Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 06, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | ALX ONCOLOGY HOLDINGS INC | |
Entity Central Index Key | 0001810182 | |
Entity File Number | 001-39386 | |
Entity Tax Identification Number | 85-0642577 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 323 Allerton Avenue | |
Entity Address, City or Town | South San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94080 | |
City Area Code | 650 | |
Local Phone Number | 466-7125 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 49,818,812 | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | ALXO | |
Security Exchange Name | NASDAQ | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 19,584 | $ 48,822 |
Short-term investments | 170,425 | 217,385 |
Prepaid expenses and other current assets | 9,062 | 4,762 |
Total current assets | 199,071 | 270,969 |
Property and equipment, net | 3,617 | 3,889 |
Long-term investments | 6,435 | 16,699 |
Other assets | 10,984 | 14,932 |
Total assets | 220,107 | 306,489 |
Current liabilities: | ||
Accounts payable | 13,001 | 8,073 |
Payable and accrued liabilities due to related party | $ 265 | $ 1,650 |
Other Liability, Current, Related Party, Type [Extensible Enumeration] | us-gaap:RelatedPartyMember | us-gaap:RelatedPartyMember |
Accrued expenses and other current liabilities | $ 21,876 | $ 18,602 |
Total current liabilities | 35,142 | 28,325 |
Term loan, non-current | 9,575 | 9,389 |
Other non-current liabilities | 6,638 | 5,311 |
Total liabilities | 51,355 | 43,025 |
Commitments and contingencies (Note 11) | ||
Stockholders’ equity | ||
Common stock, $0.001 par value; 1,000,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 41,151,819 and 40,861,386 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | 41 | 41 |
Additional paid-in capital | 609,737 | 589,735 |
Accumulated other comprehensive loss | (226) | (845) |
Accumulated deficit | (440,800) | (325,467) |
Total stockholders’ equity | 168,752 | 263,464 |
Total liabilities and stockholders’ equity | $ 220,107 | $ 306,489 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 41,151,819 | 40,861,386 |
Common stock, shares outstanding | 41,151,819 | 40,861,386 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating expenses: | ||||
Research and development | $ 45,766 | $ 29,382 | $ 100,011 | $ 73,203 |
General and administrative | 7,509 | 7,299 | 22,244 | 22,014 |
Total operating expenses | 53,275 | 36,681 | 122,255 | 95,217 |
Loss from operations | (53,275) | (36,681) | (122,255) | (95,217) |
Interest income | 2,677 | 1,370 | 7,654 | 2,471 |
Interest expense | (391) | (2) | (1,150) | (7) |
Other income (expense), net | (1) | (7) | 418 | (20) |
Net loss | $ (50,990) | $ (35,320) | $ (115,333) | $ (92,773) |
Net loss per share, basic | $ (1.24) | $ (0.87) | $ (2.82) | $ (2.28) |
Net loss per share, diluted | $ (1.24) | $ (0.87) | $ (2.82) | $ (2.28) |
Weighted-average shares of common stock used to compute net loss per share, basic | 41,147,938 | 40,747,026 | 40,963,015 | 40,684,172 |
Weighted-average shares of common stock used to compute net loss per share, diluted | 41,147,938 | 40,747,026 | 40,963,015 | 40,684,172 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (50,990) | $ (35,320) | $ (115,333) | $ (92,773) |
Other comprehensive gain (loss), net of tax: | ||||
Unrealized gain (loss) on available-for-sale investments | 86 | (248) | 619 | (1,504) |
Total comprehensive loss | $ (50,904) | $ (35,568) | $ (114,714) | $ (94,277) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Balance at Dec. 31, 2021 | $ 363,049 | $ 41 | $ 564,993 | $ (201,985) | |
Balance, shares at Dec. 31, 2021 | 40,587,067 | ||||
Issuance of common stock under equity incentive plans | 185 | 185 | |||
Issuance of common stock under equity incentive plans, shares | 69,565 | ||||
Stock-based compensation | 5,501 | 5,501 | |||
Unrealized gain (loss) on available-for-sale investments | (606) | $ (606) | |||
Net loss | (24,533) | (24,533) | |||
Balance at Mar. 31, 2022 | 343,596 | $ 41 | 570,679 | (606) | (226,518) |
Balance, shares at Mar. 31, 2022 | 40,656,632 | ||||
Balance at Dec. 31, 2021 | 363,049 | $ 41 | 564,993 | (201,985) | |
Balance, shares at Dec. 31, 2021 | 40,587,067 | ||||
Unrealized gain (loss) on available-for-sale investments | (1,504) | ||||
Net loss | (92,773) | ||||
Balance at Sep. 30, 2022 | 286,963 | $ 41 | 583,184 | (1,504) | (294,758) |
Balance, shares at Sep. 30, 2022 | 40,748,290 | ||||
Balance at Mar. 31, 2022 | 343,596 | $ 41 | 570,679 | (606) | (226,518) |
Balance, shares at Mar. 31, 2022 | 40,656,632 | ||||
Issuance of common stock under equity incentive plans | 155 | 155 | |||
Issuance of common stock under equity incentive plans, shares | 44,618 | ||||
Issuance of common stock under employee stock purchase plan | 302 | 302 | |||
Issuance of common stock under employee stock purchase plan, shares | 44,002 | ||||
Stock-based compensation | 5,836 | 5,836 | |||
Unrealized gain (loss) on available-for-sale investments | (650) | (650) | |||
Net loss | (32,920) | (32,920) | |||
Balance at Jun. 30, 2022 | 316,319 | $ 41 | 576,972 | (1,256) | (259,438) |
Balance, shares at Jun. 30, 2022 | 40,745,252 | ||||
Issuance of common stock under equity incentive plans | 5 | 5 | |||
Issuance of common stock under equity incentive plans, shares | 3,038 | ||||
Stock-based compensation | 6,207 | 6,207 | |||
Unrealized gain (loss) on available-for-sale investments | (248) | (248) | |||
Net loss | (35,320) | (35,320) | |||
Balance at Sep. 30, 2022 | 286,963 | $ 41 | 583,184 | (1,504) | (294,758) |
Balance, shares at Sep. 30, 2022 | 40,748,290 | ||||
Balance at Dec. 31, 2022 | 263,464 | $ 41 | 589,735 | (845) | (325,467) |
Balance, shares at Dec. 31, 2022 | 40,861,386 | ||||
Issuance of common stock under equity incentive plans, shares | 1,663 | ||||
Stock-based compensation | 6,351 | 6,351 | |||
Unrealized gain (loss) on available-for-sale investments | 757 | 757 | |||
Net loss | (30,184) | (30,184) | |||
Balance at Mar. 31, 2023 | 240,388 | $ 41 | 596,086 | (88) | (355,651) |
Balance, shares at Mar. 31, 2023 | 40,863,049 | ||||
Balance at Dec. 31, 2022 | 263,464 | $ 41 | 589,735 | (845) | (325,467) |
Balance, shares at Dec. 31, 2022 | 40,861,386 | ||||
Unrealized gain (loss) on available-for-sale investments | 619 | ||||
Net loss | (115,333) | ||||
Balance at Sep. 30, 2023 | 168,752 | $ 41 | 609,737 | (226) | (440,800) |
Balance, shares at Sep. 30, 2023 | 41,151,819 | ||||
Balance at Mar. 31, 2023 | 240,388 | $ 41 | 596,086 | (88) | (355,651) |
Balance, shares at Mar. 31, 2023 | 40,863,049 | ||||
Issuance of common stock under equity incentive plans | 112 | 112 | |||
Issuance of common stock under equity incentive plans, shares | 76,210 | ||||
Issuance of common stock under employee stock purchase plan | 338 | 338 | |||
Issuance of common stock under employee stock purchase plan, shares | 52,920 | ||||
Stock-based compensation | 6,237 | 6,237 | |||
Unrealized gain (loss) on available-for-sale investments | (224) | (224) | |||
Net loss | (34,159) | (34,159) | |||
Balance at Jun. 30, 2023 | 212,692 | $ 41 | 602,773 | (312) | (389,810) |
Balance, shares at Jun. 30, 2023 | 40,992,179 | ||||
Issuance of common stock under equity incentive plans, shares | 159,640 | ||||
Stock-based compensation | 6,964 | 6,964 | |||
Unrealized gain (loss) on available-for-sale investments | 86 | 86 | |||
Net loss | (50,990) | (50,990) | |||
Balance at Sep. 30, 2023 | $ 168,752 | $ 41 | $ 609,737 | $ (226) | $ (440,800) |
Balance, shares at Sep. 30, 2023 | 41,151,819 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating activities | ||
Net loss | $ (115,333) | $ (92,773) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 629 | 237 |
Non-cash lease costs | 920 | 816 |
Stock-based compensation | 19,552 | 17,544 |
Net amortization of premiums and accretion of discounts on investments | (4,606) | (256) |
