Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 01, 2023 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity Registrant Name | Sigilon Therapeutics, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 001-39746 | |
Entity Tax Identification Number | 47-4005543 | |
Entity Address, Address Line One | 100 Binney Street, Suite 600 | |
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 | 336-7540 | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | SGTX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,514,498 | |
Entity Central Index Key | 0001821323 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 19,621 | $ 42,066 |
Marketable securities | 15,279 | 27,560 |
Accounts receivable | 4,495 | 2,171 |
Unbilled accounts receivable | 2,363 | 1,287 |
Prepaid expenses and other current assets | 2,860 | 1,077 |
Restricted cash, current portion | 250 | 250 |
Total current assets | 44,868 | 74,411 |
Property and equipment, net | 2,589 | 2,854 |
Rightofuse assets | 7,062 | 8,979 |
Restricted cash | 1,040 | 1,034 |
Total assets | 55,559 | 87,278 |
Current liabilities: | ||
Accounts payable | 1,110 | 936 |
Accrued expenses and other current liabilities | 5,835 | 6,021 |
Lease liabilities, current portion | 4,523 | 4,485 |
Current portion of longterm debt | 6,667 | |
Deferred revenue from related party, current portion | 13,779 | 12,885 |
Total current liabilities | 25,247 | 30,994 |
Lease liability, net of current portion | 2,865 | 4,888 |
Longterm debt, net of discount and current portion | 12,021 | |
Other liabilities | 233 | |
Total liabilities | 28,112 | 48,136 |
Commitments and contingencies (Note 9) | ||
Stockholders' equity | ||
Common stock, par value $0.001 per share; 175,000,000 shares authorized at June 30, 2023 and December 31, 2022; 2,502,084 and 2,497,429 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 3 | 3 |
Preferred stock, par value $0.001 per share; 25,000,000 shares authorized at June 30, 2023 and December 31, 2022; no shares issued and outstanding at June 30, 2023 and December 31, 2022 | ||
Additional paid-in capital | 299,305 | 296,368 |
Accumulated other comprehensive loss | (177) | (429) |
Accumulated deficit | (271,684) | (256,800) |
Total stockholders' equity | 27,447 | 39,142 |
Total liabilities and stockholders' equity | $ 55,559 | $ 87,278 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Condensed Consolidated Balance Sheets | ||
Common stock par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 175,000,000 | 175,000,000 |
Common stock, shares issued (in shares) | 2,502,084 | 2,497,429 |
Common stock, shares outstanding (in shares) | 2,502,084 | 2,497,429 |
Preferred Stock par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue | ||||
Collaboration revenue | $ 5,900 | $ 2,883 | $ 10,758 | $ 6,048 |
Operating expenses: | ||||
Research and development | 7,451 | 11,877 | 15,233 | 23,495 |
General and administrative | 5,884 | 5,042 | 10,207 | 10,066 |
Total operating expenses | 13,335 | 16,919 | 25,440 | 33,561 |
Loss from operations | (7,435) | (14,036) | (14,682) | (27,513) |
Other income (expense), net: | ||||
Interest income | 433 | 178 | 909 | 242 |
Interest expense | (310) | (543) | (921) | (1,034) |
Other income, net | 81 | 55 | 85 | 100 |
Loss on extinguishment from debt | (275) | (275) | ||
Total other income (expense), net | (71) | (310) | (202) | (692) |
Net loss attributable to ordinary shareholders | $ (7,506) | $ (14,346) | $ (14,884) | $ (28,205) |
Net loss per share attributable to common stockholders-basic (in dollars per share) | $ (3) | $ (5.76) | $ (5.95) | $ (11.32) |
Net loss per share attributable to common stockholders-diluted (in dollars per share) | $ (3) | $ (5.76) | $ (5.95) | $ (11.32) |
Weighted average common stock outstanding-basic (in shares) | 2,501,900 | 2,492,251 | 2,499,701 | 2,490,779 |
Weighted average common stock outstanding-diluted (in shares) | 2,501,900 | 2,492,251 | 2,499,701 | 2,490,779 |
Other comprehensive gain (loss) | ||||
Unrealized gain (loss) on marketable debt securities | $ 96 | $ (167) | $ 252 | $ (546) |
Total other comprehensive gain (loss) | 96 | (167) | 252 | (546) |
Total comprehensive loss | $ (7,410) | $ (14,513) | $ (14,632) | $ (28,751) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stock and Stockholders' Equity - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total |
Beginning balance at Dec. 31, 2021 | $ 3 | $ 290,406 | $ (10) | $ (213,239) | $ 77,160 |
Beginning balance (in shares) at Dec. 31, 2021 | 2,489,222 | ||||
Issuance of common stock upon exercise of stock options | 1 | 1 | |||
Issuance of common stock upon exercise of stock options (in shares) | 64 | ||||
Issuance of ESPP shares | 47 | 47 | |||
Issuance of ESPP shares (in shares) | 2,963 | ||||
Stockbased compensation expense | 1,618 | 1,618 | |||
Unrealized gain on marketable debt securities | (379) | (379) | |||
Net loss | (13,859) | (13,859) | |||
Ending balance at Mar. 31, 2022 | $ 3 | 292,072 | (389) | (227,098) | 64,588 |
Ending balance (in shares) at Mar. 31, 2022 | 2,492,249 | ||||
Beginning balance at Dec. 31, 2021 | $ 3 | 290,406 | (10) | (213,239) | 77,160 |
Beginning balance (in shares) at Dec. 31, 2021 | 2,489,222 | ||||
Net loss | (28,205) | ||||
Ending balance at Jun. 30, 2022 | $ 3 | 293,803 | (556) | (241,444) | 51,806 |
Ending balance (in shares) at Jun. 30, 2022 | 2,492,249 | ||||
Beginning balance at Dec. 31, 2021 | $ 3 | 290,406 | (10) | (213,239) | 77,160 |
Beginning balance (in shares) at Dec. 31, 2021 | 2,489,222 | ||||
Net loss | (43,600) | ||||
Ending balance at Dec. 31, 2022 | $ 3 | 296,368 | (429) | (256,800) | 39,142 |
Ending balance (in shares) at Dec. 31, 2022 | 2,497,429 | ||||
Beginning balance at Mar. 31, 2022 | $ 3 | 292,072 | (389) | (227,098) | 64,588 |
Beginning balance (in shares) at Mar. 31, 2022 | 2,492,249 | ||||
Stockbased compensation expense | 1,731 | 1,731 | |||
Unrealized gain on marketable debt securities | (167) | (167) | |||
Net loss | (14,346) | (14,346) | |||
Ending balance at Jun. 30, 2022 | $ 3 | 293,803 | (556) | (241,444) | 51,806 |
Ending balance (in shares) at Jun. 30, 2022 | 2,492,249 | ||||
Beginning balance at Dec. 31, 2022 | $ 3 | 296,368 | (429) | (256,800) | 39,142 |
Beginning balance (in shares) at Dec. 31, 2022 | 2,497,429 | ||||
Issuance of ESPP shares | 25 | 25 | |||
Issuance of ESPP shares (in shares) | 4,467 | ||||
Stockbased compensation expense | 1,349 | 1,349 | |||
Unrealized gain on marketable debt securities | 156 | 156 | |||
Net loss | (7,378) | (7,378) | |||
Ending balance at Mar. 31, 2023 | $ 3 | 297,742 | (273) | (264,178) | 33,294 |
Ending balance (in shares) at Mar. 31, 2023 | 2,501,896 | ||||
Beginning balance at Dec. 31, 2022 | $ 3 | 296,368 | (429) | (256,800) | $ 39,142 |
Beginning balance (in shares) at Dec. 31, 2022 | 2,497,429 | ||||
Issuance of common stock upon exercise of stock options (in shares) | 188 | ||||
Net loss | $ (14,884) | ||||
Ending balance at Jun. 30, 2023 | $ 3 | 299,305 | (177) | (271,684) | 27,447 |
Ending balance (in shares) at Jun. 30, 2023 | 2,502,084 | ||||
Beginning balance at Mar. 31, 2023 | $ 3 | 297,742 | (273) | (264,178) | 33,294 |
Beginning balance (in shares) at Mar. 31, 2023 | 2,501,896 | ||||
Issuance of common stock upon exercise of stock options | 4 | 4 | |||
Issuance of common stock upon exercise of stock options (in shares) | 188 | ||||
Stockbased compensation expense | 1,559 | 1,559 | |||
Unrealized gain on marketable debt securities | 96 | 96 | |||
Net loss | (7,506) | (7,506) | |||
Ending balance at Jun. 30, 2023 | $ 3 | $ 299,305 | $ (177) | $ (271,684) | $ 27,447 |
Ending balance (in shares) at Jun. 30, 2023 | 2,502,084 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (14,884) | $ (28,205) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization expense | 625 | 633 |
Gain on disposal of fixed assets | (10) | (20) |
Stockbased compensation expense | 2,908 | 3,349 |
Noncash lease expense | 1,917 | 2,114 |
Noncash interest expense | 77 | 140 |
Loss on debt extinguishment | 275 | |
Amortization of (discount) premium on marketable securities | (39) | 45 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (2,324) | 36 |
Unbilled accounts receivable | (1,076) | |
Prepaid expenses and other current assets | (1,782) | (873) |
Accounts payable | 205 | (1,095) |
Accrued expenses and other current liabilities | (126) | (2,374) |
Other liabilities | (233) | 281 |
Lease liabilities | (1,985) | (2,256) |
Deferred revenue | 894 | (6,044) |
Net cash used in operating activities | (15,558) | (34,269) |
Cash flows from investing activities: | ||
Purchases of marketable securities | (6,892) | (41,040) |
