QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
The |
Large accelerated filer | o | Accelerated filer | o | |||||||||||
x | Smaller reporting company | |||||||||||||
Emerging growth company |
Page | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Assets held for sale | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Other non-current assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued expenses | |||||||||||
Operating lease liabilities, current | |||||||||||
Total current liabilities | |||||||||||
Warrant liability | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Contingently redeemable warrants | |||||||||||
Stockholders’ equity | |||||||||||
Common Stock, $ | |||||||||||
Additional paid-in-capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Operating expenses: | ||||||||||||||
Research and development | $ | $ | ||||||||||||
General and administrative | ||||||||||||||
Total operating expenses | ||||||||||||||
Loss from operations | ( | ( | ||||||||||||
Other income (expense): | ||||||||||||||
Interest income | ||||||||||||||
Change in fair value of warrant liability | ||||||||||||||
Loss on issuance of common stock and warrants | ( | |||||||||||||
Offering costs | ( | |||||||||||||
Other income (expense) | ( | |||||||||||||
Other income, net | ( | |||||||||||||
Net loss | $ | ( | $ | ( | ||||||||||
Basic and diluted per common share | $ | ( | $ | ( | ||||||||||
Basic and diluted weighted-average number of common shares outstanding |
Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||
Contingently redeemable warrants | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2024 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Issuance of common stock and placement agent warrant | — | — | ||||||||||||||||||||||||||||||||||||||||||
Issuance and exercise of pre-funded warrants | — | — | ||||||||||||||||||||||||||||||||||||||||||
Reclass warrants to temporary equity | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Adjustment due to reverse split | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2024 | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2023 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Gain on sale of assets held for sale | ( | ||||||||||
Change in fair value of warrant liability | ( | ||||||||||
Offering costs associated with warrant liabilities | |||||||||||
Loss on issuance of common stock and warrants | |||||||||||
Stock-based compensation | |||||||||||
Non-cash lease expense | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Prepaid expenses and other assets | ( | ||||||||||
Other non-current assets | |||||||||||
Accounts payable | ( | ( | |||||||||
Accrued expenses | ( | ||||||||||
Operating lease liabilities | ( | ( | |||||||||
Net cash used in operating activities | ( | ( | |||||||||
Cash flows from investing activities | |||||||||||
Purchase of property and equipment | ( | ||||||||||
Proceeds from disposal of equipment | |||||||||||
Net cash provided by (used in) investing activities | ( | ||||||||||
Cash flows from financing activities | |||||||||||
Proceeds from issuance of common stock and warrants, net of issuance costs | |||||||||||
Net cash provided by financing activities | |||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | ( | ||||||||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | |||||||||
March 31, 2024 | December 31, 2023 | |||||||||||||
Cash and cash equivalents: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash | ||||||||||||||
Total cash, cash equivalents, and restricted cash | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Warrant liability | |||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ |
February 6, 2024 | March 31, 2024 | ||||||||||
Common stock price per share | $ | $ | |||||||||
Exercise price per share | $ | $ | |||||||||
Expected volatility | % | % | |||||||||
Risk-free interest rate | % | % | |||||||||
Contractual term (in years) |
Warrant Liability Fair Value | |||||
Balance as of December 31, 2023 | $ | ||||
Warrants issued | |||||
Change in fair value | ( | ||||
Balance as of March 31, 2024 | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Prepaid research and development expenses | $ | $ | |||||||||
Prepaid insurance | |||||||||||
Prepaid other | |||||||||||
Other current assets | |||||||||||
Total prepaid expenses and other current assets | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Laboratory equipment | $ | $ | |||||||||
Computer equipment and software | |||||||||||
Leasehold improvements | |||||||||||
Less accumulated depreciation and amortization | ( | ( | |||||||||
Total property and equipment, net | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Accrued research and development costs | $ | $ | |||||||||
Accrued salaries, benefits and related expenses | |||||||||||
Accrued professional fees | |||||||||||
Other accrued expenses | |||||||||||
Total accrued expenses | $ | $ |
Accrued Restructuring Expenses | Accrued Restructuring Expenses | ||||||||||||||||||||||
December 31, 2023 | Expenses | Less: Payments | March 31, 2024 | ||||||||||||||||||||
Severance, benefits and related costs due to workforce reduction | $ | $ | $ | ( | $ | ||||||||||||||||||
Totals | $ | $ | $ | ( | $ |
Repriced Options | Terms of Repriced Options vested or vesting within six months following the Effective Date | Terms of Repriced Options vesting more than six months following the Effective Date | ||||||
All options held by employees other than our executive officers, in good standing on the Effective Date | The Option Repricing exercise price will be equal to | The Option Repricing exercise price will be equal to the Nasdaq Market Price, or $ | ||||||
All options held by our current executive officers and | The Option Repricing exercise price will be equal to | The Option Repricing exercise price will be equal to | ||||||
All options held by our directors | The Option Repricing exercise price will be equal to | The Option Repricing exercise price will be equal to |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Research and development expenses | $ | $ | ||||||||||||
General and administrative expenses | ||||||||||||||
Total stock-based compensation expense | $ | $ |
Stock Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (in millions) | ||||||||||||||||||||
Outstanding as of January 1, 2024 | $ | $ | |||||||||||||||||||||
Granted | |||||||||||||||||||||||
Exercised | |||||||||||||||||||||||
Cancelled | ( | ||||||||||||||||||||||
Forfeited | |||||||||||||||||||||||
Outstanding as of March 31, 2024 | $ | $ | |||||||||||||||||||||
Vested or expected to vest as of March 31, 2024 | $ | ||||||||||||||||||||||
Exercisable as of March 31, 2024 | $ | ||||||||||||||||||||||
Shares unvested as of March 31, 2024 | $ | $ |
Number of restricted units | Weighted average grant date fair value | ||||||||||
Unvested and outstanding at January 1, 2023 | $ | ||||||||||
Granted | |||||||||||
Settled | |||||||||||
Forfeited | |||||||||||
Unvested and outstanding as of March 31, 2024 | $ |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Net loss | $ | ( | $ | ( | ||||||||||
Basic and diluted net loss per common share | $ | ( | $ | ( | ||||||||||
Basic and diluted weighted average common shares outstanding |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Warrants | ||||||||||||||
Stock options | ||||||||||||||
Restricted stock unit | ||||||||||||||
Total |
Three Months Ended March 31, | Change | ||||||||||||||||
2024 | 2023 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Operating expenses: | |||||||||||||||||
Research and development | $ | 744 | $ | 6,124 | $ | (5,380) | |||||||||||
General and administrative | 2,013 | 3,701 | (1,688) | ||||||||||||||
Total operating expenses | 2,757 | 9,825 | (7,068) | ||||||||||||||
Loss from operations | (2,757) | (9,825) | 7,068 | ||||||||||||||
Other income (expense): | |||||||||||||||||
Interest income | 15 | 275 | (260) | ||||||||||||||
Change in fair value of warrant liability | 1,421 | — | 1,421 | ||||||||||||||
Loss on issuance of common stock and warrants | (1,112) | — | (1,112) | ||||||||||||||
Offering costs | (741) | — | (741) | ||||||||||||||
Other income (expense) | 97 | (14) | 111 | ||||||||||||||
Other income, net | (320) | 260 | (580) | ||||||||||||||
Net loss | $ | (3,077) | $ | (9,565) | $ | 6,488 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Net cash provided by (used in): | |||||||||||
Operating activities | $ | (2,416) | $ | (12,284) | |||||||
Investing activities | $ | 523 | $ | (43) | |||||||
Financing activities | $ | 3,144 | $ | — | |||||||
Net decrease in cash, cash equivalents and restricted cash | $ | 1,250 | $ | (12,327) |
Exhibit Number | Description | |||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
10.1 | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1*^ | ||||||||
32.2*^ | ||||||||
101.INS* | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH* | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, has been formatted in Inline XBRL. |
NEXIMMUNE, INC. | ||||||||
Date: May 20, 2024 | By: | /s/ Kristi Jones | ||||||
Kristi Jones | ||||||||
President and Chief Executive Officer | ||||||||
