0001628280-23-028856 | 10-Q | XBRL Viewer | Neoleukin Therapeutics INC

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Equity - Schedule of Weighted Average Assumptions (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity [Abstract]
Expected volatility	87.37%	82.68%	86.77%	83.01%
Expected dividends	0.00%	0.00%	0.00%	0.00%
Expected terms (years)	5 years 3 months 7 days	5 years 8 months 23 days	5 years 7 months 6 days	5 years 11 months 15 days
Risk free rate	3.82%	2.77%	3.67%	2.22%

Restructurings and impairment charges

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Restructurings and impairment charges

November workforce reduction

On November 14, 2022, the Company announced a corporate restructuring as a result of the strategic decision to discontinue further development of NL-201. In conjunction with this decision, the Company's Board of Directors approved a restructuring plan that included a reduction of approximately 40% of the Company's workforce (the "November 2022 Reduction").

In connection with the November 2022 Reduction, the Company expects to incur aggregate restructuring charges consisting of severance payments, benefits, and other employee related costs of $1.7 million, of which $1.4 million was recognized during the fourth quarter of 2022. The remaining $0.3 million was incurred during the six months ended June 30, 2023, all of which is included in research and development expenses in the statement of operations and comprehensive income (loss). The Company expects to pay all remaining restructuring charges associated with the November 2022 Reduction by the end of the third quarter of 2023.

March workforce reduction

On March 6, 2023, the Company's Board of Directors approved a reduction in force of the Company's workforce by approximately 70% in connection with a re-prioritization of the Company’s focus on seeking strategic alternatives to maximize stockholder value (the "March 2023 Restructuring Plan").

In connection with the March 2023 Restructuring Plan, the Company expects to incur additional aggregate restructuring charges consisting of severance payments, benefits, and other employee related costs of $1.8 million, all of which was incurred during the six months ended June 30, 2023. Of the $1.8 million of restructuring charges incurred during the six months ended June 30, 2023, $0.6 million is included in general and administrative expenses and $1.2 million is included in research and development expenses in the condensed statement of operations and comprehensive income (loss). The Company expects to pay all remaining restructuring charges associated with the March 2023 Restructuring Plan by the end of the first quarter of 2024.

A summary of the accrued liabilities activity recorded in connection with the November 2022 Reduction and March 2023 Restructuring Plan for the six months ended June 30, 2023 is as follows (in thousands):


	Accrued at December 31, 2022		Charges		Amounts Paid		Accrued at June 30, 2023
Employee severance, benefits, and related costs
November 2022 Reduction	$	1,041	$	327	$	(1,058)	$	310
March 2023 Restructuring Plan	$	—	$	1,782	$	(1,218)	$	564
Total	$	1,041	$	2,109	$	(2,276)	$	874

Impairment charges

As a result of the March 2023 Restructuring Plan, the Company determined that sufficient indicators existed to trigger the performance of an interim long-lived asset impairment analysis as of March 31, 2023. In the first quarter of 2023, the Company tested the recoverability of its asset groups for property and equipment using entity-specific undiscounted cash flows. Based on these undiscounted cash flows, the Company concluded the undiscounted future cash flows expected to result from the eventual disposition of its long-lived assets were less than the carrying value of the asset groups. Therefore, the Company measured the long-lived asset impairment as the amount by which the carrying value of the asset group exceeds its fair value and recorded an impairment charge of $3.4 million. The fair value of the asset group reflect the Company’s best estimate of what hypothetical market participants would use to determine a transaction price for the asset group which represents a Level 3 fair value measurement. During the three months ended June 30, 2023, the Company sold property and equipment previously assessed for impairment with a carrying value of $1.8 million, for a $0.2 million gain on sale, net. Of this total gain, $0.3 million of gain on sale is included in research and development expenses and a $0.1 million loss on sale included in general and administrative expenses in the condensed statement of operations and comprehensive income (loss).

