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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vaxxinity Inc | NASDAQ:VAXX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.1111 | 0.1068 | 0.107 | 0 | 01:00:00 |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized/designated | 50,000,000 | 50,000,000 |
Class A Common Stock [Member] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 112,823,913 | 112,182,750 |
Common stock, shares outstanding | 112,823,913 | 112,182,750 |
Class B Common Stock [Member] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 13,874,132 | 13,874,132 |
Common stock, shares outstanding | 13,874,132 | 13,874,132 |
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Operating expenses: | ||||
Research and development | $ 8,345 | $ 10,664 | $ 19,769 | $ 22,142 |
General and administrative | 6,082 | 6,560 | 13,422 | 13,246 |
Total operating expenses | 14,427 | 17,224 | 33,191 | 35,388 |
Loss from operations | (14,427) | (17,224) | (33,191) | (35,388) |
Other (income) expense: | ||||
Interest and other expense | 146 | 105 | 338 | 210 |
Interest and other income | (578) | (75) | (1,145) | (80) |
(Gain) loss on foreign currency transactions, net | (18) | (2) | 14 | (3) |
Total other (income) expense, net | (449) | 28 | (793) | 127 |
Net loss | $ (13,977) | $ (17,252) | $ (32,398) | $ (35,515) |
Net loss per share, basic | $ (0.11) | $ (0.14) | $ (0.26) | $ (0.28) |
Net loss per share, diluted | $ (0.11) | $ (0.14) | $ (0.26) | $ (0.28) |
Weighted average common shares outstanding, basic | 126,481,497 | 125,948,595 | 126,272,546 | 125,829,764 |
Weighted average common shares outstanding, diluted | 126,481,497 | 125,948,595 | 126,272,546 | 125,829,764 |
Other comprehensive income: | ||||
Unrealized gain on investments | $ (31) | $ 0 | $ (179) | $ 0 |
Other comprehensive income (loss) | $ (31) | $ 0 | $ (179) | $ 0 |
Nature of the Business |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Nature of the Business [Abstract] | |
Nature of the Business | 1. Nature of the Business Vaxxinity, combination of from UBI and a second spin-out (“COVAXX”). and on March 2, 2021, did so by acquiring exchange contributed December 31, 2022, COVAXX The Company is a pain, cardiovascular diseases by prophylactic and therapeutic vaccines to combat common chronic diseases with large global unmet medical need. The Company developing a heterologous booster vaccine a related party. The Company limited competitors of new of proprietary technology, successfully achieve profitability. The including extensive pre-clinical and clinical testing and regulatory amounts of additional assurance that intellectual property approved products will be commercially if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and is dependent upon the services of its employees and consultants. Liquidity and Going Concern Assessment As of June 30, 2023, the Company had $ 56.1 $ 37.1 18.8 0.2 Company has promissory foundations Company has experienced significant 32.4 the six months ended June 30, 2023. Net cash used in operating activities for the six months ended June 30, 32.2 addition, as 337.1 operating losses and negative cash flows from operations for the foreseeable future. In accordance with about events, considered the date that our financial statements are raise substantial those relevant conditions or events will alleviate the substantial doubt. Given that the Company has incurred to continue assessed that there were conditions or events, substantial doubt about our ability to continue as a going concern. Our management considered our ability to continue offerings, strategic collaborations and debt financing through Management believes about our ability to within one year after will mitigate the relevant conditions or events that raise substantial doubt about our ability Accordingly, the accompanying unaudited condensed consolidated financial statements have been prepared assuming will continue business. The unaudited condensed classification uncertainties described funding will be available on terms acceptable to us, or at all. |
