Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 01, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Registrant Name | PARDES BIOSCIENCES, INC. | |
Entity File Number | 001-40067 | |
Entity Tax Identification Number | 85-2696306 | |
Entity Address, Address Line One | 2173 Salk Avenue | |
Entity Address, Address Line Two | Suite 250 | |
Entity Address, Address Line Three | PMB#052 | |
Entity Address, City or Town | Carlsbad | |
Entity Address, Postal Zip Code | 92008 | |
City Area Code | 415 | |
Local Phone Number | 649-8758 | |
Entity Central Index Key | 0001822711 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, State or Province | CA | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Title of 12(b) Security | Common stock, par value $0.0001 per share | |
Trading Symbol | PRDS | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 62,011,756 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 100,266 | $ 59,284 |
Short-term investments | 52,931 | 138,056 |
Prepaid expenses and other current assets | 4,113 | 3,062 |
Total current assets | 157,310 | 200,402 |
Other assets | 0 | 219 |
Total assets | 157,310 | 200,621 |
Current liabilities: | ||
Accounts payable | 14 | 4,929 |
Accrued expenses | 1,911 | 15,496 |
Total current liabilities | 1,925 | 20,425 |
Total liabilities | 1,925 | 20,425 |
Commitments and contingencies (Note 9) | ||
Stockholders' equity: | ||
Preferred stock: $0.0001 par value; 10,000,000 shares authorized as of June 30, 2023 and December 31, 2022; no shares issued and outstanding as of June 30, 2023 and December 31, 2022 | 0 | 0 |
Common stock: $0.0001 par value and 250,000,000 shares authorized; 61,716,745 and 61,734,343 shares issued as of June 30, 2023 and December 31, 2022, respectively; and 60,396,888 and 59,542,714 shares outstanding as of June 30, 2023 and December 31, 2022, respectively | 6 | 6 |
Additional paid-in capital | 332,108 | 328,372 |
Accumulated other comprehensive income (loss) | 9 | (24) |
Accumulated deficit | (176,738) | (148,158) |
Total stockholders' equity | 155,385 | 180,196 |
Total liabilities and stockholders' equity | $ 157,310 | $ 200,621 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 23, 2021 |
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | |
Common stock, par value | $ 0.0001 | $ 0.0001 | |
Common stock, shares authorized | 250,000,000 | 250,000,000 | |
Common stock, shares issued | 61,716,745 | 61,734,343 | |
Common stock, shares outstanding | 60,396,888 | 59,542,714 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating expenses: | ||||
Research and development | $ 6,928 | $ 20,344 | $ 19,908 | $ 33,543 |
General and administrative | 5,687 | 7,591 | 12,516 | 15,817 |
Total operating expenses | 12,615 | 27,935 | 32,424 | 49,360 |
Other income: | ||||
Interest and other income, net | 1,840 | 298 | 3,844 | 283 |
Net loss | $ (10,775) | $ (27,637) | $ (28,580) | $ (49,077) |
Net loss per share, basic | $ (0.18) | $ (0.48) | $ (0.48) | $ (0.86) |
Net loss per share, diluted | $ (0.18) | $ (0.48) | $ (0.48) | $ (0.86) |
Weighted-average number of common shares used in computing net loss per share, basic | 60,209,276 | 57,686,462 | 59,990,131 | 57,384,446 |
Weighted-average number of common shares used in computing net loss per share, diluted | 60,209,276 | 57,686,462 | 59,990,131 | 57,384,446 |
Unrealized gain on available-for-sale securities | $ 33 | $ 0 | $ 34 | $ 0 |
Comprehensive loss | $ (10,742) | $ (27,637) | $ (28,546) | $ (49,077) |
Condensed Statements of Stockho
Condensed Statements of Stockholders Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Balance at the beginning at Dec. 31, 2021 | $ 266,294 | $ 6 | $ 317,812 | $ (51,524) | |
Balance at the beginning (Shares) at Dec. 31, 2021 | 56,765,533 | ||||
Vesting of restricted common stock (Shares) | 610,765 | ||||
Stock-based compensation expense | 1,527 | 1,527 | |||
Net loss | (21,440) | (21,440) | |||
Balance at the end at Mar. 31, 2022 | 246,381 | $ 6 | 319,339 | (72,964) | |
Balance at the end (Shares) at Mar. 31, 2022 | 57,376,298 | ||||
Balance at the beginning at Dec. 31, 2021 | 266,294 | $ 6 | 317,812 | (51,524) | |
Balance at the beginning (Shares) at Dec. 31, 2021 | 56,765,533 | ||||
Net loss | (49,077) | ||||
Balance at the end at Jun. 30, 2022 | 222,632 | $ 6 | 323,227 | (100,601) | |
Balance at the end (Shares) at Jun. 30, 2022 | 57,981,118 | ||||
Balance at the beginning at Mar. 31, 2022 | 246,381 | $ 6 | 319,339 | (72,964) | |
Balance at the beginning (Shares) at Mar. 31, 2022 | 57,376,298 | ||||
Vesting of restricted common stock (Shares) | 604,820 | ||||
Stock-based compensation expense | 3,888 | 3,888 | |||
Net loss | (27,637) | (27,637) | |||
Balance at the end at Jun. 30, 2022 | 222,632 | $ 6 | 323,227 | (100,601) | |
Balance at the end (Shares) at Jun. 30, 2022 | 57,981,118 | ||||
Balance at the beginning at Dec. 31, 2022 | $ 180,196 | $ 6 | 328,372 | $ (24) | (148,158) |
Balance at the beginning (Shares) at Dec. 31, 2022 | 59,542,714 | 59,542,714 | |||
Vesting of restricted common stock (Shares) | 427,965 | ||||
Stock-based compensation expense | $ 2,338 | 2,338 | |||
Other comprehensive income | 1 | 1 | |||
Net loss | (17,805) | (17,805) | |||
Balance at the end at Mar. 31, 2023 | 164,730 | $ 6 | 330,710 | (23) | (165,963) |
Balance at the end (Shares) at Mar. 31, 2023 | 59,970,679 | ||||
Balance at the beginning at Dec. 31, 2022 | $ 180,196 | $ 6 | 328,372 | (24) | (148,158) |
Balance at the beginning (Shares) at Dec. 31, 2022 | 59,542,714 | 59,542,714 | |||
Net loss | $ (28,580) | ||||
Balance at the end at Jun. 30, 2023 | $ 155,385 | $ 6 | 332,108 | 9 | (176,738) |
Balance at the end (Shares) at Jun. 30, 2023 | 60,396,888 | 60,396,888 | |||
Balance at the beginning at Mar. 31, 2023 | $ 164,730 | $ 6 | 330,710 | (23) | (165,963) |
Balance at the beginning (Shares) at Mar. 31, 2023 | 59,970,679 | ||||
Vesting of restricted common stock (Shares) | 426,209 | ||||
Stock-based compensation expense | 1,398 | 1,398 | |||
Other comprehensive income | 32 | 32 | |||
Net loss | (10,775) | (10,775) | |||
Balance at the end at Jun. 30, 2023 | $ 155,385 | $ 6 | $ 332,108 | $ 9 | $ (176,738) |
Balance at the end (Shares) at Jun. 30, 2023 | 60,396,888 | 60,396,888 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating activities: | ||
Net loss | $ (28,580) | $ (49,077) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Net accretion of discounts on available-for-sale securities | (2,266) | 0 |