Nature of operations	6 Months Ended
Nature of operations	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of operations	Nature of operations Neoleukin Therapeutics, Inc. (“Neoleukin” or “the Company”) has historically been a biopharmaceutical company creating next generation immunotherapies for cancer, inflammation, and autoimmunity using de novo protein design technology. Based on decisions made by the Company's Board of Directors in November 2022 and March 2023, the Company has restructured operations to significantly reduce its workforce, discontinue development of NL-201, a de novo protein that was in Phase 1 clinical trial for the treatment of cancer, and suspended all research and development activities in order to conserve capital and focus on other strategic alternatives for the Company. On July 17, 2023, Neoleukin, Project North Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Neoleukin (“Merger Sub”), and Neurogene Inc., a privately held Delaware corporation (“Neurogene”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which, among other matters, and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, Merger Sub will merge with and into Neurogene, with Neurogene continuing as a wholly owned subsidiary of Neoleukin and the surviving corporation of the merger (the “Merger”). The Merger is intended to qualify for federal income tax purposes as a tax-free reorganization under the provisions of Section 368(a) of the Internal Revenue Code of 1986, as amended (the "IRC"). The Merger Agreement is subject to customary closing conditions, including approval of certain matters by stockholders of each of Neoleukin and Neurogene, and is anticipated to close in the fourth quarter of 2023, assuming satisfaction or waiver of all of the conditions of the Merger. If the Merger is completed, Neoleukin will continue as the surviving corporation after the Merger, but will change its name to Neurogene Inc., and the management of Neurogene is expected to become the management of the surviving corporation. The surviving company is expected to pursue the business activities of Neurogene following the closing of the Merger.

Equity - Schedule of Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Number of Shares
Outstanding, beginning balance (in shares)	8,514,381
Options granted (in shares)	260,500
Options exercised (in shares)	0	(36,500)
Options cancelled/ forfeited (in shares)	(4,138,321)
Outstanding, ending balance (in shares)	4,636,560		8,514,381
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 4.89
Options granted (in dollars per share)	0.70
Options exercised (in dollars per share)	0
Options cancelled/forfeited (in dollars per share)	5.07
Outstanding, ending balance (in dollars per share)	$ 3.96		$ 4.89
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Outstanding, Weighted Average Remaining Contractual Life (in Years)	4 years 4 months 28 days		8 years 3 months 25 days
Outstanding, Aggregate Intrinsic Value (in Thousands)	$ 11		$ 0
Exercisable, Number of Shares (in shares)	3,534,712
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 4.51
Exercisable, Weighted Average Remaining Contractual Life (in Years)	3 years 3 days
Exercisable, Aggregate Intrinsic Value (in Thousands)	$ 0

Subsequent Events (Details) - Subsequent Event - Neurogene Merger $ in Millions	Jul. 17, 2023 USD ($)
Subsequent Event [Line Items]
Termination fee	$ 3.0
Reimbursement of expenses	1.0
Neurogene
Subsequent Event [Line Items]
Termination fee	12.0
Reimbursement of expenses	$ 1.0

