0001326190-24-000050 | 10-Q | XBRL Viewer

Net Loss Per Share

9 Months Ended

Sep. 30, 2024

9. Net Loss Per Share

Because the Company has reported net loss attributable to common stockholders for the three and nine months ended September 30, 2024 and 2023, basic and diluted net loss per share attributable to common stockholders in each period are the same.

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.

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, RSUs, common stock 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.

Potential common shares, issuable upon conversion, vesting, or exercise of unvested RSUs, 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:


	Three and Nine Months Ended
	September 30,
	2024	2023
Common stock warrants	—	145,600
Common stock options	6,435,016	5,144,429
Restricted stock units	784,227	618,543

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Stock-Based Compensation

Schedule of Information Related to Stock Options Outstanding

Information related to stock options outstanding as of September 30, 2024 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, December 31, 2023	5,043,593	$	9.33	5.9	$	16,919
Granted	1,821,375	$	8.96
Exercised	(118,267)	$	2.93
Forfeited or expired	(348,533)	$	8.34
Outstanding, September 30, 2024	6,398,168	$	9.40	5.9	$	4,160
Exercisable, September 30, 2024	3,492,598	$	9.35	5.9	$	3,687
Vested and expected to vest, September 30, 2024	6,136,667	$	9.39	5.9	$	4,118

Schedule of Stock-based Compensation Expense

Stock-based compensation expense is classified in the unaudited consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2024 and 2023 as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Research and development	$	1,545	$	1,164	$	4,794	$	3,560
General and administrative		1,533		1,546		6,245		4,611
Total	$	3,078	$	2,710	$	11,039	$	8,171

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (71,879)	$ (56,806)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	11,039	8,171
Depreciation of property and equipment	205	363
Accretion of discounts on short-term investments	(3,031)	(1,776)
Loss (gain) on foreign currency exchange	69	(134)
Changes in operating assets and liabilities:
Accounts receivable	683	(704)
Prepaid expenses and other assets	3,920	(2,043)
Accounts payable	(937)	(1,758)
Accrued expenses and other liabilities	(2,482)	(3,306)
Income tax and R&D incentive receivables	830	(1,284)
Net cash used in operating activities	(61,583)	(59,277)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales and maturities of short-term investments	60,500	76,544
Purchases of short-term investments	(102,518)	(54,806)
Purchases of property and equipment, net		(47)
Net cash (used in) provided by investing activities	(42,018)	21,691
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of deferred offering costs		(195)
Proceeds from exercises of warrants	161
Proceeds from issuance of common stock in at-the-market offerings, net		13,862
Payment of conditional economic incentive		(90)
Proceeds from issuance of common stock from Employee Stock Purchase Plan	300	215
Proceeds from exercises of stock options	346	61
Payments for tax withholding in share-based compensation	(848)	(502)
Net cash (used in) provided by financing activities	(41)	13,351
Net decrease in cash and cash equivalents and restricted cash	(103,642)	(24,235)
Cash, cash equivalents and restricted cash at beginning of period	135,158	111,131
Cash, cash equivalents and restricted cash at end of period	31,516	$ 86,896
SUPPLEMENTAL NON-CASH ACTIVITIES:
Operating lease liability and right-of-use asset addition	$ 1,409

Operating Leases (Tables)

9 Months Ended

Sep. 30, 2024

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):


	September 30, 2024			December 31, 2023			Balance Sheet Classification
Operating lease obligations, current (see Note 5)	$	313		$	496		Accrued expenses and other current liabilities
Operating lease obligations, noncurrent (see Note 6)	$	1,460		$	175		Noncurrent liabilities
Operating lease right-of-use assets	$	1,659		$	363		Other assets
Weighted-average remaining lease term (years)		5.6			1.3
Weighted-average discount rate		9.5	%		7.2	%

Summary of Maturities of Operating Leases Liabilities

Maturities of operating lease liabilities as of September 30, 2024 are as follows (in thousands):


2024 - remainder of the year	$	133
2025		422
2026		376
2027		387
2028		398
2029		410
2030		138
Total operating lease payments		2,264
Less: imputed interest		(491)
Total operating lease liabilities	$	1,773

Noncurrent Liabilities - Summary of Long-term Portion of Outstanding Notes Payable as well as Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Noncurrent Liabilities.
Research and development incentive credit	$ 4,203	$ 4,023
Lease obligation, long-term portion (see Note 4)	1,460	175
Conditional economic incentive grants	160	160
Other	26	40
Total noncurrent liabilities	$ 5,849	$ 4,398

- Definition

Amount of obligation due after one year or beyond the normal operating cycle, if longer.

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+ Details

Insider Trading Arrangements	9 Months Ended
Insider Trading Arrangements	Sep. 30, 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
Rule 10b5-1 Arrangement Modified	false
Non Rule 10b5-1 Arrangement Modified	false

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Stock-Based Compensation

Stock-Based Compensation

8. Stock-Based Compensation

2017 Omnibus Incentive Plan (Omnibus Plan)

The Company’s Omnibus Plan provides for an annual increase on January 1 of each year, commencing in 2019 and ending on and including January 1, 2027, up to an amount equal to the lowest of (i) 4% of the total number of shares of common stock outstanding on a fully diluted basis as of December 31 of the immediately preceding calendar year, and (ii) such number of shares of common stock, if any, determined by the Company’s board of directors. Accordingly, on January 1, 2024, the number of shares of Common Stock reserved and available for issuance under the Omnibus Plan increased by 3,055,006 shares of common stock.

