0000950170-23-010997 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2022	Mar. 28, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Registrant Name	IN8BIO, INC.
Entity Central Index Key	0001740279
Entity Tax Identification Number	82-5462585
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity File Number	001-39692
Entity Shell Company	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Icfr Auditor Attestation Flag	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	350 5th Avenue
Entity Address, Address Line Two	Suite 5330
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10118
City Area Code	646
Local Phone Number	600-6438
Trading Symbol	INAB
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Entity Well Known Seasoned Issuer	No
Entity Voluntary Filers	No
Documents Incorporated By Reference	Portions of the definitive proxy statement for the 2023 Annual Meeting of Stockholders of the Registrant, or the Proxy Statement, are incorporated by reference into Part III of this Annual Report on Form 10-K. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the Registrant’s fiscal year ended December 31, 2022.
Entity Public Float			$ 5.9
Entity Common Stock, Shares Outstanding		24,938,058
Auditor Name	CohnReznick LLP
Auditor Location	Tysons, Virginia
Auditor Firm ID	596
Document Transition Report	false

Balance Sheets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash	$ 18,182,000	$ 37,021,000
Prepaid expenses and other current assets	4,052,000	1,959,000
Total Current Assets	22,234,000	38,980,000
Non-current assets
Property and equipment, net	4,397,000	97,000
Construction in progress	29,000	403,000
Restricted cash	252,000	251,000
Right of use assets - financing leases	1,691,000	704,000
Right of use assets - operating leases	4,181,000	1,630,000
Other non-current assets	255,000	158,000
Total Non-Current Assets	10,805,000	3,243,000
Total Assets	33,039,000	42,223,000
Current liabilities
Accounts payable	2,091,000	395,000
Accrued expenses and other current liabilities	2,342,000	1,235,000
Short-term financing lease liability	682,000	392,000
Short-term operating lease liability	707,000	234,000
Total Current Liabilities	5,822,000	2,256,000
Long-term financing lease liability	811,000	269,000
Long-term operating lease liability	3,674,000	1,515,000
Total Non-Current Liabilities	4,485,000	1,784,000
Total Liabilities	10,307,000	4,040,000
Stockholders' Equity
Preferred stock, par value $0.0001 per share; 10,000,000 shares authorized at December 31, 2022 and 2021, respectively. No shares issued and outstanding	0	0
Common stock, par value $0.0001 per share; 490,000,000 shares authorized at December 31, 2022 and 2021; 24,545,157 and 18,781,242 shares issued and outstanding at December 31, 2022 and 2021, respectively	3,000	2,000
Additional paid-in capital	83,941,000	70,872,000
Accumulated deficit	(61,212,000)	(32,691,000)
Total Stockholders' Equity	22,732,000	38,183,000
Total Liabilities and Stockholders' Equity	$ 33,039,000	$ 42,223,000

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	490,000,000	490,000,000
Common Stock, Shares, Issued	24,545,157	18,781,242
Common stock, shares, outstanding	24,545,157	18,781,242
Preferred stock par value	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0

Statements of Operations - USD ($) $ in Thousands	12 Months Ended
Statements of Operations - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating expenses:
Research and development	$ 14,062	$ 7,347
General and administrative	14,459	7,306
Total operating expenses	28,521	14,653
Loss from operations	(28,521)	(14,653)
Net loss	$ (28,521)	$ (14,653)
Net loss per share - basic	$ (1.36)	$ (1.47)
Net loss per share - diluted	$ (1.36)	$ (1.47)
Weighted-average number of shares used in computing net loss per common share - basic	20,967,955	9,969,733
Weighted average number of shares used in computing net loss per share basic and diluted	20,967,955	9,969,733

Statements of Convertible Preferred Stock, Common Stock and Stockholders' Deficit - USD ($) $ in Thousands	Total	Convertible Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	IPO [Member]	IPO [Member] Convertible Preferred Stock [Member]	IPO [Member] Common Stock [Member]	IPO [Member] Additional Paid-in Capital [Member]
Temporary equity shares beginning at Dec. 31, 2020		9,993,727
Temporary equity amount beginning at Dec. 31, 2020		$ 34,900
Shares beginning at Dec. 31, 2020			3,764,488
Balance beginning at Dec. 31, 2020	$ (16,579)		$ 1	$ 1,458	$ (18,038)
Issuance of common stock, net of issuance costs, amount						$ 32,290			$ 32,290
Issuance of common stock, net of issuance costs, shares								4,000,000
Temporary equity conversion of convertible preferred stock to common stock, shares							(9,993,727)
Temporary equity conversion of convertible preferred stock to common stock							$ (34,900)
Conversion of convertible preferred stock to common stock upon closing of IPO, Shares								10,990,065
Conversion of convertible preferred stock to common stock upon closing of IPO	34,900					$ 34,900		$ 1	$ 34,899
Stock options exercises, shares			26,689
Stock options exercises	30			30
Stock-based compensation expense	2,195			2,195
Net loss	(14,653)				(14,653)
Shares ending at Dec. 31, 2021			18,781,242
Balance ending at Dec. 31, 2021	38,183		$ 2	70,872	(32,691)
Issuance of common stock, net of issuance costs, amount	9,542		$ 1	9,541
Issuance of common stock, net of issuance costs, shares			5,706,686
Conversion of convertible preferred stock to common stock upon closing of IPO	0
Stock options exercises, shares			57,229
Stock options exercises	61			61
Stock-based compensation expense	3,467			3,467
Net loss	(28,521)				(28,521)
Shares ending at Dec. 31, 2022			24,545,157
Balance ending at Dec. 31, 2022	$ 22,732		$ 3	$ 83,941	$ (61,212)

Statements of Convertible Preferred Stock, Common Stock and Stockholders' Deficit (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Payments of stock issuance costs	$ 919
IPO [Member]
Payments of stock issuance costs		$ 7,685

Statements of Cash Flows - USD ($)	12 Months Ended
Statements of Cash Flows - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net loss	$ (28,521,000)	$ (14,653,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	147,000	89,000
Non- cash Stock-based compensation	3,467,000	2,195,000
Amortization of financing lease right-of-use assets	461,000	537,000
Amortization of operating lease right-of-use assets	495,000	162,000
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(2,093,000)	(1,876,000)
Other non-current assets	(97,000)	(159,000)
Accounts payable	1,510,000	(319,000)
Accrued expenses and other current liabilities	924,000	554,000
Short-term operating lease liabilities	112,000	158,000
Long-term operating lease liabilities	(526,000)	(197,000)
Net cash used in operating activities	(24,121,000)	(13,509,000)
Investing activities
Purchases of property and equipment	(3,689,000)	0
Construction in progress	(16,000)	(309,000)
Net cash used in investing activities	(3,705,000)	(309,000)
Financing activities
Proceeds from exercise of common stock options	61,000	30,000
Proceeds from issuance of common stock after deducting underwriting discounts.	9,542,000	36,327,000
Principal payments on financing leases	(615,000)	(535,000)
Repayment of loan payable	0	(174,000)
Payment of deferred offering costs	0	(2,693,000)
Net cash provided by financing activities	8,988,000	32,955,000
Net (decrease) increase in cash and restricted cash	(18,838,000)	19,137,000
Cash and restricted cash at beginning of period	37,272,000	18,135,000
Cash and restricted cash at end of period	18,434,000	37,272,000
Supplemental disclosure of non-cash operating, financing and investing information
Construction in progress in accounts payable	13,000	94,000
Property and equipment in accounts payable	356,000	0
Transfer of construction in progress to property and equipment	403,000	0
Conversion of preferred stock - Series A into common stock	0	34,900,000
Right-of-use assets obtained in exchange for financing lease	0	309,000
Right-of-use assets obtained in exchange for operating lease	0	969,000
Initial measurement of financing lease right-of-use assets	1,448,000	0
Initial measurement of operating lease right-of-use assets	3,046,000	1,693,000
Initial measurement Of Lease Liabilities	4,286,000	1,728,000
Cash, end of year	18,182,000	37,021,000
Long-term restricted cash, end of year	252,000	251,000
Cash and restricted cash, end of year	$ 18,434,000	$ 37,272,000

Organization and Nature of Operations

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Nature of Operations

1. ORGANIZATION AND NATURE OF OPERATIONS

Organization and Business

IN8bio, Inc. (the “Company”) is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of gamma-delta T cell product candidates for solid and liquid tumors. The Company’s lead product candidates are currently in Phase 1 clinical trials: INB-200, for the treatment of patients with newly diagnosed glioblastoma (“GBM”), and INB-100, for the treatment of patients with hematologic malignancies that are undergoing hematopoietic stem cell transplantation (“HSCT”). In addition, the Company is currently preparing to initiate patient enrollment in the company-sponsored Phase 2 clinical trial of INB-400 in which autologous genetically modified gamma-delta T cells will be assessed in newly diagnosed GBM patients. With additional funding, the Company is expecting to submit its company-sponsored investigational new drug application and initiate its Phase 1b clinical trial of INB-410 in which allogeneic genetically modified gamma-delta T cells will be assessed in both relapsed and newly diagnosed GBM patients in late 2023. Additionally, the Company’s DeltEx platform has yielded a broad portfolio of preclinical programs, including INB-300 and INB-500, focused on addressing GBM and other solid tumor types.