Proceeds from maturities of marketable securities | 19,464 | 3,000 |
Purchase of property and equipment | (490) | (506) |
Proceed from the sale of fixed assets | 48 | 169 |
Net cash provided by (used in) investing activities | 12,130 | (38,377) |
Cash flows from financing activities: | ||
Repayment of debt | (19,040) | |
Proceeds from the exercise of common stock options and employee equity plans | 29 | 48 |
Net cash (used in) provided by financing activities | (19,011) | 48 |
Net decrease in cash, cash equivalents and restricted cash | (22,439) | (72,598) |
Cash, cash equivalents and restricted cash at beginning of period | 43,350 | 108,511 |
Cash, cash equivalents and restricted cash at end of period | 20,911 | 35,913 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 841 | 888 |
Supplemental disclosures of noncash investing and financing activities: | ||
Gain on trade-in of fixed assets | 40 | |
Sale of property and equipment in prepaid expenses and other current assets | 1 | |
Purchases of property and equipment included in accounts payable and accrued expenses | $ 21 | 5 |
Right-of-use assets obtained in exchange for lease liabilities | $ 68 |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Nature of the Business and Basis of Presentation | |
Nature of the Business and Basis of Presentation | 1. Nature of the Business and Basis of Presentation Sigilon Therapeutics, Inc. (the “Company” or “Sigilon”) is a preclinical stage biotechnology company pioneering a new class of therapeutics and seeking to develop functional cures for patients with a wide range of diseases by providing stable and durable levels of therapeutic molecules to patients. The Company was incorporated on May 14, 2015 under the laws of the State of Delaware. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, the successful completion of research and development, development by competitors of new technological innovations, dependence on key personnel, protection of technology, compliance with government regulations, and the ability to secure additional capital to fund operations and commercial success of its product candidates. Since its inception, the Company has devoted substantially all of its efforts to raising capital, obtaining financing, and incurring research and development costs related to advancing its biomedical platform. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. Proposed Acquisition by Eli Lilly and Company On June 28, 2023, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Eli Lilly and Company, an Indiana corporation (“Lilly”), and Lilly’s wholly owned subsidiary, Shenandoah Acquisition Corporation, a Delaware corporation (the “Purchaser”). Pursuant to the Merger Agreement, and upon the terms and subject to the conditions thereof, Purchaser will commence a tender offer (the “Offer”) to purchase any and all of the issued and outstanding shares (the “Shares”) of common stock, par value $0.001 per share (the “Common Stock”), of the Company in exchange for (a) $14.92 per Share, net to the stockholder in cash, without interest (the “Closing Amount”), plus (b) one contingent value right per Share (each, a “CVR”), which represents the contractual right to receive up to three contingent payments for an aggregate of up to $111.64 per CVR, net to the stockholder in cash, without interest and less any tax withholding, upon the achievement of certain specified milestones. Following the consummation of the Offer and the satisfaction or waiver of certain conditions as set forth in the Merger Agreement, Purchaser will be merged with and into us, or the Merger, without a meeting of our stockholders in accordance with Section 251(h) of the General Corporation Law of the State of Delaware, and we will be the surviving corporation and a wholly owned subsidiary of Lilly. As a result of the Merger, we will cease to be a publicly traded company. The obligation of Lilly and Purchaser to consummate the Offer is subject to various conditions, including, among others, that there be validly tendered and not validly withdrawn prior to the expiration of the Offer a number of Shares that, together with the number of Shares, if any, then owned beneficially by Lilly and Purchaser (together with their wholly owned subsidiaries) would represent a majority of the Shares outstanding as of the consummation of the Offer, or the Minimum Tender Condition. The Minimum Tender Condition may not be waived by Purchaser without our prior written consent. In addition, the obligation of Purchaser to consummate the Offer is conditioned upon, among other things, the accuracy of the representations and warranties of the Company (subject to certain materiality exceptions), material compliance by the Company with its covenants under the Merger Agreement, and other customary closing conditions. Consummation of the Offer is not subject to a financing condition. The Merger Agreement includes customary representations, warranties and covenants. We have agreed, among other things, to use commercially reasonable efforts to operate our business in the ordinary course until the time at which the Purchaser irrevocably accepts for purchase all Shares validly tendered (and not validly withdrawn) pursuant to the Offer and not to engage in specified types of transactions during such period. We have also agreed to customary non-solicitation restrictions, including not to initiate, solicit, knowingly facilitate or engage in discussions with third parties regarding other proposals for alternative business combination transactions involving us or change the recommendation of our Board of Directors to our stockholders regarding the Offer, in each case, except as otherwise permitted by the Merger Agreement, including to enter into an alternative transaction that constitutes a Superior Proposal (as defined in the Merger Agreement) in compliance with our Board’s fiduciary duties under applicable law and subject to payment of a termination fee. The Merger Agreement also contains customary termination provisions for both Lilly and us and, under certain circumstances, may require us to pay Lilly a termination fee of $1.3 million. Basis of Presentation The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with (i) U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and (ii) the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, such financial statements do not include all the information and footnotes required by U.S. GAAP for a complete set of financial statements. In the opinion of management, the Unaudited Condensed Financial Statements include all adjustments, consisting of normal recurring accruals and other adjustments, considered necessary for a fair statement of the Company’s financial position, results of operations, stockholders’ equity and cash flows as of and for the periods presented. The accompanying Condensed Consolidated Balance Sheet as of December 31, 2022 was derived from the Company’s audited financial statements at that date but does not include all of the footnote disclosures required by U.S. GAAP. The Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited financial statements and related notes included in its Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”). The Company’s significant accounting policies are described in Note 2 to the Notes to Financial Statements in the 2022 Form 10-K and are updated, as necessary, in subsequent Form 10-Q filings. Reverse Stock Split On May 22, 2023, the Company effected a 1-for-13 reverse stock split of the Company’s issued and outstanding common stock. All shares, stock options, warrants and per share information presented in the financial statements have been adjusted to reflect the reverse stock split on a retroactive basis for all periods presented. There was no change in the par value and authorized number of shares of the Company’s common stock as part of the reverse stock split. Going Concern The Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. From its inception through June 30, 2023, the Company has funded its operations primarily with proceeds from its initial public offering, sales of convertible preferred stock, payments received under its collaboration agreement and proceeds from borrowings under loan and security agreements. The Company has incurred recurring losses since inception, including net losses of $7.5 million and $14.9 million for the three and six months ended June 30, 2023, respectively, and $43.6 million for the year ended December 31, 2022. In addition, as of June 30, 2023, the Company had an accumulated deficit of $271.7 million. The Company expects to generate significant losses and negative cash flows from operations for the foreseeable future. Based on its current operating plans, the Company believes its cash, cash equivalents and marketable securities of $34.9 million as of June 30, 2023 will be sufficient to fund its anticipated level of operations and capital expenditures for a period of at least 12 months from the issuance date of this Quarterly Report. In the event that the proposed acquisition by Eli Lilly and Company as described in Note 1 is not consummated, the Company will seek additional funding through equity financings, debt financing, or additional collaboration agreements. If the Company is unable to raise additional funds through equity financing, debt financings or additional collaboration agreements the Company may be required to delay, limit, reduce or terminate product development or future commercialization efforts or grant rights to develop and market products or product candidates that the Company would otherwise prefer to develop and market itself. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Estimates and assumptions reflected in these financial statements include, but are not limited to, revenue recognition, research and development expenses and stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions. Concentration of Credit Risk and of Significant Suppliers The financial instruments that potentially subject the Company to concentrations of credit risk are cash and accounts receivable. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. As of June 30, 2023 and December 31, 2022, 100% of the Company’s receivables were related to the Company’s collaboration agreements with Eli Lilly and Company (Note 8). The Company is dependent on third-party manufacturers to supply certain products for research and development activities in its programs. The Company currently has a supplier of certain raw materials that would be considered a sole supplier. If the Company cannot access additional suppliers or secure sufficient inventory of these raw materials, its programs could be adversely affected by an interruption in the availability of these raw materials. 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. |
Fair Value Measurements and mar
Fair Value Measurements and marketable securities | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Measurements and marketable securities | |
Fair Value Measurements and marketable securities | 3. Fair Value Measurements and marketable securities Value Measurements The following tables present information about the Company’s financial assets that have been measured at fair value as of June 30, 2023 and indicate the fair value of the hierarchy of the valuation inputs utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair value determined by Level 2 inputs utilize observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted market prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. During the six months ended June 30, 2023, there were no transfers between Level 1 and Level 2 The following table summarizes the Company’s cash equivalents and marketable securities as of June 30, 2023 and December 31, 2022 (in thousands): Fair value measurements as of June 30, 2023 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 13,437 $ — $ — $ 13,437 U.S. Treasuries — 2,969 — 2,969 Total cash equivalents 13,437 2,969 — 16,406 Marketable securities Corporate bonds — 8,332 — 8,332 U.S. Treasuries — 6,947 — 6,947 Total marketable securities — 15,279 — 15,279 Total $ 13,437 $ 18,248 $ — $ 31,685 Fair value measurements as of December 31, 2022 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 29,310 $ — $ — $ 29,310 Commercial paper — 1,994 — 1,994 U.S. Government Agencies — 4,999 — 4,999 Total cash equivalents 29,310 6,993 — 36,303 Marketable securities Corporate bonds — 21,594 — 21,594 Commercial paper — 1,738 — 1,738 U.S. Government Agencies — 1,235 — 1,235 U.S. Treasuries — 2,993 — 2,993 Total marketable securities — 27,560 — 27,560 Total $ 29,310 $ 34,553 $ — $ 63,863 Marketable Securities The following tables summarizes the Company’s available-for-sale marketable debt securities as of June 30, 2023 and December 31, 2022 (in thousands): Fair value measurements as of June 30, 2023 Gross Gross Amortized Unrealized Unrealized Credit Cost Gains Losses Losses Total Corporate bonds $ 8,507 $ — $ (175) $ — $ 8,332 U.S. Treasuries 6,948 — (1) — 6,947 Total $ 15,455 $ — $ (176) $ — $ 15,279 Fair value measurements as of December 31, 2022 Gross Gross Amortized Unrealized Unrealized Credit Cost Gains Losses Losses Total Corporate bonds $ 21,994 $ — $ (400) $ — $ 21,594 Commercial paper 1,743 — (5) — 1,738 U.S. Government Agencies 1,248 — (13) — 1,235 U.S. Treasuries 2,999 — (6) — 2,993 Total $ 27,984 $ — $ (424) $ — $ 27,560 The unrealized losses at June 30, 2023 and December 31, 2022 were attributed to changes in interest rates and unrealized losses do not represent credit losses. The following table summarizes the Company’s available-for-sale marketable debt securities by contractual maturity as of June 30, 2023 and December 31, 2022 (in thousands): June 30, December 31, 2023 2022 Maturities in one year or less $ 7,436 $ 23,231 Maturities between one and two years 7,843 4,329 Total $ 15,279 $ 27,560 The carrying value of the Company’s long-term debt approximates its fair value at December 31, 2022 because the debt bears interest at a variable market rate and the Company’s credit risk has not materially changed since the inception of the agreement. As of June 30, 2023 and December 31, 2022 the Company did not have any other financial assets and liabilities that were measured at fair value on a recurring basis. |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2023 | |
Property and Equipment, Net | |
Property and Equipment, Net | 4. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): June 30, December 31, 2023 2022 Laboratory equipment $ 6,191 $ 6,301 Leasehold improvements 78 78 Furniture and fixtures 620 620 Computers and software 273 177 7,162 7,176 Less: Accumulated depreciation and amortization (4,573) (4,322) Total property and equipment, net $ 2,589 $ 2,854 Depreciation and amortization expense for the three months ended June 30, 2023 and 2022 was $0.3 million, and for the six months ended June 30, 2023 and 2022 was $0.6 million. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Accrued Expenses and Other Current Liabilities | |
Accrued Expenses and Other Current Liabilities | 5. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, December 31, 2023 2022 Employee compensation and benefits $ 2,842 $ 4,243 External research and development costs 585 817 Legal and professional fees 2,379 714 Interest on long-term debt — 195 Other 29 52 Total accrued expenses and other current liabilities $ 5,835 $ 6,021 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt | |
Debt | 6. Debt The following discussion of the Company’s debt should be read in conjunction with Note 6 to the Notes to the Consolidated Financial Statements in the 2022 Form 10-K. As of December 31, 2022, long-term debt consisted of the following (in thousands): December 31, 2022 Principal amount of long-term debt $ 18,333 Less: Current portion of long-term debt (6,667) Long-term debt, net of current portion 11,666 Final debt payment liability 700 Debt discount, net of accretion (345) Long-term debt, net of discount and current portion $ 12,021 As of December 31, 2022, the interest rate applicable to borrowings under the loan and security agreement with Oxford Finance LLC (the “2020 Credit Facility”) was 12.4% and the Company was in full compliance with all financial covenants of the 2020 Credit Facility. On May 19, 2023, the Company voluntarily repaid all outstanding principal, accrued and unpaid interest, fees, costs and expenses, equal to $16.4 million in the aggregate (the “Payoff Amount”), under the 2020 Credit Facility. The Payoff Amount included a final payment charge of 3.5% of the original principal amount of the term loan that was funded. Upon receipt by the Oxford Finance LLC of the Payoff Amount on May 19, 2023, all obligations, covenants, debts and liabilities of the Company under the 2020 Credit Facility were satisfied and discharged in full, and the 2020 Credit Facility and all other obligations of the Company under the 2020 Credit Facility were terminated. |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Stock Based Compensation | |
