0001558370-22-008535 | 10-Q | XBRL Viewer

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Contingent Consideration - Summary of Fair Value of Contingent Consideration (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Contingent Consideration
Beginning balance	$ 6,090	$ 5,390
Change in fair value of contingent consideration liability	(1,780)	880
Ending balance	$ 4,310	$ 6,270

Commitments and Contingencies	3 Months Ended
Mar. 31, 2022
Commitments And Contingencies.
Commitments and Contingencies	16. Commitments and Contingencies Spitfire Acquisition As disclosed in Note 8, the Company is obligated to make payments of up to $80.0 million upon the achievement of specified worldwide net sales of all products developed using the technology acquired from Spitfire Pharma Inc. within ten years following the approval of a new drug application filed with the FDA. Litigation In December 2019, a complaint was filed by Dr. De-Chu Christopher Tang (“Plaintiff”) against the Company, which was removed to the United States District Court for the Eastern District of Texas. The Plaintiff amended the complaint in February 2020 to include Vipin K. Garg and David J. Drutz as defendants, in addition to the Company (Dr. Garg, Dr. Drutz, and the Company are collectively referred to as “Defendants”). In March 2020 the Defendants filed a motion to dismiss the complaint. The Court denied the motion without prejudice and allowed Plaintiff an opportunity to file an amended complaint. Plaintiff’s second amended complaint was filed on April 17, 2020, and Defendants filed a motion to dismiss that complaint on May 1, 2020. A hearing on Defendants’ motion to dismiss was held on May 20, 2020. Plaintiff, who is representing himself, alleges five causes of action as follows: (1) Defendants’ alleged retention of Plaintiff’s lab notebooks after the termination of his employment in 2012; (2) alleged plagiarism based on publishing an article without naming Plaintiff as an author; (3) use of the Adhigh System, which Plaintiff alleges he developed; (4) allegations that Defendants manipulated our stock and caused a decrease in value; and (5) allegations that the Defendants “wast[ed] government grant money and poison[ed] science by leaving data to rot.” On September 30, 2020, Plaintiff filed a motion titled “Motion to Proscribe Defendants’ Allegedly Illegal Use of Plaintiff’s AdHigh System in Altimmune’s Human Clinical Trials,” to which Defendants filed an opposition on October 13, 2020. The court has not yet ruled on that motion, which also remains pending. On November 6, 2020, Defendants filed a motion for summary judgment on the basis of lack of personal jurisdiction, insufficient service of process, and failure to state a claim. The court ruled on that motion on March 25, 2021, which dismissed the case on the basis of lack of personal jurisdiction. On December 1, 2020, the magistrate judge assigned to the case issued a report and recommendation that Defendants’ motion to dismiss of May 1, 2020 be granted and that this action be dismissed for lack of personal jurisdiction. Plaintiff filed objections to the report and recommendation on December 14, 2020, and the resolution of those objections by the district court remains pending. In December 2021, the Plaintiff refiled the complaint in the United States District Court for the District of Maryland. On February 24, 2022, Defendants filed a memorandum containing a brief description of the planned motion and a concise summary of the factual and legal support for it. On the basis of that memorandum, the Court granted Defendants’ request to file a motion to dismiss and allowed Plaintiff an opportunity to file an amended complaint. Plaintiff’s amended complaint was filed on March 3, 2022, and Defendants filed a motion to dismiss that complaint on April 4, 2022. The Company believes the allegations in the complaint are without merit and intends to vigorously defend the litigation. The Company is a party in various contracts and subject to disputes, litigation, and potential claims arising in the ordinary course of business, none of which are currently reasonably possible or probable of material loss.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments And Contingencies.

Commitments and Contingencies

16. Commitments and Contingencies

Spitfire Acquisition

As disclosed in Note 8, the Company is obligated to make payments of up to $80.0 million upon the achievement of specified worldwide net sales of all products developed using the technology acquired from Spitfire Pharma Inc. within ten years following the approval of a new drug application filed with the FDA.

Litigation

In December 2019, a complaint was filed by Dr. De-Chu Christopher Tang (“Plaintiff”) against the Company, which was removed to the United States District Court for the Eastern District of Texas. The Plaintiff amended the complaint in February 2020 to include Vipin K. Garg and David J. Drutz as defendants, in addition to the Company (Dr. Garg, Dr. Drutz, and the Company are collectively referred to as “Defendants”). In March 2020 the Defendants filed a motion to dismiss the complaint. The Court denied the motion without prejudice and allowed Plaintiff an opportunity to file an amended complaint. Plaintiff’s second amended complaint was filed on April 17, 2020, and Defendants filed a motion to dismiss that complaint on May 1, 2020. A hearing on Defendants’ motion to dismiss was held on May 20, 2020. Plaintiff, who is representing himself, alleges five causes of action as follows: (1) Defendants’ alleged retention of Plaintiff’s lab notebooks after the termination of his employment in 2012; (2) alleged plagiarism based on publishing an article without naming Plaintiff as an author; (3) use of the Adhigh System, which Plaintiff alleges he developed; (4) allegations that Defendants manipulated our stock and caused a decrease in value; and (5) allegations that the Defendants “wast[ed] government grant money and poison[ed] science by leaving data to rot.” On September 30, 2020, Plaintiff filed a motion titled “Motion to Proscribe Defendants’ Allegedly Illegal Use of Plaintiff’s AdHigh System in Altimmune’s Human Clinical Trials,” to which Defendants filed an opposition on October 13, 2020. The court has not yet ruled on that motion, which also remains pending. On November 6, 2020, Defendants filed a motion for summary judgment on the basis of lack of personal jurisdiction, insufficient service of process, and failure to state a claim. The court ruled on that motion on March 25, 2021, which dismissed the case on the basis of lack of personal jurisdiction. On December 1, 2020, the magistrate judge assigned to the case issued a report and recommendation that Defendants’ motion to dismiss of May 1, 2020 be granted and that this action be dismissed for lack of personal jurisdiction. Plaintiff filed objections to the report and recommendation on December 14, 2020, and the resolution of those objections by the district court remains pending.

In December 2021, the Plaintiff refiled the complaint in the United States District Court for the District of Maryland. On February 24, 2022, Defendants filed a memorandum containing a brief description of the planned motion and a concise summary of the factual and legal support for it. On the basis of that memorandum, the Court granted Defendants’ request to file a motion to dismiss and allowed Plaintiff an opportunity to file an amended complaint. Plaintiff’s amended complaint was filed on March 3, 2022, and Defendants filed a motion to dismiss that complaint on April 4, 2022. The Company believes the allegations in the complaint are without merit and intends to vigorously defend the litigation.

The Company is a party in various contracts and subject to disputes, litigation, and potential claims arising in the ordinary course of business, none of which are currently reasonably possible or probable of material loss.

