0000950170-23-007855 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2022	Mar. 13, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Trading Symbol	LRMR
Entity Registrant Name	LARIMAR THERAPEUTICS, INC.
Entity Central Index Key	0001374690
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		43,269,200
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-36510
Entity Tax Identification Number	20-3857670
Entity Address, Address Line One	Three Bala Plaza East
Entity Address, Address Line Two	Suite 506
Entity Address, City or Town	Bala Cynwyd
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19004
City Area Code	844
Local Phone Number	511-9056
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Document Annual Report	true
Document Transition Report	false
Entity Incorporation State Country Code	DE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Public Float			$ 20,607,416
ICFR Auditor Attestation Flag	false
Documents Incorporated by Reference	Part III of this Annual Report on Form 10-K incorporates certain information by reference from the registrant’s proxy statement for the 2023 annual meeting of shareholders to be filed no later than 120 days after the end of the registrant’s fiscal year ended December 31, 2022.
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Philadelphia, Pennsylvania, USA

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 26,825	$ 70,097
Marketable securities	91,603
Prepaid expenses and other current assets	2,311	2,107
Total current assets	120,739	72,204
Property and equipment, net	831	1,049
Operating lease right-of-use assets	2,858	3,406
Restricted cash	1,339	1,339
Other assets	638	669
Total assets	126,405	78,667
Current liabilities:
Accounts payable	1,686	1,660
Accrued expenses	8,408	6,592
Operating lease liabilities, current	611	594
Total current liabilities	10,705	8,846
Operating lease liabilities	4,797	5,408
Total liabilities	15,502	14,254
Commitments and contingencies (See Note 8)
Stockholders’ equity:
Preferred stock; $0.001 par value per share; 5,000,000 shares authorized as of December 31, 2022 and December 31, 2021; no shares issued and outstanding as of December 31, 2022 and December 31, 2021
Common stock, $0.001 par value per share; 115,000,000 shares authorized as of December 31, 2022 and December 31, 2021; 43,269,200 and 17,710,450 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively	43	18
Additional paid-in capital	262,496	180,645
Accumulated deficit	(151,605)	(116,250)
Accumulated other comprehensive loss	(31)
Total stockholders' equity	110,903	64,413
Total liabilities and stockholders' equity	$ 126,405	$ 78,667

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value per share	$ 0.001	$ 0.001
Common stock, shares authorized	115,000,000	115,000,000
Common stock, shares issued	43,269,200	17,710,450
Common stock, shares outstanding	43,269,200	17,710,450

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating expenses:
Research and development	$ 24,250	$ 38,396
General and administrative	12,276	12,069
Total operating expenses	36,526	50,465
Loss from operations	(36,526)	(50,465)
Other income (expense), net	1,171	(171)
Net loss	$ (35,355)	$ (50,636)
Net loss per share, basic	$ (1.37)	$ (2.95)
Net loss per share, diluted	$ (1.37)	$ (2.95)
Weighted average common shares outstanding, basic	25,761,394	17,164,284
Weighted average common shares outstanding, diluted	25,761,394	17,164,284
Comprehensive loss:
Net loss	$ (35,355)	$ (50,636)
Other comprehensive loss:
Unrealized loss on marketable securities	(31)	(1)
Total other comprehensive loss	(31)	(1)
Total comprehensive loss	$ (35,386)	$ (50,637)

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]
Balances at Dec. 31, 2020	$ 89,692	$ 15	$ 155,290	$ (65,614)	$ 1
Beginning balance, shares at Dec. 31, 2020		15,367,730
Issuance of Common Stock. Net	19,885	$ 3	19,882
Issuance of Common Stock. Net, shares		2,342,720
Stock-based compensation expense	5,473		5,473
Unrealized loss on marketable securities	(1)				(1)
Net loss	(50,636)			(50,636)
Balances at Dec. 31, 2021	64,413	$ 18	180,645	(116,250)
Ending balance, shares at Dec. 31, 2021		17,710,450
Issuance of Common Stock. Net	75,257	$ 25	75,232
Issuance of Common Stock. Net, shares		25,558,750
Stock-based compensation expense	6,619		6,619
Unrealized loss on marketable securities	(31)				(31)
Net loss	(35,355)			(35,355)
Balances at Dec. 31, 2022	$ 110,903	$ 43	$ 262,496	$ (151,605)	$ (31)
Ending balance, shares at Dec. 31, 2022		43,269,200

- Definition

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

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (35,355)	$ (50,636)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	6,619	5,473
Gain on disposal of fixed asset		(1)
Non-cash lease expense	(46)	15
Depreciation expense	318	326
Amortization of discount on marketable securities	(774)	(14)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(204)	3,207
Accounts payable	26	(974)
Accrued expenses	1,816	749
Other assets	31	(250)
Net cash used in operating activities:	(27,569)	(42,105)
Cash flows from investing activities:
Purchase of property and equipment	(100)	(333)
Purchase of marketable securities	(133,610)	(8,248)
Maturities and sales of marketable securities	42,750	32,750
Net cash provided by (used in) investing activities	(90,960)	24,169
Cash flows from financing activities:
Proceeds from sale of common stock, net of issuance costs	75,257	19,885
Net cash provided by financing activities	75,257	19,885
Net increase (decrease) in cash, cash equivalents and restricted cash	(43,272)	1,949
Cash, cash equivalents and restricted cash at beginning of period	71,436	69,487
Cash, cash equivalents and restricted cash at end of period	$ 28,164	$ 71,436

Description of Business and Organization

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Organization

Description of Business and Basis of Presentation

Larimar Therapeutics, Inc., together with its subsidiary (the “Company” or “Larimar”), is a clinical-stage biotechnology company focused on developing treatments for patients suffering from complex rare diseases using its novel cell penetrating peptide technology platform. Larimar's lead product candidate, CTI-1601, is a subcutaneously administered, recombinant fusion protein intended to deliver human frataxin ("FXN") an essential protein, to the mitochondria of patients with Friedreich’s ataxia (FA"). FA is a rare, progressive and fatal disease in which patients are unable to produce sufficient FXN due to a genetic abnormality.

In May 2021, Larimar reported positive top-line data from its Phase 1 FA program after completing dosing of the single ascending dose ("SAD") trial in December 2020 and of the multiple ascending dose ("MAD") trial in March 2021.

Also in May 2021, the United States Food and Drug Administration ("FDA") placed a clinical hold on the Company's CTI-1601 clinical program after the Company notified the agency of mortalities at the highest dose levels of the 26-week non-human primate toxicology study that was designed to support extended dosing of patients with CTI-1601. At the time the hold was placed, Larimar had no interventional clinical trials with patients enrolling or enrolled.

In February 2022, in response to the complete response the Company submitted, the FDA stated that it was maintaining the clinical hold and that additional data were needed to resolve the clinical hold. The Company subsequently submitted a request to the FDA for a Type C meeting, which was granted and was held in July 2022. The Company submitted a complete response to the FDA incorporating additional information requested by the FDA at the meeting as well as information on a proposed dose exploration study in August 2022.

In September 2022, following the Type C meeting and the submission of the Company's complete response, the FDA allowed the 25 mg cohort of a Phase 2, four-week, placebo-controlled, dose exploration trial of CTI-1601 in FA patients to proceed. In connection with this decision, the FDA lifted its full clinical hold on the CTI-1601 clinical development program and imposed a partial hold. The dose exploration trial is designed to further characterize CTI-1601’s safety, PD and PK profiles to provide information about the preferred long-term dose and dose regimen. The Company has since initiated the 25 mg cohort of the Phase 2 dose exploration trial. Initiation of the second cohort and/or other clinical trials is contingent on the FDA’s agreement based on its review of the trial's 25 mg cohort data and on review by the trial’s independent data monitoring committee. The Company anticipates that it will provide an update that will outline the next steps for the clinical trial in the second quarter of 2023 and anticipates reporting top-line data in the second half of 2023.

The Company is subject to risks and uncertainties common to pre-commercial companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with governmental regulations, failure to secure regulatory approval for its drug candidates or any other product candidates and the ability to secure additional capital to fund its operations. Drug candidates currently under development will require extensive non-clinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel, and infrastructure and extensive compliance-reporting capabilities. Even if the Company's drug development efforts are successful, it is uncertain when, if ever, it will realize significant revenue from product sales.

The COVID-19 pandemic that began late in 2019 caused a four-month temporary stoppage of the Company’s trials with patients with FA in early 2020. Both of the Company’s SAD and MAD clinical trials were subsequently completed in 2021. While COVID-19 has had no significant impact to date on the Company’s 25 mg cohort of its dose exploration study, the risk of a resurgence of future vaccine resistant variants of COVID-19 and or other infectious diseases remains. In the future, the COVID-19 pandemic and responsive measures thereto may result in negative impacts on the Company, including possible delays in our clinical and regulatory activities. The Company cannot be certain what the overall impact of the COVID-19 pandemic will be on its business and it has the potential to materially adversely affect its business, financial condition, results of operations, and prospects.

Basis of Presentation

The consolidated financial statements include the accounts of Larimar and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated. The accompanying consolidated financial statements have been prepared in conformity with GAAP.

Liquidity and Capital Resources

The Company’s consolidated financial statements have been presented on the basis that it will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.

Since its inception, the Company has incurred significant recurring operating losses and negative cash flows from operations. The Company has incurred net losses of $35.4 million and $50.6 million for the years ended December 31, 2022, and 2021, respectively. In addition, as of December 31, 2022, the Company had an accumulated deficit of $151.6 million. The Company expects to continue to generate operating losses for the foreseeable future. As of December 31, 2022, the Company had approximately $118.4 million of cash, cash equivalents and marketable securities available for use to fund its operations and capital requirements.

