0001104659-22-117095 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Oct. 31, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Entity File Number	001-37467
Entity Registrant Name	Astria Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-3687168
Entity Address, Address Line One	75 State Street Suite 1400
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02109
City Area Code	617
Local Phone Number	349-1971
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	ATXS
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		16,825,758
Entity Central Index Key	0001454789
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 45,972	$ 86,508
Short-term investments	70,599	39,000
Prepaid expenses and other current assets	1,914	1,567
Total current assets	118,485	127,075
Right-of-use asset	1,087	394
Other assets	245	45
Total assets	119,817	127,514
Current liabilities:
Accounts payable	790	1,557
Accrued expenses	5,073	3,281
Current portion of operating lease liabilities	578	365
Total current liabilities	6,441	5,203
Long term portion of operating lease liabilities	504
Total liabilities	6,945	5,203
Commitments
Stockholders' equity:
Common stock, $0.001 par value per share, 150,000,000 shares authorized; 15,748,323 and 13,016,955 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	16	13
Additional paid-in capital	511,053	481,709
Accumulated other comprehensive loss	(215)
Accumulated deficit	(494,380)	(455,809)
Total stockholders' equity	112,872	122,311
Total liabilities and stockholders' equity	119,817	127,514
Preferred shares
Stockholders' equity:
Preferred stock
Series X redeemable convertible preferred stock
Stockholders' equity:
Preferred stock	$ 96,398	$ 96,398

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Preferred stock, par value (in dollars per share)	$ 0.001
Preferred stock, authorized (in shares)	5,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	150,000,000	150,000,000
Common stock, issued (in shares)	15,748,323	15,748,323
Common stock, outstanding (in shares)	13,016,955	13,016,955
Preferred shares
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	4,908,620	4,908,620
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Series X redeemable convertible preferred stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	91,380	91,380
Preferred stock, issued (in shares)	31,455	31,455
Preferred stock, outstanding (in shares)	31,455	31,455

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating expenses:
Research and development	$ 7,698	$ 3,788	$ 24,673	$ 9,859
General and administrative	4,688	4,110	14,540	10,992
Acquired in-process research and development				164,617
Total operating expenses	12,386	7,898	39,213	185,468
Loss from operations	(12,386)	(7,898)	(39,213)	(185,468)
Other income (expense):
Interest and investment income	437	35	706	89
Other expense, net	(48)	(8)	(64)	(42)
Total other income, net	389	27	642	47
Net loss	(11,997)	(7,871)	(38,571)	(185,421)
Dividend on convertible preferred stock related to beneficial conversion feature and issuance costs				(24,437)
Net loss attributable to common shareholders	$ (11,997)	$ (7,871)	$ (38,571)	$ (209,858)
Net loss per share - basic	$ (0.87)	$ (0.61)	$ (2.91)	$ (27.81)
Net loss per share - diluted	$ (0.87)	$ (0.61)	$ (2.91)	$ (27.81)
Weighted-average common shares outstanding used in net loss per share - basic	13,742,385	12,830,782	13,261,422	7,546,969
Weighted-average common shares outstanding used in net loss per share - diluted	13,742,385	12,830,782	13,261,422	7,546,969

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Condensed Consolidated Statements of Comprehensive Loss
Net loss	$ (11,997)	$ (7,871)	$ (38,571)	$ (185,421)
Other comprehensive loss:
Unrealized loss on short-term investments, net of tax of $0	(29)		(215)
Total other comprehensive loss:	(29)		(215)
Comprehensive loss	$ (12,026)	$ (7,871)	$ (38,786)	$ (185,421)

- Definition

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

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+ Details

Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) $ in Thousands	21 Months Ended
	Sep. 30, 2022 USD ($)
Condensed Consolidated Statements of Comprehensive Loss
Unrealized loss on short-term investments, tax	$ 0

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity - Mezzanine Equity - USD ($) $ in Thousands	Series X redeemable convertible preferred stock	Total
Mezzanine equity, beginning balance at Dec. 31, 2020	$ 0
Mezzanine equity, beginning balance (in shares) at Dec. 31, 2020	0
Series X redeemable convertible preferred stock
Issuance of preferred stock in a private offering of public equity, net of issuance costs	$ 84,696
Issuance of preferred stock in a private offering of public equity, net of issuance costs (in shares)	35,573
Issuance of preferred stock and common stock upon acquisition of Quellis	$ 156,185
Issuance of preferred stock and common stock upon acquisition of Quellis (in shares)	50,504
Mezzanine equity, ending balance at Mar. 31, 2021	$ 240,881
Mezzanine equity, ending balance (in shares) at Mar. 31, 2021	86,077
Series X redeemable convertible preferred stock
Reclassification of preferred stock to permanent equity	$ (240,881)
Issuance of common stock upon the conversion of preferred stock		$ 1
Reclassification of preferred stock to permanent equity (in shares)	(86,077)

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity - USD ($) $ in Thousands	Preferred stock Series X redeemable convertible preferred stock	Common stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive loss	Total
Beginning balance at Dec. 31, 2020	$ 0	$ 4	$ 301,562	$ (260,897)	$ 0	$ 40,669
Beginning balance (in shares) at Dec. 31, 2020	0	3,347,386
Increase (Decrease) in Shareholders' Equity
Issuance of preferred stock in a private offering of public equity, net of issuance costs			19,565			19,565
Issuance of preferred stock and common stock upon acquisition of Quellis			8,098			8,098
Issuance of preferred stock and common stock upon acquisition of Quellis (in shares)		555,444
Expense related to warrants inherited in acquisition of Quellis			241			241
Stock-based compensation expense			366			366
Net loss				(170,084)		(170,084)
Ending balance at Mar. 31, 2021		$ 4	329,832	(430,981)		(101,145)
Ending balance (in shares) at Mar. 31, 2021		3,902,830
Beginning balance at Dec. 31, 2020	$ 0	$ 4	301,562	(260,897)	0	40,669
Beginning balance (in shares) at Dec. 31, 2020	0	3,347,386
Increase (Decrease) in Shareholders' Equity
Net loss						(185,421)
Ending balance at Sep. 30, 2021	$ 96,398	$ 13	480,336	(446,318)		130,429
Ending balance (in shares) at Sep. 30, 2021	31,455	13,009,477
Beginning balance at Mar. 31, 2021		$ 4	329,832	(430,981)		(101,145)
Beginning balance (in shares) at Mar. 31, 2021		3,902,830
Increase (Decrease) in Shareholders' Equity
Reclassification of preferred stock to permanent equity	$ 240,881					240,881
Reclassification of preferred stock to permanent equity (in shares)	86,077
Issuance of common stock upon the conversion of preferred stock	$ (165,548)	$ 9	165,540			1
Issuance of common stock upon the conversion of preferred stock (in shares)	(53,532)	8,921,966
Expense related to warrants inherited in acquisition of Quellis			146			146
Accretion of preferred stock discount	$ 24,437		(24,437)
Reclassification of equity classified warrants			3,468			3,468
Stock-based compensation expense			1,014			1,014
Net loss				(7,466)		(7,466)
Ending balance at Jun. 30, 2021	$ 99,770	$ 13	475,563	(438,447)		136,899
Ending balance (in shares) at Jun. 30, 2021	32,545	12,824,796
Increase (Decrease) in Shareholders' Equity
Issuance of common stock upon the conversion of preferred stock	$ (3,372)		3,372
Issuance of common stock upon the conversion of preferred stock (in shares)	(1,090)	181,698
Issuance of common stock upon exercise of options			6			6
Issuance of common stock upon exercise of options (in shares)		2,992
Expense related to warrants inherited in acquisition of Quellis			385			385
Fractional shares eliminated pursuant to reverse stock split		(9)
Stock-based compensation expense			1,010			1,010
Net loss				(7,871)		(7,871)
Ending balance at Sep. 30, 2021	$ 96,398	$ 13	480,336	(446,318)		130,429
Ending balance (in shares) at Sep. 30, 2021	31,455	13,009,477
Beginning balance at Dec. 31, 2021	$ 96,398	$ 13	481,709	(455,809)	0	122,311
Beginning balance (in shares) at Dec. 31, 2021	31,455	13,016,955
Increase (Decrease) in Shareholders' Equity
Expense related to warrants inherited in acquisition of Quellis			1,542			1,542
Stock-based compensation expense			1,209			1,209
Unrealized loss on short-term investments					(53)	(53)
Net loss				(15,324)		(15,324)
Ending balance at Mar. 31, 2022	$ 96,398	$ 13	484,460	(471,133)	(53)	109,685
Ending balance (in shares) at Mar. 31, 2022	31,455	13,016,955
Beginning balance at Dec. 31, 2021	$ 96,398	$ 13	481,709	(455,809)	0	122,311
Beginning balance (in shares) at Dec. 31, 2021	31,455	13,016,955
Increase (Decrease) in Shareholders' Equity
Issuance of common stock upon the conversion of preferred stock (in shares)		9,103,664
Net loss						(38,571)
Ending balance at Sep. 30, 2022	$ 96,398	$ 16	511,053	(494,380)	(215)	112,872
Ending balance (in shares) at Sep. 30, 2022	31,455	15,748,323
Beginning balance at Mar. 31, 2022	$ 96,398	$ 13	484,460	(471,133)	(53)	109,685
Beginning balance (in shares) at Mar. 31, 2022	31,455	13,016,955
Increase (Decrease) in Shareholders' Equity
Stock-based compensation expense			1,117			1,117
Unrealized loss on short-term investments					(133)	(133)
Net loss				(11,250)		(11,250)
Ending balance at Jun. 30, 2022	$ 96,398	$ 13	485,577	(482,383)	(186)	99,419
Ending balance (in shares) at Jun. 30, 2022	31,455	13,016,955
Increase (Decrease) in Shareholders' Equity
Issuance of common stock upon exercise of options			34			34
Issuance of common stock upon exercise of options (in shares)		16,202
Stock-based compensation expense			1,155			1,155
Unrealized loss on short-term investments					(29)	(29)
Issuance of common stock for at-the-market offerings, net of issuance costs		$ 3	24,287			24,290
Issuance of common stock for at-the-market offerings, net of issuance costs (in shares)		2,715,166
Net loss				(11,997)		(11,997)
Ending balance at Sep. 30, 2022	$ 96,398	$ 16	$ 511,053	$ (494,380)	$ (215)	$ 112,872
Ending balance (in shares) at Sep. 30, 2022	31,455	15,748,323