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property and Equipment, Net
Depreciation	$ 0.1	$ 0.1

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration liability (see Note 8)	$ 4,310	$ 6,090	$ 6,270	$ 5,390
Fair Value, Measurements, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	65,641	65,634
Contingent consideration liability (see Note 8)	4,310	6,090
Total	4,310	6,090
Fair Value, Measurements, Recurring [Member] \| Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	65,641	65,634
Fair Value, Measurements, Recurring [Member] \| Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration liability (see Note 8)	4,310	6,090
Total	4,310	6,090
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	65,641	65,634
Money Market Funds [Member] \| Fair Value, Measurements, Recurring [Member] \| Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 65,641	$ 65,634

Operating Leases - Summary of Supplemental other Information Related to Operating Leases Balance Sheet (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Operating Leases
Operating lease obligations (see Note 7 and 9)	$ 1,437	$ 1,535
Operating lease right-of-use assets (included in "Other assets" in Balance Sheet)	$ 750	$ 798
Weighted-average remaining lease term (years)	3 years 1 month 6 days	3 years 3 months 18 days
Weighted-average discount rate	7.20%	7.20%

Other Long-Term Liabilities

3 Months Ended

Mar. 31, 2022

Other Long-Term Liabilities

Other Long-Term Liabilities

9. Other Long-Term Liabilities

The Company’s other long-term liabilities are summarized as follows (in thousands):



	March 31, 2022		December 31, 2021
Lease obligation, long-term portion (see Note 6)	$	1,016	$	1,124
Conditional economic incentive grants		250		250
Other		402		80
Total other long-term liabilities	$	1,668	$	1,454

Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Stock-Based Compensation

Stock-Based Compensation

12. Stock-Based Compensation

Stock Options

The Company’s stock option awards generally vest over four years and typically have a contractual life of ten years. At March 31, 2022, there was $14.0 million of unrecognized compensation cost related to stock options, which is

expected to be recognized over a weighted-average period of 3.1 years. During the three months ended March 31, 2022, the Company granted 1,020,427 stock options with a weighted average exercise price of $6.91 and per share weighted average grant date fair value of $6.06.

Information related to stock options outstanding at March 31, 2022 is as follows (in thousands, except share, exercise price and contractual term):


				Weighted-Average
		Weighted-		Remaining
	Number of	Average		Contractual Term	Aggregate Intrinsic
	Stock Options	Exercise Price		(Years)	Value
Outstanding	3,464,793	$	8.41	6.0	$	4,045
Exercisable	1,271,282	$	7.45	5.8	$	2,759
Unvested	2,193,511	$	8.96	6.0	$	1,286

Restricted Stock

At March 31, 2022, the Company had unvested restricted stock of 53,818 shares with total unrecognized compensation expense of $0.2 million, which the Company expects to recognize over a weighted average period of approximately 0.7 years. During the three months ended March 31, 2022, the Company released 20,182 shares of unrestricted common stock as a result of the vesting of restricted stock.

Restricted Stock Units

During the three months ended March 31, 2022, the Company granted 255,000 shares of restricted stock units which vest over four years. At March 31, 2022, the Company had unvested restricted stock units of 446,837 shares with total unrecognized compensation expense of $3.9 million, which the Company expects to recognize over a weighted average period of approximately 3.5 years. During the three months ended March 31, 2022, the Company released 40,091 shares of unrestricted common stock as a result of the vesting of restricted stock units.

2019 Employee Stock Purchase Plan

Under the Employee Stock Purchase Plan, employees purchased 16,450 shares for $0.1 million during the three months ended March 31, 2022. During the three months ended March 31, 2022, the Company recognized compensation expense of $0.1 million.

Stock-based Compensation Expense

Stock-based compensation expense is classified in the unaudited consolidated statements of operations and comprehensive loss for the three months ended March 31, 2022 and 2021 as follows (in thousands):


	For the Three Months Ended
	March 31,
	2022		2021
Research and development	$	618	$	321
General and administrative		1,415		897
Total	$	2,033	$	1,218

Warrants

3 Months Ended

Mar. 31, 2022

Warrants

Warrants

11. Warrants

A summary of warrant activity during the three months ended March 31, 2022 is as follows:


Warrants outstanding, December 31, 2021		2,776,191
Exercises (see Note 10)		(1,760,870)
Warrants outstanding, March 31, 2022		1,015,321

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 18
-Subparagraph (d)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

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-Publisher FASB
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+ Details

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2022

Net Loss Per Share

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Potential common shares issuable upon conversion, vesting or exercise of unvested restricted stock, restricted stock units, common stock warrants, and stock options that are excluded from the computation of diluted weighted-average shares outstanding, as they are anti-dilutive, are as follows:


	For the Three Months Ended
	March 31,
	2022	2021
Common stock warrants	145,755	145,755
Common stock options	3,479,992	2,307,264
Restricted stock units	446,837	196,279
Restricted stock	53,818	134,545

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2022

Property and Equipment, Net

Summary of Property and Equipment, Net

Property and equipment, net consists of the following (in thousands):



	March 31, 2022		December 31, 2021
Furniture, fixtures and equipment	$	163	$	222
Laboratory equipment		243		1,040
Computers and telecommunications		179		291
Software		128		148
Leasehold improvements		1,749		1,794
Property and equipment, at cost		2,462		3,495
Less: accumulated depreciation and amortization		(1,125)		(2,047)
Property and equipment, net	$	1,337	$	1,448

Warrants (Tables)

3 Months Ended

Mar. 31, 2022

Warrants

Summary of Warrant Activity

A summary of warrant activity during the three months ended March 31, 2022 is as follows:


Warrants outstanding, December 31, 2021		2,776,191
Exercises (see Note 10)		(1,760,870)
Warrants outstanding, March 31, 2022		1,015,321

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
CONSOLIDATED BALANCE SHEETS
Common stock, par or stated value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	43,219,896	40,993,768
Common stock, shares outstanding	43,219,896	40,993,768

Common Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Feb. 25, 2021	Jul. 16, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Changes In Equity And Comprehensive Income Line Items [Line Items]
Proceeds from issuance of common stock in public offering, net			$ 2,990	$ 34,178
Common stock, par or stated value per share			$ 0.0001		$ 0.0001
Pre-Funded Warrants [Member]
Changes In Equity And Comprehensive Income Line Items [Line Items]
Number of securities called by warrants or rights			760,870
Pre-funded Warrants Remaining to Exercise			869,566
Common Stock [Member]
Changes In Equity And Comprehensive Income Line Items [Line Items]
Shares of common stock sold			335,485	2,110,800
Exchange Warrants [Member]
Changes In Equity And Comprehensive Income Line Items [Line Items]
Shares of common stock sold			999,984
Number of securities called by warrants or rights	1,000,000
Exercise price of warrants or rights	$ 0.0001
Common stock, par or stated value per share	$ 0.0001
Common stock exchanged for pre-funded warrants	1,000,000
Number of warrants exercised			1,000,000
Ownership percentage	9.99%
Public Offering [Member]
Changes In Equity And Comprehensive Income Line Items [Line Items]
Gross proceeds from offering including exercise of underwriter's option		$ 132,200
Public Offering [Member] \| Pre-Funded Warrants [Member]
Changes In Equity And Comprehensive Income Line Items [Line Items]
Exercise price of warrants or rights		$ 0.0001
Purchase price of warrants issued		$ 22.9999
Ownership percentage on exercise of warrants without notice, minimum		4.99%
Ownership percentage on exercise of warrants with notice, maximum		19.99%
Notice period to increase ownership percentage on exercise of warrants		61 days
Public Offering [Member] \| Common Stock [Member]
Changes In Equity And Comprehensive Income Line Items [Line Items]
Shares of common stock sold		3,369,564
Public offering price, per share		$ 23.00
Public Offering [Member] \| Common Stock [Member] \| Pre-Funded Warrants [Member]
Changes In Equity And Comprehensive Income Line Items [Line Items]
Number of securities called by warrants or rights		1,630,436
Over-Allotment Option [Member] \| Common Stock [Member]
Changes In Equity And Comprehensive Income Line Items [Line Items]
Shares of common stock sold		750,000
Proceeds from issuance of common stock in public offering, net		$ 124,000
At-The-Market Offering [Member]
Changes In Equity And Comprehensive Income Line Items [Line Items]
Shares of common stock sold			335,485
Proceeds from issuance of common stock in public offering, net			$ 3,000
At-The-Market Offering [Member] \| Equity Distribution Agreement [Member] \| Piper Sandler company and evercore group limited liability company and B Riley Securities inc [Member]
Changes In Equity And Comprehensive Income Line Items [Line Items]
Shares of common stock sold			5,135,939
Proceeds from issuance of common stock in public offering, net			$ 67,800
Common stock, par or stated value per share	$ 0.0001
Aggregate offering price	$ 125,000
Common stock available to be sold			55,000
Deferred offering costs			100
Issuance costs			$ 100

