0001564590-22-037397 | 10-Q | XBRL Viewer

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Balance Sheet Components - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Liabilities Current [Abstract]
Salaries and benefits	$ 1,032	$ 2,278
Professional services	837	461
Severance and termination benefits	538
Holdback liability for acquisition of in-process research and development	250
Deferred rent		8
Other	105	479
Total other current liabilities	$ 2,762	$ 3,226

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating expenses:
Research and development	$ 3,249	$ 4,021	$ 13,364	$ 14,635
General and administrative	4,299	3,996	12,669	12,611
Restructuring, impairment and other costs of terminated programs	2,435		2,435
Total operating expenses	9,983	8,017	28,468	27,246
Loss from operations	(9,983)	(8,017)	(28,468)	(27,246)
Interest income	171	28	266	100
Net loss	$ (9,812)	$ (7,989)	$ (28,202)	$ (27,146)
Net loss per share—basic	$ (0.46)	$ (0.38)	$ (1.32)	$ (1.28)
Weighted-average number of shares outstanding used in computing net loss per share—basic	21,536,622	21,287,498	21,443,252	21,153,185
Net loss per share—diluted	$ (0.46)	$ (0.38)	$ (1.32)	$ (1.28)
Weighted-average number of shares outstanding used in computing net loss per share—diluted	21,536,622	21,287,498	21,443,252	21,153,185

Restructuring, Impairment and Other Costs of Terminated Programs (Tables)

9 Months Ended

Sep. 30, 2022

Restructuring And Related Activities [Abstract]

Schedule of Restructuring, Impairment and Other Costs

The Company recorded the following under restructuring, impairment and other costs (in thousands):

	Three Months Ended September 30,
	2022
Impairment of capital equipment	$	1,309
Severance and termination benefit expense		1,025
Other restructuring costs		101
Total restructuring, impairment and other costs of terminated programs	$	2,435

Schedule of Recorded Impairment Charges

In connection with the restructuring, the Company either sold or disposed of all the equipment in its Baltimore, Maryland facility, including equipment that had been previously expensed. The fair value of the capital equipment was determined based on the net selling price at which such equipment was subsequently sold and is classified as assets held for sale in the condensed consolidated balance sheet as of September 30, 2022. The Company recorded an impairment charge as follows (in thousands):

	Amount
Net book value of capital equipment before impairment	$	1,659
Less: Fair value of capital equipment		(350	)
Impairment expense for equipment	$	1,309

Severance and termination Benefits Over the Service Period

Employees affected by the reduction-in-force are entitled to receive severance payments and certain Company-funded benefits. Severance and termination benefit expense is recorded in full for employees who were notified of their termination in August 2022 and had no requirements for future service after August 31, 2022. The Company is recognizing severance and termination benefit expense for employees who were required to render services after August 31, 2022 but will not receive their severance and termination benefits until the end of their service period, ratably over their service periods which all ended in October 2022. The Company recorded severance and termination benefit expense as follows (in thousands):

	No Service Period			Service Period Required		Total
Total severance and other termination benefits, at fair value	$	887		$	274	$	1,161

Expense recognized during the period	$	887		$	138	$	1,025
Payments during the period		(487	)		—		(487	)
Liability balance as of September 30, 2022	$	400		$	138	$	538

Net Loss Per Share - Schedule of Anti-dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Stock Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share	4,484,502	3,815,682
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share	3,526,976	984,700
Warrants to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from calculation of diluted net loss per share	27,759	27,759

Restructuring, Impairment and Other Costs of Terminated Programs - Schedule of Restructuring, Impairment and Other Costs (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Restructuring And Related Activities [Abstract]
Impairment of capital equipment	$ 1,309
Severance and termination benefit expense	1,025
Other restructuring costs	101
Total restructuring, impairment and other costs of terminated programs	$ 2,435	$ 2,435

Subsequent Events

9 Months Ended

Sep. 30, 2022

Subsequent Events [Abstract]

Subsequent Event

10. Subsequent Event

On October 3, 2022, the Company provided written notification to Johns Hopkins University, or JHU, of complete termination of the exclusive license agreement to all licensed patent rights owned by JHU that are relevant to the GB-102 and GB-401 programs. On November 10, 2022, the Company entered into an agreement with Mireca Medicines GmbH (“Mireca”) to assign certain intellectual property and revert all rights to GB-601 back to Mireca.

Organization

9 Months Ended

Sep. 30, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization

1. Organization

Graybug Vision, Inc., the Company or Graybug, has historically been a clinical-stage biopharmaceutical company developing medicines for the treatment of diseases of the retina and optic nerve. On June 28, 2022, the Company announced that it would conduct a comprehensive review of strategic alternatives focused on maximizing shareholder value. As part of this review of strategic alternatives, the Company is exploring the potential for an acquisition, company sale, merger, divestiture of assets, private placement of equity securities, or other strategic transactions. Prior to this announcement, the Company had devoted substantially all of its resources to conducting research and development and raising capital. On August 18, 2022, the Company’s board of directors approved the restructuring plan which is described further in the Restructuring section below. The Company was founded in May 2011 and maintains facilities in Redwood City, California and Baltimore, Maryland.

The Company has historically been subject to risks common to clinical stage companies in the biopharmaceutical industry, including dependence on the clinical success of its product candidates, ability to obtain regulatory approvals of its product candidates, compliance with regulatory requirements, the need for substantial additional financing and protection of its proprietary technology.

Restructuring

On August 18, 2022, the Company’s board of directors approved certain strategic, operational and organizational steps for the Company to undertake in connection with its announcement on June 28, 2022 that the Company would conduct a comprehensive review of strategic alternatives focused on maximizing shareholder value. These steps include both the termination of all activities relating to the Company’s GB-102 and GB-401 programs and certain cost-reduction initiatives, including a reduction in its workforce by 71%. While clinical development of GB-501 remains on hold, preclinical work is still proceeding.

In connection with these actions, the Company recorded a restructuring charge of $2.4 million during the three months ended September 30, 2022. The restructuring charge includes: (i) the majority of severance and termination benefit expense for 20 employees terminated with separation dates between August 31, 2022 and October 31, 2022, (ii) a charge related to the impairment of research and development equipment in its Baltimore, Maryland facility, and (iii) costs to wind-down the GB-102 and GB-401 clinical development programs. Refer to Note 6 for additional information on the restructuring.

Going Concern Considerations

The Company incurred losses from operations and had negative cash flows from operating activities for the nine months ended September 30, 2022, and 2021, and the Company’s accumulated deficit at September 30, 2022 was $197.4 million. The Company’s current operating plan, which is subject to change based on the ongoing strategic review, indicates it will continue to incur losses from operations and generate negative cash flows from operating activities, given ongoing expenditures related to anticipated research and development and the Company’s lack of revenue-generating activities at this point in the Company’s life cycle. Even if the Company’s remaining product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

In March 2021, the Company decided not to proceed with the significant investment required to initiate two Phase 3 clinical trials for GB-102 in late 2021 and, in August 2022, terminated all activities relating to GB-102 and GB-401, and reduced its workforce by 71%. As a result, anticipated operating expenses have been significantly reduced and management continues to believe that the Company’s current cash, cash equivalents and short-term investments are adequate to meet its cash needs for at least 12 months from the issuance date of this Quarterly Report on Form 10-Q.