Stock-based compensation expense | 3,736 | 5,415 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (919) | 1,327 |
Interest receivable | (134) | 0 |
Accounts payable | (4,915) | (466) |
Accrued expenses | (13,585) | 3,119 |
Other assets | 219 | 0 |
Net cash used in operating activities | (46,444) | (39,682) |
Investing activities: | ||
Purchases of available-for-sale securities | (15,764) | 0 |
Proceeds on sale of available-for-sale securities | 2,190 | 0 |
Maturities of available-for-sale securities | 101,000 | |
Net cash provided by investing activities | 87,426 | 0 |
Financing activities: | ||
Cash paid for deferred offering costs | 0 | (397) |
Net cash used in financing activities | 0 | (397) |
Increase (decrease) in cash and cash equivalents | 40,982 | (40,079) |
Cash and cash equivalents at beginning of period | 59,284 | 268,678 |
Cash and cash equivalents at end of period | $ 100,266 | $ 228,599 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Note 1. Description of Business Description of Business Pardes Biosciences, Inc., a Delaware corporation, is a company that has been focused on discovering, developing and commercializing novel oral-antiviral therapeutics to improve the lives of patients suffering from life-threatening disease. Unless the context otherwise requires, references in these notes to “Pardes,” “the Company,” “we,” “us,” “our” and any related terms are intended to mean Pardes Biosciences, Inc. On April 3, 2023, we announced topline results from our Phase 2 clinical trial to evaluate pomotrelvir (formerly known as PBI-0451) for the treatment of mild-to-moderate COVID-19 in test-positive, symptomatic, otherwise healthy, vaccinated adults without risk factors for developing severe disease. COVID-19 is caused by infection with the severe acute respiratory syndrome coronavirus (SARS-CoV-2). Pomotrelvir did not achieve the primary endpoint as measured by the proportion of participants below the limit of detection for infectious SARS-CoV-2 by infectious virus assay (IVA) on day three of treatment with pomotrelvir versus with placebo. Pomotrelvir did not demonstrate meaningful improvement over placebo in reduction from baseline of SARS-CoV-2 infectious virus titer by IVA or in the reduction from baseline or proportion achieving undetectable viral load by quantitative reverse transcriptase polymerase chain reaction measured from mid-turbinate swabs. Based upon the topline results from the Phase 2 clinical trial, on March 31, 2023, the Board of the Directors of the Company (the Board) made the strategic decision to suspend further clinical development of pomotrelvir, winddown the research and development activities of the Company and authorized a reduction in workforce (the RIF) to align operations with the changes in the Company’s corporate strategy. Pursuant to the RIF, the Company reduced headcount in the second quarter of 2023 by approximately 89 %. On March 31, 2023, the Board also initiated a review of a range of strategic alternatives that included, but was not limited to, an acquisition, merger, business combination, or other transaction. Proposed Agreement and Plan of Merger On July 16, 2023, the Company entered into an Agreement and Plan of Merger (the Merger Agreement) with MediPacific, Inc., a Delaware corporation (Parent), and MediPacific Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Parent (Merger Sub). The Merger Agreement provides for, among other things, an offer by Merger Sub to purchase all of the issued and outstanding shares of Common Stock of the Company for (i) $ 2.02 per share of Common Stock (the Base Price Per Share), (ii) an additional amount of cash of up to $ 0.17 per share of Common Stock (such amount as finally determined in accordance with the Merger Agreement, the Additional Price Per Share and together with the Base Price Per Share, the Cash Amount), and (iii) one non-transferable contractual contingent value right per share (each, a CVR) (such amount, or any different amount per share paid pursuant to the Offer (as defined below) to the extent permitted under the Merger Agreement, being the CVR Amount), and, together with the Cash Amount, the Offer Price).The tender offer is being made subject to all terms and conditions set forth in the Offer to Purchase, dated July 28, 2023 (as amended or supplemented from time to time, the Offer to Purchase), and in the related Letter of Transmittal (as amended or supplemented from time to time, the Letter of Transmittal, which together with the Offer to Purchase constitutes the Offer). Each CVR represents the right to receive contingent payments, in cash, subject to any applicable tax withholding and without interest, equal to a pro rata share of 80 % of the Net Proceeds (as defined in the Contingent Value Rights Agreement (the CVR Agreement)), if any, payable to Parent, the Company or any of their respective affiliates that arise from any sale, transfer, license or other disposition (each, a Disposition) of the Company’s assets associated with the Company’s antiviral drug development programs and related assets as of the closing date of the Merger, which Disposition occurs within five years of the closing date of the Merger (the Disposition Period), subject to and in accordance with the terms and conditions of, the CVR Agreement that the Company expects to enter into at or prior to the Offer Closing Time (as defined in the Merger Agreement). Following the completion of the Offer, subject to the absence of injunctions or other legal restraints preventing or making illegal the consummation of the Merger, Merger Sub will merge with and into the Company, with the Company surviving as a wholly-owned subsidiary of Parent, pursuant to the procedure provided for under Section 251(h) of the Delaware General Corporation Law, without any additional stockholder approvals. The Merger will be effected as soon as practicable following the closing time of the Offer. Pursuant to the terms of the Merger Agreement, as of the effective time of the Merger (the Effective Time), by virtue of the Merger and without any action on the part of the holders, (i) each outstanding share of Common Stock of the Company (other than any shares of Common Stock held in the treasury of the Company, owned, directly or indirectly, by Parent, Merger