Stock Options

The Company’s stock option awards generally vest over four years and typically have a contractual life of ten years. As of September 30, 2024, there was $18.4 million of unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted-average period of 2.5 years. During the nine months ended September 30, 2024, the Company granted 1,821,375 stock options with a weighted average exercise price of $8.96 and per share weighted average grant date fair value of $7.24.

Information related to stock options outstanding as of September 30, 2024 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, December 31, 2023	5,043,593	$	9.33	5.9	$	16,919
Granted	1,821,375	$	8.96
Exercised	(118,267)	$	2.93
Forfeited or expired	(348,533)	$	8.34
Outstanding, September 30, 2024	6,398,168	$	9.40	5.9	$	4,160
Exercisable, September 30, 2024	3,492,598	$	9.35	5.9	$	3,687
Vested and expected to vest, September 30, 2024	6,136,667	$	9.39	5.9	$	4,118

Restricted Stock Units (RSUs)

During the nine months ended September 30, 2024, the Company granted 484,600 shares of RSUs with a weighted average grant date fair value of $9.32 which vest over four years. As of September 30, 2024, the Company had unvested RSUs of 784,227 shares with total unrecognized compensation expense of $5.6 million, which the Company expects to recognize over a weighted average period of approximately 2.6 years. During the nine months ended September 30, 2024, the Company issued 191,883 shares of unrestricted common stock as a result of the vesting of 288,040 RSUs net of 96,157 shares of common stock withheld to satisfy tax withholding obligations.

2019 Employee Stock Purchase Plan (ESPP)

Under the ESPP, employees purchased 86,857 shares for $0.3 million during the nine months ended September 30, 2024. For the three months ended September 30, 2024 and 2023, compensation expense was negligible. During each of the nine months ended September 30, 2024 and 2023, the Company recognized compensation expense of $0.1 million.

Stock-Based Compensation Expense

During the nine months ended September 30, 2024, the Company recorded $1.0 million incremental stock-based compensation expense as a result of the modifications of stock awards upon termination of the former Chief Financial Officer. The modification changed the vesting conditions of the awards by accelerating the vesting of certain unvested awards that would have otherwise been forfeited upon termination. The incremental costs are included in the Statements of Operations and Comprehensive Loss under general and administrative expense.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Research and development	$	1,545	$	1,164	$	4,794	$	3,560
General and administrative		1,533		1,546		6,245		4,611
Total	$	3,078	$	2,710	$	11,039	$	8,171

Operating Leases - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating Leases
Renewal Term	60 months		60 months
Operating lease, option to extend			true
Operating lease liability and right-of-use asset addition			$ 1,409
Operating lease, discount rate	9.50%		9.50%
Operating lease, term of contract	72 months		72 months
Cash paid for operating lease liabilities			$ 400	$ 400
Operating lease rent expense	$ 100	$ 100	$ 400	$ 400

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments	$ 107,906	$ 62,698
Total	131,033	185,931
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	23,127	123,233
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments	107,906	62,698
Total	107,906	62,698
Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents - money market funds	23,127	123,233
Money Market Funds [Member] \| Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents - money market funds	$ 23,127	$ 123,233

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Measurements

Fair Value Measurements

3. Fair Value Measurements

The Company’s assets measured at fair value on a recurring basis as of September 30, 2024 consisted of the following (in thousands):


	Fair Value Measurement at September 30, 2024
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents - money market funds	$	23,127	$	23,127	$	—	$	—
Short-term investments		107,906		—		107,906		—
Total	$	131,033	$	23,127	$	107,906	$	—

The Company’s assets measured at fair value on a recurring basis as of December 31, 2023 consisted of the following (in thousands):


	Fair Value Measurement at December 31, 2023
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents - money market funds	$	123,233	$	123,233	$	—	$	—
Short-term investments		62,698		—		62,698		—
Total	$	185,931	$	123,233	$	62,698	$	—

Short-term investments have been initially valued at the transaction price and subsequently valued at the end of each reporting period utilizing third party pricing services or other market observable data (Level 2). The pricing services utilize industry standard valuation models, including both income and market-based approaches and observable market inputs to determine value.

Short-term investments with quoted prices as of September 30, 2024 as shown below (in thousands):


	September 30, 2024
	Amortized Cost		Unrealized (Loss) Gain		Credit loss		Market Value
United States treasury securities	$	26,772	$	41	$	—	$	26,813
Commercial paper and corporate debt securities		57,605		87		—		57,692
Asset backed securities		8,497		22		—		8,519
Agency debt securities		14,837		45		—		14,882
Total	$	107,711	$	195	$	—	$	107,906

Short-term investments with quoted prices as of December 31, 2023 as shown below (in thousands):


	December 31, 2023
	Amortized Cost		Unrealized (Loss) Gain		Credit Loss		Market Value
United States treasury securities	$	19,472	$	12	$	—	$	19,484
Commercial paper and corporate debt securities		31,301		24		—		31,325
Asset backed securities		2,966		(4)		—		2,962
Agency debt securities		8,923		4		—		8,927
Total	$	62,662	$	36	$	—	$	62,698

As of September 30, 2024 and December 31, 2023, none of the unrealized losses on the Company’s short-term investments are a result of credit loss; therefore, any unrealized losses were recognized in OCI.