Date: May 20, 2024 | By: | /s/ Albert N. Marchio II | ||||||
Albert N. Marchio II | ||||||||
Interim Chief Financial Officer |
Date: May 20, 2024 | By: | /s/ Kristi Jones | ||||||
Kristi Jones | ||||||||
Chief Executive Officer (Principal Executive Officer) |
Date: May 20, 2024 | By: | /s/ Albert N. Marchio II | ||||||
Albert N. Marchio II | ||||||||
Interim Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
Date: May 20, 2024 | By: | /s/ Kristi Jones | ||||||
Kristi Jones | ||||||||
Chief Executive Officer (Principal Executive Officer) |
Date: May 20, 2024 | By: | /s/ Albert N. Marchio II | ||||||
Albert N. Marchio II | ||||||||
Interim Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
BALANCE SHEETS (Parenthetical) |
Oct. 18, 2023 |
Mar. 31, 2024
$ / shares
shares
|
Feb. 02, 2024
$ / shares
|
Dec. 31, 2023
$ / shares
shares
|
---|---|---|---|---|
Statement of Financial Position [Abstract] | ||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Authorized common stock (in shares) | 250,000,000 | 250,000,000 | ||
Common stock, shares issued (in shares) | 1,371,051 | 1,066,320 | ||
Common stock, shares outstanding (in shares) | 1,371,051 | 1,066,320 | ||
Reverse stock split, conversion ratio | 0.04 |
STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Operating expenses: | ||
Research and development | $ 744,023 | $ 6,124,044 |
General and administrative | 2,013,443 | 3,701,365 |
Total operating expenses | 2,757,466 | 9,825,409 |
Loss from operations | (2,757,466) | (9,825,409) |
Other income (expense): | ||
Interest income | 14,790 | 274,738 |
Change in fair value of warrant liability | 1,420,839 | 0 |
Loss on issuance of common stock and warrants | (1,111,614) | 0 |
Offering costs | (740,836) | 0 |
Other income (expense) | 97,014 | (14,406) |
Other income, net | (319,807) | 260,332 |
Net loss | $ (3,077,273) | $ (9,565,077) |
Basic net loss per common share (in dollars per share) | $ (2.46) | $ (9.17) |
Diluted net loss per common share (in dollars per share) | $ (2.46) | $ (9.17) |
Basic weighted average number of common shares outstanding (in shares) | 1,250,498 | 1,043,138 |
Diluted weighted-average number of common shares outstanding (in shares) | 1,250,498 | 1,043,138 |
STATEMENTS OF OPERATIONS (UNAUDITED) (Parenthetical) |
Oct. 18, 2023 |
---|---|
Income Statement [Abstract] | |
Reverse stock split, conversion ratio | 0.04 |
STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) (Parenthetical) |
Oct. 18, 2023 |
---|---|
Statement of Stockholders' Equity [Abstract] | |
Reverse stock split, conversion ratio | 0.04 |
Nature of the Business |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of the Business | Nature of the Business NexImmune, Inc. (“Company,” “we,” “us” or “NexImmune”), a Delaware corporation headquartered in Gaithersburg, Maryland, was incorporated on June 7, 2011. The Company is an emerging biopharmaceutical company advancing a new generation of immunotherapies based on its proprietary Artificial Immune Modulation ("AIMTM") technology. The AIM nanotechnology platform, originally developed at Johns Hopkins University, is the foundation for an innovative approach to immunotherapy in which the body’s own immune system is stimulated to orchestrate a targeted T cell response against a disease. Central to the AIM technology are artificial AIM nanoparticles, which act as synthetic dendritic cells. These AIM nanoparticles can be programmed to present specific antigens to specific T cells orchestrating a highly targeted immune response. These AIM nanoparticles can be rapidly engineered to elicit an immune attack that can be directed toward any foreign substance or cell type in a patient’s body. The Company’s first two products, both for the treatment of different types of cancer, entered clinical trials in 2020. Following a strategic review of the Company's corporate strategy, including with respect to its adoptive cell therapy programs, the Company paused clinical development of its current AIM Adoptive Cell Therapy product candidates, NEXI-001 in Acute Myeloid Leukemia, NEXI-002 in Multiple Myeloma, and NEXI-003 in HPV related solid tumors which is designed to reduce costs and reallocate resources towards our AIM in vivo directly-injectable modality (“INJ”) preclinical development programs. As part of this strategy, the Company will focus on developing AIM INJ nanoparticle constructs and modalities for potential clinical evaluation in oncology and autoimmune disorders. The Company continues to explore several external opportunities to continue to advance these programs. As a result, the Company will focus its existing resources on its injectable platform in oncology and autoimmune diseases. Going Concern Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 205-40, Presentation of Financial Statements - Going Concern ("ASC 205-40"), requires management to assess the Company’s ability to continue as a going concern for one year after the date the financial statements are issued. Under ASC 205-40, management has the responsibility to evaluate whether conditions and/or events raise substantial doubt about the Company’s ability to meet future financial obligations as they become due within one year after the date that the unaudited financial statements are issued. As required by this standard, management’s evaluation shall initially not take into consideration the potential mitigating effects of management’s plans that have not been fully implemented as of the date the unaudited financial statements are issued. The accompanying unaudited financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred recurring operating losses and negative cash flows from operations. The unaudited financial statements do not include any adjustments relating to the realization of the carrying value of assets or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern. As of March 31, 2024, the Company had an accumulated deficit of $225.7 million and negative cash flows from operating activities for the period ended March 31, 2024. The Company has no outstanding debt, $4.5 million in cash and cash equivalents as of March 31, 2024 and no other access to significant capital. The Company expects its negative cash flows from operating activities to exceed its currently available liquidity and thus has determined that its losses and negative cash flows from operations and uncertainty in obtaining additional liquidity sufficient to meet its obligations and sustain its operations raise substantial doubt about the Company’s ability to continue as a going concern for at least one year from the issuance date of these unaudited financial statements. As the Company’s research and development activities mature and develop over the next year, the Company will require substantial funds to continue such activities. As discussed below, as a result of the financing consummated in February 2024, the Company determined to postpone its previously scheduled special meeting of stockholders for the purpose of approving the liquidation and dissolution of the Company. If the Company is unable to raise additional capital or otherwise achieve other alternatives to maximize the value of the business and its assets, the Company would expect to call a new special meeting of stockholders to seek approval of the liquidation and dissolution of the Company. In this regard, management plans to raise additional capital through financing activities that may include public offerings and private placements of its common stock, preferred stock offerings, collaborations and licensing arrangements and issuances of debt and convertible debt instruments. There are inherent uncertainties associated with fundraising activities which are not within the Company’s control. There are no assurances that such additional funding will be obtained, or that any funding that may be obtained would be sufficient for the Company to meet its obligations as they become due within one year, or that the Company will succeed in its future operations. If the Company cannot successfully raise additional capital, its liquidity, financial condition and business prospects will be materially and adversely affected. The Company is continually looking into further capital planning and the evaluation of strategic alternatives. There is substantial doubt about the Company’s ability to continue as a going concern. Reverse Stock Split On October 18, 2023, the Company effected a one-for-twenty five (1-for-25) reverse stock split of its common stock (the “Reverse Stock Split”). The total authorized number of shares were not reduced. The Reverse Stock Split, which was approved by stockholders at a special stockholder meeting on October 17, 2023, was consummated pursuant to a Certificate of Amendment filed with the Secretary of State of Delaware on October 18, 2023. The Reverse Stock Split was effective on October 18, 2023. All references to common stock, warrants to purchase common stock, options to purchase common stock, share data, per share data and related information contained in the unaudited financial statements have been retrospectively adjusted to reflect the effect of the