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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2021
Equity [Abstract] |
Stockholders' Equity | Note 6. Stockholders’ Equity Equity Distribution Agreement On March 31, 2021, the Company filed a prospectus and prospectus supplement (the “2021 Prospectus”) under which the Company may offer and sell, from time to time, pursuant to an equity distribution agreement with Jeffries LLC, up to $75.0 million in shares of its common stock. During the six months ended June 30, 2021, no shares were sold under the 2021 Prospectus. Common Stock Warrants As of June 30, 2021, a total of 846,939 warrants were exercisable into common stock. The shares of common stock underlying the warrants are registered for offer and sale under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to the Company’s effective registration statements on Form S-1. The following table shows the warrant activity:
|  | Rollforward of Warrant Activity |
|  | Registered direct warrants, placement agent |  |  | Private placement warrants |  |  | Private placement warrants, placement agent |  |  | Warrants exchanged for common stock |  |  | Total |
Balance as of December 31, 2020 |  |  | 9,581 |  |  |  | 319,064 |  |  |  | 9,177 |  |  |  | — |  |  |  | 337,822 |
Issued |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 509,117 |  |  |  | 509,117 |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Cancelled/Expired |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Balance as of June 30, 2021 |  |  | 9,581 |  |  |  | 319,064 |  |  |  | 9,177 |  |  |  | 509,117 |  |  |  | 846,939 |
Preferred Stock Warrants As of June 30, 2021, 55,853.875 warrants were exercisable into Series X1 Preferred Stock. Each share of Series X 1 Preferred Stock is convertible into approximately 55.5556 shares of common stock. The following table shows the warrant activity:
| Rollforward of Warrant Activity |
|  | Warrants assumed and replaced in acquisition |  |  | Total |
Balance as of December 31, 2020 |  |  | 55,583.875 |  |  |  | 55,583.875 |
Assumed and replaced |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |
Cancelled/Expired |  |  | — |  |  |  | — |
Balance as of June 30, 2021 |  |  | 55,583.875 |  |  |  | 55,583.875 |
Exchange Agreements On December 31, 2020, the Company entered into an exchange agreement (the “Series X Exchange Agreement”) with Biotechnology Value Fund, L.P., Biotechnology Value Fund II, L.P., Biotechnology Value Trading Fund OS, L.P. , MSI BVF SPV, L.L.C. (collectively, the “BVF Exchanging Stockholders”) and Cormorant Global Healthcare Master Fund, LP (together with the BVF Exchanging Stockholders, the “Series X Exchanging Stockholders”), pursuant to which the Series X Exchanging Stockholders exchanged (the “Series X Exchange”) 344,666 shares of the Company’s common stock for 6,203.98 shares of Series X Convertible Preferred Stock. In addition, on December 31, 2020 the Company entered into an exchange agreement (the “Warrant Exchange Agreement,” and together with the Series X Exchange Agreement, the “Exchange Agreements”) with the BVF Exchanging Stockholders, pursuant to which the BVF Exchanging Stockholders exchanged (the “Warrant Exchange,” and together with the Series X Exchange, “the Exchanges”) 509,117 shares of the Common Stock for one or more pre-funded warrants to purchase an aggregate of 509,117 shares of the Common Stock at a nominal exercise price (the “Warrants”). The Company recorded the shares of Series X Convertible Preferred Stock and Warrants issuable as preferred stock and warrant subscriptions at December 31, 2020 since the physical settlement of the Exchanges was made on January 5, 2021, whereby the transfer agent recorded the exchange of common stock for the issuance of preferred stock and warrants. Following the Exchanges, the Company had 6,203.98 shares of Series X Preferred Stock outstanding, which are convertible into 344,663 shares of Common Stock (after rounding for fractional shares). As of June 30, 2021, a total of 509,117 warrants were available for exercise. The shares of common stock underlying the registered direct placement agent warrants are registered for offer and sale under the Securities Act, pursuant to the Company’s effective registration statements on Form S-1. Stock-Based Compensation Total stock-based compensation expense was recognized in our condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Research and development |  | $ | 785 |  |  | $ | 49 |  |  | $ | 1,470 |  |  | $ | 203 |
General and administrative |  |  | 1,249 |  |  |  | 148 |  |  |  | 2,338 |  |  |  | 431 |
Total stock-based compensation |  | $ | 2,034 |  |  | $ | 197 |  |  | $ | 3,808 |  |  | $ | 634 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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