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities
Net loss	$ (38,571)	$ (185,421)
Reconciliation of net loss to net cash used in operating activities:
Non-cash portion of acquired in-process research and development		164,612
Stock-based compensation expense	3,481	2,390
Expense (gain) on warrants inherited in acquisiton of Quellis	1,542	(315)
Other non-cash items	127	15
Changes in assets and liabilities:
Prepaid expenses and other assets	(468)	(1,092)
Right-of-use asset- operating lease	24	(96)
Accounts payable	(766)	(2,947)
Accrued expenses	1,762	(1,011)
Net cash used in operating activities	(32,869)	(23,865)
Investing activities
Purchases of short-term investments	(217,564)
Sales and maturities of short-term investments	185,675	20,000
Cash acquired in acquisition of Quellis		6,466
Purchases of property and equipment	(60)	(21)
Net cash (used in) provided by investing activities	(31,949)	26,445
Financing activities
Proceeds from private offering of public equity, net of issuance costs		104,261
Proceeds from at-the-market offering, net of issuance costs	24,290
Proceeds from exercise of stock options	34	6
Net cash provided by financing activities	24,324	104,267
Net (decrease) increase in cash, cash equivalents and restricted cash	(40,494)	106,847
Cash, cash equivalents and restricted cash, beginning of period	86,629	25,051
Cash, cash equivalents and restricted cash, end of period	46,135	131,898
Supplemental disclosure of non-cash transactions:
Purchases of property and equipment in accounts payable and accrued liabilities	$ 31
Conversion of Series X Preferred Stock into common stock		168,920
Non-cash dividend on convertible preferred stock		24,437
Reclassification of warrant liability to additional paid-in capital		$ 3,468

Organization and Operations

9 Months Ended

Sep. 30, 2022

Organization and Operations

Organization and Operations

1.	Organization and Operations

The Company

Astria Therapeutics, Inc. (the “Company”), formerly known as Catabasis Pharmaceuticals, Inc., is a biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics. Its mission is to bring hope with life-changing therapies to patients and families that are affected by rare and niche allergic and immunological diseases. On October 26, 2020, the Company announced that the Phase 3 PolarisDMD trial of the Company’s previous lead product candidate, edasalonexent, for the treatment of Duchenne Muscular Dystrophy did not meet its primary and secondary endpoints. Based on these results, the Company announced that it was stopping activities related to the development of edasalonexent, including the Company’s ongoing open-label extension trial. On January 28, 2021, the Company acquired Quellis Biosciences, Inc. (“Quellis”). The Company’s lead product candidate, which was acquired in the Quellis acquisition, is STAR-0215, a monoclonal antibody inhibitor of plasma kallikrein in clinical development for the treatment of hereditary angioedema (“HAE”), a rare, debilitating and potentially life-threatening disease. The Company was incorporated in the State of Delaware on June 26, 2008.

Reverse Stock Split

On August 19, 2021, the Company effected a reverse stock split of its outstanding shares of common stock at a ratio of one-for-six (1:6) pursuant to a Certificate of Amendment to its Restated Certificate of Incorporation filed with the Secretary of State of the State of Delaware. Pursuant to the reverse stock split, every six shares of the Company’s issued and outstanding shares of common stock were automatically combined into one issued and outstanding share of common stock, without any change in the par value per share of the common stock. Amounts of common stock resulting from the reverse stock split were rounded down to the nearest whole share and any resulting fractional shares were cancelled for cash. The number of authorized shares of the Company’s common stock remained unchanged. The reverse stock split affected all issued and outstanding shares of the Company’s common stock, and the respective numbers of shares of common stock underlying the Company’s outstanding Series X Preferred Stock (as defined below), outstanding stock options, outstanding warrants and the Company’s equity incentive plans were proportionately adjusted. All share and per share amounts of the common stock included in the accompanying unaudited condensed consolidated financial statements have been retrospectively adjusted to give effect to the reverse stock split for all periods presented, including reclassifying an amount equal to the reduction in par value to additional paid-in capital.

Agreement and Plan of Merger

On January 28, 2021, the Company acquired Quellis (the “Quellis Acquisition”). Under the terms of that certain agreement and plan of merger, dated January 28, 2021 (the “Merger Agreement”), the Company issued to the stockholders of Quellis 555,444 shares of the Company’s common stock, par value $0.001 per share, and 50,504 shares of newly designated Series X redeemable convertible preferred stock (“Series X Preferred Stock”) (as described below). The Series X Preferred Stock had a conversion value on the closing date of $122.7 million. In addition, the Company assumed options granted under the Quellis 2019 Stock Incentive Plan, which became options to purchase 55,414 shares of the Company’s common stock, a warrant to purchase 2,805 shares of Series X Preferred Stock at an exercise price of $341.70 per share, and a warrant to purchase 30,856 shares of the Company’s common stock at an exercise price of $2.10 per share. Upon stockholder approval of the Conversion Proposal (as defined below) on June 2, 2021, the warrant to purchase Series X Preferred Stock was converted into the right to purchase 467,500 shares of the Company’s common stock at a per share exercise price of $2.10 per share.

Stock Purchase Agreement and Series X Preferred Stock

Concurrent with the Quellis Acquisition, the Company entered into a Stock Purchase Agreement (the “Purchase Agreement”) with certain institutional and accredited investors. Pursuant to the Purchase Agreement, the Company sold an aggregate of 35,573 shares of Series X Preferred Stock for gross proceeds of approximately $110.0 million, and net proceeds of $104.3 million (the “February 2021 Financing”). Each share of Series X Preferred Stock is convertible into 166.67 shares of common stock. In accounting for the Purchase Agreement, the Company recorded a beneficial conversion feature of $19.6 million and issuance costs of $5.7 million. The combined total was treated as a discount to the value of Series X Preferred Stock, see Note 2, “Summary of Significant Accounting Policies” for further discussion.