Summary of significant accounting policies (Policies)	6 Months Ended
Summary of significant accounting policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, these financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission on March 20, 2023. In management’s opinion, the unaudited condensed financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position of the Company as of June 30, 2023, and results of operations and cash flows for all periods presented. The interim results presented are not necessarily indicative of results that can be expected for the full year ending December 31, 2023. The Company reclassified prior year interest income in the condensed statements of operations and comprehensive income (loss) to conform to current year presentation. This reclassification had no effect on net loss or comprehensive loss.
Use of estimates and assumptions	Use of estimates and assumptionsThe preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant areas requiring estimates include valuation and recognition of stock-based compensation, the incremental borrowing rate utilized in the measurement of operating and finance lease liabilities, amortization/depreciation and impairment of property and equipment, and pre-clinical, clinical, and other accruals. Actual results could differ from those estimates.
Property and equipment, net	Property and equipment, net Property and equipment are recorded at cost and are amortized using the straight-line basis over a range of three to seven years. The Company reviews the carrying value of property and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of assets. The factors considered by management in performing this assessment include current operating results, trends and prospects, the manner in which the property is used, and the effects of obsolescence, demand, competition, and other economic factors. Based on management’s assessment, as a result of the corporate restructuring announced in March 2023, including the decision to suspend all research and development activities, there were indicators of impairment of certain property and equipment. In March 2023, the Company recorded $3.4 million in impairment charges. There were no additional indicators of impairment of property and equipment as of June 30, 2023 and none as of December 31, 2022.
Leases	Leases At contract inception, the Company determines if the contract is or contains a lease. Lease liabilities are recognized on the lease commencement date based on the estimated present value of lease payments over the lease term. To determine the present value of the lease payments, the Company utilizes its estimated incremental borrowing rate based on information available at the lease commencement date as the interest rate implicit in the lease is typically not readily determinable. The related right-of-use assets are recorded net of any lease incentives received. Variable lease cost primarily includes building operating expenses as charged to the Company by its landlords. The Company includes options to extend the lease in its lease liability and right-of-use asset when it is reasonably certain that it will exercise that option. None of the Company's options to extend the rental term of any of its existing leases were considered reasonably certain as of June 30, 2023. For leases of office space and equipment, the Company has elected to not separate the lease components from the non-lease components. For leases with a lease term of 12 months or less and which do not include an option to purchase the underlying asset, the Company has elected to recognize the lease payments in the statement of operations on a straight-line basis over the lease term.
Fair value of financial instruments	Fair value of financial instruments The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, restricted cash, receivables, accounts payable and other liabilities, approximate their fair values because of their nature and/or short maturities. Certain of the Company’s financial instruments are measured at fair value on a recurring basis. The Company determines the fair value of those financial instruments based upon the fair value hierarchy, which prioritizes valuation inputs based on the observable nature of those inputs. The three levels of the fair value hierarchy are as follows: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that can be accessed on the measurement date Level 2 - quoted prices (in non-active markets or in active markets for similar assets or liabilities), observable inputs other than quoted prices and inputs that are not directly observable but are corroborated by observable market data Level 3 - unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities
Investments	InvestmentsThe Company’s short-term investments consist entirely of investments in U.S. treasury securities. These investments are classified as available-for-sale debt securities and are therefore reported at fair value in the condensed balance sheets. Unrealized gains and losses are included in accumulated other comprehensive income (loss). There were no realized gains or losses on investments for the three and six months ended June 30, 2023 and 2022. The Company assesses investments for impairment at each reporting period. An investment is considered impaired when the amortized cost basis exceeds the fair value. When this is the case, the Company assesses whether the impairment is credit-related or noncredit-related based on various factors. When an impairment, or a portion of an impairment, is considered credit-related, an allowance for credit losses is recorded.
Net loss per share	Net loss per shareBasic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding for the period, without consideration for common stock equivalents. Common stock equivalents are included in the calculation of diluted earnings per share only in periods of net income and are excluded in the calculation of diluted net loss per share in periods of net loss as their inclusion would be anti-dilutive.
Accounting for stock-based compensation	Accounting for stock-based compensationThe Company has issued stock options and restricted stock units (“RSUs”). The Company measures the cost of services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost of such award is recognized on a straight-line basis over the requisite service period, which is generally the vesting period. The Company accounts for forfeitures as they occur. The Company utilizes newly issued shares to satisfy option exercises, the vesting of RSUs, and 2020 Employee Stock Purchase Plan ("2020 ESPP") purchases.The Company estimates the fair value of options using the Black-Scholes option pricing model on the grant date. This approximation uses assumptions regarding a number of inputs that requires management to make significant estimates and judgments. The expected term represents the period that the Company’s stock-based awards are expected to be outstanding. As the Company does not have sufficient historical experience for determining the expected term of the stock option awards granted, the Company has based its expected term for awards issued to employees on the simplified method, which represents the average period from vesting to the expiration of the stock option. In addition, the Company does not have sufficient trading history of the Company’s common stock, and therefore, the expected stock price volatility for the Company’s common stock was estimated by taking the average historical price volatility for industry peers. The Company has never declared or paid any cash dividends to common stockholders and does not presently plan to pay cash dividends in the foreseeable future. Consequently, the Company used an expected dividend yield of zero. The risk-free interest rate was based on the yields of treasury securities with maturities similar to the expected term of the options for each option group.The fair value of each RSU is measured using the closing price of the Company’s common stock on the date of grant.
Restructuring charges	Restructuring chargesThe Company records costs and liabilities associated with exit and disposal activities in accordance with ASC 420, Exit or Disposal Cost Obligations. Restructuring charges are recorded in the period in which they are incurred. The Company evaluates and adjusts these costs as appropriate for changes in circumstances as additional information becomes available.
Recently issued and recently adopted accounting standards	Recently issued and recently adopted accounting standardsThe Company monitors and evaluates the issuance of Accounting Standards Updates ("ASUs"). No ASUs have been issued recently which impact the Company's financial statements and disclosure

