation using a single method of measuring progress, which depicts the performance in transferring control of the associated services to the customer. The Company uses input methods to measure the progress toward the complete satisfaction of performance obligations and evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and net loss in the period of adjustment. The Company’s services contract terms do not allow for a right of return or refund and do not contain significant financing components. Receivables associated with the contract will generally be collected within thirty to sixty days, in accordance with the underlying payment terms. In fiscal year 2023, the Company did not enter or perform any services contracts. Income Taxes The Company provides for income taxes in accordance with ASC Topic 740, Income Taxes. Deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates and laws in effect in the years in which the differences are expected to reverse. A valuation allowance is provided if, based upon the weighted available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more likely than not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves (i.e., unrecognized tax benefits) that are considered appropriate as well as the related net interest. As of December 31, 2023 and 2022, the Company had uncertain tax positions of $699,527 and $541,067, respectively. The Company has classified the unrecognized tax benefits as reductions of its tax credit carryforwards. Research and Development Research and development costs are expensed as incurred. Research and development costs consist of expenses incurred in performing research and development activities, including salaries and benefits, materials and supplies, preclinical expenses, stock-based compensation expense, depreciation of equipment, contract services, and other outside expenses. The Company also incurs costs to develop software programs for internal use in identifying potential human drug targets which may then lead to the development of human drug candidates. To date the software programs have primarily been used for internal research and development activities and the costs incurred have been expensed as research and development. Research and Manufacturing Contract Costs and Accruals The Company has entered into various research, development and manufacturing contracts with research institutions and other companies inside and outside of the United States. These agreements are generally cancelable, and related costs are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research, development and manufacturing costs. When billing terms under these contracts do not coincide with the timing of when the work is performed, the Company is required to make estimates of outstanding obligations to those third parties as of period end. Any accrual estimates are based on a number of factors, including the Company’s knowledge of the progress towards completion of the research, development and manufacturing activities, invoicing to date under the contracts, communication from the research institutions and other companies of any actual costs incurred during the period that have not yet been invoiced and the costs included in the contracts. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. Actual results could differ from the estimates made by the Company. The historical accrual estimates made by the Company 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 expenses. Com prehensive Income (Loss) Comprehensive income (loss) includes net loss as well as other changes in stockholders’ equity (deficit) that result from transactions and economic events other than those with stockholders. Deferred Offering Costs The Company capitalizes certain legal, professional, and other third-party charges related to ongoing equity financings as deferred offering costs until fully consummated. These costs are to be recorded as a reduction of the offering’s proceeds which are recorded to additional paid-in capital within stockholders’ equity. Should the Company choose not to initiate such financing, the deferred offering costs would be immediately expensed as operating expenses. On August 10, 2022, the Company entered into an Equity Distribution Agreement (the “Sales Agreement”) with Piper Sandler & Co, (the “Sales Agent”) to sell shares of the Company’s common stock, par value $0.001 per share, with aggregate gross sales proceeds of up to $50 million, from time to time, through an “at the market” equity offering program. Deferred offering costs associated with the Sales Agreement are reclassified to additional paid in capital on a pro-rata basis when the Company completes offerings under the Sales Agreement. Any remaining deferred costs will be expensed to the statement of operations should the planned offering be abandoned. The Company had approximately $0.3 million and $0.3 million of deferred offering costs as of December 31, 2023 and 2022, respectively. Net Income (Loss) per Share The Company only has one class of shares outstanding and basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock awards. For periods in which the Company reports a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. The Company reported a net loss attributable to common stockholders for each of the years ended December 31, 2023 and 2022. Stock-based Compensation The Company issues stock-based awards to employees and nonemployees in the form of stock options. The Company accounts for stock-based awards in accordance with ASC 718, Compensation — Stock Compensation (“ASC 718”), which requires all stock-based payments to employees and non-employees, including grants of employee stock options and modifications to existing stock options, to be recognized in the consolidated statement of operations based on their fair values. The fair value of options is estimated on the grant date using the Black-Scholes option-pricing model (“Black-Scholes”). Black-Scholes requires the Company to make assumptions and judgments about the variables used in the calculation including the expected term of its stock option, the volatility of the Company’s common stock, and an assumed risk-free interest rate. The Company uses the simplified calculation of expected life and volatility, which is based on an average of the historical volatility of a group of publicly traded companies in a similar industry that the Company believes would be considered a peer group had it been a publicly held company for the duration of the expected life of the award. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. Forfeitures are recognized as they occur. No dividend yield was assumed as the Company does not pay, and does not expect to pay, dividends on its common stock. The assumptions underlying these valuations represent management’s best estimates, which involve inherent uncertainties and the application of management’s judgement. As there had been no public market for the Company’s common stock prior to the IPO, the estimated fair value of its common stock prior to the IPO was determined by its board of directors as of the date of each option grant, with input from management, considering the Company’s most recently available third-party valuations of common stock and its board of directors’ assessment of additional objective and subjective factors that it believed were relevant and which may have changed from the date of the most recent valuation through the date of the grant. These third-party valuations were performed in accordance with the guidance outlined in the American Institute of Certified Public Accountants’ Accounting and Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. Each valuation methodology included estimates and assumptions that required the Company’s judgment. These estimates and assumptions included a number of objective and subjective factors, including external market conditions, the prices at which the Company sold shares of preferred stock, the superior rights and preferences of securities senior to the Company’s common stock at the time of, and the likelihood of, achieving a liquidity event, such as an initial public offering or sale. The assumptions underlying these valuations represented management’s best estimates, which involved inherent uncertainties and the application of management’s judgment. As a result, if the Company had used different assumptions or estimates, the fair value of its common stock and its stock-based compensation expense could be materially different. Goodwill Goodwill represents the excess of the fair value of the acquiree over the recognized bases of the net identifiable assets acquired and includes the future economic benefits from other assets that could not be individually identified and separately recognized. Goodwill is not amortized, but instead is periodically reviewed for impairment and an impairment charge is recorded in the periods in which the recorded carrying value of goodwill exceeds its fair value. On a quarterly basis, the Company performs a review of its business to determine if events or changes in circumstances have occurred which could have a material adverse effect on the fair value of the Company and its goodwill. If such events or changes in circumstances were deemed to have occurred, the Company would perform an impairment test of goodwill as of the end of the quarter and record any noted impairment loss. The Company’s market capitalization has declined, which may be an indicator of impairment. The Company will continue to assess the impact of its market capitalization and any other indicators of potential impairment. It is possible that if the Company’s market capitalization decline is more than temporary, or if other indicators of impairment are identified, an interim impairment analysis may be necessary, which could result in an impairment of goodwill, intangible assets and other long-lived assets in future periods. The goodwill test is performed at least annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company performs its annual impairment test during the fourth quarter of each fiscal year. There were no impairments during the years ended December 31, 2023 or 2022. Intangible Assets Intangible assets are recognized at fair value, as an asset apart from goodwill if the asset (i) arises from contractual or other legal rights, or (ii) is separable. Intangible assets, principally representing technology acquired, are capitalized and amortized on the straight-line method over their expected useful lives. The Company reviews the recoverability of its long-lived assets (including amortizable intangible assets), other than goodwill, when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. The Company is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as amended (the "JOBS Act"). The JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company elected to avail itself of this extended transition period and, as a result, the Company will not be required to adopt certain new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies. In 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements ("ASU 2016-13"). The new standard, as amended, requires that expected credit losses relating to financial assets measured on an amortized cost basis and available-for-sale debt securities be recorded through an allowance for credit losses. It also limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and also requires the reversal of previously recognized credit losses if fair value increases. The targeted transition relief standard allows filers an option to irrevocably elect the fair value option of ASC 825-10, Financial Instruments - Overall, applied on an instrument-by-instrument basis for eligible instruments. ASU 2016-13 became effective for the Company on January 1, 2023. The Company adopted this effective January 1, 2023 and there was no material impact to the consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350 ) , which eliminates Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value (i.e., measure the charge based on today’s Step 1). This update is effective for annual and interim impairment tests performed in periods beginning after December 15, 2022. Early adoption of the standard is permitted. The Company adopted this effective January 1, 2023 and there was no impact to the consolidated financial statements. In November 2023, the FASB issued Accounting Standards Update ASU No. 2023-07, Segment Reporting (Topic 280) (“ASU 2023-07”). The guidance in ASU 2023-07 expands prior reportable segment disclosure requirements by requiring entities to disclose significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and details of how the CODM uses financial reporting to assess their segment’s performance. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2023-07 may have on its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The guidance in ASU 2023-09 improves the transparency of income tax disclosures by greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The standard is effective for public companies for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2023-09 may have on its consolidated financial statements. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable Securities Marketable securities consisted of the following as of December 31, 2023 and 2022, respectively: December 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Assets: Current: U.S. Treasuries $ 2,989,460 $ 430 $ — $ 2,989,890 Government securities 15,342,582 888 (2,902) 15,340,568 Commercial Paper 7,928,122 1,301 (13) 7,929,410 Total marketable securities $ 26,260,164 $ 2,619 $ (2,915) $ 26,259,868 December 31, 2022 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Assets: Current: U.S. Treasuries $ 12,986,424 $ — $ (25,649) $ 12,960,775 Government securities 8,084,107 1,099 (12,021) 8,073,185 Commercial Paper 11,847,902 6,847 (739) 11,854,010 Total marketable securities 32,918,433 7,946 (38,409) 32,887,970 Our marketable securities are classified as available-for-sale pursuant to ASC 320, Investments – Debt and Equity Securities and are recorded at fair value. Unrealized gains (losses) are included as a component of accumulated other comprehensive loss in the consolidated balance sheets and statements of stockholders’ equity and a component of total comprehensive loss in the consolidated statements of comprehensive loss, until realized. The Company assesses its available-for-sale marketable securities for impairment on a quarterly basis. There were no impairments of the Company’s available-for-sale marketable securities measured and carried at fair value during the years ended December 31, 2023 and 2022. Realized gains and losses are included in other income (expense). During the years ended December 31, 2023 and 2022, we recognized no year-to-date credit loss related to our short-term investments, and had no allowance for credit loss recorded as of December 31, 2023 and 2022. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following table summarizes our cash equivalents and marketable securities measured at fair value on a recurring basis as of December 31, 2023 and 2022, respectively: December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Cash equivalents U.S. Treasuries $ 3,488,205 $ — $ — $ 3,488,205 Money market 50,122,883 — $ — 50,122,883 Commercial paper — 2,494,670 — 2,494,670 Government securities — 2,981,550 — 2,981,550 Total cash equivalents 53,611,088 5,476,220 — 59,087,308 Marketable securities: U.S. Treasuries $ 2,989,890 $ — $ — $ 2,989,890 Government securities — 15,340,568 — 15,340,568 Commercial paper — 7,929,410 — 7,929,410 Total marketable securities 2,989,890 23,269,978 — 26,259,868 Total cash equivalents and marketable securities $ 56,600,978 $ 28,746,198 $ — $ 85,347,176 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market $ 19,118,892 $ — $ — $ 19,118,892 Government securities — 2,742,025 — 2,742,025 Commercial paper — 1,249,575 — 1,249,575 Total cash equivalents 19,118,892 3,991,600 — 23,110,492 Marketable securities: U.S. Treasuries $ 12,960,775 $ — $ — $ 12,960,775 Government securities — 8,073,185 — 8,073,185 Commercial paper — 11,854,010 — 11,854,010 Total marketable securities 12,960,775 19,927,195 — 32,887,970 Total cash equivalents and marketable securities $ 32,079,667 $ 23,918,795 $ — $ 55,998,462 There were no transfers between Level 1 and Level 2 and we had no financial assets or liabilities that were classified as Level 3 at any point during the years ended December 31, 2023 and 2022. |
Property and Equipment, net
Property and Equipment, net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and Equipment, net Property and equipment, net consisted of the following: December 31, December 31, Computer equipment $ 550,861 $ 437,346 Furniture and fixtures 98,628 91,317 Lab equipment 1,180,445 970,374 Leasehold improvements 298,941 288,908 Total 2,128,875 1,787,945 Accumulated depreciation (728,293) (418,337) Property and equipment, net $ 1,400,582 $ 1,369,608 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consisted of the following: December 31, December 31, Accrued professional services $ 297,160 $ 297,234 Accrued employee expenses 3,625,911 3,631,082 Accrued research and development expenses 1,146,398 425,846 Accrued other 104,491 146,831 Total $ 5,173,960 $ 4,500,993 |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Common Stock | Common Stock The Company had 200,000,000 authorized shares of Class A common stock, $0.001 par value per share as of December 31, 2023 and December 31, 2022 of which 29,271,629 and 26,418,732 were issued and outstanding, respectively. The holders of Class A common stock are entitled one vote for each share of common stock. Dividends may be paid when, and if, declared by the Board of Directors, subject to the limitations, powers and preferences granted to the Preferred Stockholders and on a proportionate basis with holders of Class B common stock. The Company had 20,000,000 authorized shares of Class B common stock, $0.001 par value per share as of December 31, 2023 and December 31, 2022, of which no shares have been issued nor are outstanding. The holders of Class B common stock have no voting rights. Dividends may be paid when, and if, declared by the Board of Directors, subject to the limitations, powers and preferences granted to the preferred stockholders and on a proportionate basis with holders of Class A common stock. Equity Offerings On August 10, 2022, the Company filed a Registration Statement on Form S-3 (File No. 333-266738) (the “2022 Shelf Registration Statement”) with the SEC in relation to the registration of common stock, preferred stock, debt securities, warrants and/or units or any combination thereof in the aggregate amount of up to $200 million for a period of up to three years from the date of its effectiveness on August 19, 2022. On August 10, 2022, the Company also entered into the Sales Agreement with the Sales Agent to sell shares of the Company’s Class A common stock, par value $0.001 per share, with aggregate gross sales proceeds of up to $50 million, from time to time, through an “at the market” equity offering program (the “ATM Program”) under the 2022 Shelf Registration Statement. Subject to the terms and conditions of the Sales Agreement, the Sales Agent may sell the shares by methods deemed to be an “at the market offering” as defined in Rule 415 promulgated under the Securities Act, including sales made through the Nasdaq Global Market, on any other existing trading market for the common stock, to or through a market maker, or, if expressly authorized by the Company, in privately negotiated transactions. The Company or Sales Agent may terminate the Sales Agreement upon notice to the other party and subject to other conditions. The Company will pay the Sales Agent a commission equal to 3.0% of the gross proceeds of any Common Stock sold through the Sales Agent under the Sales Agreement and has provided the Sales Agent with customary indemnification rights. Issuance costs incurred related to the Sales Agreement are classified as long-term assets on the balance sheet at December 31, 2023. The Company had approximately $0.3 million of deferred offering costs as of both December 31, 2023 and December 31, 2022. No shares were sold pursuant to the ATM Program during the years ended December 31, 2023 or December 31, 2022, respectively. On April 20, 2023, the Company completed an underwritten follow-on equity offering, pursuant to which it issued and sold 2,727,273 shares of its Class A common stock, $0.001 par value per share, at an offering price of $11.00 per share under the 2022 Shelf Registration Statement. The aggregate net proceeds received by the Company from the offering were $28,200,003, after deducting underwriting discounts and commissions, but before deducting offering costs payable by the Company of $203,768. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | Net Loss Per Share Attributable to Common Stockholders Basic and diluted net loss per share attributable to common stockholders was calculated at December 31, 2023 and December 31, 2022 as follows: Year Ended December 31, 2023 2022 Numerator: Net loss $ (53,471,622) $ (50,513,568) Denominator - basic and diluted: Weighted-average common shares outstanding, basic and diluted 28,416,558 26,386,864 Net loss per share - basic and diluted $ (1.88) $ (1.91) The following table sets forth the potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to include them would be anti-dilutive (in common stock equivalent shares) at December 31, 2023 and December 31, 2022: 2023 2022 Options to purchase common stock 5,496,397 3,559,041 Total shares of common stock equivalents 5,496,397 3,559,041 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation During 2015, the Company established the Long Term Incentive Plan (“Incentive Plan”), under which incentive stock options, nonqualified stock options, restricted stock or other awards may be awarded to employees, directors or consultants of the Company. The options typically vest over a four-year period. As of December 31, 2023, the maximum number of shares available for issuance under the Incentive Plan was 2,825,173 shares. Upon the effectiveness of the Company’s 2021 Incentive Award Plan (the “2021 Plan”), the Company ceased granting awards under the Incentive Plan. However, the Incentive Plan continues to govern awards outstanding thereunder. On July 23, 2021, the Company’s Board of Directors adopted, and on July 23, 2021 its stockholders approved, the 2021 Plan, which became effective on July 29, 2021. The 2021 Plan provides for the grant of incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other stock-based awards. The number of shares reserved for issuance under the 2021 Plan was initially equal to 2,590,000 plus an annual increase on the first day of each calendar year, beginning on January 1, 2022 and ending on and including January 1, 2031, equal to the lesser of (i) 4% of the aggregate number of shares of Class A common stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares of Class A common stock as determined by the Board of Directors. No more than 15,350,000 shares of Class A common stock may be issued under the 2021 Plan upon the exercise of incentive