Accretion of term loan discount and issuance costs | 186 | |
Changes in operating assets and liabilities | ||
Prepaid expenses and other current assets | (4,310) | (2,613) |
Other assets | 4,215 | (267) |
Accounts payable | 4,942 | 2,052 |
Payable and accrued liabilities due to related party | (1,385) | 1,129 |
Accrued expenses and other current liabilities | 6,491 | 6,412 |
Other non-current liabilities | (1,987) | (836) |
Net cash used in operating activities | (90,686) | (68,555) |
Investing activities | ||
Purchase of investments | (171,619) | (315,820) |
Maturities of investments | 234,068 | 70,500 |
Purchase of property and equipment | (1,126) | (1,038) |
Net cash provided by (used in) investing activities | 61,323 | (246,358) |
Financing activities | ||
Proceeds from exercise of stock options under equity incentive plan | 112 | 345 |
Proceeds from issuance of common stock under employee stock purchase plan | 338 | 302 |
Principal payments on finance leases | (325) | (281) |
Net cash provided by financing activities | 125 | 366 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (29,238) | (314,547) |
Cash, cash equivalents and restricted cash at beginning of year | 48,888 | 363,667 |
Cash, cash equivalents and restricted cash at end of period | 19,650 | 49,120 |
Supplemental disclosure of non-cash investing and financing activities | ||
Purchase of property and equipment in accounts payable and accrued expenses | 1,376 | 876 |
Right-of-use asset acquired under operating leases | 4,684 | |
Right-of-use asset acquired under finance leases | 1,187 | |
Reconciliation of cash and cash equivalents and restricted cash: | ||
Cash and cash equivalents | 19,584 | 49,054 |
Restricted cash (included in other assets) | 66 | 66 |
Total cash and cash equivalents and restricted cash | $ 19,650 | $ 49,120 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
ORGANIZATION | (1) ORGANIZATION Organization ALX Oncology Holdings Inc., or the Company, was formed as a Delaware corporation on April 1, 2020, or date of inception. The Company was formed for the purpose of completing the Company’s initial public offering of its common stock and related transactions in order to carry on the business of ALX Oncology Limited. The Company is a clinical-stage immuno-oncology company focused on helping patients fight cancer by developing therapies that block the CD47 checkpoint pathway and bridge the innate and adaptive immune system. The Company's subsidiaries include: ALX Oncology Limited, incorporated in Ireland, and a wholly-owned subsidiary of ALX Oncology Holdings Inc.; ALX Oncology Inc., incorporated in Delaware, and a wholly-owned subsidiary of ALX Oncology Limited; and Alexo International Holdings Limited, incorporated in Malta, and a wholly-owned subsidiary of ALX Oncology Inc. (collectively, the Subsidiaries). As of September 30, 2023, the Company has devoted substantially all of its efforts to the formation and financing of the Company, as well as product development, and has not realized product revenues from its planned principal operations. The Company does not have manufacturing facilities and all manufacturing related activities are contracted out to third-party service providers. Management expects to incur additional losses in the future to conduct product candidate research and development and pre-commercialization activities and recognizes that the Company will likely raise additional capital to fully implement its business plan. The Company intends to raise such capital through the sale of additional equity, debt financings and/or strategic alliances with third parties. However, there can be no assurance that the Company will be successful in acquiring additional funding at levels sufficient to fund its operations or on terms acceptable to the Company. If the Company is unsuccessful in its efforts to raise additional financing, the Company could be required to significantly reduce operating expenses and delay, reduce the scope of or eliminate some of its development programs or its future commercialization efforts, out-license intellectual property rights to its product candidates and sell unsecured assets, or a combination of the above, any of which may have a material adverse effect on the Company’s business, results of operations, financial condition and/or its ability to fund its scheduled obligations on a timely basis or at all. The Company believes that the existing capital resources will be sufficient to fund the projected operating requirements for at least twelve months after the filing date. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | (2) SIGNIFICANT ACCOUNTING POLICIES Basis of Preparation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or U.S. GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or SEC, regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 9, 2023. The condensed consolidated balance sheet as of September 30, 2023 included herein was derived from the audited financial statements as of that date, but does not include all disclosures including notes required by U.S. GAAP. The accompanying condensed consolidated financial statements reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year ending December 31, 2023. Reclassifications Certain amounts in the prior period have been reclassified to conform to the current period presentation. Principles of Consolidation All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, management evaluates its estimates, including, but not limited to, those related to the estimated useful lives of long-lived assets, clinical trial accruals, fair value of assets and liabilities, fair value of investments and stock-based compensation. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. Significant Accounting Policies There have been no new or material changes to the significant accounting policies discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Recent Accounting Pronouncements None. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | (3) FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of the Company’s financial assets and liabilities are determined in accordance with the fair value hierarchy established in ASC 820, Fair Value Measurements and Disclosures. The following table presents the Company’s investments, which consist of cash equivalents and investments classified as available-for-sale investments, that are measured at fair value on a recurring basis by level within the fair value hierarchy as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 Fair Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents Money market funds Level 1 $ 19,103 $ — $ — $ 19,103 Short-term investments U.S. Treasury securities Level 1 61,987 — ( 96 ) 61,891 U.S. government agency securities Level 2 47,668 2 ( 110 ) 47,560 Corporate debt securities Level 2 8,753 1 ( 14 ) 8,740 Commercial paper Level 2 51,474 — — 51,474 Asset-backed securities Level 2 764 — ( 4 ) 760 Long-term investments Corporate debt securities Level 2 6,440 — ( 5 ) 6,435 Total $ 196,189 $ 3 $ ( 229 ) $ 195,963 December 31, 2022 Fair Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents Money market funds Level 1 $ 36,690 $ — $ — $ 36,690 U.S. government agency securities Level 2 3,484 — — 3,484 Short-term investments U.S. Treasury securities Level 1 73,058 3 ( 438 ) 72,623 U.S. government agency securities Level 2 16,227 36 — 16,263 Corporate debt securities Level 2 56,318 — ( 367 ) 55,951 Commercial paper Level 2 62,087 — — 62,087 Asset-backed securities Level 2 10,512 — ( 51 ) 10,461 Long-term investments U.S. Treasury securities Level 1 5,242 2 — 5,244 U.S. government agency securities Level 2 9,760 — ( 15 ) 9,745 Asset-backed securities Level 2 1,725 — ( 15 ) 1,710 Total $ 275,103 $ 41 $ ( 886 ) $ 274,258 The fair value of cash equivalents and available-for-sale investments by classification