Incysus, Inc. (“Incysus”) was a corporation formed in the State of Delaware on November 23, 2015 and Incysus, Ltd. was incorporated in Bermuda on February 8, 2016. Incysus was the wholly owned United States subsidiary of Incysus, Ltd. On May 7, 2018, Incysus, Ltd. reincorporated in the United States in a domestication transaction (the “Domestication”) in which Incysus, Ltd. converted into a newly formed Delaware corporation, Incysus Therapeutics, Inc. (“Incysus Therapeutics”). On July 24, 2019, Incysus Therapeutics merged with Incysus. Incysus Therapeutics subsequently changed its name to IN8bio, Inc. in August 2020. Following the Domestication in May 2018 and the merging of Incysus Therapeutics and Incysus in July 2019, the Company does not have any subsidiaries to consolidate. The Company is headquartered in New York, New York.

Initial Public Offering

On August 3, 2021, the Company completed its initial public offering (“IPO”) in which it issued and sold 4,000,000 shares of its common stock at a public offering price of $10.00 per share. The Company received net proceeds from the IPO of $32.3 million, after deducting underwriters’ discounts, commissions, and offering-related costs. Upon closing of the IPO, all of the Company's outstanding shares of convertible preferred stock automatically converted into 10,990,065 shares of common stock (see Note 8).

Going Concern

To date, the Company has funded its operations primarily with proceeds from various public and private offerings of its common and preferred stock. The Company has incurred recurring losses and negative operating cash flows since its inception, including net losses of $28.5 million and $14.7 million for the years ended December 31, 2022 and 2021, respectively. As of December 31, 2022, the Company had an accumulated deficit of $61.2 million.

On August 16, 2022, the Company completed an underwritten public offering of 5,394,737 shares of its common stock at a public offering price of $1.90 per share, for net proceeds of approximately $9.0 million, after deducting underwriting discounts, commissions and offering expenses. On August 19, 2022, the underwriter partially exercised their option to purchase an additional 268,949 shares at the public offering price of $1.90 per share, resulting in additional net proceeds of approximately $0.4 million, after deducting underwriting discounts, commissions and offering expenses, increasing the aggregate net proceeds from the offering to approximately $9.4 million.

In November 2022, the Company filed a shelf registration statement on Form S-3 (File No. 333-268288) (the “Shelf Registration Statement”) with the Securities and Exchange Commission (“SEC”), which permits the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $200 million of its common stock and preferred stock, various series of debt securities and/or warrants to purchase any of such securities, of which $50 million of common stock may be issued and sold pursuant to an at-the-market offering program (“ATM”). The Company entered into a Controlled Equity OfferingSM sales agreement, or the Sales Agreement, with Cantor Fitzgerald & Co. (“Cantor Fitzgerald”) and Truist Securities, Inc. (“Truist”) under which Cantor Fitzgerald and Truist agreed to act as sales agents to sell shares of the Company’s common stock, from time to time, through the ATM program. Under current SEC regulations, if at any time the Company's public float is less than $75.0 million, and for so long as the Company's public float remains less than $75.0 million, the amount the Company can raise through primary public offerings of securities in any twelve-month period using shelf registration statements is limited to an aggregate of one-third of the Company's public float, which is referred to as the baby shelf rules. As of December 31, 2022, the Company's calculated public float was less than $75.0 million. During the year ended December 31, 2022, the Company sold an aggregate of 43,000 shares of common stock under the ATM, resulting in net proceeds of approximately $0.1 million, after deducting underwriting discounts.

The Company has not yet generated product sales and as a result has experienced operating losses since inception. The Company expects to incur additional losses in the future as it advances its product candidates through clinical trials, seeks to expand its product candidate portfolio through developing additional product candidates, grows its clinical, regulatory and quality capabilities, and incurs costs associated with operating as a public company, and, based on the Company’s business strategy, its existing cash of $18.2 million as of December 31, 2022 will not be sufficient to fund the Company’s projected operating expenses and capital expenditure requirements beyond mid-July of 2023, which includes reserves for all necessary winddown expenses. Accordingly, there is substantial doubt about the Company’s ability to continue to operate as a going concern. To continue to fund the operations of the Company beyond this time period, management has developed plans, which primarily consist of raising additional capital through some combination of public equity offerings, including through ATM offerings, and identifying strategic collaborations, licensing or other arrangements to support development of the Company’s product candidates. There is no assurance, however, that any additional financing or any revenue-generating collaboration will be available when needed, that management of the Company will be able to obtain financing or enter into a collaboration on terms acceptable to the Company, or that any additional financing or revenue generated through third party collaborations will be sufficient to fund our operations through this time period. If additional capital is not available, the Company will have to significantly delay, scale back or discontinue research and development programs or future commercialization efforts. The actual amount of cash that the Company will need to operate is subject to many factors. The accompanying financial statements have been prepared on the basis that the Company will continue as a going concern and do not include adjustments that might result from the outcome of this uncertainty.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting periods presented. Such estimates and assumptions are used for, but are not limited to, the accrual of research and development expenses, deferred tax assets and liabilities and related valuation allowance, fair value of common stock and stock-based compensation, and the useful lives of property and equipment. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Actual results could differ from those estimates.

Concentration of Credit Risk

Financial instruments that potentially expose the Company to significant concentrations of credit risk consist primarily of cash. All of the Company’s cash is deposited in accounts with major financial institutions. Such deposits are in excess of the federally insured limits.

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation. Depreciation and amortization of property and equipment is calculated using the straight-line method over the estimated useful lives of the assets. Significant replacements and improvements are capitalized, while maintenance and repairs, which do not improve or extend the life of the respective assets, are charged to expense as incurred. The estimated useful lives of the Company’s respective assets are as follows:


			Estimated Useful Life
Furniture			5 years
Machinery and equipment			3-5 years
Software			3 years
Leasehold improvements			The shorter of the useful life of the leasehold improvement or the remaining term of the lease

Costs for capital assets not yet placed into service are capitalized as construction-in-progress and depreciated in accordance with the above guidelines once placed into service. Upon retirement or disposal of property and equipment, the cost and related accumulated depreciation and amortization are removed from the balance sheet and any gain or loss is reflected in the statement of operations.

Impairment of Long-Lived Assets

Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted cash flows expected to be generated by the asset. Impairment losses are then measured by comparing the fair value of assets to their carrying amounts. There were no impairments recorded for the years ended December 31, 2022 and 2021.

Research and Development Costs

Research and development costs are generally expensed as incurred and consist primarily of salaries and benefits, stock-based compensation expense, lab supplies and facility costs, as well as fees paid to nonemployees and entities that conduct certain research and development activities on the Company’s behalf and expenses incurred in connection with license agreements. Non-refundable advance payments for goods or services that will be used for rendered or future research and development activities are deferred and amortized over the period that the goods are delivered, or the related services are performed, subject to an assessment of recoverability.

The Company analyzes the progress of clinical trials, invoices received and contracted costs when evaluating the adequacy of the amount expensed and the related prepaid asset and accrued liability. The Company makes significant judgments and estimates in determining the accrued balance and expense in each accounting period. As actual costs become known, the Company adjusts the accrued estimates. Although the Company does not expect the estimates to be materially different from amounts actually incurred, the status and timing of services performed, the number of patients enrolled and the rate of patient enrollment may vary from the Company’s estimates and could result in the Company reporting amounts that are too high or too low in any particular period. The Company’s research and development costs are dependent, in part, upon the receipt of timely and accurate reporting from clinical research organizations and other third-party service providers.

Leases

Effective January 1, 2021, the Company adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) (“ASU 2016-02” or “ASC 842”), using the modified retrospective method and utilized the effective date as its date of initial application, with prior periods presented in accordance with previous guidance under Accounting Standards Codification (“ASC”) 840, Leases. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets and current and non-current lease liabilities, as applicable.

Operating lease liabilities and their corresponding right-of-use assets are initially recorded based on the present value of lease payments over the expected remaining lease term. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. Prospectively, the Company will adjust the right-of-use assets for straight-line rent expense and remeasure the lease liability at the net present value using the same incremental borrowing rate that was in effect as of the lease commencement or transition date.

The Company elected the following practical expedients, which must be elected as a package and applied consistently to all of its leases at the transition date (including those for which the entity is a lessee or a lessor): (i) the Company did not reassess whether any expired or existing contracts are or contain leases; (ii) the Company did not reassess the lease classification for any expired or existing leases (that is, all existing leases that were classified as operating leases in accordance with ASC 840 are classified as operating leases, and all existing leases that were classified as capital leases in accordance with ASC 840 are classified as finance leases); and (iii) the Company did not reassess initial direct costs for any existing leases.