As part of the Company’s review of strategic alternatives, it is exploring the potential for an acquisition, company sale, merger, divestiture of assets, private placement of equity securities, or other strategic transactions. As part of this process the Company is exploring an outright sale or merger as well as a process to raise additional funds in order to further advance its remaining research and development programs, operate its business, secure research and development collaborations, and meet its obligations as they come due. The Company may pursue financing alternatives, similar to what it has previously executed, which include debt and equity financing. There are no assurances that this process will result in any such transaction and such sources of capital may not be available to the Company in the necessary time frame, in the amounts that the Company requires, on terms that are acceptable to the Company, or at all. If the Company is unable to consummate an acquisition, company sale, merger, divestiture of assets or other strategic transaction or raise the necessary funds when needed or reduce spending on currently planned activities, it may not be able to continue the preclinical development of its remaining products or it could be required to delay, scale back, or eliminate some or all of its research and development programs and other operations, including personnel, any of which may materially harm its business, financial position and results of operations.

COVID-19 Pandemic

The impact of the worldwide spread of a novel strain of coronavirus, or COVID-19, has been unprecedented and unpredictable, including the emergence of new variants of the coronavirus, such as the Delta and Omicron variants, and resurgences in number and rates of infections, but based on the Company’s current assessment, the Company does not expect any material impact on its long-term strategic plans, operations, or its liquidity due to the worldwide spread of COVID-19. However, the Company is continuing to assess the effect on its operations by monitoring the spread of COVID-19 and the actions implemented to combat the virus and new variants thereof throughout the world and its assessment of the impact of COVID-19 may change.

Net Loss Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Net Loss Per Share

9. Net Loss Per Share

The Company calculates basic net loss per share based on the weighted-average number of common shares outstanding during the periods presented and calculates diluted net loss per share based on the weighted-average number of shares of common stock outstanding, including potentially dilutive securities.

For the nine months ended September 30, 2022 and 2021, basic and diluted net loss per share are the same due to the Company’s net losses and requirement to exclude potentially dilutive securities which would have an antidilutive effect on net loss per share. During the nine months ended September 30, 2022 and 2021, potentially dilutive securities consisted of the common shares underlying outstanding stock options, RSUs and warrants.

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:

	As of September 30,
	2022		2021
Stock options to purchase common stock		4,484,502		3,815,682
Restricted stock units		3,526,976		984,700
Warrants to purchase common stock		27,759		27,759

Fair Value Measurements - Additional Information (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair value assets, transfers amount between levels 1 and 2	$ 0
Fair value liabilities, transfers amount between levels 1 and 2	0
Fair value assets, transfers into level 3	0
Fair value liabilities, transfers into level 3	0
Short term investments in unrealized loss position	33,500,000
Other-than-temporary impairment losses	$ 0	$ 0

Commitments and Contingencies - Schedule of Future Minimum Commitments Accordance with ASC 842 (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jan. 01, 2022
Commitments And Contingencies Disclosure [Abstract]
2022 (remaining three months)	$ 103
2023	205
Total undiscounted future minimum lease payments	308
Less: imputed interest	(6)
Operating lease liabilities	$ 302	$ 600

Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions		9 Months Ended
	Jan. 14, 2022 Employee $ / shares shares	Sep. 30, 2022 USD ($) Employee shares	Mar. 31, 2022 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized stock-based compensation expenses related to outstanding unvested stock awards \| $		$ 13.5
Total unrecognized stock-based compensation expenses related to outstanding unvested stock awards weighted-average term of recognition		2 years 4 months 24 days
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock additional aggregate number of shares reserved		2,340,000	1,067,888
Common stock shares reserved for future issuance		399,875
2020 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares reserved for future issuance		210,000
Number of employee stock purchase plan \| Employee		0
Inducement Grants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of newly hired employees \| Employee	6
Options granted	234,200
Common stock at an exercise price \| $ / shares	$ 1.55
Number of terminated employees \| Employee	6

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jan. 01, 2022
Summary Of Significant Accounting Policies [Line Items]
Operating lease right-of-use asset	$ 290	$ 600
Operating lease liabilities	$ 302	$ 600
Accounting Standards Update 2016-02
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2022
Change in accounting principle, accounting standards update, immaterial effect	true
Accounting Standards Update 2019-12
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2022
Change in accounting principle, accounting standards update, immaterial effect	true

- Definition

Indicates (true false) whether accounting standards update was adopted.

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+ Details

Commitments and Contingencies - Additional Information (Details)	1 Months Ended	9 Months Ended
	Jul. 31, 2022	Sep. 30, 2022 USD ($) ft² Contract	Sep. 30, 2021 USD ($)	Jan. 01, 2022 USD ($)
Loss Contingencies [Line Items]
Unpaid cancellation and other related costs		$ 0
Number of contract currently in effect \| Contract		1
Operating lease liabilities		$ 302,000		$ 600,000
Lease expense		400,000
Acquired in-process research and development		2,194,000
Development or regulatory milestones were deemed probable of achievement		0
Contingent payments recognized		0
RainBio
Loss Contingencies [Line Items]
Private company purchase cost including estimated transaction costs and contingent holdback		2,200,000
Additional contingent payments upon achievement of certain development and regulatory milestone		$ 17,500,000
Accounting Standards Update 2016-02
Loss Contingencies [Line Items]
Lease expense			$ 600,000
Baltimore, Maryland
Loss Contingencies [Line Items]
Operating lease, term		2023-06
Cash paid for operating leases		$ 300,000
Operating lease remaining term		9 months
Operating lease incremental borrowing rate, percentage		6.00%
Redwood City, California
Loss Contingencies [Line Items]
Area of office space \| ft²		2,560
Short term operating lease expiration date		Aug. 31, 2022
CALIFORNIA
Loss Contingencies [Line Items]
Extended short term operating lease expiration date	Dec. 31, 2022
Research and Development
Loss Contingencies [Line Items]
Contractual obligation		$ 1,700,000
Research and Development \| Minimum
Loss Contingencies [Line Items]
Contractual obligation term		3 months
Research and Development \| Maximum
Loss Contingencies [Line Items]
Contractual obligation term		6 months

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2022

Commitments And Contingencies Disclosure [Abstract]

Schedule of Future Minimum Commitments Accordance with ASC 842

As of September 30, 2022, future minimum commitments under the Company’s non-cancelable operating leases, in accordance with ASC 842, are as follows (in thousands):


2022 (remaining three months)	$	103
2023		205
Total undiscounted future minimum lease payments		308
Less: imputed interest		(6	)
Operating lease liabilities	$	302

Schedule of Future Minimum Commitments Accordance with ASC 840

As of December 31, 2021, future minimum commitments under the Company’s non-cancelable operating leases, in accordance with ASC 840, are as follows (in thousands):


2022	$	527
2023		205
Total future minimum lease payments	$	732

Restructuring, Impairment and Other Costs of Terminated Programs

9 Months Ended

Sep. 30, 2022

Restructuring And Related Activities [Abstract]

Restructuring, Impairment and Other Costs of Terminated Programs

6. Restructuring, Impairment and Other Costs of Terminated Programs

As discussed in Note 1, based on the conclusions from the comprehensive review of strategic alternatives focused on maximizing shareholder value, the Company decided to terminate all activities relating to the GB-102 and GB-401 programs and to reduce its workforce as a part of cost-reduction initiatives. In connection with these events, impairment of capital equipment in its Baltimore, Maryland facility, severance and termination benefit costs for employees, and other costs were recorded under restructuring, impairment and other costs of terminated programs in the condensed consolidated statement of operations for the three months ended September 30, 2022.