stock options. Shares issued under the 2021 Plan may be authorized but unissued shares, shares purchased on the open market or treasury shares. If an award under the 2021 Plan expires, lapses or is terminated, exchanged for or settled in cash, surrendered, repurchased, cancelled without having been fully exercised/settled or forfeited, any unused shares subject to the award will, as applicable, become or again be available for new grants under the 2021 Plan. In addition, shares subject to stock options issued under the Incentive Plan may become available for issuance under the 2021 Plan to the extent such stock options are canceled, forfeited, exchanged, settled in cash or otherwise terminated. As of December 31, 2023, there were 1,546,979 shares available for future issuance under the 2021 Plan. On July 23, 2021, the Company’s Board of Directors adopted, and on July 23, 2021 its stockholders approved, the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which became effective on July 29, 2021. A total of 250,000 shares of Class A common stock were initially reserved for issuance under this plan. The number of shares of Class A common stock that may be issued under the 2021 ESPP will automatically increase on the first day of each calendar year, beginning on January 1, 2022 and ending on and including January 1, 2031, equal to the lesser of (i) 1% of the shares of Class A common stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares of Class A common stock as determined by the Board of Directors, provided that not more than 3,340,000 shares of Class A common stock may be issued under the 2021 ESPP. As of December 31, 2023, there were 777,389 s hares of common stock reserved for future issuance under the 2021 ESPP and no shares had been granted or purchased under the 2021 ESPP. During the years ended December 31, 2023 and December 31, 2022, the Company recognized stock-based compensation expense of $5,727,135 and $4,064,446, respectively. As of December 31, 2023, compensation expense remaining to be recognized for outstanding stock options was $11,188,798 and to be recognized over a weighted-average period of 2.53 years. The fair value of options granted is calculated on the grant date using the Black-Scholes option valuation model. Prior to the Company's IPO on August 3, 2021, t he Company was a private company and thus lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own publicly traded stock price. For the year ended December 31, 2023, the Company granted 2,411,610 shares of stock options at a weighted-average grant date fair value of $5.41. For the year ended December 31, 2022, the Company granted 1,227,810 shares at a weighted-average grant date fair value of $9.83. The Company used the following assumptions in its application of the Black-Scholes option pricing model for grants during the year ended December 31, 2023 and 2022: Year Ended December 31, 2023 2022 Weighted-average risk-free interest rate 3.46% - 4.80% 1.35% - 4.15% Expected term (in years) 5.00 - 10.00 5.00 - 10.00 Expected dividend yield 0% 0% Expected volatility 64.86% - 70.50% 64.67% - 78.12% The following table summarizes the stock option activity during the year ended December 31, 2023: Number of Weighted- Weighted Aggregate Outstanding as of December 31, 2022 3,559,041 $ 7.36 Granted 2,411,610 5.41 Exercised (125,624) 3.54 Cancelled (348,630) 8.10 Outstanding as December 31, 2023 5,496,397 $ 6.54 7.33 $ 11,556,739 Vested and exercisable at December 31, 2023 2,874,152 $ 5.99 6.16 $ 7,377,923 For the years ended December 31, 2023 and 2022, the Company recognized share-based compensation expense on the accompanying consolidated statements of operations as follows: Year Ended December 31, 2023 2022 Cost of revenue $ — $ 9,703 Research and development 2,668,710 1,978,169 General and administrative 3,058,425 2,076,574 Total $ 5,727,135 $ 4,064,446 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes A reconciliation of the effect of applying the federal statutory rate to the net loss and the effective income tax rate are as follows: 2023 2022 Statutory federal income tax rate 21.0 % 21.0 % State tax, net of federal benefit (3.2) % 6.1 % Permanent differences (0.9) % (0.9) % Federal research and development credits 4.1 % 2.3 % State research and development credits — % 0.2 % Uncertain tax positions (0.4) % (0.3) % Other differences 0.1 % 0.9 % Change in valuation allowance (20.7) % (29.3) % Effective income tax rate — % — % As of December 31, 2023 and 2022, the components and tax effects of each type of item that gave rise to the net deferred tax assets were as follows: 2023 2022 Deferred tax assets: Stock-based compensation expense $ 1,387,849 $ 1,059,866 Research expenses 16,282,709 6,758,291 Unrealized losses 172 10,419 Accrued Bonus 602,121 — R&D credit carryforward 6,295,756 4,146,850 NOL carryforward 19,095,948 20,842,910 Gross deferred tax assets 43,664,555 32,818,336 Valuation allowance (43,274,909) (32,039,948) Net deferred tax assets 389,646 778,388 Net deferred tax liabilities: Prepaid expenses deducted for tax (173,497) (353,224) Right of use (103,034) (117,445) Tax depreciation in excess of book (113,115) (307,719) Total deferred tax liabilities (389,646) (778,388) Net deferred taxes $ — $ — Federal net operating losses (“NOL”) generated in tax years ended after December 31, 2017 are limited to 80% of taxable income, only carried forward and carried forward indefinitely under the Internal Revenue Code of 1986, as amended (the “IRC”). The Company recorded a deferred tax liability of $304,485 on the acquisition of BioArkive. It had pre-existing deferred tax assets for which there was a full valuation allowance. As a result of the taxable temporary differences recognized in the business combination, the Company released $304,485 of its valuation allowance and recognized the income tax benefit in the income statement at the acquisition date in accordance with ASC Topic 740, Income Taxes ("ASC 740"). There was no income tax expense or benefit in 2023. The Company has provided a valuation allowance for the full amount of the net deferred tax assets as, based on all available evidence, it is considered more likely than not that all the recorded deferred tax assets will not be realized in a future period. At December 31, 2023, the Company has federal and state NOLs of $75,737,889 and $42,123,069, respectively, all generated after the tax year ended December 31, 2017. At December 31, 2023, the Company has federal and state research and development credit carryforwards of $5,845,815 and $1,149,466, respectively, that start to expire beginning in 2026. As the Company has not yet achieved profitable operations, management believes the tax benefits as of December 31, 2023 did not satisfy the realization criteria set forth in ASC 740 and, therefore, has recorded a full valuation allowance for the entire deferred tax asset. The valuation allowance increased in 2023 by $11,234,961 due to the increase in the deferred tax assets by the same amount, primarily due to NOL and research and development expenses. Utilization of the U.S. net operating loss carryforwards and research and development tax credit carryforwards may be subject to a substantial annual limitation under Section 382 of the IRC, and corresponding provisions of state law, due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of carryforwards that can be utilized annually to offset future taxable income. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain stockholders or public groups in the stock of a corporation by more than 50% over a three-year period. The Company has not conducted a study to assess whether a change of control has occurred or whether there have been multiple changes of control since inception due to the significant complexity and cost associated with such a study. If the Company has experienced a change of control, as defined by Section 382, at any time since inception, utilization of the net operating loss carryforwards or research and development tax credit carryforwards would be subject to an annual limitation under Section 382, which is determined by first multiplying the value of the Company’s stock at the time of the ownership change by the applicable long-term tax-exempt rate, and then could be subject to additional adjustments, as required. Any limitation may result in expiration of a portion of the net operating loss carryforwards or research and development tax credit carryforwards before utilization. Further, until a study is completed by the Company and any limitation is known, no amounts are being presented as an uncertain tax position. As of December 31, 2023 and December 31, 2022, the Company had uncertain tax positions of $699,527 and $541,067, respectively. The Company has classified the unrecognized tax benefits as reductions of its tax carryforwards. The Company has elected to recognize interest and penalties related to income tax matters as a component of income tax expense, of which no interest or penalties were recorded for the years ended December 31, 2023 and 2022. As of December 31, 2023 and December 31, 2022, unrecognized tax benefits were as follows: 2023 2022 Beginning balance $ 541,067 $ 380,902 Increase due to current year tax position 158,460 160,165 Ending balance $ 699,527 $ 541,067 The Company files tax returns in the United States including California, New York, Pennsylvania, Massachusetts and Texas. All tax years from 2017 to 2023 remain open to examination by the major taxing jurisdictions to which the Company is subject, as carryforward attributes generated in years past may still be adjusted upon examination by the Internal Revenue Service (“IRS”) or other authorities if they have or will be used in a future period. The Company is not to its knowledge currently under examination by the IRS or in any other jurisdictions for any tax years. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases In October 2020, the Company entered into an office lease (“Via Frontera Lease”) in San Diego, California with a lease term of 67 months. At the lease commencement date, a right-to-use asset and lease liability was recognized by the Company for $637,863. In January 2022, the Company exercised its option to terminate the Via Frontera Lease 20 months early . T he Company subsequently entered into a sublease of the Via Frontera Lease, the term of which commenced in March 2022. The lease and sublease terminated on October 1, 2023. The lease termination was accounted for as a lease modification which reduces the term of the existing lease and the Company adjusted the value of its right-of-use asset and operating lease liability by $347,739 using an incremental borrowing rate of approximately 6%. The sublease income was accounted for as a reduction of rent expense in the statement of operations. The modification is reflected as a non-cash operating activity in the statement of cash flows for the year ended December 31, 2023. As part of the BioArkive acquisition, the Company assumed the obligations of three leases in San Diego, California. One is for 38,613 square feet of office and laboratory space, under a lease that terminates on April 30, 2032, the second was for a 6,100 square feet of office and laboratory space under a lease that terminated on December 31, 2022 (and that was not renewed), and the third is for a lease for 4,760 square feet of office and laboratory space under a lease that terminates on March 31, 2024. As a result, the Company recorded right-to-use assets and lease liabilities of $4,824,700 on the acquisition date of December 22, 2021. The Company currently also leases