Restructurings and impairment charges (Tables)

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost


	Accrued at December 31, 2022		Charges		Amounts Paid		Accrued at June 30, 2023
Employee severance, benefits, and related costs
November 2022 Reduction	$	1,041	$	327	$	(1,058)	$	310
March 2023 Restructuring Plan	$	—	$	1,782	$	(1,218)	$	564
Total	$	1,041	$	2,109	$	(2,276)	$	874

Leases	6 Months Ended
Leases	Jun. 30, 2023
Leases [Abstract]
Leases	Leases The Company enters into lease arrangements for its facilities as well as certain equipment, classified either as operating or finance leases. The Company has an operating lease agreement, as amended by the execution of two subsequent amendments, for approximately 33,300 square feet of office space in Seattle, Washington for the Company’s principal executive offices, a laboratory for research and development, and related uses. The lease commenced on January 15, 2020 and expires on February 1, 2029, with the option to extend the lease for two five-year terms. The lease provides for a tenant improvement allowance of up to $9.5 million, which has been fully utilized. The Company has an operating lease agreement for approximately 6,272 square feet of office space in Seattle, Washington, for additional office and laboratory space for research and development and related uses. In March 2021, the Company executed an amendment to this lease pursuant to which the contractual lease term was extended through September 30, 2026, unless terminated earlier, with the option to extend the lease for an additional 28-month term. In December 2022, the Company entered into an agreement to sublease this office and laboratory space in Seattle, Washington to an unrelated third party. Pursuant to the terms of the sublease, the Company is entitled to receive up to $0.5 million in base lease payments. The term of the sublease is through August 31, 2023, with an option by the sublessee to extend such term through November 30, 2023. As of June 30, 2023, and December 31, 2022, the Company’s operating lease right-of-use assets were $9.1 million and $9.7 million, respectively. As of June 30, 2023, the Company’s finance lease right-of-use assets, included within property and equipment on the condensed balance sheets, were immaterial. As of December 31, 2022, the Company’s finance lease right-of-use assets were $0.5 million.
Leases	Leases The Company enters into lease arrangements for its facilities as well as certain equipment, classified either as operating or finance leases. The Company has an operating lease agreement, as amended by the execution of two subsequent amendments, for approximately 33,300 square feet of office space in Seattle, Washington for the Company’s principal executive offices, a laboratory for research and development, and related uses. The lease commenced on January 15, 2020 and expires on February 1, 2029, with the option to extend the lease for two five-year terms. The lease provides for a tenant improvement allowance of up to $9.5 million, which has been fully utilized. The Company has an operating lease agreement for approximately 6,272 square feet of office space in Seattle, Washington, for additional office and laboratory space for research and development and related uses. In March 2021, the Company executed an amendment to this lease pursuant to which the contractual lease term was extended through September 30, 2026, unless terminated earlier, with the option to extend the lease for an additional 28-month term. In December 2022, the Company entered into an agreement to sublease this office and laboratory space in Seattle, Washington to an unrelated third party. Pursuant to the terms of the sublease, the Company is entitled to receive up to $0.5 million in base lease payments. The term of the sublease is through August 31, 2023, with an option by the sublessee to extend such term through November 30, 2023. As of June 30, 2023, and December 31, 2022, the Company’s operating lease right-of-use assets were $9.1 million and $9.7 million, respectively. As of June 30, 2023, the Company’s finance lease right-of-use assets, included within property and equipment on the condensed balance sheets, were immaterial. As of December 31, 2022, the Company’s finance lease right-of-use assets were $0.5 million.