included in the condensed consolidated balance sheets was as follows as of September 30, 2023 and December 31, 2022 (in thousands): September 30, December 31, 2023 2022 Cash and cash equivalents $ 19,103 $ 40,174 Short-term investments 170,425 217,385 Long-term investments 6,435 16,699 Total $ 195,963 $ 274,258 Cash and cash equivalents in the above table excludes bank account cash of $ 0.5 million and $ 8.6 million as of September 30, 2023 and December 31, 2022, respectively. The fair value of cash equivalents and available-for-sale investments by contractual maturity was as follows as of September 30, 2023 and December 31, 2022 (in thousands): September 30, December 31, 2023 2022 Maturing in one year or less $ 189,528 $ 257,559 Maturing after one year through five years 6,435 16,699 Total $ 195,963 $ 274,258 There were no transfers of financial instruments between the fair value measurement levels during the three months and nine months ended September 30, 2023 and 2022 and there were no financial instruments classified as Level 3 as of September 3 0 , 2023 and 2022. As of September 30, 2023 and December 31, 2022, accrued interest receivable related to the Company’s investments of $ 0.6 million and $ 1.0 million , respectively, was included in prepaid expenses and other current assets on the condensed consolidated balance sheet. As of September 30, 2023, the unrealized losses for available-for-sale investments were non-credit related and the Company does not intend to sell the investments that were in an unrealized loss position, nor does it foresee or project that it will be required to sell those investments before recovery of their amortized costs basis, which may be maturity. As of September 30, 2023 , no allowance for credit losses for the Company’s investments was recorded. As of September 30, 2023 and December 31, 2022, securities with a fair value of $ 2.3 million and zero , respectively, were in a continuous net unrealized loss position for more than 12 months . As of September 30, 2023 , the Company has no t recognized any impairment losses on available-for-sale investments. |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Sep. 30, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
BALANCE SHEET COMPONENTS | (4) BALANCE SHEET COMPONENTS Property and Equipment, Net The following table presents the components of property and equipment, net as of September 30, 2023 and December 31, 2022 (in thousands): September 30, December 31, 2023 2022 Leasehold improvements $ 2,513 $ 2,360 Laboratory equipment 1,570 1,422 Computer hardware and software 400 344 Furniture and fixtures 166 166 Property and equipment, gross 4,649 4,292 Less: accumulated depreciation ( 1,032 ) ( 403 ) Property and equipment, net $ 3,617 $ 3,889 Depreciation was $ 0.2 million and $ 0.1 million for the three months ended September 30, 2023 and 2022, respectively. Depreciation was $ 0.6 million and $ 0.2 million for the nine months ended September 30, 2023 and 2022, respectively. Other Assets The following table presents the components of other assets as of September 30, 2023 and December 31, 2022 (in thousands): September 30, December 31, 2023 2022 Operating lease right-of-use assets $ 5,044 $ 5,626 Long-term prepaid clinical expenses 4,311 7,264 Finance lease right-of-use assets 1,147 298 Long-term prepaid contract manufacturing costs 272 1,456 Other 210 288 Total other assets $ 10,984 $ 14,932 Accrued Expenses and Other Current Liabilities The following table presents the components of accrued expenses and other current liabilities as of September 30, 2023 and December 31, 2022 (in thousands): September 30, December 31, 2023 2022 Accrued contract manufacturing $ 11,576 $ 5,249 Accrued clinical and nonclinical study costs 4,306 5,485 Accrued compensation and related expenses 4,005 3,708 Accrued property and equipment 176 2,110 Other 1,813 2,050 Total accrued expenses and other current liabilities $ 21,876 $ 18,602 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
LEASES | (5) LEASES The Company has non-cancelable operating leases for its offices located in the U.S. As of September 30, 2023 , these leases expire on various dates between 2026 and 2030 . Certain lease agreements include one or more options to renew, with renewal terms that can extend the lease up to two years after expiration. The Company has the right to exercise or forego the lease renewal options. The lease agreements do not contain any material residual value guarantees or material restrictive covenants. The following table presents the maturities and balance sheet information of the Company’s operating lease liabilities as of September 30, 2023 (in thousands, except lease term and discount rate): September 30, 2023 Operating Leases 2023 $ 310 2024 1,267 2025 1,305 2026 1,187 2027 912 Thereafter 2,069 Total lease payments 7,050 Less: imputed interest ( 1,596 ) Total lease liabilities $ 5,454 Lease liabilities: current (i) $ 823 Lease liabilities: non-current (ii) 4,631 Total lease liabilities $ 5,454 Weighted average remaining lease term (in years) 5.6 Weighted average discount rate 8.6 % (i) Current lease liabilities are presented within accrued expenses and other current liabilities on the condensed consolidated balance sheets. (ii) Non-current lease liabilities are presented within other non-current liabilities on the condensed consolidated balance sheets. The following table presents the components of lease costs for the three months and nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Operating lease cost $ 317 $ 320 $ 952 $ 840 Variable lease cost and other, net (i) 128 60 347 203 Short-term lease cost 2 3 8 86 Finance lease cost: Amortization of right-of-use assets 114 112 338 336 Interest 9 2 11 7 Total lease costs $ 570 $ 497 $ 1,656 $ 1,472 (i) The variable lease cost and other, net is comprised primarily of common area maintenance charges for the operating lease, which are dependent on usage. These costs are classified as operating lease expense due to the election to not separate lease and non-lease components. These costs were not included within the measurement of the Company’s operating lease ROU assets and operating lease liabilities. The following table presents the supplemental cash flow disclosures for cash paid for leases for the nine months ended September 30, 2023 and 2022 (in thousands): Nine Months Ended September 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 931 $ 681 Operating cash flows from finance leases $ 3 $ 7 Financing cash flows from finance leases $ 325 $ 281 Right-of-use asset acquired under leases Operating leases $ — $ 4,684 Finance leases $ 1,187 $ — |
Term Loan
Term Loan | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