Reverse Stock Split for all periods presented. Approval of Plan of Dissolution and Postponement of Special Meeting On November 2, 2023, the Board of Directors of the Company (the "Board"), unanimously approved the liquidation and wind up of the Company through a dissolution pursuant to a plan of liquidation and dissolution (the "Plan of Liquidation and Dissolution"), subject to stockholder approval, while continuing to pursue alternatives intended to maximize the value of the business and its assets. On February 2, 2024, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with a single healthcare focused institutional investor (the “Investor”), pursuant to which the Company agreed to issue and sell, in a registered direct offering priced at-the-market under the rules of The Nasdaq Stock Market (the “Registered Offering”) (i) an aggregate of 117,000 shares (the “Shares”) of common stock, par value $0.0001 per share, of the Company (“Common Stock”), at an offering price of $12.05 per share, and (ii) pre-funded warrants the “Pre-Funded Warrants” exercisable for up to 187,731 shares of Common Stock (the “Pre-Funded Warrant Shares”), at an offering price of $12.049 per Pre-Funded Warrant, for aggregate gross proceeds from the February 2024 Offerings (as defined below) of approximately $3.7 million before deducting the placement agent fee and related offering expenses. The February 2024 Offerings closed on February 6, 2024 and all Pre-Funded Warrants were exercised at closing. In a concurrent private placement (the “Private Placement” and, together with the Registered Offering, the “February 2024 Offerings”), the Company issued to the Investor unregistered warrants to purchase up to an aggregate of 304,731 shares of Common Stock (the “Unregistered Warrants”) at an exercise price of $12.05 per share. Each Unregistered Warrant is exercisable immediately and will expire two years from the initial exercise date. The Unregistered Warrants and the shares of our Common Stock issuable upon the exercise of the Unregistered Warrants are not being registered under the Securities Act of 1933, as amended (the “Securities Act”), are not being offered pursuant to the Registration Statement and are being offered pursuant to the exemption provided in Section 4(a)(2) under the Securities Act, and/or Rule 506(b) promulgated thereunder. As a result of the February 2024 Offerings described above, the Company has determined to postpone its special meeting of stockholders for the purpose of approving the liquidation and dissolution of the Company and the Plan of Liquidation and Dissolution, which was previously scheduled to reconvene on Wednesday, February 7, 2024.
|
Basis of Presentation and Significant Accounting Policies |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies The accompanying unaudited financial statements were prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the ASC and Accounting Standards Updates (“ASU”) of the FASB. These financial statements should be read in conjunction with the audited financial statements and the accompanying notes to the financial statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on April 16, 2024. In management’s opinion, the accompanying unaudited financial statements contain all adjustments, including normal, recurring adjustments, necessary to fairly present the financial position as of March 31, 2024 and December 31, 2023, and the unaudited statements of operations, statements of changes in stockholders’ equity and statements of cash flows for the three month periods ended March 31, 2024 and 2023. Interim results are not necessarily indicative of results for an entire year. Stock-Based Compensation The Company records compensation expense associated with stock options and other forms of equity compensation based on the estimated fair value at the grant date. Compensation expense related to awards to employees and non-employees with service based vesting conditions is recognized on a straight-line basis based on the grant date fair value over the requisite service period of the award, which is generally the vesting term. The Company’s policy is to account for forfeitures as they occur. The Company uses the Black-Scholes-Merton option pricing ("Black-Scholes"), model to estimate the fair value of stock options. The Black-Scholes model requires input-based assumptions that are highly subjective, judgmental and sensitive in the determination of stock-based compensation cost. Options granted after the Company’s Initial Public Offering ("IPO") are issued at the fair market value of the Common Stock at the date the grant is approved by the Board of Directors. Expected volatility—The expected volatility was based on the historical volatility of comparable public companies from a representative peer group selected based on industry and market capitalization data. The historical volatility is calculated based on a period of time commensurate with the expected term assumption. Risk-free interest rate—The risk-free interest rate was based on the continuous rates provided by the U.S. Treasury with a term approximating the expected term of the option. Expected dividend yield—The expected dividend yield was 0% because the Company has not historically paid and does not expect to pay any dividends for the foreseeable future. Expected term—The Company uses the simplified method as prescribed by the SEC Staff Accounting Bulletin No. 107, Share-Based-Payment, to calculate the expected term for options granted to employees as it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The Company has used the Monte-Carlo option-pricing model to estimate the fair value of warrants that contain only market conditions. The Monte-Carlo option pricing model uses similar input assumptions as the Black-Scholes model; however, it further incorporates into the fair-value determination the possibility that the market condition may not be satisfied. Derivative Financial Instruments The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including units and issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480, “Distinguishing Liabilities from Equity” (“ASC 480”). The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, will be re-assessed at the end of each reporting period. Warrants The Company determines the accounting classification of warrants that are issued, as either liability or equity, by first assessing whether the warrants meet liability classification in accordance with ASC 480-10, Distinguishing Liabilities from Equity, and then in accordance with ASC 815-40, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock. Under ASC 480-10, warrants are considered liability classified if the warrants are mandatorily redeemable, obligate the issuer to settle the warrants or the underlying shares by paying cash or other assets, or must or may require settlement by issuing variable number of shares. If warrants do not meet liability classification under ASC 480-10, the Company assesses the requirements under ASC 815-40, which states that contracts that require or may require the issuer to settle the contract for cash are liabilities recorded at fair value, irrespective of the likelihood of the transaction occurring that triggers the net cash settlement feature. If the warrants do not require liability classification under ASC 815-40, in order to conclude equity classification, the Company assesses whether the warrants are indexed to its common stock and whether the warrants are classified as equity under ASC 815-40 or other applicable principles of GAAP. After all relevant assessments are made, the Company concludes whether the warrants are classified as liability or equity. Liability classified warrants are required to be accounted for at fair value both on the date of issuance and on subsequent accounting periods with changes in fair value recorded in the Statements of Operations and Comprehensive Loss under "Gain or (loss) on warrant liability". If warrants are issued together with the sale of common stock, for the issuance costs that are not specifically attributed to either the common stock or warrants issued, the Company allocates the issuance costs between the common stock and warrants based on the gross proceeds. The Company expenses issuance costs allocated to the warrants that are classified as liabilities and the issuance costs allocated to common stock or warrants that are classified as equity are recognized as reduction to the equity.
|
Cash, Cash Equivalents, and Restricted Cash |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, and Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash The following table presents the Company’s cash, cash equivalents and restricted cash as of March 31, 2024 and December 31, 2023:
The Company considers all investments in highly liquid financial instruments with an original maturity of ninety days or less at the date of purchase to be cash equivalents. Cash equivalents are stated at amortized cost, plus accrued interest, which approximates fair value. Amounts included in restricted cash represent those required as collateral on corporate credit cards.