Summary of Significant Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of presentation The accounting principles in the and Exchange Commission (“SEC”) for interim financial reporting. These interim necessary to fairly present the results of the interim periods. The condensed consolidated balance sheet at December 31, 2022, has been derived from the audited financial flows for the six months ended June 30, 2023 are not December 31, 2023 financial statements reporting financial statements the SEC on March 27, 2023 (the “Annual Report”). Significant accounting policies The significant accounting policies used in preparation of these unaudited condensed our annual consolidated financial statements for the year ended December 31, 2022 included in the Annual Report. There have been no changes to the Company’s significant accounting Recently issued accounting pronouncements From time to setting bodies and are adopted by the Company as of the specified effective date. In June 2016, Instruments significantly recognition of estimated credit earlier recognition of allowances for ASU 2016-13. The adoption of this standard did not have a material impact on the Company's |
Fair Value Measurements |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 3. Fair Value The Company's money in active markets for identical assets. The following indicate the level of the fair value hierarchy used to determine such fair values (in thousands): During the three and six months ended June 30, 2023 and the no Level 2 and Level 3. June 30, 2023 Level 1 Level 2 Level 3 Total Assets: Short-term investments $ 18,790 $ — $ — $ 18,790 Money market accounts 7,050 — — 7,050 Total assets $ 25,840 $ — $ — $ 25,840 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Short-term investments $ 53,352 $ — $ — $ 53,352 Money market account 27,724 — — 27,724 Total assets $ 81,076 $ — $ — $ 81,076 |
Short-Term Investments |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Short-Term Investments [Abstract] | |
Short-term investments | 4. Short-Term The Company’s short-term investments consist These securities mature in less than 1 year. As of June 30, 2023 Amortized Cost Unrealized Gains (Losses), Net Recorded Basis U.S. Treasury Securities $ 18,807 $ (18) $ 18,790 Total $ 18,807 $ (18) $ 18,790 As of December 31, 2022 Amortized Cost Unrealized Gains (Losses), Net Recorded Basis U.S. Treasury Securities $ 53,549 $ (197) $ 53,352 Total $ 53,549 $ (197) $ 53,352 |
Prepaid Expenses and Other Current Assets |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Prepaid Expenses and Other Current Assets [Abstract] | |
Prepaid Expenses and Other Current Assets | 5. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): June 30, December 31, 2023 2022 Clinical prepayments $ 1,544 $ 2,679 Prepaid insurance 758 1,870 Prepaid materials and supplies — 248 Deposits 240 232 Other 702 522 $ 3,245 $ 5,551 Clinical prepayments consist of amounts paid in trials, 1.3 expenses. The remaining clinical prepayment amounts are amortized to expense as earned Prepaid 0.7 1.6 insurance fee as of June 30, 2023 and December 31, 2022, respectively. Prepaid materials and supplies the Company’s no 0.2 December 31, 2022. |
Property and Equipment, Net |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Property and Equipment, Net [Abstract] | |
Property and Equipment, Net | 6. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): June 30, December 31, 2023 2022 Airplane $ 11,983 $ 11,983 Laboratory and computer equipment 3,310 3,146 Software 426 415 Leasehold improvements 407 403 Facilities, furniture and fixtures 99 37 Vehicles 87 87 Construction in progress 86 65 Total property and equipment 16,398 16,136 Less: accumulated depreciation and amortization (4,736) (3,624) Property and equipment, net $ 11,662 $ 12,512 Depreciation expense 0.5 1.1 Depreciation expense for the three and six months ended June 30, 2022 was $ 0.4 0.7 |
Accrued Expenses and Other Current Liabilities |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Accrued Expenses and Other Current Liabilities [Abstract] | |
Accrued Expenses and Other Current Liabilities | 7. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, December 31, 2023 2022 Accrued external research and development $ 4,506 $ 6,904 Accrued bonuses 2,614 2,568 Accrued professional fees and other 588 1,722 Accrued interest — 176 $ 7,708 $ 11,370 |
Other Long-Term Liabilities |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Other Long-Term Liabilities [Abstract] | |
Other Long-Term Liabilities | 8. Other Long-Term Other long-term liabilities consisted of the following (in thousands): June 30, December 31, 2023 2022 Accrued taxes 236 236 $ 236 $ 236 As of June 30, 2023 and December 31, 2022, approximately $ 0.2 may be subject to paying for late filing fees related to a accrued for them until the statute of limitations expires and it is appropriate to |