For leases that existed prior to the date of initial application of ASC 842 (which were previously classified as operating leases), a lessee may elect to use either the total lease term measured at lease inception under ASC 840 or the remaining lease term as of the date of initial application of ASC 842 in determining the period for which to measure its incremental borrowing rate. In transition to ASC 842, the Company utilized the remaining lease term of its leases in determining the appropriate incremental borrowing rates.

In accordance with ASC 842, components of a lease should be split into three categories: lease components, non-lease components, and non-components. The fixed and in-substance fixed contract consideration (including any consideration related to non-components) must be allocated based on the respective relative fair values to the lease components and non-lease components.

Entities may elect not to separate lease and non-lease components. The Company has elected to account for lease and non-lease components together as a single lease component for all underlying assets and allocate all of the contract consideration to the lease component only. On the adoption date, $1.7 million was recognized as total lease liabilities and $1.7 million was recognized as total right-of-use assets on the Company’s balance sheet. Additionally, $0.04 million was recognized as a reduction to prepaid expenses and other current assets and $0.02 million was recognized as a reduction to deferred rent on the Company’s balance sheet.

Fair Value of Financial Instruments

The Company applies fair value accounting for all financial assets and liabilities and nonfinancial assets and liabilities that are required to be disclosed at fair value in the financial statements. Fair value is the price at which an asset could be exchanged, or a liability transferred (an exit price) in an orderly transaction between knowledgeable, willing parties in the principal or most advantageous market for the asset or liability. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied.

The Company’s financial instruments include cash and restricted cash, and accounts payable. The carrying amounts of cash, restricted cash, and accounts payable approximate fair value due to the short-term nature of these instruments.

Income Taxes

The Company uses the asset-and-liability method for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between the financial statement carrying amounts and tax bases of assets and liabilities and operating loss and tax credit carryforwards. These are measured using the enacted tax rates that are expected to be in effect when the differences reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to an amount that, in the opinion of management, is more likely than not to be realized.

The calculation of the income tax expense involves the use of estimates, assumptions and judgments while taking into account current tax laws and our interpretation of current and possible outcomes of future tax audits. In addition, our policy for accounting for uncertainty in income taxes requires the evaluation of tax positions taken or expected to be taken in the course of the preparation of tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current year. Reevaluation of tax positions considers factors such as changes in facts or circumstances, changes in or interpretations of tax law, effectively settled issues under audit or expiration of statute of limitation and new audit activity. The Company classifies interest and penalty expense related to uncertain tax positions as a component of operating expenses on the statements of operations. As of December 31, 2022, the Company had no accrued interest or penalties.

Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require application of significant judgment. The Company is subject to U.S. federal and various state and local jurisdictions. Due to the Company’s net operating loss carryforwards, the Company may be subject to examination by authorities for all previously filed income tax returns.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits NOL carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019 and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. The Company evaluated the impact of the CARES Act. At present, the Company does not expect that the NOL carryback provision or other provisions of the CARES Act has resulted or will result in a material tax benefit to the Company.

Stock-Based Compensation

The Company measures all stock-based awards granted to employees, nonemployees and directors based on the fair value on the date of the grant and recognizes compensation expense for those awards over the requisite service period, which is generally the vesting period of the respective award. The stock-based compensation expense is accounted for in the statements of operations based on the awards’ grant date fair values. The Company accounts for forfeitures as they occur by reversing any expense recognized for unvested awards.

The Company estimates the fair value of options granted using the Black-Scholes option pricing model. The Black-Scholes option pricing model requires inputs based on certain subjective assumptions, including (a) the expected stock price volatility, (b) the calculation of expected term of the award, (c) the risk-free interest rate and (d) expected dividends. Due to a lack of company-specific historical and implied volatility data, the Company has based its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded. The historical volatility is calculated based on a period of time commensurate with the expected term assumption. The computation of expected volatility is based on the historical volatility of

a representative group of companies with similar characteristics to the Company, including stage of product development and life science industry focus. The Company uses the simplified method as allowed by the SEC Staff Accounting Bulletin (“SAB”) No. 107, Share-Based Payment, to calculate the expected term for options granted to employees as it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected term of the stock options. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock.

Before the IPO, the Company utilized significant estimates and assumptions in determining the fair value of its common stock. The Company has utilized various valuation methodologies in accordance with the framework of the American Institute of Certified Public Accountants Technical Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation (the “Practice Aid”), to estimate the fair value of its common stock. The common stock valuation is based on the Company’s enterprise value determined utilizing various methods including the option-pricing method (“OPM”) or a hybrid of the probability-weighted expected return method (“PWERM”) and the OPM. Each valuation methodology includes estimates and assumptions that require the Company’s judgment. These estimates and assumptions include a number of objective and subjective factors, including external market conditions, the prices at which the Company sold shares of preferred stock, the superior rights and preferences of securities senior to the Company’s common stock at the time of, and the likelihood of, achieving a liquidity event, such as an IPO or sale. Significant changes to the key assumptions used in the valuations could result in different fair values of common stock at each valuation date.

Deferred Offering Costs

The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with in-process preferred stock or common stock financings as deferred offering costs until such financings are consummated. As of August 3, 2021, the date of the closing of the Company’s IPO, the Company had deferred offering costs related to the IPO of $4.0 million. After the closing of the IPO, these costs were recorded in stockholders’ equity (deficit) as a reduction of additional paid-in capital generated as a result of the offering.

Recent Accounting Pronouncements

The Company did not adopt any new accounting guidance during the year ended December 31, 2022 that had a material impact on the financial statements or disclosures. Additionally, there is no pending accounting guidance that the Company expects to have a material impact on the financial statements.

Prepaid Expenses And Other Current Assets

12 Months Ended

Dec. 31, 2022

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

3. PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consist of the following (in thousands):


	December 31, 2022		December 31, 2021
Prepaid research and development	$	2,562	$	49
Prepaid insurance		1,258		1,858
Other		232		52
Prepaid expenses and other current assets	$	4,052	$	1,959

Property And Equipment, Net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

4. PROPERTY AND EQUIPMENT, NET

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


	December 31, 2022			December 31, 2021
Machinery and equipment	$	358		$	443
Furniture and fixtures		335			—
Software		126			—
Leasehold improvements		3,899			—
Less accumulated depreciation and amortization		(321	)		(346	)
Property and equipment, net	$	4,397		$	97

Depreciation and amortization expense was $0.1 million for each of the years ended December 31, 2022 and 2021.

Construction In Progress

12 Months Ended

Dec. 31, 2022

Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract]

Construction in Progress

5. CONSTRUCTION IN PROGRESS

Construction in progress consist of the following (in thousands):


	December 31, 2022		December 31, 2021
Furniture	$	29	$	77
Leasehold improvements		—		200
Internal use software not yet in service		—		126
Construction in progress	$	29	$	403

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

6. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

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


	December 31, 2022		December 31, 2021
Accrued clinical trials	$	253	$	196
Accrued compensation		1,460		926
Accrued legal		211		62
Accrued other		418		51
Total accrued expenses and other current liabilities	$	2,342	$	1,235

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

DEBT

7. DEBT

In April 2020, the Company was granted a loan (the “Loan”) in an amount of $0.2 million, pursuant to the Paycheck Protection Program (the “PPP”) under Division A, Title I of the CARES Act, which was enacted on March 27, 2020. The Loan, which was in the form of a Note dated April 16, 2020, matured on April 16, 2022 and bore interest at a rate of 1.0% per annum, payable monthly commencing on November 16, 2020.

Funds from the Loan could only be used for payroll costs, costs to continue group healthcare benefits, mortgage payments, rent, utilities, and interest on other debt obligations incurred before February 15, 2020. The Company used the entire Loan amount for qualifying expenses.

In August 2021, the Company repaid the PPP Loan of $0.2 million in full.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Stockholders' Equity

8. STOCKholders' equity

The Company’s authorized capital stock consists of 500,000,000 shares, all with a par value of $0.0001 per share, of which 490,000,000 shares are designated as common stock and 10,000,000 shares are designated as preferred stock.

In August 2021, upon the closing of the IPO, all of the Company's outstanding shares of convertible preferred stock automatically converted into 10,990,065 shares of common stock. There were no shares of preferred stock outstanding as of December 31, 2022 and 2021.

Equity Offerings

In August 2022, the Company issued and sold 5,663,686 shares of common stock at a public offering price of $1.90 per share, resulting in net proceeds of $9.4 million, after deducting underwriting discounts, commissions and offering expenses.