As of September 30, 2024 and December 31, 2023, the Company had $0.3 million and $0.1 million, respectively, accrued interest on short-term investments included in “Accounts and other receivables” on the accompanying Consolidated Balance Sheets.

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 nine months ended September 30, 2024 and year ended December 31, 2023, the Company had no significant assets or liabilities that were measured at fair value on a non-recurring basis.

- 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.

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+ Details

Stockholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended		19 Months Ended
	Mar. 05, 2024 $ / shares shares	Feb. 28, 2023 USD ($)	Sep. 30, 2023 shares	Jun. 30, 2023 shares	Sep. 30, 2024 USD ($) item $ / shares shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) item $ / shares shares	Dec. 31, 2023 $ / shares shares
Changes In Equity And Comprehensive Income Line Items [Line Items]
Proceeds from issuance of common stock in public offering \| $						$ 13,862
Common stock, shares authorized					200,000,000		200,000,000	200,000,000
Common stock, par or stated value per share \| $ / shares					$ 0.0001		$ 0.0001	$ 0.0001
Common stock, shares issued					71,124,407		71,124,407	70,677,400
Common stock, shares outstanding					71,124,407		71,124,407	70,677,400
Preferred stock, shares authorized					1,000,000		1,000,000
Preferred stock, par or stated value per share \| $ / shares					$ 0.0001		$ 0.0001
Preferred stock, shares issued					0		0
Preferred stock, shares outstanding					0		0
Issued With Common Units In 2019 Registered Direct Offering [Member]
Changes In Equity And Comprehensive Income Line Items [Line Items]
Warrants exercised	50,000
Shares of common stock issued	50,000
Warrants outstanding					0		0
Exercise price of warrants or rights \| $ / shares	$ 3.21
Common Stock [Member]
Changes In Equity And Comprehensive Income Line Items [Line Items]
Voting right \| item					1		1
Shares of common stock issued			171,653	3,364,631
At-The-Market Offering [Member] \| Equity Distribution Agreement [Member] \| Evercore Group and JMP Securities LLC and B Riley Securities [Member]
Changes In Equity And Comprehensive Income Line Items [Line Items]
Public offering, remaining amount available for sale \| $					$ 60,600		$ 60,600
Deferred Offering Costs \| $		$ 200			$ 100		100
Proceeds from issuance of common stock in public offering \| $							$ 86,600
Aggregate offering price \| $		$ 150,000
Shares of common stock issued					0		20,454,516
Issuance costs \| $							$ 2,800

Fair Value Measurements - Schedule of Short Term Investments (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 107,711	$ 62,662
Unrealized (Loss) Gain	195	36
Market Value	107,906	62,698
United States Treasury Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	26,772	19,472
Unrealized (Loss) Gain	41	12
Market Value	26,813	19,484
Commercial Paper and Corporate Debt Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	57,605	31,301
Unrealized (Loss) Gain	87	24
Market Value	57,692	31,325
Asset Backed Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	8,497	2,966
Unrealized (Loss) Gain	22	(4)
Market Value	8,519	2,962
Agency Debt Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	14,837	8,923
Unrealized (Loss) Gain	45	4
Market Value	$ 14,882	$ 8,927

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Noncurrent Liabilities

9 Months Ended

Sep. 30, 2024

Noncurrent Liabilities

Noncurrent Liabilities

6. Noncurrent Liabilities

The Company’s noncurrent liabilities are summarized as follows (in thousands):


	September 30, 2024		December 31, 2023
Research and development incentive credit	$	4,203	$	4,023
Lease obligation, long-term portion (see Note 4)		1,460		175
Conditional economic incentive grants		160		160
Other		26		40
Total noncurrent liabilities	$	5,849	$	4,398

Operating Leases - Summary of Supplemental other Information Related to Operating Leases Balance Sheet (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating Leases
Operating lease obligations, current (see Note 5)	$ 313	$ 496
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Operating lease obligations, noncurrent (see Note 6)	$ 1,460	$ 175
Operating lease, liability, statement of financial position [extensible list]	Noncurrent liabilities	Noncurrent liabilities
Operating lease right-of-use assets	$ 1,659	$ 363
Weighted-average remaining lease term (years)	5 years 7 months 6 days	1 year 3 months 18 days
Weighted-average discount rate	9.50%	7.20%

Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2024

Accrued Expenses

Schedule of Accrued Expenses and Other Current Liabilities

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


	September 30, 2024		December 31, 2023
Accrued professional services	$	327	$	293
Accrued payroll and employee benefits		2,314		3,315
Accrued research and development		4,497		5,845
Lease obligation, current portion (see Note 4)		313		496
Accrued interest and other		54		124
Total accrued expenses and other current liabilities	$	7,505	$	10,073

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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	71,124,407	70,677,400
Common stock, shares outstanding	71,124,407	70,677,400