The Company recorded the following under restructuring, impairment and other costs (in thousands):

	Three Months Ended September 30,
	2022
Impairment of capital equipment	$	1,309
Severance and termination benefit expense		1,025
Other restructuring costs		101
Total restructuring, impairment and other costs of terminated programs	$	2,435

Impairment of Capital Equipment

	Amount
Net book value of capital equipment before impairment	$	1,659
Less: Fair value of capital equipment		(350	)
Impairment expense for equipment	$	1,309

Severance and Termination Benefit Expense

	No Service Period			Service Period Required		Total
Total severance and other termination benefits, at fair value	$	887		$	274	$	1,161

Expense recognized during the period	$	887		$	138	$	1,025
Payments during the period		(487	)		—		(487	)
Liability balance as of September 30, 2022	$	400		$	138	$	538

The liability as of September 30, 2022 for employees terminated on August 31, 2022 with no requirement for future service primarily relates to severance to be paid in October 2022. Adjustments to severance and termination benefit expense may be recorded in future periods as the estimates of the costs of benefits change. However, it is not expected that such adjustments will have a material effect on results of operations or financial condition.

Restructuring, Impairment and Other Costs of Terminated Programs - Schedule of Recorded Impairment Charges (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2022 USD ($)
Restructuring And Related Activities [Abstract]
Net book value of capital equipment before impairment	$ 1,659
Less: Fair value of capital equipment	(350)
Impairment expense for equipment	$ 1,309

Organization - Additional Information (Details) $ in Thousands		2 Months Ended	3 Months Ended
	Aug. 18, 2022	Oct. 31, 2022 Employee	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Workforce reduction percentage	71.00%
Restructuring charge			$ 2,400
Number of employees terminated \| Employee		20
Accumulated deficit			$ 197,390	$ 169,188

Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash equivalents	$ 9,620	$ 13,149
Short-term investments	33,457	50,306
Assets measured at fair value	43,077	63,455
Money Market Funds
Current assets:
Cash equivalents	8,627	8,920
Commercial Paper
Current assets:
Cash equivalents	993	2,749
Short-term investments	27,264	41,954
Corporate Debt Securities
Current assets:
Cash equivalents		1,480
Short-term investments	996	1,117
U.S. Treasury Notes
Current assets:
Short-term investments	5,197	7,235
Level 1
Current assets:
Cash equivalents	8,627	8,920
Assets measured at fair value	8,627	8,920
Level 1 \| Money Market Funds
Current assets:
Cash equivalents	8,627	8,920
Level 2
Current assets:
Cash equivalents	993	4,229
Short-term investments	33,457	50,306
Assets measured at fair value	34,450	54,535
Level 2 \| Commercial Paper
Current assets:
Cash equivalents	993	2,749
Short-term investments	27,264	41,954
Level 2 \| Corporate Debt Securities
Current assets:
Cash equivalents		1,480
Short-term investments	996	1,117
Level 2 \| U.S. Treasury Notes
Current assets:
Short-term investments	$ 5,197	$ 7,235

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of Anti-dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:

	As of September 30,
	2022		2021
Stock options to purchase common stock		4,484,502		3,815,682
Restricted stock units		3,526,976		984,700
Warrants to purchase common stock		27,759		27,759

Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2022

Balance Sheet Related Disclosures [Abstract]

Schedule of Other Current Liabilities

Other current liabilities consisted of the following (in thousands):

	September 30, 2022		December 31, 2021
Salaries and benefits	$	1,032	$	2,278
Professional services		837		461
Severance and termination benefits		538		—
Holdback liability for acquisition of in-process research and development		250		—
Deferred rent		—		8
Other		105		479
Total other current liabilities	$	2,762	$	3,226

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 10,170	$ 13,364
Short-term investments	33,457	50,306
Assets held for sale	350
Prepaid expenses and other current assets	1,094	3,408
Total current assets	45,071	67,078
Property and equipment, net		1,981
Operating lease right-of-use asset	290
Prepaid expenses and other non-current assets		29
Total assets	45,361	69,088
Current liabilities:
Accounts payable	498	527
Accrued research and development	200	304
Operating lease liability, current	302
Other current liabilities	2,762	3,226
Total current liabilities	3,762	4,057
Deferred rent, long term portion		8
Total liabilities	3,762	4,065
Commitments and contingencies (Note 5)
Stockholders’ equity:
Preferred stock
Common stock	2	2
Additional paid-in capital	239,110	234,225
Accumulated deficit	(197,390)	(169,188)
Accumulated other comprehensive loss	(123)	(16)
Total stockholders’ equity	41,599	65,023
Total liabilities and stockholders’ equity	$ 45,361	$ 69,088

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

8. Income Taxes

The Company did not record a provision or benefit for income taxes during the nine months ended September 30, 2022 and 2021. As of both September 30, 2022 and December 31, 2021, the Company continues to maintain a full valuation allowance against all of its deferred tax assets in light of its history of cumulative net losses.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock-Based Compensation Expense Recognized for Options and RSUs Granted

Stock-based compensation expense recognized for options and RSUs granted was as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Research and development	$	294	$	321	$	1,070	$	912
General and administrative		1,386		1,110		3,901		2,960
Total stock-based compensation expense	$	1,680	$	1,431	$	4,971	$	3,872