Notes Payable |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Notes payable [Abstract] | |
Notes payable | 9. Notes Payable Note Payable—Airplane In connection with the for $ 11.5 3.4 % and a maturity date of June 9, 2025 . Principal and interest payments are payable monthly in the amount of $ 0.1 9.4 of the Company. In addition, the Company incurred debt 0.3 loan. There are no financial covenants associated with the 2025 Note. The carrying value of the 2025 Note is as follows (in thousands): As of June 30, 2023, the remaining principal payments for the 2025 Note are Interest expense 0.1 0.2 respectively. 0.1 0.2 June 30, 2022, respectively. 0.1 the accompanying condensed consolidated balance sheets as of June 30, 2023 Promissory Note with Related Party In October 2022, the Company entered into a related party unsecured promissory note (the “2022 Promissory Note”) with UBI for $ 4.2 million. The 7.0 % per October 1, 2026 . The issued to satisfy accounts payable to UBI totaling $ 4.2 The carrying value of the 2022 Promissory Note is as follows (in thousands): As of June 30, 2023, the remaining principal payments for the 2022 Promissory Note are Interest expense associated with 0.1 0.1 2023, respectively. June 30, December 31, 2023 2022 Principal $ 10,234 $ 10,455 Unamortized debt issuance cost (104) (131) Carrying amount 10,130 10,324 Less: current portion (398) (391) Note payable, net of current portion and debt issuance cost $ 9,732 $ 9,933 Amount 2023 (remaining 6 months) $ 223 2024 458 2025 9,553 $ 10,234 June 30, December 31, 2023 2022 Principal $ 3,600 $ 4,225 Less: current portion (994) (1,113) Note payable with related party, $ 2,607 $ 3,112 Amount 2023 (remaining 6 months) $ 488 2024 1,029 2025 1,103 2026 980 $ 3,600 |
Common Stock |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Common Stock [Abstract] | |
Common Stock | 10. Common Stock The Company has reserved shares of Class A common stock for issuance for the following June 30, December 31, 2023 2022 Options and RSUs issued and outstanding 22,684,626 20,716,760 Options available for future grants 6,079,959 6,064,003 Warrants issued and outstanding 1,928,020 1,928,020 30,692,605 28,708,783 |
Stock-Based Compensation |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 11. Stock-Based Compensation 2021 Omnibus Incentive Compensation Plan In November Company restricted stock units, performance awards, cash incentive awards and other equity At inception 8,700,000 2023, by the number of shares 4 % of the outstanding shares of our preceding December determination is shares provision of the Plan, the maximum number of shares that can be issued under 11,886,306 . Stock Options As of June 30, 2023, there were options to purchase 16,022,171 6,362,455 shares of Class B stock outstanding, of which options to purchase 11,143,381 5,015,785 awards available for future issuance under the Company’s 6,079,959 . The following table summarizes stock option activity during the six The aggregate intrinsic value of options is calculated as the difference between the exercise price of the options and the fair value common stock for those options that had exercise prices lower than the fair value of the common The intrinsic value of options exercised during the six months ended June 30, 0.8 The weighted-average grant-date fair value per share of options granted during the 1.88 . Restricted Stock Units The following table summarizes the Company’s Stock-based compensation expense recognized on restricted stock 0.1 Stock-Based Compensation Expense The condensed consolidated statements of operations and other comprehensive (income) loss As of 16.0 expected to be recognized over a weighted average period of 2.2 Number of Stock Options Outstanding Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Balance at December 31, 2022 20,416,760 $ 5.07 6.8 $ 7,166 Granted 3,553,348 2.27 Exercised (641,162) 0.62 Forfeited (944,320) 7.33 Balance at June 30, 2023 22,384,626 $ 4.66 6.0 $ 16,242 Options vested and exercisable at June 30, 2023 16,159,166 $ 4.56 5.2 $ — Number of Shares Weighted Average Grant Date Fair Value Per Share Unvested at December 31, 2022 300,000 $ 3.76 Issued — — Unvested at June 30, 2023 300,000 $ 3.76 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 General and administrative $ 1,607 $ 1,008 $ 3,009 $ 2,379 Research and development 827 818 1,649 1,625 Total stock-based compensation $ 2,433 $ 1,826 $ 4,658 $ 4,004 |