Sub or any subsidiary of Parent, irrevocably accepted for purchase in the Offer or by any stockholders who are entitled to and who properly exercise appraisal rights under Delaware law) will be converted into the right to receive the Offer Price, (ii) the vesting of each option to purchase shares of Common Stock (the Company Options) shall be accelerated and (A) each Company Option that has an exercise price per share that is less than the Cash Amount (each, an In-the-Money Option) that is then outstanding will be cancelled and, in exchange therefor, the holder of such cancelled In-the-Money Option will be entitled to receive in consideration of the cancellation of such In-the-Money Option, (1) an amount in cash, without any interest thereon and subject to applicable tax withholding, equal to the product of (x) the total number of shares of Common Stock subject to such In-the-Money Option as of immediately prior to the Effective Time multiplied by (y) the excess of the Cash Amount over the applicable exercise price per share under such In-the-Money Option and (2) one CVR for each share of Common Stock issuable under such In-the-Money Option and (B) each Company Option that is not an In-the-Money Option will be cancelled for no consideration. The obligation of Merger Sub to purchase shares of Common Stock validly tendered pursuant to the Offer and not validly withdrawn prior to the expiration of the Offer is subject to the satisfaction or waiver of a number of conditions set forth in the Merger Agreement, including: (i) that the number of shares of Common Stock validly tendered and not properly withdrawn (excluding shares of Common Stock tendered pursuant to guaranteed delivery procedures that have not been “received” by the “depository,” as such terms are defined by Section 251(h) of the DGCL), equals at least a majority of the number of shares of Common Stock that are then issued and outstanding owned by Unaffiliated Stockholders (as defined in the Merger Agreement) (the Minimum Tender Condition); (ii) that there be no Legal Restraints (as defined in the Merger Agreement) in effect preventing or prohibiting the Offer or the Merger; (iii) the accuracy of representations and warranties made by the Company in the Merger Agreement, subject to certain exceptions and qualifications described in the Merger Agreement and the Offer to Purchase; (iv) compliance by the Company with its covenants and other obligations under the Merger Agreement; (v) that no termination of the Merger Agreement has occurred; and (vi) that the Closing Net Cash (as defined in the Merger Agreement) of the Company is at least $ 125,000,000 (each individually, an Offer Condition, and collectively, the Offer Conditions). The obligations of the Parent and the Merger Sub to consummate the Offer and the Merger under the Merger Agreement are not subject to a financing condition. Merger Sub expressly reserves the right, in its sole discretion, to: (i) waive, in whole or in part, any Offer Condition other than the Minimum Tender Condition; and/or (ii) modify the terms of the Offer in a manner not inconsistent with the Merger Agreement, subject to certain exceptions described in the Merger Agreement and the Offer to Purchase. The Merger Agreement contains customary representations and warranties by Parent, Merger Sub and the Company. The Merger Agreement also contains customary covenants and agreements, including with respect to the operations of the business of the Company between signing and closing. The Merger Agreement contains customary non-solicitation restrictions prohibiting the Company’s solicitation of alternative business combination transactions and restricts the Company’s ability to furnish non-public information to, or participate in any discussions or negotiations with, any third party with respect to any such alternative business combination transaction, subject to customary exceptions in the event of an acquisition proposal that was not solicited in violation of these restrictions and that the Board or Special Committee determines constitutes or could reasonably be expected to lead to a Superior Company Proposal (as defined in the Merger Agreement). The Merger Agreement contains customary termination rights for both Parent and Merger Sub, on the one hand, and the Company, on the other hand, including, among others, for failure to consummate the Offer on or before December 16, 2023. If the Merger Agreement is terminated under certain circumstances specified in the Merger Agreement in connection with the Company’s entry into an agreement with respect to a Superior Company Proposal (as defined in the Merger Agreement), the Company will be required to pay Parent a termination fee of $ 2.6 million. If Parent terminates the Merger Agreement due to the Company having Closing Net Cash of less than $ 125.0 million, the Company will be required to pay to Parent an expense reimbursement fee up to a maximum amount of $ 1.25 million. Concurrently with the execution of the Merger Agreement, and as a condition and inducement to the Company’s willingness to enter into the Merger Agreement and the CVR Agreement, Foresite Capital Opportunity Fund V, L.P., Foresite Capital Fund V, L.P. and FS Development Holdings II, LLC (collectively, the Guarantors), affiliates of Parent, executed and delivered to the Company a limited guaranty (the Limited Guaranty), dated as of July 16, 2023, in favor of the Company and the holders of CVRs, in respect of certain of Parent’s and Merger Sub’s obligations arising under, or in connection with, the Merger Agreement and the CVR Agreement that the Company expects to enter into with a rights agent and a representative, agent and attorney in-fact of the holders of the CVR. The Guarantors’ obligations under the Limited Guaranty are subject to a cap of $ 7.5 million with respect to obligations to the Company arising under or in connection with the Merger Agreement and $ 400,000 with respect to obligations to the holders of the CVRs arising under or in connection with the CVR Agreement. The Company anticipates that the Offer and Merger contemplated under the Merger Agreement will be consummated in the third quarter 2023. However, there can be no assurance that the Offer and Merger contemplated by the Merger Agreement will be completed. Foresite Capital Management, LLC and James B. Tananbaum, M.D., a