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Revenues	$ 5	$ 362	$ 15	$ 389
Operating expenses:
Research and development	19,803	18,388	62,445	48,890
General and administrative	4,969	4,514	15,876	13,805
Total operating expenses	24,772	22,902	78,321	62,695
Loss from operations	(24,767)	(22,540)	(78,306)	(62,306)
Other income (expense):
Interest expense	(6)	(29)	(8)	(33)
Interest income	1,910	1,884	6,505	5,387
Other income (expense), net	18	14	(70)	146
Total other income (expense), net	1,922	1,869	6,427	5,500
Net loss	(22,845)	(20,671)	(71,879)	(56,806)
Other comprehensive income - unrealized gain on short-term investments	347	56	159	103
Comprehensive loss	$ (22,498)	$ (20,615)	$ (71,720)	$ (56,703)
Net loss per share, basic	$ (0.32)	$ (0.39)	$ (1.01)	$ (1.10)
Net loss per share, diluted	$ (0.32)	$ (0.39)	$ (1.01)	$ (1.10)
Weighted-average common shares outstanding, basic	71,084,787	53,633,354	70,927,222	51,495,957
Weighted-average common shares outstanding, diluted	71,084,787	53,633,354	70,927,222	51,495,957

Operating Leases - Summary of Maturities of Lease Liabilities (Detail) $ in Thousands	Sep. 30, 2024 USD ($)
Operating Leases
2024 - remainder of the year	$ 133
2025	422
2026	376
2027	387
2028	398
2029	410
2030	138
Total operating lease payments	2,264
Less: imputed interest	(491)
Total operating lease liabilities	$ 1,773

Stock-Based Compensation - Schedule of Information Related to Stock Options Outstanding (Detail) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Stock-Based Compensation
Number of Stock Options, Outstanding \| shares	5,043,593
Number of Stock Options, Granted \| shares	1,821,375
Number of Stock Options, Exercised \| shares	(118,267)
Number of Stock Options, Forfeited or expired \| shares	(348,533)
Number of Stock Options, Outstanding \| shares	6,398,168	5,043,593
Number of Stock Options, Exercisable \| shares	3,492,598
Number of Stock Options, Vested and expected to vest \| shares	6,136,667
Weighted-average Exercise Price, Outstanding \| $ / shares	$ 9.33
Weighted-average Exercise Price, Granted \| $ / shares	8.96
Weighted-average Exercise Price, Exercised \| $ / shares	2.93
Weighted-average Exercise Price, Forfeited or expired \| $ / shares	8.34
Weighted-average Exercise Price, Outstanding \| $ / shares	9.40	$ 9.33
Weighted-average Exercise Price, Exercisable \| $ / shares	9.35
Weighted-average Exercise Price, Vested and expected to vest \| $ / shares	$ 9.39
Weighted-average Remaining Contractual Term, Outstanding	5 years 10 months 24 days	5 years 10 months 24 days
Weighted-average Remaining Contractual Term, Exercisable	5 years 10 months 24 days
Weighted-average Remaining Contractual Term, Vested and expected to vest	5 years 10 months 24 days
Weighted-average Intrinsic Value, Outstanding \| $	$ 16,919
Weighted-average Intrinsic Value, Outstanding \| $	4,160	$ 16,919
Aggregate Intrinsic Value, Exercisable \| $	3,687
Aggregate Intrinsic Value, Vested and expected to vest \| $	$ 4,118

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 08, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-32587
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-2726770
Entity Registrant Name	ALTIMMUNE, INC.
Entity Address, Address Line One	910 Clopper Road
Entity Address, Address Line Two	Suite 201S
Entity Address, City or Town	Gaithersburg
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20878
City Area Code	240
Local Phone Number	654-1450
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	ALT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		71,124,625
Entity Central Index Key	0001326190
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Measurements

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

The Company’s assets measured at fair value on a recurring basis as of September 30, 2024 consisted of the following (in thousands):


	Fair Value Measurement at September 30, 2024
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents - money market funds	$	23,127	$	23,127	$	—	$	—
Short-term investments		107,906		—		107,906		—
Total	$	131,033	$	23,127	$	107,906	$	—

The Company’s assets measured at fair value on a recurring basis as of December 31, 2023 consisted of the following (in thousands):


	Fair Value Measurement at December 31, 2023
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents - money market funds	$	123,233	$	123,233	$	—	$	—
Short-term investments		62,698		—		62,698		—
Total	$	185,931	$	123,233	$	62,698	$	—

Schedule of Short Term Investments

Short-term investments with quoted prices as of September 30, 2024 as shown below (in thousands):


	September 30, 2024
	Amortized Cost		Unrealized (Loss) Gain		Credit loss		Market Value
United States treasury securities	$	26,772	$	41	$	—	$	26,813
Commercial paper and corporate debt securities		57,605		87		—		57,692
Asset backed securities		8,497		22		—		8,519
Agency debt securities		14,837		45		—		14,882
Total	$	107,711	$	195	$	—	$	107,906

Short-term investments with quoted prices as of December 31, 2023 as shown below (in thousands):


	December 31, 2023
	Amortized Cost		Unrealized (Loss) Gain		Credit Loss		Market Value
United States treasury securities	$	19,472	$	12	$	—	$	19,484
Commercial paper and corporate debt securities		31,301		24		—		31,325
Asset backed securities		2,966		(4)		—		2,962
Agency debt securities		8,923		4		—		8,927
Total	$	62,662	$	36	$	—	$	62,698

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments And Contingencies.