Investments

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

The Company's investments consist of the following:


	June 30, 2023
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	$	30,593	$	—	$	—	$	30,593
Short-term investments:
U.S. treasury securities - due within 1 year	50,965		2		(15)		50,952
Total	$	81,558	$	2	$	(15)	$	81,545


	December 31, 2022
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	$	33,767	$	—	$	—	$	33,767
U.S. treasury securities - due within 3 months	3,473		—		—		3,473
Short-term investments:
U.S. treasury securities - due within 1 year	58,518		6		(27)		58,497
Total	$	95,758	$	6	$	(27)	$	95,737

Equity - Additional Information (Details) $ / shares in Units, $ in Millions		3 Months Ended	6 Months Ended
	Jul. 18, 2023	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) offering $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares shares	Nov. 04, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)		100,000,000	100,000,000		100,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.000001	$ 0.000001		$ 0.000001
Common stock, shares issued (in shares)		44,021,429	44,021,429		42,648,346
Common stock, shares outstanding (in shares)		44,021,429	44,021,429		42,648,346
Percentage of outstanding stock per stockholder, maximum			9.99%
Percentage of outstanding stock per stockholder, upon notice, maximum			19.99%
Warrants, notice period for nominal cash consideration			61 days
Unrecognized stock-based compensation cost \| $		$ 1.6	$ 1.6
Unrecognized stock-based compensation cost, weighted-average period recognized			1 year 10 months 17 days
Shares issued upon exercises of stock options (in shares)			0	36,500
Aggregate intrinsic value of options exercised \| $				$ 0.1
Weighted average grant date fair value for options granted in period (in dollars per share) \| $ / shares			$ 0.51	$ 1.47
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding stock per stockholder, upon notice, maximum	19.99%
Warrants, notice period for nominal cash consideration	61 days
2020 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares reserved for issuance under employee stock purchase plan (in shares)		759,936	759,936
Shares issuable under 2020 ESPP \| 2020 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP max contribution rate		15.00%	15.00%
ESPP, purchase price of common stock, percent of market price			85.00%
ESPP number of offerings per year \| offering			2
ESPP offering period			6 months
Equity Offering Sales Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, maximum aggregate offering price \| $						$ 40.0
Prefunded Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued upon the exercise of pre-funded warrants (in shares)		1,180,000
Outstanding pre-funded warrants (in shares)		11,483,010	11,483,010	12,663,010
Exercise price of pre-funded warrants (in dollars per share) \| $ / shares		$ 0.000001	$ 0.000001

Summary of significant accounting policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary of significant accounting policies

(a)Basis of presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, these financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission on March 20, 2023.

In management’s opinion, the unaudited condensed financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position of the Company as of June 30, 2023, and results of operations and cash flows for all periods presented. The interim results presented are not necessarily indicative of results that can be expected for the full year ending December 31, 2023. The Company reclassified prior year interest income in the condensed statements of operations and comprehensive income (loss) to conform to current year presentation. This reclassification had no effect on net loss or comprehensive loss.

(b)Use of estimates and assumptions

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant areas requiring estimates include valuation and recognition of stock-based compensation, the incremental borrowing rate utilized in the measurement of operating and finance lease liabilities, amortization/depreciation and impairment of property and equipment, and pre-clinical, clinical, and other accruals. Actual results could differ from those estimates.