founding partner of Foresite Capital Management, LLC and a director on the Company’s Board, are the controlling stockholders of Parent, Merger Sub and the Guarantors. As of July 25, 2023, Dr. Tananbaum, Foresite Capital Management and their affiliates beneficially owned in the aggregate 16,813,146 shares of Common Stock (excluding options to purchase 150,000 shares of Common Stock held by Dr. Tananbaum), representing approximately 27.1 % of the Company’s outstanding Common Stock. Dr. Tananbaum holds options to purchase 150,000 shares of Common Stock. If the Merger is effected, the Company’s Common Stock will be delisted from The Nasdaq Stock Market LLC and the Company’s obligation to file periodic reports under the Securities Exchange Act of 1934, as amended, will terminate, and the Company will be privately held. Liquidity We believe that our $ 153.2 million of cash, cash equivalents and short-term investments as of June 30, 2023, will enable us to fund our current planned operations for at least 12 months from the issuance date of these unaudited condensed financial statements. We have cash deposits with regulated financial institutions, which may from time to time exceed insurance provided on such deposits. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto in our 2022 Form 10-K, from which we derived our balance sheet as of December 31, 2022. The accompanying unaudited condensed financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, since they are interim statements, the accompanying unaudited condensed financial statements reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of our management, necessary to a fair statement of the results for the interim periods presented. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of results that may be expected for the year ending December 31, 2023 or for any other future annual or interim period. Use of Estimates The preparation of the unaudited condensed financial statements in accordance with GAAP requires our management to make estimates and assumptions that affect the amounts reported on our unaudited condensed financial statements and accompanying notes. The amounts reported could differ under different estimates and assumptions. On an ongoing basis, we evaluate our estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that management believes to be reasonable under the circumstances. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from management’s estimates. Significant Accounting Policies The accounting policies we follow are set forth in our audited financial statements for the fiscal year ended December 31, 2022. For further information, please refer to the audited financial statements and footnotes thereto included in Part II, Item 8 of our 2022 Form 10-K. There have been no material changes to these accounting policies. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period. Diluted net loss per share is computed by dividing the net loss by the weighted average number of common shares and common stock equivalents outstanding for the period determined using the treasury-stock method. Common stock equivalents are only included in the calculation of diluted earnings per common share when net income is reported and their effect is dilutive. For the periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to our net loss position. Basic and diluted net loss attributable to common stockholders per share is presented in conformity with the two-class method required for participating securities as shares of unvested restricted stock are considered participating securities. Our participating securities do not have a contractual obligation to share in our losses. As such, the net loss was attributed entirely to common stockholders for all periods presented. The following outstanding shares of potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods presented because including them would be anti-dilutive (in common stock equivalent shares): June 30, 2023 June 30, 2022 Outstanding stock options 10,356,431 7,356,791 Restricted common stock subject to repurchase or forfeiture 1,319,857 4,339,806 Total 11,676,288 11,696,597 New Accounting Pronouncements Adopted and Not Yet Adopted The Company has not adopted any significant accounting policies since December 31, 2022. Upon evaluation of recently issued accounting pronouncements, the Company does not believe any will have a material impact on its unaudited condensed financial statements or related financial statement disclosures. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 3. Investments Available-for-sale securities consisted of U.S. Treasury securities, U.S. Agency bonds, commercial paper, corporate debt securities and asset-backed securities. Our cash equivalents consisted of the following (in thousands): June 30, 2023 December 31, 2022 Cash equivalents Money market fund $ 92,645 $ 32,426 U.S. government and government agencies 2,414 19,869 Commercial paper — 2,997 Corporate debt securities — 2,993 Total cash equivalents $ 95,059 $ 58,285 Short-term investments are classified as available-for-sale, which reflects management’s intention to use proceeds from sales of these securities to fund our operations as necessary and, as such, are carried at fair value. Our short-term investments that are measured at fair value on a recurring basis consisted of the following: June 30, 2023 Maturities Amortized Cost Unrealized Gains Unrealized Losses Estimated Short-term investments U.S. government and government agencies Within one year $ 21,339 $ — $ ( 25 ) $ 21,314 Commercial paper Within one year 25,794 4 ( 11 ) 25,787 Asset-backed securities After one year through five years 5,772 58 — 5,830 Total short-term investments $ 52,905 $ 62 $ ( 36 ) $ 52,931 December 31, 2022 Maturities Amortized Cost Unrealized Gains Unrealized Losses Estimated Short-term investments U.S. government and government agencies Within one year $ 75,409 $ 15 $ ( 48 ) $ 75,376 Commercial paper Within one year 59,405 — — 59,405 Asset-backed securities Within one year 3,267 8 — 3,275 Total short-term investments $ 138,081 $ 23 $ ( 48 ) $ 138,056 The amortized cost and the fair value of short-term investments we re $ 52.9 million a t June 30, 2023 and $ 138.1 million at December 31, 2022. As of June 30, 2023, there were 10 short-term investments with fair value totaling $ 27.9 million that were in a gross unrealized loss position for less than 12 months, an d no ne were in a gross unrealized loss position for 12 months or more. Based on our analysis of available-for-sale securities, we determined the unrealized losses were primarily due to changes in interest rates and not due to credit risks. As such, we did no t record a credit allowance as of either June 30, 2023 or December 31, 2022. Accrued interest receivable on our available-for-sale securities was $ 0.3 million at each of June 30, 2023 and December 31, 2022. For the three and six months ended June 30, 2023 and 2022, we did no t write off any accrued interest receivables and there were no realized gains or losses. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4. Fair Value Measurements Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 — Observable inputs such as quoted prices in active markets; Level 2 — Inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-driven valuations in which all significant inputs are observable or can be derived principally from, or corroborated with, observable market data; and Level 3 — Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Below are summaries of our cash equivalents and short-term investments that were measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands): June 30, 2023 December 31, 2022 Level 1 Level 2 Estimated Fair Value Level 1 Level 2 Estimated Fair Value Cash equivalents Money market fund $ 92,645 $ — $ 92,645 $ 32,426 $ — $ 32,426 U.S. government and government agencies — 2,414 2,414 — 19,869 19,869 Commercial paper — — — — 2,997 2,997 Corporate debt securities — — — — 2,993 2,993 Total cash equivalents $ 92,645 $ 2,414 $ 95,059 $ 32,426 $ 25,859 $ 58,285 June 30, 2023 December 31, 2022 Level 2 Estimated Fair Value Level 2 Estimated Fair Value Short-term investments U.S. government and government agencies $ 21,314 $ 21,314 $ 75,376 $ 75,376 Commercial paper 25,787 25,787 59,405 59,405 Asset-backed securities 5,830 5,830 3,275 3,275 Total short-term investments $ 52,931 $ 52,931 $ 138,056 $ 138,056 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 6 Months Ended |
Jun. 30, 2022 | |
Prepaid Expense, Current [Abstract] | |
Prepaid Expenses and Other Current Assets | Note 5. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): June 30, 2023 December 31, 2022 Prepaid insurance $ 2,244 $ 1,582 Prepaid research and development costs 12 495 Other prepaid expenses and current assets 1,857 985 Total $ 4,113 $ 3,062 |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2023 | |
Accrued Liabilities [Abstract] | |
Accrued Expenses | Note 6. Accrued Expenses Accrued expenses consisted of the following (in thousands): June 30, 2023 December 31, 2022 Research and development accruals $ 721 $ 10,784 Accrued compensation 674 3,878 Other accrued expenses 516 834 Total $ 1,911 $ 15,496 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Note 7. Stockholders’ Equity Preferred Stock Pursuant to the terms of the Second Amended and Restated Certificate of Incorporation dated December 23, 2021 (Certificate of Incorporation), we authorized 10,000,000 shares of preferred stock, par value $ 0.0001 per share, all of which shares of preferred stock are undesignated. Our Board has the authority, without further action by the stockholders, to issue such shares of preferred stock in one or more series, to establish from time to time the number of shares to be included in each such series and to fix the designations, powers, voting and other rights, preferences and privileges of the shares. As of June 30, 2023 and December 31, 2022 , there were no shares of preferred stock outstanding. Common Stock Pursuant to the Certificate of Incorporation, as of June 30, 2023 and December 31, 2022 , there were 250,000,000 shares of Common Stock authorized. There were 61,716,745 and 61,734,343 shares of Common Stock issued as of June 30, 2023 and December 31, 2022, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 8. Stock-Based Compensation The following table summarizes stock-based compensation expense for all stock-based compensation arrangements (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Research and development $ ( 54 ) $ 2,571 $ 651 $ 3,034 General and administrative 1,452 1,317 3,085 2,381 Total stock-based compensation $ 1,398 $ 3,888 $ 3,736 $ 5,415 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9. Commitments and Contingencies Commitments On March 31, 2023, the Board made the strategic decision to suspend further clinical development of pomotrelvir, winddown the research and development activities of the Company and initiate a review of a range of strategic alternatives that included, but was not limited to, an acquisition, merger, business combination, or other transaction (the Restructuring Plan). Also on March 31, 2023, to better align operations with the change in the Company’s corporate strategy under the Restructuring Plan and reduce operating expenses while we reviewed strategic alternatives, the Board approved the RIF. On April 3, 2023, we notified our employees about the results of the Phase 2 clinical trial, the Restructuring Plan and the RIF. Under the RIF, we reduced headcount in the second quarter of 2023 by approximately 89 %, with approximately 55 % of our employees terminated in April 2023. The RIF was completed in the second quarter of 2023. Estimated total costs related to the RIF are approximately $ 5.2 million, all of which consists of cash-based expenditures primarily related to personnel expenses such as salaries, one-time severance payments and other benefits. The foregoing estimated amount does not include any non-cash charges associated with stock-based compensation. We recognized $ 1.1 million of the total costs related to the RIF in the first quarter of 2023 and $ 4.1 million in the second quarter of 2023. We have historically entered into agreements in the normal course of business with certain vendors for the provision of goods and services, which included manufacturing services with clinical manufacturing organizations (CMOs) and development services with clinical research organizations (CROs). In connection with the suspension of the Phase 2 clinical trial and the winding down of the Company’s research and development activities, we have terminated or modified substantially all of our agreements with CMOs and CROs. As of June 30, 2023, we recognized and paid $ 0.1 million in contract termination fees. In the normal course of business, we are a party to a variety of agreements pursuant to which we may be obligated to indemnify the other party. It is not possible to predict the maximum potential amount of future payments under these types of agreements due to the conditional nature of our obligations and the unique facts and circumstances involved in each particular agreement. Historically, payments made by the Company under these types of agreements have not had a material effect on our business, results of operations or financial condition. Contingencies From time to time, we may become subject to claims or suits arising in the ordinary course of business. We accrue a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. As of June 30, 2023 and December 31, 2022 , we were not a party to any material legal proceedings. |