TERM LOAN | (6) TERM LOAN Oxford Finance and Silicon Valley Bank Loan In October 2022, the Company entered into a loan and security agreement, or the Loan Agreement, with Oxford Finance LLC, Oxford Finance Credit Fund II LP, and Silicon Valley Bank, or SVB, collectively the Lenders, for a secured term loan facility of up to $ 100.0 million. Pursuant to the Loan Agreement, the Company drew an initial loan of $ 10.0 million and has access to draw an additional $ 40.0 million through the end of 2023. The Loan Agreement provides for an additional $ 50.0 million over three tranches, with $ 12.5 million available in each of two tranches based upon the achievement of milestones related to the development of evorpacept and one preclinical product candidate, and $ 25.0 million at the Lenders’ sole discretion. The proceeds of the loans may be used by the Company for working capital and to fund its general business requirements. Additional information regarding our indebtedness is included in our notes to our consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on March 9, 2023. The Company received net proceeds from issuance of the term loan of $ 9.3 million after deducting debt issuance costs of approximately $ 0.7 million. Debt issuance costs were recorded as debt discount on the term loan, offsetting term loan, non-current on the consolidated balance sheet. The debt discount will be amortized over the term of the loan as interest expense using the effective interest method. During the three months and nine months ended September 30, 2023, interest expense incurred in connection with the Loan Agreement was $ 0.3 million and $ 0.8 million , respectively. We had no outstanding debt as of September 30, 2022 and did no t incur interest expense during the three months and nine months ended September 30, 2022. The Company determined that certain loan features were embedded derivatives requiring bifurcation and separate accounting. Those embedded derivatives were bundled together as a single, compound embedded derivative and then bifurcated and accounted for separately from the host contract. As of September 30, 2023, the value of the embedded derivative is not material, but could become material in future periods if an event of default became more probable than is currently estimated. As of September 30, 2023, we were in compliance with all financial reporting covenants under the Loan Agreement. On March 10, 2023, SVB was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation, or FDIC, to act as receiver. The FDIC created Silicon Valley Bridge Bank, N.A., or SVBB, as successor to SVB. First Citizens BancShares, Inc., or First Citizens Bank, acquired SVBB from the FDIC and operates SVBB as Silicon Valley Bank, a division of First Citizens Bank, or SVB-First Citizens. Under the Loan Agreement, 50 % of the funding comes from SVB, one of the three Lenders. Given the SVBB acquisition by First Citizens Bank, the Company expects SVB-First Citizens to continue to fulfill SVB’s obligations under the Loan Agreement. On May 31, 2023, we entered into a second amendment to the Loan Agreement. The primary purpose of the second amendment was to reduce the percentage of the amount required to be held in our collateral account with SVB-First Citizens from 100 % to not less than 50 % of the aggregate dollar value of all our collateral accounts. As of September 30, 2023, the future maturities under the Loan Agreement are as follows (in thousands): September 30, 2023 2023 $ — 2024 — 2025 435 2026 5,217 2027 4,948 Total future maturities 10,600 Less: current portion of term loan — Total term loan, net of current portion 10,600 Less: unamortized debt issuance costs ( 835 ) Less: unaccreted final payment costs ( 190 ) Term loan, non-current, net $ 9,575 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | (7) STOCKHOLDERS’ EQUITY On July 21, 2020, the Company’s amended and restated certificate of incorporation became effective, authorizing 1,000,000,000 shares of common stock, $ 0.001 par value per share, and 100,000,000 shares of undesignated preferred stock, $ 0.001 par value per share. As of September 30, 2023 and December 31, 2022, the Company had 41,151,819 and 40,861,386 shares of common stock outstanding, respectively. Common stock reserved for future issuance as of September 30, 2023 consists of the following: September 30, 2023 Stock options issued and outstanding 9,114,886 Stock options authorized for future issuance 1,147,137 Employee Stock Purchase Plan shares authorized for future issuance 1,095,066 Restricted stock issued and outstanding 1,084,403 Total 12,441,492 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | (8) STOCK-BASED COMPENSATION Amended and Restated 2020 Equity Incentive Plan The Company’s Amended and Restated 2020 Equity Incentive Plan, or the 2020 Plan, serves as the successor to the Company’s 2020 Equity Incentive Plan and provides for the granting of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance units and performance shares. On January 1, 2023, the number of shares available under the 2020 Plan was increased by 1,634,456 shares. Employee Stock Purchase Plan Under the Company’s 2020 Employee Stock Purchase Plan, or the ESPP, eligible employees are entitled to purchase shares of common stock with accumulated payroll deductions. Stock-based Compensation Expenses Total stock-based compensation expense recognized in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Research and development $ 3,728 $ 2,931 $ 10,011 $ 7,696 General and administrative 3,236 3,276 9,541 9,848 Total $ 6,964 $ 6,207 $ 19,552 $ 17,544 |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED-PARTY TRANSACTIONS | (9) RELATED-PARTY TRANSACTIONS The Company has several related-party agreements with Tallac Therapeutics, Inc., or Tallac. The details of these agreements are described in our notes to our consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on March 9, 2023. During the three months and nine months ended September 30, 2023, there were no material changes to these agreements. Tallac Service Agreement In each of the three months ended September 30, 2023 and 2022, the Company recorded $ 0.1 million and $ 0.2 million , respectively, as research and development, or R&D, costs in relation to the research and development services agreement with Tallac, or the Tallac Services Agreement. During the nine months ended September 30, 2023 and 2022, the Company recorded $ 0.3 million and $ 0.6 million , respectively, as R&D costs in relation to the Tallac Services Agreement. Tallac Collaboration Agreement During the three months ended September 30, 2023 and 2022, the Company recorded $ 0.3 million and $ 2.5 million , respectively, as R&D costs in relation to the collaboration agreement with Tallac, or the Tallac Collaboration Agreement. During the nine months ended September 30, 2023 and 2022, the Company recorded $ 1.2 million and $ 6.2 million , respectively, as R&D costs in relation to the Tallac Collaboration Agreement. As of September 30, 2023 and December 31, 2022 , the Company had accrued expenses of $ 0.3 million and $ 1.6 million , respectively, related to the Tallac Collaboration Agreement, which was presented within the payable and accrued liabilities due to related party on the condensed consolidated balance sheets. |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
NET LOSS PER SHARE | (10) NET LOSS PER SHARE The following table sets forth the computation of the basic and diluted net loss per share for the three months and nine months ended September 30, 2023 and 2022 (in thousands, except share and per share data): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Numerator: Net loss $ ( 50,990 ) $ ( 35,320 ) $ ( 115,333 ) $ ( 92,773 ) Denominator: Weighted-average shares of common stock outstanding, basic and diluted 41,147,938 40,747,026 40,963,015 40,684,172 Net loss per share, basic and diluted $ ( 1.24 ) $ ( 0.87 ) $ ( 2.82 ) $ ( 2.28 ) Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods presented as the inclusion of all potential common stock outstanding would have been anti-dilutive. The following outstanding potentially dilutive securities were excluded from the computation of diluted net loss per share for the three months and nine months ended September 30, 2023 and 2022 because including them would have been anti-dilutive: Three and Nine Months Ended September 30, 2023 2022 Stock options issued and outstanding 9,114,886 6,214,107 Restricted stock issued and outstanding 1,084,403 870,399 Employee Stock Purchase Plan estimated shares issuable — 21,775 Total 10,199,289 7,106,281 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | (11) COMMITMENTS AND CONTINGENCIES Guarantees and Indemnifications In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. The Company also has indemnification obligations to its officers and directors for specified events or occurrences, subject to some limits, while they are serving at the Company’s request in such capacities. There