ATM Facilities

In November 2022, the Company filed the Shelf Registration Statement with the SEC, which permits the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $200 million of its common stock and preferred stock, various series of debt securities and/or warrants to purchase any of such securities, of which $50 million of common stock may be issued and sold pursuant to the ATM. The Company entered into the Sales Agreement with Cantor Fitzgerald and Truist under which Cantor Fitzgerald and Truist agreed to act as sales agents to sell shares of the Company’s common stock, from time to time, through an ATM pursuant to the effective Shelf Registration Statement. Under current SEC regulations, if at any time the Company's public float is less than $75.0 million, and for so long as the Company's public float remains less than $75.0 million, the amount the Company can raise through primary public offerings of securities in any twelve-month period using shelf registration statements is limited to an aggregate of one-third of the Company's public float, which is referred to as the baby shelf rules. As of December 31, 2022, our calculated public float was less than $75.0 million.

During the year ended December 31, 2022, the Company sold an aggregate of 43,000 shares of common stock under the ATM resulting in net proceeds of approximately $0.1 million, after deducting underwriting discounts.

- 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.

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+ Details

Stock-based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

9. STOCK-BASED COMPENSATION

2018 Equity Incentive Plan

On May 7, 2018, the Company established and adopted the 2018 Equity Incentive Plan (the “2018 Plan”) providing for the granting of stock awards for employees, directors and consultants to purchase shares of the Company’s common stock. Upon the effectiveness of the 2020 Plan (as defined below), the 2018 Plan was terminated and no further issuances were made under the 2018 Plan, although it continues to govern the terms of any equity grants that remain outstanding under the 2018 Plan.

2020 Equity Incentive Plan

The 2020 Equity Incentive Plan (the “2020 Plan”) was approved by the Board of Directors and the Company’s stockholders and became effective on July 29, 2021. The Board of Directors, or a committee thereof, is authorized to administer the 2020 Plan. The 2020 Plan provides for the grant of incentive stock options (“ISOs”) within the meaning of Section 422 of the U.S. Internal Revenue Code of 1986, (the “IRC”) as amended, to employees, and for the grant of non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other forms of awards to employees, directors and consultants and any affiliates’ employees and consultants. The number of shares initially reserved for issuance under the 2020 Plan was 4,200,000, which automatically increases on January 1 of each year for a period of 10 years, beginning on January 1, 2022 and continuing through January 1, 2031, in an amount equal to 5% of the total number of shares of common stock outstanding on the last day of the immediately preceding year, or a lesser number of shares determined by the Board of Directors no later than the last day of the immediately preceding year. The maximum number of shares of common stock that may be issued upon the exercise of ISOs under the 2020 Plan will be 13,000,000 shares. On January 1, 2022, the shares reserved for issuance was increased to 5,139,062 shares. As of December 31, 2022, 979,502 shares were available for grant pursuant to the 2020 Plan.

2020 Employee Stock Purchase Plan

The 2020 Employee Stock Purchase Plan (the “2020 ESPP”) was approved by the Company’s Board of Directors and the Company’s stockholders and became effective on July 29, 2021. A total of 200,000 shares of common stock were initially reserved for issuance under this plan, which automatically increases on January 1 of each year for a period of 10 years, beginning on January 1, 2021 and continuing through January 1, 2031, by the lesser of 1% of the total number of shares of common stock outstanding on the last day of the immediately preceding year; and 400,000 shares, except before the date of any such increase, the Board of Directors may determine that such increase will be less than the amount set forth above. On January 1, 2023, the shares reserved for issuance was increased to 633,264 shares. As of December 31, 2022, no shares of common stock had been issued under the 2020 ESPP and 200,000 shares remained available for future issuance under the 2020 ESPP. The first offering period has not yet been decided by the Company’s Board of Directors or designated committee of the Company’s Board of Directors.

Stock Option Activity

The following is a summary of the stock option award activity during the year ended December 31, 2022:


	Number of Stock Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2021		2,306,379		$	6.51		8.99	$	983
Granted		1,845,682			2.85
Exercised		(57,229	)		1.07
Forfeited		(91,538	)		6.47
Outstanding at December 31, 2022		4,003,294		$	4.90		8.28	$	860
Exercisable at December 31, 2022		1,115,004		$	6.16		7.89	$	195
Options expected to vest as of December 31, 2022		2,888,290		$	4.41		8.96	$	664

The weighted-average grant date fair value of options granted during the years ended December 31, 2022 and 2021 was $2.85 and $5.41, respectively. The aggregate intrinsic value is calculated as the difference between the exercise price and the market price of the Company’s common stock at December 31, 2022. The aggregate intrinsic value of stock options exercised in the year ended December 31, 2022 was $0.1 million.

Stock-Based Compensation Expense

For the years ended December 31, 2022 and 2021, the Company utilized the Black-Scholes option-pricing model for estimating the fair value of the stock options. The following table presents the assumptions and the Company’s methodology for developing each of the assumptions used:


	December 31, 2022	December 31, 2021
Volatility	86.91% - 89.16%	85.67% - 89.15%
Expected life (years)	5.27 - 6.08	5.49 - 6.68
Risk-free interest rate	1.99% - 4.31%	0.66% - 1.32%
Dividend rate	—	—

•

Volatility—The Company estimates the expected volatility of its common stock at the date of grant based on the historical volatility of comparable public companies over the expected term.

•

Expected life—The expected term represents the period that the Company’s stock option grants are expected to be outstanding. The expected term of the options granted to employees and non-employee directors by the Company has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. Under this approach, the weighted-average expected life is presumed to be the average of the vesting term and the contractual term of the option.

•

Risk-free interest rate—The risk-free rate for periods within the estimated life of the stock award is based on the U.S. Treasury yield curve in effect at the time of grant.

•

Dividend rate—The assumed dividend yield is based upon the Company’s expectation of not paying dividends in the foreseeable future.

Stock-based compensation expense was recorded in the following line items in the statements of operations for the years ended December 31, 2022 and 2021 (in thousands):


	Year Ended December 31,
	2022		2021
Research and development	$	1,404	$	1,014
General and administrative		2,063	$	1,181
Total stock-based compensation expense	$	3,467	$	2,195

No related tax benefits from stock-based compensation expense were recognized for the years ended December 31, 2022 and 2021. As of December 31, 2022, there was $8.3 million in unrecognized stock-based compensation expense, which is expected to be recognized over a weighted-average period of 2.67 years.

License Agreements

12 Months Ended

Dec. 31, 2022

License Agreements [Abstract]

License Agreements

10. LICENSE AGREEMENTS

Emory University, Children’s Healthcare of Atlanta, Inc. and UAB Research Foundation

In June 2016, the Company entered into an exclusive license agreement with Emory University, Children’s Healthcare of Atlanta, Inc. and UAB Research Foundation ("UABRF"), as amended from time to time (the “Emory License Agreement”). The Emory License Agreement was amended in October 2017 and July 2020. Under the Emory License Agreement, the Company obtained an exclusive worldwide license under certain immunotherapy related patents and know-how related to gamma-delta T cells developed by Emory University, Children’s Healthcare of Atlanta, Inc. and UABRF’s affiliate, the University of Alabama at Birmingham, to develop, make, have made, use, sell, import and otherwise commercialize products that are covered by such patents or otherwise incorporate or use the licensed technology. Such exclusive license is subject to certain rights retained by these institutions and also the U.S. government.

In consideration of the license granted under the Emory License Agreement, the Company paid Emory University a nominal upfront payment. In addition, the Company is required to pay Emory University development milestones totaling up to an aggregate of $1.4 million, low-single-digit to mid-single-digit tiered running royalties on the net sales of the licensed products, including an annual minimum royalty beginning on a specified period after the first sale of a licensed product, and a share of certain payments that the Company may receive from sublicenses. In addition, in the event no milestone payments have been paid in certain years, the Company will be required to pay an annual license maintenance fee. The Emory License Agreement also requires the Company to reimburse Emory University for the cost of the prosecution and maintenance of the licensed patents. Pursuant to the Emory License Agreement, the Company is required to use its best efforts to develop, manufacture and commercialize the licensed product and is obligated to meet certain specified deadlines in the development of the licensed products.

The term of the Emory License Agreement will continue until 15 years after the first commercial sale of licensed product, or the expiration of the relevant licensed patents, whichever is later. The Company may terminate the Emory License Agreement at will at any time upon prior written notice to Emory University. Emory University has the right to terminate the Emory License Agreement if the Company materially breaches the agreement (including failure to meet diligence obligations) and fails to cure such breach within a specified cure period, if the Company becomes bankrupt or insolvent or decides to cease development and commercialization of the licensed product, or if the Company challenges the validity or enforceability of any licensed patents.