office space in Cambridge, Massachusetts and New York, New York, pursuant to short-term arrangements. The Cambridge lease is on a month-to-month basis, requiring one month’s notice before termination. The New York lease was renewed on January 16, 2024 to extend the lease term until August 31, 2024. The Company also previously leased office space in San Francisco, California, pursuant to a short-term rental arrangement with a lease term that ended on July 31, 2023 and the Company chose not to renew. These lease agreements include or included payments for lease and non-lease components. The Company has elected to not separate such components and these payments were recognized as rent expense. As of December 31, 2023, total future minimum lease payments for its short-term leases in Cambridge, Massachusetts and New York, New York were $54,340 due in 2024. Future minimum lease payments for operating leases with initial or remaining terms in excess of one year at December 31, 2023 were as follows: Amount 2024 $ 732,546 2025 739,689 2026 761,877 2027 784,737 2028 808,278 Thereafter 2,874,231 Total future lease payments 6,701,358 Less: Imputed interest 2,238,399 Total lease liabilities $ 4,462,959 Current portion lease liabilities 300,107 Lease liabilities, noncurrent 4,162,852 Total lease liabilities $ 4,462,959 Quantitative information regarding the Company’s leases for the year ended December 31, 2023 and 2022 is as follows: December 31, December 31, Lease costs: Operating lease cost $ 876,795 $ 1,002,989 Short-term lease cost 210,902 282,775 Sublease income (147,930) (178,620) Total lease costs $ 939,767 $ 1,107,144 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 843,463 $ 609,790 Operating cash flows from short-term leases 210,902 282,775 $ 1,054,365 $ 892,565 Weighted-average remaining lease term - operating leases 8.32 years 9.16 years Weighted-average discount rate - operating leases 10.0 % 9.1 % As the Company’s leases typically do not provide an implicit rate, the Company uses an estimate of its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. Litigation From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities and may be exposed to litigation in connection with its product candidates and operations. The Company’s policy is to assess the likelihood of any adverse judgments or outcomes related to legal matters, as well as ranges of probable losses. When it is probable that future expenditures will be made and can be reasonably estimated, the Company will accrue a liability for such matters. Significant judgement is required to determine both probability and estimated amount. The Company is not aware of any material legal matters. Clinical Research Contracts The Company may enter into contracts in the normal course of business with contract research organizations for clinical trials, with contract manufacturing organizations for clinical supplies, and with other vendors for preclinical studies, supplies and other services for the Company's operating purposes. These contracts generally provide for termination with a 30-day notice. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||
Net loss | $ (53,471,622) | $ (50,513,568) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting standards set by the Financial Accounting Standards Board (“FASB”). The FASB sets generally accepted accounting principles (“GAAP”) to ensure the consolidated financial statements are consistently reported. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codifications (“ASC”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | 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, liabilities, revenues and expenses during the reporting periods. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgements about the carrying values of assets, liabilities and the recording of expenses that are not readily apparent from other sources. Significant estimates reflected in these consolidated financial statements include but are not limited to: the accrued research and development expenses, the determination of fair value of stock-based awards, and the impairment of goodwill and intangible assets. Actual results may differ materially and adversely from these estimates. |
Segments | Segments Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker (“CODM”) in making decisions regarding resource allocation and assessing performance. The Company’s chief executive officer is the CODM, and he uses consolidated financial information in determining how to allocate resources and assess performance. The Company has determined that it operates in one segment. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Marketable Securities | Marketable Securities Our marketable securities are classified as available-for-sale pursuant to ASC 320, Investments – Debt and Equity Securities and are recorded at fair value. Unrealized gains/(losses) are included as a component of accumulated other comprehensive loss in the consolidated balance sheets and statements of stockholders’ equity and a component of total comprehensive loss in the consolidated statements of comprehensive loss, until realized. We review marketable securities for impairment whenever the fair value of a marketable security is less than the amortized cost and evidence indicates that a marketable security’s carrying amount is not recoverable. Unrealized losses are evaluated for impairment under ASC 326, Financial Instruments - Credit Losses, to determine if the impairment is credit-related or noncredit-related. Credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings, and noncredit-related impairment is recognized in other comprehensive (loss) income, net of taxes. Evidence considered in this assessment includes reasons for the impairment, compliance with our investment policy, the severity of the impairment, collectability of the security, and any adverse conditions specifically related to the security, an industry, or geographic area. There were no impairments of the Company’s available-for-sale marketable securities measured and carried at fair value during the year ended December 31, 2023. Realized gains and losses are included in other income, net on a specific-identification basis. There were no realized gains or losses on marketable securities for the years ended December 31, 2023 and 2022, respectively. |
Fair Value Measurements | Fair Value Measurements We record cash equivalents and marketable securities at fair value. ASC 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and our own assumptions (unobservable inputs). The hierarchy consists of three levels: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 – Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, directly or indirectly, for substantially the full term of the asset or liability. Level 3 – Unobservable inputs that reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date. Our financial assets, which include cash equivalents and marketable securities, have been initially valued at the transaction price, and subsequently revalued at the end of each reporting period, utilizing third-party pricing services or other observable market data. The pricing services utilize industry standard valuation models, including both income and market based approaches, and observable market inputs to determine value. After completing our validation procedures, we did not adjust or override any fair value measurements provided by the pricing services as of December 31, 2023. Fair value information for these assets, including their classification in the fair value hierarchy is included in Note 4 Fair Value Measurements . There have been no changes to the valuation methods during the year ended December 31, 2023. We evaluate transfers between levels at the end of each reporting period. The carrying amounts reflected in the consolidated balance sheets for cash, accounts receivable, accounts payable and accrued expenses approximate their respective fair values because of the short-term maturity of those financial instruments. |
Accounts Receivable | Accounts Receivable Accounts receivable are stated at the amount management expects to collect from outstanding balances. We monitor the financial performance and creditworthiness of our customers so that we can properly assess and respond to changes in their credit profile. We reserve against these receivables for estimated losses that may arise from a customer’s inability to pay. Amounts determined to be uncollectible are charged or written-off against the reserve. At December 31, 2023 and 2022 there was no allowance for credit losses. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments which potentially subject us to credit risk consist primarily of cash, cash equivalents, and marketable securities. We hold these investments in highly rated financial institutions, and, by policy, limit the amount of credit exposure at any one financial institution. These investments at times exceed federally insured limits. We have not experienced any credit losses in such accounts and do not believe we are exposed to any significant credit risk on the funds. We have no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts, or other hedging arrangements. To manage accounts receivable credit risk, the Company continuously evaluates the creditworthiness of its customers and the need for an allowance for potential credit losses. The Company has not experienced any losses in such accounts. There was no revenue in fiscal year 2023 due to the wind down of our computational biology professional services and completion of existing customer services contracts during the year ended December 31, 2022. As of December 31, 2023, there were no remaining accounts receivable or customers. |
Property and Equipment | Property and Equipment |
Impairment of Long-lived Assets | Impairment of Long-lived Assets Periodically, the Company evaluates its long-lived assets, which consist primarily of property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the fair value of the asset. To date, no impairments have occurred. |
Leases | Leases In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) (“ASC 842”), a standard issued to increase transparency and comparability among organizations related to their leasing activities. This standard established a right-of-use model that requires the recognition of right-of-use assets and lease liabilities for most leases as well as provides disclosure with respect to certain qualitative and quantitative information related to a company’s leasing arrangements to meet the objective of allowing users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. The Company adopted the leasing standard using the modified retrospective transition approach as of January 1, 2020, with no restatement of prior periods or cumulative adjustment to retained earnings. Upon adoption, the Company elected the package of transition practical expedients, which allowed the Company to carry forward prior conclusions related to whether any expired or existing contracts are or contain leases, the lease classification for any expired or existing leases, and initial direct costs for existing leases. The Company also made an accounting policy election to not recognize leases with an initial term of 12 months or less within its consolidated balance sheets, and to recognize those lease payments on a straight-line basis in its consolidated statements of operations over the lease term. The adoption of the leasing standard did not have an impact on the consolidated statement of operations. The Company determines if an arrangement is a lease at contract inception. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the commencement date of the lease based upon the present value of future lease payments over the expected lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. As most of the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate, which is based on rates that would be incurred to borrow on a collateralized basis over a term equal to the lease payments in a similar economic environment, in determining the present value of lease payments. The Company has elected not to separate lease and non-lease components as a single lease component. The Company’s leases are reflected in right-of-use assets and lease liabilities (current and non-current) in the consolidated balance sheets. |