(c)Property and equipment, net

Property and equipment are recorded at cost and are amortized using the straight-line basis over a range of three to seven years.

The Company reviews the carrying value of property and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of assets. The factors considered by management in performing this assessment include current operating results, trends and prospects, the manner in which the property is used, and the effects of obsolescence, demand, competition, and other economic factors. Based on management’s assessment, as a result of the corporate restructuring announced in March 2023, including the decision to suspend all research and development activities, there were indicators of impairment of certain property and equipment. In March 2023, the Company recorded $3.4 million in impairment charges. There were no additional indicators of impairment of property and equipment as of June 30, 2023 and none as of December 31, 2022.

(d)Leases

At contract inception, the Company determines if the contract is or contains a lease. Lease liabilities are recognized on the lease commencement date based on the estimated present value of lease payments over the lease term. To determine the present value of the lease payments, the Company utilizes its estimated incremental borrowing rate based on information available at the lease commencement date as the interest rate implicit in the lease is typically not readily determinable. The related right-of-use assets are recorded net of any lease incentives received. Variable lease cost primarily includes building operating expenses as charged to the Company by its landlords.

The Company includes options to extend the lease in its lease liability and right-of-use asset when it is reasonably certain that it will exercise that option. None of the Company's options to extend the rental term of any of its existing leases were considered reasonably certain as of June 30, 2023.

For leases of office space and equipment, the Company has elected to not separate the lease components from the non-lease components.

For leases with a lease term of 12 months or less and which do not include an option to purchase the underlying asset, the Company has elected to recognize the lease payments in the statement of operations on a straight-line basis over the lease term.

(e)Fair value of financial instruments

The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, restricted cash, receivables, accounts payable and other liabilities, approximate their fair values because of their nature and/or short maturities.

Certain of the Company’s financial instruments are measured at fair value on a recurring basis. The Company determines the fair value of those financial instruments based upon the fair value hierarchy, which prioritizes valuation inputs based on the observable nature of those inputs. The three levels of the fair value hierarchy are as follows:

Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that can be accessed on the measurement date

Level 2 - quoted prices (in non-active markets or in active markets for similar assets or liabilities), observable inputs other than quoted prices and inputs that are not directly observable but are corroborated by observable market data

Level 3 - unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities

The following table presents information about the Company's financial instruments that are measured at fair value on a recurring basis:


	June 30, 2023
(in thousands)	Total		Level 1		Level 2		Level 3
Financial assets
Money market funds	$	30,593	$	30,593	$	—	$	—
U.S. treasury securities	50,965		50,965		—		—
Total financial assets	$	81,558	$	81,558	$	—	$	—


	December 31, 2022
(in thousands)	Total		Level 1		Level 2		Level 3
Financial assets
Money market funds	$	33,767	$	33,767	$	—	$	—
U.S. treasury securities	61,970		61,970		—		—
Total financial assets	$	95,737	$	95,737	$	—	$	—

(f)Investments

The Company’s short-term investments consist entirely of investments in U.S. treasury securities. These investments are classified as available-for-sale debt securities and are therefore reported at fair value in the condensed balance sheets. Unrealized gains and losses are included in accumulated other comprehensive income (loss). There were no realized gains or losses on investments for the three and six months ended June 30, 2023 and 2022.

The Company assesses investments for impairment at each reporting period. An investment is considered impaired when the amortized cost basis exceeds the fair value. When this is the case, the Company assesses whether the impairment is credit-related or noncredit-related based on various factors. When an impairment, or a portion of an impairment, is considered credit-related, an allowance for credit losses is recorded. For the six months ended June 30, 2023, the Company recognized no year-to-date credit losses and no allowance for credit losses is recorded as of June 30, 2023. The aggregate fair value of investments with unrealized losses as of June 30, 2023 is $31.1 million.