As a result of the Quellis Acquisition and the February 2021 Financing, the Company issued the following Series X Preferred Stock and assumed the following warrant:


	Series X	Common Stock
	Preferred	Issuable Upon
	Stock at	Conversion at
	Transaction	Transaction
	Date	Date
Shares issued in merger	50,504	8,417,502
Shares issued in February 2021 Financing	35,573	5,928,952
Warrant assumed in merger	2,805	467,500
Total	88,882	14,813,954

At its Annual Meeting of Stockholders on June 2, 2021, the Company’s stockholders approved the conversion of the Company’s Series X Preferred Stock into shares of the Company’s common stock in accordance with Nasdaq Listing Rule 5635(a) (the “Conversion Proposal”). Following stockholder approval of the Conversion Proposal, each share of Series X Preferred Stock then outstanding automatically converted into 166.67 shares of the Company’s common stock, subject to certain beneficial ownership limitations, including that a holder of Series X Preferred Stock is prohibited from converting shares of Series X Preferred Stock into shares of the Company’s common stock if, as a result of such conversion, such holder, together with its affiliates, would beneficially own more than a specified percentage (as of September 30, 2022, these percentages are set at 4.99% to 9.99% and can be adjusted by the holder to a number between 4.99% and 19.99)% of the total number of shares of the Company’s common stock issued and outstanding immediately after giving effect to such conversion. As of September 30, 2022, 54,622 shares of Series X Preferred Stock have been converted into 9,103,664 shares of common stock and 31,455 shares of Series X Preferred Stock remained outstanding. Each share of Series X Preferred Stock is convertible into 166.67 shares of common stock. At September 30, 2022, the number of shares of common stock issuable upon conversion of the remaining outstanding shares of Series X Preferred Stock is 5,242,501. Outstanding shares of Series X Preferred Stock are subject to conversion at the option of the holder.

Holders of Series X Preferred Stock are entitled to receive dividends, subject to certain beneficial ownership limitations, on shares of Series X Preferred Stock equal to, on an as-if-converted-to-common-stock basis, and in the same form as dividends actually paid on shares of the Company’s common stock. Except as otherwise required by law, the Series X Preferred Stock does not have voting rights. However, as long as any shares of Series X Preferred Stock are outstanding, the Company may not, without the affirmative vote of the holders of a majority of the then outstanding shares of the Series X Preferred Stock, (i) alter or change adversely the powers, preferences or rights given to the Series X Preferred Stock or alter or amend the Certificate of Designation that authorized the Series X Preferred Stock, amend or repeal any provision of, or add any provision to, the Company’s Restated Certificate of Incorporation or bylaws, or file any articles of amendment, certificate of designations, preferences, limitations and relative rights of any series of preferred stock, if such action would adversely alter or change the preferences, rights, privileges or powers of, or restrictions provided for the benefit of the Series X Preferred Stock, (ii) issue further shares of Series X Preferred Stock or increase or decrease (other than by conversion) the number of authorized shares of Series X Preferred Stock, or (iii) enter into any agreement with respect to any of the foregoing.

Liquidity

The Company had entered into a sales agreement with Cowen and Company LLC (“Cowen”) pursuant to which the Company could issue and sell shares of common stock under at-the-market offering programs (the “Cowen ATM Program”). On May 20, 2021, the Company terminated its sales agreement with Cowen. On June 30, 2021, the Company entered into an Open Market Sale Agreement^SM with Jefferies LLC pursuant to which the Company can issue and sell shares of common stock of up to $25.0 million under at-the-market offering programs (the “Jefferies ATM Program” and collectively with the Cowen ATM Program, the “ATM Programs”). On September 15, 2022, the Jefferies ATM Program was modified to increase the amount of the Company’s common stock that may be offered thereunder to an aggregate offering price of up to $50.0 million. The Company pays the sales agent commissions of 3% of the gross proceeds from any common stock sold through the ATM Programs. As of September 30, 2022, the Company sold an aggregate of 2,715,166 shares of common stock under the Jefferies ATM Program for gross proceeds of $25.0 million and net proceeds of $24.3 million. All of these sales took place in the quarter ended September 30, 2022. There was no activity under the ATM Programs during the nine months ended September 30, 2021.

The Company is subject to a number of risks similar to other life science companies, including, but not limited to, successful discovery and development of its drug candidates, raising additional capital, development by its competitors of new technological innovations, protection of proprietary technology and regulatory approval and market acceptance of the Company’s products. The Company has been primarily involved with research and development activities and has incurred operating losses and negative cash flows from operations since its inception. The Company anticipates that it will continue to incur significant operating losses and negative cash flows for the next several years as it continues to develop its product candidates.

As of September 30, 2022, the Company had an accumulated deficit of $494.4 million and had cash, cash equivalents and short-term investments of $116.6 million. The Company has determined that its existing cash, cash equivalents and short-term investments as of September 30, 2022 plus the additional net proceeds of $12.7 million raised under the Jefferies ATM Program subsequent to September 30, 2022, will be sufficient to meet its projected operating expenses and capital expenditure requirements for at least 12 months from the date of issuance of these unaudited condensed consolidated financial statements. The Company has not generated any product revenues and has financed its operations primarily through public offerings and private placements of its equity securities. There can be no assurance that the Company will be able to obtain additional debt, equity or other financing or generate product revenues or revenues from collaborative partners on terms acceptable to the Company, on a timely basis or at all. Management’s conclusion with respect to its ability to fund its operations is based on estimates that are subject to risks and uncertainties that may prove to be incorrect. If actual results differ from management’s estimates, the Company may be required to seek additional funding or curtail planned activities to reduce operating expenses, which may have an adverse impact on the Company’s ability to achieve its business objectives.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2022

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2.	Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying financial statements and the related disclosures are unaudited and have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). Additionally, certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted from this report. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the financial statements as of and for the year ended December 31, 2021 and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the “2021 Annual Report on Form 10-K”).

The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, including those adjustments that are of a normal and recurring nature, which are necessary to fairly present the Company’s results for the interim periods presented. The results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results for the year ending December 31, 2022 or for any future period.

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Astria Securities Corporation and Quellis Biosciences, LLC, successor in interest to Quellis. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ from such estimates.

The Company utilizes certain estimates to record expenses relating to research and development contracts. These contract estimates, which are primarily related to the length of service of each contract and the amount of service provided as of each measurement date, are determined by the Company based on input from internal project management, as well as from the Company’s service providers.

Net Loss Per Share

Basic net loss per share is calculated by dividing net loss attributable by the weighted average shares outstanding during the period, without consideration for common stock equivalents. 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, determined using the treasury-stock method. For purposes of the Company’s dilutive net loss per share calculation, preferred stock, stock options and warrants to purchase common stock and preferred stock were considered to be common stock equivalents but were excluded from the calculation of diluted net loss per share as their effect would be anti-dilutive; therefore, basic and diluted net loss per share were the same for all periods presented.

The following common stock equivalents, including Series X Preferred Stock shown as common stock equivalents, were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	Three and Nine Months Ended September 30,
	2022	2021
Series X Preferred Stock	5,242,501	5,242,501
Stock options	2,237,948	1,334,399
Common stock warrants	1,530,176	1,530,380
	9,010,625	8,107,280

Cash, Cash Equivalents and Restricted Cash

Cash equivalents are short-term, highly liquid investments that are readily convertible into cash, with original maturities of three months or less. Cash equivalents are mainly comprised of money market accounts invested in U.S. Treasury securities, corporate debt securities, commercial paper and reverse repurchase agreements.

Restricted cash is comprised of deposits with a financial institution used to collateralize letters of credit related to the Company’s lease arrangements. Restricted cash is presented as a component of other long-term assets at September 30, 2022 and prepaid expenses and other current assets and at September 30, 2021.

The reconciliation of cash, cash equivalents and restricted cash reported within the applicable condensed consolidated balance sheet that sum to the total of the same such amount shown in the condensed consolidated statement of cash flows is as follows (in thousands):


	September 30,
	2022		2021
Cash and cash equivalents	$	45,972	$	131,777
Restricted cash		163		121
Total	$	46,135	$	131,898

Acquired In-Process Research and Development

The Company measures and recognizes asset acquisitions that are not deemed to be business combinations based on the cost to acquire the assets, which includes transaction costs. Goodwill is not recognized in asset acquisitions. In an asset acquisition, the cost allocated to acquire in-process research and development (“IPR&D”) with no alternative future use is charged to expense at the acquisition date. Refer to Note 3, “Acquisition of Quellis” for a more detailed description of the accounting policy utilized for the Quellis Acquisition.