Income Taxes |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | 12. Income Taxes The (“ASC”) forecasted annual pre-tax income; changes federal or foreign tax authorities; impacts from Company identifies items items is recorded in the quarter in which the discrete events occur. The Company’s effective tax rate for the three months ended June 30, 2023 and June 30, 2022 was 0 %, due primarily to its uncertainty of realizing a benefit from net operating losses incurred during the period. In assessing recorded deferred taxable income in the periods in of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on these items and the consecutive years of pretax losses (resulting from impairment), management determined that to jurisdictions. The Company files numerous foreign jurisdictions to four years from when the return is filed. As of June 30, 2023, The carryforwards is 50 % of its capital stock three-year “Code”). indirectly 5 % including those arising from are not used within income in the future that will allow us to realize these NOL carryforwards. |
Net Loss Per Share |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Net Loss Per Share [Abstract] | |
Net Loss Per Share | 13. Net Loss Per Share The Company’s computation of diluted net loss per share of following potential loss per share for the three months ended June 30, 2023 and 2022 because including June 30, 2023 2022 Restricted stock units issued and outstanding 300,000 300,000 Options issued and outstanding 22,384,626 20,339,861 Warrants issued and outstanding 1,928,020 1,928,020 24,612,646 22,567,881 |
Commitments and Contingencies |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. Commitments and Contingencies Contractual Obligations The Company enters other potential product candidates. Contracts with CROs and CMOs are generally cancellable, As of June 30, 1.3 no activities associated with the Michael J. Fox Foundation Grant On November 3, the amount of $ 0.8 UB-312, an a -Synuclein (“aSyn”) fractions) and distribution, is expected to be 12 months, reduction of research and development expenses, in the same period as the As of no 2023 and 2022, no t recognize any reduction the grant. Coalition for Epidemic Preparedness Innovations (“CEPI”) Grant In April CEPI 9.3 COVID-19 vaccine candidate evaluating the Omicron - in people aged 16 years or older, who have been previously The Company will also be performing further manufacturing the terms of the COVID-19 Vaccines Cash payments received in advance under the CEPI Funding Agreement are restricted as to their use until expenditures contemplated in the funding agreement in each tranche short-term accrued no funding. The Company recognizes payments from CEPI as a reduction of research and expenses reduction of $ 1.8 Lease Agreements The Company has two costs under its leases. In August 2022, the Company entered into a lease for 9,839 Florida commencing August 12, 2022. The lease one-year 0.5 credits. Additionally, the lease 0.1 In April 2022, the Company 4,419 lease commenced in the guidance one year , and Company and the landlord have the option to early terminate the term expedient, which does not subject the New York Rent expense 0.2 0.3 three and six months ended June 30, 2022 was $ 0.1 0.2 License Agreements In August 2021, the that Company obtained a worldwide, sublicensable develop, make, have made, utilize, import, export, peptide-based immunodeficiency virus (HIV), herpes simplex virus (HSE) and Immunoglobulin E (IgE). under the designer peptides and proteins utilized in warrant to purchase Class A common stock (the “UBI Warrant”) The Company considered ASC 805, “Business Combinations” (“ASC 805”) and ASC 730, in determining how license agreement. family members, at the time of the transaction, and as such the transaction constitutes a common control transaction, which requires the license to be accounted licensed, there was no accounting impact for the Company. Indemnification Agreements In the ordinary vendors, lessors, breach of such into indemnification agreements with members of its board of directors and executive officers that will require the Company to, among other things, maximum potential amount many cases, unlimited. Company operations, or cash flows, and it has no t accrued any liabilities related to such obligations as of June 30, 2023 Legal Proceedings From time to time, 2023 and December 31, 2022, the Company was not a party to any material legal Loss Contingency In April GMP grade recombinant protein for UB-612, the Company’s COVID-19 vaccine candidate under an Authorization to Proceed (“ATP”) agreement for 3 7.2 3.0 received 1.2 materials were 1.8 materials authorized under the ATP When the Company Taiwan in August 2021, 4.2 of the some agreed to seek other buyers probable, or and UBP’s suppliers may be able no t been recognized for them. As of August 9, 2023, reached between the potential loss is still $ 0 4.2 |