Commitments and Contingencies

10. Commitments and Contingencies

Spitfire Acquisition

In July 2019, the Company entered into 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 novel peptide products for pharmaceutical indications, including pemvidutide for the treatment of MASH. As part of the agreement, 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. (the “Sales Milestone”) within ten years following the approval of a new drug application filed with the U. S. Food and Drug Administration (the “FDA”).

Litigation

On May 6, 2024, a class action complaint was filed in federal district court in the District of Maryland, Southern Division, naming as defendants the Company and three of the Company’s executive officers, which is now captioned In re Altimmune, Inc. Securities Litigation, No. 24-cv-01315 (D. Md.) (the “Class Action”). The complaint alleges that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 thereunder, by making false and misleading statements and omissions of material fact to the investing public including the plaintiff and class members, who purchased or otherwise acquired the Company’s common stock between December 1, 2023 and April 26, 2024. The plaintiff and class members seek to have the action maintained as a class action under Rule 23 of the Federal Rules of Civil Procedure and for the defendants to pay damages, interest, and an award of costs, including attorneys’ fees. A substantially similar complaint, captioned Campanile v. Altimmune, Inc., et al., No. 8:24-cv-01918 (D. Md.), was also filed in the same court by another plaintiff on July 1, 2024 against the Company and three of its executive officers, based upon the same general set of allegations and class period. On October 2, 2024, the court consolidated the Campanile action with the Class Action for all purposes and appointed lead plaintiffs for the consolidated litigation. On October 18, 2024, the court entered a scheduling order for the filing of an amended complaint on or by December 16, 2024 and any response to that amended complaint, including motions to dismiss, to follow thereafter. The Company intends to vigorously defend against this class action litigation.

On June 4, 2024, a shareholder derivative complaint was filed in federal district court in the District of Delaware, purportedly on behalf of the Company, naming as defendants three of the Company’s executive officers and eight of the Company’s board members, which is now captioned In re Altimmune, Inc. Stockholder Derivative Litigation, No. 1:24-cv-669 (D. Del.) (the “Derivative Action”). The complaint is based upon allegations that are similar to those alleged in the Class Action and alleges claims for contribution, breaches of fiduciary duty, unjust enrichment, and waste of corporate assets based on the defendants purportedly making or causing to be made false and misleading statements and omissions

of material fact between December 1, 2023 and April 26, 2024. The complaint seeks unspecified monetary relief, exemplary damages, restitution, contribution, and costs, as well as equitable relief. A similar shareholder derivative complaint, captioned Alaraidah v. Garg, et al., No. 1:24-cv-00772 (D. Del.), was filed in the same court by another plaintiff on July 1, 2024, based upon substantially similar allegations, and alleges claims for contribution, breach of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets and seeks unspecified monetary relief, restitution, costs, and equitable relief. These actions were consolidated for all purposes on July 18, 2024 into the Derivative Action. On September 12, 2024, the court stayed the Derivative Action until the earlier of the following: (a) the Class Action is dismissed with prejudice, and all appeals related thereto have been exhausted; or (b) defendants file an answer to any complaint in the Class Action. The Company intends to vigorously defend against the Derivative Action.

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.

Noncurrent Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Noncurrent Liabilities

Schedule of noncurrent liabilities

The Company’s noncurrent liabilities are summarized as follows (in thousands):


	September 30, 2024		December 31, 2023
Research and development incentive credit	$	4,203	$	4,023
Lease obligation, long-term portion (see Note 4)		1,460		175
Conditional economic incentive grants		160		160
Other		26		40
Total noncurrent liabilities	$	5,849	$	4,398

Nature of Business and Basis of Presentation

9 Months Ended

Sep. 30, 2024

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 lead product candidate, pemvidutide (formerly known as ALT-801), is a novel, investigational, peptide-based GLP-1/glucagon dual receptor agonist in development for the treatment of obesity and metabolic dysfunction-associated steatohepatitis (“MASH”), previously termed non-alcoholic steatohepatitis (“NASH”). 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, 2023, included in the Annual Report on Form 10-K which was filed with the SEC on March 27, 2024. 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 2024 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 the Company be unable to continue as a going concern.

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended				9 Months Ended
	Jan. 01, 2024	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Stock Options, Granted						1,821,375
Stock options granted, weighted-average exercise price						$ 8.96
Employees purchased, value		$ 131	$ 169	$ 80	$ 135
Stock based compensation expense		3,078		$ 2,710		$ 11,039	$ 8,171
Employee Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Stock Options, Granted						1,821,375
Stock options granted, weighted-average exercise price						$ 8.96
Stock option expiration Period						10 years
Weighted-average grant date fair value of stock options granted						$ 7.24
Unrecognized compensation cost, stock options		$ 18,400				$ 18,400
Unrecognized stock-based compensation expense, period for recognition						2 years 6 months
Vesting Period						4 years
Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense, period for recognition						2 years 7 months 6 days
Restricted stock granted						484,600
Weighted average grant date fair value of restricted stock award						$ 9.32
Common stock issued as result of vesting of restricted stock						191,883
Number of shares vested						288,040
Common stock withheld to satisfy tax withholding obligations.						96,157
Unvested restricted stock, shares		784,227				784,227
Unrecognized compensation expense		$ 5,600				$ 5,600
Vesting Period						4 years
Former Chief Financial Officer
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incremental stock-based compensation expense						$ 1,000
2017 Omnibus Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of additional shares from common stock available for stock-based compensation	4.00%
Number of additional shares authorized	3,055,006
2019 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Employees purchased, shares						86,857
Employees purchased, value						$ 300
Stock based compensation expense						$ 100	$ 100