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (19,430)	$ (14,864)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of contingent consideration liability	(1,780)	880
Stock-based compensation expense	2,033	1,218
Depreciation and amortization	119	74
Unrealized (gains) losses on foreign currency exchange	(110)	33
Changes in operating assets and liabilities:
Accounts receivable	236	(191)
Prepaid expenses and other current assets	3,046	(4,201)
Accounts payable	171	(194)
Accrued expenses and other liabilities	2,659	(2,189)
Income tax and R&D incentive receivables	(470)	(135)
Net cash used in operating activities	(13,526)	(19,569)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales and maturities of short-term investments		30,912
Purchases of short-term investments		(7,476)
Purchases of property and equipment, net	(9)	(4,209)
Cash paid for internally developed patents		(62)
Net cash (used in) provided by investing activities	(9)	19,165
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of deferred offering costs	(119)	135
Proceeds from issuance of common stock in at-the-market offerings, net	2,990	34,178
Proceeds from issuance of common stock from Employee Stock Purchase Plan	113	106
Proceeds from exercises of stock options	197
Net cash provided by financing activities	3,181	34,419
Net (decrease) increase in cash and cash equivalents and restricted cash	(10,354)	34,015
Cash, cash equivalents and restricted cash at beginning of period	190,335	115,952
Cash, cash equivalents and restricted cash at end of period	$ 179,981	149,967
SUPPLEMENTAL NON-CASH ACTIVITIES:
Fair value of common stock retired in exchange for issuance of common stock warrant		$ 17,200

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Measurements

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

The Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2022 consisted of the following (in thousands):


	Fair Value Measurement at March 31, 2022
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents - money market funds	$	65,641	$	65,641	$	—	$	—
Total		65,641		65,641		—		—
Liabilities:
Contingent consideration liability (see Note 8)		4,310		—		—		4,310
Total	$	4,310	$	—	$	—	$	4,310

The Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2021 consisted of the following (in thousands):


	Fair Value Measurement at December 31, 2021
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents - money market funds	$	65,634	$	65,634	$	—	$	—
Total		65,634		65,634		—		—
Liabilities:
Contingent consideration liability (see Note 8)		6,090		—		—		6,090
Total	$	6,090	$	—	$	—	$	6,090

Summary of Assumptions Used to Estimate Fair Value of Contingent Payments

The assumptions used to estimate the fair value of contingent payments that are classified as a liability at March 31, 2022 include the following significant unobservable inputs:


Unobservable input	Value or Range	Weighted-Average
Expected volatility	84.4%	84.4%
Risk-free interest rate	0.90%	0.90%
Cost of capital	30%	30%
Discount for lack of marketability	10%‑13%	12%
Probability of payment	94%	94%
Projected year of payment	2022	2022

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2022

Intangible Assets

Schedule of Intangible Assets

The Company’s intangible assets consist of the following (in thousands):


	March 31, 2022
		Gross
	Estimated	Carrying		Accumulated				Net Book
	Useful Lives	Value		Amortization		Impairment		Value
IPR&D assets	Indefinite	$	12,419	$	—	$	—	$	12,419
Total		$	12,419	$	—	$	—	$	12,419


	December 31, 2021
		Gross
	Estimated	Carrying		Accumulated				Net Book
	Useful Lives	Value		Amortization		Impairment		Value
Internally developed patents	6–20 years	$	1,079	$	(500)	$	(579)	$	—
Acquired licenses	16–20 years		285		(285)		—		—
Total intangible assets subject to amortization			1,364		(785)		(579)		—
IPR&D assets	Indefinite		12,419		—		—		12,419
Total		$	13,783	$	(785)	$	(579)	$	12,419

Accrued Expenses

3 Months Ended

Mar. 31, 2022

Accrued Expenses

Accrued Expenses

7. Accrued Expenses

Accrued expenses and other current liabilities consist of the following (in thousands):



	March 31, 2022		December 31, 2021
Accrued professional services	$	642	$	396
Accrued payroll and employee benefits		1,117		2,313
Accrued research and development		10,382		6,988
Lease obligation, current portion (see Note 6)		421		411
Accrued interest and other		47		44
Total accrued expenses and other current liabilities	$	12,609	$	10,152

Accrued Expenses - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accrued Liabilities And Other Liabilities [Abstract]
Accrued professional services	$ 642	$ 396
Accrued payroll and employee benefits	1,117	2,313
Accrued research and development	10,382	6,988
Lease obligation, current portion (see Note 6)	421	411
Accrued interest and other	47	44
Total accrued expenses and other current liabilities	$ 12,609	$ 10,152

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 179,947	$ 190,301
Restricted cash	34	34
Total cash, cash equivalents and restricted cash	179,981	190,335
Accounts receivable	193	429
Income tax and R&D incentive receivables	5,880	5,410
Prepaid expenses and other current assets	5,039	7,952
Total current assets	191,093	204,126
Property and equipment, net	1,337	1,448
Intangible assets, net	12,419	12,419
Other assets	811	872
Total assets	205,660	218,865
Current liabilities:
Accounts payable	2,205	2,034
Contingent consideration	4,310	6,090
Accrued expenses and other current liabilities	12,609	10,152
Total current liabilities	19,124	18,276
Other long-term liabilities	1,668	1,454
Total liabilities	20,792	19,730
Commitments and contingencies (Note 16)
Stockholders' equity:
Common stock, $0.0001 par value; 200,000,000 shares authorized; 43,219,896 and 40,993,768 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	4	4
Additional paid-in capital	502,505	497,342
Accumulated deficit	(312,601)	(293,171)
Accumulated other comprehensive loss, net	(5,040)	(5,040)
Total stockholders' equity	184,868	199,135
Total liabilities and stockholders' equity	$ 205,660	$ 218,865

Other Long-Term Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Other Long-Term Liabilities

Summary of Other Long-Term Liabilities

The Company’s other long-term liabilities are summarized as follows (in thousands):



	March 31, 2022		December 31, 2021
Lease obligation, long-term portion (see Note 6)	$	1,016	$	1,124
Conditional economic incentive grants		250		250
Other		402		80
Total other long-term liabilities	$	1,668	$	1,454

U.S. Government Contracts and Grants - Additional Information (Detail) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended
	Jan. 01, 2021	Jun. 30, 2020	Jul. 31, 2016	Mar. 31, 2022	Mar. 31, 2021
Revenues				$ 32	$ 838
BARDA Contract [Member]
Duration of contract	3 years		5 years
Amount used to fund clinical development			$ 136,800
BARDA Contract [Member] \| Minimum [Member]
Additional funding for development and manufacturing activities	$ 1,100
BARDA Contract [Member] \| Maximum [Member]
Additional funding for development and manufacturing activities	$ 34,400
MTEC Collaborative Arrangement [Member]
Revenues		$ 4,700
Grant [Member] \| BARDA Contract [Member]
Revenues					200
Grant [Member] \| MTEC Collaborative Arrangement [Member]
Revenues				$ 0	$ 500
Investment Performance [Member] \| BARDA Contract [Member]
Revenues			$ 30,900

Income Taxes

3 Months Ended

Mar. 31, 2022

Income Taxes

Income Taxes

14. Income Taxes

Due to a full valuation allowance, the Company did not record an income tax benefit for both the three months ended March 31, 2022 and 2021.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Property and Equipment, Net

3 Months Ended

Mar. 31, 2022

Property and Equipment, Net

Property and Equipment, Net

4. Property and Equipment, Net

Property and equipment, net consists of the following (in thousands):



	March 31, 2022		December 31, 2021
Furniture, fixtures and equipment	$	163	$	222
Laboratory equipment		243		1,040
Computers and telecommunications		179		291
Software		128		148
Leasehold improvements		1,749		1,794
Property and equipment, at cost		2,462		3,495
Less: accumulated depreciation and amortization		(1,125)		(2,047)
Property and equipment, net	$	1,337	$	1,448

Depreciation expense related to property and equipment was approximately $0.1 million for both the three months ended March 31, 2022 and 2021.

Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2022
Schedule Of Intangible Assets [Line Items]
Intangible assets subject to amortization, Gross Carrying Value	$ 1,364
Intangible assets subject to amortization, Accumulated Amortization	(785)
Total intangible assets, Gross Carrying Value	13,783	$ 12,419
Total intangible assets, Impairment	(579)
Total intangible assets, Net Book Value	12,419	12,419
IPR&D [Member]
Schedule Of Intangible Assets [Line Items]
Total intangible assets, Gross Carrying Value	12,419	12,419
Total intangible assets, Net Book Value	12,419	$ 12,419
Internally Developed Patents [Member]
Schedule Of Intangible Assets [Line Items]
Intangible assets subject to amortization, Gross Carrying Value	1,079
Intangible assets subject to amortization, Accumulated Amortization	(500)
Total intangible assets, Impairment	$ (579)
Internally Developed Patents [Member] \| Minimum [Member]
Schedule Of Intangible Assets [Line Items]
Estimated Useful Lives	6 years
Internally Developed Patents [Member] \| Maximum [Member]
Schedule Of Intangible Assets [Line Items]
Estimated Useful Lives	20 years
Acquired Licenses [Member]
Schedule Of Intangible Assets [Line Items]
Intangible assets subject to amortization, Gross Carrying Value	$ 285
Intangible assets subject to amortization, Accumulated Amortization	$ (285)
Acquired Licenses [Member] \| Minimum [Member]
Schedule Of Intangible Assets [Line Items]
Estimated Useful Lives	16 years
Acquired Licenses [Member] \| Maximum [Member]
Schedule Of Intangible Assets [Line Items]
Estimated Useful Lives	20 years

Operating Leases

3 Months Ended

Mar. 31, 2022

Operating Leases

Operating Leases

6. Operating Leases

The Company rents office and laboratory space in the United States. The Company also leases office equipment under non-cancellable equipment leases through June 2026. Rent expense during the three months ended March 31, 2022 and 2021 under all of the Company’s operating leases was $0.1 million and $0.1 million, respectively. Rent expense includes short-term leases and variable lease costs that are not included in the lease obligation.

Short-term leases are leases having a term of twelve months or less. The Company recognizes short-term leases on a straight-line basis and does not record a related lease asset or liability for such leases.

The office space leases provide for increases in future minimum annual rental payments as defined in the lease agreements. The office space lease also includes an option to renew the lease as of the end of the term. The Company has determined that the lease renewal option is not reasonably certain of being exercised.

The cash paid for operating lease liabilities for both the three months ended March 31, 2022 and 2021 was $0.1 million.

Supplemental other information related to the operating leases balance sheet information is as follows (in thousands, except lease term and discount rate):



	March 31, 2022			December 31, 2021
Operating lease obligations (see Note 7 and 9)	$	1,437		$	1,535
Operating lease right-of-use assets (included in "Other assets" in Balance Sheet)	$	750		$	798
Weighted-average remaining lease term (years)		3.1			3.3
Weighted-average discount rate		7.2	%		7.2	%

Other Long-Term Liabilities - Summary of Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Long-Term Liabilities
Lease obligation, long-term portion (see Note 6)	$ 1,016	$ 1,124
Conditional economic incentive grants	250	250
Other	402	80
Total other long-term liabilities	$ 1,668	$ 1,454

Subsequent Events

3 Months Ended

Mar. 31, 2022

Subsequent Events

Subsequent Events

17. Subsequent Events

Contingent Consideration

On April 26, 2022, the Company dosed the first patient in the Phase 2 MOMENTUM trial of pemvidutide in obesity, which triggered the obligation to pay the Phase 2 Milestone Consideration Amount to the Spitfire Equityholders.

Nature of Business and Basis of Presentation

3 Months Ended

Mar. 31, 2022

Nature of Business and Basis of Presentation

Nature of Business and Basis of Presentation

1. Nature of Business and Basis of Presentation

Nature of Business

Altimmune, Inc., headquartered in Gaithersburg, Maryland, United States, together with its subsidiaries (collectively, the “Company” or “Altimmune”) is a clinical stage biopharmaceutical company incorporated under the laws of the State of Delaware.

The Company is focused on developing treatments for obesity and liver diseases. The Company’s pipeline includes next generation peptide therapeutics for obesity and non-alcoholic steatohepatitis (“NASH”) (for both, pemvidutide [proposed INN], formerly known as ALT-801), and for chronic hepatitis B (HepTcell). Since its inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff and raising capital, and has financed its operations through the issuance of common and preferred stock, long-term debt and proceeds from research grants and government contracts. The Company has not generated any revenues from the sale of any products to date, and there is no assurance of any future revenues from product sales.

Basis of Presentation

The accompanying unaudited consolidated financial statements are prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States (“U.S. GAAP”) for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021 included in the Annual Report on Form 10-K which was filed with the SEC on March 15, 2022. In the opinion of management, the Company has prepared the accompanying unaudited consolidated financial statements on the same basis as the audited consolidated financial statements, and these consolidated financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results expected for the full year 2022 or any future years or periods.

The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

The accompanying unaudited consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets, and the satisfaction of liabilities in the ordinary course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets and liabilities that might be necessary should we be unable to continue as a going concern.

Contingent Consideration

3 Months Ended

Mar. 31, 2022

Contingent Consideration

Contingent consideration

8. Contingent Consideration

The Company entered into an Agreement and Plan of Merger and Reorganization, dated July 8, 2019, by and among the Company, Springfield Merger Sub, Inc., Springfield Merger Sub, LLC, Spitfire Pharma, Inc. and David Collier, as the Stockholder Representative (the “Spitfire Merger Agreement”) to acquire all of the equity interests of Spitfire Pharma, Inc. (“Spitfire”). Spitfire was a privately held, preclinical pharmaceutical company developing a novel dual GLP-1/glucagon receptor agonist for the treatment of non-alcoholic steatohepatitis.

The transaction closed on July 12, 2019. The Company issued 1,887,250 unregistered shares of its common stock as upfront consideration to certain former securityholders of Spitfire (collectively, the “Spitfire Equityholders”), representing an amount equal to $5.0 million less working capital and transaction expense adjustment amounts as defined in the agreement.

The acquisition of Spitfire was accounted for as an asset acquisition instead of a business combination because substantially all of the fair value of the gross assets acquired was concentrated in a single identifiable asset or group of similar identifiable assets, and therefore, the asset was not considered a business. The Company expensed the acquired intellectual property as of the acquisition date as in-process research and development with no alternative future uses.