The Company has funded its operations to date primarily with proceeds from sales of common stock and proceeds from the sale of prefunded warrants for the purchase of common stock.

In accordance with Accounting Standards Update (“ASU”) No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, the Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. As of the issuance date of these consolidated financial statements, the Company expects its cash, cash equivalents and marketable securities will be sufficient to fund its forecasted operating expenses and capital expenditure requirements, for at least twelve months from the issuance of these financial statements. If the timing of the Company's clinical assumptions are delayed or if there are other forecasted assumption changes that negatively impact its operating plan, the Company could reduce expenditures in order to further extend cash resources.

The Company has not yet commercialized any products and does not expect to generate revenue from the commercial sale of any products for several years, if at all. The Company expects that its research and development and general and administrative expenses will continue to increase and, as a result, that it will need additional capital to fund its future operating and capital requirements. Until the Company can generate substantial revenue, if ever, management continuously evaluates different strategies to obtain the required funding for future operations. These strategies include seeking additional funding through a combination of public or private equity offerings, debt financings, collaborations and licensing arrangements or other sources. The incurrence of indebtedness would result in increased fixed payment obligations and the Company may be required to agree to certain restrictive covenants, such as limitations on its ability to incur additional debt, limitations on its ability to acquire, sell or license intellectual property rights, minimum required cash balances and other operating restrictions that could adversely impact the Company's ability to conduct its business. Any additional fundraising efforts may divert the Company's management from their day-to-day activities, which may adversely affect its ability to develop and commercialize its product candidates.

There can be no assurance that the Company will be able to raise sufficient additional capital on acceptable terms, if at all. If such additional financing is not available on satisfactory terms, or is not available in sufficient amounts, or if the Company does not have sufficient authorized shares, the Company may be required to delay, limit, or eliminate the development of business opportunities and its ability to achieve its business objectives, its competitiveness, and its business, financial condition, and results of operations will be materially adversely affected. The Company could also be required to seek funds through arrangements with collaborative partners or otherwise at an earlier stage than otherwise would be desirable and it may be required to relinquish rights to some of its technologies or product candidates or otherwise agree to terms unfavorable to it, any of which may have a material adverse effect on the Company's business, operating results and prospects. In addition, geopolitical unrest, global uncertainty, the impact of another COVID-19 pandemic and/or the potential impact of other health crises on the global financial markets may reduce the Company's ability to access capital, which could negatively affect its liquidity and ability to continue as a going concern.

If the Company is unable to obtain sufficient funding when needed and/or on acceptable terms, the Company may be required to significantly curtail, delay or discontinue one or more of its research and development programs, the manufacture of clinical and commercial supplies, product portfolio expansion or pre commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations.

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual of research and development expense, the recording as prepaid expense of payments made in advance of the actual provision of goods or services, valuation of stock-based awards and valuation of leases. Due to inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. Concentrations of Credit Risk and Significant Suppliers Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and marketable securities. Cash balances may be held in financial institutions which may exceed federally insured limits. The Company has not experienced realized losses related to its cash, cash equivalents and marketable securities. The Company is highly dependent on third-party manufacturers to supply products for research and development activities in its programs, to scale and optimize their manufacturing processes and, ultimately, to provide commercial supply. The Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for drug substance and formulated drugs related to these programs. The drug substance which is in frozen liquid form for CTI-1601 is currently manufactured for the Company by a third-party manufacturer, and the frozen liquid form of drug product is made at another manufacturer. The Company is undertaking a program with a third manufacturer to begin to produce a lyophilized version of the drug product from the same drug substance, that, once available, the Company intends to use in certain of its future planned clinical trials. The Company’s research and development programs could be adversely affected by a significant interruption in these manufacturing services or in the supply of drug substance and formulated drugs. Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. Cash equivalents consisted of money market funds as of December 31, 2022 and commercial paper and corporate bonds as of December 31, 2021. Marketable securities Marketable securities consist of debt investments with original maturities greater than ninety days. The Company classifies its marketable securities as available-for-sale. Accordingly, these investments are recorded at fair value, which is based on quoted market prices. When the fair value is below the amortized cost the amount of the expected credit loss is estimated. The credit-related impairment amount, if any, would be recognized in net income; the remaining impairment amount and unrealized gains are reported as a component of accumulated other comprehensive income in stockholders’ equity. Credit losses, if any, are recognized through the use of an allowance for credit losses account and subsequent improvements in expected credit losses are recognized as a reversal of the allowance account. If the Company has the intent to sell the security or if it is more likely than not that the Company would be required to sell the security prior to recovery of its amortized cost basis, the allowance for credit loss would be written off and the excess of the amortized cost basis of the asset over its fair value is recorded in net income. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over a five or seven-year estimated useful life for equipment, furniture and fixtures and office equipment. Leasehold improvements are amortized over the shorter of the asset life or the term of the lease agreement. Expenditures for repairs and maintenance of assets are charged to expense as incurred. Upon retirement or sale, the cost and related accumulated depreciation of assets disposed of are removed from the accounts and any resulting gain or loss is included in loss from operations. Impairment of Long-Lived Assets Long-lived assets consist of property and equipment, net¸ and right-of-use assets. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends, and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset to its carrying value. Any impairment loss, if indicated, is measured as the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset. Segment Information The Company manages its operations as a single operating segment for the purposes of assessing performance and making operating decisions. The Company’s focus is on the research, development and commercialization of novel therapeutics for the treatment of rare diseases. Research and Development Costs Costs associated with internal research and development and external research and development services, including drug development, clinical studies and non-clinical studies, are expensed as incurred. Research and development expenses include costs for salaries, employee benefits, subcontractors, facility-related expenses, depreciation, stock-based compensation, third-party license fees, laboratory supplies, and external costs of outside vendors engaged to conduct discovery, non-clinical and clinical development activities and clinical trials as well as to manufacture clinical trial materials, and other costs. The Company recognizes external research and development costs based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its key service providers. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. Such prepaid expenses are recognized as an expense when the goods have been delivered or the related services have been performed, or when it is no longer expected that the goods will be delivered, or the services rendered. Upfront payments, milestone payments and annual maintenance fees under license agreements are currently expensed in the period in which they are incurred. Patent Costs All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses. Stock-Based Compensation The Company measures all stock-based awards granted to employees, non-employee consultants and directors based on the fair value on the date of grant using the Black-Scholes option-pricing model. Compensation expense of those awards is recognized over the requisite service period, which is the vesting period of the respective award. Typically, the Company issues awards with only service-based and market-based vesting conditions and records the expense for these awards using the straight-line method. The Company accounts for forfeitures as they occur. The Company classifies stock-based compensation expense in its consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient's service payments are classified. Prior to May 28, 2020, the Company had been a private company and lacked company-specific historical and implied volatility information for its common stock. Therefore, the Company estimates its expected common stock price volatility based on the historical volatility of publicly traded peer companies and expects to continue to do so until it has adequate historical data regarding the volatility of its own traded stock price. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield considers the fact that the Company has never paid cash dividends on common stock and does not expect to pay any cash dividends in the foreseeable future. Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties. Comprehensive Loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For the years ended December 31, 2022 and 2021, the Company’s only element of other comprehensive loss was unrealized loss on marketable securities. Net Loss Per Share Basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Basic shares outstanding includes the weighted average effect of the Company’s prefunded warrants issued in June 2020, the exercise of which requires little or no consideration for the delivery of shares of common stock. Basic and diluted weighted average shares of common stock outstanding for the twelve months ended December 31, 2022 and 2021 includes the weighted average effect of 628,403 prefunded warrants for the purchase of shares of common stock for which the remaining unfunded exercise price is $0.01 per share. Diluted net loss per share attributable to common stockholders is computed by dividing the diluted net loss attributable to common stockholders by the weighted average number of common shares, including potentially dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted common shares, as determined using the treasury stock method. For periods in which the Company has reported net losses, diluted net loss per common share attributable to common stockholders is the same as basic net loss per common share attributable to common stockholders, since dilutive common shares are not assumed to have been issued if their effect is antidilutive. The Company excluded 3,071,528 and 2,523,305 options to purchase common stock, outstanding as of December 31, 2022 and 2021 respectively, from the computation of diluted net loss per share for the twelve months ended December 31, 2022 and 2021, respectively, because they had an anti-dilutive impact due to the net loss incurred for the periods. Reclassification Certain prior period amounts have been reclassified to conform to the current period presentation, the effect of which was not material on an annual or interim basis to the Company’s consolidated financial statements. Recently Issued and Adopted Accounting Pronouncements From time to time, new accounting guidance is issued by the FASB or other standard setting bodies that is adopted by us as of the effective date or, in some cases where early adoption is permitted, in advance of the effective date. We have assessed the recently issued guidance that is not yet effective and believe the new guidance will not have a material impact on the consolidated results of operations, cash flows or financial position.

Fair Value Measurements and Cash Equivalents/Marketable Securities

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements and Cash Equivalents/Marketable Securities

Fair Value Measurements

The Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2022 and December 31, 2021 are measured in accordance with the standards of ASC 820, Fair Value Measurements and Disclosures, which establishes a three-level valuation hierarchy for measuring fair value and expands financial statement disclosures about fair value measurements. The valuation hierarchy is based on upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:


Level – 1	Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level – 2	Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level – 3	Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company’s financial instruments consist primarily of cash and cash equivalents, marketable securities, accounts payable and accrued liabilities. For accounts payable and accrued liabilities, the carrying amounts of these financial instruments as of December 31, 2022 and 2021 were considered representative of their fair values due to their short term to maturity.