Exclusive License Agreement with UABRF

In March 2016, the Company entered into an exclusive license agreement with UABRF, as amended from time to time (the “UABRF License Agreement”). The Company amended the UABRF License Agreement in December 2016, January 2017, June 2017 and November 2018. Under the UABRF License Agreement, the Company obtained an exclusive worldwide license under certain immunotherapy-related patents related to the use of gamma-delta T cells, certain CAR-T cells and combination treatments for cellular therapies developed by the University of Alabama at Birmingham and owned by UABRF to develop, make, have made, use, sell, import and otherwise commercialize products that are covered by such patents. Such exclusive license is subject to certain rights retained by UABRF and also the U.S. government.

In consideration of the license granted under the UABRF License Agreement, the Company paid UABRF a nominal upfront payment and issued 91,250 shares of common stock to UABRF, which were subject to certain antidilution rights.

In addition, the Company is required to pay UABRF development milestones totaling up to an aggregate of $1.4 million, lump-sum royalties on cumulative net sales totaling up to an aggregate of $22.5 million, mid-single-digit running royalties on net sales of the licensed products, low-single-digit running royalties on net sales of the licensed products, and a share of certain non-royalty income that the Company may receive, including from any sublicenses. The UABRF License Agreement also requires the Company to reimburse UABRF for the cost of the prosecution and maintenance of the licensed patents.

Pursuant to the UABRF License Agreement, the Company is required to use good faith reasonable commercial efforts to develop, manufacture and commercialize the licensed product.

The term of the UABRF License Agreement will continue until the expiration of the licensed patents. The Company may terminate the UABRF License Agreement at will at any time upon prior written notice to UABRF. UABRF has the right to terminate the UABRF License Agreement if the Company materially breaches the agreement and fails to cure such breach within a specified cure period, if the Company fails to diligently undertake development and commercialization activities as set forth in the development and commercialization plan, if the Company underreports its payment obligations or underpays by more than a specified threshold, if the Company challenges the validity or enforceability of any licensed patents, or if the Company becomes bankrupt or insolvent.

Antidilution Provision

The antidilution provision required the Company to issue additional shares of common stock such that UABRF maintains a 2.5% ownership interest in the Company until it has raised at least $20.0 million through one or more rounds of investment. This provision was fully satisfied as of August 2020, at which time the Company raised an aggregate of $36.6 million through the sale of their securities. Between March 2017 and August 2020, the Company issued UABRF an additional 151,382 shares of its common stock in satisfaction of this antidilution provision.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

11. INCOME TAXES

For the years ended December 31, 2022 and 2021, the tax provision (benefit) consisted of (in thousands):


	December 31, 2022			December 31, 2021
Current provision (benefit):
Federal	$	—		$	—
State		—			—
Total		—			—
Deferred provision (benefit)
Federal		(5,967	)		(2,670	)
State		1,455			(1,938	)
Total		(4,512	)		(4,608	)
Change in valuation allowance		4,512			4,608
Income tax provision (benefit)	$	—		$	—

The items accounting for the difference between income taxes computed at the federal statutory rate and the Company’s effective tax rate for the years ended December 31, 2022 and 2021 were as follows:


	December 31, 2022			December 31, 2021
U.S. Federal statutory rate		21	%		21	%
State taxes, net of federal benefit		0	%		10	%
Stock-based compensation		-1	%		-2	%
Other permanent differences		0	%		-1	%
True up adjustments		-4	%		3	%
Change in valuation allowance		-16	%		-31	%
Income tax provision (benefit)		0	%		0	%

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial statement purposes and the amounts used for income tax purposes.

Components of the Company’s net deferred tax assets (liabilities) balance are as follows at December 31, 2022 and 2021 (in thousands):


	December 31, 2022			December 31, 2021
Deferred tax assets:
Stock-based compensation	$	920		$	337
Net operating loss carryforwards and alternative minimum tax credits		9,737			6,803
Lease liabilities		1,234			791
Reserves and accruals		307			304
Intangibles and fixed assets		2,940			1,922
Total deferred tax assets		15,137			10,157
Deferred tax liabilities:
ROU assets		(1,233	)		(766	)
Total deferred tax liabilities		(1,233	)		(766	)
Valuation allowance		(13,903	)		(9,391	)
Deferred tax assets (liabilities), net	$	—		$	—

The Tax Cuts and Jobs Act of 2017 (TCJA) amended IRC Section 174 to require capitalization of all research and developmental (“R&D”) costs incurred in tax years beginning after December 31, 2021. These costs are required to be amortized over five years if the R&D activities are performed in the United States or over 15 years if the activities were performed outside the United States. The Company capitalized approximately $9.8 million of R&D expenses incurred during the year ended December 31, 2022.

As of December 31, 2022, the Company had federal net operating loss carryforwards of approximately $36.6 million, which do not expire. As of December 31, 2022, the Company had state net operating loss carryforwards of approximately $25.0 million which will begin to expire in 2039.

The Company has evaluated both positive and negative evidences and determined that negative evidence outweighed the positive evidence and that a full valuation allowance on its net deferred tax assets will be maintained. The net change in the valuation allowance for the year ended December 31, 2022 was an increase of $4.5 million.

IRC Section 382 imposes limitations on the use of net operating loss carryovers when the stock ownership of one or more 5% shareholders (shareholders owning 5% or more of the Company’s outstanding capital stock) has increased on a cumulative basis by more than 50 percentage points. Accordingly, there is a risk of an ownership change that could trigger a limitation of the use of the loss carryover. The Company has undertaken a formal IRC Section 382 study as of December 31 2022. Management concluded that the Company did not undergo an ownership change as defined under IRC Section 382(g); all the attributes disclosed in this footnote reflect the conclusion of that study. However, subsequent ownership changes may further limit the Company's ability in the future to utilize its NOLs and other tax carryforwards.

In the ordinary course of business, the Company’s income tax returns are subject to examination by various taxing authorities. Such examinations may result in future tax and interest assessment by these taxing authorities. Accordingly, the Company believes that it is more likely than not that it will realize the benefits of tax positions it has taken in its tax returns or for the amount of any tax benefit that exceeds the cumulative probability threshold in accordance with FASB ASC 740. Differences between the estimated and actual amounts determined upon ultimate resolution, individually or in the aggregate, are not expected to have a material adverse effect on the Company’s financial position. The Company believes its tax positions are highly certain of being upheld upon examination. The Company is subject to the U.S. federal and state income taxes with varying statutes of limitations. Tax years from 2018 forward remain open to examination due to the carryover of net operating losses or tax credits.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

+ Details

Net Loss Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Loss Per Share

12. NET LOSS PER SHARE

Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is the same as basic net loss per share for the periods presented since the effects of potentially dilutive securities are antidilutive given the net loss of the Company.

Basic and diluted net loss per share is calculated as follows (in thousands except share and per share amounts):


	Year Ended December 31,
	2022			2021
Net loss	$	(28,521	)	$	(14,653	)
Net loss per share—basic and diluted	$	(1.36	)	$	(1.47	)
Weighted-average number of shares used in computing net loss per share—basic and diluted		20,967,955			9,969,733

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is antidilutive:


	Year Ended December 31,
	2022		2021
Stock options to purchase common stock		3,200,412		1,723,587

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

13. COMMITMENTS AND CONTINGENCIES

Intellectual Property

The Company has existing commitments to the licensors of the intellectual property which the Company has licensed. These commitments are based upon certain clinical research, regulatory, financial and sales milestones being achieved. Additionally, the Company is obligated to pay a single-digit royalty on commercial sales on a global basis of licensed products under the Emory License Agreement and the UABRF License Agreement. The royalty term is the later of 15 years from first commercial sale or expiration of the last-to-expire component of the licensed intellectual property.

Legal Proceedings

The Company is not currently part to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred costs related to such legal proceedings.

Facility Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Facility Leases

14. FACILITY LEASES

The Company has historically entered into lease arrangements for its facilities. As of December 31, 2022, the Company had three operating leases with required future minimum payments. In applying the transition guidance under ASC 842, the Company determined the classification of these leases to be operating leases and recorded right-of-use assets and lease liabilities as of the effective dates. The Company’s leases generally do not include termination or purchase options.

Finance Leases

The Company entered into an agreement with an equipment leasing company in 2018, which provided up to $2.5 million for equipment purchases in the form of sale and leasebacks or direct leases. As of December 31, 2022, the Company had completed the sale and leaseback for four pieces of equipment and is leasing three other items directly from the leasing company. The terms of the leases are three years and afterwards provide for either annual extensions or an outright purchase of the equipment.

The equipment leases require two advance rental payments to be held as security deposits. The security deposits held amounted to approximately $255,000 and $141,000 as of December 31, 2022 and 2021, respectively, and are included in other non-current assets on the balance sheets.

Operating Leases

The Company has an operating lease for office space in Birmingham, Alabama, for a 63-month term ending in March 2026, with an option to extend five years. Throughout the term of the lease, the Company is responsible for paying certain costs and expenses, in addition to the rent, as specified in the lease, including a proportionate share of applicable taxes, operating expenses and utilities.