Preferred Stock Discount

As discussed above, in February 2021, the Company issued Series X Preferred Stock in a private placement transaction. It was determined that this transaction resulted in recognition of a beneficial conversion feature, which was valued based on the difference between the price of the shares of common stock on the date of commitment and the conversion price on the closing date, resulting in a total value of $19.6 million. Additionally, the Company incurred total issuance costs of $5.7 million related to the private placement. Both of these features were recorded as a discount on Series X Preferred Stock recognized at the close of the transaction. These features are analogous to preferred dividends and are recorded as a non-cash return to holders of Series X Preferred Stock through additional paid in capital. The discount related to the beneficial conversion feature is recognized through the earliest possible date of conversion, which occurred upon stockholder approval of the Conversion Proposal in June 2021. The issuance costs are recognized as a dividend at the time of conversion to common shares. As of September 30, 2022, $24.4 million of the above amounts were accounted for as a non-cash dividend related to shares of Series X Preferred Stock, and $0.9 million remained to be recognized upon future conversion.

Recent Accounting Pronouncements - Not Yet Adopted

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies and adopted by the Company as of the specified effective date.

In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments-Credit Losses (Topic 326). This standard requires a financial asset to be presented at amortized cost basis at the net amount expected to be collected. It also requires that credit losses relating to available-for-sale debt securities should be recorded through an allowance for credit losses. In November 2019, the FASB issued an amendment making this standard effective for annual reporting periods beginning after December 15, 2022 for smaller reporting companies. Early adoption is permitted. The Company is currently evaluating the impact that this standard will have on its consolidated financial statements.

Summary of Significant Accounting Policies

The Company’s significant accounting policies are described in Note 2, “Summary of Significant Accounting Policies” in the 2021 Annual Report on Form 10-K, and there were no significant changes to such policies in the three and nine months ended September 30, 2022 that had a material impact on the Company’s results of operations or financial position.

Acquisition of Quellis

9 Months Ended

Sep. 30, 2022

Acquisition of Quellis

Acquisition of Quellis

3.Acquisition of Quellis

On January 28, 2021, the Company completed the Quellis Acquisition in accordance with the terms of the Merger Agreement as discussed in Note 1, “Organization and Operations”. Under the terms of the Merger Agreement, the Company issued 555,444 shares of common stock and 50,504 shares of Series X Preferred Stock. Each share of Series X Preferred Stock is convertible into 166.67 shares of common stock, subject to certain conditions.

The Company concluded that the Quellis Acquisition was not the acquisition of a business, as substantially all of the fair value of the non-monetary assets acquired was concentrated in a single identifiable asset, STAR-0215.

The Company determined that the cost to acquire the Quellis assets was $170.7 million, based on the fair value of the equity consideration issued and including direct costs of the acquisition of $1.8 million. The net assets acquired in connection with the Quellis Acquisition were recorded at their estimated fair values as of January 28, 2021, which is the date the Quellis Acquisition was completed. The following table summarizes the net assets acquired based on their estimated fair values as of January 28, 2021 (in thousands):


Acquired IPR&D	$	164,612
Cash and cash equivalents		8,307
Prepaid expenses and other assets		136
Accounts payable		(1,974)
Accrued liabilities		(400)
Net acquired tangible assets	$	170,681

In the estimation of fair value of the asset purchase consideration, the Company used the carrying value of the cash and cash equivalents, prepaid expenses and other assets, accounts payable and accrued liabilities as the most reliable indicator of fair value based on the associated short-term nature of the balances. The remaining fair value was attributable to the acquired IPR&D. As STAR-0215 had not, at the time of the Quellis Acquisition, received regulatory approval in any territory, the cost attributable to the IPR&D was expensed in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2021 as the acquired IPR&D had no alternative future use, as determined by the Company in accordance with U.S. GAAP.

Financial Instruments

9 Months Ended

Sep. 30, 2022

Financial Instruments

Financial Instruments

4.Financial Instruments

The tables below present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021, and indicate the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize observable inputs such as quoted prices in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are either directly or indirectly observable, such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs utilize unobservable data points for which there is little or no market data, which require the Company to develop its own assumptions for the asset or liability. There were no transfers between fair value measurement levels during the three and nine months ended September 30, 2022 and 2021.

The Company’s investment portfolio may include fixed income securities that do not always trade on a daily basis. As a result, the pricing services used by the Company apply other available information as applicable through processes such as benchmark yields, benchmarking of like securities, sector groupings and matrix pricing to prepare valuations. The Company validates the prices provided by its third party pricing services by obtaining market values from other pricing sources and analyzing pricing data in certain instances. The Company also invests in certain reverse repurchase agreements which are collateralized by deposits in the form of U.S. Government Securities and Obligations for an amount no less than 102% of their value. The Company does not record an asset or liability for the collateral as the Company is not permitted to sell or re-pledge the collateral. The collateral has at least the prevailing credit rating of U.S. Government Treasuries and Agencies. The Company utilized a third-party custodian to manage the exchange of funds and ensure that collateral received is maintained at 102% of the value of the reverse repurchase agreements on a daily basis.

The Company accounted for warrants to purchase its stock pursuant to Accounting Standards Codification (“ASC”) Topic 470, Debt, and ASC Topic 480, Distinguishing Liabilities from Equity, and classifies warrants for common stock and preferred stock as liabilities or equity. The warrants classified as liabilities are reported at their estimated fair value and any changes in fair value are reflected in research and development expense. The warrants classified as equity are reported at their estimated fair value with no subsequent remeasurement.

Below is a summary of assets and liabilities measured at fair value on a recurring basis (in thousands):


	As of September 30, 2022
	Quoted
	Prices		Significant		Significant
	in Active		Observable		Unobservable
	Markets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Cash and cash equivalents:
Money market funds	$	8,581	$	—	$	—	$	8,581
Corporate debt securities		—		599		—		599
Reverse repurchase agreements		—		8,000		—		8,000
Short term investments
Corporate debt securities		—		26,228		—		26,228
Yankee securities		—		4,969		—		4,969
Bonds		—		2,973		—		2,973
Treasury bill		5,929		—		—		5,929
Reverse repurchase agreements		—		30,500		—		30,500
Total	$	14,510	$	73,269	$	—	$	87,779


	As of December 31, 2021
	Quoted
	Prices		Significant		Significant
	in Active		Observable		Unobservable
	Markets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Cash equivalents:
Money market funds	$	1,853	$	—	$	—	$	1,853
Short-term investments:
Reverse repurchase agreements		—		39,000		—		39,000
Total	$	1,853	$	39,000	$	—	$	40,853

The carrying amounts reflected in the unaudited condensed consolidated balance sheets for cash, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities. Items measured at fair value on a recurring basis include cash equivalents and short-term investments as of September 30, 2022 and 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

Short-Term Investments

9 Months Ended

Sep. 30, 2022

Short-Term Investments

Short-Term Investments

5.Short-Term Investments

The following table summarizes the short-term investments held at September 30, 2022 and December 31, 2021 (in thousands):


			Gross Unrealized		Gross Unrealized
	Amortized Cost		Gains		Losses		Fair Value
September 30, 2022
Corporate debt securities	$	26,384	$	—	$	(156)	$	26,228
Treasury Bills		5,935		—		(6)		5,929
Yankee securities		4,995		—		(26)		4,969
U.S. agency bonds		3,000		—		(27)		2,973
Reverse repurchase agreements		30,500		—		—		30,500
Total	$	70,814	$	—	$	(215)	$	70,599


			Gross Unrealized		Gross Unrealized
	Amortized Cost		Gains		Losses		Fair Value
December 31, 2021
Reverse repurchase agreements	$	39,000	$	—	$	—	$	39,000
Total	$	39,000	$	—	$	—	$	39,000

The contractual maturities of all short-term investments held at September 30, 2022 and December 31, 2021 were one year or less. There were 23 short-term investments in an unrealized loss position at September 30, 2022 with an aggregate value of $40.4 million. These investments were in a loss position for less than 12 months and the Company considered the loss to be temporary in nature. The Company considered the decline in market value for these securities to be primarily attributable to economic and market conditions. As of September 30, 2022, the Company did not intend to sell, and it was not likely that the Company would be required to sell, the investments that were in an unrealized loss position before recovery of their amortized cost basis. Accordingly, the Company did not recognize any other-than-temporary impairments related to its short-term investments in an unrealized loss position. There were no short-term investments in an unrealized loss position at December 31, 2021.