Benefit Plans |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Benefit Plans [Abstract] | |
Benefit Plans | 15. Benefit Plans In substantially all annual compensation on a pre-tax basis. The Company matches 100 % up to 4 % of the employee’s base salary. The Company offers portion of their annual compensation. The Company provides contributions 5 % of each participant’s annual salary. three and six months ended June 30, 2023 and 2022, the Company contributed less than $ 0.1 |
Related Party Transactions |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 16. Related Party Transactions The Company has related party Asia (“UBIA”), UBI Pharma, Inc. (“UBI-P”), As of June 30, 2023, UBI owned 44 % of the Company’s stock. The majority of the voting interests in both UBI and the Company were held by a group of immediate family members, These related parties are governed by various Master Services Agreements (“MSA”) UBI MSA - UBI provides research, development and clinical functions to the Company. with UBI for the production and shipment of the Company’s UBIA MSA - UBI-Asia for manufacturing, quality control, testing, validation, and supply UBP MSA - UBP provides COVID MSA (“COVID the services to the Company. COVID-19 technologies related to diagnostics, vaccines, and therapies Asia development and manufacturing services to the Company. The Company Ogilvie, is on the Company’s board Total related party operating activity June 30, December 31, 2023 2022 Consolidated balance sheet Assets Prepaid expenses and other current assets $ — $ 237 Amounts due from related parties 407 414 Liabilities Amounts due to related parties 12,778 12,772 Current portion of note payable 994 1,113 Note payable 2,607 3,112 Accrued interest payable — 73 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating expenses Research and development Services provided by related parties (25) 407 357 1,191 General and administrative Services provided by related parties 303 — 1,057 — Other income/expense Related party interest expense 64 — 133 — |
Subsequent Events |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events Changes in Registrant’s Certifying On Company’s independent registered public accounting firm, effective upon the earlier of (i) filing of the Company’s Quarterly Form accounting firm. The audit committee of the Company’s resignation. Armanino advised the Company that its decision was due to Armanino’s services to public companies. Armanino’s audit reports contain any adverse principles. During the on any matter of if not connection with its report or (ii) “reportable events” as such term is defined in Item 304(a)(1)(v) The Company has begun that we will be to file required Exchange Act reports, limit our ability to raise capital, and result in a loss of investor Appointment of Global Scientific Director On July Director, announced that Ulo Palm will transition from the Company’s |
Summary of Significant Accounting Policies (Policy) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation The accounting principles in the and Exchange Commission (“SEC”) for interim financial reporting. These interim necessary to fairly present the results of the interim periods. The condensed consolidated balance sheet at December 31, 2022, has been derived from the audited financial flows for the six months ended June 30, 2023 are not December 31, 2023 financial statements reporting financial statements the SEC on March 27, 2023 (the “Annual Report”). |
Recently Adopted and Issued Accounting Pronouncements | Recently issued accounting pronouncements From time to setting bodies and are adopted by the Company as of the specified effective date. In June 2016, Instruments significantly recognition of estimated credit earlier recognition of allowances for ASU 2016-13. The adoption of this standard did not have a material impact on the Company's |
Preparation of consolidation policy | The unaudited condensed classification uncertainties described |