The following tables summarize the Company’s cash equivalents and marketable securities as of December 31, 2022 and 2021:


	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
December 31, 2022
Cash equivalents:
Money market funds invested in government securities	$	22,184	$	22,184	$	—	$	—
Total cash equivalents		22,184		22,184		—		—

Marketable securities:
U.S Government and agency securities		91,603		—		91,603		—
Total marketable securities		91,603		—		91,603		—
Total cash equivalents and marketable securities	$	113,787	$	22,184	$	91,603	$	—

December 31, 2021
Cash equivalents:
Money market funds invested in government securities	$	6,137	$	6,137	$	—	$	—
Commercial paper		7,549		7,549		—		—
Corporate bonds		1,219		1,219		—		—
Total cash equivalents	$	14,905	$	14,905	$	—	$	—

The accrued interest receivable related to the Company’s investments was $0.1 million as of December 31, 2022 and is included in prepaid expenses and other current assets on the consolidated balance sheet. There was no accrued interest receivable at December 31, 2021.

The Company classifies its money market funds which are valued based on quoted market prices in active markets with no valuation adjustment, as Level 1 assets within the fair value hierarchy.

The Company classifies its investments in U.S. government and agency securities, corporate commercial paper, and corporate debt securities as Level 2 assets within the fair value hierarchy. The fair values of these investments are estimated by taking into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income- and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities, prepayment/default projections based on historical data and other observable inputs.

As of December 31, 2022, the unrealized loss for available-for-sale investments were non-credit related, and the Company does not intend to sell the investments that were in an unrealized loss position, nor will it be required to sell those investments before recovery of their amortized cost basis, which may be maturity. As of December 31, 2022 and 2021, no allowances for credit losses for the Company’s investments were recorded. During the twelve months ended December 31, 2022 and 2021, the Company did not recognize any impairment losses related to investments.

As of December 31, 2022, the Company's cash equivalents and marketable securities consisted of a U.S. government money market fund and U.S. government agency securities, all held in our name in a separate custody account with U.S. Bank. The U.S. government money market fund has same-day liquidity access and the U.S. government and agency securities all have maturities of 90 days or less.

Marketable Securities

The following tables summarize the Company’s marketable securities as of December 31, 2022. There were no marketable securities as of December 31, 2021:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
December 31, 2022
Assets:
U.S Government and agency securities (due within 1 year)		91,634		12		(43	)		91,603
Total marketable securities	$	91,634	$	12	$	(43	)	$	91,603

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2022

Prepaid Expense and Other Assets [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	December 31,		December 31,
	2022		2021
	(in thousands)
Prepaid research and development expenses	$	1,394	$	676
Prepaid insurance		679		944
Payroll tax receivable		—		208
Other prepaid expenses and other assets		238		279
Total prepaid expenses and other assets	$	2,311	$	2,107

Fixed Assets

12 Months Ended

Dec. 31, 2022

Assets [Abstract]

Fixed Assets

Fixed assets, net consisted of the following:


		December 31,			December 31,
	Useful Life	2022			2021
		(in thousands)
Computer equipment	5 years	$	66		$	66
Lab equipment	5 years		1,192			1,092
Furniture and fixtures	7 years		456			456
Leasehold improvements	lease term		31			31
Total property, plant and equipment			1,745			1,645
Less: Accumulated depreciation			(914	)		(596	)
Property, plant and equipment, net		$	831		$	1,049

Depreciation expense was $0.2 million for the years ended December 31, 2022 and 2021, respectively. In addition, for the years ended December 31, 2022 and 2021, there was $0.1 million of depreciation related to sublet assets recorded as other expense.

Accrued Expenses

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following:


	December 31,		December 31,
	2022		2021
	(in thousands)
Accrued research and development expenses	$	5,921	$	5,042
Accrued payroll and related expenses		2,046		1,098
Accrued other		441		452
Total accrued expenses and other current liabilities	$	8,408	$	6,592

Stockholders’ Equity and Stock Options

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Equity and Stock Options

Stockholders’ Equity and Stock Options

Common Stock and Prefunded warrants

On May 28, 2020, the Company entered into a securities purchase agreement with certain accredited investors (the “Purchasers”) for the sale by the Company in a private placement of 6,105,359 shares of the Company’s common stock and prefunded warrants to purchase an aggregate of 628,403 shares of the Company’s common stock, for a price of $11.88 per share of the common stock and $11.87 per prefunded warrant. The prefunded warrants are exercisable at an exercise price of $0.01 and are exercisable indefinitely. The Purchasers may exercise the prefunded warrants on a cashless basis in the event that there is no effective registration statement covering the resale of the shares of common stock underlying the prefunded warrants on the date in which the Company is required to deliver the shares. The private placement closed on June 1, 2020. The aggregate gross proceeds for the issuance and sale of the common stock and prefunded warrants were $80.0 million; transaction costs totaled $4.6 million and resulted in net proceeds of $75.4 million. The Company’s Registration Statement on Form S-3, filed with the SEC on June 26, 2020, registered the resale of 6,105,359 shares of common stock sold and the 628,403 shares of common stock underlying the prefunded warrants. MTS Health Partners served as placement agent to the Company in connection with the private placement. As partial compensation for these services, the Company issued MTS Health Partners 35,260 shares of common stock.

As of December 31, 2022, the Company’s Amended and Restated Certificate of Incorporation, authorized the Company to issue up to 115,000,000 shares of $0.001 par value common stock, of which 43,269,200 shares were issued and outstanding, and up to 5,000,000 shares of $0.001 par value undesignated preferred stock, of which no shares were issued or outstanding. The voting, dividend and liquidation rights of the holders of the Company’s common stock are subject to and qualified by the rights, powers and preferences of the holders of the preferred stock. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the board of directors of the Company (the “Board”), if any. No cash dividends have been declared or paid to date.

In July 2021, the Company sold 2,342,720 shares under an “at-the-market” equity distribution agreement (the "Prior ATM Agreement") with Piper Sandler & Co. for net proceeds of $19.9 million. The Prior ATM Agreement was terminated in November 2022 in connection with the establishment of a new "at-the-market" offering program (see 2022 ATM Agreement below). An aggregate of 2,354,244 shares of common stock were sold pursuant to the Prior ATM Agreement for net proceeds of $20.1 million.

In September 2022, the Company sold 25,558,750 shares of common stock in an underwritten public offering price of $3.15 per share and received net proceeds, net of underwriting discounts and commissions and offering costs of $75.2 million.

2022 ATM Agreement

On November 10, 2022, the Company entered into a sales agreement (the "ATM Agreement") with a Guggenheim Securities, LLC in connection with the establishment of an “at-the-market” offering program under which the Company may sell up to an aggregate of $50.0 million of shares of common stock (the “ATM Shares”) from time to time.

Under the ATM Agreement, the Company sets the parameters for the sale of ATM Shares, including the number of ATM Shares to be issued, the time period during which sales are requested to be made, limitations on the number of ATM Shares that may be sold in any one trading day and any minimum price below which sales may not be made. Sales of the ATM Shares, if any, under the ATM Agreement may be made in transactions that are deemed

to be “at-the-market offerings” as defined in Rule 415 under the Securities Act. The Company pays its investment bank a commission equal to 3.0% of the gross proceeds of any ATM Shares sold through its investment bank under the ATM Agreement and reimburses the investment bank for certain specified expenses. The ATM Agreement contains customary representations, warranties and agreements by the Company, indemnification obligations of the Company and its investment bank, other customary obligations of the parties and termination provisions. The Company has no obligation to sell any of the ATM Shares and may at any time suspend offers under the ATM Agreement.

The ATM Shares will be offered and sold pursuant to the Company’s Registration Statement on Form S-3, filed by the Company on November 10, 2022 and effective as of November 21, 2022 (the “Registration Statement”), and the sales agreement prospectus that forms a part of such Registration Statement. As of the date of this Annual Report on Form 10-K, no ATM Shares have been sold pursuant to the ATM Agreement.

2020 Equity Incentive Plan

The Board adopted the 2020 Equity Incentive Plan (the "2020 Plan") on July 16, 2020 and the stockholders of the Company approved the 2020 Plan on September 29, 2020. The 2020 Plan replaced the predecessor plans (the "Prior Plans") that the Company assumed following its merger with Zafgen in May 2020. Options outstanding under the Prior Plans will remain outstanding, unchanged, and subject to the terms of the Prior Plans and the respective award agreements, and no further awards will be made under the Prior Plans. However, if any award previously granted under the Prior Plans, expires, terminates, is canceled, or is forfeited for any reason after the approval of the 2020 Plan, the shares subject to that award will be added to the 2020 Plan share pool so that they can be utilized for new grants under the 2020 Plan.

The 2020 Plan provides for the grant of incentive stock options (“ISOs”), nonstatutory stock options (“NSOs”), stock appreciation rights, restricted stock awards, restricted stock unit awards, and cash or other stock-based awards. ISOs may be granted only to the Company’s employees, including the Company’s officers, and the employees of the Company’s affiliates. All other awards may be granted to the Company’s employees, including the Company’s officers, the Company’s non-employee directors and consultants, and the employees and consultants of the Company’s affiliates.

The maximum number of shares that may be issued in respect of any awards under the 2020 Plan is the sum of: (i) 1,700,000 shares plus (ii) an annual increase on January 1, 2021 and each anniversary of such date thereafter through January 1, 2030, equal to the lesser of (A) 4% of the shares issued and outstanding on the last day of the immediately preceding fiscal year, or (B) such smaller number of shares as determined by the Board (collectively, the “Plan Limit”). The maximum aggregate number of shares that may be issued under the 2020 Plan is 8,000,000 over the ten-year term of the 2020 Plan. During the twelve months ended December 31, 2022 and 2021, respectively, options to purchase 148,623 and 56,966 shares issued under the Prior Plans were canceled and became available for grant under the 2020 Plan. As of December 31, 2022, 1,054,277 shares of common stock were available for grant under the 2020 Plan.