|
Fair Value Measurements |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The Company’s financial instruments include cash, cash equivalents, warrant liabilities, accounts payable and accrued expenses. The fair values of the cash, cash equivalents, accounts payable and accrued expenses approximated their carrying values as of March 31, 2024 and December 31, 2023 due to their short-term maturities. The Company accounts for recurring and nonrecurring fair value measurements in accordance with ASC 820, Fair Value Measurements (“ASC 820”). ASC 820 defines fair value, establishes a fair value hierarchy for assets and liabilities measured at fair value, and requires expanded disclosures about fair value measurements. The ASC hierarchy ranks the quality of reliability of inputs, or assumptions, used in the determination of fair value, and requires assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories: Level 1 -Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities. Level 2 -Fair value is determined by using inputs, other than Level 1 quoted prices that are directly and indirectly observable. Inputs can include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in inactive markets. Related inputs can also include those used in valuation or other pricing models that can be corroborated by observable market data. Level 3 -Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant judgments to be made by a reporting entity. In instances where the determination of the fair value measurement is based on inputs from different levels of fair value hierarchy, the fair value measurement will fall within the lowest level input that is significant to the fair value measurement in its entirety. The Company periodically evaluates financial assets and liabilities subject to fair value measurements to determine the appropriate level at which to classify them each reporting period. This determination requires the Company to make judgments as to the significance of inputs used in determining fair value and where such inputs lie within the ASC 820 hierarchy. The following table represents the Company’s fair value hierarchy for its financial assets measured at fair value on a recurring basis:
As of March 31, 2024, warrants representing 304,731 shares of Common Stock issued in the February 2024 Offerings were outstanding. All of these warrants are classified as a liability and are measured at fair value. Each quarter, the Company expects an impact on our statement of operations when the change in fair value of our outstanding warrants is recorded using the Monte Carlo pricing model, based on significant inputs not observable in the market, which represents a Level 3 measurement. The Company used the following key assumptions within its valuation. In all scenarios, the Company also applied the likelihood of a fundamental transaction and the related impact on the Common Stock price and volatility.
The following is a roll forward of the fair value of Level 3 warrants:
|
Prepaid Expenses and Other Current Assets |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following at March 31, 2024 and December 31, 2023:
|
Property and Equipment |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and Equipment In November 2023, the Company terminated its primary lease and began moving equipment from its facility to be sold. The Company considered the criteria to classify the property and equipment as held for sale under ASC 360—Property, plant and equipment (Topic 360). Assets shall be classified as held for sale in the period in which all of the following criteria are met: a) Management commits to a plan to sell the entity to be sold. b) The assets to be sold are available for immediate sale in its present condition. c) An active program to locate a buyer or buyers is in place. d) The sale is probable and is expected to be completed within one year. e) The assets to be sold being actively marketed for sale at a price that is reasonable in relation to its current fair value. f) Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The Company determined that all these criteria as of March 31, 2024 and December 31, 2023 were met for certain categories of the property and equipment, specifically certain computers and laboratory equipment. Accordingly, the computers and laboratory equipment being sold were classified as current assets held for sale at March 31, 2024 and December 31, 2023. See Note 7 for discussion on the Assets Held for Sale. Property and equipment consist of the following at March 31, 2024 and December 31, 2023:
|
Assets Held For Sale |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Assets Held For Sale | Assets Held For Sale On November 29, 2023, the Company and AFAB Lab Resources, LLC (“AFAB”) initiated an asset sales agreement, pursuant to which AFAB would sell certain computers and laboratory. According to Topic 360, the Company determined that the criterion to classify the certain computers and laboratory equipment as assets held for sale within the Company’s balance sheet effective as of March 31, 2024 and December 31, 2023 were met. Accordingly, the assets were classified as current assets held for sale as of March 31, 2024 and December 31, 2023 as the Company, at that time, expected to sell these assets within the next twelve months. The estimated fair value of the computers and laboratory equipment was determined using the purchase price in the purchase agreement along with estimated broker, accounting, legal, and other selling expenses, which resulted in the lower of the carrying value and the fair value less costs to sell of approximately $1.4 million at December 31, 2023. The carrying value of the assets being classified as held for sale was approximately $2.0 million. As a result, the Company recorded a loss on assets held for sale of $0.7 million during the year ended December 31, 2023. Upon completion of the computers and laboratory equipment sales, the Company could record an additional gain or loss on disposal at the time final net proceeds are determined. Additionally, the expected sale of assets held for sale was not deemed to represent a fundamental strategic shift that would have a major effect on the Company’s operations, and accordingly, it was not reported as discontinued operations in the Company’s statement of operations for the year ended December 31, 2023. The fair value of the assets held for sale at March 31, 2024 is approximately $1.0 million. The Company received $0.5 million from the sales of these assets and recognized a gain on sale of these assets of $0.1 million during the three months ended March 31, 2024. There were no assets held for sale and no sales of these assets during the three months ended March 31, 2023.
|
Accrued Expenses |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses | Accrued Expenses A summary of the components of accrued expenses is as follows as of March 31, 2024 and December 31, 2023:
|
Commitments and Contingencies |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Maryland Biotechnology Center Grant In May 2012, the Company entered into a Translational Research Award Agreement, effective May 23, 2012 and further amended in 2013 (the "Award Agreement") with the Department of Business & Economic Development with the State of Maryland, Maryland Biotechnology Center (“MBC”). The mission of MBC is to integrate entrepreneurial strategies to stimulate the transformation of scientific discovery and intellectual assets into capital formation and business development. Under the Award Agreement, MBC provided $325,000 to the Company for research on its artificial Antigen Presenting Cell ("aAPC") for cancer immunotherapy. This grant was recorded as income in 2012 and 2013, as the Company incurred the expenses which qualified it for the grant. The Company must repay the funds through annual payments calculated at 3% of annual revenues for the preceding year. Payments shall continue for 10 years after the first payment date and may total up to 200% of the total grant amount. The end date of the agreement is defined as January 31, 2024, or when any and all repayments due to MBC have been made. If the Company does not earn any revenue, the grant does not need to be repaid. Through March 31, 2024, no revenue has been recorded, therefore, no payments to MBC are currently due. Johns Hopkins University Exclusive License Agreement The Company entered into an Exclusive License Agreement with Johns Hopkins University (“JHU”) effective June 2011, which was amended and restated in January 2017 (the "A&R JHU License Agreement"), under which there are license fees, royalties, and milestone payments. As part of the agreement, the Company acquired a perpetual, exclusive license from JHU covering its invention related to Antigen Specific T cells. JHU was also entitled to milestone fees of $75,000 in connection with clinical trial milestones. For the first licensed product or licensed service in the therapeutic field, the Company may be required to pay JHU additional aggregate milestone fees of $1.6 million for clinical and regulatory milestone fees. The Company may be required to pay JHU reduced milestone fees for the second and third licensed products or licensed services in the therapeutic field in connection with clinical and regulatory milestones. In the diagnostic field, the Company may be required to pay JHU aggregate milestone fees of $0.4 million for the first licensed product, or licensed service and reduced milestone fees for the second and third licensed products, or licensed services in connection with regulatory and commercial milestones. The Company may be required to pay JHU aggregate milestone fees of $100,000 for commercial milestones for the first licensed product or licensed service in the non-clinical field. In the aggregate, the Company may be required to pay JHU additional milestone fees of up to $4.2 million for all clinical, regulatory and commercial milestones for all licensed products or licensed services in the therapeutic field, the diagnostic field and the non-clinical field. The Company may also be required to pay royalties in the low to upper mid-single digits on net sales of therapeutic products, diagnostic products and non-clinical products. The Company may also be required to pay royalties in the low to upper single digits on net sales of licensed services in therapeutic products, diagnostic products and non-clinical products. The Company is required to make minimum annual royalty payments of $100,000 to JHU under the A&R JHU License Agreement. The Company may also be required to pay JHU a low double digit percentage not to exceed 15%, of any non-royalty sublicense consideration the Company receives. The Company will record a liability when such events become probable of occurring. The Company has not reached any of the milestones or transacted its first commercial sale as of March 31, 2024. The Company must make minimum royalty payments, which began upon the fourth anniversary of the agreement and upon every anniversary thereafter during the term of the agreement, which offset future royalties per above owed to JHU. The Company has incurred $650,000 in cumulative minimum royalties from inception. Future annual minimum royalties consist of $100,000 due each year during the remaining term of the A&R JHU License Agreement. The Company records milestones, royalties and minimum royalties at the time when payments become probable. During each of the three months ended March 31, 2024 and 2023, the Company incurred $25,000 and $25,000, respectively, related to minimum royalties owed, which is included in research and development expenses on the accompanying statement of operations. The Company has accrued royalties of $75,000 as of March 31, 2024 and $50,000 as of December 31, 2023. Contingencies From time to time, the Company may be subject to various litigation and related matters arising in the ordinary course of business. The Company records a provision for a liability when it believes that it is both probable that a liability has been incurred and the amount can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. As of March 31, 2024 and December 31, 2023, the Company was not involved in any material legal proceedings.