Stock Based Compensation | 7. Stock Based Compensation The Company uses stock options to provide long-term incentives to its employees, non-employee directors and certain consultants. The Company has two equity compensation plans under which awards are currently authorized for issuance: the 2020 Employee Stock Purchase Plan and the 2020 Equity Incentive Plan. The Company also has outstanding stock-based awards under its 2016 Equity Incentive Plan but is no longer granting awards under this plan. As of June 30, 2023, there were 126,557 shares available for issuance under the 2020 Equity Incentive Plan and 86,145 shares available for issuance under the 2020 Employee Stock Purchase Plan. The fair value of each option is estimated on the date of grant using the Black-Scholes option-pricing model. The Company was a private company prior to the initial public offering and lacked company-specific historical and implied volatility information for its stock. Therefore, it estimates its expected stock price 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 traded stock price. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The expected term of options granted to non-employees is equal to the contractual term of the option award. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. The expected dividend yield of 0% is based on the fact that the Company has never paid cash dividends on common stock and does not expect to pay any cash dividends in the foreseeable future. The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted to employees and directors: Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Risk-free interest rate 3.65 % 2.61 % 4.05 % 1.69 % Expected dividend yield 0.00 % 0.00 % 0.00 % 0.00 % Expected term (in years) 5.8 5.9 6.1 6.0 Expected volatility 98.02 % 83.87 % 95.14 % 84.25 % Stock Option Activity The following table summarizes the Company’s stock option activity since December 31, 2022: Weighted average Weighted remaining Aggregate Number of average contractual term intrinsic value options exercise price (in years) (in thousands) Balances at December 31, 2022 377,749 $ 86.19 7.8 $ — Options granted 140,529 14.00 Options cancelled (24,323) 47.96 Options exercised (188) 19.24 Outstanding and expected to vest at June 30, 2023 493,767 67.53 7.9 1,752 Exercisable at June 30, 2023 214,592 $ 91.88 6.4 $ 269 The aggregate intrinsic value of options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those options that had exercise prices lower than the fair value of the Company’s common stock. The aggregate intrinsic value of stock options exercised during the three and six months ended June 30, 2023 were less than $0.1 million. The aggregate intrinsic value of stock options exercised during the three and six months ended June 30, 2022 were $0 and $3.6 million, respectively. The weighted average grant date fair value of stock options during the three and six months ended June 30, 2023 and 2022 were $6.59, $11.18, $10.88 and $108.55 respectively. Restricted Stock Units The Company has granted restricted stock units with time-based vesting conditions to employees. The restricted stock units primarily vest over 3 years from the grant date. The Company values restricted stock units on the grant-date using the market price of the Company’s common stock. The following table summarizes restricted stock unit activity since December 31, 2022: Weighted average grant Shares date fair value Unvested shares as of December 31, 2022 11,563 $ 72.02 Forfeited (480) 73.45 Unvested shares as of June 30, 2023 11,083 $ 72.02 Stock-based Compensation Expense Stock-based compensation expense related to stock options and restricted stock units was classified in the statement of operations and comprehensive loss as follows (in thousands): Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Research and development $ 530 $ 549 $ 962 $ 1,064 General and administrative 1,029 1,182 1,946 2,285 $ 1,559 $ 1,731 $ 2,908 $ 3,349 As of June 30, 2023, total unrecognized stock-based compensation expense related to unvested stock-based awards and units was $8.4 million, which is expected to be recognized over a weighted average period of 1.8 years. At-the-Market Offering On April 14, 2022, the Company entered into an Equity Distribution Agreement with Canaccord Genuity LLC, or Canaccord, pursuant to which the Company may issue and sell shares of common stock, from time to time, having an aggregate offering price of up to $10.0 million. Sales of common stock through Canaccord may be made by any method that is deemed an “at the market” offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended. The Company is not obligated to make any sales of its common stock under the Equity Distribution Agreement. Any sales under the Equity Distribution Agreement will be made pursuant to the registration statement on Form S-3 (File No 333- 264296), which became effective on April 22, 2022 and the prospectus relating to such offering. There were no sales under the Equity Distribution Agreement as of June 30, 2023. |
License and Collaboration Agree
License and Collaboration Agreement | 6 Months Ended |
Jun. 30, 2023 | |
License and Collaboration Agreement | |
License and Collaboration Agreement | 8. License and Collaboration Agreement Lilly License and Collaboration Agreement On April 2, 2018, the Company entered into a License and Collaboration Agreement with Lilly (the “2018 Lilly Agreement”). Under the 2018 Lilly Agreement, the Company granted Lilly an exclusive worldwide, royalty-bearing license, including the right to grant sublicenses, to the Company’s encapsulation technology applied to islet cells. The Company is responsible for research and development activities, including supply and manufacturing activities, through investigational new drug (“IND”) filing readiness for the first product candidate, including costs up to $47.5 million and certain supply and manufacturing of products and materials in Phase 1 clinical trials and for clinical and commercial use following Phase 1 clinical trials; provided, however, that, pursuant to an amendment to the 2018 Lilly Agreement entered in May 2022, Lilly may take on certain research and development activities, at its own cost and expense, including supply and manufacturing activities. In addition, Lilly will be responsible for development and commercialization of any licensed product post-IND filing readiness and research and development costs for the IND product candidate above the $47.5 million cost threshold. Lilly is also responsible for all research, development and commercialization related to any subsequent product candidate. The parties are collaborating with the intent of developing encapsulated cell therapies for the potential treatment of type 1 diabetes. The activities under the agreement are governed by a joint research committee (“JRC”), which meets quarterly and consists of at least three members each from the Company and Lilly. Under the 2018 Lilly Agreement, Lilly was obligated to pay the Company a one-time, non-refundable and non-creditable license issuance fee of $62.5 million. Lilly is also obligated to make aggregate milestone payments to the Company of up to $165.0 million upon achievement of certain regulatory milestones for the first licensed product and regulatory milestones up to $160.0 million for additional licensed products. Lilly is also obligated to pay the company sales-based milestones of up to $250.0 million for each licensed product and tiered (from mid-single-to-low-double digit) sales-based royalties for each licensed product. The 2018 Lilly Agreement will expire upon the expiration of the last royalty term, on a product-by-product and country-for country basis. The royalty term, by product and country, commences upon the first commercial sale and ends upon the later to occur of (i) the expiration of the Company’s patent rights of a product candidate developed under the Lilly Agreement, (ii) the expiration of any data exclusivity period in a country or (iii) 10 years after the first commercial sale. The Company will have the right, and the obligation, to supply Lilly’s requirements for the material to be used in the manufacture of licensed products for clinical and commercial use. In connection with the supply responsibilities, the parties may enter into supply and quality agreements for both clinical and commercial supply. The Company evaluated the 2018 Lilly Agreement under ASC 606 as the transactions underlying the agreement were considered transactions with a customer. The Company identified the following material promises under the arrangement: (i) exclusive license to research, develop, manufacture and commercialize licensed products, (ii) initial