(g)Net loss per share

Basic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding for the period, without consideration for common stock equivalents. Common stock equivalents are included in the calculation of diluted earnings per share only in periods of net income and are excluded in the calculation of diluted net loss per share in periods of net loss as their inclusion would be anti-dilutive. Outstanding pre-funded warrants as of June 30, 2023 and June 30, 2022 was 11,483,010 and 12,663,010, respectively. They are considered outstanding as of their issuance date and are included in basic and diluted net loss per share because they are fully vested and exercisable for nominal cash consideration.

(h)Accounting for stock-based compensation

The Company has issued stock options and restricted stock units (“RSUs”). The Company measures the cost of services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost of such award is recognized on a straight-line basis over the requisite service period, which is generally the vesting period. The Company accounts for forfeitures as they occur. The Company utilizes newly issued shares to satisfy option exercises, the vesting of RSUs, and 2020 Employee Stock Purchase Plan ("2020 ESPP") purchases.

The Company estimates the fair value of options using the Black-Scholes option pricing model on the grant date. This approximation uses assumptions regarding a number of inputs that requires management to make significant estimates and judgments. The expected term represents the period that the Company’s stock-based awards are expected to be outstanding. As the Company does not have sufficient historical experience for determining the expected term of the stock option awards granted, the Company has based its expected term for awards issued to employees on the simplified method, which represents the average period from vesting to the expiration of the stock option. In addition, the Company does not have sufficient trading history of the Company’s common stock, and therefore, the expected stock price volatility for the Company’s common stock was estimated by taking the average historical price volatility for industry peers. The Company has never declared or paid any cash dividends to common stockholders and does not presently plan to pay cash dividends in the foreseeable future. Consequently, the Company used an expected dividend yield of zero. The risk-free interest rate was based on the yields of treasury securities with maturities similar to the expected term of the options for each option group.

The fair value of each RSU is measured using the closing price of the Company’s common stock on the date of grant.

(i)Restructuring charges

The Company records costs and liabilities associated with exit and disposal activities in accordance with ASC 420, Exit or Disposal Cost Obligations. Restructuring charges are recorded in the period in which they are incurred. The Company evaluates and adjusts these costs as appropriate for changes in circumstances as additional information becomes available.

(j)Recently issued and recently adopted accounting standards

The Company monitors and evaluates the issuance of Accounting Standards Updates ("ASUs"). No ASUs have been issued recently which impact the Company's financial statements and disclosure

Condensed Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance, beginning (in shares) at Dec. 31, 2021		42,457,471
Balance, beginning at Dec. 31, 2021	$ 142,864		$ 536,362		$ (393,498)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued upon exercises of stock options (in shares)		36,500
Shares issued upon exercises of stock options	134		134
Stock-based compensation	2,446		2,446
Net loss	(15,351)				(15,351)
Balance, ending (in shares) at Mar. 31, 2022		42,493,971
Balance, ending at Mar. 31, 2022	130,093		538,942		(408,849)
Balance, beginning (in shares) at Dec. 31, 2021		42,457,471
Balance, beginning at Dec. 31, 2021	$ 142,864		536,362		(393,498)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued upon exercises of stock options (in shares)	36,500
Unrealized gain on available-for-sale securities	$ (72)
Net loss	(31,039)
Balance, ending (in shares) at Jun. 30, 2022		42,579,852
Balance, ending at Jun. 30, 2022	116,708		541,317	$ (72)	(424,537)
Balance, beginning (in shares) at Mar. 31, 2022		42,493,971
Balance, beginning at Mar. 31, 2022	130,093		538,942		(408,849)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares under Employee Stock Purchase Plan (in shares)		75,881
Issuance of shares under Employee Stock Purchase Plan	63		63
Shares issued upon vesting of restricted stock units (in shares)		10,000
Stock-based compensation	2,312		2,312
Unrealized gain on available-for-sale securities	(72)			(72)
Net loss	(15,688)				(15,688)
Balance, ending (in shares) at Jun. 30, 2022		42,579,852
Balance, ending at Jun. 30, 2022	116,708		541,317	(72)	(424,537)
Balance, beginning (in shares) at Dec. 31, 2022		42,648,346
Balance, beginning at Dec. 31, 2022	94,331		545,407	(21)	(451,055)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued upon vesting of restricted stock units (in shares)		170,000
Stock-based compensation	1,191		1,191
Unrealized gain on available-for-sale securities	39			39
Net loss	(14,204)				(14,204)
Balance, ending (in shares) at Mar. 31, 2023		42,818,346
Balance, ending at Mar. 31, 2023	81,357		546,598	18	(465,259)
Balance, beginning (in shares) at Dec. 31, 2022		42,648,346
Balance, beginning at Dec. 31, 2022	$ 94,331		545,407	(21)	(451,055)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued upon exercises of stock options (in shares)	0
Unrealized gain on available-for-sale securities	$ 8
Net loss	(16,289)
Balance, ending (in shares) at Jun. 30, 2023		44,021,429
Balance, ending at Jun. 30, 2023	79,576		546,933	(13)	(467,344)
Balance, beginning (in shares) at Mar. 31, 2023		42,818,346
Balance, beginning at Mar. 31, 2023	81,357		546,598	18	(465,259)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued upon the exercise of pre-funded warrants (in shares)		1,180,000
Issuance of shares under Employee Stock Purchase Plan (in shares)		13,083
Issuance of shares under Employee Stock Purchase Plan	4		4
Shares issued upon vesting of restricted stock units (in shares)		10,000
Stock-based compensation	331		331
Unrealized gain on available-for-sale securities	(31)			(31)
Net loss	(2,085)				(2,085)
Balance, ending (in shares) at Jun. 30, 2023		44,021,429
Balance, ending at Jun. 30, 2023	$ 79,576		$ 546,933	$ (13)	$ (467,344)