The Company has an operating lease for office space in New York, New York, with a term that commenced on September 15, 2021, and continues through March 2027. Throughout the term of the lease, the Company is responsible for paying certain costs and expenses, in addition to the rent, as specified in the lease, including a proportionate share of applicable taxes, operating expenses and utilities.

The Company has identified an embedded lease within the University of Louisville Manufacturing Services Agreement, as the Company has the exclusive use of, and control over, a portion of the manufacturing facility and equipment of the facility during the contractual term of the manufacturing arrangement. The commencement date of the embedded lease was August 4, 2022 and it continues through August 2028.

The Company had a build-to-suit lease agreement with a third party to build out the Company's labs in Birmingham, Alabama, which was substantially completed in December 2022. The agreement had a threshold of $4.0 million of total costs incurred. The costs incurred and classified as property and equipment, net on the balance sheets were $4.1 million as of December 31, 2022.

The operating leases require security deposits at the inception of each lease. The security deposits amounted to approximately $262,000 and $278,000 as of December 31, 2022 and 2021, respectively. As of December 31, 2022, approximately $252,000 was included in restricted cash and $10,000 was included in other current assets. As of December 31, 2021, approximately $251,000 was included in restricted cash, $10,000 was included in other current assets and $17,000 was included in other non-current assets.

The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s finance and operating leases for the years ended December 31, 2022 and 2021 (in thousands):


	December 31, 2022		December 31, 2021
Lease Cost
Amortization of finance right-of-use assets	$	461	$	537
Interest on finance lease liabilities		53		86
Operating lease cost		731		280
Short-term lease cost		—		460
Total lease cost	$	1,245	$	1,363


	December 31, 2022
Other Lease Information
Cash paid for amounts included in the measurement of lease liability – finance leases	$	261
Cash paid for amounts included in the measurement of lease liability – operating leases	$	651
Weighted-average remaining lease term – finance leases	2.27 years
Weighted-average remaining lease term – operating leases	4.98 years
Weighted-average discount rate – finance leases		9.7	%
Weighted-average discount rate – operating leases		12.1	%

The following table reconciles the undiscounted cash flows to the operating and financing lease liabilities at December 31, 2022 (in thousands):


	Financing Leases		Operating Leases
2023	$	789	$	1,190
2024		566		1,212
2025		302		1,224
2026		—		1,013
2027		—		768
Thereafter		—		421
Total lease payment		1,657		5,828
Less: interest		164		1,447
Total lease liabilities		1,493		4,381
Less: short-term lease liability		682		707
Long-term lease liability	$	811	$	3,674

Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

15. SUBSEQUENT EVENTS

Subsequent to December 31, 2022, the Company sold an aggregate of 392,901 shares of common stock under the ATM resulting in net proceeds of approximately $0.7 million, after deducting underwriting discounts.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Use of Estimates

Concentration of Credit Risk

Property and Equipment


			Estimated Useful Life
Furniture			5 years
Machinery and equipment			3-5 years
Software			3 years
Leasehold improvements			The shorter of the useful life of the leasehold improvement or the remaining term of the lease

Impairment of Long-Lived Assets

Research and Development Costs

Leases

Fair Value of Financial Instruments

Income Taxes

Stock-Based Compensation

Deferred Offering Costs

Recent Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Property and Equipment Estimated Useful Lives

The estimated useful lives of the Company’s respective assets are as follows:


			Estimated Useful Life
Furniture			5 years
Machinery and equipment			3-5 years
Software			3 years
Leasehold improvements			The shorter of the useful life of the leasehold improvement or the remaining term of the lease

Property And Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Components of Property and Equipment, Net

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


	December 31, 2022			December 31, 2021
Machinery and equipment	$	358		$	443
Furniture and fixtures		335			—
Software		126			—
Leasehold improvements		3,899			—
Less accumulated depreciation and amortization		(321	)		(346	)
Property and equipment, net	$	4,397		$	97

Construction in Progress (Tables)

12 Months Ended

Dec. 31, 2022

Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract]

Schedule of construction in progress

Construction in progress consist of the following (in thousands):


	December 31, 2022		December 31, 2021
Furniture	$	29	$	77
Leasehold improvements		—		200
Internal use software not yet in service		—		126
Construction in progress	$	29	$	403

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2022

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	December 31, 2022		December 31, 2021
Prepaid research and development	$	2,562	$	49
Prepaid insurance		1,258		1,858
Other		232		52
Prepaid expenses and other current assets	$	4,052	$	1,959

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

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


	December 31, 2022		December 31, 2021
Accrued clinical trials	$	253	$	196
Accrued compensation		1,460		926
Accrued legal		211		62
Accrued other		418		51
Total accrued expenses and other current liabilities	$	2,342	$	1,235

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Award Activity

The following is a summary of the stock option award activity during the year ended December 31, 2022:


	Number of Stock Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2021		2,306,379		$	6.51		8.99	$	983
Granted		1,845,682			2.85
Exercised		(57,229	)		1.07
Forfeited		(91,538	)		6.47
Outstanding at December 31, 2022		4,003,294		$	4.90		8.28	$	860
Exercisable at December 31, 2022		1,115,004		$	6.16		7.89	$	195
Options expected to vest as of December 31, 2022		2,888,290		$	4.41		8.96	$	664

Schedule of Estimating Fair Value of the Stock Options and Common stock Warrants Granted

The following table presents the assumptions and the Company’s methodology for developing each of the assumptions used:


	December 31, 2022	December 31, 2021
Volatility	86.91% - 89.16%	85.67% - 89.15%
Expected life (years)	5.27 - 6.08	5.49 - 6.68
Risk-free interest rate	1.99% - 4.31%	0.66% - 1.32%
Dividend rate	—	—

Schedule of Stock-based Compensation Expense

Stock-based compensation expense was recorded in the following line items in the statements of operations for the years ended December 31, 2022 and 2021 (in thousands):


	Year Ended December 31,
	2022		2021
Research and development	$	1,404	$	1,014
General and administrative		2,063	$	1,181
Total stock-based compensation expense	$	3,467	$	2,195

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss Per Share

Basic and diluted net loss per share is calculated as follows (in thousands except share and per share amounts):


	Year Ended December 31,
	2022			2021
Net loss	$	(28,521	)	$	(14,653	)
Net loss per share—basic and diluted	$	(1.36	)	$	(1.47	)
Weighted-average number of shares used in computing net loss per share—basic and diluted		20,967,955			9,969,733

Schedule of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is antidilutive:


	Year Ended December 31,
	2022		2021
Stock options to purchase common stock		3,200,412		1,723,587

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Tax Provision (Benefit)

For the years ended December 31, 2022 and 2021, the tax provision (benefit) consisted of (in thousands):


	December 31, 2022			December 31, 2021
Current provision (benefit):
Federal	$	—		$	—
State		—			—
Total		—			—
Deferred provision (benefit)
Federal		(5,967	)		(2,670	)
State		1,455			(1,938	)
Total		(4,512	)		(4,608	)
Change in valuation allowance		4,512			4,608
Income tax provision (benefit)	$	—		$	—

Schedule of Difference Between Income Taxes at Federal Statutory Rate and Effective Tax Rate


	December 31, 2022			December 31, 2021
U.S. Federal statutory rate		21	%		21	%
State taxes, net of federal benefit		0	%		10	%
Stock-based compensation		-1	%		-2	%
Other permanent differences		0	%		-1	%
True up adjustments		-4	%		3	%
Change in valuation allowance		-16	%		-31	%
Income tax provision (benefit)		0	%		0	%

Schedule of Net Deferred Tax Assets (Liabilities)

Components of the Company’s net deferred tax assets (liabilities) balance are as follows at December 31, 2022 and 2021 (in thousands):


	December 31, 2022			December 31, 2021
Deferred tax assets:
Stock-based compensation	$	920		$	337
Net operating loss carryforwards and alternative minimum tax credits		9,737			6,803
Lease liabilities		1,234			791
Reserves and accruals		307			304
Intangibles and fixed assets		2,940			1,922
Total deferred tax assets		15,137			10,157
Deferred tax liabilities:
ROU assets		(1,233	)		(766	)
Total deferred tax liabilities		(1,233	)		(766	)
Valuation allowance		(13,903	)		(9,391	)
Deferred tax assets (liabilities), net	$	—		$	—

Facility Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Summary of Lease Costs and Other Information to Company's Finance and Operating Liabilities


	December 31, 2022		December 31, 2021
Lease Cost
Amortization of finance right-of-use assets	$	461	$	537
Interest on finance lease liabilities		53		86
Operating lease cost		731		280
Short-term lease cost		—		460
Total lease cost	$	1,245	$	1,363


	December 31, 2022
Other Lease Information
Cash paid for amounts included in the measurement of lease liability – finance leases	$	261
Cash paid for amounts included in the measurement of lease liability – operating leases	$	651
Weighted-average remaining lease term – finance leases	2.27 years
Weighted-average remaining lease term – operating leases	4.98 years
Weighted-average discount rate – finance leases		9.7	%
Weighted-average discount rate – operating leases		12.1	%

