Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 03, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000072444 | |
Entity Registrant Name | Vaxart, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-35285 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 59-1212264 | |
Entity Address, Address Line One | 170 Harbor Way, Suite 300 | |
Entity Address, City or Town | South San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94080 | |
City Area Code | 650 | |
Local Phone Number | 550-3500 | |
Title of 12(b) Security | Common Stock, $0.0001 par value | |
Trading Symbol | VXRT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 135,597,316 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash, cash equivalents and restricted cash | $ 48,434 | $ 46,013 |
Short-term investments | 23,377 | 49,704 |
Accounts receivable | 264 | 20 |
Prepaid expenses and other current assets | 3,755 | 3,714 |
Total current assets | 75,830 | 99,451 |
Property and equipment, net | 14,373 | 15,585 |
Right-of-use assets, net | 27,843 | 25,715 |
Intangible assets, net | 4,837 | 5,020 |
Goodwill | 4,508 | 4,508 |
Other long-term assets | 2,460 | 3,568 |
Total assets | 129,851 | 153,847 |
Current liabilities: | ||
Accounts payable | 3,882 | 5,514 |
Deferred grant revenue | 1,603 | 2,000 |
Other accrued current liabilities | 6,977 | 8,084 |
Current portion of operating lease liability | 2,344 | 2,228 |
Current portion of liability related to sale of future royalties | 877 | 95 |
Total current liabilities | 15,683 | 17,921 |
Operating lease liability, net of current portion | 19,172 | 19,477 |
Liability related to sale of future royalties, net of current portion | 4,997 | 5,621 |
Other long-term liabilities | 246 | 231 |
Total liabilities | 40,098 | 43,250 |
Commitments and contingencies (Note 8) | ||
Stockholders’ equity: | ||
Preferred stock: $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding as of March 31, 2023 and December 31, 2022 | 0 | 0 |
Common stock: $0.0001 par value; 250,000,000 shares authorized as of March 31, 2023 and December 31, 2022, respectively; 135,610,869 shares issued and 135,597,316 shares outstanding as of March 31, 2023 and 134,199,429 shares issued and outstanding as of December 31, 2022. | 14 | 13 |
Additional paid-in capital | 442,068 | 437,992 |
Treasury stock at cost, 13,553 shares and none as of March 31, 2023 and December 31, 2022, respectively | (10) | 0 |
Accumulated deficit | (352,249) | (327,109) |
Accumulated other comprehensive loss | (70) | (299) |
Total stockholders’ equity | 89,753 | 110,597 |
Total liabilities and stockholders’ equity | $ 129,851 | $ 153,847 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 135,610,869 | 134,199,429 |
Common stock, shares outstanding (in shares) | 135,597,316 | 134,199,429 |
Treasury Stock, Common, Shares (in shares) | 13,553 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 675,000 | $ 85,000 |
Operating expenses: | ||
Research and development | 19,622,000 | 18,203,000 |
General and administrative | 6,625,000 | 6,658,000 |
Total operating expenses | 26,247,000 | 24,861,000 |
Operating loss | (25,572,000) | (24,776,000) |
Other income (expense): | ||
Interest income | 642,000 | 35,000 |
Non-cash interest expense related to sale of future royalties | (178,000) | (340,000) |
Foreign exchange loss, net | (3,000) | 0 |
Loss before income taxes | (25,111,000) | (25,081,000) |
Provision for income taxes | 29,000 | 20,000 |
Net loss | $ (25,140,000) | $ (25,101,000) |
Net loss per share - basic and diluted (in dollars per share) | $ (0.19) | $ (0.20) |
Shares used to compute net loss per share - basic and diluted (in shares) | 135,213,196 | 125,795,255 |
Comprehensive loss: | ||
Net loss | $ (25,140,000) | $ (25,101,000) |
Unrealized gain (loss) on available-for-sale investments, net of tax | 229,000 | (235,000) |
Comprehensive loss | (24,911,000) | (25,336,000) |
Non Cash Royalty Revenue [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 278,000 | 85,000 |
Grant [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 397,000 | $ 0 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock, Common [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) at Dec. 31, 2021 | 125,594,393 | |||||
Balances at Dec. 31, 2021 | $ 13 | $ 406,943 | $ (219,351) | $ (74) | $ 187,531 | |
Issuance of common stock (in shares) | 216,000 | |||||
Issuance of common stock | $ 0 | 992 | 0 | 0 | 992 | |
Stock-based compensation | 0 | 3,130 | 0 | 0 | 3,130 | |
Unrealized gains on available-for-sale investments | 0 | 0 | 0 | (235) | (235) | |
Net loss | $ 0 | 0 | (25,101) | 0 | (25,101) | |
Issuance of common stock upon exercise of stock options (in shares) | 30,418 | |||||
Issuance of common stock upon exercise of stock options | $ 0 | 48 | 0 | 0 | 48 | |
Balances (in shares) at Mar. 31, 2022 | 125,840,811 | |||||
Balances at Mar. 31, 2022 | $ 13 | 411,113 | (244,452) | (309) | 166,365 | |
Balances (in shares) at Dec. 31, 2022 | 134,199,429 | 0 | ||||
Balances at Dec. 31, 2022 | $ 13 | $ 0 | 437,992 | (327,109) | (299) | 110,597 |
Issuance of common stock (in shares) | 1,362,220 | 0 | ||||
Issuance of common stock | $ 1 | $ 0 | 1,429 | 0 | 0 | 1,430 |
Stock-based compensation | $ 0 | $ 0 | 2,647 | 0 | 0 | 2,647 |
Release of common stock for vested restricted stock units (in shares) | 49,220 | 0 | ||||
Release of common stock for vested restricted stock units | $ 0 | $ 0 | 0 | 0 | 0 | 0 |
Repurchase of common stock to satisfy tax withholding (in shares) | 0 | (13,553) | ||||
Repurchase of common stock to satisfy tax withholding | $ 0 | $ (10) | 0 | 0 | 0 | (10) |
Unrealized gains on available-for-sale investments | 0 | 0 | 0 | 0 | 229 | 229 |
Net loss | $ 0 | $ 0 | 0 | (25,140) | 0 | $ (25,140) |
Issuance of common stock upon exercise of stock options (in shares) | 0 | |||||
Balances (in shares) at Mar. 31, 2023 | 135,610,869 | (13,553) | ||||
Balances at Mar. 31, 2023 | $ 14 | $ (10) | $ 442,068 | $ (352,249) | $ (70) | $ 89,753 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Offering costs | $ 103 | $ 314 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (25,140) | $ (25,101) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,062 | 1,131 |
Accretion of (discount) premium on investments | (144) | 36 |
Stock-based compensation | 2,647 | 3,130 |
Non-cash interest expense related to sale of future royalties | 178 | 340 |
Non-cash revenue related to sale of future royalties | (20) | (71) |
Change in operating assets and liabilities: | ||
Accounts receivable | (244) | (10) |
Prepaid expenses and other assets | 1,067 | (4,498) |
Accounts payable | (270) | 113 |
Deferred grant revenue | (397) | 0 |
Other accrued liabilities | (4,199) | (183) |
Net cash used in operating activities | (24,460) | (25,113) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (1,239) | (1,346) |
Purchases of investments | 0 | (8,522) |