As permitted by the 2020 Plan, the Company added 1,730,768 and 708,418 shares available for grant to the 2020 Plan on January 1, 2023 and January 1, 2022, respectively, increasing the maximum number of shares of the Company’s common stock that may be issued under the 2020 Plan as of January 1, 2023 to 2,785,045 shares.

Stock Valuation

The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted to employees:


	2022		2021
Risk-free interest rate	2.15%		0.89%
Expected term (in years)		6.21		6.19
Expected volatility	89%		91%
Dividend yield	0.00%		0.00%

Stock Options

The following table summarizes the Company’s stock option activity for the twelve months ended December 31, 2022 (amounts in millions, except for share and per share data):


				Weighted		Weighted Average		Aggregate
				Average		Remaining		Intrinsic
	Number of			Exercise		Contractual		Value (a)
	Shares			Price		Term (in years)		(in millions)
Outstanding as of December 31, 2021		2,523,305		$	18.88		7.6
Granted		878,450			6.94
Forfeited/Expired		(330,227	)		49.85
Outstanding as of December 31, 2022		3,071,528		$	12.13		7.6	$	0.3
Exercisable as of December 31, 2022		1,454,738		$	14.37		6.6	$	—
Vested and expected to vest as of December 31, 2022		3,071,528		$	12.13		7.6	$	0.3

(a)

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that were in the money at December 31, 2022.

2022 Option Grants

During the twelve months ended December 31, 2022, the Company granted options to purchase 878,450 shares of common stock to employees and directors of the Company under the 2020 Plan. The options have an exercise price equal to the closing stock price as of the grant date. Of the 878,450 options granted in 2022, 836,950 were granted to employees and vest over four years with 25% vesting on the first anniversary of the grant and the remainder vesting in equal monthly installments thereafter. The remaining 41,500 options were annual grants to the Company's directors and vest one year from the grant date. The weighted-average grant date fair value of options granted during the twelve months ended December 31, 2022 was $5.21.

January 2023 Option Grants

On January 31, 2023, the Company granted options to purchase 1,031,000 shares of common stock and 650,000 shares of restricted stock to employees under the 2020 Plan. The options have an exercise price equal to the closing stock price as of the grant date, and vest over four years, with 25% vesting on the first anniversary of the grant and the remainder vesting in equal monthly installments thereafter. The shares of restricted stock which will vest annually over four years.

Stock-Based Compensation

Stock-based compensation expense was classified in the consolidated statements of operations as follows:


	Year Ended December 31,
	2022		2021
	(in thousands)
Research and development	$	2,771	$	2,104
General and administrative		3,848		3,369
	$	6,619	$	5,473

As of December 31, 2022, total unrecognized compensation expense related to unvested stock options was $11.8 million, which is expected to be recognized over a weighted average period of 2.14 years.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Intellectual Property Licenses

The Company is party to an exclusive License Agreement (the “WFUHS License”), dated November 30, 2016, as amended, with Wake Forest University Health Sciences (“WFUHS”) and an exclusive License Agreement (the “IU License”), dated November 30, 2016, as amended, with Indiana University (“IU”). Such agreements provide for a transferable, worldwide license to certain patent rights regarding technology used by the Company with respect to the development of CTI-1601. Both agreements continue from their effective date through the last to expire of the applicable agreement’s licensed patents unless earlier terminated by either party in accordance with their terms.

In partial consideration for the right and license granted under these agreements, the Company will pay each of WFUHS and IU a royalty of a low single digit percentage of net sales of licensed products depending on whether there is a valid patent covering such products. As additional consideration for these agreements, the Company is obligated to pay each of WFUHS and IU certain milestone payments of up to $2.6 million in the aggregate upon the achievement of certain developmental milestones, which commenced with the enrollment of the first patient in a Phase 1 clinical trial. The Company enrolled the first patient in its SAD trial on December 11, 2019 and paid WFUHS and IU less than $0.1 million. The Company will also pay each of WFUHS and IU sublicensing fees ranging from a high-single digit to a low double-digit percentage of sublicense consideration depending on the Company’s achievement of certain regulatory milestones as of the time of receipt of the sublicense consideration. The Company is also obligated to reimburse WFUHS and IU for patent-related expenses. In the event that the Company disputes the validity of any of the licensed patents, the royalty rate would be tripled during such dispute. The Company is also obligated to pay to IU a minimum annual royalty of less than $0.1 million per annum.

In the event that the Company is required to pay IU consideration, then the Company may deduct 20% of such IU consideration on a dollar-for-dollar basis from the consideration due to WFUHS. In the event that the Company is required to pay WFUHS consideration, then the Company may deduct 60% of such WFUHS consideration on a dollar-for-dollar basis from the consideration due to IU.

In 2022, the Company initiated dosing of a phase 2 study. Pursuant to the terms of both the WFUHS License and the IU License, the company recognized milestone expense of $0.3 million within research and development expenses.

Both agreements continue from their effective date through the last to expire of the licensed patents unless earlier terminated by either party in accordance with their terms.

Leases

On May 28, 2020, the Company acquired a non-cancellable operating lease for approximately 17,705 square feet of office space (the “Premises”). The lease expires on October 30, 2029. As part of the agreement, the Company is required to maintain a letter of credit, which upon signing was $1.3 million and is classified as restricted cash within the consolidated financial statements. In addition to the base rent, the Company is also responsible for its share of operating expenses, electricity and real estate taxes, which costs are not included in the determination of the leases’ right-of-use assets or lease liabilities. The right-of-use asset is being amortized to other income/(expense) over the remaining lease term as a result of the sublease described below.

On October 27, 2020, the Company entered into a sublease agreement (the “Sublease”) with Massachusetts Municipal Association, Inc. (the “Subtenant”), whereby the Company sublet the entire Premises to the Subtenant. The initial term of the Sublease commenced on December 4, 2020 and continues until October 30, 2029. In connection with the Sublease, the Company evaluated the need for impairment under ASC 360 and determined there was no impairment.

The Sublease provided for an initial annual base rent of $0.8 million, which increases annually up to a maximum annual base rent of $1.0 million. The Subtenant also is responsible for paying to the Company future increases in operating costs (commencing on January 1, 2022), future increases in annual tax costs (commencing July 1, 2021) and all utility costs (commencing March 1, 2021) attributable to the Premises during the term of the Sublease. As part of the Sublease, the subtenant deposited a letter of credit in the amount of $0.8 million to assure their performance under the sublease. If there are no uncured events of default under the sublease, the amount of this security deposit decreases over time to $0.4 million on the sixth anniversary of the Sublease. The Company records sublease income, lease expense and depreciation on the sublet assets on this sublease on a straight-line basis as a component of other income/(expense).

On November 5, 2018, the Company entered into an operating lease for office and lab space in Philadelphia, Pennsylvania, effective as of January 1, 2019, and expiring on December 31, 2020 with an option to extend the lease for two additional years. On August 4, 2020, the Company executed the first option to extend the lease for an additional year, expiring on December 31, 2021. On August 9, 2021, the Company executed the remaining option to extend the lease for an additional year, expiring on December 31, 2022. On January 3, 2023, the Company entered into a one-year extension of this lease. The Company has determined this lease extension qualifies as a short-term lease and have applied the accounting policy election to not record the related right-of-use asset and lease liabilities.

Expense arising from operating leases was $0.3 million during the twelve months ended December 31, 2022 and 2021, respectively. For operating leases, the weighted-average remaining lease term for leases at December 31, 2022 and 2021 was 6.8 and 7.6 years, respectively. For operating leases, the weighted average discount rate for leases at December 31, 2022 and 2021 was 11.0%. The Company has not entered into any financing leases.

Maturities of lease liabilities due under these lease agreements as of December 31, 2022 are as follows:


Year Ending December 31,	Operating
(in thousands)	Leases
2023	$	1,147
2024		1,065
2025		1,083
2026		1,101
2027		1,118
Thereafter		2,095
Total lease payments		7,609
Less: imputed interest		(2,201	)
Present value of lease liabilities	$	5,408

Legal Proceedings

The Company is not currently a party to any litigation, nor is management aware of any pending or threatened litigation against the Company, that it believes would materially affect the Company’s business, operating results, financial condition or cash flows.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

During the years ended December 31, 2022, and 2021, the Company recorded no income tax benefits for the net operating losses incurred in each year due to its uncertainty of realizing a benefit from those items.

The domestic and foreign components of loss before income taxes are as follows.