Gross realized gains and losses on the sales of short-term investments are included in other income, net. Unrealized holding gains or losses for the period that have been included in accumulated other comprehensive income, as well as gains and losses reclassified out of accumulated other comprehensive income into other income, net, were not material to the Company’s condensed consolidated results of operations. The cost of investments sold or the amount reclassified out of the accumulated other comprehensive income into other income, net is based on the specific identification method for purposes of recording realized gains and losses. All proceeds in the three and nine-month periods ended September 30, 2022 and 2021 related to maturities of underlying investments. The gains on proceeds from maturities of short-term investments were not material to the Company’s condensed consolidated results of operations for the three and nine months ended September 30, 2022 and 2021.

Accrued Expenses

9 Months Ended

Sep. 30, 2022

Accrued Expenses

Accrued Expenses

6.Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	September 30,		December 31,
	2022		2021
Accrued compensation	$	2,103	$	1,958
Accrued contracted costs		1,618		760
Accrued other		748		295
Accrued professional fees		604		268
Total	$	5,073	$	3,281

Commitments

9 Months Ended

Sep. 30, 2022

Commitments

Commitments

7.Commitments

On January 28, 2022, the Company entered into a sublease agreement (the “Sublease”) with Grant Thornton LLP for new office space to replace its existing office space. The Sublease commenced on May 1, 2022 and will end on July 31, 2024 (or on such earlier date as the term may cease or expire as set forth in the Sublease).

Future minimum payments required under the Company’s Sublease as of September 30, 2022 are summarized as follows (in thousands):


Period Ending December 31,	Amount
2022	$	109
2023		663
2024		395
Total lease payments	$	1,167
Less: imputed interest		(85)
Total operating lease liabilities	$	1,082

Rent expense was $0.2 million for each of the three months ended September 30, 2022 and 2021. Rent expense was $0.7 million and $0.5 million for the nine months ended September 30, 2022 and 2021, respectively. Lease payments were $0.2 for each of the three months ended September 30, 2022 and 2021, respectively. Lease payments were $0.7 million and $0.6 million for the nine months ended September 30, 2022 and 2021, respectively.

Stockholders' Equity

9 Months Ended

Sep. 30, 2022

Stockholders' Equity

Stockholders' Equity

8.Stockholders’ Equity

Preferred Stock

Under the Company’s Restated Certificate of Incorporation, the Company has 5,000,000 shares of preferred stock authorized for issuance, with a $0.001 par value per share. Preferred stock may be issued from time to time in one or more series, each series to have such terms as stated or expressed in the resolutions providing for the issue of such series adopted by the Board of Directors of the Company. Preferred stock which may be redeemed, purchased or acquired by the Company may be reissued except as otherwise provided by law. As of September 30, 2022, the Company had 31,455 shares of Series X Preferred Stock outstanding. Each share of Series X Preferred Stock is convertible into 166.67 shares of common stock and therefore the number of shares of underlying common stock issuable upon conversion of the Series X Preferred Stock is 5,242,501. Refer to Note 1, “Organization and Operations” regarding the Company’s issuance of Series X Preferred Stock in January 2021 and February 2021.

Outstanding Warrants

The following table presents information about warrants that are issued and outstanding at September 30, 2022:


Year Issued	Equity Instrument	Warrants Outstanding	Exercise Price		Date of Expiration
2018	Common Stock	699,962	$	72.00	6/21/2023
2019	Common Stock	331,858	$	37.50	2/7/2024
2021	Common Stock	498,356	$	2.10	12/14/2030
Total		1,530,176
Weighted average exercise price			$	41.75
Weighted average life in years					3.30

- 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

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+ Details

Reserved for Future Issuance

9 Months Ended

Sep. 30, 2022

Reserved for Future Issuance

Reserved for Future Issuance

9.Reserved for Future Issuance

The Company has reserved for future issuance the following shares of common stock:


	September 30,	December 31,
	2022	2021
Series X Preferred Stock	5,242,501	5,242,501
Warrants for the purchase of common stock	1,530,176	1,530,380
Options outstanding to purchase common stock	2,237,948	1,346,733
Reserve under the 2015 Stock Incentive Plan and the 2022 Inducement Stock Incentive Plan	1,041,215	1,633,736
Shares reserved for the employee stock purchase plan	36,982	30,904
Total	10,088,822	9,784,254

Stock Incentive Plans

9 Months Ended

Sep. 30, 2022

Stock Incentive Plans

Stock Incentive Plans

10.Stock Incentive Plans

A summary of the Company’s stock option activity and related information follows:


				Weighted
				Average	Aggregate
		Weighted-		Remaining	Intrinsic
		Average		Contractual	Value
	Shares	Exercise Price		Term (years)	(in thousands)
Outstanding at December 31, 2021	1,346,733	$	22.25	9.02	$	168
Granted	944,481	$	5.83
Exercised	(16,202)	$	2.10
Cancelled or forfeited	(37,013)	$	21.87
Expired	(51)	$	115.80
Outstanding at September 30, 2022	2,237,948	$	15.47	8.79	$	3,292
Vested and exercisable at September 30, 2022	551,774	$	30.09	7.97	$	248

The intrinsic value of stock options exercised was $129 thousand in the three and nine months ended September 30, 2022. The intrinsic value of stock options exercised was $38 thousand in the three and nine months ended September 30, 2021. The total grant date fair value of stock options vested for the three months ended September 30, 2022 and 2021 was $0.9 million and $0.3 million, respectively. The total grant date fair value of stock options vested for the nine months ended September 30, 2022 and 2021 was $4.7 million and $1.3 million, respectively. The weighted-average grant date fair value of options granted to employees and non-employees for the three months ended September 30, 2022 and 2021 was $2.54 and $6.20, respectively. The weighted-average grant date fair value of options granted to employees and non-employees for the nine months ended September 30, 2022 and 2021 was $3.66 and $10.15, respectively.

At September 30, 2022, the total unrecognized compensation expense related to unvested stock option awards was $10.4 million. The Company expects to recognize that cost over a weighted-average period of approximately 2.6 years.

On February 17, 2022, the Company’s Board of Directors adopted the 2022 Inducement Stock Incentive Plan (the “Inducement Plan”). The Inducement Plan provides for the grant of nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards with respect to an aggregate of 300,000 shares of the Company’s common stock. Awards under the Inducement Plan may only be granted to persons who (a) were not previously an employee or director of the Company or (b) are commencing employment with the Company following a bona fide period of non-employment, in either case as an inducement material to the individual’s entering into employment with the Company and in accordance with the requirements of Nasdaq Stock Market Rule 5635(c)(4). As of September 30, 2022, 173,500 options have been granted under the Inducement Plan, which are included in the table above.

Subsequent Events

9 Months Ended

Sep. 30, 2022

Subsequent Events

Subsequent Events

11.Subsequent Events

The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence for certain estimates and to identify matters that require additional disclosure. Subsequent events have been evaluated as required.

ATM Program

Subsequent to September 30, 2022, the Company sold an aggregate of 1,296,836 shares of common stock under the Jefferies ATM Program for gross proceeds of $13.1 million and net proceeds of $12.7 million.