The Spitfire Merger Agreement also includes future contingent payments up to $88.0 million in cash and shares of the Company’s common stock as follows (each, a “Milestone Event”):

●

a one-time payment of $5.0 million (the “IND Milestone Consideration Amount”) within sixty days of the submission of an Investigational New Drug Application (“IND”) to the United States Food and Drug Administration (the “FDA”) or other applicable governmental authority in a foreign jurisdiction, which IND has not been rejected or placed on clinical hold by the FDA or such applicable foreign governmental authority within time specified in the Merger Agreement;

●

a one-time payment of $3.0 million (the “Phase 2 Milestone Consideration Amount” and together with the IND Milestone Consideration Amount, the “Regulatory Milestones”) within sixty days of the initiation (first patient, first dosing) of a Phase 2 clinical trial of a product candidate anywhere in the world; and

●

payments of up to $80.0 million upon the achievement of specified worldwide net sales (the “Sales Milestones”) of all products developed using the technology acquired in the License Agreement within ten years following the approval of a new drug application filed with the FDA.

The Regulatory Milestones will be payable in shares of the Company’s Common Stock, with the number of shares of the Company’s Common Stock to be issued in connection with each milestone amount, if any, are dependent on the share price at the time of achievement. The number of any shares issued in consideration for the IND Milestone Consideration Amount will be determined based on lower of (A) the average of the closing prices of our Common Stock as reported on the Nasdaq Global Market for the twenty (20) consecutive trading days prior to the IND Reference Date or (B) $2.95. The value of any shares issued in consideration for the Phase 2 Milestone Consideration Amount shall be determined based the lower of (A) on the average of the closing trading prices of our Common Stock as reported on the Nasdaq Global Market for the twenty (20) consecutive trading days immediately preceding the date of the occurrence of the Phase 2 Milestone Event or (B) $3.54.

The future contingent payments related to the Regulatory Milestones are stock-based payments accounted for under FASB Accounting Standards Codification Topic 480, Distinguishing Liabilities From Equity (“ASC 480”). Such stock-based payments are subject to a lock-up whereby 50% of the shares are released at 3 months and 50% are released at 6 months. The future contingent payments related to the Sales Milestones are predominately cash-based payments accounted for under FASB Accounting Standards Codification Topic 450, Contingencies. Accordingly, the Company will recognize the Sales Milestones when the contingency is probable and the amount is reasonably estimated.

On November 3, 2020, the Company received acknowledgement from the Australian Government Department of Health on the Company’s submitted clinical trial notification (“CTN”) which triggered the obligation to settle the IND Milestone payment to the former owners. As a result, on November 19, 2020, the Company issued 1,694,906 shares of its Common Stock valued at $9.57 per share for the amount value of $13.6 million to the former Spitfire stockholders. Pursuant to the Spitfire Merger Agreement, the Company issued the shares within sixty days of the submission of the CTN, which was October 29, 2020. From September 30, 2020 through November 19, 2020, the date of issuance, the Company recognized a decrease in the fair value of the IND Milestone payment of $5.4 million to research and development expense and reclassified the balance in the contingent consideration liability associated with the fair value of the IND Milestone payment to equity in the Company’s consolidated balance sheet. No Regulatory Milestones were achieved during the three months ended March 31, 2022. The Phase 2 Milestone was met on April 26, 2022. See Note 17 for further details.

The Company estimates the future contingent consideration for the Regulatory Milestones based upon a Monte Carlo simulation valuation model that is risk adjusted based on the probability of achieving the milestones and a discount for lack of marketability. The Company remeasures the fair value of the contingent consideration at each reporting period.

During the fourth quarter of 2020, the Company achieved the IND Milestone and paid the obligation in shares according to the calculation above. Below is a summary of the contingent consideration activity (in thousands):


	Three Months Ended March 31,
	2022		2021
Beginning balance	$	6,090	$	5,390
Change in fair value		(1,780)		880
Ending balance	$	4,310	$	6,270

As of March 31, 2022, the decrease in fair value was primarily attributable to a decrease in the closing share price of the Company’s common stock, partially offset by an increase in the probability of milestone achievement. As of March 31, 2021, the increase in fair value was primarily attributable to an increase in the closing share price of the Company’s common stock and in the probability of milestone achievement. Any changes in fair value have been recorded within research and development expense during the respective periods presented.

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Employees purchased, value	$ 113	$ 106
Stock-based compensation expense	$ 2,033	$ 1,218
2019 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Employees purchased, shares	16,450
Employees purchased, value	$ 100
Stock-based compensation expense	$ 100
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Period	4 years
Stock option expiration Period	10 years
Unrecognized compensation cost, stock options	$ 14,000
Unrecognized stock-based compensation expense, period for recognition	3 years 1 month 6 days
Number of Stock Options, Granted	1,020,427
Stock options granted, weighted-average exercise price	$ 6.91
Weighted-average grant date fair value of stock options granted	$ 6.06
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense, period for recognition	8 months 12 days
Unvested restricted stock, shares	53,818
Unrecognized compensation expense	$ 200
Common stock issued as result of vesting of restricted stock	20,182
Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting Period	4 years
Unrecognized stock-based compensation expense, period for recognition	3 years 6 months
Unvested restricted stock, shares	446,837
Unrecognized compensation expense	$ 3,900
Common stock issued as result of vesting of restricted stock	40,091
Shares granted	255,000

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Common Stock Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	145,755	145,755
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	3,479,992	2,307,264
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	53,818	134,545
Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	446,837	196,279

Common Stock

3 Months Ended

Mar. 31, 2022

Common Stock

Common Stock

10. Common Stock

Public Offering

On July 16, 2020, the Company offered and sold (i) 3,369,564 shares of common stock, at a price to the public of $23.00 per share, and (ii) pre-funded warrants of the Company to purchase 1,630,436 shares of common stock at an exercise price equal to $0.0001 per share (the “Pre-Funded Warrants”), at a price to the public of $22.9999 per share of common stock underlying the Pre-Funded Warrants (equal to the public offering price per share of Common Stock, minus the exercise price of each Pre-Funded Warrant). The Pre-Funded Warrants are exercisable at any time, provided that each Pre-Funded Warrant holder will be prohibited from exercising such Pre-Funded Warrants into shares of the Company’s common stock if, as a result of such exercise, the holder, together with its affiliates, would own more than 4.99% of the total number of shares of the Company’s common stock then issued and outstanding, which percentage may change at the holders’ election to any other number less than or equal to 19.99% upon 61 days’ notice to the Company. The gross proceeds of this offering were approximately $132.2 million, which includes the exercise in full of the underwriters’ option to purchase an additional 750,000 shares of common stock, before deducting underwriting discounts and commissions and offering expenses during the third quarter of 2020. The net proceeds of this offering were approximately $124.0 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company.

The Company has assessed the Pre-Funded Warrants for appropriate equity or liability classification and determined that the Pre-Funded Warrants are freestanding instruments that do not meet the definition of a liability pursuant to ASC 480 and do not meet the definition of a derivative pursuant to FASB Accounting Standards Codification Topic 815, Derivatives and Hedging (“ASC 815”). The Pre-Funded Warrants are indexed to the Company’s common stock and meet all other conditions for equity classification under ASC 480 and ASC 815. Accordingly, the Pre-Funded Warrants are classified as equity and are accounted for as a component of additional paid-in capital at the time of issuance. As of March 31, 2022, 760,870 of the Pre-Funded Warrants were exercised, leaving 869,566 remaining Pre-Funded Warrants unexercised.

At-the-Market Offerings

On February 25, 2021, the Company entered into an Equity Distribution Agreement (the “2021 Agreement”) with Piper Sandler & Co., Evercore Group L.L.C. and B. Riley Securities, Inc., serving as sales agents (the “Sales Agents”) with respect to an at-the-market offerings program under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, par value $0.0001 per share (the “Common Stock”), having an aggregate offering price of up to $125.0 million (the “Shares”) through the Sale Agents (the “2021 Offering”). Any Shares offered and sold in the 2021 Offering will be issued pursuant to the Company’s Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the “SEC”) on December 31, 2020, which was declared effective on January 11, 2021, the prospectus supplement relating to the 2021 Offering filed with the SEC on February 25, 2021 and any applicable additional prospectus supplements related to the 2021 Offering that form a part of the Registration Statement.