	Years ended December 31,
	2022			2021
Domestic	$	(35,339	)	$	(50,617	)
Foreign		(16	)		(19	)
	$	(35,355	)	$	(50,636	)

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	Year Ended December 31,
	2022			2021
Federal statutory income tax rate		21.0	%		21.0	%
State taxes, net of federal benefit		6.2			3.4
Change in state tax rate		(7.9	)		(14.5	)
Federal and state research and development tax credit		1.1			7.9
Nondeductible permanent differences		(1.0	)		(0.6	)
Change in deferred tax asset valuation allowance		(19.3	)		(17.2	)
Effective income tax rate		0.0	%		0.0	%

Net deferred tax assets as of December 31, 2022 and 2021 consisted of the following:


	2022			2021
Deferred tax assets:
Capitalized R&D - Acquired in Merger with Zafgen	$	66,941		$	65,781
Capitalized R&D - Section 174 Costs post 2021		5,019			—
Stock Based Compensation		2,709			1,458
Net operating Loss Carryforwards		42,204			43,219
Tax credit carryforwards		13,284			12,912
Other Temporary Differences		19			24
Fixed Assets & Intangibles		81			44
Operating Lease Liability		1,355			1,477
Total deferred tax assets	$	131,612		$	124,915
Deferred tax liabilities:
Operating Right of Use Asset		(781	)		(899	)
Total deferred tax liabilities	$	(781	)	$	(899	)
Less: Valuation allowance	$	(130,831	)	$	(124,016	)
Net deferred tax assets / (liabilities)	$	—		$	—

Changes in the valuation allowance for deferred tax assets during the year ended December 31, 2022 and 2021 related primarily to the increase in net operating loss carryforwards and tax credit carryforwards and a decrease other deferred tax assets associated with a reduction in the Company’s effective state rate. Changes to the valuation allowance were as follows:


	Years ended December 31,
	2022		2021
Valuation allowance as of the beginning of the year	$	124,016	$	115,319
Increases recorded to income tax provision		6,815		8,697
Valuation Allowance at end of Year	$	130,831	$	124,016

As of December 31, 2022, the Company had net operating loss carryforwards that expire for federal, foreign and state income tax purposes of $167.4 million, $1.2 million and $138.6 million, respectively. The federal and state operating losses begin to expire in 2026 and 2030, while the foreign net loss carryforward can be carried forward indefinitely. As of December 31, 2022, the Company had federal net operating loss carryforwards that were generated after December 31, 2017 of $128.7 million that do not expire, however these carryforwards are limited to 80% of the taxable income in any one tax period. As of December 31, 2022, the Company also had available tax credit carryforwards for federal and state income tax purposes of $13.3 million which begin to expire in 2039. Utilization of the pre-Merger net operating loss carryforwards attributable to Zafgen, of approximately $33.5 million, are subject to a substantial annual limitation under Section 382 of the Internal Revenue Code of 1986 due to ownership changes occurred during the tax year associated with the Merger. In addition to the limitation of the pre-Merger NOL’s of Zafgen, the net capitalized R&D deferred tax assets in the amount of $66.9 million is subject to the built-in loss rules under Section 382 and may not be realized if the underlying asset associated with the R&D is disposed within five years of the Merger, or May 28, 2025. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain stockholders or public groups in the stock of a

corporation by more than 50% over a three-year period. The ownership changes will limit the amount of pre-merger Zafgen carryforwards that can be utilized annually to offset future taxable income with an annual limitation of approximately $35 thousand per year. The Company has reduced their NOL and R&D tax credit deferred tax assets associated with the pre-Merger Zafgen operations as a result of the 382 analysis.

The Company has not conducted a study to assess whether a change of control has occurred or whether there have been multiple changes of control since inception associated with the pre-Merger Chondrial tax attributes. If the Company experienced a change of control, as defined by Section 382, at any time since inception, utilization of the pre-Merger Chondrial net operating loss carryforwards or tax credit carryforwards would be subject to an annual limitation under Section 382, which is determined by first multiplying the value of the Company’s stock at the time of the ownership change by the applicable long-term tax-exempt rate, and then could be subject to additional adjustments, as required. Any limitation may result in expiration of a portion of the net operating loss carryforwards or tax credit carryforwards before utilization. Further, until a study is completed, and any limitation is known, no amounts are being presented as an uncertain tax position.

The Tax Cuts and Jobs Act ("TCJA") requires taxpayers to capitalize and amortize research and experimental expenditures under IRC Section 174 for tax years beginning after December 31, 2021. This rule became effective for the Company during the year ended December 31, 2022 and resulted in the capitalization of research and development costs of $20.2 million. The Company will amortize these costs for tax purposes over five years if the research and development was performed in the U.S. and over 15 years if the research and development was performed outside the U.S..

As of December 31, 2022 and 2021, the Company’s net deferred tax asset balance before the valuation allowance was $130.8 million and $124.0 million, respectively, and was comprised principally of net operating loss carryforwards, capitalized research and development expenses and tax credit carryforwards. During the years ended December 31, 2022 and 2021, gross deferred tax assets increased due to deferred tax assets acquired as a result of additional net operating loss carryforwards and research and development tax credits generated.

The Company has evaluated the positive and negative evidence bearing upon its ability to realize the deferred tax assets. Management has considered the Company’s history of cumulative net losses incurred since inception and its lack of commercialization of any products or generation of any revenue from product sales since inception and has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets. Accordingly, a full valuation allowance has been established against the deferred tax assets as of December 31, 2022 and 2021. Management reevaluates the positive and negative evidence at each reporting period.

The Company has not recorded any amounts for unrecognized tax benefits as of December 31, 2022 and 2021. The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending income tax examinations. The Company’s tax years are still open under statute from 2016 to the present. Earlier years may be examined to the extent that tax credit or net operating loss carryforwards are used in future periods. The Company’s policy is to record interest and penalties related to income taxes as part of its income tax provision.