|
Restructuring Activities |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Activities | Restructuring Activities In November 2022, the Company announced that, following a strategic review of its pipeline, indications, timelines and cash position, it implemented a strategic realignment initiative, which was designed to reduce costs and reallocate resources towards its AIM INJ preclinical development programs. The Company initiated a workforce reduction plan to reduce headcount by 30%, primarily affecting the clinical development, manufacturing and administrative staff that had been needed to support the AIM Adoptive Cellular Therapy ("ACT") clinical programs. The plan reduced the Company’s workforce from 74 full-time employees to approximately 50 full-time employees. The Company incurred $0.7 million of costs in connection with the reduction in workforce related to severance pay and other related termination benefits. These one-time employee termination benefits are comprised of severance, benefits and related costs, all of which are expected to result in cash expenditures. In August and November 2023, the Company announced that, in order to reduce its cash expenditures while continuing to pursue its existing strategic plan, the Board approved and its management is implementing a reduction in workforce, designed to reduce costs and extend the Company’s cash. The realignment reduced the Company’s workforce from 44 to 6 full-time employees. The Company incurred $3.1 million of costs in connection with the reduction in workforce related to severance pay and other related termination benefits. These one-time employee termination benefits are comprised of severance, benefits and related costs, all of which are expected to result in cash expenditures. The Company expects that the payments for the reduction-in-force will be substantially complete in September 2024. The following table summarizes the charges related to the restructuring activities as of March 31, 2024.
|
Stockholders’ Equity and Contingently Redeemable Warrants |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Stockholders’ Equity and Contingently Redeemable Warrants | Stockholders’ Equity and Contingently Redeemable Warrants The Company had 250,000,000 authorized shares of Common Stock, of which 1,371,051 and 1,066,320 shares were issued and outstanding at March 31, 2024 and December 31, 2023, respectively. Issuances of Common Stock On March 9, 2022, the Company filed a shelf registration statement on Form S-3 ("Form S-3") with the SEC pursuant to which we disclosed that we may offer and sell, from time to time in one or more offerings, any combination of common stock, preferred stock, debt securities, warrants, rights or units having a maximum aggregate offering price of $200 million. On June 17, 2022, the Company entered into a Controlled Equity Offering Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co. and BTIG, LLC (together, the “Agents”), pursuant to which the Company may offer and sell shares of the Common Stock at an aggregate offering price of up to $50.0 million from time to time through the Agents. Subject to the terms and conditions of the Sales Agreement, any such sales made through the Agents can be made, based upon the Company's instructions, by methods deemed an “at-the-market” offering as defined in Rule 415(a)(4) promulgated under the Securities Act. The Company agreed to pay the Agents a commission of 3.0% of the gross proceeds of any sales of shares sold pursuant to the Sales Agreement. No sales were transacted for the three months ended March 31, 2024 and year ended December 31, 2023. On February 2, 2024, the Company and each of the Agents mutually agreed to terminate the Sales Agreement effective immediately. The Company did not incur any material early termination penalties in connection with the termination of the Sales Agreement. On February 2, 2024, the Company, entered into the Purchase Agreement with the Investor pursuant to which the Company agreed to issue and sell in the Registered Offering, (i) an aggregate of 117,000 Shares of Common Stock at an offering price of $12.05 per share, and (ii) Pre-Funded Warrants exercisable for up to 187,731 shares of Common Stock at an offering price of $12.049 per Pre-Funded Warrant, for aggregate gross proceeds from the February 2024 Offerings of approximately $3.7 million before deducting the placement agent fee and related offering expenses of approximately $0.5 million. Since the fair value of the liabilities for the Pre-Funded Warrant, Unregistered Warrant, and Unregistered PA Warrant were greater than the gross proceeds received from the February 2024 Offerings, the Company recorded a $1.1 million loss on issuance of common stock and warrants. All of the placement agent fees and related offering expenses of $0.5 million was therefore allocated to the warrant liabilities and expensed. The fair value of the Unregistered PA warrants of approximately $0.2 million was also allocated to the warrant liabilities and expensed. The shares of Common Stock and Pre-Funded Warrants (and shares of Common Stock underlying the Pre-Funded Warrants) were offered by the Company pursuant to its shelf registration statement on Form S-3 (File No. 333-263399), which was filed with the SEC on March 9, 2022 and declared effective by the SEC on March 16, 2022 (“Registration Statement”), including the base prospectus contained therein, and a related prospectus supplement, dated February 2, 2024, filed with the SEC on February 5, 2024. All of the Pre-Funded Warrants were exercised at closing. In the Private Placement, the Company issued to the Investor unregistered warrants to purchase up to an aggregate of 304,731 Unregistered Warrants at an exercise price of $12.05 per share. Each Unregistered Warrant is exercisable immediately and will expire two years from the initial exercise date. The Company also issued to the placement agent unregistered warrants to purchase up to an aggregate of 21,331 shares of Common Stock (the “Unregistered PA Warrants”) at an exercise price of $15.0625 per share. Each Unregistered PA Warrant is exercisable immediately and will expire five years from the initial exercise date. The Unregistered Warrants and Unregistered PA Warrants and the shares of our Common Stock issuable upon the exercise of the Unregistered Warrants and Unregistered PA Warrants are not being registered under the Securities Act of 1933, as amended (the “Securities Act”), are not being offered pursuant to the Registration Statement and are being offered pursuant to the exemption provided in Section 4(a)(2) under the Securities Act, and/or Rule 506(b) promulgated thereunder. The Unregistered Warrants are classified as a liability in accordance with ASC 480 and ASC 815. The Company evaluated the Unregistered Warrants under ASC 815-40 and concluded that they do not meet the criteria to be classified in stockholders’ equity. Specifically, the settlement value in a scenario of a fundamental transaction precluded the Unregistered Warrants from being indexed to the Company’s own stock and Company believes that the scope exception related to the occurrence of a fundamental transaction in ASC 815-40 is not met. Since the Unregistered Warrants meet the definition of a derivative, they are recorded as liabilities and measured at fair value at initial recognition. Any subsequent changes in their respective fair values is recognized in the Statement of Operations at each reporting date. These warrant agreements include a fundamental transaction clause whereby, in the event that another person or entity becomes the beneficial owner of 50% of the outstanding shares of the Common Stock, and if other conditions are met, the Company may be required to purchase the warrants from the holders by paying cash in an amount equal to the Black-Scholes value of the remaining unexercised portion of the warrants on the date of such fundamental transaction. The warrants were recorded at their fair value of $2.8 million at issuance based on a Monte Carlo simulation. The Pre-Funded Warrants were initially classified as a liability in accordance with ASC 815, since these warrants can be settled in cash or other assets and therefore did not qualify for equity classification. The Pre-Funded Warrants were recorded at their fair value of $2.0 million at issuance based on the Company's stock price at closing. All of the Pre-Funded Warrants were exercised at closing and therefore reclassifed to stockholders' equity. The Unregistered PA Warrants are classified as a contingently redeemable warrant in accordance with ASC 718, since these warrants did qualify for equity classification, but could be settled in cash or other assets. These warrant agreements include a fundamental transaction clause whereby, in the event that another person or entity becomes the beneficial owner of 50% of the outstanding shares of the Company's common stock, and if other conditions are met, the Company may be required to purchase the warrants from the holders by paying cash in an amount equal to the Black-Scholes value of the remaining unexercised portion of the warrants on the date of such fundamental transaction. Because this contingently redeemable feature could result in the warrant holders receiving additional compensation not on par with the holders of Common Stock, the PA Warrants were classified within temporary equity. The warrants were recorded at their fair value of $0.2 million at issuance based on a Monte Carlo simulation. Inherent in a Monte Carlo simulation are various assumptions as follows: stock price of $10.51, exercise price of $15.06, expected stock-price volatility of 152.0%, contractual life of 5.0 years, risk-free interest rate of 3.99% and dividend yield of 0%.