Proceeds from maturities of investments | 26,700 | 13,600 |
Net cash provided by investing activities | 25,461 | 3,732 |
Cash flows from financing activities: | ||
Net proceeds from issuance of common stock through ATM facilities | 1,430 | 992 |
Shares acquired to settle employee tax withholding liabilities | (10) | 0 |
Proceeds from issuance of common stock upon exercise of stock options | 0 | 48 |
Net cash provided by financing activities | 1,420 | 1,040 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 2,421 | (20,341) |
Cash, cash equivalents and restricted cash at beginning of the period | 46,013 | 143,745 |
Cash, cash equivalents and restricted cash at end of the period | 48,434 | 123,404 |
Supplemental disclosure of non-cash investing and financing activity: | ||
Operating lease liabilities arising from obtaining right-of-use assets | 296 | 125 |
Acquisition of property and equipment included in accounts payable and accrued expenses | $ 246 | $ 505 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Business | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. General Vaxart Biosciences, Inc. was originally incorporated in California in March 2004, July 2007, February 2018, On September 15, 2021, “September 2021 may September 16, 2021, three March 31, 2023 September 2021 March 31, 2023, not September 2021 not September 2021 3 No. 333 270671 March 17, 2023, September 2021 The Company’s principal operations are based in South San Francisco, California, and it operates in one |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2. Basis of Presentation, Liquidity and Going Concern The Company is a clinical-stage biotechnology company with no March 31, 2023, one no During the first 2023 , 2 27% second 2024. The Company will be dependent upon raising additional capital through placement of its common stock, notes or other securities, borrowings, or entering into a partnership with a strategic party in order to implement its business plan. The Company is currently not September 25, 2023 may 180 not may no 12 The financial statements do not Certain information and footnote disclosures normally included in consolidated financial statements have been condensed or omitted pursuant to these rules and regulations. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and footnotes related thereto for the year ended December 31, 2022, 10 March 15, 2023 no 2 not Basis of Consolidation Use of Estimates Concentration of Credit Risk The primary focus of the Company’s investment strategy is to preserve capital and meet liquidity requirements. The Company’s investment policy addresses the level of credit exposure by limiting the concentration in any one Recent Accounting Pronouncements The Company has reviewed all newly-issued accounting pronouncements that are not not not |
Note 3 - Fair Value of Financia
Note 3 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 3 . Fair Value of Financial Instruments Fair value accounting is applied for all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). Financial instruments include cash and cash equivalents, marketable securities, accounts receivable, accounts payable and accrued liabilities that approximate fair value due to their relatively short maturities. Assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with inputs used to measure their fair values. The accounting guidance for fair value provides a framework for measuring fair value and requires certain disclosures about how fair value is determined. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance also establishes a three The three Level 1 Level 2 not Level 3 no The following table sets forth the fair value of the Company’s financial assets that are measured on a recurring basis as of March 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total March 31, 2023 Financial assets: Money market funds $ 38,179 $ — $ — $ 38,179 U.S. Treasury securities — 21,379 — 21,379 Commercial paper — 999 — 999 Corporate debt securities — 999 — 999 Total $ 38,179 $ 23,377 $ — $ 61,556 Level 1 Level 2 Level 3 Total December 31, 2022 Financial assets: Money market funds $ 30,834 $ — $ — $ 30,834 U.S. Treasury securities — 41,542 — 41,542 Commercial paper — 5,674 — 5,674 Corporate debt securities — 2,488 — 2,488 Total $ 30,834 $ 49,704 $ — $ 80,538 The Company held no recurring financial liabilities as of March 31, 2023 December 31, 2022 three March 31, 2023 2022 |
Note 4 - Balance Sheet Componen
Note 4 - Balance Sheet Components | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | NOTE 4 . Balance Sheet Components (a) Cash, Cash Equivalents, Restricted Cash and Investments Cash, cash equivalents, restricted cash and investments consisted of the following (in thousands): Amortized Gross Unrealized Estimated Cash and Cash Equivalents Short-Term Long-Term Cost Gains Losses Fair Value and Restricted Cash Investments Investments March 31, 2023 Cash at banks $ 10,255 $ — $ — $ 10,255 $ 10,255 $ — $ — Money market funds 38,179 — — 38,179 38,179 — — U.S. Treasury securities 21,448 — (69 ) 21,379 — 21,379 — Commercial paper 999 — — 999 — 999 — Corporate debt securities 1,000 — (1 ) 999 — 999 — Total $ 71,881 $ — $ (70 ) $ 71,811 $ 48,434 $ 23,377 $ — Amortized Gross Unrealized Estimated Cash and Cash Equivalents Short-Term Long-Term Cost Gains Losses Fair Value and Restricted Cash Investments Investments December 31, 2022 Cash at banks $ 15,179 $ — $ — $ 15,179 $ 15,179 $ — $ — Money market funds 30,834 — — 30,834 30,834 — — U.S. Treasury securities 41,812 — (270 ) 41,542 — 41,542 — Commercial paper 2,488 — — 2,488 — 2,488 — Corporate debt securities 5,703 — (29 ) 5,674 — 5,674 — Total $ 96,016 $ — $ (299 ) $ 95,717 $ 46,013 $ 49,704 $ — Cash and cash equivalents and restricted cash of $48.4 million as of March 31, 2023 December 31, 2022, (b) Property and Equipment, Net Property and equipment, net consists of the following (in thousands): March 31, 2023 December 31, 2022 Laboratory equipment $ 13,512 $ 12,035 Office and computer equipment 1,057 1,078 Leasehold improvements 3,494 1,760 Construction in progress 476 3,984 Total property and equipment 18,539 18,857 Less: accumulated depreciation (4,166 ) (3,272 ) Property and equipment, net $ 14,373 $ 15,585 Depreciation expense was $894,000 and $370,000 for the three months ended March 31, 2023 and 2022, respectively. There were no material impairments of the Company’s property and equipment recorded in the three months ended March 31, 2023 or 2022, respectively. (c) Right-of-Use Assets , Net Right-of-use assets, net comprises facilities of $27.8 million and $25.7 million as of March 31, 2023 December 31, 2022 September 2021, March 31, 2029. two one third 2022 first 2023 VAXART , INC. Notes to the Condensed Consolidated Financial Statements (Unaudited) (d) Intangible Assets, Net Intangible assets comprise developed technology and intellectual property. Intangible