have been no claims to date and the Company has director and officer insurance that may enable the Company to recover a portion of any amounts paid for future potential claims. The Company believes the fair value of these indemnification agreements is minimal. Accordingly, the Company has no t recorded any liabilities for these agreements as of September 30, 2023. Contingencies From time to time, the Company may be a party to various claims in the normal course of business. Legal fees and other costs associated with such actions will be expensed as incurred. The Company will assess, in conjunction with its legal counsel, the need to record a liability for litigation and contingencies. Reserve estimates will be recorded when and if it is determined that a loss related matter is both probable and reasonably estimable. As of September 30, 2023 , the Company had no pending or threatened litigation. Other Contractual Obligations and Other Commitments We have other contractual obligations and other commitments from manufacturing and service contracts, which are presented as follows as of September 30, 2023 (in thousands): September 30, 2023 Total 2023 2024-2025 2026-2027 Thereafter Manufacturing and service contracts $ 8,822 $ 4,114 $ 4,652 $ 56 $ — Total $ 8,822 $ 4,114 $ 4,652 $ 56 $ — In November 2015, the Company entered into a Master Service Agreement, or the MSA, with KBI Biopharma, Inc. relating to formulation development, process development and current good manufacturing practices, or cGMP, manufacturing of evorpacept for use in clinical trials on a project basis. The MSA had an initial term of three years with successive one-year renewal periods, which was extended an additional eight years until November 2026, is cancellable upon notice and is non-exclusive. Statements of work under the MSA commit the Company to certain future purchase obligations of approxim ately $ 2.6 million . In addition, the Company has commitments with one other pharmaceutical contract manufacturer, including certain future purchase obligations of approximately $ 6.2 million . These amounts are based on non-cancellable commitments and forecasts that include estimates of future market demand, quantity discounts and manufacturing efficiencies that may impact timing of purchases. The Company enters into contracts in the normal course of business with various third parties for clinical trials, preclinical research studies and testing, manufacturing and other services and products for operating purposes. These contracts generally provide for termination upon notice. Payments due upon cancellation consist only of payments for services provided or expenses incurred, including non-cancellable obligations of the Company’s service providers, up to the date of cancellation. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | (12 ) SUBSEQUENT EVENTS On October 10, 2023, the Company completed an underwitten follow-on public offering and issued an aggregate of 8,663,793 shares of common stock, including the underwriters’ exercise in full of their overallotment option of 1,293,103 shares of common stock, and pre-funded warrants to purchase 1,250,000 shares of common stock at a public offering price of $ 6.38 per share and $ 6.379 per pre-funded warrant. The Company received net proceeds of approximately $ 59.0 million, after deducting underwriting discounts and commissions of $ 3.8 million and other offering-related expenses of $ 0.5 million. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Preparation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or U.S. GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or SEC, regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 9, 2023. The condensed consolidated balance sheet as of September 30, 2023 included herein was derived from the audited financial statements as of that date, but does not include all disclosures including notes required by U.S. GAAP. The accompanying condensed consolidated financial statements reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year ending December 31, 2023. |
Reclassifications | Reclassifications Certain amounts in the prior period have been reclassified to conform to the current period presentation. |
Principles of Consolidation | Principles of Consolidation All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, management evaluates its estimates, including, but not limited to, those related to the estimated useful lives of long-lived assets, clinical trial accruals, fair value of assets and liabilities, fair value of investments and stock-based compensation. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. |
Adopted Accounting Pronouncements | Accounting Pronouncements None. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial Assets Measured at Fair Value on Recurring Basis | The following table presents the Company’s investments, which consist of cash equivalents and investments classified as available-for-sale investments, that are measured at fair value on a recurring basis by level within the fair value hierarchy as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 Fair Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents Money market funds Level 1 $ 19,103 $ — $ — $ 19,103 Short-term investments U.S. Treasury securities Level 1 61,987 — ( 96 ) 61,891 U.S. government agency securities Level 2 47,668 2 ( 110 ) 47,560 Corporate debt securities Level 2 8,753 1 ( 14 ) 8,740 Commercial paper Level 2 51,474 — — 51,474 Asset-backed securities Level 2 764 — ( 4 ) 760 Long-term investments Corporate debt securities Level 2 6,440 — ( 5 ) 6,435 Total $ 196,189 $ 3 $ ( 229 ) $ 195,963 December 31, 2022 Fair Value Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents Money market funds Level 1 $ 36,690 $ — $ — $ 36,690 U.S. government agency securities Level 2 3,484 — — 3,484 Short-term investments U.S. Treasury securities Level 1 73,058 3 ( 438 ) 72,623 U.S. government agency securities Level 2 16,227 36 — 16,263 Corporate debt securities Level 2 56,318 — ( 367 ) 55,951 Commercial paper Level 2 62,087 — — 62,087 Asset-backed securities Level 2 10,512 — ( 51 ) 10,461 Long-term investments U.S. Treasury securities Level 1 5,242 2 — 5,244 U.S. government agency securities Level 2 9,760 — ( 15 ) 9,745 Asset-backed securities Level 2 1,725 — ( 15 ) 1,710 Total $ 275,103 $ 41 $ ( 886 ) $ 274,258 |
Schedule of Fair Value of Available for Sale Investments | The fair value of cash equivalents and available-for-sale investments by classification included in the condensed consolidated balance sheets was as follows as of September 30, 2023 and December 31, 2022 (in thousands): September 30, December 31, 2023 2022 Cash and cash equivalents $ 19,103 $ 40,174 Short-term investments 170,425 217,385 Long-term investments 6,435 16,699 Total $ 195,963 $ 274,258 |
Schedule of Fair Value of Available-for-Sale Investments by Contractual Maturity | The fair value of cash equivalents and available-for-sale investments by contractual maturity was as follows as of September 30, 2023 and December 31, 2022 (in thousands): September 30, December 31, 2023 2022 Maturing in one year or less $ 189,528 $ 257,559 Maturing after one year through five years 6,435 16,699 Total $ 195,963 $ 274,258 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Components of Property and Equipment | The following table presents the components of property and equipment, net as of September 30, 2023 and December 31, 2022 (in thousands): September 30, December 31, 2023 2022 Leasehold improvements $ 2,513 $ 2,360 Laboratory equipment 1,570 1,422 Computer hardware and software 400 344 Furniture and fixtures 166 166 Property and equipment, gross 4,649 4,292 Less: accumulated depreciation ( 1,032 ) ( 403 ) Property and equipment, net $ 3,617 $ 3,889 |