Summary of Significant Accounting Polices (Polices)

9 Months Ended

Sep. 30, 2022

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

Use of Estimates

Net Loss Per Share


	Three and Nine Months Ended September 30,
	2022	2021
Series X Preferred Stock	5,242,501	5,242,501
Stock options	2,237,948	1,334,399
Common stock warrants	1,530,176	1,530,380
	9,010,625	8,107,280

Cash, Cash Equivalents and Restricted Cash


	September 30,
	2022		2021
Cash and cash equivalents	$	45,972	$	131,777
Restricted cash		163		121
Total	$	46,135	$	131,898

Acquired In-Process Research and Development

Preferred Stock Discount

Recent Accounting Pronouncements - Not Yet Adopted

Summary of Significant Accounting Policies

Organization and Operations (Tables)

9 Months Ended

Sep. 30, 2022

Organization and Operations

Summary of Series X Preferred Stock issued and warrants assumed

As a result of the Quellis Acquisition and the February 2021 Financing, the Company issued the following Series X Preferred Stock and assumed the following warrant:


	Series X	Common Stock
	Preferred	Issuable Upon
	Stock at	Conversion at
	Transaction	Transaction
	Date	Date
Shares issued in merger	50,504	8,417,502
Shares issued in February 2021 Financing	35,573	5,928,952
Warrant assumed in merger	2,805	467,500
Total	88,882	14,813,954

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2022

Summary of Significant Accounting Policies

Summary of anti-dilutive common stock equivalents excluded from the calculation of diluted net loss per share


	Three and Nine Months Ended September 30,
	2022	2021
Series X Preferred Stock	5,242,501	5,242,501
Stock options	2,237,948	1,334,399
Common stock warrants	1,530,176	1,530,380
	9,010,625	8,107,280

Summary of cash equivalents and restricted cash


	September 30,
	2022		2021
Cash and cash equivalents	$	45,972	$	131,777
Restricted cash		163		121
Total	$	46,135	$	131,898

Acquisition of Quellis (Tables)

9 Months Ended

Sep. 30, 2022

Acquisition of Quellis

Summary of the net assets acquired based on their estimated fair values

The following table summarizes the net assets acquired based on their estimated fair values as of January 28, 2021 (in thousands):


Acquired IPR&D	$	164,612
Cash and cash equivalents		8,307
Prepaid expenses and other assets		136
Accounts payable		(1,974)
Accrued liabilities		(400)
Net acquired tangible assets	$	170,681

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Financial Instruments

Summary of assets and liabilities measured fair value on a recurring basis

Below is a summary of assets and liabilities measured at fair value on a recurring basis (in thousands):


	As of September 30, 2022
	Quoted
	Prices		Significant		Significant
	in Active		Observable		Unobservable
	Markets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Cash and cash equivalents:
Money market funds	$	8,581	$	—	$	—	$	8,581
Corporate debt securities		—		599		—		599
Reverse repurchase agreements		—		8,000		—		8,000
Short term investments
Corporate debt securities		—		26,228		—		26,228
Yankee securities		—		4,969		—		4,969
Bonds		—		2,973		—		2,973
Treasury bill		5,929		—		—		5,929
Reverse repurchase agreements		—		30,500		—		30,500
Total	$	14,510	$	73,269	$	—	$	87,779


	As of December 31, 2021
	Quoted
	Prices		Significant		Significant
	in Active		Observable		Unobservable
	Markets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Cash equivalents:
Money market funds	$	1,853	$	—	$	—	$	1,853
Short-term investments:
Reverse repurchase agreements		—		39,000		—		39,000
Total	$	1,853	$	39,000	$	—	$	40,853

Short-Term Investments (Tables)

9 Months Ended

Sep. 30, 2022

Short-Term Investments

Summary of the short-term investments

The following table summarizes the short-term investments held at September 30, 2022 and December 31, 2021 (in thousands):


			Gross Unrealized		Gross Unrealized
	Amortized Cost		Gains		Losses		Fair Value
September 30, 2022
Corporate debt securities	$	26,384	$	—	$	(156)	$	26,228
Treasury Bills		5,935		—		(6)		5,929
Yankee securities		4,995		—		(26)		4,969
U.S. agency bonds		3,000		—		(27)		2,973
Reverse repurchase agreements		30,500		—		—		30,500
Total	$	70,814	$	—	$	(215)	$	70,599


			Gross Unrealized		Gross Unrealized
	Amortized Cost		Gains		Losses		Fair Value
December 31, 2021
Reverse repurchase agreements	$	39,000	$	—	$	—	$	39,000
Total	$	39,000	$	—	$	—	$	39,000

Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2022

Accrued Expenses

Schedule of accrued expenses

Accrued expenses consisted of the following (in thousands):


	September 30,		December 31,
	2022		2021
Accrued compensation	$	2,103	$	1,958
Accrued contracted costs		1,618		760
Accrued other		748		295
Accrued professional fees		604		268
Total	$	5,073	$	3,281

Commitments (Tables)

9 Months Ended

Sep. 30, 2022

Commitments

Schedule of future minimum payments required under the Company's non-cancelable operating lease

Future minimum payments required under the Company’s Sublease as of September 30, 2022 are summarized as follows (in thousands):


Period Ending December 31,	Amount
2022	$	109
2023		663
2024		395
Total lease payments	$	1,167
Less: imputed interest		(85)
Total operating lease liabilities	$	1,082

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

Stockholders' Equity

Schedule of warrants issued and outstanding

The following table presents information about warrants that are issued and outstanding at September 30, 2022:


Year Issued	Equity Instrument	Warrants Outstanding	Exercise Price		Date of Expiration
2018	Common Stock	699,962	$	72.00	6/21/2023
2019	Common Stock	331,858	$	37.50	2/7/2024
2021	Common Stock	498,356	$	2.10	12/14/2030
Total		1,530,176
Weighted average exercise price			$	41.75
Weighted average life in years					3.30

Reserved for Future Issuance (Tables)

9 Months Ended

Sep. 30, 2022

Reserved for Future Issuance

Schedule of reserved for future issuance


	September 30,	December 31,
	2022	2021
Series X Preferred Stock	5,242,501	5,242,501
Warrants for the purchase of common stock	1,530,176	1,530,380
Options outstanding to purchase common stock	2,237,948	1,346,733
Reserve under the 2015 Stock Incentive Plan and the 2022 Inducement Stock Incentive Plan	1,041,215	1,633,736
Shares reserved for the employee stock purchase plan	36,982	30,904
Total	10,088,822	9,784,254

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Stock Incentive Plans (Tables)

9 Months Ended

Sep. 30, 2022

Stock Incentive Plans

Summary of stock option activity


				Weighted
				Average	Aggregate
		Weighted-		Remaining	Intrinsic
		Average		Contractual	Value
	Shares	Exercise Price		Term (years)	(in thousands)
Outstanding at December 31, 2021	1,346,733	$	22.25	9.02	$	168
Granted	944,481	$	5.83
Exercised	(16,202)	$	2.10
Cancelled or forfeited	(37,013)	$	21.87
Expired	(51)	$	115.80
Outstanding at September 30, 2022	2,237,948	$	15.47	8.79	$	3,292
Vested and exercisable at September 30, 2022	551,774	$	30.09	7.97	$	248

Organization and Operations - Reverse Stock Split, Agreement and Plan of Merger (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Aug. 19, 2021	Jan. 28, 2021	Mar. 31, 2021	Sep. 30, 2022	Dec. 31, 2021	Jun. 02, 2021
Reverse Stock Split
Reverse stock split ratio	0.1667
Agreement and Plan of Merger
Common stock, par value (in dollars per share)				$ 0.001	$ 0.001
Series X redeemable convertible preferred stock
Agreement and Plan of Merger
Issuance of preferred stock and common stock upon acquisition of Quellis (in shares)			50,504
Common stock
Agreement and Plan of Merger
Issuance of preferred stock and common stock upon acquisition of Quellis (in shares)			555,444
Warrant or right to purchase number of shares						467,500
Exercise price (in dollars per share)						$ 2.10
Quellis Biosciences, Inc \| Series X redeemable convertible preferred stock
Agreement and Plan of Merger
Issuance of preferred stock and common stock upon acquisition of Quellis (in shares)		50,504
Conversion value on closing date		$ 122.7
Warrant or right to purchase number of shares		2,805
Exercise price (in dollars per share)		$ 341.70
Quellis Biosciences, Inc \| Common stock
Agreement and Plan of Merger
Issuance of preferred stock and common stock upon acquisition of Quellis (in shares)		555,444
Common stock, par value (in dollars per share)		$ 0.001
Number of options assumed in Quellis acquisition		55,414
Warrant or right to purchase number of shares		30,856
Exercise price (in dollars per share)		$ 2.10