Accrued Expenses - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued Liabilities And Other Liabilities [Abstract]
Accrued professional services	$ 327	$ 293
Accrued payroll and employee benefits	2,314	3,315
Accrued research and development	4,497	5,845
Lease obligation, current portion (see Note 4)	313	496
Accrued interest and other	54	124
Total accrued expenses and other current liabilities	$ 7,505	$ 10,073

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 31,474	$ 135,117
Restricted cash	42	41
Total cash, cash equivalents and restricted cash	31,516	135,158
Short-term investments	107,906	62,698
Accounts and other receivables	428	1,111
Income tax and R&D incentive receivables	2,912	3,742
Prepaid expenses and other current assets	2,997	6,917
Total current assets	145,759	209,626
Property and equipment, net	446	651
Other assets	1,659	363
Total assets	147,864	210,640
Current liabilities:
Accounts payable	1,133	2,070
Accrued expenses and other current liabilities	7,505	10,073
Total current liabilities	8,638	12,143
Noncurrent liabilities	5,849	4,398
Total liabilities	14,487	16,541
Commitments and contingencies (Note 10)
Stockholders' equity:
Common stock, $0.0001 par value; 200,000,000 shares authorized; 71,124,407 and 70,677,400 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	7	7
Additional paid-in capital	676,425	665,427
Accumulated deficit	(538,210)	(466,331)
Accumulated other comprehensive loss, net	(4,845)	(5,004)
Total stockholders' equity	133,377	194,099
Total liabilities and stockholders' equity	$ 147,864	$ 210,640

Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock based compensation expense	$ 3,078	$ 2,710	$ 11,039	$ 8,171
Research and Development [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock based compensation expense	1,545	1,164	4,794	3,560
General and Administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock based compensation expense	$ 1,533	$ 1,546	$ 6,245	$ 4,611

Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Stockholders' Equity

Stockholders' Equity

7. Stockholders’ Equity

The Amended and Restated Certificate of Incorporation, as amended (“Charter”), authorizes the Company to issue 200,000,000 shares of common stock, par value $0.0001 per share. As of September 30, 2024, the Company had 71,124,407 shares of common stock issued and outstanding.

Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are not entitled to receive dividends, unless declared by the board of directors.

The Charter also authorizes the Company to issue 1,000,000 shares of preferred stock, par value $0.0001 per share. As of September 30, 2024, the Company had no shares of preferred stock issued and outstanding.

At-the-Market Offerings

On February 28, 2023, the Company entered into an Equity Distribution Agreement (the “2023 Agreement”) with Evercore Group L.L.C., JMP Securities LLC 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, having an aggregate offering price of up to $150.0 million (the “Shares”) through the Sales Agents (the “2023 Offering”). All Shares offered and sold in the 2023 Offering will be issued pursuant to the Company’s Registration Statement on Form S-3 filed with the SEC on February 28, 2023, which was declared effective immediately, the prospectus supplement relating to the 2023 Offering filed with the SEC on February 28, 2023, and any applicable additional prospectus supplements related to the 2023 Offering that form a part of the Registration Statement. The Company capitalized approximately $0.2 million of other offering costs which will offset the proceeds received from the shares sold under the 2023 Agreement. Since inception through September 30, 2024, the Company has sold 20,454,516 shares of common stock under the 2023 Agreement, resulting in approximately $86.6 million in proceeds, net of $2.8 million commission and other offering costs. No shares were sold under the 2023 Agreement during the nine months ended September 30, 2024, and as of September 30, 2024, $60.6 million remained available to be sold under the 2023 Agreement. As of September 30, 2024, there was $0.1 million deferred offering costs included in prepaid expenses and other current assets on the accompanying consolidated balance sheets.

Warrants

On March 5, 2024, warrant holders exercised 50,000 warrants with an exercise price of $3.21, resulting in the issuance of 50,000 shares of common stock. As of September 30, 2024, the Company had no outstanding warrants.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Summary of Significant Accounting Policies
Income tax benefit	$ 0.0	$ 0.0	$ 0.0	$ 0.0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Common Stock Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share		145,600		145,600
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	6,435,016	5,144,429	6,435,016	5,144,429
Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	784,227	618,543	784,227	618,543

Commitments and Contingencies - Additional Information (Details) $ in Millions	Jun. 04, 2024 item	May 06, 2024 item	Jul. 12, 2019 USD ($)
Mogan v. Altimmune, Inc.
Commitments And Contingencies [Line Items]
Number of class action complaints		1
Number of company executives named as defendants in class action complaint		3
Derivative Action
Commitments And Contingencies [Line Items]
Number of complaints	1
Number of company executives named as defendants in class action complaint	3
Number of company board members named as defendants in class action complaint	8
Spitfire Pharma, Inc. [Member] \| Sales Milestones [Member]
Commitments And Contingencies [Line Items]
Estimated future contingent consideration \| $			$ 80.0
License agreement term			10 years

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

During the nine months ended September 30, 2024, 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, 2023, as filed with the SEC on March 27, 2024.