Schedule of Components of Other Assets, Net | The following table presents the components of other assets as of September 30, 2023 and December 31, 2022 (in thousands): September 30, December 31, 2023 2022 Operating lease right-of-use assets $ 5,044 $ 5,626 Long-term prepaid clinical expenses 4,311 7,264 Finance lease right-of-use assets 1,147 298 Long-term prepaid contract manufacturing costs 272 1,456 Other 210 288 Total other assets $ 10,984 $ 14,932 |
Components of Accrued Expenses and Other Current Liabilities | The following table presents the components of accrued expenses and other current liabilities as of September 30, 2023 and December 31, 2022 (in thousands): September 30, December 31, 2023 2022 Accrued contract manufacturing $ 11,576 $ 5,249 Accrued clinical and nonclinical study costs 4,306 5,485 Accrued compensation and related expenses 4,005 3,708 Accrued property and equipment 176 2,110 Other 1,813 2,050 Total accrued expenses and other current liabilities $ 21,876 $ 18,602 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Schedule of Maturities of Operating and Finance Lease Liabilities | The following table presents the maturities and balance sheet information of the Company’s operating lease liabilities as of September 30, 2023 (in thousands, except lease term and discount rate): September 30, 2023 Operating Leases 2023 $ 310 2024 1,267 2025 1,305 2026 1,187 2027 912 Thereafter 2,069 Total lease payments 7,050 Less: imputed interest ( 1,596 ) Total lease liabilities $ 5,454 Lease liabilities: current (i) $ 823 Lease liabilities: non-current (ii) 4,631 Total lease liabilities $ 5,454 Weighted average remaining lease term (in years) 5.6 Weighted average discount rate 8.6 % (i) Current lease liabilities are presented within accrued expenses and other current liabilities on the condensed consolidated balance sheets. (ii) Non-current lease liabilities are presented within other non-current liabilities on the condensed consolidated balance sheets. |
Components of Lease Costs | The following table presents the components of lease costs for the three months and nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Operating lease cost $ 317 $ 320 $ 952 $ 840 Variable lease cost and other, net (i) 128 60 347 203 Short-term lease cost 2 3 8 86 Finance lease cost: Amortization of right-of-use assets 114 112 338 336 Interest 9 2 11 7 Total lease costs $ 570 $ 497 $ 1,656 $ 1,472 (i) The variable lease cost and other, net is comprised primarily of common area maintenance charges for the operating lease, which are dependent on usage. These costs are classified as operating lease expense due to the election to not separate lease and non-lease components. These costs were not included within the measurement of the Company’s operating lease ROU assets and operating lease liabilities. |
Supplemental Cash Flow Disclosures for Cash Paid for Leases | The following table presents the supplemental cash flow disclosures for cash paid for leases for the nine months ended September 30, 2023 and 2022 (in thousands): Nine Months Ended September 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 931 $ 681 Operating cash flows from finance leases $ 3 $ 7 Financing cash flows from finance leases $ 325 $ 281 Right-of-use asset acquired under leases Operating leases $ — $ 4,684 Finance leases $ 1,187 $ — |
Term Loan (Tables)
Term Loan (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Future Maturities Under the Loan Agreement | As of September 30, 2023, the future maturities under the Loan Agreement are as follows (in thousands): September 30, 2023 2023 $ — 2024 — 2025 435 2026 5,217 2027 4,948 Total future maturities 10,600 Less: current portion of term loan — Total term loan, net of current portion 10,600 Less: unamortized debt issuance costs ( 835 ) Less: unaccreted final payment costs ( 190 ) Term loan, non-current, net $ 9,575 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Common Stock Reserved for Future Issuance | Common stock reserved for future issuance as of September 30, 2023 consists of the following: September 30, 2023 Stock options issued and outstanding 9,114,886 Stock options authorized for future issuance 1,147,137 Employee Stock Purchase Plan shares authorized for future issuance 1,095,066 Restricted stock issued and outstanding 1,084,403 Total 12,441,492 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Share-Based Compensation Expense | Total stock-based compensation expense recognized in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Research and development $ 3,728 $ 2,931 $ 10,011 $ 7,696 General and administrative 3,236 3,276 9,541 9,848 Total $ 6,964 $ 6,207 $ 19,552 $ 17,544 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss per Share | The following table sets forth the computation of the basic and diluted net loss per share for the three months and nine months ended September 30, 2023 and 2022 (in thousands, except share and per share data): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Numerator: Net loss $ ( 50,990 ) $ ( 35,320 ) $ ( 115,333 ) $ ( 92,773 ) Denominator: Weighted-average shares of common stock outstanding, basic and diluted 41,147,938 40,747,026 40,963,015 40,684,172 Net loss per share, basic and diluted $ ( 1.24 ) $ ( 0.87 ) $ ( 2.82 ) $ ( 2.28 ) |
Summary of Outstanding Potentially Dilutive Securities Were Excluded from Computation of Diluted Net Loss Per Share | The following outstanding potentially dilutive securities were excluded from the computation of diluted net loss per share for the three months and nine months ended September 30, 2023 and 2022 because including them would have been anti-dilutive: Three and Nine Months Ended September 30, 2023 2022 Stock options issued and outstanding 9,114,886 6,214,107 Restricted stock issued and outstanding 1,084,403 870,399 Employee Stock Purchase Plan estimated shares issuable — 21,775 Total 10,199,289 7,106,281 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Other Contractual Obligations and Other Commitments from Manufacturing and Service Contracts | We have other contractual obligations and other commitments from manufacturing and service contracts, which are presented as follows as of September 30, 2023 (in thousands): September 30, 2023 Total 2023 2024-2025 2026-2027 Thereafter Manufacturing and service contracts $ 8,822 $ 4,114 $ 4,652 $ 56 $ — Total $ 8,822 $ 4,114 $ 4,652 $ 56 $ — |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value assets and liabilities transfers amount | $ 0 | $ 0 | $ 0 | $ 0 | |
Fair value assets transferred into level 3 | 0 | 0 | |||
Fair value assets transferred out of level 3 | 0 | 0 | |||
Fair value liabilities transferred into level 3 | 0 | 0 | |||
Fair value liabilities transferred out of level 3 | 0 | $ 0 | |||
Accrued interest receivable, investment | $ 600,000 | $ 600,000 | $ 1,000,000 | ||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Prepaid Expense and Other Assets, Current | Prepaid Expense and Other Assets, Current | Prepaid Expense and Other Assets, Current | ||
Bank account cash | $ 500,000 | $ 500,000 | $ 8,600,000 | ||
Allowance for credit losses | 0 | 0 | |||
Fair value of securities, continuous unrealized loss position for more than 12 months | $ 2,300,000 | 2,300,000 | $ 0 | ||
Impairment losses on available-for-sale investments | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Schedule of Available for Sale Investments Measured at Fair Value of Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale [Line Items] | ||
Fair Value | $ 195,963 | $ 274,258 |
Fair Value on Recurring Basis | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 196,189 | 275,103 |
Unrealized Gains | 3 | 41 |
Unrealized Losses | (229) | (886) |
Fair Value | 195,963 | 274,258 |
Money Market Funds | Level 1 | Fair Value on Recurring Basis | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 19,103 | 36,690 |
Fair Value | 19,103 | 36,690 |