Organization and Operations - Stock Purchase Agreement and Series X Preferred Stock (Details) $ in Thousands		1 Months Ended	3 Months Ended			9 Months Ended
	Jan. 28, 2021 USD ($) shares	Feb. 28, 2021 shares	Sep. 30, 2021 shares	Jun. 30, 2021 shares	Mar. 31, 2021 USD ($) shares	Sep. 30, 2022 shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 shares	Jun. 02, 2021
Stock Purchase Agreement and Series X Preferred Stock
Net proceeds from issuance of private placement \| $							$ 104,261
Beneficial conversion feature \| $					$ 19,565
Common Stock Issuable Upon Conversion at Transaction Date		14,813,954
Minimum
Stock Purchase Agreement and Series X Preferred Stock
Common stock, percentage of beneficial ownership initially, after conversion						4.99%
Common stock, percentage of beneficial ownership thereafter, after conversion						4.99%
Maximum
Stock Purchase Agreement and Series X Preferred Stock
Common stock, percentage of beneficial ownership initially, after conversion						9.99%
Common stock, percentage of beneficial ownership thereafter, after conversion						19.99%
Shares issued in merger
Stock Purchase Agreement and Series X Preferred Stock
Common Stock Issuable Upon Conversion at Transaction Date		8,417,502
Shares issued in February 2021 Financing
Stock Purchase Agreement and Series X Preferred Stock
Common Stock Issuable Upon Conversion at Transaction Date		5,928,952
Warrant assumed in merger
Stock Purchase Agreement and Series X Preferred Stock
Common Stock Issuable Upon Conversion at Transaction Date		467,500
Series X redeemable convertible preferred stock
Stock Purchase Agreement and Series X Preferred Stock
Issuance of preferred stock in a private offering of public equity, net of issuance costs (in shares)					35,573
Number of shares of common stock into which each share of series X preferred stock may be converted						166.67
Series X Preferred Stock at Transaction Date		88,882
Common Stock Issuable Upon Conversion at Transaction Date						5,242,501
Number of preferred shares converted during period						54,622
Preferred stock, outstanding (in shares)						31,455		31,455
Series X redeemable convertible preferred stock \| Shares issued in merger
Stock Purchase Agreement and Series X Preferred Stock
Series X Preferred Stock at Transaction Date		50,504
Series X redeemable convertible preferred stock \| Shares issued in February 2021 Financing
Stock Purchase Agreement and Series X Preferred Stock
Series X Preferred Stock at Transaction Date		35,573
Series X redeemable convertible preferred stock \| Warrant assumed in merger
Stock Purchase Agreement and Series X Preferred Stock
Series X Preferred Stock at Transaction Date		2,805
Common stock
Stock Purchase Agreement and Series X Preferred Stock
Number of shares of common stock into which each share of series X preferred stock may be converted						166.67			166.67
Common Stock Issuable Upon Conversion at Transaction Date						5,242,501
Number of common shares issued from conversion of series X preferred stock			181,698	8,921,966		9,103,664
Quellis Biosciences, Inc \| Stock Purchase Agreement
Stock Purchase Agreement and Series X Preferred Stock
Beneficial conversion feature \| $	$ 19,600
Quellis Biosciences, Inc \| Series X redeemable convertible preferred stock
Stock Purchase Agreement and Series X Preferred Stock
Number of shares of common stock into which each share of series X preferred stock may be converted	166.67
Quellis Biosciences, Inc \| Series X redeemable convertible preferred stock \| Stock Purchase Agreement
Stock Purchase Agreement and Series X Preferred Stock
Issuance of preferred stock in a private offering of public equity, net of issuance costs (in shares)	35,573
Gross proceeds from issuance of preferred stock in a private offering \| $	$ 110,000
Net proceeds from issuance of private placement \| $	104,300
Issuance costs \| $	$ 5,700
Quellis Biosciences, Inc \| Common stock \| Series X redeemable convertible preferred stock
Stock Purchase Agreement and Series X Preferred Stock
Number of shares of common stock into which each share of series X preferred stock may be converted	166.67

Organization and Operations - Liquidity (Details) - USD ($) $ in Thousands		9 Months Ended
	Oct. 01, 2022	Sep. 30, 2022	Sep. 15, 2022	Dec. 31, 2021	Jun. 30, 2021
Liquidity
Percentage of commission paid to underwriter based on proceeds from common stock		3.00%
Accumulated deficit		$ 494,380		$ 455,809
Cash, cash equivalents and short-term investments		$ 116,600
Jefferies \| ATM
Liquidity
Maximum aggregate value of common shares which can be issued under the agreement			$ 50,000		$ 25,000
Number of shares issued		2,715,166
Gross proceeds from issuance of stock		$ 25,000
Net proceeds from issuance of common stock		$ 24,300
Jefferies \| ATM \| Subsequent Event
Liquidity
Gross proceeds from issuance of stock	$ 13,100
Net proceeds from issuance of common stock	$ 12,700

Summary of Significant Accounting Policies - Net Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive common stock equivalents excluded from computation of diluted net loss per share
Anti-dilutive securities excluded from the calculation of diluted net loss per share (in shares)	9,010,625	8,107,280	9,010,625	8,107,280
Series X Preferred Stock
Antidilutive common stock equivalents excluded from computation of diluted net loss per share
Anti-dilutive securities excluded from the calculation of diluted net loss per share (in shares)	5,242,501	5,242,501	5,242,501	5,242,501
Stock options
Antidilutive common stock equivalents excluded from computation of diluted net loss per share
Anti-dilutive securities excluded from the calculation of diluted net loss per share (in shares)	2,237,948	1,334,399	2,237,948	1,334,399
Common stock warrants
Antidilutive common stock equivalents excluded from computation of diluted net loss per share
Anti-dilutive securities excluded from the calculation of diluted net loss per share (in shares)	1,530,176	1,530,380	1,530,176	1,530,380

Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies
Restricted cash, Balance Sheet location	Other assets		Prepaid expenses and other current assets
Cash and cash equivalents	$ 45,972	$ 86,508	$ 131,777
Restricted cash	163		121
Total	$ 46,135	$ 86,629	$ 131,898	$ 25,051

Summary of Significant Accounting Policies - Preferred Stock Discount (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Feb. 28, 2021	Mar. 31, 2021	Sep. 30, 2022
Preferred stock discount
Beneficial conversion feature		$ 19,565
Private Placement \| Series X redeemable convertible preferred stock
Preferred stock discount
Beneficial conversion feature	$ 19,600
Issuance costs	$ 5,700
Non-cash dividend			$ 24,400
Value of remaining shares not yet converted			$ 900

Acquisition of Quellis (Details) $ in Thousands		3 Months Ended
Acquisition of Quellis (Details) $ in Thousands	Jan. 28, 2021 USD ($) shares	Mar. 31, 2021 shares	Sep. 30, 2022	Jun. 02, 2021
Common stock
Acquisition of Quellis
Issuance of common stock upon acquisition of Quellis (in shares)		555,444
Number of shares of common stock into which each share of series X preferred stock may be converted			166.67	166.67
Quellis Biosciences, Inc
Acquisition of Quellis
Cost to acquire the assets \| $	$ 170,681
Acquisition costs \| $	$ 1,800
Quellis Biosciences, Inc \| Common stock
Acquisition of Quellis
Issuance of common stock upon acquisition of Quellis (in shares)	555,444
Series X redeemable convertible preferred stock
Acquisition of Quellis
Issuance of preferred stock and common stock upon acquisition of Quellis (in shares)		50,504
Number of shares of common stock into which each share of series X preferred stock may be converted			166.67
Series X redeemable convertible preferred stock \| Quellis Biosciences, Inc
Acquisition of Quellis
Issuance of preferred stock and common stock upon acquisition of Quellis (in shares)	50,504
Number of shares of common stock into which each share of series X preferred stock may be converted	166.67
Series X redeemable convertible preferred stock \| Quellis Biosciences, Inc \| Common stock
Acquisition of Quellis
Number of shares of common stock into which each share of series X preferred stock may be converted	166.67

Acquisition of Quellis - Net assets acquired based on their estimated fair values (Details) - Quellis Biosciences, Inc $ in Thousands	Jan. 28, 2021 USD ($)
Acquisition of Quellis
Acquired IPR&D	$ 164,612
Cash and cash equivalents	8,307
Prepaid expenses and other assets	136
Accounts payable	(1,974)
Accrued liabilities	(400)
Net acquired tangible assets	$ 170,681