|
Stock-Based Compensation |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation During January 2017, the Company adopted the 2017 Equity Incentive Plan (“2017 Plan”), which provides for the granting of restricted stock, options to purchase shares of Common Stock and other awards to employees, directors and consultants. In March 2017, the Company amended the 2017 Plan to increase the number of available shares to 26,433. In September 2018, the Company adopted the 2018 Equity Incentive Plan (“2018 Plan”) which provides for the granting of restricted stock, options to purchase shares of Common Stock, and other awards to employees, directors and consultants, and reserved 69,670 shares for this purpose. The 2018 Plan was amended in July 2018 to increase the number of available shares to 72,365 shares. In February 2021, the Company adopted the 2021 Equity Incentive Plan (“2021 Plan”) and no further shares will be issued under the 2017 and 2018 plans. There are 150,944 shares available for issuance under the 2021 plan as of March 31, 2024. The number of options to be granted under the 2021 Plan, the option exercise prices, and other terms of the options are determined by the Board in accordance with the terms of the 2021 Plan. Generally, stock options are granted at fair value, become exercisable over a period of to four years, expire in ten years or less and are subject to the employee’s continued employment. Restricted stock units awarded in November 2022 vest after an 18-month service period. No restricted stock units were awarded in the three months ended March 31, 2024. On March 22, 2023, in order to retain and motivate employees and other key contributors of the Company, the Board approved a one-time stock option repricing (the “Option Repricing”). Pursuant to the Option Repricing, the exercise price of all of the below stock options to purchase shares of the Common Stock previously granted under our 2017 Plan, 2018 Plan and 2021 Plan (the “Repriced Options”) was amended as of April 4, 2023 (the “Effective Date”) to reduce the exercise prices of such options to a price equal to or greater than the closing price per share of the Common Stock on The Nasdaq Stock Market on the Effective Date, which was $0.41 per share (the “Nasdaq Market Price”), on the terms described below:
The Company treated the Option Repricing as a modification to the original stock option grant because the terms of the agreements were modified. The total number of options issued and outstanding were not impacted by the Option Repricing. The calculation of the incremental compensation expense is based on the excess of the fair value of the award measured immediately before and after the modification. The total incremental expense calculated to be recognized over the service period is $0.3 million. Stock-based compensation expense was recorded in the following financial statement line items within the statement of operations for the periods ended March 31, 2024 and 2023:
The following is a summary of option activity under the Company’s stock option plans:
There were no options granted during the three months ended March 31, 2024 and 2023. No options were exercised in the three months ended March 31, 2024 and 2023. As of March 31, 2024, there was $1.6 million of total unrecognized compensation expense related to unvested options that will be recognized over a weighted average period of 1.7 years. Restricted Stock Units A restricted stock unit (“RSU”) represents the right to receive one of the Common Stock upon vesting of the RSU. The fair value of each RSU is based on the closing price of the Common Stock on the date of grant. The following is a summary of RSU activity for the 2021 Plan for the three months ended March 31, 2024:
As of March 31, 2024, there was $37,441 of unrecognized compensation expense related to unvested RSUs, which are expected to be recognized over a weighted average period of 0.15 years.
|
Net Loss Per Share Attributable to Common Stockholders |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loss Per Share Attributable to Common Stockholders | Net Loss Per Share Attributable to Common Stockholders Basic net loss per common share is determined by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of Common Stock and Common Stock equivalents outstanding for the period. The treasury stock method is used to determine the dilutive effect of the Company’s stock option, RSU and warrant grants and the if-converted method is used to determine the dilutive effect of the Company’s contingently redeemable warrants. Under the if-converted method, contingently redeemable warrants that are in the money, are assumed to have been converted as of the beginning of the period or when issued, if later. None of the contingently redeemable warrants were in the money at March 31, 2024. For the three months ended March 31, 2024 and 2023, the Company had a net loss attributable to common stockholders, and as such, all outstanding stock options, RSUs and warrants were anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023:
The following potentially dilutive securities have been excluded from the computation of diluted weighted average common shares outstanding at March 31, 2024 and 2023 as the effect would be anti-dilutive:
|
Related Party Transaction |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transaction | Related Party Transaction On March 16, 2022, the Company and Zephyr AI, Inc. (“Zephyr”) entered into a Joint Research Agreement (the “JRA”) focused on the joint collaboration, identification and validation of certain targets in order to facilitate further research, development and potential commercialization of immunotherapies. Zephyr is owned by a holding company with multiple Board members from the Company. The JRA term is two years unless mutually extended. As of March 16, 2024, neither party extended the JRA and the JRA expired by its terms. The expenses related to the JRA for the three months ended March 31, 2024 and 2023 were immaterial. Beginning in June 2022, the Company entered into a series of statement of works with the Center for Discovery & Innovation at Hackensack Meridian Health ("CDI") to enhance the Company's AIM platform. The Chairman of the Board of CDI is a Board member. The total value of the statement of work through July 31, 2023 is $0.2 million. The expenses incurred to the CDI for the three months ended March 31, 2024 was $25,000. There were no expenses incurred for the three months ended March 31, 2023. The Company has recorded a $25,000 accrual as of March 31, 2024.
|
Income Taxes |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company has not recorded any tax provision or benefit for the three months ended March 31, 2024 and 2023. The Company has provided a valuation allowance for the full amount of its net deferred tax assets since realization of any future benefit from deductible temporary differences, net operating loss carryforwards, and research and development credits is not more-likely-than-not to be realized at March 31, 2024 and December 31, 2024. The effective tax rate for each of the three months ended March 31, 2024 and 2023 is 0%.