Revenue Recognition | Revenue Recognition In accordance with ASC 606 Revenue from Contracts with Customers, revenue is recognized when a customer obtains control of promised goods and services. The core principle of the standard is to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. To achieve that core principle, the Company applies the following five-step model: • Identify the contract with a customer • Identify the performance obligations in the contract • Determine the transaction price • Allocate the transaction price to the performance obligations in the contract • Recognize revenue when or as performance obligations are satisfied With respect to the Company's historical services business (which has ceased), the Company’s contracts generally consist of the promise to provide computational biology professional services to pharmaceutical and biotechnology companies, which the Company concluded constitutes one performance obligation that is delivered over time. The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the services to the customer. The Company’s services contracts provide for either agreed upon rates per hour based on the level of the professional working on the project or a fixed fee for a defined scope of work. The Company recognizes revenue over time by measuring the progress toward complete satisfaction of the performance obligation using a single method of measuring progress, which depicts the performance in transferring control of the associated services to the customer. The Company uses input methods to measure the progress toward the complete satisfaction of performance obligations and evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and net loss in the period of adjustment. The Company’s services contract terms do not allow for a right of return or refund and do not contain significant financing components. Receivables associated with the contract will generally be collected within thirty to sixty days, in accordance with the underlying payment terms. In fiscal year 2023, the Company did not enter or perform any services contracts. |
Income Taxes | Income Taxes The Company provides for income taxes in accordance with ASC Topic 740, Income Taxes. Deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates and laws in effect in the years in which the differences are expected to reverse. A valuation allowance is provided if, based upon the weighted available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more likely than not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves (i.e., unrecognized tax benefits) that are considered appropriate as well as the related net interest. As of December 31, 2023 and 2022, the Company had uncertain tax positions of $699,527 and $541,067, respectively. The Company has classified the unrecognized tax benefits as reductions of its tax credit carryforwards. |
Research and Development | Research and Development Research and development costs are expensed as incurred. Research and development costs consist of expenses incurred in performing research and development activities, including salaries and benefits, materials and supplies, preclinical expenses, stock-based compensation expense, depreciation of equipment, contract services, and other outside expenses. The Company also incurs costs to develop software programs for internal use in identifying potential human drug targets which may then lead to the development of human drug candidates. To date the software programs have primarily been used for internal research and development activities and the costs incurred have been expensed as research and development. |
Research and Manufacturing Contract Costs and Accruals | Research and Manufacturing Contract Costs and Accruals The Company has entered into various research, development and manufacturing contracts with research institutions and other companies inside and outside of the United States. These agreements are generally cancelable, and related costs are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research, development and manufacturing costs. When billing terms under these contracts do not coincide with the timing of when the work is performed, the Company is required to make estimates of outstanding obligations to those third parties as of period end. Any accrual estimates are based on a number of factors, including the Company’s knowledge of the progress towards completion of the research, development and manufacturing activities, invoicing to date under the contracts, communication from the research institutions and other companies of any actual costs incurred during the period that have not yet been invoiced and the costs included in the contracts. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. Actual results could differ from the estimates made by the Company. The historical accrual estimates made by the Company have not been materially different from the actual costs. |
Patent 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 expenses. |
Comprehensive Income (Loss) | Com prehensive Income (Loss) |
Deferred Offering Costs | Deferred Offering Costs The Company capitalizes certain legal, professional, and other third-party charges related to ongoing equity financings as deferred offering costs until fully consummated. These costs are to be recorded as a reduction of the offering’s proceeds which are recorded to additional paid-in capital within stockholders’ equity. Should the Company choose not to initiate such financing, the deferred offering costs would be immediately expensed as operating expenses. On August 10, 2022, the Company entered into an Equity Distribution Agreement (the “Sales Agreement”) with Piper Sandler & Co, (the “Sales Agent”) to sell shares of the Company’s common stock, par value $0.001 per share, with aggregate gross sales proceeds of up to $50 million, from time to time, through an “at the market” equity offering program. Deferred offering costs associated with the Sales Agreement are reclassified to additional paid in capital on a pro-rata basis when the Company completes offerings under the Sales Agreement. Any remaining deferred costs will be expensed to the statement of operations should the planned offering be abandoned. The Company had approximately $0.3 million and $0.3 million of deferred offering costs as of December 31, 2023 and 2022, respectively. |
Net Income (Loss) per Share | Net Income (Loss) per Share The Company only has one class of shares outstanding and basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock awards. For periods in which the Company reports a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. The Company reported a net loss attributable to common stockholders for each of the years ended December 31, 2023 and 2022. |
Stock-based Compensation | Stock-based Compensation The Company issues stock-based awards to employees and nonemployees in the form of stock options. The Company accounts for stock-based awards in accordance with ASC 718, Compensation — Stock Compensation (“ASC 718”), which requires all stock-based payments to employees and non-employees, including grants of employee stock options and modifications to existing stock options, to be recognized in the consolidated statement of operations based on their fair values. The fair value of options is estimated on the grant date using the Black-Scholes option-pricing model (“Black-Scholes”). Black-Scholes requires the Company to make assumptions and judgments about the variables used in the calculation including the expected term of its stock option, the volatility of the Company’s common stock, and an assumed risk-free interest rate. The Company uses the simplified calculation of expected life and volatility, which is based on an average of the historical volatility of a group of publicly traded companies in a similar industry that the Company believes would be considered a peer group had it been a publicly held company for the duration of the expected life of the award. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. Forfeitures are recognized as they occur. No dividend yield was assumed as the Company does not pay, and does not expect to pay, dividends on its common stock. The assumptions underlying these valuations represent management’s best estimates, which involve inherent uncertainties and the application of management’s judgement. As there had been no public market for the Company’s common stock prior to the IPO, the estimated fair value of its common stock prior to the IPO was determined by its board of directors as of the date of each option grant, with input from management, considering the Company’s most recently available third-party valuations of common stock and its board of directors’ assessment of additional objective and subjective factors that it believed were relevant and which may have changed from the date of the most recent valuation through the date of the grant. These third-party valuations were performed in accordance with the guidance outlined in the American Institute of Certified Public Accountants’ Accounting and Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. Each valuation methodology included estimates and assumptions that required the Company’s judgment. These estimates and assumptions included a number of objective and subjective factors, including external market conditions, the prices at which the Company sold shares of preferred stock, the superior rights and preferences of securities senior to the Company’s common stock at the time of, and the likelihood of, achieving a liquidity event, such as an initial public offering or sale. The assumptions underlying these valuations represented management’s best estimates, which involved inherent uncertainties and the application of management’s judgment. As a result, if the Company had used different assumptions or estimates, the fair value of its common stock and its stock-based compensation expense could be materially different. |