Financial Instruments - Fair value hierarchy (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Financial Instruments
Transfers between fair value measurement levels	$ 0	$ 0	$ 0	$ 0
Reverse repurchase agreements \| Government Securities and Obligations
Financial Instruments
Percentage of investment amount to collateralized deposits value			102.00%
Recurring
Assets:
Total	87,779		$ 87,779		$ 40,853
Recurring \| Level 1
Assets:
Total	14,510		14,510		1,853
Recurring \| Level 2
Assets:
Total	73,269		73,269		39,000
Recurring \| Money market funds
Assets:
Cash and cash equivalents:	8,581		8,581		1,853
Recurring \| Money market funds \| Level 1
Assets:
Cash and cash equivalents:	8,581		8,581		1,853
Recurring \| Corporate debt securities
Assets:
Cash and cash equivalents:	599		599
Short term investments	26,228		26,228
Recurring \| Corporate debt securities \| Level 2
Assets:
Cash and cash equivalents:	599		599
Short term investments	26,228		26,228
Recurring \| Yankee securities
Assets:
Short term investments	4,969		4,969
Recurring \| Yankee securities \| Level 2
Assets:
Short term investments	4,969		4,969
Recurring \| Bonds
Assets:
Short term investments	2,973		2,973
Recurring \| Bonds \| Level 2
Assets:
Short term investments	2,973		2,973
Recurring \| Treasury bill
Assets:
Short term investments	5,929		5,929
Recurring \| Treasury bill \| Level 1
Assets:
Short term investments	5,929		5,929
Recurring \| Reverse repurchase agreements
Assets:
Cash and cash equivalents:	8,000		8,000
Short term investments	30,500		30,500		39,000
Recurring \| Reverse repurchase agreements \| Level 2
Assets:
Cash and cash equivalents:	8,000		8,000
Short term investments	$ 30,500		$ 30,500		$ 39,000

Short-Term Investments (Details) $ in Thousands	Sep. 30, 2022 USD ($) item	Dec. 31, 2021 USD ($) item
Short-term Investments
Short-Term Investments
Amortized Cost	$ 70,814	$ 39,000
Gross Unrealized Losses	(215)
Fair Value	$ 70,599	$ 39,000
Number of short term investments in unrealized loss position for less than 12 months \| item	23
Aggregate value of short term investments in unrealized loss position for less than 12 months	$ 40,400
Number of short term investments in unrealized loss position \| item		0
Corporate debt securities
Short-Term Investments
Amortized Cost	26,384
Gross Unrealized Losses	(156)
Fair Value	26,228
Treasury Bills
Short-Term Investments
Amortized Cost	5,935
Gross Unrealized Losses	(6)
Fair Value	5,929
Yankee securities
Short-Term Investments
Amortized Cost	4,995
Gross Unrealized Losses	(26)
Fair Value	4,969
U.S. agency bonds
Short-Term Investments
Amortized Cost	3,000
Gross Unrealized Losses	(27)
Fair Value	2,973
Reverse repurchase agreements
Short-Term Investments
Amortized Cost	30,500	$ 39,000
Fair Value	$ 30,500	$ 39,000

Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accrued Expenses
Accrued compensation	$ 2,103	$ 1,958
Accrued contracted costs	1,618	760
Accrued other	748	295
Accrued professional fees	604	268
Total	$ 5,073	$ 3,281

Commitments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Commitments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Future minimum payments
2022	$ 109		$ 109
2023	663		663
2024	395		395
Total lease payments	1,167		1,167
Less: imputed interest	(85)		(85)
Total operating lease liabilities	1,082		1,082
Operating leases
Rent expense	200	$ 200	700	$ 500
Lease payments	$ 200	$ 200	$ 700	$ 600

Stockholders' Equity - Preferred Stock (Details)	Sep. 30, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares	Feb. 28, 2021 shares
Preferred Stock
Preferred stock, authorized (in shares)	5,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.001
Common stock issuable upon conversion of the Series X Preferred Stock			14,813,954
Series X redeemable convertible preferred stock
Preferred Stock
Preferred stock, authorized (in shares)	91,380	91,380
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Preferred stock, outstanding (in shares)	31,455	31,455
Number of shares of common stock into which each share of series X preferred stock may be converted	166.67
Common stock issuable upon conversion of the Series X Preferred Stock	5,242,501

Stockholders' Equity - Outstanding Warrants (Details) - Common stock warrants	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Common Stock Warrants
Warrants Outstanding (in shares) \| shares	1,530,176
Weighted average
Common Stock Warrants
Exercise price (in dollars per share) \| $ / shares	$ 41.75
Weighted average life (in years)	3 years 3 months 18 days
Warrants Issued in 2018
Common Stock Warrants
Warrants Outstanding (in shares) \| shares	699,962
Exercise price (in dollars per share) \| $ / shares	$ 72.00
Warrants Issued in 2019
Common Stock Warrants
Warrants Outstanding (in shares) \| shares	331,858
Exercise price (in dollars per share) \| $ / shares	$ 37.50
Warrants Issued In 2021
Common Stock Warrants
Warrants Outstanding (in shares) \| shares	498,356
Exercise price (in dollars per share) \| $ / shares	$ 2.10

Reserved for Future Issuance (Details) - shares	Sep. 30, 2022	Dec. 31, 2021
Stockholders' Equity
Number of shares reserved for future issuance	10,088,822	9,784,254
Series X Preferred Stock
Stockholders' Equity
Number of shares reserved for future issuance	5,242,501	5,242,501
Warrants for the purchase of common stock
Stockholders' Equity
Number of shares reserved for future issuance	1,530,176	1,530,380
Options outstanding to purchase common stock
Stockholders' Equity
Number of shares reserved for future issuance	2,237,948	1,346,733
Reserve under the 2015 Stock Incentive Plan and the 2022 Inducement Stock Incentive Plan
Stockholders' Equity
Number of shares reserved for future issuance	1,041,215	1,633,736
Shares reserved for the employee stock purchase plan
Stockholders' Equity
Number of shares reserved for future issuance	36,982	30,904

Stock Incentive Plans - Stock options (Details) - Stock options - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Shares
Outstanding, beginning of period (in shares)			1,346,733
Granted (in shares)			944,481
Exercised (in shares)			(16,202)
Cancelled or forfeited (in shares)			(37,013)
Expired (in shares)			(51)
Outstanding, end of period (in shares)	2,237,948		2,237,948		1,346,733
Vested and exercisable (in shares)	551,774		551,774
Weighted-Average Exercise Price
Outstanding, beginning of period (in dollars per share)			$ 22.25
Granted (in dollars per share)			5.83
Exercised (in dollars per share)			2.10
Cancelled or forfeited (in dollars per share)			21.87
Expired (in dollars per share)			115.80
Outstanding at end of year (in dollars per share)	$ 15.47		15.47		$ 22.25
Vested and exercisable (in dollars per share)	$ 30.09		$ 30.09
Weighted Average Remaining Contractual Term (years)
Outstanding			8 years 9 months 14 days		9 years 7 days
Vested and exercisable			7 years 11 months 19 days
Aggregate Intrinsic Value
Outstanding	$ 3,292		$ 3,292		$ 168
Vested and exercisable	248		$ 248
Stock Incentive Plans
Number of options exercised (in shares)			16,202
Intrinsic value of options exercised	129	$ 38	$ 129	$ 38
Aggregate fair value of options vested	$ 900	$ 300	$ 4,700	$ 1,300
Weighted average grant date fair value of options granted (in dollars per share)	$ 2.54	$ 6.20	$ 3.66	$ 10.15
Unrecognized compensation expense related to unvested stock option awards	$ 10,400		$ 10,400
Weighted-average amortization period over which cost is expected to be recognized			2 years 7 months 6 days

Stock Incentive Plans - Inducement Plan (Details) - 2022 Inducement Stock Incentive Plan - shares	9 Months Ended
	Sep. 30, 2022	Feb. 17, 2022
Stock Incentive Plans
Number of shares authorized		300,000
Number of grants issued	173,500

Subsequent Events (Details) - ATM Program - Jefferies - USD ($) $ in Millions		9 Months Ended
	Oct. 01, 2022	Sep. 30, 2022
Subsequent Events
Gross proceeds from issuance of stock		$ 25.0
Net proceeds from issuance of common stock		$ 24.3
Subsequent Event
Subsequent Events
Issuance of common stock for at-the-market offerings, net of issuance costs (in shares)	1,296,836
Gross proceeds from issuance of stock	$ 13.1
Net proceeds from issuance of common stock	$ 12.7