Use of Estimates

The preparation of 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. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to,

the valuation of share-based awards, income taxes, and accruals for research and development activities. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable. However, actual results could differ from those estimates.

Income Taxes

Due to a full valuation allowance, the Company did not record an income tax expense (benefit) for either of the three and nine months ended September 30, 2024 or 2023. The Company calculates its quarterly income tax provision based on estimated, annual effective tax rates applied to ordinary income (or loss) and other known items computed and recognized as they occur. The Company’s total provision is based on the United States statutory rate, increased by state and foreign taxes and reduced by a full valuation allowance on the Company’s deferred tax assets.

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Net Loss Per Share

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three and Nine Months Ended
	September 30,
	2024	2023
Common stock warrants	—	145,600
Common stock options	6,435,016	5,144,429
Restricted stock units	784,227	618,543

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Summary of Significant Accounting Policies
Use of Estimates	Use of Estimates The preparation of 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. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the valuation of share-based awards, income taxes, and accruals for research and development activities. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable. However, actual results could differ from those estimates.
Income Taxes	Income Taxes Due to a full valuation allowance, the Company did not record an income tax expense (benefit) for either of the three and nine months ended September 30, 2024 or 2023. The Company calculates its quarterly income tax provision based on estimated, annual effective tax rates applied to ordinary income (or loss) and other known items computed and recognized as they occur. The Company’s total provision is based on the United States statutory rate, increased by state and foreign taxes and reduced by a full valuation allowance on the Company’s deferred tax assets.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value Measurements
Accrued interest on short-term investments	$ 0.3	$ 0.1
Assets or liabilities measured at fair value on a non-recurring basis.	$ 0.0	$ 0.0

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, 2022	$ 5	$ 568,399	$ (377,884)	$ (5,227)	$ 185,293
Beginning Balance (in shares) at Dec. 31, 2022	49,199,845
Stock-based compensation		2,675			2,675
Exercise of stock options		61			61
Exercise of stock options (in shares)	19,303
Vesting of restricted stock awards including withholding, net		(484)			(484)
Vesting of restricted stock awards including withholding, net (in shares)	54,347
Issuance of common stock from Employee Stock Purchase Plan		135			135
Issuance of common stock from Employee Stock Purchase Plan (in shares)	13,215
Unrealized (loss) gain on short-term investments				126	126
Net loss			(20,074)		(20,074)
Ending Balance at Mar. 31, 2023	$ 5	570,786	(397,958)	(5,101)	167,732
Ending Balance (in shares) at Mar. 31, 2023	49,286,710
Beginning Balance at Dec. 31, 2022	$ 5	568,399	(377,884)	(5,227)	185,293
Beginning Balance (in shares) at Dec. 31, 2022	49,199,845
Unrealized (loss) gain on short-term investments					103
Net loss					(56,806)
Ending Balance at Sep. 30, 2023	$ 5	590,206	(434,690)	(5,124)	150,397
Ending Balance (in shares) at Sep. 30, 2023	52,858,920
Beginning Balance at Mar. 31, 2023	$ 5	570,786	(397,958)	(5,101)	167,732
Beginning Balance (in shares) at Mar. 31, 2023	49,286,710
Stock-based compensation		2,786			2,786
Vesting of restricted stock awards including withholding, net		(16)			(16)
Vesting of restricted stock awards including withholding, net (in shares)	6,320
Issuance of common stock in at the market offerings, net		13,352			13,352
Issuance of common stock in at the market offerings, net (in shares)	3,364,631
Unrealized (loss) gain on short-term investments				(79)	(79)
Net loss			(16,061)		(16,061)
Ending Balance at Jun. 30, 2023	$ 5	586,908	(414,019)	(5,180)	167,714
Ending Balance (in shares) at Jun. 30, 2023	52,657,661
Stock-based compensation		2,710			2,710
Vesting of restricted stock awards including withholding, net		(2)			(2)
Vesting of restricted stock awards including withholding, net (in shares)	1,261
Issuance of common stock from Employee Stock Purchase Plan		80			80
Issuance of common stock from Employee Stock Purchase Plan (in shares)	28,345
Issuance of common stock in at the market offerings, net		510			510
Issuance of common stock in at the market offerings, net (in shares)	171,653
Unrealized (loss) gain on short-term investments				56	56
Net loss			(20,671)		(20,671)
Ending Balance at Sep. 30, 2023	$ 5	590,206	(434,690)	(5,124)	150,397
Ending Balance (in shares) at Sep. 30, 2023	52,858,920
Beginning Balance at Dec. 31, 2023	$ 7	665,427	(466,331)	(5,004)	194,099
Beginning Balance (in shares) at Dec. 31, 2023	70,677,400
Stock-based compensation		3,650			3,650
Exercise of stock options		9			9
Exercise of stock options (in shares)	1,250
Vesting of restricted stock awards including withholding, net		(600)			(600)
Vesting of restricted stock awards including withholding, net (in shares)	107,875
Issuance of common stock from Employee Stock Purchase Plan		169			169
Issuance of common stock from Employee Stock Purchase Plan (in shares)	62,609
Issuance of common stock upon exercise of warrants		161			161
Issuance of common stock upon exercise of warrants (in shares)	50,000
Unrealized (loss) gain on short-term investments				(157)	(157)
Net loss			(24,394)		(24,394)
Ending Balance at Mar. 31, 2024	$ 7	668,816	(490,725)	(5,161)	172,937
Ending Balance (in shares) at Mar. 31, 2024	70,899,134
Beginning Balance at Dec. 31, 2023	$ 7	665,427	(466,331)	(5,004)	$ 194,099
Beginning Balance (in shares) at Dec. 31, 2023	70,677,400
Exercise of stock options (in shares)					118,267
Unrealized (loss) gain on short-term investments					$ 159
Net loss					(71,879)
Ending Balance at Sep. 30, 2024	$ 7	676,425	(538,210)	(4,845)	133,377
Ending Balance (in shares) at Sep. 30, 2024	71,124,407
Beginning Balance at Mar. 31, 2024	$ 7	668,816	(490,725)	(5,161)	172,937
Beginning Balance (in shares) at Mar. 31, 2024	70,899,134
Stock-based compensation		4,311			4,311
Exercise of stock options		198			198
Exercise of stock options (in shares)	64,433
Vesting of restricted stock awards including withholding, net		(244)			(244)
Vesting of restricted stock awards including withholding, net (in shares)	82,700
Unrealized (loss) gain on short-term investments				(31)	(31)
Net loss			(24,640)		(24,640)
Ending Balance at Jun. 30, 2024	$ 7	673,081	(515,365)	(5,192)	152,531
Ending Balance (in shares) at Jun. 30, 2024	71,046,267
Stock-based compensation		3,078			3,078
Exercise of stock options		139			139
Exercise of stock options (in shares)	52,584
Vesting of restricted stock awards including withholding, net		(4)			(4)
Vesting of restricted stock awards including withholding, net (in shares)	1,308
Issuance of common stock from Employee Stock Purchase Plan		131			131
Issuance of common stock from Employee Stock Purchase Plan (in shares)	24,248
Unrealized (loss) gain on short-term investments				347	347
Net loss			(22,845)		(22,845)
Ending Balance at Sep. 30, 2024	$ 7	$ 676,425	$ (538,210)	$ (4,845)	$ 133,377
Ending Balance (in shares) at Sep. 30, 2024	71,124,407