Goodwill and Intangible Assets | Goodwill Goodwill represents the excess of the fair value of the acquiree over the recognized bases of the net identifiable assets acquired and includes the future economic benefits from other assets that could not be individually identified and separately recognized. Goodwill is not amortized, but instead is periodically reviewed for impairment and an impairment charge is recorded in the periods in which the recorded carrying value of goodwill exceeds its fair value. On a quarterly basis, the Company performs a review of its business to determine if events or changes in circumstances have occurred which could have a material adverse effect on the fair value of the Company and its goodwill. If such events or changes in circumstances were deemed to have occurred, the Company would perform an impairment test of goodwill as of the end of the quarter and record any noted impairment loss. The Company’s market capitalization has declined, which may be an indicator of impairment. The Company will continue to assess the impact of its market capitalization and any other indicators of potential impairment. It is possible that if the Company’s market capitalization decline is more than temporary, or if other indicators of impairment are identified, an interim impairment analysis may be necessary, which could result in an impairment of goodwill, intangible assets and other long-lived assets in future periods. The goodwill test is performed at least annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company performs its annual impairment test during the fourth quarter of each fiscal year. There were no impairments during the years ended December 31, 2023 or 2022. Intangible Assets Intangible assets are recognized at fair value, as an asset apart from goodwill if the asset (i) arises from contractual or other legal rights, or (ii) is separable. Intangible assets, principally representing technology acquired, are capitalized and amortized on the straight-line method over their expected useful lives. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. The Company is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as amended (the "JOBS Act"). The JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company elected to avail itself of this extended transition period and, as a result, the Company will not be required to adopt certain new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies. In 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Statements ("ASU 2016-13"). The new standard, as amended, requires that expected credit losses relating to financial assets measured on an amortized cost basis and available-for-sale debt securities be recorded through an allowance for credit losses. It also limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and also requires the reversal of previously recognized credit losses if fair value increases. The targeted transition relief standard allows filers an option to irrevocably elect the fair value option of ASC 825-10, Financial Instruments - Overall, applied on an instrument-by-instrument basis for eligible instruments. ASU 2016-13 became effective for the Company on January 1, 2023. The Company adopted this effective January 1, 2023 and there was no material impact to the consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350 ) , which eliminates Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value (i.e., measure the charge based on today’s Step 1). This update is effective for annual and interim impairment tests performed in periods beginning after December 15, 2022. Early adoption of the standard is permitted. The Company adopted this effective January 1, 2023 and there was no impact to the consolidated financial statements. In November 2023, the FASB issued Accounting Standards Update ASU No. 2023-07, Segment Reporting (Topic 280) (“ASU 2023-07”). The guidance in ASU 2023-07 expands prior reportable segment disclosure requirements by requiring entities to disclose significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and details of how the CODM uses financial reporting to assess their segment’s performance. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2023-07 may have on its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The guidance in ASU 2023-09 improves the transparency of income tax disclosures by greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The standard is effective for public companies for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2023-09 may have on its consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Concentration of Credit Risk | The following customer comprised 10% or more of the Company’s total accounts receivable or revenues as of or for the period ended December 31, 2022: Year Ended December 31, 2022 As of December 31, 2022 Revenue % of Total Accounts Receivable % of Total Customer #1 $ 299,890 94.6 % $ 11,275 90.8 % |
Schedule of Estimated Useful Lives of Property, Plant, and Equipment | Depreciation is calculated using the straight-line method once assets are placed in service. Asset Class Estimated Computer equipment 3 years Furniture and fixtures 5 years Lab equipment 7 years Leasehold improvements 1-10 years Property and equipment, net consisted of the following: December 31, December 31, Computer equipment $ 550,861 $ 437,346 Furniture and fixtures 98,628 91,317 Lab equipment 1,180,445 970,374 Leasehold improvements 298,941 288,908 Total 2,128,875 1,787,945 Accumulated depreciation (728,293) (418,337) Property and equipment, net $ 1,400,582 $ 1,369,608 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Marketable Securities | Marketable securities consisted of the following as of December 31, 2023 and 2022, respectively: December 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Assets: Current: U.S. Treasuries $ 2,989,460 $ 430 $ — $ 2,989,890 Government securities 15,342,582 888 (2,902) 15,340,568 Commercial Paper 7,928,122 1,301 (13) 7,929,410 Total marketable securities $ 26,260,164 $ 2,619 $ (2,915) $ 26,259,868 December 31, 2022 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Assets: Current: U.S. Treasuries $ 12,986,424 $ — $ (25,649) $ 12,960,775 Government securities 8,084,107 1,099 (12,021) 8,073,185 Commercial Paper 11,847,902 6,847 (739) 11,854,010 Total marketable securities 32,918,433 7,946 (38,409) 32,887,970 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Cash Equivalents and Marketable Securities | The following table summarizes our cash equivalents and marketable securities measured at fair value on a recurring basis as of December 31, 2023 and 2022, respectively: December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Cash equivalents U.S. Treasuries $ 3,488,205 $ — $ — $ 3,488,205 Money market 50,122,883 — $ — 50,122,883 Commercial paper — 2,494,670 — 2,494,670 Government securities — 2,981,550 — 2,981,550 Total cash equivalents 53,611,088 5,476,220 — 59,087,308 Marketable securities: U.S. Treasuries $ 2,989,890 $ — $ — $ 2,989,890 Government securities — 15,340,568 — 15,340,568 Commercial paper — 7,929,410 — 7,929,410 Total marketable securities 2,989,890 23,269,978 — 26,259,868 Total cash equivalents and marketable securities $ 56,600,978 $ 28,746,198 $ — $ 85,347,176 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Cash equivalents Money market $ 19,118,892 $ — $ — $ 19,118,892 Government securities — 2,742,025 — 2,742,025 Commercial paper — 1,249,575 — 1,249,575 Total cash equivalents 19,118,892 3,991,600 — 23,110,492 Marketable securities: U.S. Treasuries $ 12,960,775 $ — $ — $ 12,960,775 Government securities — 8,073,185 — 8,073,185 Commercial paper — 11,854,010 — 11,854,010 Total marketable securities 12,960,775 19,927,195 — 32,887,970 Total cash equivalents and marketable securities $ 32,079,667 $ 23,918,795 $ — $ 55,998,462 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Depreciation is calculated using the straight-line method once assets are placed in service. Asset Class Estimated Computer equipment 3 years Furniture and fixtures 5 years Lab equipment 7 years Leasehold improvements 1-10 years Property and equipment, net consisted of the following: December 31, December 31, Computer equipment $ 550,861 $ 437,346 Furniture and fixtures 98,628 91,317 Lab equipment 1,180,445 970,374 Leasehold improvements 298,941 288,908 Total 2,128,875 1,787,945 Accumulated depreciation (728,293) (418,337) Property and equipment, net $ 1,400,582 $ 1,369,608 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following: December 31, December 31, Accrued professional services $ 297,160 $ 297,234 Accrued employee expenses 3,625,911 3,631,082 Accrued research and development expenses 1,146,398 425,846 Accrued other 104,491 146,831 Total $ 5,173,960 $ 4,500,993 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders | Basic and diluted net loss per share attributable to common stockholders was calculated at December 31, 2023 and December 31, 2022 as follows: Year Ended December 31, 2023 2022 Numerator: Net loss $ (53,471,622) $ (50,513,568) Denominator - basic and diluted: Weighted-average common shares outstanding, basic and diluted 28,416,558 26,386,864 Net loss per share - basic and diluted $ (1.88) $ (1.91) |
Schedule of Potentially Dilutive Securities that have been Excluded from the Calculation of Diluted Net Loss Per Share | The following table sets forth the potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to include them would be anti-dilutive (in common stock equivalent shares) at December 31, 2023 and December 31, 2022: 2023 2022 Options to purchase common stock 5,496,397 3,559,041 Total shares of common stock equivalents 5,496,397 3,559,041 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Assumptions in its Application of the Black-scholes Option Pricing Model for Grants | The Company used the following assumptions in its application of the Black-Scholes option pricing model for grants during the year ended December 31, 2023 and 2022: Year Ended December 31, 2023 2022 Weighted-average risk-free interest rate 3.46% - 4.80% 1.35% - 4.15% Expected term (in years) 5.00 - 10.00 5.00 - 10.00 Expected dividend yield 0% 0% Expected volatility 64.86% - 70.50% 64.67% - 78.12% |
Summary of Stock Option Activity | The following table summarizes the stock option activity during the year ended December 31, 2023: Number of Weighted- Weighted Aggregate Outstanding as of December 31, 2022 3,559,041 $ 7.36 Granted 2,411,610 5.41 Exercised (125,624) 3.54 Cancelled (348,630) 8.10 Outstanding as December 31, 2023 5,496,397 $ 6.54 7.33 $ 11,556,739 Vested and exercisable at December 31, 2023 2,874,152 $ 5.99 6.16 $ 7,377,923 |
Summary of Recognized Share-based Compensation Expense Recognized | For the years ended December 31, 2023 and 2022, the Company recognized share-based compensation expense on the accompanying consolidated statements of operations as follows: Year Ended December 31, 2023 2022 Cost of revenue $ — $ 9,703 Research and development 2,668,710 1,978,169 General and administrative 3,058,425 2,076,574 Total $ 5,727,135 $ 4,064,446 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Federal Statutory Rate to the Net Loss and the Effective Income Tax Rate | A reconciliation of the effect of applying the federal statutory rate to the net loss and the effective income tax rate are as follows: 2023 2022 Statutory federal income tax rate 21.0 % 21.0 % State tax, net of federal benefit (3.2) % 6.1 % Permanent differences (0.9) % (0.9) % Federal research and development credits 4.1 % 2.3 % State research and development credits — % 0.2 % Uncertain tax positions (0.4) % (0.3) % Other differences 0.1 % 0.9 % Change in valuation allowance (20.7) % (29.3) % Effective income tax rate — % — % |
Schedule of Net Deferred Tax Assets | As of December 31, 2023 and 2022, the components and tax effects of each type of item that gave rise to the net deferred tax assets were as follows: 2023 2022 Deferred tax assets: Stock-based compensation expense $ 1,387,849 $ 1,059,866 Research expenses 16,282,709 6,758,291 Unrealized losses 172 10,419 Accrued Bonus 602,121 — R&D credit carryforward 6,295,756 4,146,850 NOL carryforward 19,095,948 20,842,910 Gross deferred tax assets 43,664,555 32,818,336 Valuation allowance (43,274,909) (32,039,948) Net deferred tax assets 389,646 778,388 Net deferred tax liabilities: Prepaid expenses deducted for tax (173,497) (353,224) Right of use (103,034) (117,445) Tax depreciation in excess of book (113,115) (307,719) Total deferred tax liabilities (389,646) (778,388) Net deferred taxes $ — $ — |