Restructuring and Related Activ
Restructuring and Related Activities | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities | Note 10. Restructuring and Related Activities On March 31, 2023, the Board approved the Restructuring Plan and the RIF. Restructuring charges are reported as a component of operating expenses in our condensed statement of operations. The following table details the accruals and payments for the restructuring charges (in thousands): Balance at December 31, 2022 $ — Severance expense 1,125 Balance at March 31, 2023 $ 1,125 Severance expense 4,093 Contract termination fees 88 Payments for severance and termination fees ( 4,720 ) Balance at June 30, 2023 $ 586 In connection with the transactions contemplated by the Merger Agreement, on July 16, 2023, the Company’s Board approved the acceleration and immediate vesting of each outstanding unvested stock option and restricted share of Common Stock effective as of July 16, 2023. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto in our 2022 Form 10-K, from which we derived our balance sheet as of December 31, 2022. The accompanying unaudited condensed financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, since they are interim statements, the accompanying unaudited condensed financial statements reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of our management, necessary to a fair statement of the results for the interim periods presented. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of results that may be expected for the year ending December 31, 2023 or for any other future annual or interim period. |
Use of Estimates | Use of Estimates The preparation of the unaudited condensed financial statements in accordance with GAAP requires our management to make estimates and assumptions that affect the amounts reported on our unaudited condensed financial statements and accompanying notes. The amounts reported could differ under different estimates and assumptions. On an ongoing basis, we evaluate our estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that management believes to be reasonable under the circumstances. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from management’s estimates. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period. Diluted net loss per share is computed by dividing the net loss by the weighted average number of common shares and common stock equivalents outstanding for the period determined using the treasury-stock method. Common stock equivalents are only included in the calculation of diluted earnings per common share when net income is reported and their effect is dilutive. For the periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to our net loss position. Basic and diluted net loss attributable to common stockholders per share is presented in conformity with the two-class method required for participating securities as shares of unvested restricted stock are considered participating securities. Our participating securities do not have a contractual obligation to share in our losses. As such, the net loss was attributed entirely to common stockholders for all periods presented. |
New Accounting Pronouncements Not Yet Adopted | New Accounting Pronouncements Adopted and Not Yet Adopted The Company has not adopted any significant accounting policies since December 31, 2022. Upon evaluation of recently issued accounting pronouncements, the Company does not believe any will have a material impact on its unaudited condensed financial statements or related financial statement disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Potentially Dilutive Securities not Included in Calculation of Diluted Net Loss per Share would be Anti-dilutive | The following outstanding shares of potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods presented because including them would be anti-dilutive (in common stock equivalent shares): June 30, 2023 June 30, 2022 Outstanding stock options 10,356,431 7,356,791 Restricted common stock subject to repurchase or forfeiture 1,319,857 4,339,806 Total 11,676,288 11,696,597 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Cash Equivalents and Short-Term Investments at Fair Value | Our cash equivalents consisted of the following (in thousands): June 30, 2023 December 31, 2022 Cash equivalents Money market fund $ 92,645 $ 32,426 U.S. government and government agencies 2,414 19,869 Commercial paper — 2,997 Corporate debt securities — 2,993 Total cash equivalents $ 95,059 $ 58,285 Our short-term investments that are measured at fair value on a recurring basis consisted of the following: June 30, 2023 Maturities Amortized Cost Unrealized Gains Unrealized Losses Estimated Short-term investments U.S. government and government agencies Within one year $ 21,339 $ — $ ( 25 ) $ 21,314 Commercial paper Within one year 25,794 4 ( 11 ) 25,787 Asset-backed securities After one year through five years 5,772 58 — 5,830 Total short-term investments $ 52,905 $ 62 $ ( 36 ) $ 52,931 December 31, 2022 Maturities Amortized Cost Unrealized Gains Unrealized Losses Estimated Short-term investments U.S. government and government agencies Within one year $ 75,409 $ 15 $ ( 48 ) $ 75,376 Commercial paper Within one year 59,405 — — 59,405 Asset-backed securities Within one year 3,267 8 — 3,275 Total short-term investments $ 138,081 $ 23 $ ( 48 ) $ 138,056 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Cash Equivalents