Fair Value Measurements - Summary of Company 's Financial Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total cash equivalents, Aggregate Fair Value	$ 9,620	$ 13,149
Total asset measured at fair value, Aggregate Fair Value	43,077	63,455
Fair Value, Recurring
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total cash equivalents, Amortized Cost	9,621	13,149
Total cash equivalents, Unrealized Losses	(1)
Total cash equivalents, Aggregate Fair Value	9,620	13,149
Total short-term investments, Amortized Cost	33,579	50,322
Total short-term investments, Unrealized Gains		6
Total short-term investments, Unrealized Losses	(122)	(22)
Total short-term investments, Aggregate Fair Value	33,457	50,306
Total asset measured at fair value, Amortized Cost	43,200	63,471
Total asset measured at fair value, Unrealized Gains		6
Total asset measured at fair value, Unrealized Losses	(123)	(22)
Total asset measured at fair value, Aggregate Fair Value	43,077	63,455
Fair Value, Recurring \| Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total cash equivalents, Amortized Cost	8,627	8,920
Total cash equivalents, Aggregate Fair Value	8,627	8,920
Fair Value, Recurring \| Commercial Paper
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total cash equivalents, Amortized Cost	994	2,749
Total cash equivalents, Unrealized Losses	(1)
Total cash equivalents, Aggregate Fair Value	993	2,749
Total short-term investments, Amortized Cost	27,329	41,956
Total short-term investments, Unrealized Gains		6
Total short-term investments, Unrealized Losses	(65)	(8)
Total short-term investments, Aggregate Fair Value	27,264	41,954
Fair Value, Recurring \| Corporate Debt Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total cash equivalents, Amortized Cost		1,480
Total cash equivalents, Aggregate Fair Value		1,480
Total short-term investments, Amortized Cost	1,005	1,117
Total short-term investments, Unrealized Losses	(9)	(1)
Total short-term investments, Aggregate Fair Value	996	1,116
Fair Value, Recurring \| U.S. Treasury Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total short-term investments, Amortized Cost	5,245	7,249
Total short-term investments, Unrealized Losses	(48)	(13)
Total short-term investments, Aggregate Fair Value	$ 5,197	$ 7,236

Stock-Based Compensation - Summary of Stock-Based Compensation Expense Recognized for Options and RSUs Granted (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,680	$ 1,431	$ 4,971	$ 3,872
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	294	321	1,070	912
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,386	$ 1,110	$ 3,901	$ 2,960

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Nov. 07, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Trading Symbol	GRAY
Entity Registrant Name	GRAYBUG VISION, INC.
Entity Central Index Key	0001534133
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		21,562,523
Entity File Number	001-39538
Entity Tax Identification Number	45-2120079
Entity Address, Address Line One	203 Redwood Shores Parkway
Entity Address, Address Line Two	Suite 620
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94065
City Area Code	650
Local Phone Number	487-2800
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net loss	$ (9,812)	$ (7,989)	$ (28,202)	$ (27,146)
Unrealized gain (loss) on available-for-sale securities, net of tax	56		(107)	10
Comprehensive loss	$ (9,756)	$ (7,989)	$ (28,309)	$ (27,136)

- Definition

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

+ References

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+ Details

Income Taxes - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Provision or benefit for income taxes	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Balance Sheet Components

9 Months Ended

Sep. 30, 2022

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

4. Balance Sheet Components

Other Current Liabilities

Other current liabilities consisted of the following (in thousands):

	September 30, 2022		December 31, 2021
Salaries and benefits	$	1,032	$	2,278
Professional services		837		461
Severance and termination benefits		538		—
Holdback liability for acquisition of in-process research and development		250		—
Deferred rent		—		8
Other		105		479
Total other current liabilities	$	2,762	$	3,226

Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following three levels:

•

Level 1: Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date.

•

Level 2: Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

•

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):

	September 30, 2022
	Level 1		Level 2		Level 3		Total
Current assets:
Cash equivalents:
Money market funds	$	8,627	$	—	$	—	$	8,627
Commercial paper		—		993		—		993
Total cash equivalents		8,627		993		—		9,620
Short-term investments:
Corporate debt securities		—		996		—		996
Commercial paper		—		27,264		—		27,264
U.S. Treasury notes		—		5,197		—		5,197
Total short-term investments		—		33,457		—		33,457
Total assets measured at fair value	$	8,627	$	34,450	$	—	$	43,077

	December 31, 2021
	Level 1		Level 2		Level 3		Total
Current assets:
Cash equivalents:
Money market funds	$	8,920	$	—	$	—	$	8,920
Corporate debt securities		—		1,480		—		1,480
Commercial paper		—		2,749		—		2,749
Total cash equivalents		8,920		4,229		—		13,149
Short-term investments:
Corporate debt securities		—		1,117		—		1,117
Commercial paper		—		41,954		—		41,954
U.S. Treasury notes		—		7,235		—		7,235
Total short-term investments		—		50,306		—		50,306
Total assets measured at fair value	$	8,920	$	54,535	$	—	$	63,455

Money market funds are highly liquid investments which are actively traded. The pricing information on the Company’s money market funds are based on quoted prices in active markets for identical securities. This approach results in the classification of these securities as Level 1 of the fair value hierarchy.

The fair value of investments is determined from market pricing and other observable market inputs for similar securities obtained from various third-party data providers. 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. This approach results in the classification of these securities as Level 2 of the fair value hierarchy.

There were no transfers between Levels 1, 2 or 3 for the periods presented.

The following tables present information as to cost, unrealized gains and losses and fair value determination of the Company’s financial assets measured at fair value on a recurring basis (in thousands):

	September 30, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
Current assets:
Cash equivalents:
Money market funds	$	8,627	$	—	$	—		$	8,627
Commercial paper		994		—		(1	)		993
Total cash equivalents		9,621		—		(1	)		9,620
Short-term investments:
Corporate debt securities		1,005		—		(9	)		996
Commercial paper		27,329		—		(65	)		27,264
U.S. Treasury notes		5,245		—		(48	)		5,197
Total short-term investments		33,579		—		(122	)		33,457
Total assets measured at fair value	$	43,200	$	—	$	(123	)	$	43,077

	December 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
Current assets:
Cash equivalents:
Money market funds	$	8,920	$	—	$	—		$	8,920
Corporate debt securities		1,480		—		—			1,480
Commercial paper		2,749		—		—			2,749
Total cash equivalents		13,149		—		—			13,149
Short-term investments:
Corporate debt securities		1,117		—		(1	)		1,116
Commercial paper		41,956		6		(8	)		41,954
U.S. Treasury notes		7,249		—		(13	)		7,236
Total short-term investments		50,322		6		(22	)		50,306
Total assets measured at fair value	$	63,471	$	6	$	(22	)	$	63,455

As of September 30, 2022 and December 31, 2021, the contractual maturities of all available-for-sale investments were less than 12 months. The Company periodically reviews the available-for-sale investments for other-than-temporary impairment loss. As of September 30, 2022, the Company had $33.5 million short term investments in an unrealized loss position for less than 12 months. The Company’s unrealized losses from short-term investments as of September 30, 2022 were caused by interest rate increases and not by unfavorable changes in the credit quality associated with these securities. The Company does not intend to sell short term investments that are in an unrealized loss position, and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity. Therefore, the Company believes these losses to be temporary and as a result, did not recognize any other-than-temporary impairment losses as of September 30, 2022 and December 31, 2021.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