Fair Value Measurements (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Fair Value Measurements [Abstract] | |
Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis | June 30, 2023 Level 1 Level 2 Level 3 Total Assets: Short-term investments $ 18,790 $ — $ — $ 18,790 Money market accounts 7,050 — — 7,050 Total assets $ 25,840 $ — $ — $ 25,840 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Short-term investments $ 53,352 $ — $ — $ 53,352 Money market account 27,724 — — 27,724 Total assets $ 81,076 $ — $ — $ 81,076 |
Short-Term Investments (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Short-Term Investments [Abstract] | |
Short-Term Investments | As of June 30, 2023 Amortized Cost Unrealized Gains (Losses), Net Recorded Basis U.S. Treasury Securities $ 18,807 $ (18) $ 18,790 Total $ 18,807 $ (18) $ 18,790 As of December 31, 2022 Amortized Cost Unrealized Gains (Losses), Net Recorded Basis U.S. Treasury Securities $ 53,549 $ (197) $ 53,352 Total $ 53,549 $ (197) $ 53,352 |
Prepaid Expenses and Other Current Assets (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Prepaid Expenses and Other Current Assets [Abstract] | |
Prepaid Expenses and Other Current Assets | June 30, December 31, 2023 2022 Clinical prepayments $ 1,544 $ 2,679 Prepaid insurance 758 1,870 Prepaid materials and supplies — 248 Deposits 240 232 Other 702 522 $ 3,245 $ 5,551 |
Property and Equipment, Net (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Property and Equipment, Net [Abstract] | |
Property and Equipment, Net | June 30, December 31, 2023 2022 Airplane $ 11,983 $ 11,983 Laboratory and computer equipment 3,310 3,146 Software 426 415 Leasehold improvements 407 403 Facilities, furniture and fixtures 99 37 Vehicles 87 87 Construction in progress 86 65 Total property and equipment 16,398 16,136 Less: accumulated depreciation and amortization (4,736) (3,624) Property and equipment, net $ 11,662 $ 12,512 |
Accrued Expenses and Other Current Liabilities (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Accrued Expenses and Other Current Liabilities [Abstract] | |
Accrued expenses and other current liabilities | June 30, December 31, 2023 2022 Accrued external research and development $ 4,506 $ 6,904 Accrued bonuses 2,614 2,568 Accrued professional fees and other 588 1,722 Accrued interest — 176 $ 7,708 $ 11,370 |
Other Long-Term Liabilities (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Other Long-Term Liabilities [Abstract] | |
Other Liabilities | June 30, December 31, 2023 2022 Accrued taxes 236 236 $ 236 $ 236 |
Notes payable (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Note, 2025 [Member] | |
Debt Instrument [Line Items] | |
Carrying Value | June 30, December 31, 2023 2022 Principal $ 10,234 $ 10,455 Unamortized debt issuance cost (104) (131) Carrying amount 10,130 10,324 Less: current portion (398) (391) Note payable, net of current portion and debt issuance cost $ 9,732 $ 9,933 |
Remaining Principal Payments | Amount 2023 (remaining 6 months) $ 223 2024 458 2025 9,553 $ 10,234 |
2022 Promissory Note [Member] | |
Debt Instrument [Line Items] | |
Carrying Value | June 30, December 31, 2023 2022 Principal $ 3,600 $ 4,225 Less: current portion (994) (1,113) Note payable with related party, $ 2,607 $ 3,112 |
Remaining Principal Payments | Amount 2023 (remaining 6 months) $ 488 2024 1,029 2025 1,103 2026 980 $ 3,600 |
Common Stock (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Common Stock [Abstract] | |
Reserved Shares of Common Stock for Issuance | June 30, December 31, 2023 2022 Options and RSUs issued and outstanding 22,684,626 20,716,760 Options available for future grants 6,079,959 6,064,003 Warrants issued and outstanding 1,928,020 1,928,020 30,692,605 28,708,783 |
Stock-Based Compensation (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Stock-Based Compensation [Abstract] | |
Summary of Stock Option Activity | Number of Stock Options Outstanding Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Balance at December 31, 2022 20,416,760 $ 5.07 6.8 $ 7,166 Granted 3,553,348 2.27 Exercised (641,162) 0.62 Forfeited (944,320) 7.33 Balance at June 30, 2023 22,384,626 $ 4.66 6.0 $ 16,242 Options vested and exercisable at June 30, 2023 16,159,166 $ 4.56 5.2 $ — |
Summary of Restricted Stock Activity | Number of Shares Weighted Average Grant Date Fair Value Per Share Unvested at December 31, 2022 300,000 $ 3.76 Issued — — Unvested at June 30, 2023 300,000 $ 3.76 |