Operating Leases

9 Months Ended

Sep. 30, 2024

Operating Leases

Operating Leases

4. Operating Leases

The Company’s operating lease for office and laboratory space in the United States was set to expire on April 30, 2025. On May 20, 2024, the Company exercised its one-time 60-month renewal option to renew its lease for an additional 60 months. As of May 1, 2024, the Company remeasured its lease liability and recorded $1.4 million additional lease liability and right-of-use asset using an updated incremental borrowing rate of 9.5%. The renewed lease has a term of 72 months and expires on April 30, 2030. The Company reassessed that the renewed lease remains an operating lease under Topic 842.

Rent expense under the Company’s operating leases was $0.1 million and $0.4 million during the three and nine months ended September 30, 2024, respectively. During the three and nine months ended September 30, 2023, rent expense under the Company’s operating leases was $0.1 million and $0.4 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 cash paid for operating lease liabilities for each of the nine months ended September 30, 2024 and 2023 was $0.4 million.

Supplemental other information related to the operating leases balance sheet information is as follows (in thousands):


	September 30, 2024			December 31, 2023			Balance Sheet Classification
Operating lease obligations, current (see Note 5)	$	313		$	496		Accrued expenses and other current liabilities
Operating lease obligations, noncurrent (see Note 6)	$	1,460		$	175		Noncurrent liabilities
Operating lease right-of-use assets	$	1,659		$	363		Other assets
Weighted-average remaining lease term (years)		5.6			1.3
Weighted-average discount rate		9.5	%		7.2	%

Maturities of operating lease liabilities as of September 30, 2024 are as follows (in thousands):


2024 - remainder of the year	$	133
2025		422
2026		376
2027		387
2028		398
2029		410
2030		138
Total operating lease payments		2,264
Less: imputed interest		(491)
Total operating lease liabilities	$	1,773

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (22,845)	$ (24,640)	$ (24,394)	$ (20,671)	$ (16,061)	$ (20,074)	$ (71,879)	$ (56,806)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accrued Expenses

9 Months Ended

Sep. 30, 2024

Accrued Expenses

Accrued Expenses

5. Accrued Expenses

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


	September 30, 2024		December 31, 2023
Accrued professional services	$	327	$	293
Accrued payroll and employee benefits		2,314		3,315
Accrued research and development		4,497		5,845
Lease obligation, current portion (see Note 4)		313		496
Accrued interest and other		54		124
Total accrued expenses and other current liabilities	$	7,505	$	10,073