assets are carried at cost less accumulated amortization. Amortization is computed using the straight-line method over useful life of 11.75 years for developed technology and 20 years for intellectual property. As of March 31, 2023 March 31, 2023, no March 31, 2023 December 31, 2022 Developed technology $ 5,000 $ 5,000 Intellectual property 80 80 Total cost 5,080 5,080 Less: accumulated amortization (243 ) (60 ) Intangible assets, net $ 4,837 $ 5,020 Intangible asset amortization expense for the three March 31, 2023 2022 As of March 31, 2023 Year Ending December 31, Amount 2023 (nine months remaining) $ 548 2024 731 2025 731 2026 731 2027 731 Thereafter 1,365 Total $ 4,837 (e) Goodwill Goodwill, which represents the excess of the purchase price over the fair value of assets acquired, comprises $4.5 million as of March 31, 2023 December 31, 2022 March 31, 2023 (f) Other Accrued Liabilities Other accrued liabilities consist of the following (in thousands): March 31, 2023 December 31, 2022 Accrued compensation $ 2,865 $ 3,112 Accrued clinical and manufacturing expenses 1,497 2,413 Accrued professional and consulting services 524 691 Other liabilities, current portion 2,091 1,868 Total $ 6,977 $ 8,084 |
Note 5 - Revenue
Note 5 - Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Revenue [Text Block] | NOTE 5 . Revenue Royalty Agreement The Company generates royalty revenue from the sale of Inavir in Japan, pursuant to a collaboration and license agreement that Aviragen entered into with Daiichi Sankyo Company, Limited (“Daiichi Sankyo”) in 2009. September 2010, December 2029, first fourth three March 31, 2023 2022 nil 6 three March 31, 2023 2022 three March 31, 2023 2022 Grant Revenue In November 2022, three March 31, 2023. March 31, 2023 December 31, 2022, |
Note 6 - Liabilities Related to
Note 6 - Liabilities Related to Sale of Future Royalties | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Liabilities Related to Sale of Future Royalties [Text Block] | 6 . Liabilities Related to Sale of Future Royalties In April 2016, first April 1, Under the relevant accounting guidance, due to a limit on the amount of royalties that HCRP can earn under the RIAA, this transaction was accounted for as a liability that is being amortized using the effective interest method over the life of the arrangement. The Company has no not not The following table shows the activity within the liability account during the three March 31, 2023 Total liability related to sale of future royalties, start of period $ 5,716 Non-cash royalty revenue paid to HCRP (20 ) Non-cash interest expense recognized 178 Total liability related to sale of future royalties, end of period 5,874 Current portion (877 ) Long-term portion $ 4,997 |
Note 7 - Leases
Note 7 - Leases | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 7 . Leas es The Company has obtained the right of use for office and manufacturing facilities under seven operating lease agreements with initial terms exceeding one one one one In September 2021 March 31, 2029. one third 2022 first 2023 As of March 31, 2023 one The following table summarizes the Company’s undiscounted cash payment obligations for its operating lease liabilities with initial terms of more than twelve March 31, 2023 Year Ending December 31, 2023 (nine months remaining) $ 3,117 2024 4,275 2025 4,421 2026 4,975 2027 5,205 Thereafter 6,797 Undiscounted total 28,790 Less: imputed interest (7,274 ) Present value of future minimum payments 21,516 Current portion of operating lease liability (2,344 ) Operating lease liability, net of current portion $ 19,172 The Company presently has no finance leases and no future obligations under operating leases with initial terms of one year or less. The Company is also required to pay for operating expenses related to the leased space, which were $2.0 million and $1.1 million for the three March 31, 2023 2022. not Three Months Ended March 31, 2023 2022 Lease cost Operating lease cost $ 1,510 $ 719 Short-term lease cost 21 118 Variable lease cost 511 265 Total lease cost $ 2,042 $ 1,102 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 8 . Commitments and Contingencies (a) Purchase Commitments As of March 31, 2023 (b) Indemnifications In the ordinary course of business, the Company enters into agreements that may may third not may may (c) From time to time the Company may On August 4, 2020, Godfrey v. Latour, et al. September 4, 2020 Ennis v. Latour, et al second November 25, 2020. third June 11, 2021. third third third June 2020; April 24, 2020, two June 8, 2020. third no August 31, 2021, third November 17, 2022, In August September 2020, two first Himmelberg v. Vaxart, Inc. et al. August 24, 2020. second Hovhannisyan v. Vaxart, Inc. et al. September 1, 2020 ( September 17, 2020, two December 9, 2020, On January 29, 2021, July 8, 2021, May 14, 2021, June 10, 2021, first August 9, 2021, first first three 10 10b 5, 20 20A first first July 8, 2021, first December 22, 2021, July 27, 2022, $2.0 November 2, 2022, November 14, 2022, second January 25, 2023, On October 23, 2020, Roth v. Armistice Capital LLC, et al. 16 On January 8, 2021, pro se Chan v. Vaxart, Inc. et al. |
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | NOTE 9 . Stock holders’ Equity (a) P referred Stock The Company is authorized to issue 5,000,000 shares of preferred stock, $0.0001 par value per share. The Company’s board of directors may, 5,000,000 one may no (b) As of March 31, 2023, August 4, 2022, one may no March 31, 2023 In the event of the Company’s voluntary or involuntary liquidation, dissolution, distribution of assets or winding-up, the holders of the common stock will be entitled to receive an equal amount per share of all the Company’s assets of whatever kind available for distribution to stockholders, after the rights of the holders of the preferred stock have been satisfied. There are no The Company had shares of common stock reserved for issuance as follows: March 31, 2023 December 31, 2022 Options issued and outstanding 19,305,219 14,725,261 RSUs issued and outstanding 3,708,708 808,310 Available for future grants of equity awards 4,540,768 12,074,692 Common stock warrants 227,434 227,434 2022 Employee Stock Purchase Plan 1,800,000 1,800,000 Total 29,582,129 29,635,697 (c) Warrants The following warrants were outstanding as of March 31, 2023 none Securities into which warrants are convertible Warrants Outstanding Exercise Price Expiration Date Common Stock 44,148 $ 1.10 April 2024 Common Stock 26,515 $ 1.375 April 2024 Common Stock 29,150 $ 2.50 March 2025 Common Stock 100,532 $ 3.125 February 2025 Common Stock 16,175 $ 3.125 March 2024 Common Stock 10,914 $ 22.99 December 2026 Total 227,434 In the event of a Fundamental Transaction (a transfer of ownership of the Company as defined in the warrant) within the Company’s control, the holders of the unexercised common stock warrants exercisable for $1.10 and $2.50 and those exercisable for $3.125 expiring in February 2025 not |