Schedule of Reconciliation of Undiscounted Cash Flows to Operating and Financing Lease Liabilities

The following table reconciles the undiscounted cash flows to the operating and financing lease liabilities at December 31, 2022 (in thousands):


	Financing Leases		Operating Leases
2023	$	789	$	1,190
2024		566		1,212
2025		302		1,224
2026		—		1,013
2027		—		768
Thereafter		—		421
Total lease payment		1,657		5,828
Less: interest		164		1,447
Total lease liabilities		1,493		4,381
Less: short-term lease liability		682		707
Long-term lease liability	$	811	$	3,674

Organization and Nature of Operations - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands						2 Months Ended	12 Months Ended
	Nov. 01, 2022	Aug. 19, 2022	Aug. 16, 2022	Aug. 01, 2022	Aug. 03, 2021	Oct. 16, 2022	Dec. 31, 2022	Dec. 31, 2021
Organization And Nature Of Operations [Line Items]
Losses from operations							$ 28,521	$ 14,653
Accumulated deficit							$ (61,212)	$ (32,691)
Additional purchase common stock shares		268,949
Aggregate of common stock shares issued							24,545,157	18,781,242
Proceeds from the issuance of common stock							$ 9,542	$ 36,327
Common stock valued							3	2
Cash							18,182	37,021
Maximum [Member]
Organization And Nature Of Operations [Line Items]
Public Float							$ 75,000
IPO [Member]
Organization And Nature Of Operations [Line Items]
Sale of stock, date					Aug. 03, 2021
Shares issued			5,394,737
Shares issued price per share		$ 1.90	$ 1.90	$ 1.90
Sale of shares				5,663,686	4,000,000
Offering price, per share					$ 10.00
Proceeds from Issuance Initial Public Offering				$ 9,400		$ 9,400
Aggregate net proceeds from offering		$ 400	$ 9,000		$ 32,300
Stock options exercises, shares				10,990,065	10,990,065
ATM [Member]
Organization And Nature Of Operations [Line Items]
Sale of shares							43,000
Aggregate net proceeds from offering							$ 100
Aggregate of common stock shares issued							43,000
Proceeds from the issuance of common stock	$ 50,000						$ 100
SEC [Member]
Organization And Nature Of Operations [Line Items]
Proceeds from the issuance of common stock	200,000
SEC [Member] \| Maximum [Member]
Organization And Nature Of Operations [Line Items]
Public Float	$ 75,000
Series A Financing
Organization And Nature Of Operations [Line Items]
Losses from operations							(28,500)	$ (14,700)
Accumulated deficit							$ 61,200

Summary of Significant Accounting Policies - Schedule of Property and Equipment Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2022
Software
Property, Plant and Equipment [Line Items]
Property and equipment, Estimated useful life	3 years
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, Estimated useful life	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, Estimated useful life	5 years
Furniture
Property, Plant and Equipment [Line Items]
Property and equipment, Estimated useful life	5 years
Leasehold Improvement
Property, Plant and Equipment [Line Items]
Useful lives of Leasehold Improvement	The shorter of the useful life of the leasehold improvement or the remaining term of the lease

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Aug. 03, 2021
Significant Accounting Policies [Line Items]
Restricted cash	$ 252,000	$ 251,000
Impairment of long-lived assets	0	0
Lease liabilities	4,381,000
Prepaid expenses and other current assets	(2,093,000)	(1,876,000)
Right of use assets - operating leases	$ 4,181,000	$ 1,630,000
Dividend rate	0.00%	0.00%
IPO [Member]
Significant Accounting Policies [Line Items]
Deferred offering costs			$ 4,000,000.0
Accounting Standards Update 2016-02
Significant Accounting Policies [Line Items]
Lease liabilities	$ 1,700,000
Prepaid expenses and other current assets	(40,000.00)
Reduction to deferred rent	20,000.00
Right of use assets - operating leases	$ 1,700,000

Prepaid Expenses and Other Current Assets - Schedule of Components of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid research and development	$ 2,562	$ 49
Prepaid insurance	1,258	1,858
Other	232	52
Prepaid expenses and other current assets	$ 4,052	$ 1,959

Property And Equipment, Net - Schedule of Components of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Less accumulated depreciation	$ (321)	$ (346)
Property and equipment, net	4,397	97
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	358	443
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	335	0
Computer Software, Intangible Asset [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	126	0
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 3,899	$ 0

Property And Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 147	$ 89

Construction In Progress - Schedule of Construction In Progress (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Public Utilities, Property, Plant and Equipment, Plant in Service [Abstract]
Furniture	$ 29	$ 77
Leasehold improvements	0	200
Internal use software not yet in service	0	126
Construction in Progress	$ 29	$ 403

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued clinical trials	$ 253	$ 196
Accrued compensation	1,460	926
Accrued legal	211	62
Accrued other	418	51
Total accrued expenses and other current liabilities	$ 2,342	$ 1,235

Debt - Additional Information (Details) - Paycheck Protection Program [Member] - USD ($) $ in Millions	1 Months Ended
	Aug. 31, 2021	Apr. 30, 2020
Debt Instrument [Line Items]
Loan		$ 0.2
Loan maturity, date		Apr. 16, 2022
Interest rate		1.00%
Debt instrument, payment terms		monthly
Debt instrument, date of first required payment		Nov. 16, 2020
Repayment of loan	$ 0.2

Stockholders' Equity (Deficit) - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				2 Months Ended	12 Months Ended
	Nov. 01, 2022	Aug. 01, 2022	Aug. 03, 2021	Oct. 16, 2022	Dec. 31, 2022	Dec. 31, 2021	Aug. 19, 2022	Aug. 16, 2022
Class Of Stock [Line Items]
Common stock, shares authorized					490,000,000	490,000,000
Capital Stock Authorized					500,000,000
Undesignated Preferred stock shares, authorized					10,000,000	10,000,000
Aggregate of common stock shares issued					24,545,157	18,781,242
Common stock, shares, outstanding					24,545,157	18,781,242
Preferred Stock, Shares Outstanding					0	0
Preferred stock shares issued					0	0
Proceeds from Issuance of Common Stock					$ 9,542	$ 36,327
Common Stock, Value, Issued					$ 3	$ 2
Preferred Stock, Shares Authorized					10,000,000	10,000,000
Preferred stock par value					$ 0.0001	$ 0.0001
IPO [Member]
Class Of Stock [Line Items]
Shares issued								5,394,737
Shares issued price per share		$ 1.90					$ 1.90	$ 1.90
Proceeds from Issuance Initial Public Offering		$ 9,400		$ 9,400
Sale of shares		5,663,686	4,000,000
Common stock par or stated value per share			$ 10.00
Stock options exercises, shares		10,990,065	10,990,065
SEC [Member]
Class Of Stock [Line Items]
Proceeds from Issuance of Common Stock	$ 200,000
ATM [Member]
Class Of Stock [Line Items]
Aggregate of common stock shares issued					43,000
Offering Cost	200,000
Proceeds from Issuance of Common Stock	50,000				$ 100
Number of transaction in sold amount	0
Sale of shares					43,000
Maximum [Member]
Class Of Stock [Line Items]
Public Float					$ 75,000
Maximum [Member] \| SEC [Member]
Class Of Stock [Line Items]
Public Float	$ 75,000

Stock-based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jul. 29, 2021	Dec. 31, 2022	Dec. 31, 2021
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Weighted average grant-date fair value of options granted		$ 2.85	$ 5.41
Aggregate intrinsic value of stock options exercised		$ 100
Tax benefit from stock based compensation expense		$ 0	$ 0
Weighted-average period over which cost not yet recognized is expected to be recognized		2 years 8 months 1 day
Restricted Stock [Member]
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Share-based payment arrangement, unrecognized stock based compensation cost		$ 8,300
2020 Equity Incentive Plan
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Common stock reserved for future issuance		4,200,000
Shares reserved of issuance under the plan increase duration	10 years
Percentage of number of shares of common stock outstanding	5.00%
Maximum number of shares of common stock issuable	13,000,000
Share-based payment award, number of shares available for grant		979,502
2020 Equity Incentive Plan \| January 1, 2022 [Member]
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Common stock reserved for future issuance		5,139,062
2020 Employee Stock Purchase Plan
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Share-based payment award, shares issued in period		0
Common stock reserved for future issuance	200,000
Shares reserved of issuance under the plan increase duration	10 years
Percentage of number of shares of common stock outstanding	1.00%
Maximum number of shares of common stock issuable	400,000
Share-based payment award, number of shares available for grant		200,000
2020 Employee Stock Purchase Plan \| January 1, 2023 [Member]
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Common stock reserved for future issuance		633,264