|
Subsequent Events |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent Events Not applicable
|
Pay vs Performance Disclosure - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Pay vs Performance Disclosure | ||
Net loss | $ (3,077,273) | $ (9,565,077) |
Insider Trading Arrangements |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation and Significant Accounting Policies (Policies) |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited financial statements were prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the ASC and Accounting Standards Updates (“ASU”) of the FASB. |
Derivative Financial Instruments | Derivative Financial Instruments The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including units and issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480, “Distinguishing Liabilities from Equity” (“ASC 480”). The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, will be re-assessed at the end of each reporting period. Warrants The Company determines the accounting classification of warrants that are issued, as either liability or equity, by first assessing whether the warrants meet liability classification in accordance with ASC 480-10, Distinguishing Liabilities from Equity, and then in accordance with ASC 815-40, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock. Under ASC 480-10, warrants are considered liability classified if the warrants are mandatorily redeemable, obligate the issuer to settle the warrants or the underlying shares by paying cash or other assets, or must or may require settlement by issuing variable number of shares. If warrants do not meet liability classification under ASC 480-10, the Company assesses the requirements under ASC 815-40, which states that contracts that require or may require the issuer to settle the contract for cash are liabilities recorded at fair value, irrespective of the likelihood of the transaction occurring that triggers the net cash settlement feature. If the warrants do not require liability classification under ASC 815-40, in order to conclude equity classification, the Company assesses whether the warrants are indexed to its common stock and whether the warrants are classified as equity under ASC 815-40 or other applicable principles of GAAP. After all relevant assessments are made, the Company concludes whether the warrants are classified as liability or equity. Liability classified warrants are required to be accounted for at fair value both on the date of issuance and on subsequent accounting periods with changes in fair value recorded in the Statements of Operations and Comprehensive Loss under "Gain or (loss) on warrant liability". If warrants are issued together with the sale of common stock, for the issuance costs that are not specifically attributed to either the common stock or warrants issued, the Company allocates the issuance costs between the common stock and warrants based on the gross proceeds. The Company expenses issuance costs allocated to the warrants that are classified as liabilities and the issuance costs allocated to common stock or warrants that are classified as equity are recognized as reduction to the equity.
|
Fair Value Measurement | The Company’s financial instruments include cash, cash equivalents, warrant liabilities, accounts payable and accrued expenses. The fair values of the cash, cash equivalents, accounts payable and accrued expenses approximated their carrying values as of March 31, 2024 and December 31, 2023 due to their short-term maturities. The Company accounts for recurring and nonrecurring fair value measurements in accordance with ASC 820, Fair Value Measurements (“ASC 820”). ASC 820 defines fair value, establishes a fair value hierarchy for assets and liabilities measured at fair value, and requires expanded disclosures about fair value measurements. The ASC hierarchy ranks the quality of reliability of inputs, or assumptions, used in the determination of fair value, and requires assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories: Level 1 -Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities. Level 2 -Fair value is determined by using inputs, other than Level 1 quoted prices that are directly and indirectly observable. Inputs can include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in inactive markets. Related inputs can also include those used in valuation or other pricing models that can be corroborated by observable market data. Level 3 -Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant judgments to be made by a reporting entity. In instances where the determination of the fair value measurement is based on inputs from different levels of fair value hierarchy, the fair value measurement will fall within the lowest level input that is significant to the fair value measurement in its entirety. The Company periodically evaluates financial assets and liabilities subject to fair value measurements to determine the appropriate level at which to classify them each reporting period. This determination requires the Company to make judgments as to the significance of inputs used in determining fair value and where such inputs lie within the ASC 820 hierarchy.
|
Earnings Per Share | Basic net loss per common share is determined by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of Common Stock and Common Stock equivalents outstanding for the period. The treasury stock method is used to determine the dilutive effect of the Company’s stock option, RSU and warrant grants and the if-converted method is used to determine the dilutive effect of the Company’s contingently redeemable warrants. |
Cash, Cash Equivalents, and Restricted Cash (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Reconciliation of Cash and Cash Equivalents | The following table presents the Company’s cash, cash equivalents and restricted cash as of March 31, 2024 and December 31, 2023:
|
Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | The following table represents the Company’s fair value hierarchy for its financial assets measured at fair value on a recurring basis:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Measurement Inputs and Valuation Techniques | The Company used the following key assumptions within its valuation. In all scenarios, the Company also applied the likelihood of a fundamental transaction and the related impact on the Common Stock price and volatility.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Warrant Liability | The following is a roll forward of the fair value of Level 3 warrants:
|
Prepaid Expenses and Other Current Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following at March 31, 2024 and December 31, 2023:
|
Property and Equipment (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Property and Equipment | Property and equipment consist of the following at March 31, 2024 and December 31, 2023:
|
Accrued Expenses (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the Components of Accrued Expenses | A summary of the components of accrued expenses is as follows as of March 31, 2024 and December 31, 2023:
|
Restructuring Activities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Charges Related to Restructuring Activities | The following table summarizes the charges related to the restructuring activities as of March 31, 2024.
|
Stock-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation Arrangements Repriced Options and Terms | The Nasdaq Stock Market on the Effective Date, which was $0.41 per share (the “Nasdaq Market Price”), on the terms described below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Stock-Based Compensation Expense | Stock-based compensation expense was recorded in the following financial statement line items within the statement of operations for the periods ended March 31, 2024 and 2023:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Option Activity | The following is a summary of option activity under the Company’s stock option plans:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unvested Restricted Stock Units Roll Forward | The following is a summary of RSU activity for the 2021 Plan for the three months ended March 31, 2024:
|
Net Loss Per Share Attributable to Common Stockholders (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Antidilutive Securities Outstanding | The following potentially dilutive securities have been excluded from the computation of diluted weighted average common shares outstanding at March 31, 2024 and 2023 as the effect would be anti-dilutive:
|
Basis of Presentation and Significant Accounting Policies - Narrative (Detail) |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Stock options | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Expected dividend yield | 0.00% |