U.S. Government Agency Securities | Level 2 | Fair Value on Recurring Basis | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 3,484 | |
Fair Value | 3,484 | |
Short Term Investment U.S. Treasury Securities | Level 1 | Fair Value on Recurring Basis | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 61,987 | 73,058 |
Unrealized Gains | 3 | |
Unrealized Losses | (96) | (438) |
Fair Value | 61,891 | 72,623 |
Short Term Investment U.S. Government Agency Securities | Level 2 | Fair Value on Recurring Basis | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 47,668 | 16,227 |
Unrealized Gains | 2 | 36 |
Unrealized Losses | (110) | |
Fair Value | 47,560 | 16,263 |
Short Term Investment Corporate Debt Securities | Level 2 | Fair Value on Recurring Basis | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 8,753 | 56,318 |
Unrealized Gains | 1 | |
Unrealized Losses | (14) | (367) |
Fair Value | 8,740 | 55,951 |
Short Term Investment Commercial Paper | Level 2 | Fair Value on Recurring Basis | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 51,474 | 62,087 |
Fair Value | 51,474 | 62,087 |
Short Term Investment Asset-Backed Securities | Level 2 | Fair Value on Recurring Basis | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 764 | 10,512 |
Unrealized Losses | (4) | (51) |
Fair Value | 760 | 10,461 |
Long Term Investment Corporate Debt Securities | Level 2 | Fair Value on Recurring Basis | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 6,440 | |
Unrealized Losses | (5) | |
Fair Value | $ 6,435 | |
Long Term Investment U.S. Treasury Securities | Level 1 | Fair Value on Recurring Basis | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 5,242 | |
Unrealized Gains | 2 | |
Fair Value | 5,244 | |
Long-term Investment U.S. Government Agency Securities | Level 2 | Fair Value on Recurring Basis | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 9,760 | |
Unrealized Losses | (15) | |
Fair Value | 9,745 | |
Long Term Investment Asset-Backed Securities | Level 2 | Fair Value on Recurring Basis | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | 1,725 | |
Unrealized Losses | (15) | |
Fair Value | $ 1,710 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Schedule of Fair Value of Available for Sale Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available-for-sale investments | $ 195,963 | $ 274,258 |
Cash and Cash Equivalents | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents available for sale | 19,103 | 40,174 |
Short-term Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short term investments available for sale | 170,425 | 217,385 |
Long-term Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Long term investments available for sale | $ 6,435 | $ 16,699 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Schedule of Fair Value of Available-for-sale Investments by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Maturing in one year or less | $ 189,528 | $ 257,559 |
Maturing after one year through five years | 6,435 | 16,699 |
Total available-for-sale investments | $ 195,963 | $ 274,258 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Components of Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 4,649 | $ 4,292 |
Less: accumulated depreciation | (1,032) | (403) |
Property and equipment, net | 3,617 | 3,889 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 2,513 | 2,360 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,570 | 1,422 |
Computer Hardware and Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 400 | 344 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 166 | $ 166 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | ||||
Depreciation | $ 0.2 | $ 0.1 | $ 0.6 | $ 0.2 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Components of Other Assets, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Operating lease right-of-use assets | $ 5,044 | $ 5,626 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total other assets | Total other assets |
Other | $ 210 | $ 288 |
Finance lease right-of-use assets | $ 1,147 | $ 298 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total other assets | Total other assets |
Total other assets | $ 10,984 | $ 14,932 |
Long-term Prepaid Clinical Expenses | ||
Property Plant And Equipment [Line Items] | ||
Long-term prepaid expenses | 4,311 | 7,264 |
Long-term Prepaid Contract Manufacturing Costs | ||
Property Plant And Equipment [Line Items] | ||
Long-term prepaid expenses | $ 272 | $ 1,456 |
Balance Sheet Components - Comp
Balance Sheet Components - Components of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued contract manufacturing | $ 11,576 | $ 5,249 |
Accrued clinical and nonclinical study costs | 4,306 | 5,485 |
Accrued compensation and related expenses | 4,005 | 3,708 |
Accrued property and equipment | 176 | 2,110 |
Other | 1,813 | 2,050 |
Total accrued expenses and other current liabilities | $ 21,876 | $ 18,602 |
Leases - Additional Information
Leases - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2023 | |
Lessee Lease Description [Line Items] | |
Operating lease, description | The Company has non-cancelable operating leases for its offices located in the U.S. As of September 30, 2023, these leases expire on various dates between 2026 and 2030. |
Option to extend term | Certain lease agreements include one or more options to renew, with renewal terms that can extend the lease up to two years after expiration. |
Minimum | |
Lessee Lease Description [Line Items] | |
Lessee operating lease expiration year | 2026 |
Maximum | |
Lessee Lease Description [Line Items] | |
Lessee operating lease expiration year | 2030 |
Lessee operating lease renewal term | 2 years |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Operating and Finance Lease Liabilities (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2023 | $ 310 |
2024 | 1,267 |
2025 | 1,305 |
2026 | 1,187 |
2027 | 912 |
Thereafter | 2,069 |
Total lease payments | 7,050 |
Less: imputed interest | (1,596) |
Operating lease liabilities | 5,454 |
Lease liabilities: current | $ 823 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities and Other Liabilities |
Lease liabilities: non-current | $ 4,631 |
Operating lease, liability, noncurrent, statement of financial position [extensible list] | Other non-current liabilities |
Total lease liabilities | $ 5,454 |
Weighted average remaining lease term (in years) | 5 years 7 months 6 days |
Weighted average discount rate | 8.60% |
Leases - Components of Lease Co
Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||||
Operating lease cost | $ 317 | $ 320 | $ 952 | $ 840 |
Variable lease cost and other, net | 128 | 60 | 347 | 203 |
Short-term lease cost | 2 | 3 | 8 | 86 |
Finance lease cost, Amortization of right-of-use assets | 114 | 112 | 338 | 336 |
Finance lease cost, Interest | 9 | 2 | 11 | 7 |
Total lease costs | $ 570 | $ 497 | $ 1,656 | $ 1,472 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Disclosures for Cash Paid for Leases (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 931 | $ 681 |
Operating cash flows from finance leases | 3 | 7 |
Financing cash flows from finance leases | 325 | 281 |
Right-of-use asset acquired under leases | ||
Operating leases | $ 4,684 | |
Finance leases | $ 1,187 |
Term Loan - Additional Informat
Term Loan - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Mar. 10, 2023 | May 31, 2023 | Oct. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) Lenders | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) Lenders | Sep. 30, 2022 USD ($) | |
Oxford-SVB Loan Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Issuance of term loan | $ 9,300,000 | ||||||
Draw an additional loan | 50,000,000 | ||||||
deduction of debt issuance costs | 700,000 | ||||||
Interest expense | $ 300,000 | $ 800,000 | |||||
Number of lenders | Lenders | 3 | 3 | |||||
SVB | |||||||
Debt Instrument [Line Items] | |||||||
Loan Agreement with Lenders | 50% | ||||||