	September 30, 2022
	Level 1		Level 2		Level 3		Total
Current assets:
Cash equivalents:
Money market funds	$	8,627	$	—	$	—	$	8,627
Commercial paper		—		993		—		993
Total cash equivalents		8,627		993		—		9,620
Short-term investments:
Corporate debt securities		—		996		—		996
Commercial paper		—		27,264		—		27,264
U.S. Treasury notes		—		5,197		—		5,197
Total short-term investments		—		33,457		—		33,457
Total assets measured at fair value	$	8,627	$	34,450	$	—	$	43,077

	December 31, 2021
	Level 1		Level 2		Level 3		Total
Current assets:
Cash equivalents:
Money market funds	$	8,920	$	—	$	—	$	8,920
Corporate debt securities		—		1,480		—		1,480
Commercial paper		—		2,749		—		2,749
Total cash equivalents		8,920		4,229		—		13,149
Short-term investments:
Corporate debt securities		—		1,117		—		1,117
Commercial paper		—		41,954		—		41,954
U.S. Treasury notes		—		7,235		—		7,235
Total short-term investments		—		50,306		—		50,306
Total assets measured at fair value	$	8,920	$	54,535	$	—	$	63,455

Summary of Company's Financial Assets Measured at Fair Value

	September 30, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
Current assets:
Cash equivalents:
Money market funds	$	8,627	$	—	$	—		$	8,627
Commercial paper		994		—		(1	)		993
Total cash equivalents		9,621		—		(1	)		9,620
Short-term investments:
Corporate debt securities		1,005		—		(9	)		996
Commercial paper		27,329		—		(65	)		27,264
U.S. Treasury notes		5,245		—		(48	)		5,197
Total short-term investments		33,579		—		(122	)		33,457
Total assets measured at fair value	$	43,200	$	—	$	(123	)	$	43,077

	December 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
Current assets:
Cash equivalents:
Money market funds	$	8,920	$	—	$	—		$	8,920
Corporate debt securities		1,480		—		—			1,480
Commercial paper		2,749		—		—			2,749
Total cash equivalents		13,149		—		—			13,149
Short-term investments:
Corporate debt securities		1,117		—		(1	)		1,116
Commercial paper		41,956		6		(8	)		41,954
U.S. Treasury notes		7,249		—		(13	)		7,236
Total short-term investments		50,322		6		(22	)		50,306
Total assets measured at fair value	$	63,471	$	6	$	(22	)	$	63,455

Stock-Based Compensation

9 Months Ended

Sep. 30, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

7. Stock-Based Compensation

2020 Equity Incentive Plan

In August 2020, the Company’s board of directors and stockholders adopted the Company’s 2020 Equity Incentive Plan, or the 2020 Plan, that became effective in connection with the initial public offering, or IPO, and serves as the successor to the Company’s 2015 Stock Incentive Plan, or the 2015 Plan. The Company’s 2020 Plan authorizes the award of stock options, restricted stock units, or RSUs, restricted stock awards, or RSAs, stock appreciation rights, or SARs, performance awards and stock bonus awards. In March 2022, the Company increased the aggregate number of shares reserved for issuance by an additional 1,067,888 shares pursuant to the automatic share reserve increase provision of the 2020 Plan and in June 2022 the Company reserved an additional 2,340,000 shares for future issuance under the 2020 Plan following approval by the Company’s stockholders. As of September 30, 2022, there were 399,875 shares available for issuance under the 2020 Plan.

2020 Employee Stock Purchase Plan

In August 2020 the Company’s board of directors and stockholders adopted the Company’s 2020 Employee Stock Purchase Plan, or the ESPP, that became effective in connection with the IPO, in order to enable eligible employees to purchase shares of the Company’s common stock with accumulated payroll deductions. As of September 30, 2022, there were 210,000 shares available for issuance under the ESPP. There have been no employee withholdings for the purchase of shares under the plan as of September 30, 2022.

Inducement Grants

On January 14, 2022, six newly-hired employees were granted inducement options to purchase an aggregate of 234,200 shares of the Company’s common stock at an exercise price of $1.55 per share. These inducement grants were made outside of the 2020 Equity Incentive Plan in accordance with the Nasdaq Listing Rule 5635(c)(4). All six employees have since been terminated in connection with the Company’s August 2022 reduction-in-force, which was prior to the first vesting date, resulting in the forfeiture of all such inducement grants.

Stock-Based Compensation Expense

Stock-based compensation expense recognized for options and RSUs granted was as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Research and development	$	294	$	321	$	1,070	$	912
General and administrative		1,386		1,110		3,901		2,960
Total stock-based compensation expense	$	1,680	$	1,431	$	4,971	$	3,872

As of September 30, 2022, the total unrecognized stock-based compensation expense related to outstanding unvested stock awards that are expected to vest was $13.5 million, which the Company expects to recognize over an estimated weighted-average term of 2.4 years.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements contained in this Quarterly Report on Form 10-Q have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission, or SEC, and, therefore, certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, have been omitted.

In the opinion of management, the information reflects all adjustments necessary to make the results of operations for the interim periods a fair statement of such operations. All such adjustments are of a normal recurring nature, except expenses related to restructuring and impairment, as discussed in Note 1. Interim results are not necessarily indicative of results for the full year. The condensed balance sheet at December 31, 2021 has been derived from the audited financial statements at that date, but does not include all information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 11, 2022.

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, RainBio, Inc., or RainBio, which was acquired in March 2022 (see Note 5). All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting periods. Actual results could differ from those estimates. Significant items subject to estimates include estimates related to accrued research and development expenses, contingent milestone payments, other long-lived assets, assets held for sale, stock-based compensation, incremental borrowing rates for leases and the valuation of deferred tax assets. The Company bases its estimates using historical experience, Company forecasts and future plans, current economic conditions, and information from third-party professionals that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities and recorded amounts of expenses that are not readily apparent from other sources, and adjusts those estimates and assumptions when facts and circumstances dictate.

The Company’s results can also be affected by economic, political, legislative, regulatory and legal actions. Economic conditions, such as recessionary trends, inflation, interest, changes in regulatory laws and monetary exchange rates, and government fiscal policies, can have a significant effect on operations. While the Company maintains reserves for anticipated liabilities, the Company could be adversely affected by civil, criminal, regulatory or administrative actions, claims, or related proceedings.

Leases

The Company adopted Accounting Standards Codification (ASC) Topic 842, Leases (ASC 842) on January 1, 2022, as discussed below in the section titled Recently Adopted Accounting Pronouncements. Under ASC 842, the Company determines if an arrangement is or contains a lease at contract inception.

Operating lease right-of-use assets represent the Company’s right and ability to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized based on the present value of lease payments over the lease term at the commencement date of the lease. Right-of-use assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less any lease incentive received. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its incremental borrowing rate. The incremental borrowing rate reflects the rate of interest that a lessee would have to pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. Lease expense for an operating lease is recognized on a straight-line basis over the lease term.

The Company elected the practical expedient to not separate lease and non-lease components for all classes of assets. Additionally, the Company has elected an accounting policy to not recognize short-term leases, which have a lease term of twelve months or less, on the condensed consolidated balance sheet. Variable lease payments are primarily related to property taxes, insurance and common area maintenance, and are recognized as lease cost when incurred.