technology transfer, (iii) research activities (including pre-IND supply), (iv) cell line development and supply, (v) product trademark election, (vi) requirement to supply Lilly with the licensed product related to Phase 1 clinical trial (“Phase 1 Supply”) and (vii) participation in the JRC. The Company determined that the exclusive license to research, develop, manufacture and commercialize the licensed product was not distinct from the related research and manufacturing activities to be provided by the Company as a result of Lilly being unable to benefit on its own or with other resources reasonably available in the marketplace because the license to the Company’s intellectual property requires significant specialized capabilities in order to be further developed, the research services necessary to develop the product are highly specialized and the Company’s proprietary technology is a key capability of that development. The cell line development and supply and research activities were determined not to be distinct because they are performed in conjunction with the research activities to further develop the underlying technology. The product trademark was determined not to be distinct because the benefit that Lilly receives from the Company’s trademark license only exists when combined with the right to commercialize the licensed product. In addition, the Company determined that the impact of the participation in the JRC was insignificant and had an immaterial impact on the accounting model. Therefore, the Company determined that the first five promises should be combined into a single performance obligation (the “Combined Performance Obligation”). The Company determined the sixth promise, the Phase 1 Supply promise, is distinct in the contract. As this is at no cost to Lilly, the right to receive this supply represents a material right and a distinct performance obligation. As such, the Company determined there were two distinct performance obligations at the outset of the 2018 Lilly Agreement. The Company determined that the $62.5 million upfront payment represents the entirety of the consideration to be included in the transaction price as of the outset of the arrangement. The potential milestone payments that the Company may have been eligible to receive were initially excluded from the transaction price at the outset of the arrangement because (i) all development and regulatory milestone payments did not meet the criteria for inclusion using the most-likely-amount method and (ii) the Company recognizes as revenue sales-based milestones and royalties when the related sales occur. As of June 30, 2023, no milestones or royalties have been deemed likely to be achieved or have been achieved. The Company recognizes revenue for the Combined Performance Obligation as the research, development and manufacturing services are provided using an input method, based on the cumulative costs incurred compared to the total estimated costs expected to be incurred to satisfy the Combined Performance Obligation. The transfer of control to the customer occurs over the time period that the research and development services are to be provided by the Company, and this cost-to-cost method is, in management’s judgement, the best measure of progress toward satisfying this performance obligation. The Company allocated $56.6 million of the transaction price to the Combined Performance Obligation at the outset of the arrangement. The Phase 1 Supply was determined to be a material right, and the standalone selling price was estimated using the expected cost-plus margin approach. The Company allocated $5.9 million of the transaction price to the Phase 1 Supply at the outset of the arrangement. The Company has determined that the Phase 1 Supply will be satisfied at a point in time when the customer obtains control of each unit of product. Therefore, the Company will recognize revenue as shipments of the Phase 1 Supply are made to Lilly. The Company reevaluates the transaction price and the total estimated costs expected to be incurred to satisfy the performance obligations at the end of each reporting period and as uncertain events, such as changes to the expected timing and cost of certain research, development and manufacturing activities that the Company is responsible for, are resolved or other changes in circumstances occur, and, if necessary, the Company will adjust its estimate of the transaction price and total estimated costs expected to be incurred. During the six months ended June 30, 2023, consistent with the Company’s presentation to the JRC, the Company revised its estimate of total costs to complete the activities under the 2018 Lilly Agreement to reflect the Company’s experiences to date and the impact this has on its expected future research and development activities to satisfy the Combined Performance Obligation. During the six months ended June 30, 2023, there has been an increase to the total estimated costs expected to be incurred of $6.8 million verse the estimate as of December 31, 2022. The increase in total estimated costs impacted both the Company’s estimated transaction price for the 2018 Lilly Agreement, as Lilly is obligated to reimburse the Company if the costs exceed $47.5 million to complete the services, which occurred in September 2022, and the Company’s input method used to recognize revenue, as this measure compares the Company’s cumulative costs incurred to the Company’s total estimated costs expected to be incurred. During the six months ended June 30, 2023, based on the allocation of total transaction price to each performance obligation using the relative stand-alone selling price of each performance obligation under the 2018 Lilly Agreement, the transaction price for the Combined Performance Obligation increased by $6.9 million and the Phase 1 supply performance obligation increased by $0.7 million. During the three and six months ended June 30, 2023 and 2022, the Company recognized $5.9 million, $2.9 million, $10.8 million and $6.0 million, respectively, of collaboration revenue. As of June 30, 2023 and December 31, 2022, the Company recorded as a contract liability deferred revenue of $13.8 million and $12.9 million, respectively, which were classified as current liabilities in the accompanying balance sheet. As of June 30, 2023 and December 31, 2022, the research and development services related to the Combined Performance Obligation were expected to be performed over a remaining period of approximately 1.5 years and 2.0 years, respectively. Contract Liability The changes in the total contract liability (deferred revenue) balances related to the Company’s license and collaboration agreements with Lilly were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Deferred revenues at beginning of period $ 12,987 $ 19,206 $ 12,885 $ 22,367 Revenues deferred during the period 6,692 — 11,652 — Revenues recognized during the period (5,900) (2,883) (10,758) (6,044) Deferred revenues at end of period $ 13,779 $ 16,323 $ 13,779 $ 16,323 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies | |
Commitments and Contingencies | 9. Commitments and Contingencies Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and certain of its executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. The Company has not incurred any material costs as a result of such indemnifications and is not currently aware of any indemnification claims. Legal Proceedings The Company is not a party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to such legal proceedings. |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Jun. 30, 2023 | |
Net Loss per Share | |
Net Loss per Share | 10. Net Loss per Share Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts): Three Months Ended June 30 Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss $ (7,506) $ (14,346) $ (14,884) $ (28,205) Net loss attributable to common stockholders $ (7,506) $ (14,346) $ (14,884) $ (28,205) Denominator: Weighted average common stock outstanding—basic and diluted 2,501,900 2,492,251 2,499,701 2,490,779 Net loss per share attributable to common stockholders—basic and diluted $ (3.00) $ (5.76) $ (5.95) $ (11.32) The Company’s potential dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Warrants to purchase common stock 1,464 1,464 1,464 1,464 Unvested restricted stock units 11,083 15,223 11,083 17,069 Stock options to purchase common stock 493,767 386,957 493,767 312,157 506,314 403,644 506,314 330,690 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions | |
Related Party Transactions | 11. Related Party Transactions As described in Note 8 above, the Company entered into the 2018 Lilly Agreement with Lilly in April 2018. During the three and six months ended June, 2023 and 2022, the Company recognized $5.9 million, $2.9 million, $10.8 million and $6.0 million, respectively, of related party revenue associated with Lilly collaboration agreements. As of June 30, 2023 and December 31, 2022, the Company had deferred revenue related to the collaboration agreements with Lilly of $13.8 million and $12.9 million, respectively. As of June 30, 2023 and December 31, 2022, the Company had $4.5 million and $2.2 million of outstanding receivables with Lilly. Further, as of June 30, 2023 and December 31, 2022, the Company had $2.4 million and $1.3 million of unbilled receivables with Lilly. On February 1, 2022, the Company entered into a shared space arrangement with a portfolio company of Flagship Pioneering, to sublease a portion of its office and laboratory space in Cambridge, Massachusetts. The term of the shared space arrangement commenced on February 1, 2022 and continues for an initial term ending on July 31, 2023. The agreement may be renewed for six successive one-month periods. The Company will be paid a fee based on the portfolio company’s occupancy of the office and laboratory space. Under this agreement, the Company recorded other income, net, of less than $0.1 million during the six months ended June 30, 2023, respectively. The Company received $1.8 million of cash payments during the six months ended June 30, 2023, and as of June 30, 2023, the Company had $0.3 million of outstanding receivables under this agreement. On June 28, 2023, the Company entered into the Merger Agreement, among the Company, Lilly and Purchaser. For additional information related to the Merger Agreement, refer to Note 1 above. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Summary of Significant Accounting Policies | |
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 and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Estimates and assumptions reflected in these financial statements include, but are not limited to, revenue recognition, research and development expenses and stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions. |
Concentration of Credit Risk and of Significant Suppliers | Concentration of Credit Risk and of Significant Suppliers The financial instruments that potentially subject the Company to concentrations of credit risk are cash and accounts receivable. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. As of June 30, 2023 and December 31, 2022, 100% of the Company’s receivables were related to the Company’s collaboration agreements with Eli Lilly and Company (Note 8). The Company is dependent on third-party manufacturers to supply certain products for research and development activities in its programs. The Company currently has a supplier of certain raw materials that would be considered a sole supplier. If the Company cannot access additional suppliers or secure sufficient inventory of these raw materials, its programs could be adversely affected by an interruption in the availability of these raw materials. |
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. |
Fair Value Measurements and m_2
Fair Value Measurements and marketable securities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Measurements and marketable securities | |
Schedule of financial assets and liabilities measured at fair value on a recurring basis | The following table summarizes the Company’s cash equivalents and marketable securities as of June 30, 2023 and December 31, 2022 (in thousands): Fair value measurements as of June 30, 2023 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 13,437 $ — $ — $ 13,437 U.S. Treasuries — 2,969 — 2,969 Total cash equivalents 13,437 2,969 — 16,406 Marketable securities Corporate bonds — 8,332 — 8,332 U.S. Treasuries — 6,947 — 6,947 Total marketable securities — 15,279 — 15,279 Total $ 13,437 $ 18,248 $ — $ 31,685 Fair value measurements as of December 31, 2022 Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 29,310 $ — $ — $ 29,310 Commercial paper — 1,994 — 1,994 U.S. Government Agencies — 4,999 — 4,999 Total cash equivalents 29,310 6,993 — 36,303 Marketable securities Corporate bonds — 21,594 — 21,594 Commercial paper — 1,738 — 1,738 U.S. Government Agencies — 1,235 — 1,235 U.S. Treasuries — 2,993 — 2,993 Total marketable securities — 27,560 — 27,560 Total $ 29,310 $ 34,553 $ — $ 63,863 |
Schedule of marketable securities | The following tables summarizes the Company’s available-for-sale marketable debt securities as of June 30, 2023 and December 31, 2022 (in thousands): Fair value measurements as of June 30, 2023 Gross Gross Amortized Unrealized Unrealized Credit Cost Gains Losses Losses Total Corporate bonds $ 8,507 $ — $ (175) $ — $ 8,332 U.S. Treasuries 6,948 — (1) — 6,947 Total $ 15,455 $ — $ (176) $ — $ 15,279 Fair value measurements as of December 31, 2022 Gross Gross Amortized Unrealized Unrealized Credit Cost Gains Losses Losses Total Corporate bonds $ 21,994 $ — $ (400) $ — $ 21,594 Commercial paper 1,743 — (5) — 1,738 U.S. Government Agencies 1,248 — (13) — 1,235 U.S. Treasuries 2,999 — (6) — 2,993 Total $ 27,984 $ — $ (424) $ — $ 27,560 |
Schedule of available-for-sale marketable debt securities by contractual maturity | The following table summarizes the Company’s available-for-sale marketable debt securities by contractual maturity as of June 30, 2023 and December 31, 2022 (in thousands): June 30, December 31, 2023 2022 Maturities in one year or less $ 7,436 $ 23,231 Maturities between one and two years 7,843 4,329 Total $ 15,279 $ 27,560 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property and Equipment, Net | |
Schedule of property and equipment, net | Property and equipment, net consisted of the following (in thousands): June 30, December 31, 2023 2022 Laboratory equipment $ 6,191 $ 6,301 Leasehold improvements 78 78 Furniture and fixtures 620 620 Computers and software 273 177 7,162 7,176 Less: Accumulated depreciation and amortization (4,573) (4,322) Total property and equipment, net $ 2,589 $ 2,854 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accrued Expenses and Other Current Liabilities | |
Schedule of accrued expenses and other current liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, December 31, 2023 2022 Employee compensation and benefits $ 2,842 $ 4,243 External research and development costs 585 817 Legal and professional fees 2,379 714 Interest on long-term debt — 195 Other 29 52 Total accrued expenses and other current liabilities $ 5,835 $ 6,021 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt | |
Schedule of long-term debt | As of December 31, 2022, long-term debt consisted of the following (in thousands): December 31, 2022 Principal amount of long-term debt $ 18,333 Less: Current portion of long-term debt (6,667) Long-term debt, net of current portion 11,666 Final debt payment liability 700 Debt discount, net of accretion (345) Long-term debt, net of discount and current portion $ 12,021 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Stock Based Compensation | |
Schedule of weighted average assumption for grant date fair value of stock options | Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Risk-free interest rate 3.65 % 2.61 % 4.05 % 1.69 % Expected dividend yield 0.00 % 0.00 % 0.00 % 0.00 % Expected term (in years) 5.8 5.9 6.1 6.0 Expected volatility 98.02 % 83.87 % 95.14 % 84.25 % |
Schedule of stock option activity | Weighted average Weighted remaining Aggregate Number of average contractual term intrinsic value options exercise price (in years) (in thousands) Balances at December 31, 2022 377,749 $ 86.19 7.8 $ — Options granted 140,529 14.00 Options cancelled (24,323) 47.96 Options exercised (188) 19.24 Outstanding and expected to vest at June 30, 2023 493,767 67.53 7.9 1,752 Exercisable at June 30, 2023 214,592 $ 91.88 6.4 $ 269 |
Schedule of restricted stock activity | Weighted average grant Shares date fair value Unvested shares as of December 31, 2022 11,563 $ 72.02 Forfeited (480) 73.45 Unvested shares as of June 30, 2023 11,083 $ 72.02 |
Schedule of stock-based compensation expense | Stock-based compensation expense related to stock options and restricted stock units was classified in the statement of operations and comprehensive loss as follows (in thousands): Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Research and development $ 530 $ 549 $ 962 $ 1,064 General and administrative 1,029 1,182 1,946 2,285 $ 1,559 $ 1,731 $ 2,908 $ 3,349 |