Note 10 - Equity Incentive Plan
Note 10 - Equity Incentive Plans | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 1 0 . Equity Incentive Plan s On April 23, 2019, 2019 “2019 may 2019 may 2019 not 2019 The aggregate number of shares of common stock authorized for issuance under the 2019 2019 June 8, 2020, June 16, 2021, August 4, 2022, 2019 2019 ten may A summary of stock option and RSU transactions in the three March 31, 2023 Weighted Weighted Shares Number of Option Average Unvested RSU Average Available Options Exercise RSU Shares Grant Date For Grant Outstanding Price Outstanding Fair Value Balance at January 1, 2023 12,074,692 14,725,261 $ 4.48 808,310 $ 3.57 Granted (10,071,992 ) 6,960,943 $ 0.78 3,111,049 $ 0.78 Exercised — — $ — — $ — Released — — $ — (49,220 ) $ 5.09 Forfeited 1,887,633 (1,726,202 ) $ 5.43 (161,431 ) $ 3.49 Canceled 650,435 (654,783 ) $ 3.72 — $ — Balance at March 31, 2023 4,540,768 19,305,219 $ 3.09 3,708,708 $ 1.21 As of March 31, 2023, there were 19,305,219 options outstanding with a weighted average exercise price of $3.09, a weighted average remaining term of 8.28 years and an aggregate intrinsic value of $72,000. Of these options, 6,185,977 were vested, with a weighted average exercise price of $4.11, a weighted average remaining term of 6.06 years and an aggregate intrinsic value of $64,000. The aggregate intrinsic value represents the total pre-tax value (i.e., the difference between the Company’s stock price and the exercise price) of stock options outstanding as of March 31, 2023, based on the Company’s common stock closing price of $0.76, which would have been received by the option holders had all their in-the-money options been exercised as of that date. There were no options exercised during the three months ended March 31, 2023. The Company received $48,000 for the 30,418 options exercised during the three months ended March 31, 2022, which had an intrinsic value of $101,000. The weighted average grant date fair value of options awarded in the three March 31, 2023 2022 Three Months Ended March 31, 2023 2022 Risk-free interest rate 3.45% - 3.56% 1.62% - 2.55% Expected term (in years) 6.00 6.02 - 6.08 Expected volatility 128 % 125% - 126% Dividend yield — % — % The Company measures the fair value of all stock-based awards on the grant date and records the fair value of these awards, net of estimated forfeitures, to compensation expense over the service period. Total stock-based compensation recognized for options, RSUs and ESPP was as follows (in thousands): Three Months Ended March 31, 2023 2022 Research and development $ 1,372 $ 2,027 General and administrative 1,275 1,103 Total stock-based compensation $ 2,647 $ 3,130 As of March 31, 2023 On August 4, 2022, 2022 “2022 6 one 85% 6 No three March 31, 2023, The fair value of the ESPP shares is estimated using the Black-Scholes option pricing model. The weighted average estimated fair value for shares issued under our ESPP in fiscal years 2022 three March 31, 2023 March 31, 2023, May 2023. |
Note 11 - Net Loss Per Share
Note 11 - Net Loss Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 11 . Net Loss Per Share The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share amounts): Three Months Ended March 31, 2023 2022 Net loss $ (25,140 ) $ (25,101 ) Shares used to compute net loss per share – basic and diluted 135,213,196 125,795,255 Net loss per share – basic and diluted $ (0.19 ) $ (0.20 ) No adjustment has been made to the net loss in the three months ended March 31, 2023 or 2022, as the effect would be anti-dilutive due to the net loss. The following potentially dilutive weighted average securities were excluded from the computation of weighted average shares outstanding because they would have been antidilutive: Three Months Ended March 31, 2023 2022 Options to purchase common stock 14,436,046 10,903,711 Restricted stock units to purchase common stock 1,218,200 10,917 Warrants to purchase common stock 227,434 232,434 Employee Stock Purchase Plan 433,328 — Total potentially dilutive securities excluded from denominator of the diluted earnings per share computation 16,315,008 11,147,062 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation, Liquidity and Going Concern The Company is a clinical-stage biotechnology company with no March 31, 2023, one no During the first 2023 , 2 27% second 2024. The Company will be dependent upon raising additional capital through placement of its common stock, notes or other securities, borrowings, or entering into a partnership with a strategic party in order to implement its business plan. The Company is currently not September 25, 2023 may 180 not may no 12 The financial statements do not Certain information and footnote disclosures normally included in consolidated financial statements have been condensed or omitted pursuant to these rules and regulations. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and footnotes related thereto for the year ended December 31, 2022, 10 March 15, 2023 no 2 not |
Consolidation, Policy [Policy Text Block] | Basis of Consolidation |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk The primary focus of the Company’s investment strategy is to preserve capital and meet liquidity requirements. The Company’s investment policy addresses the level of credit exposure by limiting the concentration in any one |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements The Company has reviewed all newly-issued accounting pronouncements that are not not not |
Note 3 - Fair Value of Financ_2
Note 3 - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total March 31, 2023 Financial assets: Money market funds $ 38,179 $ — $ — $ 38,179 U.S. Treasury securities — 21,379 — 21,379 Commercial paper — 999 — 999 Corporate debt securities — 999 — 999 Total $ 38,179 $ 23,377 $ — $ 61,556 Level 1 Level 2 Level 3 Total December 31, 2022 Financial assets: Money market funds $ 30,834 $ — $ — $ 30,834 U.S. Treasury securities — 41,542 — 41,542 Commercial paper — 5,674 — 5,674 Corporate debt securities — 2,488 — 2,488 Total $ 30,834 $ 49,704 $ — $ 80,538 |
Note 4 - Balance Sheet Compon_2
Note 4 - Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Cash, Cash Equivalents and Investments [Table Text Block] | Amortized Gross Unrealized Estimated Cash and Cash Equivalents Short-Term Long-Term Cost Gains Losses Fair Value and Restricted Cash Investments Investments March 31, 2023 Cash at banks $ 10,255 $ — $ — $ 10,255 $ 10,255 $ — $ — Money market funds 38,179 — — 38,179 38,179 — — U.S. Treasury securities 21,448 — (69 ) 21,379 — 21,379 — Commercial paper 999 — — 999 — 999 — Corporate debt securities 1,000 — (1 ) 999 — 999 — Total $ 71,881 $ — $ (70 ) $ 71,811 $ 48,434 $ 23,377 $ — Amortized Gross Unrealized Estimated Cash and Cash Equivalents Short-Term Long-Term Cost Gains Losses Fair Value and Restricted Cash Investments Investments December 31, 2022 Cash at banks $ 15,179 $ — $ — $ 15,179 $ 15,179 $ — $ — Money market funds 30,834 — — 30,834 30,834 — — U.S. Treasury securities 41,812 — (270 ) 41,542 — 41,542 — Commercial paper 2,488 — — 2,488 — 2,488 — Corporate debt securities 5,703 — (29 ) 5,674 — 5,674 — Total $ 96,016 $ — $ (299 ) $ 95,717 $ 46,013 $ 49,704 $ — |