Restructuring, Impairment and Other Costs of Terminated Programs

Restructuring, impairment and other costs of terminated programs primarily consists of severance and termination benefit expense and non-cash impairment of capital equipment. These charges are included in restructuring, impairment and other costs of terminated programs in the condensed consolidated statement of operations.

The Company recognizes severance and termination benefits when it is probable that employees will be entitled to such benefits and the amount can be reasonably estimated and recorded at fair value. The timing of the recognition of expense for severance and termination benefits depends on whether employees are required to render service until they are terminated in order to receive the termination benefits. If employees are required to render service until they are terminated in order to receive the severance and termination benefits, a liability is recognized ratably over the future service period. Otherwise, a liability is recognized when management has committed to a restructuring plan and has communicated those actions to affected employees.

Refer to Note 6 for additional information on the severance expense that the Company recognized for employees terminated in connection with the August 2022 reduction-in-force.

Assets Held for Sale

The Company classifies assets as held for sale when management has approved to sell the assets, the sale is probable to occur during the next 12 months at a price that is reasonable in relation to its current estimated fair value and certain other specified criteria are met. The assets classified as held for sale is recorded at the lower of the carrying value and estimated fair value, less cost to sell. If the carrying value of the assets exceeds its estimated fair value, less cost to sell, a loss is recognized and reported in the condensed consolidated statement of operations.

Refer to Note 6 for additional information on the assets held for sale in connection with restructuring.

Long-lived Asset Impairment

The Company assesses long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amounts of the asset or group of assets may not be recoverable. During the three months ended September 30, 2022, the Company commenced restructuring activities which indicated that the carrying amount of the long-lived assets might not be recoverable. The Company evaluated the long-lived assets, consisting primarily of capital equipment, for impairment. If the carrying amount of an asset group exceeds its estimated undiscounted net future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset group exceeds its fair value. To the extent available, the Company will also consider third-party valuations of an asset group that were prepared for other business purposes. An impairment charge is recognized for the amount by which the carrying value exceeds its estimated fair value. When an impairment loss is recognized for equipment to be held and used, the adjusted carrying amounts are depreciated over their remaining useful life.

All of the Company’s equipment in its Maryland facility was either sold during the three months ended September 30, 2022 or sold shortly thereafter. As such, the Company recorded impairment charges which reflect the net selling prices for each of those assets. The assets are classified as “assets held for sale” on the condensed consolidated balance sheet as of September 30, 2022. Refer to Note 6 for additional information regarding the impairment charge recorded in connection with the Company’s restructuring.

Recently Adopted Accounting Pronouncements

In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), as amended, with guidance regarding the accounting for and disclosure of leases. The update requires lessees to recognize on the balance sheet the liabilities related to all leases, including operating leases, with a term greater than 12 months. This update also requires lessees and lessors to disclose key information about their leasing transactions. As an emerging growth company, this standard is effective for the Company for fiscal years beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022. The Company adopted this standard on January 1, 2022, using the modified retrospective method by applying the new standard to all leases existing as of the effective date and not restating comparative periods. The Company elected the “package of practical expedients”, which permits the Company to not reassess under this standard its prior conclusions about lease identification, lease classification and initial direct costs. In addition, the Company elected the short-term lease recognition exemption for all leases that qualify. The impact of adoption and additional disclosures required by the standard have been included in “Summary of Significant Accounting Policies – Leases” above and in Note 5. As a result of the adoption of the new lease accounting guidance, the Company recognized, on January 1, 2022, operating lease right-of-use asset of $0.6 million and operating lease liability of $0.6 million in the unaudited condensed consolidated balance sheet. Prior period amounts before January 1, 2022

have not been adjusted and continue to be reported in accordance with the Company’s historical accounting under previous lease guidance, ASC Topic 840, Leases (ASC 840).

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions and amends certain requirements in the existing income tax guidance to ease accounting requirements. As an emerging growth company, this standard is effective for the Company for fiscal years beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022, and must be applied on a retrospective basis. The Company adopted ASU 2019-12 on January 1, 2022, and the adoption did not have a material impact on its condensed consolidated financial statements.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities:
Net loss	$ (28,202)	$ (27,146)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	4,971	3,872
Depreciation	338	383
Loss on sale/disposal of assets	97
Noncash lease expense	277
Accretion of premium and discounts on short-term investments	(128)	74
Acquired in-process research and development	2,194
Impairment of capital equipment	1,309
Changes in operating assets and liabilities:
Prepaid expenses and other current and non-current assets	2,343	2,844
Accounts payable	86	(513)
Accrued research and development	(104)	(1,092)
Operating lease liability	(281)
Other current and non-current liabilities	(706)	(968)
Deferred rent, long term portion		1
Net cash used in operating activities	(17,806)	(22,545)
Investing activities:
Purchases of property and equipment	(308)	(484)
Purchases of investments	(29,729)	(72,610)
Maturity of investments	46,599	73,059
Acquisition of in-process research and development	(1,944)
Proceeds from sale of fixed assets	80
Net cash provided by (used in) investing activities	14,698	(35)
Financing activities:
Payment of taxes on vested restricted stock units	(86)
Proceeds from exercise of stock options		614
Net cash (used in) provided by financing activities	(86)	614
Net decrease in cash and cash equivalents	(3,194)	(21,966)
Cash and cash equivalents at beginning of period	13,364	33,418
Cash and cash equivalents at end of period	10,170	11,452
Supplemental disclosure of noncash items:
Right-of-use asset obtained in exchange for operating lease liability	567
Acquired in-process research and development in accrued liabilities	$ 250
Property and equipment purchases included in accounts payable and other current liabilities		$ 115

Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

5. Commitments and Contingencies

The Company enters into contracts in the normal course of business with contract research organizations, or CROs, for clinical trials and contract manufacturing organizations, or CMOs, for clinical supply manufacturing and with vendors for equipment, preclinical research studies, research supplies and other services and products for operating purposes. As of September 30, 2022, these commitments were approximately $1.7 million due within 3 to 6 months. These contracts generally provide for termination on notice of 60 to 90 days. As of September 30, 2022, there was only one such contract still in effect, and there were no unpaid cancellation or other related costs.

Operating Lease Agreements

The Company leases a facility in Baltimore, Maryland under an operating lease with a term through June 2023. The Company also has a short-term lease for approximately 2,560 rentable square feet of office space in Redwood City, California, which was amended in July 2022 to extend the term from August 31, 2022 to December 31, 2022.

On January 1, 2022, the Company adopted ASC 842 and the following disclosures as of and for the nine months ended September 30, 2022 are presented under ASC 842. The operating cash outflow for the Baltimore lease liability was $0.3 million for the nine months ended September 30, 2022. As of September 30, 2022, the Company continued to occupy and utilize the Baltimore facility. The remaining term of the Company’s Baltimore lease was 0.75 years, and the incremental borrowing rate used to determine the operating lease liability was 6.0%.