During the three months ended March 31, 2022, the Company sold 335,485 shares of Common Stock under the 2021 Agreement resulting in approximately $3.0 million in net proceeds. As of March 31, 2022, the Company has sold in aggregate 5,135,939 shares of Common Stock under the 2021 Agreement resulting in approximately $67.8 million in net proceeds, with $55.0 million remaining available to be sold under the 2021 Agreement. As of March 31, 2022, the Company recorded approximately $0.1 million of offering costs which offset the proceeds received from the shares sold through March 31, 2022. The Company capitalized approximately $0.1 million of deferred offering costs which will offset future proceeds received under the 2021 Agreement.

Exchange Agreement

On February 25, 2021, the Company entered into an exchange agreement (the “Exchange Agreement”) with an Investor and its affiliates (the “Exchanging Stockholders”), pursuant to which the Company exchanged an aggregate of 1,000,000 shares of the Company’s common stock, par value $0.0001 per share, owned by the Exchanging Stockholders for pre-funded warrants (the “Exchange Warrants”) to purchase an aggregate of 1,000,000 shares of common stock (subject to adjustment in the event of any stock dividends and splits, reverse stock split, recapitalization, reorganization or similar transaction, as described in the Exchange Warrants), with an exercise price of $0.0001 per share. The Exchange Warrants did not have an expiration date and were exercisable at any time except that the Exchange Warrants could not be exercised by the Exchanging Stockholders if, after giving effect thereto, the Exchanging Stockholders would beneficially own more than 9.99% of the Company’s common stock, subject to certain exceptions. In accordance with FASB Accounting Standards Codification Topic 505, Equity, the Company recorded the retirement of the common stock exchanged as a reduction of common shares outstanding and a corresponding debit to additional paid-in-capital and accumulated deficit at the fair value of the Exchange Warrants on the issuance date. The Exchange Warrants were classified as equity in accordance with ASC 480 and the fair value of the Exchange Warrants was recorded as a credit to additional paid-in-capital and is not subject to remeasurement. The Company determined that the fair value of the Exchange Warrants is substantially similar to the fair value of the retired shares on the issuance date due to the negligible exercise price for the Exchange Warrants. As of March 31, 2022, the Exchange Warrants to purchase 1,000,000 shares were net exercised, resulting in the issuance of 999,984 shares of common stock. All of the Exchange Warrants were exercised in full.

Intangible Assets

3 Months Ended

Mar. 31, 2022

Intangible Assets

Intangible Assets

5. Intangible Assets

The Company’s intangible assets consist of the following (in thousands):


	March 31, 2022
		Gross
	Estimated	Carrying		Accumulated				Net Book
	Useful Lives	Value		Amortization		Impairment		Value
IPR&D assets	Indefinite	$	12,419	$	—	$	—	$	12,419
Total		$	12,419	$	—	$	—	$	12,419


	December 31, 2021
		Gross
	Estimated	Carrying		Accumulated				Net Book
	Useful Lives	Value		Amortization		Impairment		Value
Internally developed patents	6–20 years	$	1,079	$	(500)	$	(579)	$	—
Acquired licenses	16–20 years		285		(285)		—		—
Total intangible assets subject to amortization			1,364		(785)		(579)		—
IPR&D assets	Indefinite		12,419		—		—		12,419
Total		$	13,783	$	(785)	$	(579)	$	12,419

There was no amortization expense of intangible assets subject to amortization for the three months ended March 31, 2022. Amortization expense of intangible assets subject to amortization totalled $6,640 for the three months ended March 31, 2021. Amortization expense was classified as research and development expenses in the consolidated statements

of operations and comprehensive loss. There was no in-process research and development (“IPR&D”) impairment loss during the three months ended March 31, 2022 and the year ended December 31, 2021.

Warrants - Summary of Warrant Activity (Detail)	3 Months Ended
Warrants - Summary of Warrant Activity (Detail)	Mar. 31, 2022 shares
Warrants
Warrants outstanding, December 31, 2021	2,776,191
Exercises (see Note 10)	(1,760,870)
Warrants outstanding, March 31, 2022	1,015,321

Contingent Consideration - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			2 Months Ended	3 Months Ended
	Nov. 19, 2020	Jul. 12, 2019	Nov. 19, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Estimated future contingent consideration				$ 4,310	$ 6,270	$ 6,090	$ 5,390
Change in value of contingent consideration for acquired in-process research and development				$ (1,780)	$ 880
Regulatory milestone achieved				0
Clinical Trial Notification [Member]
Business Acquisition [Line Items]
Up-front consideration	$ 13,600
Shares issued for contingent milestone payment	1,694,906
Period for submission of clinical trial notification	60 days
Submission date of clinical trial notification	Oct. 29, 2020
Clinical Trial Notification [Member] \| Regulatory Milestones [Member]
Business Acquisition [Line Items]
Change in value of contingent consideration for acquired in-process research and development			$ 5,400
Spitfire Pharma, Inc. [Member]
Business Acquisition [Line Items]
Agreement date		Jul. 08, 2019
Unregistered shares of common stock		1,887,250
Up-front consideration		$ 5,000
Spitfire Pharma, Inc. [Member] \| Investigational New Drug Application Milestone [Member]
Business Acquisition [Line Items]
Estimated future contingent consideration		$ 5,000
Estimated future contingent consideration term		60 days
Number of consecutive trading days		20 days
Consideration amount		$ 2.95
Spitfire Pharma, Inc. [Member] \| Investigational New Drug Application and Regulatory Milestones [Member]
Business Acquisition [Line Items]
Estimated future contingent consideration		$ 3,000
Estimated future contingent consideration term		60 days
Number of consecutive trading days		20 days
Consideration amount		$ 3.54
Spitfire Pharma, Inc. [Member] \| Sales Milestones [Member]
Business Acquisition [Line Items]
Estimated future contingent consideration		$ 80,000
License agreement term		10 years
Spitfire Pharma, Inc. [Member] \| Regulatory Milestones [Member]
Business Acquisition [Line Items]
Upfront consideration release at 3 months		50.00%
Upfront consideration release at 9 months		50.00%
Spitfire Pharma, Inc. [Member] \| Clinical Trial Notification [Member]
Business Acquisition [Line Items]
Consideration amount	$ 9.57		$ 9.57
Spitfire Pharma, Inc. [Member] \| Common Stock [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Estimated future contingent consideration		$ 88,000

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2022

Summary of Significant Accounting Policies

Use of Estimates

The preparation of these financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The extent to which the COVID-19 pandemic, including any resurgences or the emergence of new variants, may directly or indirectly

impact the Company’s business, financial condition, and results of operations is highly uncertain and subject to change. The Company considered the potential impact of the COVID-19 pandemic on the Company’s estimates and assumptions and determined that there was not a material impact to the Company’s unaudited consolidated financial statements as of and for the three months ended March 31, 2022. However, actual results could differ from those estimates and there may be changes to the Company’s estimates in future periods.

U.S. Government Contracts and Grants

3 Months Ended

Mar. 31, 2022

U.S. Government Contracts and Grants

U.S. Government Contracts and Grants

13. U.S. Government Contracts and Grants

In June 2020, the Company was awarded $4.7 million from the U.S. Army Medical Research & Development Command (“USAMRDC”) to fund its Phase 1/2 clinical trial of T-COVID. The competitive award was granted by USAMRDC in collaboration with the Medical Technology Enterprise Consortium (“MTEC”), a 501(c)(3) biomedical technology consortium working in partnership with the Department of Defense (“DoD”). Under the contract, MTEC paid the Company a firm fixed fee based upon the achievement of certain milestones for conduct and completion of a Phase

1/2 study and research and development work on the replication-deficient adenovirus 5 (“RD-Ad5”) vector vaccine platform. For the three months ended March 31, 2021, the Company recognized approximately $0.5 million of grant revenue under the contract, which completed the full recognition of this award. No revenue was recognized for this contract for the three months ended March 31, 2022.