Property, Plant and Equipment [Table Text Block] | March 31, 2023 December 31, 2022 Laboratory equipment $ 13,512 $ 12,035 Office and computer equipment 1,057 1,078 Leasehold improvements 3,494 1,760 Construction in progress 476 3,984 Total property and equipment 18,539 18,857 Less: accumulated depreciation (4,166 ) (3,272 ) Property and equipment, net $ 14,373 $ 15,585 Depreciation expense was $894,000 and $370,000 for the three months ended March 31, 2023 and 2022, respectively. There were no material impairments of the Company’s property and equipment recorded in the three months ended March 31, 2023 or 2022, respectively. |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2023 December 31, 2022 Developed technology $ 5,000 $ 5,000 Intellectual property 80 80 Total cost 5,080 5,080 Less: accumulated amortization (243 ) (60 ) Intangible assets, net $ 4,837 $ 5,020 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Ending December 31, Amount 2023 (nine months remaining) $ 548 2024 731 2025 731 2026 731 2027 731 Thereafter 1,365 Total $ 4,837 |
Schedule of Accrued Liabilities [Table Text Block] | March 31, 2023 December 31, 2022 Accrued compensation $ 2,865 $ 3,112 Accrued clinical and manufacturing expenses 1,497 2,413 Accrued professional and consulting services 524 691 Other liabilities, current portion 2,091 1,868 Total $ 6,977 $ 8,084 |
Note 6 - Liabilities Related _2
Note 6 - Liabilities Related to Sale of Future Royalties (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | Total liability related to sale of future royalties, start of period $ 5,716 Non-cash royalty revenue paid to HCRP (20 ) Non-cash interest expense recognized 178 Total liability related to sale of future royalties, end of period 5,874 Current portion (877 ) Long-term portion $ 4,997 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Year Ending December 31, 2023 (nine months remaining) $ 3,117 2024 4,275 2025 4,421 2026 4,975 2027 5,205 Thereafter 6,797 Undiscounted total 28,790 Less: imputed interest (7,274 ) Present value of future minimum payments 21,516 Current portion of operating lease liability (2,344 ) Operating lease liability, net of current portion $ 19,172 The Company presently has no finance leases and no future obligations under operating leases with initial terms of one year or less. |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2023 2022 Lease cost Operating lease cost $ 1,510 $ 719 Short-term lease cost 21 118 Variable lease cost 511 265 Total lease cost $ 2,042 $ 1,102 |
Note 9 - Stockholders' Equity (
Note 9 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Common Stock Reserved for Issuance [Table Text Block] | March 31, 2023 December 31, 2022 Options issued and outstanding 19,305,219 14,725,261 RSUs issued and outstanding 3,708,708 808,310 Available for future grants of equity awards 4,540,768 12,074,692 Common stock warrants 227,434 227,434 2022 Employee Stock Purchase Plan 1,800,000 1,800,000 Total 29,582,129 29,635,697 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Securities into which warrants are convertible Warrants Outstanding Exercise Price Expiration Date Common Stock 44,148 $ 1.10 April 2024 Common Stock 26,515 $ 1.375 April 2024 Common Stock 29,150 $ 2.50 March 2025 Common Stock 100,532 $ 3.125 February 2025 Common Stock 16,175 $ 3.125 March 2024 Common Stock 10,914 $ 22.99 December 2026 Total 227,434 |
Note 10 - Equity Incentive Pl_2
Note 10 - Equity Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Activity [Table Text Block] | Weighted Weighted Shares Number of Option Average Unvested RSU Average Available Options Exercise RSU Shares Grant Date For Grant Outstanding Price Outstanding Fair Value Balance at January 1, 2023 12,074,692 14,725,261 $ 4.48 808,310 $ 3.57 Granted (10,071,992 ) 6,960,943 $ 0.78 3,111,049 $ 0.78 Exercised — — $ — — $ — Released — — $ — (49,220 ) $ 5.09 Forfeited 1,887,633 (1,726,202 ) $ 5.43 (161,431 ) $ 3.49 Canceled 650,435 (654,783 ) $ 3.72 — $ — Balance at March 31, 2023 4,540,768 19,305,219 $ 3.09 3,708,708 $ 1.21 As of March 31, 2023, there were 19,305,219 options outstanding with a weighted average exercise price of $3.09, a weighted average remaining term of 8.28 years and an aggregate intrinsic value of $72,000. Of these options, 6,185,977 were vested, with a weighted average exercise price of $4.11, a weighted average remaining term of 6.06 years and an aggregate intrinsic value of $64,000. The aggregate intrinsic value represents the total pre-tax value (i.e., the difference between the Company’s stock price and the exercise price) of stock options outstanding as of March 31, 2023, based on the Company’s common stock closing price of $0.76, which would have been received by the option holders had all their in-the-money options been exercised as of that date. There were no options exercised during the three months ended March 31, 2023. The Company received $48,000 for the 30,418 options exercised during the three months ended March 31, 2022, which had an intrinsic value of $101,000. |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended March 31, 2023 2022 Risk-free interest rate 3.45% - 3.56% 1.62% - 2.55% Expected term (in years) 6.00 6.02 - 6.08 Expected volatility 128 % 125% - 126% Dividend yield — % — % |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2023 2022 Research and development $ 1,372 $ 2,027 General and administrative 1,275 1,103 Total stock-based compensation $ 2,647 $ 3,130 |
Note 11 - Net Loss Per Share (T
Note 11 - Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2023 2022 Net loss $ (25,140 ) $ (25,101 ) Shares used to compute net loss per share – basic and diluted 135,213,196 125,795,255 Net loss per share – basic and diluted $ (0.19 ) $ (0.20 ) No adjustment has been made to the net loss in the three months ended March 31, 2023 or 2022, as the effect would be anti-dilutive due to the net loss. |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended March 31, 2023 2022 Options to purchase common stock 14,436,046 10,903,711 Restricted stock units to purchase common stock 1,218,200 10,917 Warrants to purchase common stock 227,434 232,434 Employee Stock Purchase Plan 433,328 — Total potentially dilutive securities excluded from denominator of the diluted earnings per share computation 16,315,008 11,147,062 |
Note 1 - Organization and Nat_2