Schedule of Unrecognized Tax Benefits | As of December 31, 2023 and December 31, 2022, unrecognized tax benefits were as follows: 2023 2022 Beginning balance $ 541,067 $ 380,902 Increase due to current year tax position 158,460 160,165 Ending balance $ 699,527 $ 541,067 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Maturities of the Lease Liabilities Due | Future minimum lease payments for operating leases with initial or remaining terms in excess of one year at December 31, 2023 were as follows: Amount 2024 $ 732,546 2025 739,689 2026 761,877 2027 784,737 2028 808,278 Thereafter 2,874,231 Total future lease payments 6,701,358 Less: Imputed interest 2,238,399 Total lease liabilities $ 4,462,959 Current portion lease liabilities 300,107 Lease liabilities, noncurrent 4,162,852 Total lease liabilities $ 4,462,959 |
Schedule of Quantitative Information Regarding the Company's Leases | Quantitative information regarding the Company’s leases for the year ended December 31, 2023 and 2022 is as follows: December 31, December 31, Lease costs: Operating lease cost $ 876,795 $ 1,002,989 Short-term lease cost 210,902 282,775 Sublease income (147,930) (178,620) Total lease costs $ 939,767 $ 1,107,144 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 843,463 $ 609,790 Operating cash flows from short-term leases 210,902 282,775 $ 1,054,365 $ 892,565 Weighted-average remaining lease term - operating leases 8.32 years 9.16 years Weighted-average discount rate - operating leases 10.0 % 9.1 % |
Organization and Nature of Bu_2
Organization and Nature of Business (Details) - USD ($) | 12 Months Ended | |||
Apr. 20, 2023 | Aug. 03, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Organization and Nature of Business | ||||
Proceeds from public offering of common stock, net of commissions and underwriting | $ 28,200,003 | $ 0 | ||
Accumulated deficit | $ (163,258,578) | $ (109,786,956) | ||
Class A Common Stock | ||||
Organization and Nature of Business | ||||
Shares issued (in shares) | 1,125,000 | |||
Common stock, par value per share (in dollars per share) | $ 0.001 | $ 0.001 | ||
IPO | ||||
Organization and Nature of Business | ||||
Proceeds from public offering of common stock, net of commissions and underwriting | $ 120,318,750 | |||
Offering costs | $ 2,124,317 | |||
IPO | Class A Common Stock | ||||
Organization and Nature of Business | ||||
Shares issued (in shares) | 8,625,000 | |||
Underwriting Offering | ||||
Organization and Nature of Business | ||||
Shares sold (in shares) | 2,727,273 | |||
Sale of stock (in dollars per share) | $ 11 | |||
Proceeds from company offering | $ 28,200,003 | |||
Proceeds, before deducting offering costs payable | $ 203,768 | $ 203,768 | ||
Underwriting Offering | Class A Common Stock | ||||
Organization and Nature of Business | ||||
Common stock, par value per share (in dollars per share) | $ 0.001 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) | 12 Months Ended | ||
Aug. 10, 2022 USD ($) $ / shares | Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | |
Class of Stock [Line Items] | |||
Number of operating segments | segment | 1 | ||
Realized gains or losses on marketable securities | $ 0 | $ 0 | |
Allowance for credit loss | 0 | 0 | |
Accounts receivable | 0 | 12,417 | |
Impairment | 0 | ||
Uncertain tax positions | 699,527 | 541,067 | |
Proceeds from public offering of common stock, net of commissions and underwriting | $ 28,200,003 | $ 0 | |
Expected dividend yield | 0% | 0% | |
Goodwill impairments | $ 0 | $ 0 | |
Revenue | Customer Concentration Risk | |||
Class of Stock [Line Items] | |||
Revenue | 0 | ||
Accounts Receivable | Customer Concentration Risk | |||
Class of Stock [Line Items] | |||
Accounts receivable | 0 | ||
Equity Distribution Agreement | Sandler and Co | |||
Class of Stock [Line Items] | |||
Common stock, par value per share (in dollars per share) | $ / shares | $ 0.001 | ||
Proceeds from public offering of common stock, net of commissions and underwriting | $ 50,000,000 | ||
Deferred offering costs | $ 300,000 | $ 300,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Concentration of Credit Risk (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Concentration Risk [Line Items] | ||
Accounts Receivable | $ 0 | $ 12,417 |
Revenue | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Revenue | 0 | |
Revenue | Customer Concentration Risk | Customer #1 | ||
Concentration Risk [Line Items] | ||
Revenue | $ 299,890 | |
Percentage of total | 94.60% | |
Accounts Receivable | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Accounts Receivable | $ 0 | |
Accounts Receivable | Customer Concentration Risk | Customer #1 | ||
Concentration Risk [Line Items] | ||
Accounts Receivable | $ 11,275 | |
Percentage of total | 90.80% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property Plant and Equipment (Details) | Dec. 31, 2023 |
Computer equipment | |
Property and Equipment, net | |
Estimated Useful Lives | 3 years |
Furniture and fixtures | |
Property and Equipment, net | |
Estimated Useful Lives | 5 years |
Lab equipment | |
Property and Equipment, net | |
Estimated Useful Lives | 7 years |
Leasehold improvements | Minimum | |
Property and Equipment, net | |
Estimated Useful Lives | 1 year |
Leasehold improvements | Maximum | |
Property and Equipment, net | |
Estimated Useful Lives | 10 years |
Marketable Securities - Schedul
Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Marketable securities, current | ||
Amortized Cost, Current | $ 26,260,164 | $ 32,918,433 |
Unrealized Gains, Current | 2,619 | 7,946 |
Unrealized Losses, Current | (2,915) | (38,409) |
Fair Value, Current | 26,259,868 | 32,887,970 |
U.S. Treasuries | ||
Marketable securities, current | ||
Amortized Cost, Current | 2,989,460 | 12,986,424 |
Unrealized Gains, Current | 430 | 0 |
Unrealized Losses, Current | 0 | (25,649) |
Fair Value, Current | 2,989,890 | 12,960,775 |
Government securities | ||
Marketable securities, current | ||
Amortized Cost, Current | 15,342,582 | 8,084,107 |
Unrealized Gains, Current | 888 | 1,099 |
Unrealized Losses, Current | (2,902) | (12,021) |
Fair Value, Current | 15,340,568 | 8,073,185 |
Commercial Paper | ||
Marketable securities, current | ||
Amortized Cost, Current | 7,928,122 | 11,847,902 |
Unrealized Gains, Current | 1,301 | 6,847 |
Unrealized Losses, Current | (13) | (739) |
Fair Value, Current | $ 7,929,410 | $ 11,854,010 |
Marketable Securities - Narrati
Marketable Securities - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||
Credit loss related to short-term investments | $ 0 | $ 0 |
Allowance for credit loss | $ 0 | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Cash Equivalents and Marketable Securities (Details) - Recurring - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Total cash equivalents | $ 59,087,308 | $ 23,110,492 |
Total marketable securities | 26,259,868 | 32,887,970 |
Total cash equivalents and marketable securities | 85,347,176 | 55,998,462 |
U.S. Treasuries | ||
Assets: | ||
Total cash equivalents | 3,488,205 | |
Total marketable securities | 2,989,890 | 12,960,775 |
Money market | ||
Assets: | ||
Total cash equivalents | 50,122,883 | 19,118,892 |
Commercial paper | ||
Assets: | ||
Total cash equivalents | 2,494,670 | 1,249,575 |
Total marketable securities | 7,929,410 | 11,854,010 |
Government securities | ||
Assets: | ||
Total cash equivalents | 2,981,550 | 2,742,025 |
Total marketable securities | 15,340,568 | 8,073,185 |
Level 1 | ||
Assets: | ||
Total cash equivalents | 53,611,088 | 19,118,892 |
Total marketable securities | 2,989,890 | 12,960,775 |
Total cash equivalents and marketable securities | 56,600,978 | 32,079,667 |
Level 1 | U.S. Treasuries | ||
Assets: | ||
Total cash equivalents | 3,488,205 | |
Total marketable securities | 2,989,890 | 12,960,775 |
Level 1 | Money market | ||
Assets: | ||
Total cash equivalents | 50,122,883 | 19,118,892 |
Level 1 | Commercial paper | ||
Assets: | ||
Total cash equivalents | 0 | 0 |
Total marketable securities | 0 | 0 |
Level 1 | Government securities | ||
Assets: | ||
Total cash equivalents | 0 | 0 |
Total marketable securities | 0 | 0 |
Level 2 | ||
Assets: | ||
Total cash equivalents | 5,476,220 | 3,991,600 |
Total marketable securities | 23,269,978 | 19,927,195 |
Total cash equivalents and marketable securities | 28,746,198 | 23,918,795 |
Level 2 | U.S. Treasuries | ||
Assets: | ||
Total cash equivalents | 0 | |
Total marketable securities | 0 | 0 |
Level 2 | Money market | ||
Assets: | ||
Total cash equivalents | 0 | 0 |
Level 2 | Commercial paper | ||
Assets: | ||
Total cash equivalents | 2,494,670 | 1,249,575 |
Total marketable securities | 7,929,410 | 11,854,010 |
Level 2 | Government securities | ||
Assets: | ||
Total cash equivalents | 2,981,550 | 2,742,025 |
Total marketable securities | 15,340,568 | 8,073,185 |
Level 3 | ||
Assets: | ||
Total cash equivalents | 0 | 0 |
Total marketable securities | 0 | 0 |
Total cash equivalents and marketable securities | 0 | 0 |
Level 3 | U.S. Treasuries | ||
Assets: | ||
Total cash equivalents | 0 | |
Total marketable securities | 0 | 0 |
Level 3 | Money market | ||
Assets: | ||
Total cash equivalents | 0 | 0 |
Level 3 | Commercial paper | ||
Assets: | ||
Total cash equivalents | 0 | 0 |
Total marketable securities | 0 | 0 |
Level 3 | Government securities | ||
Assets: | ||
Total cash equivalents | 0 | 0 |
Total marketable securities | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | ||
Financial assets classified as Level 3 | $ 0 | $ 0 |
Financial liabilities classified as Level 3 | $ 0 | $ 0 |
Property and Equipment, net - S
Property and Equipment, net - Schedule of Property and Equipment, Net (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Property and Equipment, net | ||
Property and equipment, gross | $ 2,128,875 | $ 1,787,945 |
Accumulated depreciation | (728,293) | (418,337) |
Property and equipment, net | 1,400,582 | 1,369,608 |
Computer equipment | ||
Property and Equipment, net | ||
Property and equipment, gross | 550,861 | 437,346 |
Furniture and fixtures | ||
Property and Equipment, net | ||
Property and equipment, gross | 98,628 | 91,317 |
Lab equipment | ||
Property and Equipment, net | ||
Property and equipment, gross | 1,180,445 | 970,374 |
Leasehold improvements | ||
Property and Equipment, net | ||
Property and equipment, gross | $ 298,941 | $ 288,908 |
Property and Equipment, net - N
Property and Equipment, net - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 322,816 | $ 247,199 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued Liabilities, Current [Abstract] | ||
Accrued professional services | $ 297,160 | $ 297,234 |
Accrued employee expenses | 3,625,911 | 3,631,082 |
Accrued research and development expenses | 1,146,398 | 425,846 |
Accrued other | 104,491 | 146,831 |
Total | $ 5,173,960 | $ 4,500,993 |
Common Stock - Class A Common S
Common Stock - Class A Common Stock (Details) - Class A Common Stock | 12 Months Ended | |
Dec. 31, 2023 Vote $ / shares shares | Dec. 31, 2022 Vote $ / shares shares | |
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, par value per share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 |
Common stock, shares issued (in shares) | 29,271,629 | 26,418,732 |
Common stock, shares outstanding (in shares) | 29,271,629 | 26,418,732 |
Number of votes | Vote | 1 | 1 |
Common Stock - Class B Common S
Common Stock - Class B Common Stock (Details) - Class B Common Stock | 12 Months Ended | |
Dec. 31, 2023 Vote $ / shares shares | Dec. 31, 2022 Vote $ / shares shares | |
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, par value per share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 |