In July 2016, the Company signed a five-year contract with Biomedical Advanced Research and Development Authority (“BARDA”). The contract, as amended, had a total value of up to $136.8 million to be used to fund clinical development of NasoShield. Under the contract, BARDA paid the Company a fixed fee and reimbursed certain costs for the research and development of an Ad5-vectored, protective antigen-based intranasal anthrax vaccine through cGMP manufacture and conduct of a Phase 1 clinical trial dose ranging assessment of safety and immunogenicity. The contract consisted of an initial base performance period providing approximately $30.9 million in funding for the period July 2016 through December 2021. BARDA had seven options to extend the contract to fund certain continued development and manufacturing activities for the anthrax vaccine, including Phase 2 clinical studies. Each option, if exercised by BARDA, would have provided additional funding ranging from approximately $1.1 million to $34.4 million for a three-year period beginning in 2021. For the three months ended March 31, 2021, the Company recognized approximately $0.2 million of grant revenue under the BARDA contract. For the three months ended March 31, 2022, the Company has recognized de minimis grant revenue related to the close-out of the BARDA contract. BARDA did not extend the contract beyond the end of December 2021.

Contingent Consideration (Tables)

3 Months Ended

Mar. 31, 2022

Contingent Consideration

Summary of Fair Value of Contingent Consideration

Below is a summary of the contingent consideration activity (in thousands):


	Three Months Ended March 31,
	2022		2021
Beginning balance	$	6,090	$	5,390
Change in fair value		(1,780)		880
Ending balance	$	4,310	$	6,270

Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Schedule Of Intangible Assets [Line Items]
Impairment loss on intangible assets			$ 579,000
IPR&D [Member]
Schedule Of Intangible Assets [Line Items]
Impairment charge	$ 0		$ 0
Research and Development [Member]
Schedule Of Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 0	$ 6,640

Stock-Based Compensation - Schedule of Information Related to Stock Options Outstanding (Detail)	3 Months Ended
	Mar. 31, 2022 USD ($) $ / shares shares
Stock-Based Compensation
Number of Stock Options, Outstanding \| shares	3,464,793
Number of Stock Options, Exercisable \| shares	1,271,282
Number of Stock Options, Unvested \| shares	2,193,511
Weighted-average Exercise Price, Outstanding \| $ / shares	$ 8.41
Weighted-average Exercise Price, Exercisable \| $ / shares	7.45
Weighted-average Exercise Price, Unvested \| $ / shares	$ 8.96
Weighted-average Remaining Contractual Term, Outstanding	6 years
Weighted-average Remaining Contractual Term, Exercisable	5 years 9 months 18 days
Weighted-average Remaining Contractual Term, Unvested	6 years
Aggregate Intrinsic Value, Outstanding \| $	$ 4,045
Aggregate Intrinsic Value, Exercisable \| $	2,759
Aggregate Intrinsic Value, Unvested \| $	$ 1,286

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Jul. 12, 2019	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Commitments And Contingencies [Line Items]
Estimated future contingent consideration		$ 4,310	$ 6,090	$ 6,270	$ 5,390
Spitfire Pharma, Inc. [Member] \| Sales Milestones [Member]
Commitments And Contingencies [Line Items]
Estimated future contingent consideration	$ 80,000
License agreement term	10 years

Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Measurements

Fair Value Measurements

3. Fair Value Measurements

The Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2022 consisted of the following (in thousands):


	Fair Value Measurement at March 31, 2022
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents - money market funds	$	65,641	$	65,641	$	—	$	—
Total		65,641		65,641		—		—
Liabilities:
Contingent consideration liability (see Note 8)		4,310		—		—		4,310
Total	$	4,310	$	—	$	—	$	4,310

The Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2021 consisted of the following (in thousands):


	Fair Value Measurement at December 31, 2021
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents - money market funds	$	65,634	$	65,634	$	—	$	—
Total		65,634		65,634		—		—
Liabilities:
Contingent consideration liability (see Note 8)		6,090		—		—		6,090
Total	$	6,090	$	—	$	—	$	6,090

The fair value of contingent payments classified as a liability is based on the regulatory milestones described in Note 8 and estimated using the Monte Carlo simulation valuation model with Level 3 inputs.

The assumptions used to estimate the fair value of contingent payments that are classified as a liability at March 31, 2022 include the following significant unobservable inputs:


Unobservable input	Value or Range	Weighted-Average
Expected volatility	84.4%	84.4%
Risk-free interest rate	0.90%	0.90%
Cost of capital	30%	30%
Discount for lack of marketability	10%‑13%	12%
Probability of payment	94%	94%
Projected year of payment	2022	2022

If applicable, the Company will recognize transfers into and out of Level 3 within the fair value hierarchy at the end of the reporting period in which the actual event or change in circumstance occurs. There were no transfers into or out of Level 3 of the fair value hierarchy as of March 31, 2022 and December 31, 2021.

Separate disclosure is required for assets and liabilities measured at fair value on a recurring basis from those measured at fair value on a non-recurring basis. Assets recorded at fair value on a non-recurring basis, such as property and equipment and intangible assets are recognized at fair value when they are impaired. During the three months ended March 31, 2022, the Company had no significant assets or liabilities that were measured at fair value on a non-recurring

basis. During the year ended December 31, 2021, the Company recorded non-cash impairment charges to property and equipment, net on a non-recurring basis (see below).

Lonza Manufacturing Agreement

In March 2021, the Company expanded its manufacturing collaboration with Lonza Houston, Inc. (“Lonza”) for the manufacture of AdCOVID or other adenovirus-based vaccines. Under the expanded agreement, the Company had committed approximately $23.0 million to Lonza to procure long-lead equipment and construct a dedicated manufacturing suite for clinical and commercial production of adenovirus-based vaccines. This work was completed during the fourth quarter of 2021. The Company capitalized a total of $4.0 million as construction-in-progress (“CIP”) during the three months ended March 31, 2021 under this expanded agreement. The Company subsequently terminated the agreement and impaired the amount during the year ended December 31, 2021.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Revenues	$ 32	$ 838
Operating expenses:
Research and development	15,104	11,878
General and administrative	4,427	3,821
Total operating expenses	19,531	15,699
Loss from operations	(19,499)	(14,861)
Other income (expense):
Interest expense	(62)	(12)
Interest income	21	42
Other income (expense), net	110	(33)
Total other income (expense), net	69	(3)
Net loss	(19,430)	(14,864)
Other comprehensive income - unrealized gain on short-term investments		5
Comprehensive loss	$ (19,430)	$ (14,859)
Net loss per share, basic	$ (0.44)	$ (0.38)
Net loss per share, diluted	$ (0.44)	$ (0.38)
Weighted-average common shares outstanding, basic	43,969,481	38,914,990
Weighted-average common shares outstanding, diluted	43,969,481	38,914,990

Net Loss Per Share

3 Months Ended

Mar. 31, 2022

Net Loss Per Share

Net Loss Per Share

15. Net Loss Per Share

Because the Company has reported a net loss attributable to common stockholders for all periods presented, basic and diluted net loss per share attributable to common stockholders are the same for all periods presented.

Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average numbers of shares of common stock outstanding for the period. Basic shares outstanding includes the weighted average effect of the Company’s outstanding pre-funded warrants, the exercise of which requires little or no consideration for the delivery of shares of common stock.