Term Loan | Oxford-SVB Loan Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Interest expense | $ 0 | $ 0 | |||||
Outstanding debt | $ 0 | $ 0 | |||||
Tranche A | Oxford-SVB Loan Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Issuance of term loan | 10,000,000 | ||||||
Draw an additional loan | 40,000,000 | ||||||
Tranche B | Oxford-SVB Loan Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Available borrowing capacity upon achievement of milestones | 12,500,000 | ||||||
Tranche C | Oxford-SVB Loan Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Available borrowing capacity upon achievement of milestones | 12,500,000 | ||||||
Tranche D | Oxford-SVB Loan Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Available borrowing capacity at lender's discretion | 25,000,000 | ||||||
Maximum | SVB | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of loan agreement amount to be held in collateral account. | 100% | ||||||
Maximum | Secured Term Loan Facility | Oxford-SVB Loan Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Term loan, principal amount | $ 100,000,000 | ||||||
Minimum | SVB | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of loan agreement amount to be held in collateral account. | 50% |
Term Loan - Schedule of Future
Term Loan - Schedule of Future Maturities Under the Loan Agreement (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Long-Term Debt, Fiscal Year Maturity [Abstract] | ||
2025 | $ 435 | |
2026 | 5,217 | |
2027 | 4,948 | |
Total future maturities | 10,600 | |
Less: current portion of term loan | 0 | |
Total term loan, net of current portion | 10,600 | |
Less: unamortized debt issuance costs | (835) | |
Less: unaccreted final payment costs | (190) | |
Term loan, non-current, net | $ 9,575 | $ 9,389 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 | Jul. 21, 2020 |
Class Of Stock [Line Items] | |||
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, par value | $ 0.001 | ||
Common stock, shares outstanding | 41,151,819 | 40,861,386 | |
Undesignated Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized | 100,000,000 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock Reserved for Future Issuance (Details) | Sep. 30, 2023 shares |
Class Of Stock [Line Items] | |
Common stock reserved for future issuance | 12,441,492 |
Stock Options Issued and Outstanding | |
Class Of Stock [Line Items] | |
Common stock reserved for future issuance | 9,114,886 |
Stock Options Authorized for Future Issuance | |
Class Of Stock [Line Items] | |
Common stock reserved for future issuance | 1,147,137 |
Employee Stock Purchase Plan Shares Authorized for Future Issuance | |
Class Of Stock [Line Items] | |
Common stock reserved for future issuance | 1,095,066 |
Restricted Stock Issued and Outstanding | |
Class Of Stock [Line Items] | |
Common stock reserved for future issuance | 1,084,403 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - shares | Jan. 01, 2023 | Sep. 30, 2023 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 12,441,492 | |
2020 Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of additional shares reserved for future issuance | 1,634,456 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 6,964 | $ 6,207 | $ 19,552 | $ 17,544 |
Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 3,728 | 2,931 | 10,011 | 7,696 |
General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 3,236 | $ 3,276 | $ 9,541 | $ 9,848 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||||
Research and development costs | $ 45,766 | $ 29,382 | $ 100,011 | $ 73,203 | |
Accrued expenses due | $ 265 | $ 265 | $ 1,650 | ||
Other Liability, Current, Related Party, Type [Extensible Enumeration] | us-gaap:RelatedPartyMember | us-gaap:RelatedPartyMember | us-gaap:RelatedPartyMember | ||
Research and Development Services Agreement | Tallac Therapeutics | |||||
Related Party Transaction [Line Items] | |||||
Research and development costs | $ 100 | 200 | $ 300 | 600 | |
Collaboration Agreement | Tallac Therapeutics | |||||
Related Party Transaction [Line Items] | |||||
Research and development costs | 300 | $ 2,500 | 1,200 | $ 6,200 | |
Accrued expenses due | $ 300 | $ 300 | $ 1,600 | ||
Other Liability, Current, Related Party, Type [Extensible Enumeration] | us-gaap:RelatedPartyMember | us-gaap:RelatedPartyMember | us-gaap:RelatedPartyMember |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Numerator: | ||||||||
Net loss | $ (50,990) | $ (34,159) | $ (30,184) | $ (35,320) | $ (32,920) | $ (24,533) | $ (115,333) | $ (92,773) |
Denominator: | ||||||||
Weighted-average shares of common stock outstanding, basic | 41,147,938 | 40,747,026 | 40,963,015 | 40,684,172 | ||||
Weighted-average shares of common stock outstanding, diluted | 41,147,938 | 40,747,026 | 40,963,015 | 40,684,172 | ||||
Net loss per share, basic | $ (1.24) | $ (0.87) | $ (2.82) | $ (2.28) | ||||
Net loss per share, diluted | $ (1.24) | $ (0.87) | $ (2.82) | $ (2.28) |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Outstanding Potentially Dilutive Securities Were Excluded from Computation of Diluted Net Loss Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 10,199,289 | 7,106,281 | 10,199,289 | 7,106,281 |
Stock Options Issued and Outstanding | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 9,114,886 | 6,214,107 | 9,114,886 | 6,214,107 |
Restricted Stock Issued and Outstanding | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 1,084,403 | 870,399 | 1,084,403 | 870,399 |
Employee Stock Purchase Plan Estimated Shares Issuable | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 21,775 | 21,775 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 1 Months Ended | |
Nov. 30, 2015 USD ($) | Sep. 30, 2023 USD ($) Litigation | |
Commitments And Contingencies [Line Items] | ||
Guarantee obligations | $ 8,822,000 | |
Future purchase obligations | $ 8,822,000 | |
Number of pending or threatened litigation | Litigation | 0 | |
Master Service Agreement | ||
Commitments And Contingencies [Line Items] | ||
Initial term of agreement | 3 years | |
Renewal periods of agreement | 1 year | |
Future purchase obligations | $ 2,600,000 | |
Other Pharmaceutical Manufacturing Contract | ||
Commitments And Contingencies [Line Items] | ||
Future purchase obligations | $ 6,200,000 | |
Indemnification Agreement | ||
Commitments And Contingencies [Line Items] | ||
Guarantee obligations | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Other Contractual Obligations and Other Commitments from Manufacturing and Service Contracts (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Manufacturing and service contracts, Total | $ 8,822 |
Manufacturing and service contracts, 2023 (remaining three months) | 4,114 |
Manufacturing and service contracts, 2024 - 2025 | 4,652 |
Manufacturing and service contracts, 2026 - 2027 | 56 |
Contractual Obligation, Total | 8,822 |
Contractual Obligation, 2023 (remaining three months) | 4,114 |
Contractual Obligation, 2024 - 2025 | 4,652 |
Contractual Obligation, 2026 - 2027 | $ 56 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event [Member] $ / shares in Units, $ in Millions | Oct. 10, 2023 USD ($) $ / shares shares |
Over-Allotment Option | Common Stock | |
Subsequent Event [Line Items] | |
Shares issued | shares | 1,293,103 |
Underwitten Follow-on Public Offering | |
Subsequent Event [Line Items] | |
Net proceeds received | $ | $ 59 |
Underwitten Follow-on Public Offering | Common Stock | |
Subsequent Event [Line Items] | |
Shares issued | shares | 8,663,793 |
Offering price per share | $ / shares | $ 6.38 |
Underwriting discounts and commissions paid | $ | $ 3.8 |
Payment for offering related expense | $ | $ 0.5 |
Underwitten Follow-on Public Offering | Pre-funded Warrants | |
Subsequent Event [Line Items] | |
Warrants to purchase Shares of common stock | shares | 1,250,000 |
Offering price per share | $ / shares | $ 6.379 |