and Short-Term Investments at Fair Value on a Recurring Basis | Below are summaries of our cash equivalents and short-term investments that were measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands): June 30, 2023 December 31, 2022 Level 1 Level 2 Estimated Fair Value Level 1 Level 2 Estimated Fair Value Cash equivalents Money market fund $ 92,645 $ — $ 92,645 $ 32,426 $ — $ 32,426 U.S. government and government agencies — 2,414 2,414 — 19,869 19,869 Commercial paper — — — — 2,997 2,997 Corporate debt securities — — — — 2,993 2,993 Total cash equivalents $ 92,645 $ 2,414 $ 95,059 $ 32,426 $ 25,859 $ 58,285 June 30, 2023 December 31, 2022 Level 2 Estimated Fair Value Level 2 Estimated Fair Value Short-term investments U.S. government and government agencies $ 21,314 $ 21,314 $ 75,376 $ 75,376 Commercial paper 25,787 25,787 59,405 59,405 Asset-backed securities 5,830 5,830 3,275 3,275 Total short-term investments $ 52,931 $ 52,931 $ 138,056 $ 138,056 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Prepaid Expense, Current [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): June 30, 2023 December 31, 2022 Prepaid insurance $ 2,244 $ 1,582 Prepaid research and development costs 12 495 Other prepaid expenses and current assets 1,857 985 Total $ 4,113 $ 3,062 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accrued Liabilities [Abstract] | |
Summary of Accrued Expenses | Accrued expenses consisted of the following (in thousands): June 30, 2023 December 31, 2022 Research and development accruals $ 721 $ 10,784 Accrued compensation 674 3,878 Other accrued expenses 516 834 Total $ 1,911 $ 15,496 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule Allocation of Stock-Based Compensation Expense | The following table summarizes stock-based compensation expense for all stock-based compensation arrangements (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Research and development $ ( 54 ) $ 2,571 $ 651 $ 3,034 General and administrative 1,452 1,317 3,085 2,381 Total stock-based compensation $ 1,398 $ 3,888 $ 3,736 $ 5,415 |
Restructuring and Related Act_2
Restructuring and Related Activities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of accruals and payments for the restructuring charges | The following table details the accruals and payments for the restructuring charges (in thousands): Balance at December 31, 2022 $ — Severance expense 1,125 Balance at March 31, 2023 $ 1,125 Severance expense 4,093 Contract termination fees 88 Payments for severance and termination fees ( 4,720 ) Balance at June 30, 2023 $ 586 |
Description of Business - Addit
Description of Business - Additional Information (Detail) - USD ($) | 3 Months Ended | |||
Jul. 25, 2023 | Jul. 16, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Description of Business and Summary of Significant Accounting Policies [Line Items] | ||||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||
Cash, cash equivalents and short-term investments | $ 153,200,000 | |||
Estimated workforce reduction percentage | 89% | |||
Merger Agreement | Subsequent Event | ||||
Description of Business and Summary of Significant Accounting Policies [Line Items] | ||||
Additional amount of cash per share of common stock | $ 0.17 | |||
Pro rata share of net income | 80% | |||
Common stock share held by subsidiary | 150,000 | |||
Common stock shares owned | 16,813,146 | |||
Percentage of outstanding common stock | 27.10% | |||
Closing balance of net cash in merger agreement | $ 125,000,000 | |||
Termination fee | 2,600,000 | |||
Recovery of Direct Costs | $ 1,250,000 | |||
Merger Agreement | Base Rate Member | Subsequent Event | ||||
Description of Business and Summary of Significant Accounting Policies [Line Items] | ||||
Common stock, par value | $ 2.02 | |||
Contingent Value Rights Agreement | Subsequent Event | ||||
Description of Business and Summary of Significant Accounting Policies [Line Items] | ||||
Guarantors obligation under limited guaranty | $ 7,500,000 | |||
Contractual obligation | $ 400,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities not Included in Calculation of Diluted Net Loss per Share would be Anti-dilutive (Details) - shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities not included in calculation of diluted net loss per share because to do so would be anti-dilutive | 11,676,288 | 11,696,597 |
Outstanding Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities not included in calculation of diluted net loss per share because to do so would be anti-dilutive | 10,356,431 | 7,356,791 |
Restricted Common Stock Subject to Repurchase or Forfeiture | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities not included in calculation of diluted net loss per share because to do so would be anti-dilutive | 1,319,857 | 4,339,806 |
Investments - Schedule of Cash
Investments - Schedule of Cash Equivalents and Short-Term Investments at Fair Value (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Debt Securities, Available-for-Sale [Line Items] | ||
Money market fund | $ 92,645 | $ 32,426 |
U.S. government and government agencies | 2,414 | 19,869 |
Commercial paper | 0 | 2,997 |
Corporate debt securities | 0 | 2,993 |
Total cash equivalents | 95,059 | 58,285 |
Short-term investments | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available For Sale Securities, Amortized Cost | 52,905 | 138,081 |
Available-for-Sale Securities, Unrealized Gains | 62 | 23 |
Available-for-Sale Securities, Unrealized Losses | (36) | (48) |
Available-for-Sale Securities, Estimated Fair Value | $ 52,931 | $ 138,056 |
Short-term investments | U.S. government and government agencies | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available-for-Sale Securities, Maturities | Within one year | Within one year |
Available For Sale Securities, Amortized Cost | $ 21,339 | $ 75,409 |
Available-for-Sale Securities, Unrealized Gains | 0 | 15 |
Available-for-Sale Securities, Unrealized Losses | (25) | (48) |
Available-for-Sale Securities, Estimated Fair Value | $ 21,314 | $ 75,376 |
Short-term investments | Commercial paper | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available-for-Sale Securities, Maturities | Within one year | Within one year |
Available For Sale Securities, Amortized Cost | $ 25,794 | $ 59,405 |
Available-for-Sale Securities, Unrealized Gains | 4 | 0 |