Schedule of Stock-Based Compensation Expense for Stock Options | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 General and administrative $ 1,607 $ 1,008 $ 3,009 $ 2,379 Research and development 827 818 1,649 1,625 Total stock-based compensation $ 2,433 $ 1,826 $ 4,658 $ 4,004 |
Net Loss Per Share (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Net Loss Per Share [Abstract] | |
Schedule of Excluded Potential Common Shares from Computation of Diluted Net Loss Per Share | June 30, 2023 2022 Restricted stock units issued and outstanding 300,000 300,000 Options issued and outstanding 22,384,626 20,339,861 Warrants issued and outstanding 1,928,020 1,928,020 24,612,646 22,567,881 |
Related Party Transactions (Tables) |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Operating Activity | June 30, December 31, 2023 2022 Consolidated balance sheet Assets Prepaid expenses and other current assets $ — $ 237 Amounts due from related parties 407 414 Liabilities Amounts due to related parties 12,778 12,772 Current portion of note payable 994 1,113 Note payable 2,607 3,112 Accrued interest payable — 73 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating expenses Research and development Services provided by related parties (25) 407 357 1,191 General and administrative Services provided by related parties 303 — 1,057 — Other income/expense Related party interest expense 64 — 133 — |
Nature of the Business (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
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Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Nature of Business Disclosures [Line Items] | |||||
Cash and cash equivalents | $ 37,058 | $ 112,679 | $ 37,058 | $ 112,679 | $ 33,475 |
Net Income Loss | (13,977) | $ (17,252) | (32,398) | (35,515) | |
Accumulated deficit | (337,101) | (337,101) | (304,703) | ||
Restricted Cash Current | 205 | 205 | 1,095 | ||
Net Cash Provided By Used In Operating Activities | (32,209) | $ (30,051) | |||
Short Term Investments | 18,790 | 18,790 | $ 53,352 | ||
Cash, cash equivalents and short term investments | $ 56,100 | $ 56,100 |
Fair Value Measurements (Narrative) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended |
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Class Of Warrant Or Right [Line Items] | |||
Transfers between fair value hierarchies assets liabilities | $ 0 | $ 0 | $ 0 |
Short-Term Investments (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost | $ 18,807 | $ 53,549 |
Unrealized Gains (Losses), Net | (18) | (197) |
Recorded Basis | 18,790 | 53,352 |
U S Treasury Securities [Member] | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost | 18,807 | 53,549 |
Unrealized Gains (Losses), Net | (18) | (197) |
Recorded Basis | $ 18,790 | $ 53,352 |
Prepaid Expenses and Other Current Assets (Narrative) (Details) - USD ($) |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Prepaid Expenses and Other Current Assets [Line Items] | ||
Clinical prepayments | $ 1,544,000 | $ 2,679,000 |
Supplies | 0 | 248,000 |
Unamortized Portion Insurance Fee | 700,000 | 1,600,000 |
Clinical trials, UB-612 [Member] | ||
Prepaid Expenses and Other Current Assets [Line Items] | ||
Clinical prepayments | 1,300,000 | |
Related Party [Member] | ||
Prepaid Expenses and Other Current Assets [Line Items] | ||
Supplies | $ 0 | $ 200,000 |
Prepaid Expenses and Other Current Assets (Prepaid Expenses and Other Current Assets) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Prepaid Expenses and Other Current Assets [Abstract] | ||
Clinical prepayments | $ 1,544 | $ 2,679 |
Prepaid insurance | 758 | 1,870 |
Prepaid materials and supplies | 0 | 248 |
Deposits | 240 | 232 |
Other | 702 | 522 |
Total | $ 3,245 | $ 5,551 |
Property and Equipment, Net (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 0.5 | $ 0.4 | $ 1.1 | $ 0.7 |
Accrued Expenses and Other Current Liabilities (Accrued Expenses and Other Current Liabilities) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Accrued Expenses and Other Current Liabilities [Abstract] | ||
Accrued external research and development | $ 4,506 | $ 6,904 |
Accrued Bonuses | 2,614 | 2,568 |
Accrued professional fees and other | 588 | 1,722 |
Accrued interest | 0 | 176 |
Total | $ 7,708 | $ 11,370 |
Other Long-Term Liabilities (Narrative) (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Other Long-Term Liabilities [Abstract] | ||
Income Tax Examination Penalties And Interest Accrued | $ 0.2 | $ 0.2 |