Lease expense recognized for the operating leases, including short-term leases not included in the measurement of the lease liability, was $0.4 million for the nine months ended September 30, 2022. Under the terms of the lease agreements, the Company is also responsible for certain variable lease payments that are not included in the measurement of the lease liability. Variable lease payments for the operating leases were immaterial for the nine months ended September 30, 2022. Rent expense recognized under ASC 840 for the nine months ended September 30, 2021 was $0.6 million.

As of September 30, 2022, future minimum commitments under the Company’s non-cancelable operating leases, in accordance with ASC 842, are as follows (in thousands):


2022 (remaining three months)	$	103
2023		205
Total undiscounted future minimum lease payments		308
Less: imputed interest		(6	)
Operating lease liabilities	$	302

As of December 31, 2021, future minimum commitments under the Company’s non-cancelable operating leases, in accordance with ASC 840, are as follows (in thousands):


2022	$	527
2023		205
Total future minimum lease payments	$	732

Asset Acquisition

In March 2022, the Company acquired RainBio, a private company in the United States whose primary assets are certain gene therapy technology and preclinical data. RainBio was purchased at a cost of approximately $2.2 million, including transaction costs and a contingent holdback, and the Company may be required to make additional contingent payments of up to $17.5 million in the aggregate upon the achievement of certain milestones. Other than the contingent holdback release, no further payments are required until U.S Food and Drug Administration, or FDA, approval of a product based upon the acquired assets and the sale or utilization of any priority review voucher that may be granted in connection with such approval.

The acquisition was accounted for as an asset acquisition, as substantially all of the fair value of the assets acquired was concentrated in a single in-process research and development, or IPR&D, intangible asset. As the acquired IPR&D did not have an alternative future use to the Company, the purchase price of $2.2 million was recorded as research and development expense in the accompanying condensed consolidated statement of operations for the nine months ended September 30, 2022. As of September 30, 2022, none of the milestones were probable of achievement and, accordingly, no amounts have been recognized in the accompanying condensed consolidated financial statements with respect to these contingent payments.

Indemnifications

In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of September 30, 2022, the Company did not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities.

Litigation

From time to time, the Company may become involved in legal proceedings arising in the ordinary course of business. The Company is not presently a party to any legal proceedings that it believes would have a material adverse effect on its business, operating results, financial condition or cash flows.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements contained in this Quarterly Report on Form 10-Q have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission, or SEC, and, therefore, certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, have been omitted. In the opinion of management, the information reflects all adjustments necessary to make the results of operations for the interim periods a fair statement of such operations. All such adjustments are of a normal recurring nature, except expenses related to restructuring and impairment, as discussed in Note 1. Interim results are not necessarily indicative of results for the full year. The condensed balance sheet at December 31, 2021 has been derived from the audited financial statements at that date, but does not include all information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 11, 2022.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting periods. Actual results could differ from those estimates. Significant items subject to estimates include estimates related to accrued research and development expenses, contingent milestone payments, other long-lived assets, assets held for sale, stock-based compensation, incremental borrowing rates for leases and the valuation of deferred tax assets. The Company bases its estimates using historical experience, Company forecasts and future plans, current economic conditions, and information from third-party professionals that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities and recorded amounts of expenses that are not readily apparent from other sources, and adjusts those estimates and assumptions when facts and circumstances dictate. The Company’s results can also be affected by economic, political, legislative, regulatory and legal actions. Economic conditions, such as recessionary trends, inflation, interest, changes in regulatory laws and monetary exchange rates, and government fiscal policies, can have a significant effect on operations. While the Company maintains reserves for anticipated liabilities, the Company could be adversely affected by civil, criminal, regulatory or administrative actions, claims, or related proceedings.
Leases	Leases The Company adopted Accounting Standards Codification (ASC) Topic 842, Leases (ASC 842) on January 1, 2022, as discussed below in the section titled Recently Adopted Accounting Pronouncements. Under ASC 842, the Company determines if an arrangement is or contains a lease at contract inception. Operating lease right-of-use assets represent the Company’s right and ability to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized based on the present value of lease payments over the lease term at the commencement date of the lease. Right-of-use assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less any lease incentive received. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its incremental borrowing rate. The incremental borrowing rate reflects the rate of interest that a lessee would have to pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. Lease expense for an operating lease is recognized on a straight-line basis over the lease term. The Company elected the practical expedient to not separate lease and non-lease components for all classes of assets. Additionally, the Company has elected an accounting policy to not recognize short-term leases, which have a lease term of twelve months or less, on the condensed consolidated balance sheet. Variable lease payments are primarily related to property taxes, insurance and common area maintenance, and are recognized as lease cost when incurred.
Restructuring, Impairment and Other Costs of Terminated programs	Restructuring, Impairment and Other Costs of Terminated Programs Restructuring, impairment and other costs of terminated programs primarily consists of severance and termination benefit expense and non-cash impairment of capital equipment. These charges are included in restructuring, impairment and other costs of terminated programs in the condensed consolidated statement of operations. The Company recognizes severance and termination benefits when it is probable that employees will be entitled to such benefits and the amount can be reasonably estimated and recorded at fair value. The timing of the recognition of expense for severance and termination benefits depends on whether employees are required to render service until they are terminated in order to receive the termination benefits. If employees are required to render service until they are terminated in order to receive the severance and termination benefits, a liability is recognized ratably over the future service period. Otherwise, a liability is recognized when management has committed to a restructuring plan and has communicated those actions to affected employees. Refer to Note 6 for additional information on the severance expense that the Company recognized for employees terminated in connection with the August 2022 reduction-in-force.
Asset Held for Sale	Assets Held for Sale The Company classifies assets as held for sale when management has approved to sell the assets, the sale is probable to occur during the next 12 months at a price that is reasonable in relation to its current estimated fair value and certain other specified criteria are met. The assets classified as held for sale is recorded at the lower of the carrying value and estimated fair value, less cost to sell. If the carrying value of the assets exceeds its estimated fair value, less cost to sell, a loss is recognized and reported in the condensed consolidated statement of operations. Refer to Note 6 for additional information on the assets held for sale in connection with restructuring.
Long-lived Asset Impairment	Long-lived Asset Impairment The Company assesses long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amounts of the asset or group of assets may not be recoverable. During the three months ended September 30, 2022, the Company commenced restructuring activities which indicated that the carrying amount of the long-lived assets might not be recoverable. The Company evaluated the long-lived assets, consisting primarily of capital equipment, for impairment. If the carrying amount of an asset group exceeds its estimated undiscounted net future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset group exceeds its fair value. To the extent available, the Company will also consider third-party valuations of an asset group that were prepared for other business purposes. An impairment charge is recognized for the amount by which the carrying value exceeds its estimated fair value. When an impairment loss is recognized for equipment to be held and used, the adjusted carrying amounts are depreciated over their remaining useful life. All of the Company’s equipment in its Maryland facility was either sold during the three months ended September 30, 2022 or sold shortly thereafter. As such, the Company recorded impairment charges which reflect the net selling prices for each of those assets. The assets are classified as “assets held for sale” on the condensed consolidated balance sheet as of September 30, 2022. Refer to Note 6 for additional information regarding the impairment charge recorded in connection with the Company’s restructuring.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), as amended, with guidance regarding the accounting for and disclosure of leases. The update requires lessees to recognize on the balance sheet the liabilities related to all leases, including operating leases, with a term greater than 12 months. This update also requires lessees and lessors to disclose key information about their leasing transactions. As an emerging growth company, this standard is effective for the Company for fiscal years beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022. The Company adopted this standard on January 1, 2022, using the modified retrospective method by applying the new standard to all leases existing as of the effective date and not restating comparative periods. The Company elected the “package of practical expedients”, which permits the Company to not reassess under this standard its prior conclusions about lease identification, lease classification and initial direct costs. In addition, the Company elected the short-term lease recognition exemption for all leases that qualify. The impact of adoption and additional disclosures required by the standard have been included in “Summary of Significant Accounting Policies – Leases” above and in Note 5. As a result of the adoption of the new lease accounting guidance, the Company recognized, on January 1, 2022, operating lease right-of-use asset of $0.6 million and operating lease liability of $0.6 million in the unaudited condensed consolidated balance sheet. Prior period amounts before January 1, 2022 have not been adjusted and continue to be reported in accordance with the Company’s historical accounting under previous lease guidance, ASC Topic 840, Leases (ASC 840). In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions and amends certain requirements in the existing income tax guidance to ease accounting requirements. As an emerging growth company, this standard is effective for the Company for fiscal years beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022, and must be applied on a retrospective basis. The Company adopted ASU 2019-12 on January 1, 2022, and the adoption did not have a material impact on its condensed consolidated financial statements.