- 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

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+ Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	10. Related Party Transactions During 2021, the Company purchased a piece of laboratory equipment and lab supplies for a cumulative $0.1 million from a supplier of which one of the Company's directors is also a current director.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of Larimar and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated. The accompanying consolidated financial statements have been prepared in conformity with GAAP.
Liquidity and Capital Resources	Liquidity and Capital Resources The Company’s consolidated financial statements have been presented on the basis that it will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. Since its inception, the Company has incurred significant recurring operating losses and negative cash flows from operations. The Company has incurred net losses of $35.4 million and $50.6 million for the years ended December 31, 2022, and 2021, respectively. In addition, as of December 31, 2022, the Company had an accumulated deficit of $151.6 million. The Company expects to continue to generate operating losses for the foreseeable future. As of December 31, 2022, the Company had approximately $118.4 million of cash, cash equivalents and marketable securities available for use to fund its operations and capital requirements. The Company has funded its operations to date primarily with proceeds from sales of common stock and proceeds from the sale of prefunded warrants for the purchase of common stock. In accordance with Accounting Standards Update (“ASU”) No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, the Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. As of the issuance date of these consolidated financial statements, the Company expects its cash, cash equivalents and marketable securities will be sufficient to fund its forecasted operating expenses and capital expenditure requirements, for at least twelve months from the issuance of these financial statements. If the timing of the Company's clinical assumptions are delayed or if there are other forecasted assumption changes that negatively impact its operating plan, the Company could reduce expenditures in order to further extend cash resources. The Company has not yet commercialized any products and does not expect to generate revenue from the commercial sale of any products for several years, if at all. The Company expects that its research and development and general and administrative expenses will continue to increase and, as a result, that it will need additional capital to fund its future operating and capital requirements. Until the Company can generate substantial revenue, if ever, management continuously evaluates different strategies to obtain the required funding for future operations. These strategies include seeking additional funding through a combination of public or private equity offerings, debt financings, collaborations and licensing arrangements or other sources. The incurrence of indebtedness would result in increased fixed payment obligations and the Company may be required to agree to certain restrictive covenants, such as limitations on its ability to incur additional debt, limitations on its ability to acquire, sell or license intellectual property rights, minimum required cash balances and other operating restrictions that could adversely impact the Company's ability to conduct its business. Any additional fundraising efforts may divert the Company's management from their day-to-day activities, which may adversely affect its ability to develop and commercialize its product candidates. There can be no assurance that the Company will be able to raise sufficient additional capital on acceptable terms, if at all. If such additional financing is not available on satisfactory terms, or is not available in sufficient amounts, or if the Company does not have sufficient authorized shares, the Company may be required to delay, limit, or eliminate the development of business opportunities and its ability to achieve its business objectives, its competitiveness, and its business, financial condition, and results of operations will be materially adversely affected. The Company could also be required to seek funds through arrangements with collaborative partners or otherwise at an earlier stage than otherwise would be desirable and it may be required to relinquish rights to some of its technologies or product candidates or otherwise agree to terms unfavorable to it, any of which may have a material adverse effect on the Company's business, operating results and prospects. In addition, geopolitical unrest, global uncertainty, the impact of another COVID-19 pandemic and/or the potential impact of other health crises on the global financial markets may reduce the Company's ability to access capital, which could negatively affect its liquidity and ability to continue as a going concern. If the Company is unable to obtain sufficient funding when needed and/or on acceptable terms, the Company may be required to significantly curtail, delay or discontinue one or more of its research and development programs, the manufacture of clinical and commercial supplies, product portfolio expansion or pre commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual of research and development expense, the recording as prepaid expense of payments made in advance of the actual provision of goods or services, valuation of stock-based awards and valuation of leases. Due to inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions.
Concentrations of Credit Risk and Significant Suppliers	Concentrations of Credit Risk and Significant Suppliers Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and marketable securities. Cash balances may be held in financial institutions which may exceed federally insured limits. The Company has not experienced realized losses related to its cash, cash equivalents and marketable securities. The Company is highly dependent on third-party manufacturers to supply products for research and development activities in its programs, to scale and optimize their manufacturing processes and, ultimately, to provide commercial supply. The Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for drug substance and formulated drugs related to these programs. The drug substance which is in frozen liquid form for CTI-1601 is currently manufactured for the Company by a third-party manufacturer, and the frozen liquid form of drug product is made at another manufacturer. The Company is undertaking a program with a third manufacturer to begin to produce a lyophilized version of the drug product from the same drug substance, that, once available, the Company intends to use in certain of its future planned clinical trials. The Company’s research and development programs could be adversely affected by a significant interruption in these manufacturing services or in the supply of drug substance and formulated drugs.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. Cash equivalents consisted of money market funds as of December 31, 2022 and commercial paper and corporate bonds as of December 31, 2021.
Marketable Securities	Marketable securities Marketable securities consist of debt investments with original maturities greater than ninety days. The Company classifies its marketable securities as available-for-sale. Accordingly, these investments are recorded at fair value, which is based on quoted market prices. When the fair value is below the amortized cost the amount of the expected credit loss is estimated. The credit-related impairment amount, if any, would be recognized in net income; the remaining impairment amount and unrealized gains are reported as a component of accumulated other comprehensive income in stockholders’ equity. Credit losses, if any, are recognized through the use of an allowance for credit losses account and subsequent improvements in expected credit losses are recognized as a reversal of the allowance account. If the Company has the intent to sell the security or if it is more likely than not that the Company would be required to sell the security prior to recovery of its amortized cost basis, the allowance for credit loss would be written off and the excess of the amortized cost basis of the asset over its fair value is recorded in net income.
Property and Equipment	Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over a five or seven-year estimated useful life for equipment, furniture and fixtures and office equipment. Leasehold improvements are amortized over the shorter of the asset life or the term of the lease agreement. Expenditures for repairs and maintenance of assets are charged to expense as incurred. Upon retirement or sale, the cost and related accumulated depreciation of assets disposed of are removed from the accounts and any resulting gain or loss is included in loss from operations.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets consist of property and equipment, net¸ and right-of-use assets. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends, and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset to its carrying value. Any impairment loss, if indicated, is measured as the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset.
Segment Information	Segment Information The Company manages its operations as a single operating segment for the purposes of assessing performance and making operating decisions. The Company’s focus is on the research, development and commercialization of novel therapeutics for the treatment of rare diseases.
Research and Development Costs	Research and Development Costs Costs associated with internal research and development and external research and development services, including drug development, clinical studies and non-clinical studies, are expensed as incurred. Research and development expenses include costs for salaries, employee benefits, subcontractors, facility-related expenses, depreciation, stock-based compensation, third-party license fees, laboratory supplies, and external costs of outside vendors engaged to conduct discovery, non-clinical and clinical development activities and clinical trials as well as to manufacture clinical trial materials, and other costs. The Company recognizes external research and development costs based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its key service providers. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. Such prepaid expenses are recognized as an expense when the goods have been delivered or the related services have been performed, or when it is no longer expected that the goods will be delivered, or the services rendered. Upfront payments, milestone payments and annual maintenance fees under license agreements are currently expensed in the period in which they are incurred.
Patent Costs	Patent Costs All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses.
Stock-Based Compensation	Stock-Based Compensation The Company measures all stock-based awards granted to employees, non-employee consultants and directors based on the fair value on the date of grant using the Black-Scholes option-pricing model. Compensation expense of those awards is recognized over the requisite service period, which is the vesting period of the respective award. Typically, the Company issues awards with only service-based and market-based vesting conditions and records the expense for these awards using the straight-line method. The Company accounts for forfeitures as they occur. The Company classifies stock-based compensation expense in its consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient's service payments are classified. Prior to May 28, 2020, the Company had been a private company and lacked company-specific historical and implied volatility information for its common stock. Therefore, the Company estimates its expected common stock price volatility based on the historical volatility of publicly traded peer companies and expects to continue to do so until it has adequate historical data regarding the volatility of its own traded stock price. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield considers the fact that the Company has never paid cash dividends on common stock and does not expect to pay any cash dividends in the foreseeable future.
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties.
Comprehensive Loss	Comprehensive Loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For the years ended December 31, 2022 and 2021, the Company’s only element of other comprehensive loss was unrealized loss on marketable securities.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Basic shares outstanding includes the weighted average effect of the Company’s prefunded warrants issued in June 2020, the exercise of which requires little or no consideration for the delivery of shares of common stock. Basic and diluted weighted average shares of common stock outstanding for the twelve months ended December 31, 2022 and 2021 includes the weighted average effect of 628,403 prefunded warrants for the purchase of shares of common stock for which the remaining unfunded exercise price is $0.01 per share. Diluted net loss per share attributable to common stockholders is computed by dividing the diluted net loss attributable to common stockholders by the weighted average number of common shares, including potentially dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted common shares, as determined using the treasury stock method. For periods in which the Company has reported net losses, diluted net loss per common share attributable to common stockholders is the same as basic net loss per common share attributable to common stockholders, since dilutive common shares are not assumed to have been issued if their effect is antidilutive. The Company excluded 3,071,528 and 2,523,305 options to purchase common stock, outstanding as of December 31, 2022 and 2021 respectively, from the computation of diluted net loss per share for the twelve months ended December 31, 2022 and 2021, respectively, because they had an anti-dilutive impact due to the net loss incurred for the periods.
Reclassification	Reclassification Certain prior period amounts have been reclassified to conform to the current period presentation, the effect of which was not material on an annual or interim basis to the Company’s consolidated financial statements.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements From time to time, new accounting guidance is issued by the FASB or other standard setting bodies that is adopted by us as of the effective date or, in some cases where early adoption is permitted, in advance of the effective date. We have assessed the recently issued guidance that is not yet effective and believe the new guidance will not have a material impact on the consolidated results of operations, cash flows or financial position.

Fair Value Measurements and Cash Equivalents/Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Cash Equivalents and Marketable Securities

The following tables summarize the Company’s cash equivalents and marketable securities as of December 31, 2022 and 2021:


	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
December 31, 2022
Cash equivalents:
Money market funds invested in government securities	$	22,184	$	22,184	$	—	$	—
Total cash equivalents		22,184		22,184		—		—

Marketable securities:
U.S Government and agency securities		91,603		—		91,603		—
Total marketable securities		91,603		—		91,603		—
Total cash equivalents and marketable securities	$	113,787	$	22,184	$	91,603	$	—

December 31, 2021
Cash equivalents:
Money market funds invested in government securities	$	6,137	$	6,137	$	—	$	—
Commercial paper		7,549		7,549		—		—
Corporate bonds		1,219		1,219		—		—
Total cash equivalents	$	14,905	$	14,905	$	—	$	—

Summary of Marketable Securities

The following tables summarize the Company’s marketable securities as of December 31, 2022. There were no marketable securities as of December 31, 2021:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
December 31, 2022
Assets:
U.S Government and agency securities (due within 1 year)		91,634		12		(43	)		91,603
Total marketable securities	$	91,634	$	12	$	(43	)	$	91,603

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2022

Prepaid Expense and Other Assets [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	December 31,		December 31,
	2022		2021
	(in thousands)
Prepaid research and development expenses	$	1,394	$	676
Prepaid insurance		679		944
Payroll tax receivable		—		208
Other prepaid expenses and other assets		238		279
Total prepaid expenses and other assets	$	2,311	$	2,107

Fixed Assets (Tables)

12 Months Ended

Dec. 31, 2022

Assets [Abstract]

Schedule of Fixed Assets, Net

Fixed assets, net consisted of the following:


		December 31,			December 31,
	Useful Life	2022			2021
		(in thousands)
Computer equipment	5 years	$	66		$	66
Lab equipment	5 years		1,192			1,092
Furniture and fixtures	7 years		456			456
Leasehold improvements	lease term		31			31
Total property, plant and equipment			1,745			1,645
Less: Accumulated depreciation			(914	)		(596	)
Property, plant and equipment, net		$	831		$	1,049

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following:


	December 31,		December 31,
	2022		2021
	(in thousands)
Accrued research and development expenses	$	5,921	$	5,042
Accrued payroll and related expenses		2,046		1,098
Accrued other		441		452
Total accrued expenses and other current liabilities	$	8,408	$	6,592

Stockholders’ Equity and Stock Options (Tables)

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Assumptions used to Determine Fair Value of Stock Options Granted

The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted to employees:


	2022		2021
Risk-free interest rate	2.15%		0.89%
Expected term (in years)		6.21		6.19
Expected volatility	89%		91%
Dividend yield	0.00%		0.00%

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity for the twelve months ended December 31, 2022 (amounts in millions, except for share and per share data):


				Weighted		Weighted Average		Aggregate
				Average		Remaining		Intrinsic
	Number of			Exercise		Contractual		Value (a)
	Shares			Price		Term (in years)		(in millions)
Outstanding as of December 31, 2021		2,523,305		$	18.88		7.6
Granted		878,450			6.94
Forfeited/Expired		(330,227	)		49.85
Outstanding as of December 31, 2022		3,071,528		$	12.13		7.6	$	0.3
Exercisable as of December 31, 2022		1,454,738		$	14.37		6.6	$	—
Vested and expected to vest as of December 31, 2022		3,071,528		$	12.13		7.6	$	0.3

(a)

Summary of Stock-Based Compensation Expense

Stock-based compensation expense was classified in the consolidated statements of operations as follows:


	Year Ended December 31,
	2022		2021
	(in thousands)
Research and development	$	2,771	$	2,104
General and administrative		3,848		3,369
	$	6,619	$	5,473

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Maturities of Lease Liabilities Due Under Lease Agreements

Maturities of lease liabilities due under these lease agreements as of December 31, 2022 are as follows:


Year Ending December 31,	Operating
(in thousands)	Leases
2023	$	1,147
2024		1,065
2025		1,083
2026		1,101
2027		1,118
Thereafter		2,095
Total lease payments		7,609
Less: imputed interest		(2,201	)
Present value of lease liabilities	$	5,408

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Components of Loss Before Income Taxes

The domestic and foreign components of loss before income taxes are as follows.