Note 1 - Organization and Nature of Business (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 15, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | |
Proceeds from Issuance of Common Stock | $ 1,430 | $ 992 | |
The September 2021 ATM [Member] | |||
Open Market Sale Agreement, Maximum Aggregate Offering Price | $ 100,000 | ||
Open Market Sale Agreement, Sales Commission, Percentage | 3% | ||
Stock Issued During Period, Shares, New Issues (in shares) | 1,362,220 | ||
Proceeds from Issuance of Common Stock | $ 1,500 | ||
Proceeds from Issuance of Common Stock, Net | $ 1,400 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Cash, Cash Equivalents, and Short-Term Investments | $ 71,800,000 |
Reduction in Workforce, Percentage | 27% |
Severance Costs | $ 732,000 |
Note 3 - Fair Value of Financ_3
Note 3 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Recurring [Member] | ||
Financial Liabilities Fair Value Disclosure, Total | $ 0 | $ 0 |
Note 3 - Fair Value of Financ_4
Note 3 - Fair Value of Financial Instruments - Financial Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Money Market Funds [Member] | ||
Money market funds, Fair Value | $ 38,179 | $ 30,834 |
Fair Value, Recurring [Member] | ||
Investments, Fair Value Disclosure | 61,556 | 80,538 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Investments, Fair Value Disclosure | 21,379 | 41,542 |
Fair Value, Recurring [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Investments, Fair Value Disclosure | 999 | 5,674 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Investments, Fair Value Disclosure | 999 | 2,488 |
Fair Value, Recurring [Member] | Money Market Funds [Member] | ||
Money market funds, Fair Value | 38,179 | 30,834 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments, Fair Value Disclosure | 38,179 | 30,834 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Money market funds, Fair Value | 38,179 | 30,834 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments, Fair Value Disclosure | 23,377 | 49,704 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Investments, Fair Value Disclosure | 21,379 | 41,542 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Investments, Fair Value Disclosure | 999 | 5,674 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Investments, Fair Value Disclosure | 999 | 2,488 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Money market funds, Fair Value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Treasury Securities [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||
Money market funds, Fair Value | $ 0 | $ 0 |
Note 4 - Balance Sheet Compon_3
Note 4 - Balance Sheet Components (Details Textual) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | $ 48,434,000 | $ 123,404,000 | $ 46,013,000 | $ 143,745,000 | |
Restricted Cash | 1,600,000 | 2,000,000 | |||
Operating Lease, Right-of-Use Asset | 27,843,000 | 25,715,000 | |||
Amortization of Intangible Assets | 183,000 | $ 338,000 | |||
Goodwill | 4,508,000 | $ 4,508,000 | |||
Goodwill, Impairment Loss | $ 0 | ||||
Developed Technology Rights [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 11 years 9 months | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 6 years 7 months 6 days | ||||
Intellectual Property [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 4 years 9 months | ||||
Lease for Facility in South San Francisco Commenced in Third Quarter of 2022 [Member] | |||||
Operating Lease, Right-of-Use Asset | $ 15,000,000 | ||||
Lease for Facility in South San Francisco Commenced in First Quarter of 2023 [Member] | |||||
Operating Lease, Right-of-Use Asset | $ 3,100,000 |
Note 4 - Balance Sheet Compon_4
Note 4 - Balance Sheet Components - Cash and Cash Equivalents and Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Cash, cash equivalents and restricted cash | $ 48,434 | $ 46,013 | $ 123,404 | $ 143,745 |
Gross Unrealized Loss | (70) | (299) | ||
Short-term investments | 23,377 | 49,704 | ||
Long-term investments | 0 | 0 | ||
Investments and Cash | 71,881 | 96,016 | ||
Investments and Cash, Fair Value Disclosure | 71,811 | 95,717 | ||
US Treasury Securities [Member] | ||||
Amortized Cost | 21,448 | 41,812 | ||
Gross Unrealized Loss | (69) | (270) | ||
Estimated Fair Value | 21,379 | 41,542 | ||
Short-term investments | 21,379 | 41,542 | ||
Long-term investments | 0 | 0 | ||
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||||
Amortized Cost | 999 | 2,488 | ||
Gross Unrealized Loss | 0 | |||
Estimated Fair Value | 999 | 2,488 | ||
Short-term investments | 999 | 2,488 | ||
Corporate Debt Securities [Member] | ||||
Amortized Cost | 1,000 | 5,703 | ||
Gross Unrealized Loss | (1) | (29) | ||
Estimated Fair Value | 999 | 5,674 | ||
Short-term investments | 999 | 5,674 | ||
Long-term investments | 0 | |||
Cash [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 10,255 | 15,179 | ||
Money market funds, Fair Value | 10,255 | 15,179 | ||
Cash, cash equivalents and restricted cash | 10,255 | 15,179 | ||
Money Market Funds [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 38,179 | 30,834 | ||
Money market funds, Fair Value | 38,179 | 30,834 | ||
Cash, cash equivalents and restricted cash | $ 38,179 | $ 30,834 |
Note 4 - Balance Sheet Compon_5
Note 4 - Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property and equipment, gross | $ 18,539 | $ 18,857 |
Less: accumulated depreciation | (4,166) | (3,272) |
Property and equipment, net | 14,373 | 15,585 |
Laboratory Equipment [Member] | ||
Property and equipment, gross | 13,512 | 12,035 |
Office Equipment [Member] | ||
Property and equipment, gross | 1,057 | 1,078 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 3,494 | 1,760 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 476 | $ 3,984 |
Note 4 - Balance Sheet Compon_6
Note 4 - Balance Sheet Components - Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Intangible assets, gross | $ 5,080 | $ 5,080 |
Less: accumulated amortization | (243) | (60) |
Intangible assets, net | 4,837 | 5,020 |
Developed Technology Rights [Member] | ||
Intangible assets, gross | 5,000 | 5,000 |
Intellectual Property [Member] | ||
Intangible assets, gross | $ 80 | $ 80 |
Note 4 - Balance Sheet Compon_7
Note 4 - Balance Sheet Components - Estimated Future Amortization Expense (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
2023 (nine months remaining) | $ 548 |
2024 | 731 |
2025 | 731 |
2026 | 731 |
2027 | 731 |
Thereafter | 1,365 |
Total | $ 4,837 |
Note 4 - Balance Sheet Compon_8
Note 4 - Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accrued compensation | $ 2,865 | $ 3,112 |
Accrued clinical and manufacturing expenses | 1,497 | 2,413 |
Accrued professional and consulting services | 524 | 691 |
Other liabilities, current portion | 2,091 | 1,868 |
Total | $ 6,977 | $ 8,084 |
Note 5 - Revenue (Details Textu
Note 5 - Revenue (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Nov. 30, 2022 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 675,000 | $ 85,000 | ||