License and Collaboration Agr_2
License and Collaboration Agreement (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Lilly License and Collaboration Agreement | |
License and Collaboration Agreement | |
Schedule of the changes in the total contract liability (deferred revenue) balances related to the Company's license and collaboration agreements | The changes in the total contract liability (deferred revenue) balances related to the Company’s license and collaboration agreements with Lilly were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Deferred revenues at beginning of period $ 12,987 $ 19,206 $ 12,885 $ 22,367 Revenues deferred during the period 6,692 — 11,652 — Revenues recognized during the period (5,900) (2,883) (10,758) (6,044) Deferred revenues at end of period $ 13,779 $ 16,323 $ 13,779 $ 16,323 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Net Loss per Share | |
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 as follows (in thousands, except share and per share amounts): Three Months Ended June 30 Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss $ (7,506) $ (14,346) $ (14,884) $ (28,205) Net loss attributable to common stockholders $ (7,506) $ (14,346) $ (14,884) $ (28,205) Denominator: Weighted average common stock outstanding—basic and diluted 2,501,900 2,492,251 2,499,701 2,490,779 Net loss per share attributable to common stockholders—basic and diluted $ (3.00) $ (5.76) $ (5.95) $ (11.32) |
Schedule of potential dilutive securities excluded from the computation of diluted net loss per share | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Warrants to purchase common stock 1,464 1,464 1,464 1,464 Unvested restricted stock units 11,083 15,223 11,083 17,069 Stock options to purchase common stock 493,767 386,957 493,767 312,157 506,314 403,644 506,314 330,690 |
Nature of the Business and Ba_2
Nature of the Business and Basis of Presentation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Nature of the Business and Basis of Presentation | |||||||
Net loss | $ 7,506 | $ 7,378 | $ 14,346 | $ 13,859 | $ 14,884 | $ 28,205 | $ 43,600 |
Accumulated deficit | 271,684 | 271,684 | $ 256,800 | ||||
Cash, cash equivalents and marketable securities | $ 34,900 | $ 34,900 |
Nature of the Business and Ba_3
Nature of the Business and Basis of Presentation - Proposed Acquisition by Eli Lilly and Company (Details) $ / shares in Units, $ in Millions | Jun. 30, 2023 USD ($) $ / shares | Jun. 28, 2023 item $ / shares | Dec. 31, 2022 $ / shares |
Business Acquisition | |||
Common stock par value | $ 0.001 | $ 0.001 | |
Merger with Eli Lilly and company | |||
Business Acquisition | |||
Termination fee payable | $ | $ 1.3 | ||
Sigilon Therapeutics | |||
Business Acquisition | |||
Common stock par value | $ 0.001 | ||
Lilly | Sigilon Therapeutics | |||
Business Acquisition | |||
Business acquisition, share price | $ 14.92 | ||
Number of contingent value | item | 1 | ||
Lilly | Sigilon Therapeutics | Maximum | |||
Business Acquisition | |||
Number of contingent payments | item | 3 | ||
Contingent value right as at the date of acquisition | $ 111.64 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Accounts receivable | Customer Concentration Risk | Lilly | ||
Summary of Significant Accounting Policies | ||
Concentrations of credit risk | 100% | 100% |
Fair Value Measurements and m_3
Fair Value Measurements and marketable securities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value Measurements | ||
In to level 2 | $ 0 | |
Out of level 2 | 0 | |
Recurring | ||
Fair Value Measurements | ||
Total cash equivalents | 16,406 | $ 36,303 |
Total marketable securities | 15,279 | 27,560 |
Total | 31,685 | 63,863 |
Recurring | Money market funds | ||
Fair Value Measurements | ||
Total cash equivalents | 13,437 | 29,310 |
Recurring | Commercial paper | ||
Fair Value Measurements | ||
Total cash equivalents | 1,994 | |
Total marketable securities | 1,738 | |
Recurring | Corporate bonds | ||
Fair Value Measurements | ||
Total marketable securities | 8,332 | 21,594 |
Recurring | U.S. Government Agencies | ||
Fair Value Measurements | ||
Total cash equivalents | 4,999 | |
Total marketable securities | 1,235 | |
Recurring | U.S. Treasuries | ||
Fair Value Measurements | ||
Total cash equivalents | 2,969 | |
Total marketable securities | 6,947 | 2,993 |
Recurring | Level 1 | ||
Fair Value Measurements | ||
Total cash equivalents | 13,437 | 29,310 |
Total | 13,437 | 29,310 |
Recurring | Level 1 | Money market funds | ||
Fair Value Measurements | ||
Total cash equivalents | 13,437 | 29,310 |
Recurring | Level 2 | ||
Fair Value Measurements | ||
Total cash equivalents | 2,969 | 6,993 |
Total marketable securities | 15,279 | 27,560 |
Total | 18,248 | 34,553 |
Recurring | Level 2 | Commercial paper | ||
Fair Value Measurements | ||
Total cash equivalents | 1,994 | |
Total marketable securities | 1,738 | |
Recurring | Level 2 | Corporate bonds | ||
Fair Value Measurements | ||
Total marketable securities | 8,332 | 21,594 |
Recurring | Level 2 | U.S. Government Agencies | ||
Fair Value Measurements | ||
Total cash equivalents | 4,999 | |
Total marketable securities | 1,235 | |
Recurring | Level 2 | U.S. Treasuries | ||
Fair Value Measurements | ||
Total cash equivalents | 2,969 | |
Total marketable securities | $ 6,947 | $ 2,993 |
Fair Value Measurements and m_4
Fair Value Measurements and marketable securities - Available for sale marketable debt Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Marketable Securities | ||
Amortized Cost | $ 15,455 | $ 27,984 |
Gross Unrealized Losses | (176) | (424) |
Total | 15,279 | 27,560 |
Corporate bonds | ||
Marketable Securities | ||
Amortized Cost | 8,507 | 21,994 |
Gross Unrealized Losses | (175) | (400) |
Total | 8,332 | 21,594 |
Commercial paper | ||
Marketable Securities | ||
Amortized Cost | 1,743 | |
Gross Unrealized Losses | (5) | |
Total | 1,738 | |
U.S. Treasuries | ||
Marketable Securities | ||
Amortized Cost | 6,948 | 2,999 |
Gross Unrealized Losses | (1) | (6) |
Total | $ 6,947 | 2,993 |
U.S. Government Agencies | ||
Marketable Securities | ||
Amortized Cost | 1,248 | |
Gross Unrealized Losses | (13) | |
Total | $ 1,235 |
Fair Value Measurements and m_5
Fair Value Measurements and marketable securities - Available-for-sale marketable debt securities by contractual maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
available-for-sale marketable debt securities contractual maturity | ||
Maturities in one year or less | $ 7,436 | $ 23,231 |
Maturities between one and two years | 7,843 | 4,329 |
Total | $ 15,279 | $ 27,560 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Property and Equipment, Net | |||||
Property and equipment, gross | $ 7,162 | $ 7,162 | $ 7,176 | ||
Less: Accumulated depreciation and amortization | (4,573) | (4,573) | (4,322) | ||
Total property and equipment, net | 2,589 | 2,589 | 2,854 | ||
Depreciation and amortization expense | 300 | $ 300 | 625 | $ 633 | |
Laboratory equipment | |||||
Property and Equipment, Net | |||||
Property and equipment, gross | 6,191 | 6,191 | 6,301 | ||
Leasehold improvements | |||||
Property and Equipment, Net | |||||
Property and equipment, gross | 78 | 78 | 78 | ||
Furniture and fixtures | |||||
Property and Equipment, Net | |||||
Property and equipment, gross | 620 | 620 | 620 | ||
Computers and software | |||||
Property and Equipment, Net | |||||
Property and equipment, gross | $ 273 | $ 273 | $ 177 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accrued Expenses and Other Current Liabilities | ||
Employee compensation and benefits | $ 2,842 | $ 4,243 |
External research and development costs | 585 | 817 |
Legal and professional fees | 2,379 | 714 |
Interest on long-term debt | 195 | |
Other | 29 | 52 |
Total accrued expenses and other current liabilities | $ 5,835 | $ 6,021 |
Debt (Details)
Debt (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt | |
Principal amount of long-term debt | $ 18,333 |
Less: Current portion of long-term debt | (6,667) |
Longterm debt, net of current portion | 11,666 |
Final debt payment liability | 700 |
Debt discount, net of accretion | (345) |
Longterm debt, net of discount and current portion | $ 12,021 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
May 19, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Debt | |||
Repayment of debt | $ 19,040 | ||
Term loan | |||
Debt | |||
Repayment of debt | $ 16,400 | ||
Percentage of final payment charge on original principal amount of debt | 3.50% | ||
2020 Credit Facility | |||
Debt | |||
Effective interest rate (as a percent) | 12.40% |
Stock Based Compensation - Equi