	Years ended December 31,
	2022			2021
Domestic	$	(35,339	)	$	(50,617	)
Foreign		(16	)		(19	)
	$	(35,355	)	$	(50,636	)

Reconciliation of Federal Statutory Income Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	Year Ended December 31,
	2022			2021
Federal statutory income tax rate		21.0	%		21.0	%
State taxes, net of federal benefit		6.2			3.4
Change in state tax rate		(7.9	)		(14.5	)
Federal and state research and development tax credit		1.1			7.9
Nondeductible permanent differences		(1.0	)		(0.6	)
Change in deferred tax asset valuation allowance		(19.3	)		(17.2	)
Effective income tax rate		0.0	%		0.0	%

Schedule of Net Deferred Tax Assets

Net deferred tax assets as of December 31, 2022 and 2021 consisted of the following:


	2022			2021
Deferred tax assets:
Capitalized R&D - Acquired in Merger with Zafgen	$	66,941		$	65,781
Capitalized R&D - Section 174 Costs post 2021		5,019			—
Stock Based Compensation		2,709			1,458
Net operating Loss Carryforwards		42,204			43,219
Tax credit carryforwards		13,284			12,912
Other Temporary Differences		19			24
Fixed Assets & Intangibles		81			44
Operating Lease Liability		1,355			1,477
Total deferred tax assets	$	131,612		$	124,915
Deferred tax liabilities:
Operating Right of Use Asset		(781	)		(899	)
Total deferred tax liabilities	$	(781	)	$	(899	)
Less: Valuation allowance	$	(130,831	)	$	(124,016	)
Net deferred tax assets / (liabilities)	$	—		$	—

Summary of Changes in Valuation Allowance for Deferred Tax Assets

Changes to the valuation allowance were as follows:


	Years ended December 31,
	2022		2021
Valuation allowance as of the beginning of the year	$	124,016	$	115,319
Increases recorded to income tax provision		6,815		8,697
Valuation Allowance at end of Year	$	130,831	$	124,016

Description of Business and Organization - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Net loss	$ 35,355	$ 50,636
Accumulated deficit	(151,605)	$ (116,250)
Cash, cash equivalents and marketable securities	$ 118,400

- Definition

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

+ References

+ Details

Summary of Significant Accounting Policies - Additional Information (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Summary Of Significant Accounting Policies [Line Items]
Percentage of likelihood to be realized upon ultimate settlement, description	50.00%
Warrant issued	628,403	628,403
Warrant exercise price	$ 0.01	$ 0.01
Options to Purchase Common Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Total potentially dilutive shares	3,071,528	2,523,305
Equipment, Furniture and Fixtures and Office Equipment [Member] \| Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	5 years
Equipment, Furniture and Fixtures and Office Equipment [Member] \| Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	7 years

Fair Value Measurements and Cash Equivalents/Marketable Securities - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Marketable securities		$ 0
Accrued interest receivable	$ 100,000	0
Allowance for credit loss	0	0
Impairment losses on investment	$ 0	$ 0

Fair Value Measurements and Cash Equivalents/Marketable Securities - Summary of Cash Equivalents and Marketable Securities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 22,184	$ 14,905
Marketable securities	91,603
Total cash equivalents and marketable securities	113,787
U.S Government and Agency Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	91,603
Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	22,184	6,137
Commercial Paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents		7,549
Corporate Bonds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents		1,219
Quoted Prices in Active Markets, (Level 1) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	22,184	14,905
Total cash equivalents and marketable securities	22,184
Quoted Prices in Active Markets, (Level 1) [Member] \| Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	22,184	6,137
Quoted Prices in Active Markets, (Level 1) [Member] \| Commercial Paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents		7,549
Quoted Prices in Active Markets, (Level 1) [Member] \| Corporate Bonds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents		$ 1,219
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	91,603
Total cash equivalents and marketable securities	91,603
Significant Other Observable Inputs (Level 2) [Member] \| U.S Government and Agency Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	$ 91,603

Fair Value Measurements and Cash Equivalents/Marketable Securities - Summary of Marketable Securities (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 91,634
Gross Unrealized Gains	12
Gross Unrealized Losses	(43)
Fair Value	91,603
U.S Government and agency securities (due within 1 year) [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	91,634
Gross Unrealized Gains	12
Gross Unrealized Losses	(43)
Fair Value	$ 91,603

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets [Abstract]
Prepaid research and development expenses	$ 1,394	$ 676
Prepaid insurance	679	944
Payroll tax receivable		208
Other prepaid expenses and other assets	238	279
Total prepaid expenses and other assets	$ 2,311	$ 2,107

Fixed Assets - Schedule of Fixed Assets, Net (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Total property, plant and equipment	$ 1,745	$ 1,645
Less: Accumulated depreciation	(914)	(596)
Property, plant and equipment, net	831	1,049
Computer Equipment [Member]
Total property, plant and equipment	$ 66	66
Useful Life	5 years
Lab Equipment [Member]
Total property, plant and equipment	$ 1,192	1,092
Useful Life	5 years
Furniture and Fixtures [Member]
Total property, plant and equipment	$ 456	456
Useful Life	7 years
Leasehold Improvements [Member]
Total property, plant and equipment	$ 31	$ 31
Useful Life	lease term

Fixed Assets - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Assets [Abstract]
Depreciation expense	$ 0.2	$ 0.2
Depreciation expenses related to sublet assets	$ 0.1	$ 0.1

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued research and development expenses	$ 5,921	$ 5,042
Accrued payroll and related expenses	2,046	1,098
Accrued other	441	452
Total accrued expenses and other current liabilities	$ 8,408	$ 6,592

Stockholders Equity and Stock Options - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands						1 Months Ended			12 Months Ended		17 Months Ended
	Jan. 31, 2023	Jan. 01, 2023	Nov. 10, 2022	Jan. 01, 2022	May 28, 2020	Nov. 30, 2022	Sep. 30, 2022	Jul. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Nov. 30, 2022
Undesignated preferred stock, shares authorized									5,000,000	5,000,000
Undesignated preferred stock, par value									$ 0.001	$ 0.001
Undesignated preferred stock, shares issued									0	0
Undesignated preferred stock, shares outstanding									0	0
Common stock, shares authorized									115,000,000	115,000,000
Common stock, par value									$ 0.001	$ 0.001
Common stock, shares issued									43,269,200	17,710,450
Common stock, shares outstanding									43,269,200	17,710,450
Dividend paid									$ 0
Common stock voting rights									Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders
Issuance of warrants									628,403	628,403
Warrants exercise price									$ 0.01	$ 0.01
Proceeds from issuance of common stock									$ 75,257	$ 19,885
Options to purchase shares of common stock granted									878,450
Unrecognized compensation expense									$ 11,800
Unrecognized compensation expense recognized period									2 years 1 month 20 days
2020 Equity Incentive Plan [Member]
Weighted-average grant date fair value of options granted									$ 5.21
Share-based compensation arrangement by share-based payment award, description									The maximum number of shares that may be issued in respect of any awards under the 2020 Plan is the sum of: (i) 1,700,000 shares plus (ii) an annual increase on January 1, 2021 and each anniversary of such date thereafter through January 1, 2030, equal to the lesser of (A) 4% of the shares issued and outstanding on the last day of the immediately preceding fiscal year, or (B) such smaller number of shares as determined by the Board (collectively, the “Plan Limit”).
Minimum level of maximum number of shares allowed to be issued									1,700,000
Percentage of outstanding shares									4.00%
2020 Equity Incentive Plan [Member] \| From Prior Plans [Member]
Increase in shares reserved for future issuance									148,623	56,966
2020 Equity Incentive Plan [Member] \| Subsequent Event [Member] \| Employees [Member] \| Restricted Stock [Member]
Options to purchase shares of stock granted	650,000
Vesting period of stock option	4 years
Maximum [Member] \| 2020 Equity Incentive Plan [Member] \| Incentive Stock Options [Member]
Maximum number of shares that may be issued under stock option incentive plan									8,000,000
Common Stock [Member]
Issuance of common stock									25,558,750	2,342,720
Common Stock [Member] \| 2020 Equity Incentive Plan [Member]
Shares available for grant									1,054,277
Increase in shares reserved for future issuance				708,418
Term of plan									10 years
Options to purchase shares of common stock granted									878,450
Common Stock [Member] \| 2020 Equity Incentive Plan [Member] \| First Anniversary [Member] \| Employees [Member]
Stock option vesting percentage									25.00%
Common Stock [Member] \| 2020 Equity Incentive Plan [Member] \| Vest 1 Year [Member] \| Director [Member]
Options to purchase shares of common stock granted									41,500
Vesting period of stock option									1 year
Common Stock [Member] \| 2020 Equity Incentive Plan [Member] \| Vest Over 4 Years [Member] \| Employees [Member]
Options to purchase shares of common stock granted									836,950
Vesting period of stock option									4 years
Common Stock [Member] \| 2020 Equity Incentive Plan [Member] \| Subsequent Event [Member]
Increase in shares reserved for future issuance		1,730,768
Maximum number of shares that may be issued under stock option incentive plan		2,785,045
Common Stock [Member] \| 2020 Equity Incentive Plan [Member] \| Subsequent Event [Member] \| Employees [Member]
Options to purchase shares of common stock granted	1,031,000
Vesting period of stock option	4 years
Common Stock [Member] \| 2020 Equity Incentive Plan [Member] \| Subsequent Event [Member] \| First Anniversary [Member] \| Employees [Member]
Stock option vesting percentage	25.00%
Private Placement [Member]
Issuance of common stock					6,105,359
Share price per share					$ 11.88
Issuance of warrants					628,403
Warrants price per share					$ 11.87
Gross proceeds					$ 80,000
Warrants exercise price					$ 0.01
Transaction cost					$ 4,600
Proceeds from issuance common stock and warrants net offering costs					$ 75,400
Private Placement [Member] \| MTS Health Partners [Member]
Issuance of common stock					35,260
Prior ATM Agreement [Member]
Agreement termination date						2022-11
Prior ATM Agreement [Member] \| Common Stock [Member]
Issuance of common stock								2,342,720			2,354,244
Proceeds from issuance of common stock								$ 19,900			$ 20,100
ATM Offering Program [Member] \| Common Stock [Member]
Common stock, shares issued			0
Percentage of compensation for services equal to gross proceeds			3.00%
Sales agreement, description			The Company has no obligation to sell any of the ATM Shares and may at any time suspend offers under the ATM Agreement.
ATM Offering Program [Member] \| Common Stock [Member] \| Maximum [Member]
Aggregate sale of shares of our common stock			$ 50,000
Underwritten Public Offering [Member] \| Common Stock [Member]
Issuance of common stock							25,558,750
Share price per share							$ 3.15
Proceeds net of issuance costs							$ 75,200