Income Tax Expense (Benefit) | 29,000 | 20,000 | ||
Deferred Revenue, Current | $ 1,603,000 | $ 2,000,000 | $ 2,000,000 | |
Foreign Tax Authority [Member] | National Tax Agency, Japan [Member] | ||||
Royalty Withholding Tax | 5% | |||
Income Tax Expense (Benefit) | $ 14,000 | 4,000 | ||
Royalty [Member] | Daiichi Sankyo Collaberation and License Agreement [Member] | ||||
Royalty Percentage | 4% | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 0 | 0 | ||
Non Cash Royalty Revenue [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 278,000 | 85,000 | ||
Non Cash Royalty Revenue [Member] | Daiichi Sankyo Collaberation and License Agreement [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 278,000 | 85,000 | ||
Grant [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 397,000 | $ 0 |
Note 6 - Liabilities Related _3
Note 6 - Liabilities Related to Sale of Future Royalties (Details Textual) - HCRP [Member] $ in Millions | 1 Months Ended |
Apr. 30, 2016 USD ($) | |
Proceeds from Sale of Future Royalties, Net | $ 20 |
Royalty Interest Due Each Year | $ 3 |
Royalty Interest, Percentage of Additional Royalties Due Each Year | 15% |
Royalty Interest, Additional Royalties Due Each Year | $ 1 |
Note 6 - Liabilities Related _4
Note 6 - Liabilities Related to Sale of Future Royalties - Deferred Revenue Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Current portion | $ (877) | $ (95) |
Long-term portion | 4,997 | $ 5,621 |
HealthCare Royalty Partners III, L.P. [Member] | Royalty Arrangement [Member] | ||
Total liability related to sale of future royalties, start of period | 5,716 | |
Non-cash royalty revenue paid to HCRP | (20) | |
Non-cash interest expense recognized | 178 | |
Total liability related to sale of future royalties, end of period | 5,874 | |
Current portion | (877) | |
Long-term portion | $ 4,997 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2021 USD ($) | |
Operating Lease, Right-of-Use Asset | $ 27,843 | $ 25,715 | ||
Operating Lease, Weighted Average Discount Rate, Percent | 9.80% | |||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 5 years 10 months 24 days | |||
Operating Lease, Payments | $ 2,000 | $ 1,100 | ||
Right of Use for Equipment with Initial Terms Exceeding One Year [Member] | ||||
Lessee, Operating Lease, Number of Right-of-Use Leases | 7 | |||
Lease Agreements for Manufacturing Equipment with Initial Terms of One Year or Less [Member] | ||||
Lessee, Short-term Lease, Number of Leases | 1 | |||
Facility in Burlingame, California [Member] | ||||
Lessee, Short-term Lease, Number of Leases | 2 | |||
Lease for Facility in South San Francisco Commenced in Third Quarter of 2022 [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 15,000 | |||
Lease for Facility in South San Francisco Commenced in First Quarter of 2023 [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 3,100 |
Note 7 - Leases - Lease Liabili
Note 7 - Leases - Lease Liabilities Payment Obligations (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
2023 (nine months remaining) | $ 3,117 | |
2024 | 4,275 | |
2025 | 4,421 | |
2026 | 4,975 | |
2027 | 5,205 | |
Thereafter | 6,797 | |
Undiscounted total | 28,790 | |
Less: imputed interest | (7,274) | |
Present value of future minimum payments | 21,516 | |
Current portion of operating lease liability | (2,344) | $ (2,228) |
Operating lease liability, net of current portion | $ 19,172 | $ 19,477 |
Note 7 - Leases - Operating Lea
Note 7 - Leases - Operating Lease Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating lease cost | $ 1,510 | $ 719 |
Short-term lease cost | 21 | 118 |
Variable lease cost | 511 | 265 |
Total lease cost | $ 2,042 | $ 1,102 |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | Nov. 02, 2022 | Jul. 27, 2022 | Mar. 31, 2023 |
Himmelberg V. Vaxart, Inc. et al. [Member] | |||
Litigation Settlement, Amount Awarded to Other Party | $ 12 | ||
Payments for Legal Settlements | $ 2 | ||
Lease for Facility in South San Francisco, California [Member] | |||
Purchase Obligation | $ 7.8 |
Note 9 - Stockholders' Equity_2
Note 9 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Aug. 04, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Aug. 03, 2022 | |
Preferred Stock, Shares Authorized (in shares) | 5,000,000 | 5,000,000 | ||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | ||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | ||
Common Stock, Shares Authorized (in shares) | 250,000,000 | 250,000,000 | 150,000,000 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | ||
Common Stock, Increase in Shares Authorized (in shares) | 100,000,000 | |||
Dividends, Total | $ 0 | |||
First Set of Warrants Expiring April 2024 [Member] | ||||
Warrant Exercise Price to be Entitled to Receive Cash Consideration, Fundamental Transaction (in dollars per share) | $ 1.10 | |||
Warrants Expiring March 2025 [Member] | ||||
Warrant Exercise Price to be Entitled to Receive Cash Consideration, Fundamental Transaction (in dollars per share) | 2.50 | |||
Warrants Expiring February 2025 [Member] | ||||
Warrant Exercise Price to be Entitled to Receive Cash Consideration, Fundamental Transaction (in dollars per share) | $ 3.125 |
Note 9 - Stockholders' Equity -
Note 9 - Stockholders' Equity - Shares of Common Stock Reserved for Issuance (Details) - shares | Mar. 31, 2023 | Dec. 31, 2022 |
Common stock reserved for issuance (in shares) | 29,582,129 | 29,635,697 |
Common Warrants [Member] | ||
Common stock reserved for issuance (in shares) | 227,434 | 227,434 |
Share-Based Payment Arrangement, Option [Member] | ||
Common stock reserved for issuance (in shares) | 19,305,219 | 14,725,261 |
Restricted Stock Units (RSUs) [Member] | ||
Common stock reserved for issuance (in shares) | 3,708,708 | 808,310 |
Future Grants of Equity Awards [Member] | ||
Common stock reserved for issuance (in shares) | 4,540,768 | 12,074,692 |
ESPP [Member] | ||
Common stock reserved for issuance (in shares) | 1,800,000 | 1,800,000 |
Note 9 - Stockholders' Equity_3
Note 9 - Stockholders' Equity - Summary of Warrants Outstanding (Details) | Mar. 31, 2023 $ / shares shares |
Securities into which warrants are convertible (in shares) | 227,434 |
First Set of Warrants Expiring September 2024 [Member] | |
Securities into which warrants are convertible (in shares) | 44,148 |
Securities into which warrants are convertible (in dollars per share) | $ / shares | $ 1.10 |
First Set of Warrants Expiring April 2024 [Member] | |
Securities into which warrants are convertible (in shares) | 26,515 |
Securities into which warrants are convertible (in dollars per share) | $ / shares | $ 1.375 |
Second Set of Warrants Expiring April 2024 [Member] | |
Securities into which warrants are convertible (in shares) | 29,150 |
Securities into which warrants are convertible (in dollars per share) | $ / shares | $ 2.50 |
Warrants Expiring March 2025 [Member] | |