Stock Based Compensation - Equity Incentive Plans (Details) | 6 Months Ended |
Jun. 30, 2023 plan shares | |
Stock Based Compensation | |
Number of equity compensation plans | plan | 2 |
2020 Employee Stock Purchase Plan And 2020 Equity Incentive Plan | |
Stock Based Compensation | |
Expected dividend yield | 0% |
2020 Employee Stock Purchase Plan | |
Stock Based Compensation | |
Number of shares available for grant | 86,145 |
2020 Equity Incentive Plan | |
Stock Based Compensation | |
Number of shares available for grant | 126,557 |
Stock Based Compensation - Stoc
Stock Based Compensation - Stock Option Valuation (Details) - Employees and directors | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Assumptions used | ||||
Risk free interest rate | 3.65% | 2.61% | 4.05% | 1.69% |
Expected dividend yield | 0% | 0% | 0% | 0% |
Expected term (in years) | 5 years 9 months 18 days | 5 years 10 months 24 days | 6 years 1 month 6 days | 6 years |
Expected volatility | 98.02% | 83.87% | 95.14% | 84.25% |
Stock Based Compensation - St_2
Stock Based Compensation - Stock Option activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Number of options | |||||
Beginning balances | 377,749 | ||||
Options granted | 140,529 | ||||
Options cancelled | (24,323) | ||||
Options exercised | (188) | ||||
Ending balances | 493,767 | 493,767 | 377,749 | ||
Exercisable | 214,592 | 214,592 | |||
Weighted average exercise price | |||||
Beginning balances | $ 86.19 | ||||
Options granted | 14 | ||||
Options cancelled | 47.96 | ||||
Options exercised | 19.24 | ||||
Ending balances | $ 67.53 | 67.53 | $ 86.19 | ||
Exercisable | $ 91.88 | $ 91.88 | |||
Weighted average remaining contractual term | |||||
Weighted average remaining contractual term (in years) | 7 years 10 months 24 days | 7 years 9 months 18 days | |||
Exercisable | 6 years 4 months 24 days | ||||
Aggregate intrinsic value | |||||
Exercisable | $ 269 | $ 269 | |||
Ending balances | $ 1,752 | 1,752 | |||
Aggregate intrinsic value of stock options exercised | $ 0 | $ 100 | $ 3,600 | ||
Weighted average grant date fair value of stock options (in dollars per share) | $ 6.59 | $ 10.88 | $ 11.18 | $ 108.55 |
Stock Based Compensation - Rest
Stock Based Compensation - Restricted Stock Units (Details) - Restricted Stock Units | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Stock Based Compensation | |
Vesting period | 3 years |
Shares | |
Unvested shares beginning balance | shares | 11,563 |
Unvested shares, Forfeited | shares | (480) |
Unvested shares ending balance | shares | 11,083 |
Weighted average grant date fair value | |
Weighted average grant date fair value, beginning balance | $ / shares | $ 72.02 |
Weighted average grant date fair value, forfeited | $ / shares | 73.45 |
Weighted average grant date fair value, ending balance | $ / shares | $ 72.02 |
Stock Based Compensation - St_3
Stock Based Compensation - Stock Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Stock Based Compensation | ||||
Stock based compensation | $ 1,559 | $ 1,731 | $ 2,908 | $ 3,349 |
Unrecognized stock-based compensation expense | 8,400 | $ 8,400 | ||
Period of unrecognized stock-based compensation expense | 1 year 9 months 18 days | |||
Research and development | ||||
Stock Based Compensation | ||||
Stock based compensation | 530 | 549 | $ 962 | 1,064 |
General and administrative | ||||
Stock Based Compensation | ||||
Stock based compensation | $ 1,029 | $ 1,182 | $ 1,946 | $ 2,285 |
Stock Based Compensation - At-t
Stock Based Compensation - At-the-Market Offering (Details) $ in Millions | Apr. 14, 2022 USD ($) |
At the market offering | |
Common Stock | |
Maximum amount of shares offered | $ 10 |
License and Collaboration Agr_3
License and Collaboration Agreement - Lilly License and Collaboration Agreement (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Apr. 02, 2018 USD ($) item | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
License and Collaboration Agreement | |||||||||
Collaboration revenue | $ 5,900 | $ 2,883 | $ 10,758 | $ 6,048 | |||||
Current liabilities | 25,247 | 25,247 | $ 30,994 | ||||||
Lilly License and Collaboration Agreement | |||||||||
License and Collaboration Agreement | |||||||||
Amount of research and development costs the Company is responsible to cover | $ 47,500 | ||||||||
Threshold amount of research and development costs above which the collaboration partner is responsible for | $ 47,500 | 47,500 | |||||||
Minimum number of members from the Company and partner on joint research committee | item | 3 | ||||||||
Non-refundable, non-creditable upfront payment received | $ 62,500 | ||||||||
Sales based milestone payments receivable | $ 250,000 | ||||||||
Term of the license and collaboration agreement | 10 years | ||||||||
Upfront payment | $ 62,500 | ||||||||
Allocation of transaction price to combined performance obligation | 56,600 | 6,900 | |||||||
Allocation of transaction price to Phase I supply | 5,900 | 700 | |||||||
Increase in total estimated costs expected to be incurred | 6,800 | ||||||||
Collaboration revenue | 5,900 | 10,800 | 2,900 | 6,000 | |||||
Contract with customer liability, deferred revenue | $ 13,779 | $ 16,323 | $ 13,779 | $ 16,323 | $ 12,885 | $ 12,987 | $ 19,206 | $ 22,367 | |
Research and development services performance obligation period | 1 year 6 months | 2 years | |||||||
Lilly License and Collaboration Agreement | First Licensed Product | |||||||||
License and Collaboration Agreement | |||||||||
Maximum payments to be received from collaboration partner if milestones are met | 165,000 | ||||||||
Lilly License and Collaboration Agreement | Additional Licensed Product | |||||||||
License and Collaboration Agreement | |||||||||
Maximum payments to be received from collaboration partner if milestones are met | $ 160,000 |
License and Collaboration Agr_4
License and Collaboration Agreement - Contract Liability (Details) - Lilly License and Collaboration Agreement - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
License and Collaboration Agreement | ||||
Deferred revenues at beginning of period | $ 12,987 | $ 19,206 | $ 12,885 | $ 22,367 |
Revenues deferred during the period | 6,692 | 11,652 | ||
Revenues recognized during the period | (5,900) | (2,883) | (10,758) | (6,044) |
Deferred revenues at end of period | $ 13,779 | $ 16,323 | $ 13,779 | $ 16,323 |
Net Loss per Share - Basic and
Net Loss per Share - Basic and diluted net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Numerator: | |||||||
Net loss | $ (7,506) | $ (7,378) | $ (14,346) | $ (13,859) | $ (14,884) | $ (28,205) | $ (43,600) |
Net loss attributable to common stockholders | $ (7,506) | $ (14,346) | $ (14,884) | $ (28,205) | |||
Denominator: | |||||||
Weighted average common stock outstanding-basic (in shares) | 2,501,900 | 2,492,251 | 2,499,701 | 2,490,779 | |||
Weighted average common stock outstanding-diluted (in shares) | 2,501,900 | 2,492,251 | 2,499,701 | 2,490,779 | |||
Net loss per share attributable to common stockholders-basic (in dollars per share) | $ (3) | $ (5.76) | $ (5.95) | $ (11.32) | |||
Net loss per share attributable to common stockholders-diluted (in dollars per share) | $ (3) | $ (5.76) | $ (5.95) | $ (11.32) |
Net Loss per Share - Potential
Net Loss per Share - Potential dilutive securities excluded from the computation of diluted net loss per share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net Loss per Share | ||||
Warrants to purchase common stock | 1,464 | 1,464 | 1,464 | 1,464 |
Unvested restricted stock units | 11,083 | 15,223 | 11,083 | 17,069 |
Stock options to purchase common stock | 493,767 | 386,957 | 493,767 | 312,157 |
Total | 506,314 | 403,644 | 506,314 | 330,690 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Feb. 01, 2022 item | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Flagship Pioneering Inc. | Shared Space Agreement | ||||||
Related Party Transactions | ||||||
Accounts receivable from related party | $ 0.3 | $ 0.3 | ||||
Cash payments received | 1.8 | |||||
Number of successive periods for renewal of sublease | item | 6 | |||||
Sublease renewal term | 1 month | |||||
Flagship Pioneering Inc. | Shared Space Agreement | Maximum | ||||||
Related Party Transactions | ||||||
Other income | 0.1 | |||||
Lilly | Lilly License and Collaboration Agreement | ||||||
Related Party Transactions | ||||||
Revenue from related party | 5.9 | $ 10.8 | 2.9 | $ 6 | ||
Deferred revenue from related party | 13.8 | 13.8 | $ 12.9 | |||
Accounts receivable from related party | 4.5 | 4.5 | 2.2 | |||
Unbilled accounts receivable from related party | $ 2.4 | $ 2.4 | $ 1.3 |