Diluted net loss per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period. As such, all unvested restricted stock, restricted stock units, common stock warrants, and stock options have been excluded from the computation of diluted weighted average shares outstanding because such securities would have an anti-dilutive impact for all periods presented.


	For the Three Months Ended
	March 31,
	2022	2021
Common stock warrants	145,755	145,755
Common stock options	3,479,992	2,307,264
Restricted stock units	446,837	196,279
Restricted stock	53,818	134,545

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Stock-Based Compensation

Schedule of Information Related to Stock Options Outstanding

Information related to stock options outstanding at March 31, 2022 is as follows (in thousands, except share, exercise price and contractual term):


				Weighted-Average
		Weighted-		Remaining
	Number of	Average		Contractual Term	Aggregate Intrinsic
	Stock Options	Exercise Price		(Years)	Value
Outstanding	3,464,793	$	8.41	6.0	$	4,045
Exercisable	1,271,282	$	7.45	5.8	$	2,759
Unvested	2,193,511	$	8.96	6.0	$	1,286

Schedule of Stock-based Compensation Expense


	For the Three Months Ended
	March 31,
	2022		2021
Research and development	$	618	$	321
General and administrative		1,415		897
Total	$	2,033	$	1,218

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2022	Dec. 31, 2021
Fair value transfers into Level 3		$ 0.0	$ 0.0
Fair value transfers out of Level 3		0.0	$ 0.0
Assets or liabilities measured at fair value on a non-recurring basis.		$ 0.0
CIP related assets	$ 4.0
Lonza Manufacturing Agreement [Member]
Commitment to procure equipment and construction	$ 23.0

Operating Leases - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Leases
Non-cancellable lease maturity period	2026-06
Cash paid for operating lease liabilities	$ 0.1	$ 0.1
Operating lease rent expense	$ 0.1	$ 0.1

Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock based compensation expense	$ 2,033	$ 1,218
Research and Development [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock based compensation expense	618	321
General and Administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock based compensation expense	$ 1,415	$ 897

Property and Equipment, Net - Summary of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property and equipment, at cost	$ 2,462	$ 3,495
Less: accumulated depreciation and amortization	(1,125)	(2,047)
Property and equipment, net	1,337	1,448
Furniture, Fixtures and Equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment, at cost	163	222
Laboratory Equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment, at cost	243	1,040
Computers and Telecommunications [Member]
Property Plant And Equipment [Line Items]
Property and equipment, at cost	179	291
Software [Member]
Property Plant And Equipment [Line Items]
Property and equipment, at cost	128	148
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, at cost	$ 1,749	$ 1,794

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

During the three months ended March 31, 2022, there have been no significant changes to the Company’s summary of significant accounting policies contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 as filed with the SEC.

Use of Estimates

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Total
Beginning Balance at Dec. 31, 2020	$ 4	$ 417,337	$ (186,421)	$ (5,044)	$ 225,876
Beginning Balance (in shares) at Dec. 31, 2020	37,142,946
Stock-based compensation		1,218			1,218
Vesting of restricted stock awards including withholding, net		(92)			(92)
Vesting of restricted stock awards including withholding, net (in shares)	(6,349)
Issuance of common stock from Employee Stock Purchase Plan		106			106
Issuance of common stock from Employee Stock Purchase Plan (in shares)	8,733
Issuance of common stock in at the market offerings, net		34,178			34,178
Issuance of common stock in at the market offerings, net (in shares)	2,110,800
Retirement of common stock in exchange for common stock warrant		(7,540)	(9,660)		(17,200)
Retirement of common stock in exchange for common stock warrant (in Shares)	(1,000,000)
Issuance of common stock warrant in exchange for retirement of common stock		17,200			17,200
Issuance of common stock upon cashless exercise of warrants		10			10
Issuance of common stock upon cashless exercise of warrants (in shares)	1,050
Other comprehensive income - unrealized gain on short-term investments				5	5
Net loss			(14,864)		(14,864)
Ending Balance at Mar. 31, 2021	$ 4	462,417	(210,945)	(5,039)	246,437
Ending Balance (in shares) at Mar. 31, 2021	38,257,180
Beginning Balance at Dec. 31, 2021	$ 4	497,342	(293,171)	(5,040)	199,135
Beginning Balance (in shares) at Dec. 31, 2021	40,993,768
Stock-based compensation		2,033			2,033
Exercise of stock options		197			197
Exercise of stock options (in shares)	95,771
Vesting of restricted stock awards including withholding, net		(170)			(170)
Vesting of restricted stock awards including withholding, net (in shares)	17,568
Issuance of common stock from Employee Stock Purchase Plan		113			113
Issuance of common stock from Employee Stock Purchase Plan (in shares)	16,450
Issuance of common stock in at the market offerings, net		2,990			2,990
Issuance of common stock in at the market offerings, net (in shares)	335,485
Issuance of common stock upon cashless exercise of warrants (in shares)	1,760,854
Net loss			(19,430)		(19,430)
Ending Balance at Mar. 31, 2022	$ 4	$ 502,505	$ (312,601)	$ (5,040)	$ 184,868
Ending Balance (in shares) at Mar. 31, 2022	43,219,896

Fair Value Measurements - Summary of Assumptions Used to Estimate Fair Value of Contingent Payments (Detail) - Level 3 [Member]	3 Months Ended
	Mar. 31, 2022
Expected Volatility [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assumptions used to estimate fair value of contingent payments	84.4
Risk-free Interest Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assumptions used to estimate fair value of contingent payments	0.90
Cost of Capital [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assumptions used to estimate fair value of contingent payments	30
Probability of Payment [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assumptions used to estimate fair value of contingent payments	94
Projected Year of Payment [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assumptions used to estimate fair value of contingent payments	2022
Minimum [Member] \| Discount for Lack of Marketability [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assumptions used to estimate fair value of contingent payments	10
Maximum [Member] \| Discount for Lack of Marketability [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assumptions used to estimate fair value of contingent payments	13
Weighted Average [Member] \| Expected Volatility [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assumptions used to estimate fair value of contingent payments	84.4
Weighted Average [Member] \| Risk-free Interest Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assumptions used to estimate fair value of contingent payments	0.90
Weighted Average [Member] \| Cost of Capital [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assumptions used to estimate fair value of contingent payments	30
Weighted Average [Member] \| Discount for Lack of Marketability [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assumptions used to estimate fair value of contingent payments	12
Weighted Average [Member] \| Probability of Payment [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assumptions used to estimate fair value of contingent payments	94
Weighted Average [Member] \| Projected Year of Payment [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assumptions used to estimate fair value of contingent payments	2022

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2022

Accrued Expenses

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):



	March 31, 2022		December 31, 2021
Accrued professional services	$	642	$	396
Accrued payroll and employee benefits		1,117		2,313
Accrued research and development		10,382		6,988
Lease obligation, current portion (see Note 6)		421		411
Accrued interest and other		47		44
Total accrued expenses and other current liabilities	$	12,609	$	10,152

Operating Leases (Tables)

3 Months Ended

Mar. 31, 2022

Operating Leases

Summary of Supplemental other Information Related to Operating Leases Balance Sheet

Supplemental other information related to the operating leases balance sheet information is as follows (in thousands, except lease term and discount rate):



	March 31, 2022			December 31, 2021
Operating lease obligations (see Note 7 and 9)	$	1,437		$	1,535
Operating lease right-of-use assets (included in "Other assets" in Balance Sheet)	$	750		$	798
Weighted-average remaining lease term (years)		3.1			3.3
Weighted-average discount rate		7.2	%		7.2	%