Stockholders Equity and Stock Options - Assumptions used to Determine Fair Value of Stock Options Granted (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Risk-free interest rate	2.15%	0.89%
Expected term (in years)	6 years 2 months 15 days	6 years 2 months 8 days
Expected volatility	89.00%	91.00%
Dividend yield	0.00%	0.00%

Stockholders Equity and Stock Options - Summary of Stock Option Activity (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Number of shares, Outstanding	2,523,305
Number of shares, Granted	878,450
Number of shares, Forfeited/Expired	(330,227)
Number of shares, Outstanding	3,071,528	2,523,305
Number of shares, Exercisable as of December 31, 2022	1,454,738
Number of shares, Vested and expected to vest as of December 31, 2022	3,071,528
Weighted average exercise price, balance	$ 18.88
Weighted average exercise price, Granted	6.94
Weighted average exercise price, Forfeited/Expired	49.85
Weighted average exercise price, balance	12.13	$ 18.88
Weighted average exercise price, Exercisable as of December 31, 2022	14.37
Weighted average exercise price, Vested and expected to vest as of December 31, 2022	$ 12.13
Weighted average remaining contractual term, outstanding	7 years 7 months 6 days	7 years 7 months 6 days
Weighted average remaining contractual term, Exercisable as of December 31, 2022	6 years 7 months 6 days
Weighted average remaining contractual term, Vested and expected to vest as of December 31, 2022	7 years 7 months 6 days
Aggregate intrinsic value, outstanding	$ 300
Aggregate intrinsic value, Vested and expected to vest as of December 31, 2022	$ 300

Stockholders Equity and Stock Options - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 6,619	$ 5,473
Research and Development [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	2,771	2,104
General and Administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 3,848	$ 3,369

Commitments and Contingencies - Additional Information (Detail) $ in Millions							12 Months Ended
	Aug. 09, 2021	Oct. 27, 2020 USD ($)	Aug. 04, 2020	May 28, 2020 USD ($) ft²	Dec. 11, 2019 USD ($)	Nov. 05, 2018	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 03, 2023	Nov. 30, 2016 USD ($)
Other Commitments [Line Items]
Weighted average remaining lease term in years							6 years 9 months 18 days	7 years 7 months 6 days
Weighted average discount rate							11.00%	11.00%
Lease expenses							$ 0.3	$ 0.3
Pennsylvania [Member] \| Office and Lab [Member]
Other Commitments [Line Items]
Lease extension period						2 years
Lease term commencement date						Jan. 01, 2019
Lease term expiration date	Dec. 31, 2022		Dec. 31, 2021			Dec. 31, 2020
Pennsylvania [Member] \| Office and Lab [Member] \| Subsequent Event [Member]
Other Commitments [Line Items]
Lease extension period									1 year
Massachusetts [Member] \| Office [Member]
Other Commitments [Line Items]
Area of office space \| ft²				17,705
Lease term expiration date				Oct. 30, 2029
Massachusetts [Member] \| Office [Member] \| Letter of Credit [Member]
Other Commitments [Line Items]
Restricted cash				$ 1.3
Massachusetts [Member] \| Office Sublease [Member]
Other Commitments [Line Items]
Lease term commencement date		Dec. 04, 2020
Lease term expiration date		Oct. 30, 2029
Massachusetts [Member] \| Office Sublease [Member] \| First Sublease Year [Member]
Other Commitments [Line Items]
Annual base rent		$ 0.8
Massachusetts [Member] \| Office Sublease [Member] \| First Sublease Year [Member] \| Letter of Credit [Member]
Other Commitments [Line Items]
Lease security deposits letters of credit		0.8
Massachusetts [Member] \| Office Sublease [Member] \| Final Sublease Year [Member]
Other Commitments [Line Items]
Annual base rent		1.0
Massachusetts [Member] \| Office Sublease [Member] \| Sixth Sublease Year [Member] \| Letter of Credit [Member]
Other Commitments [Line Items]
Lease security deposits letters of credit		$ 0.4
WFUHS [Member]
Other Commitments [Line Items]
License agreement consideration deduction percentage										60.00%
WFUHS [Member] \| Maximum [Member]
Other Commitments [Line Items]
Milestone payments										$ 2.6
IU [Member]
Other Commitments [Line Items]
License agreement consideration deduction percentage										20.00%
IU [Member] \| Maximum [Member]
Other Commitments [Line Items]
Milestone payments										$ 2.6
Annual royalty pay obligation										$ 0.1
WFUHS and IU [Member] \| Research and Development Expenses [Member]
Other Commitments [Line Items]
Milestone expenses							$ 0.3
WFUHS and IU [Member] \| Maximum [Member]
Other Commitments [Line Items]
Payment for license agreements					$ 0.1

Commitments and Contingencies - Schedule of Maturities of Lease Liabilities Due Under Lease Agreements (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 1,147
2024	1,065
2025	1,083
2026	1,101
2027	1,118
Thereafter	2,095
Total lease payments	7,609
Less: imputed interest	(2,201)
Present value of lease liabilities	$ 5,408

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Taxes Disclosure [Line Items]
Income tax benefit	$ 0	$ 0
Net capitalized R&D deferred tax assets	66,941,000	65,781,000
Net deferred tax assets before the valuation allowance	130,800,000	124,000,000.0
Unrecognized tax benefits	0	$ 0
Zafgen [Member]
Income Taxes Disclosure [Line Items]
Net operating loss carryforwards	33,500,000
Net capitalized R&D deferred tax assets	$ 66,900,000
Net capitalized R&D deferred tax assets realization description	is subject to the built-in loss rules under Section 382 and may not be realized if the underlying asset associated with the R&D is disposed within five years of the Merger, or May 28, 2025
Net operating loss carryforwards, change in ownership, annual utilization limit	$ 35,000
Earliest Tax Year [Member]
Income Taxes Disclosure [Line Items]
Open tax year	2016
Domestic Tax Authority [Member]
Income Taxes Disclosure [Line Items]
Net operating loss carryforwards	$ 167,400,000
Net operating loss carryforwards, beginning of expiration period	2026
Domestic Tax Authority [Member] \| No Expiration [Member]
Income Taxes Disclosure [Line Items]
Net operating loss carryforwards	$ 128,700,000
Operating loss carryforwards, minimum percentage of taxable income in tax period	80.00%
Operating loss carryforwards, description	carryforwards are limited to 80% of the taxable income in any one tax period.
Foreign Tax Authority [Member]
Income Taxes Disclosure [Line Items]
Net operating loss carryforwards	$ 1,200,000
State and Local Jurisdiction [Member]
Income Taxes Disclosure [Line Items]
Net operating loss carryforwards	$ 138,600,000
Net operating loss carryforwards, beginning of expiration period	2030
Federal and State [Member]
Income Taxes Disclosure [Line Items]
Tax credit carryforward	$ 13,300,000
Research and development tax credit carry forwards, beginning of expiration period	2039
IRC Section 174 [Member]
Income Taxes Disclosure [Line Items]
Capitalization of research and development costs	$ 20,200,000

Income Taxes - Schedule of Domestic and Foreign Components of Loss Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic	$ (35,339)	$ (50,617)
Foreign	(16)	(19)
Loss before income taxes	$ (35,355)	$ (50,636)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=126941158&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Reconciliation of Federal Statutory Income Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%	21.00%
State taxes, net of federal benefit	6.20%	3.40%
Change in state tax rate	(7.90%)	(14.50%)
Federal and state research and development tax credit	1.10%	7.90%
Nondeductible permanent differences	(1.00%)	(0.60%)
Change in deferred tax asset valuation allowance	(19.30%)	(17.20%)
Effective income tax rate	0.00%	0.00%

Income Taxes - Schedule of Net Deferred Tax Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Capitalized R&D Acquired in Merger with Zafgen	$ 66,941	$ 65,781
Capitalized R&D - Section 174 Costs post 2021	5,019
Stock Based Compensation	2,709	1,458
Net operating Loss Carryforwards	42,204	43,219
Tax credit carryforwards	13,284	12,912
Other Temporary Differences	19	24
Fixed Assets & Intangibles	81	44
Operating Lease Liability	1,355	1,477
Total deferred tax assets	131,612	124,915
Deferred tax liabilities:
Operating Right of Use Asset	(781)	(899)
Total deferred tax liabilities	(781)	(899)
Less: Valuation allowance	(130,831)	(124,016)	$ (115,319)
Net deferred tax assets / (liabilities)	$ 0	$ 0

Income Taxes - Summary of Changes in the Valuation Allowance for Deferred Tax Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Taxes Disclosure [Line Items]
Valuation allowance as of the beginning of the year	$ 124,016	$ 115,319
Increases recorded to income tax provision	6,815	8,697
Valuation Allowance at end of Year	$ 130,831	$ 124,016

Related Party Transactions - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Laboratory Equipment [Member]
Related Party Transaction [Line Items]
Purchased of equipment	$ 0.1