Cash, Cash Equivalents, and Restricted Cash (Detail) - USD ($) |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 4,452,898 | $ 3,202,452 | ||
Restricted cash | 20,000 | 20,000 | ||
Total cash, cash equivalents, and restricted cash | $ 4,472,898 | $ 3,222,452 | $ 22,370,215 | $ 34,697,340 |
Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Liabilities | ||
Warrant liability | $ 1,389,543 | $ 0 |
Warrants representing shares of common stock (in shares) | 304,731 | |
Level 1 | Recurring basis | ||
Assets | ||
Total assets | $ 23,454 | 23,270 |
Liabilities | ||
Warrant liability | 0 | 0 |
Total liabilities | 0 | 0 |
Level 1 | Money market funds | Recurring basis | ||
Assets | ||
Money market funds | 23,454 | 23,270 |
Level 2 | Recurring basis | ||
Assets | ||
Total assets | 0 | 0 |
Liabilities | ||
Warrant liability | 0 | 0 |
Total liabilities | 0 | 0 |
Level 2 | Money market funds | Recurring basis | ||
Assets | ||
Money market funds | 0 | 0 |
Level 3 | Recurring basis | ||
Assets | ||
Total assets | 0 | 0 |
Liabilities | ||
Warrant liability | 1,389,543 | 0 |
Total liabilities | 1,389,543 | 0 |
Level 3 | Money market funds | Recurring basis | ||
Assets | ||
Money market funds | $ 0 | $ 0 |
Fair Value Measurements - Summary of Measurement Inputs and Valuation Techniques (Details) |
Mar. 31, 2024
$ / shares
yr
|
Feb. 06, 2024
$ / shares
yr
|
---|---|---|
Common stock price per share | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants measurement inputs | 5.61 | 10.51 |
Exercise price per share | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants measurement inputs | 12.05 | 12.05 |
Expected volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants measurement inputs | 1.733 | 1.760 |
Risk-free interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants measurement inputs | 0.0460 | 0.0434 |
Contractual term (in years) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants measurement inputs | yr | 1.9 | 2 |
Fair Value Measurements - Schedule of Warrant Liability (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Warrant Liability, Fair Value [Roll Forward] | ||
Balance as of December 31, 2023 | $ 0 | |
Change in fair value | (1,420,839) | $ 0 |
Balance as of March 31, 2024 | 1,389,543 | |
Level 3 | ||
Warrant Liability, Fair Value [Roll Forward] | ||
Warrants issued | 2,810,382 | |
Change in fair value | (1,420,839) | |
Level 3 | Recurring basis | ||
Warrant Liability, Fair Value [Roll Forward] | ||
Balance as of December 31, 2023 | 0 | |
Balance as of March 31, 2024 | $ 1,389,543 |
Prepaid Expenses And Other Current Assets (Detail) - USD ($) |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid research and development expenses | $ 121,385 | $ 115,353 |
Prepaid insurance | 313,859 | 368,048 |
Prepaid other | 87,636 | 35,817 |
Other current assets | 66,330 | 215,246 |
Total prepaid expenses and other current assets | $ 589,210 | $ 734,464 |
Property and Equipment - Summary of Property And Equipment (Detail) - USD ($) |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | $ 2,907,702 | $ 2,907,702 |
Less accumulated depreciation and amortization | (1,669,713) | (1,554,801) |
Total property and equipment, net | 1,237,989 | 1,352,901 |
Laboratory equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 2,668,280 | 2,668,280 |
Computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 202,963 | 202,963 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | $ 36,459 | $ 36,459 |
Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization | $ 0.1 | $ 0.3 |
Assets Held For Sale (Details) - USD ($) |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Nov. 29, 2023 |
|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||
Costs to sell | $ 1,400,000 | |||
Carrying value of assets | $ 2,000,000 | |||
Loss on assets held for sale | 700,000 | |||
Fair value of assets held for sale | $ 979,915 | $ 0 | $ 1,444,043 | |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 74,872 | $ 0 |
Accrued Expenses (Detail) - USD ($) |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Payables and Accruals [Abstract] | ||
Accrued research and development costs | $ 3,224,274 | $ 3,148,021 |
Accrued salaries, benefits and related expenses | 306,654 | 389,858 |
Accrued professional fees | 149,950 | 131,226 |
Other accrued expenses | 181,816 | 10,000 |
Accrued expenses | $ 3,862,694 | $ 3,679,105 |
Restructuring Activities - Additional Information (Details) $ in Millions |
1 Months Ended | |
---|---|---|
Aug. 31, 2023
USD ($)
employee
|
Nov. 30, 2022
USD ($)
employee
|
|
Restructuring and Related Activities [Abstract] | ||
Expected number of positions eliminated, percent | 30.00% | |
Number of positions before eliminations | employee | 44 | 74 |
Number of positions after eliminations | employee | 6 | 50 |
Restructuring cost, reduction in workforce | $ | $ 0.7 | |
Restructuring cost, cost incurred to date | $ | $ 3.1 |
Restructuring Activities - Summary of Charges Related to Restructuring Activities (Details) |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
| |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning balance | $ 266,537 |
Expenses | 0 |
Less: Payments | (26,470) |
Restructuring reserve, ending balance | 240,067 |
Severance, benefits and related costs due to workforce reduction | |
Restructuring Reserve [Roll Forward] | |
Restructuring reserve, beginning balance | 266,537 |
Expenses | 0 |
Less: Payments | (26,470) |
Restructuring reserve, ending balance | $ 240,067 |
Stock-Based Compensation - Summary of Stock Based Compensation Expense (Detail) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 348,301 | $ 842,446 |
Research and development expenses | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 74,826 | 259,730 |
General and administrative expenses | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 273,475 | $ 582,716 |
Stock-Based Compensation - Summary of RSU Activity (Details) - Restricted stock unit |
3 Months Ended |
---|---|
Mar. 31, 2024
$ / shares
shares
| |
Number of restricted units | |
Beginning balance (in shares) | shares | 26,460 |
Granted (in shares) | shares | 0 |
Settled (in shares) | shares | 0 |
Forfeited (in shares) | shares | 0 |
Ending balance (in shares) | shares | 26,460 |
Weighted Average Exercise Price | |
Beginning balance (in dollars per share) | $ / shares | $ 11.36 |
Granted (in dollars per share) | $ / shares | 0 |
Settled (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 0 |
Ending balance (in dollars per share) | $ / shares | $ 11.36 |
Net Loss Per Share Attributable to Common Stockholders - Summary of Basic and Diluted Earnings Per Share (Detail) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Earnings Per Share [Abstract] | ||
Net loss | $ (3,077,273) | $ (9,565,077) |
Basic net loss per common share (in dollars per share) | $ (2.46) | $ (9.17) |
Diluted net loss per common share (in dollars per share) | $ (2.46) | $ (9.17) |
Basic weighted average common shares outstanding (in shares) | 1,250,498 | 1,043,138 |
Diluted weighted average common shares outstanding (in shares) | 1,250,498 | 1,043,138 |
Net Loss Per Share Attributable to Common Stockholders - Summary of Antidilutive Securities Outstanding (Detail) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities (in shares) | 471,761 | 212,213 |
Contingently redeemable warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities (in shares) | 326,062 | 0 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities (in shares) | 119,239 | 150,789 |
Restricted stock unit | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities (in shares) | 26,460 | 61,424 |
Related Party Transaction (Details) - USD ($) |
1 Months Ended | 3 Months Ended | |||
---|---|---|---|---|---|
Mar. 16, 2022 |
Jul. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Related Party Transaction [Line Items] | |||||
JRA term | 2 years | ||||
Related party transaction, amounts of transaction | $ 200,000 | ||||
Other income (expense) | $ 97,014 | $ (14,406) | |||
Accrued expenses | 3,862,694 | $ 3,679,105 | |||
Related Party | |||||
Related Party Transaction [Line Items] | |||||
Other income (expense) | 25,000 | $ 0 | |||
Accrued expenses | $ 25,000 |
Income Taxes (Detail) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Income Tax Disclosure [Abstract] | ||
Income tax provision (benefit) | $ 0 | $ 0 |
Effective tax rate | 0.00% | 0.00% |
FH0X";5/693C)N+B;=0
M;T@1)@YE/6T7#1;+?"A\!5/;.A\.C5(Y]J W/6IB7/\>@94(Z/0]E]J!A8,0Q-[9GYCT[;>VX3
MB[-W(<%=Y]53U3F>],[]@60_>$G[18MM7K14%'(@I)>3JP,AI>A\,3)#L2SA
MIRFS]!GQ_U^GM9@?W7+-=7ZW_+N FO YOEH<_*L 1?ZT1@4RML'4\NIP/PENGZH(_$]0K#G<)%>)+PENL+%@4N"_TP/L$7]1E'
M+5_TGXQ=MI2<4CU,_/?ERJ"F;^7/L=0[YO@XL^V?J:EY"G.'&L2 ?@8G^?0A
M&/J?3^B.>]WQ*?;DOFL;IG)VO&C'!)^D/"[X@!SZATD5-:)!&QX+8+F2U,^B
M6C..C$J4%GV-6N UI%"N0.].H^F>U\'E#5\IS5%1:F_1/K+0'0[';CCV#^PK
M5=8-$O+-U48S*L<-UV CN9-AU*\W0!U;*)DQ4=9:/8.%&!8-W7@PV2WDZH_<
MD1_N63=@#(V,M"D;R1$RZG1ZHE3P;I903%XJC>)O=W 6D,2).PJB