Commitments and Contingencies - Schedule of Future Minimum Commitments Accordance with ASC 840 (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Commitments And Contingencies Disclosure [Abstract]
2022	$ 527
2023	205
Total future minimum lease payments	$ 732

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning Balance at Dec. 31, 2020	$ 94,786	$ 2	$ 228,155	$ (133,367)	$ (4)
Beginning Balance, Shares at Dec. 31, 2020		20,979,265
Stock issued on exercise of stock options	92		92
Stock issued on exercise of stock options, Shares		76,679
Stock-based compensation expense	1,129		1,129
Net loss	(11,449)			(11,449)
Unrealized gain (loss) on available-for-sale securities, net of tax	4				4
Ending Balance at Mar. 31, 2021	84,562	$ 2	229,376	(144,816)
Ending Balance, Shares at Mar. 31, 2021		21,055,944
Beginning Balance at Dec. 31, 2020	94,786	$ 2	228,155	(133,367)	(4)
Beginning Balance, Shares at Dec. 31, 2020		20,979,265
Net loss	(27,146)
Unrealized gain (loss) on available-for-sale securities, net of tax	10
Ending Balance at Sep. 30, 2021	72,136	$ 2	232,641	(160,513)	6
Ending Balance, Shares at Sep. 30, 2021		21,316,591
Beginning Balance at Mar. 31, 2021	84,562	$ 2	229,376	(144,816)
Beginning Balance, Shares at Mar. 31, 2021		21,055,944
Stock issued on exercise of stock options	495		495
Stock issued on exercise of stock options, Shares		228,732
Stock-based compensation expense	1,312		1,312
Net loss	(7,708)			(7,708)
Unrealized gain (loss) on available-for-sale securities, net of tax	6				6
Ending Balance at Jun. 30, 2021	78,667	$ 2	231,183	(152,524)	6
Ending Balance, Shares at Jun. 30, 2021		21,284,676
Stock issued on exercise of stock options	27		27
Stock issued on exercise of stock options, Shares		11,915
Issuance of common stock upon vesting of restricted stock units, Shares		20,000
Stock-based compensation expense	1,431		1,431
Net loss	(7,989)			(7,989)
Ending Balance at Sep. 30, 2021	72,136	$ 2	232,641	(160,513)	6
Ending Balance, Shares at Sep. 30, 2021		21,316,591
Beginning Balance at Dec. 31, 2021	65,023	$ 2	234,225	(169,188)	(16)
Beginning Balance, Shares at Dec. 31, 2021		21,357,773
Stock-based compensation expense	1,542		1,542
Net loss	(10,149)			(10,149)
Unrealized gain (loss) on available-for-sale securities, net of tax	(160)				(160)
Ending Balance at Mar. 31, 2022	56,256	$ 2	235,767	(179,337)	(176)
Ending Balance, Shares at Mar. 31, 2022		21,357,773
Beginning Balance at Dec. 31, 2021	65,023	$ 2	234,225	(169,188)	(16)
Beginning Balance, Shares at Dec. 31, 2021		21,357,773
Net loss	(28,202)
Unrealized gain (loss) on available-for-sale securities, net of tax	(107)
Ending Balance at Sep. 30, 2022	41,599	$ 2	239,110	(197,390)	(123)
Ending Balance, Shares at Sep. 30, 2022		21,562,523
Beginning Balance at Mar. 31, 2022	56,256	$ 2	235,767	(179,337)	(176)
Beginning Balance, Shares at Mar. 31, 2022		21,357,773
Stock-based compensation expense	1,749		1,749
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes	(69)		(69)
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes, Shares		159,909
Net loss	(8,241)			(8,241)
Unrealized gain (loss) on available-for-sale securities, net of tax	(3)				(3)
Ending Balance at Jun. 30, 2022	49,692	$ 2	237,447	(187,578)	(179)
Ending Balance, Shares at Jun. 30, 2022		21,517,682
Stock-based compensation expense	1,680		1,680
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes	(17)		(17)
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes, Shares		44,841
Net loss	(9,812)			(9,812)
Unrealized gain (loss) on available-for-sale securities, net of tax	56				56
Ending Balance at Sep. 30, 2022	$ 41,599	$ 2	$ 239,110	$ (197,390)	$ (123)
Ending Balance, Shares at Sep. 30, 2022		21,562,523

Restructuring, Impairment and Other Costs of Terminated Programs - Schedule of Severance and Termination Benefits Over the Service Period (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Expense recognized during the period	$ 2,400
Severance and Termination Benefit
Restructuring Cost and Reserve [Line Items]
Total severance and other termination benefits, at fair value	1,161	$ 1,161
Expense recognized during the period		1,025
Payments during the period		(487)
Liability balance as of September 30, 2022	538	538
Severance and Termination Benefit \| No Service Period
Restructuring Cost and Reserve [Line Items]
Total severance and other termination benefits, at fair value	887	887
Expense recognized during the period		887
Payments during the period		(487)
Liability balance as of September 30, 2022	400	400
Severance and Termination Benefit \| Service Period Required
Restructuring Cost and Reserve [Line Items]
Total severance and other termination benefits, at fair value	274	274
Expense recognized during the period		138
Liability balance as of September 30, 2022	$ 138	$ 138