Other Long-Term Liabilities (Other Liabilities) (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Other Long-Term Liabilities [Abstract] | ||
Accrued tax provision | $ 236 | $ 236 |
Total | $ 236 | $ 236 |
Notes payable (Carrying Value) (Details) - Notes Payable [Member] - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
2025 Note [Member] | ||
Debt Instrument [Line Items] | ||
Principal | $ 10,234 | $ 10,455 |
Unamortized debt issuance cost | (104) | (131) |
Total | 10,130 | 10,324 |
Less: current portion | (398) | (391) |
Note payable, net of current portion and debt issuance cost | 9,732 | 9,933 |
2022 Promissory Note [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 3,600 | 4,225 |
Less: current portion | (994) | (1,113) |
Note payable, net of current portion and debt issuance cost | $ 2,607 | $ 3,112 |
Notes payable (Remaining Principal Payments) (Details) - Notes Payable [Member] - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
2025 Note [Member] | ||
Debt Instrument [Line Items] | ||
2023 (remaining 6 months) | $ 223 | |
2024 | 458 | |
2026 | 9,553 | |
Total | 10,234 | $ 10,455 |
2022 Promissory Note [Member] | ||
Debt Instrument [Line Items] | ||
2023 (remaining 6 months) | 488 | |
2024 | 1,029 | |
2025 | 1,103 | |
2026 | 980 | |
Total | $ 3,600 | $ 4,225 |
Common Stock (Reserved Share of Common Stock for Issuance) (Details) - shares |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Class Of Stock [Line Items] | ||
Options issued and outstanding | 22,384,626 | 20,416,760 |
Options [Member] | ||
Class Of Stock [Line Items] | ||
Options issued and outstanding | 22,684,626 | 20,716,760 |
Options available for future grants | 6,079,959 | 6,064,003 |
Warrants issued and outstanding | 1,928,020 | 1,928,020 |
Reserved Shares of Common Stock | 30,692,605 | 28,708,783 |
Stock-Based Compensation (Summary of Restricted Stock Activity) (Details) |
6 Months Ended |
---|---|
Jun. 30, 2023
$ / shares
shares
| |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of shares, Issued | shares | 3,553,348 |
Weighted-average grant-date fair value per share, Issued | $ / shares | $ 1.88 |
Restricted Stock [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unvested, Number of Shares, Begining Balance | shares | 300,000 |
Number of shares, Issued | shares | 0 |
Unvested, Number of Shares, Ending Balance | shares | 300,000 |
Unvested, Weighted average grant date fair value per share, beginning balance | $ / shares | $ 3.76 |
Weighted-average grant-date fair value per share, Issued | $ / shares | 0 |
Unvested, Weighted average grant date fair value per share, ending balance | $ / shares | $ 3.76 |
Stock-Based Compensation (Schedule of Stock-Based Compensation Expense for Stock Options) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 2,433 | $ 1,826 | $ 4,658 | $ 4,004 |
Research And Development [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 827 | 818 | 1,649 | 1,625 |
General And Administrative [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 1,607 | $ 1,008 | $ 3,009 | $ 2,379 |
Income Taxes (Narrative) (Details) |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
|
Operating Loss Carryforwards [Line Items] | |||
Effective Income Tax Rate Continuing Operations | 0.00% | 0.00% | |
Capital stock measurement period | 3 years | ||
Federal [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Stockholders owning directly or indirectly percentagee of company stock | 5.00% | 5.00% | |
Federal [Member] | Minimum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Percentage of capital stock with change in ownership | 50.00% | 50.00% |
Benefit Plans (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Defined Contribution Plan Disclosure [Line Items] | ||||
Company matches employee contributions to the Plan at 100% up to 4% | 100.00% | |||
Maximum percentage of employee's base salary employer matches 100% | 4.00% | |||
Foreign Plan [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Company matches employee contributions to the Plan at 100% up to 4% | 5.00% | |||
Foreign Plan [Member] | Personal Retirement Savings Account [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Company contributions | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 |
Related Party Transactions (Narrative) (Details) |
Jun. 30, 2023 |
---|---|
UBI [Member] | UBI1 [Member] | |
Related Party Transaction [Line Items] | |
Percent of ownership | 44.00% |
1 Year Vaxxinity Chart |
1 Month Vaxxinity Chart |
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