Available-for-Sale Securities, Unrealized Losses | (11) | 0 |
Available-for-Sale Securities, Estimated Fair Value | $ 25,787 | $ 59,405 |
Short-term investments | Asset Backed Securities | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Available-for-Sale Securities, Maturities | After one year through five years | Within one year |
Available For Sale Securities, Amortized Cost | $ 5,772 | $ 3,267 |
Available-for-Sale Securities, Unrealized Gains | 58 | 8 |
Available-for-Sale Securities, Unrealized Losses | 0 | 0 |
Available-for-Sale Securities, Estimated Fair Value | $ 5,830 | $ 3,275 |
Investments - Additional Inform
Investments - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) InvestmentSecurity | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) InvestmentSecurity | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Securities, Available-for-Sale [Line Items] | |||||
Number of short-term investments in gross unrealized loss position less than 12 months | InvestmentSecurity | 10 | 10 | |||
Number of short-term investments in gross unrealized loss position more than 12 months | InvestmentSecurity | 0 | 0 | |||
Short-term investments in gross unrealized loss position less than 12 months ,Fair value | $ 27,900 | $ 27,900 | |||
Available-for sale securities, allowance for credit loss | $ 0 | $ 0 | $ 0 | ||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Current, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current | Accrued Liabilities, Current | Accrued Liabilities, Current | ||
Available-for sale securities, accrued interest after allowance for credit loss | $ 300 | $ 300 | $ 300 | ||
Available-for sale securities, accrued interest writeoff | 0 | $ 0 | 0 | $ 0 | |
Short-term investments | |||||
Debt Securities, Available-for-Sale [Line Items] | |||||
Amortized cost | 52,905 | 52,905 | 138,081 | ||
Fair value | $ 52,931 | $ 52,931 | $ 138,056 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Cash Equivalents and Short-Term Investments at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | $ 95,059 | $ 58,285 |
Estimated fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 95,059 | 58,285 |
Available-for-Sale Securities, Estimated Fair Value | 52,931 | 138,056 |
Estimated fair value | U.S. government and government agencies | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 2,414 | 19,869 |
Available-for-Sale Securities, Estimated Fair Value | 21,314 | 75,376 |
Estimated fair value | Corporate debt securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 2,993 | |
Estimated fair value | Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-Sale Securities, Estimated Fair Value | 5,830 | 3,275 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 92,645 | 32,426 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 2,414 | 25,859 |
Available-for-Sale Securities, Estimated Fair Value | 52,931 | 138,056 |
Level 2 | U.S. government and government agencies | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 2,414 | 19,869 |
Available-for-Sale Securities, Estimated Fair Value | 21,314 | 75,376 |
Level 2 | Corporate debt securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 2,993 | |
Level 2 | Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-Sale Securities, Estimated Fair Value | 5,830 | 3,275 |
Money market fund | Estimated fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 92,645 | 32,426 |
Money market fund | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 92,645 | 32,426 |
Commercial paper | Estimated fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 2,997 | |
Available-for-Sale Securities, Estimated Fair Value | 25,787 | 59,405 |
Commercial paper | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 2,997 | |
Available-for-Sale Securities, Estimated Fair Value | $ 25,787 | $ 59,405 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Prepaid Expense, Current [Abstract] | ||
Prepaid insurance | $ 2,244 | $ 1,582 |
Prepaid research and development costs | 12 | 495 |
Other prepaid expenses and current assets | 1,857 | 985 |
Total | $ 4,113 | $ 3,062 |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule Of Accrued Expenses [Abstract] | ||
Research and development accruals | $ 721 | $ 10,784 |
Accrued compensation | 674 | 3,878 |
Other accrued expenses | 516 | 834 |
Total | $ 1,911 | $ 15,496 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 23, 2021 |
Stockholders Equity [Line Items] | |||
Common stock, shares authorized | 250,000,000 | 250,000,000 | |
Series A Preferred Stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Issuance of series A convertible preferred stock for cash, net of issuance costs (Shares) | 0 | 0 | |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | |
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares outstanding | 0 | 0 | |
Common stock, shares issued | 61,716,745 | 61,734,343 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule Allocation of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-Based Payment Arrangement, Expense | $ 1,398 | $ 3,888 | $ 3,736 | $ 5,415 |
Research and Development Expense | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-Based Payment Arrangement, Expense | (54) | 2,571 | 651 | 3,034 |
General and Administrative Expense | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-Based Payment Arrangement, Expense | $ 1,452 | $ 1,317 | $ 3,085 | $ 2,381 |
Commitments and Contingencies (
Commitments and Contingencies (Additional Information) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Apr. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | |
Loss Contingencies [Line Items] | ||||
Estimated workforce reduction percentage | 89% | |||
Reduction In Workforce [Member] | ||||
Loss Contingencies [Line Items] | ||||
Estimated workforce reduction percentage | 55% | |||
Severance costs | $ 4.1 | $ 1.1 | $ 5.2 | |
Contract Termination Member | ||||
Loss Contingencies [Line Items] | ||||
Contract termination fees | $ 0.1 | $ 0.1 |
Restructuring and Related Act_3
Restructuring and Related Activities - Schedule of the Accruals and payments for the Restructuring Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Mar. 31, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||
Beginning Balance | $ 1,125 | $ 0 |
Severance expense | 4,093 | 1,125 |
Contract termination fees | 88 | |
Payments for severance and termination fees | (4,720) | |
Ending Balance | $ 586 | $ 1,125 |