Stock-based Compensation - Summary of Stock Option Award Activities (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Options outstanding, beginning balance	2,306,379
Options granted	1,845,682
Options exercised	(57,229)
Options forfeited	(91,538)
Options outstanding, ending balance	4,003,294	2,306,379
Options exercisable	1,115,004
Options vested or expected to vest	2,888,290
Options outstanding, weighted average exercise price, beginning balance	$ 6.51
Options granted, weighted average exercise price	2.85
Options exercised, weighted average exercise price	1.07
Options forfeited, weighted average exercise price	6.47
Options outstanding, weighted average exercise price, ending balance	4.90	$ 6.51
Options exercisable, weighted average exercise price	6.16
Options vested or expected to vest, weighted average exercise price	$ 4.41
Options outstanding, weighted average remaining contractual term	8 years 3 months 10 days	8 years 11 months 26 days
Options exercisable, weighted average remaining contractual term	7 years 10 months 20 days
Options vested or expected to vest, weighted average remaining contractual term	8 years 11 months 15 days
Options outstanding, aggregate intrinsic value	$ 860	$ 983
Options exercisable, aggregate intrinsic value	195
Options vested or expected to vest, aggregate intrinsic value	$ 664

Stock-based Compensation - Schedule of Estimating Fair Value of the Stock Options and Common stock Warrants Granted (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate minimum	1.99%	0.66%
Risk-free interest rate maximum	4.31%	1.32%
Dividend rate	0.00%	0.00%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Volatility	86.91%	85.67%
Expected life (years)	5 years 3 months 7 days	5 years 5 months 26 days
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Volatility	89.16%	89.15%
Expected life (years)	6 years 29 days	6 years 8 months 4 days

Stock-based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 3,467	$ 2,195
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,404	1,014
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,063	$ 1,181

License Agreements - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2020	Dec. 31, 2022	Dec. 31, 2021
Aggregate of common stock shares issued		24,545,157	18,781,242
UABRF [Member]
Equity Method Investment, Ownership Percentage		2.50%
Raise of investment		$ 20.0
UABRF [Member] \| Antidilution Provision [Member]
Aggregate of common stock shares issued		151,382
Raise of investment	$ 36.6
Emory License Agreement [Member] \| UABRF [Member]
License agreement description		The term of the Emory License Agreement will continue until 15 years after the first commercial sale of licensed product, or the expiration of the relevant licensed patents, whichever is later
Milestone payment		$ 1.4
Exclusive License Agreement [Member] \| UABRF [Member]
Aggregate of common stock shares issued		91,250
Royalties on cumulative net sales		$ 22.5
Exclusive License Agreement [Member] \| UABRF [Member] \| Maximum
Milestone payment		$ 1.4

Income Taxes - Additional Information (Details) $ in Millions	Dec. 31, 2022 USD ($)
Income Tax Disclosure [Abstract]
Capitalized research and development expenses	$ 9.8
Federal NOL carryforwards	36.6
New York State and City NOL carryforwards	25.0
Increase in valuation allowance, net deferred tax	$ 4.5
Percentage of stock ownership with regards to limitations on the use of net operating loss carryovers	5.00%

Income Taxes - Schedule of Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Current provision (benefit):
Federal	$ 0	$ 0
State	0	0
Current provision (benefit)	0	0
Deferred provision (benefit)
Federal	(5,967)	(2,670)
State	1,455	(1,938)
Deferred provision (benefit)	(4,512)	(4,608)
Change in valuation allowance	4,512	4,608
Income tax provision (benefit)	$ 0	$ 0

Income Taxes - Schedule of Difference Between Income Taxes at Federal Statutory Rate and Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S Federal statutory rate	21.00%	21.00%
State taxes, net of Federal Benefit	0.00%	10.00%
Stock-based compensation	(1.00%)	(2.00%)
Other permanent differences	0.00%	1.00%
True up adjustments	(4.00%)	3.00%
Change in valuation allowance	(16.00%)	(31.00%)
Income tax provision (benefit)	0.00%	0.00%

Income Taxes - Schedule of Net Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Stock-based compensation	$ 920	$ 337
Net operating loss carryforwards and alternative minimum tax credits	9,737	6,803
Lease accounting	1,234	791
Reserves and accruals	307	304
Intangibles and fixed assets	2,940	1,922
Total deferred tax assets	15,137	10,157
Deferred tax liabilities
ROU assets	(1,233)	(766)
Total deferred tax liabilities	(1,233)	(766)
Valuation allowance	(13,903)	(9,391)
Deferred tax assets (liabilities), net	$ 0	$ 0

Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net loss	$ (28,521)	$ (14,653)
Net loss per share - diluted	$ (1.36)	$ (1.47)
Net loss per share - basic	$ (1.36)	$ (1.47)
Weighted average number of shares used in computing net loss per share basic and diluted	20,967,955	9,969,733
Weighted-average number of shares used in computing net loss per common share - basic	20,967,955	9,969,733

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Net Loss Per Share - Schedule of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Stock Options To Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	3,200,412	1,723,587

Commitments and Contingencies (Additional Information) (Details)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Royalty term	15 years

Facility Leases - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Agreement Threshold	$ 1,245,000	$ 1,363,000
Construction in progress	29,000	403,000
Restricted cash	252,000	251,000
Other current assets	232,000	52,000
Other non-current assets	255,000	158,000
Birmingham, Alabama
Loss Contingencies [Line Items]
Construction in progress	4,100,000
Other current assets	$ 10,000	10,000,000
Other non-current assets		17,000
New York [Member]
Loss Contingencies [Line Items]
Lease expiration month and year	2027-03
Office Building \| Birmingham, Alabama
Loss Contingencies [Line Items]
Operating lease, term of contract	63 months
Operating lease, option to extend	option to extend five years
Office and Laboratory \| Birmingham, Alabama
Loss Contingencies [Line Items]
Operating lease, existence of option to extend	true
Maximum
Loss Contingencies [Line Items]
Agreement Threshold	$ 4,000,000.0
Minimum \| Birmingham, Alabama
Loss Contingencies [Line Items]
Security deposit	$ 262,000	278,000
Machinery and equipment
Loss Contingencies [Line Items]
Leaseback transaction, description	Company had completed the sale and leaseback for four pieces of equipment and is leasing three other items directly from the leasing company. The terms of the leases are three years and afterwards provide for either annual extensions or an outright purchase of the equipment.
Security deposit	$ 255,000	$ 141,000
Machinery and equipment \| Maximum
Loss Contingencies [Line Items]
Amount held for equipment purchases	$ 2,500,000

Facility Leases - Summary of Lease Costs and Other Information to Company's Finance and Operating Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Lease Cost
Amortization of finance right-of-use assets	$ 461	$ 537
Interest on finance lease liabilities	53	86
Operating lease cost	731	280
Short-term lease cost	0	460
Total lease cost	1,245	$ 1,363
Cash paid for amounts included in the measurement of lease liability – finance leases	261
Cash paid for amounts included in the measurement of lease liability – operating leases	$ 651
Weighted-average remaining lease term – finance leases	2 years 3 months 7 days
Weighted-average remaining lease term – operating leases	4 years 11 months 23 days
Weighted-average discount rate – finance leases	9.70%
Weighted-average discount rate – operating leases	12.10%

Facility Leases - Schedule of Reconciliation of Undiscounted Cash Flows to Operating and Finance Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 789
2024	566
2025	302
2026	0
2027	0
Thereafter	0
Total lease payment	1,657
Less: interest	164
Total lease liability	1,493
Short-term financing lease liability	682	$ 392
Long-term financing lease liability	811	269
2023	1,190
2024	1,212
2025	1,224
2026	1,013
2027	768
Thereafter	421
Total lease payment	5,828
Less: interest	1,447
Total lease liability	4,381
Less: short-term operating lease liability	707	234
Long-term operating lease liability	$ 3,674	$ 1,515

Schedule Of Quarterly Financial Data - Schedule of Selected Quarterly Financial Data (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating expenses:
Prepaid research and development	$ 14,062	$ 7,347
General and administrative	14,459	7,306
Total operating expenses	28,521	14,653
Loss from operations	(28,521)	(14,653)
Net loss	$ (28,521)	$ (14,653)

- Definition

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

+ References

+ Details

SUBSEQUENT EVENTS (Additional Information) (Details) - USD ($) $ in Thousands			12 Months Ended
	Jan. 01, 2023	Nov. 01, 2022	Dec. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Proceeds from issuance of common stock after deducting underwriting discounts.			$ 9,542	$ 36,327
ATM [Member]
Subsequent Event [Line Items]
Proceeds from issuance of common stock after deducting underwriting discounts.		$ 50,000	$ 100
Sale of shares			43,000
Subsequent Event [Member] \| ATM [Member]
Subsequent Event [Line Items]
Proceeds from issuance of common stock after deducting underwriting discounts.	$ 700
Sale of shares	392,901