Securities into which warrants are convertible (in shares) | 100,532 |
Securities into which warrants are convertible (in dollars per share) | $ / shares | $ 3.125 |
Warrants Expiring February 2025 [Member] | |
Securities into which warrants are convertible (in shares) | 16,175 |
Securities into which warrants are convertible (in dollars per share) | $ / shares | $ 3.125 |
Warrants Expiring March 2024 [Member] | |
Securities into which warrants are convertible (in shares) | 10,914 |
Securities into which warrants are convertible (in dollars per share) | $ / shares | $ 22.99 |
Note 10 - Equity Incentive Pl_3
Note 10 - Equity Incentive Plans (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Jun. 15, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Aug. 04, 2022 | Jun. 16, 2021 | Jun. 08, 2020 | Apr. 23, 2019 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 0.78 | $ 4.48 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 29,582,129 | 29,635,697 | ||||||
Share-Based Payment Arrangement, Expense | $ 2,647,000 | $ 3,130,000 | ||||||
Share-Based Payment Arrangement, Option [Member] | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 28,100,000 | |||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 7 months 6 days | |||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 19,305,219 | 14,725,261 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 6 years | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 128% | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | 0% | ||||||
Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 6 years 7 days | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 125% | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 3.45% | 1.62% | ||||||
Former Chairman of the Board [Member] | Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Month) | 3 months | |||||||
The 2019 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 28,900,000 | 16,900,000 | 8,000,000 | 1,600,000 | ||||
The 2022 ESPP [Member] | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,800,000 | 1,800,000 | ||||||
Share Price (in dollars per share) | $ 0.46 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 6 months | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 84.66% | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 4.60% | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | |||||||
Share-Based Payment Arrangement, Expense | $ 100,000 | |||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 50,000 |
Note 10 - Equity Incentive Pl_4
Note 10 - Equity Incentive Plans - Summary of Stock Option and RSU Transactions (Details) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Shares available for grant, balance (in shares) | 12,074,692 |
Number of options outstanding, beginning balance (in shares) | 14,725,261 |
Weighted average exercise price, balance (in dollars per share) | $ / shares | $ 4.48 |
Shares available for grant, granted (in shares) | (10,071,992) |
Number of options outstanding, granted (in shares) | 6,960,943 |
Weighted average exercise price, granted (in dollars per share) | $ / shares | $ 0.78 |
Number of options outstanding, exercised (in shares) | 0 |
Weighted average exercise price, exercised (in dollars per share) | $ / shares | $ 0 |
Number of options outstanding, Released (in shares) | 0 |
Weighted average exercise price, released (in dollars per share) | $ / shares | $ 0 |
Shares available for grant, forfeited (in shares) | 1,887,633 |
Number of options outstanding, forfeited (in shares) | (1,726,202) |
Weighted average exercise price, forfeited (in dollars per share) | $ / shares | $ 5.43 |
Shares available for grant, canceled (in shares) | 650,435 |
Number of options outstanding, canceled (in shares) | (654,783) |
Weighted average exercise price, canceled (in dollars per share) | $ / shares | $ 3.72 |
Shares available for grant, balance (in shares) | 4,540,768 |
Number of options outstanding, balance (in shares) | 19,305,219 |
Weighted average exercise price, balance (in dollars per share) | $ / shares | $ 3.09 |
Restricted Stock Units (RSUs) [Member] | |
Number of RSUs outstanding (in shares) | 808,310 |
Balance, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.57 |
GrantedNumber of RSUs outstanding, granted (in shares) | 3,111,049 |
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 0.78 |
Number of RSUs outstanding, exercised (in shares) | 0 |
Exercised, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Number of RSUs outstanding, released (in shares) | (49,220) |
Released, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.09 |
Number of RSUs outstanding, forfeited (in shares) | (161,431) |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.49 |
Number of RSUs outstanding (in shares) | 3,708,708 |
Balance, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.21 |
Note 10 - Equity Incentive Pl_5
Note 10 - Equity Incentive Plans - Assumptions of Options (Details) - Share-Based Payment Arrangement, Option [Member] | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Expected term (in years) (Year) | 6 years | |
Expected volatility | 128% | |
Dividend yield | 0% | 0% |
Minimum [Member] | ||
Risk-free interest rate | 3.45% | 1.62% |
Expected term (in years) (Year) | 6 years 7 days | |
Expected volatility | 125% | |
Maximum [Member] | ||
Risk-free interest rate | 3.56% | 2.55% |
Expected term (in years) (Year) | 6 years 29 days | |
Expected volatility | 126% |
Note 10 - Equity Incentive Pl_6
Note 10 - Equity Incentive Plans - Total Stock-based Compensation Recognized for Options (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Payment Arrangement, Expense | $ 2,647 | $ 3,130 |
Research and Development Expense [Member] | ||
Share-Based Payment Arrangement, Expense | 1,372 | 2,027 |
General and Administrative Expense [Member] | ||
Share-Based Payment Arrangement, Expense | $ 1,275 | $ 1,103 |
Note 11 - Net Loss Per Share -
Note 11 - Net Loss Per Share - Calculation of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net loss | $ (25,140) | $ (25,101) |
Shares used to compute net loss per share - basic and diluted (in shares) | 135,213,196 | 125,795,255 |
Net loss per share - basic and diluted (in dollars per share) | $ (0.19) | $ (0.20) |
Note 11 - Net Loss Per Share _2
Note 11 - Net Loss Per Share - Summary of Antidilutive Securities (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 16,315,008 | 11,147,062 |
Share-Based Payment Arrangement, Option [Member] | ||
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 14,436,046 | 10,903,711 |
Restricted Stock Units (RSUs) [Member] | ||
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 1,218,200 | 10,917 |
Warrant [Member] | Common Stock [Member] | ||
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 227,434 | 232,434 |
Employee Stock Purchase Plan [Member] | ||
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 433,328 | 0 |