Common stock, shares issued (in shares) | 0 | 0 |
Common stock, shares outstanding (in shares) | 0 | 0 |
Number of votes | Vote | 0 | 0 |
Common Stock - Equity Offerings
Common Stock - Equity Offerings (Details) - USD ($) | 12 Months Ended | |||
Apr. 20, 2023 | Aug. 10, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Class A Common Stock | ||||
Class of Stock [Line Items] | ||||
Common stock, par value per share (in dollars per share) | $ 0.001 | $ 0.001 | ||
At the market offering | ||||
Class of Stock [Line Items] | ||||
Percentage on gross proceeds from common stock sold for sales agent commission | 3% | |||
Deferred offering costs | $ 300,000 | $ 300,000 | ||
Shares sold (in shares) | 0 | 0 | ||
At the market offering | Class A Common Stock | ||||
Class of Stock [Line Items] | ||||
Common stock, par value per share (in dollars per share) | $ 0.001 | |||
Aggregate gross sales proceeds | $ 50,000,000 | |||
Underwriting Offering | ||||
Class of Stock [Line Items] | ||||
Shares sold (in shares) | 2,727,273 | |||
Sale of stock (in dollars per share) | $ 11 | |||
Proceeds from company offering | $ 28,200,003 | |||
Sale of stock, proceeds before deducting offering costs payable | $ 203,768 | $ 203,768 | ||
Underwriting Offering | Class A Common Stock | ||||
Class of Stock [Line Items] | ||||
Common stock, par value per share (in dollars per share) | $ 0.001 | |||
Maximum | ||||
Class of Stock [Line Items] | ||||
Aggregate amount | $ 200,000,000 | |||
Date of effective period | 3 years |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Basic and diluted net loss per share attributable to common stockholders (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Numerator: | ||
Net loss | $ (53,471,622) | $ (50,513,568) |
Denominator - basic and diluted: | ||
Weighted-average common shares outstanding, basic (in shares) | 28,416,558 | 26,386,864 |
Weighted-average common shares outstanding, diluted (in shares) | 28,416,558 | 26,386,864 |
Earnings per share: | ||
Net loss per share, basic (in dollars per share) | $ (1.88) | $ (1.91) |
Net loss per share, diluted (in dollars per share) | $ (1.88) | $ (1.91) |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Common Stockholders - Antidilutive effect (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total shares of common stock equivalents (in shares) | 5,496,397 | 3,559,041 |
Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total shares of common stock equivalents (in shares) | 5,496,397 | 3,559,041 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) | 12 Months Ended | ||
Jul. 23, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 2,411,610 | 1,227,810 | |
Stock-based compensation expense | $ 5,727,135 | $ 4,064,446 | |
Grant date weighted average fair value | $ 5.41 | $ 9.83 | |
Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Shares reserved for future issuance (in shares) | 2,825,173 | ||
Stock-based compensation expense | $ 5,727,135 | $ 4,064,446 | |
Compensation expense remaining to be recognized | $ 11,188,798 | ||
Compensation expense recognized over a weighted-average period | 2 years 6 months 10 days | ||
2021 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future issuance (in shares) | 1,546,979 | ||
2021 Plan | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future issuance (in shares) | 2,590,000 | ||
Aggregate number of shares outstanding (as a percent) | 4% | ||
2021 Plan | Maximum | Class A Common Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 15,350,000 | ||
2021 ESPP | Class A Common Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future issuance (in shares) | 250,000 | 777,389 | |
Aggregate number of shares outstanding (as a percent) | 1% | ||
Granted (in shares) | 0 | ||
2021 ESPP | Maximum | Class A Common Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 3,340,000 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average risk-free interest rate, minimum | 3.46% | 1.35% |
Weighted-average risk-free interest rate, maximum | 4.80% | 4.15% |
Expected dividend yield | 0% | 0% |
Expected volatility, minimum | 64.86% | 64.67% |
Expected volatility, maximum | 70.50% | 78.12% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 5 years | 5 years |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 10 years | 10 years |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock option activity (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Number of Options | ||
Outstanding at the beginning (in shares) | 3,559,041 | |
Granted (in shares) | 2,411,610 | 1,227,810 |
Exercised (in shares) | (125,624) | |
Cancelled (in shares) | (348,630) | |
Outstanding at the end (in shares) | 5,496,397 | 3,559,041 |
Vested and exercisable (in shares) | 2,874,152 | |
Weighted- Average Exercise Price per Share | ||
Weighted Average Exercise Price per Share Outstanding at the beginning (in dollars per share) | $ 7.36 | |
Weighted Average Exercise Price per Share Granted (in dollars per share) | 5.41 | |
Weighted Average Exercise Price per Share Exercised (in dollars per share) | 3.54 | |
Weighted Average Exercise Price per Share Cancelled (in dollars per share) | 8.10 | |
Weighted Average Exercise Price per Share Outstanding at the end (in dollars per share) | 6.54 | $ 7.36 |
Weighted Average Exercise Price per Share Vested and Exercisable (in dollars per share) | $ 5.99 | |
Weighted Average Remaining Contractual Term (in Years) | ||
Weighted Average Remaining Contractual Term (in years) | 7 years 3 months 29 days | |
Weighted Average Remaining Contractual Term, Vested and exercisable (in Years) | 6 years 1 month 28 days | |
Aggregate Intrinsic Value | ||
Aggregate Intrinsic Value Outstanding | $ 11,556,739 | |
Aggregate Intrinsic Value Vested and exercisable | $ 7,377,923 |
Stock-Based Compensation - Shar
Stock-Based Compensation - Share-based compensation expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 5,727,135 | $ 4,064,446 |
Cost of revenue | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 0 | 9,703 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 2,668,710 | 1,978,169 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 3,058,425 | $ 2,076,574 |
Income Taxes - Net loss and the
Income Taxes - Net loss and the effective income tax rate (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of the effect of applying the federal statutory rate to the net loss and the effective income tax rate | ||
Statutory federal income tax rate | 21% | 21% |
State tax, net of federal benefit | (3.20%) | 6.10% |
Permanent differences | (0.90%) | (0.90%) |
Federal research and development credits | 4.10% | 2.30% |
State research and development credits | 0% | 0.20% |
Uncertain tax positions | (0.40%) | (0.30%) |
Other differences | 0.10% | 0.90% |
Change in valuation allowance | (20.70%) | (29.30%) |
Effective income tax rate | 0% | 0% |
Income Taxes - Net deferred tax
Income Taxes - Net deferred tax assets (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Stock-based compensation expense | $ 1,387,849 | $ 1,059,866 |
Research expenses | 16,282,709 | 6,758,291 |
Unrealized losses | 172 | 10,419 |
Accrued Bonus | 602,121 | 0 |
R&D credit carryforward | 6,295,756 | 4,146,850 |
NOL carryforward | 19,095,948 | 20,842,910 |
Gross deferred tax assets | 43,664,555 | 32,818,336 |
Valuation allowance | (43,274,909) | (32,039,948) |
Net deferred tax assets | 389,646 | 778,388 |
Net deferred tax liabilities: | ||
Prepaid expenses deducted for tax | (173,497) | (353,224) |
Right of use | (103,034) | (117,445) |
Tax depreciation in excess of book | (113,115) | (307,719) |
Total deferred tax liabilities | (389,646) | (778,388) |
Net deferred taxes | $ 0 | $ 0 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 22, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance and recognized the income tax benefit | $ 11,234,961 | |||
Uncertain tax positions | 699,527 | $ 541,067 | $ 380,902 | |
Unrecognized tax benefits, income tax penalties and interest accrued | 0 | $ 0 | ||
Domestic Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 75,737,889 | |||
Domestic Tax Authority | Research Tax Credit Carryforward | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax credit carryforward, amount | 5,845,815 | |||
State and Local Jurisdiction | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 42,123,069 | |||
State and Local Jurisdiction | Research Tax Credit Carryforward | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax credit carryforward, amount | $ 1,149,466 | |||
BioArkive Inc | ||||
Operating Loss Carryforwards [Line Items] | ||||
Deferred tax liability | $ 304,485 | |||
Valuation allowance and recognized the income tax benefit | $ 304,485 |
Income Taxes - Unrecognized tax
Income Taxes - Unrecognized tax benefits (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 541,067 | $ 380,902 |
Increase due to current year tax position | 158,460 | 160,165 |
Ending balance | $ 699,527 | $ 541,067 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 22, 2021 USD ($) ft² agreement | Oct. 31, 2020 USD ($) | |
Lessee, Lease, Description [Line Items] | |||||
Right of use asset | $ 3,995,730 | $ 4,407,785 | |||
Decrease in right-of-use asset | $ 347,739 | ||||
Incremental borrowing rate | 6% | ||||
Lease liability | 4,462,959 | ||||
Minimum lease payment due 2024 | $ 732,546 | ||||
Notice period for contract termination | 30 days | ||||
BioArkive Inc | |||||
Lessee, Lease, Description [Line Items] | |||||
Right of use asset | $ 4,824,700 | ||||
Number of lease obligations assumed | agreement | 3 | ||||
Lease liability | $ 4,824,700 | ||||
Lease Termination on April 30, 2032 | |||||
Lessee, Lease, Description [Line Items] | |||||
Area of Property Under Lease | ft² | 38,613 | ||||
Lease Termination on December 31, 2022 | |||||
Lessee, Lease, Description [Line Items] | |||||
Area of Property Under Lease | ft² | 6,100 | ||||
Lease Termination on March 31, 2024 | |||||
Lessee, Lease, Description [Line Items] | |||||
Area of Property Under Lease | ft² | 4,760 | ||||
2020 San Diego Lease | |||||
Lessee, Lease, Description [Line Items] | |||||
Lease term | 67 months | ||||
Right of use asset | $ 637,863 | ||||
Office and Laboratory Space in San Diego California | |||||
Lessee, Lease, Description [Line Items] | |||||
Period of lease modification | 20 months | ||||
Office Space In Cambridge, Massachusetts, New York | |||||
Lessee, Lease, Description [Line Items] | |||||
Minimum lease payment due 2024 | $ 54,340 |
Commitments and Contingencies_2
Commitments and Contingencies - Maturities of the lease liabilities due (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
2024 | $ 732,546 | |
2025 | 739,689 | |
2026 | 761,877 | |
2027 | 784,737 | |
2028 | 808,278 | |
Thereafter | 2,874,231 | |
Total future lease payments | 6,701,358 | |
Less: Imputed interest | 2,238,399 | |
Total lease liabilities | 4,462,959 | |
Current portion lease liabilities | 300,107 | $ 378,723 |
Lease liabilities, noncurrent | $ 4,162,852 | $ 4,462,959 |
Commitments and Contingencies_3
Commitments and Contingencies - Lease cost and contract termination (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lease costs: | ||
Operating lease cost | $ 876,795 | $ 1,002,989 |
Short-term lease cost | 210,902 | 282,775 |
Sublease income | (147,930) | (178,620) |
Total lease costs | 939,767 | 1,107,144 |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | 843,463 | 609,790 |
Operating cash flows from short-term leases | 210,902 | 282,775 |
Total lease Payment | $ 1,054,365 | $ 892,565 |
Weighted-average remaining lease term - operating leases | 8 years 3 months 25 days | 9 years 1 month 28 days |
Weighted-average discount rate - operating leases | 10% | 9.10% |