Cash, cash equivalents, and restricted cash (Tables)

6 Months Ended

Jun. 30, 2023

Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents, and restricted cash in the condensed balance sheets that sum to the total of the same such amounts shown in the condensed statements of cash flows:


(in thousands)	June 30, 2023		December 31, 2022
Cash and cash equivalents	$	31,110	$	37,887
Restricted cash	508		878
Total cash, cash equivalents, and restricted cash	$	31,618	$	38,765

Restrictions on Cash and Cash Equivalents


(in thousands)	June 30, 2023		December 31, 2022
Cash and cash equivalents	$	31,110	$	37,887
Restricted cash	508		878
Total cash, cash equivalents, and restricted cash	$	31,618	$	38,765

Summary of significant accounting policies - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended			6 Months Ended
	Mar. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Impairment of property and equipment	$ 3,400,000	$ 0	$ 3,400,000	$ 0	$ 3,418,000	$ 0
U.S. treasury securities		81,545,000			81,545,000		$ 95,737,000
Allowance for credit loss		0			0
Unrealized loss		$ 31,100,000			$ 31,100,000
Expected dividends		0.00%		0.00%	0.00%	0.00%
Prefunded Warrants
Lessee, Lease, Description [Line Items]
Outstanding pre-funded warrants (in shares)		11,483,010		12,663,010	11,483,010	12,663,010
Money market funds
Lessee, Lease, Description [Line Items]
Money market funds		$ 30,593,000			$ 30,593,000		$ 33,767,000
Maximum
Lessee, Lease, Description [Line Items]
Property and equipment, useful life		7 years			7 years
Maximum \| Office space
Lessee, Lease, Description [Line Items]
Lease term		12 months			12 months
Minimum [Member]
Lessee, Lease, Description [Line Items]
Property and equipment, useful life		3 years			3 years

Equity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Equity

(a)Common stock and pre-funded warrants

The Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.000001 as of June 30, 2023 and December 31, 2022. As of June 30, 2023 and December 31, 2022, the total number of shares of common stock issued and outstanding was 44,021,429 and 42,648,346, respectively.

As of June 30, 2023, the Company had pre-funded warrants outstanding to purchase an aggregate of 11,483,010 shares of common stock. The pre-funded warrants are exercisable at any time for an exercise price of $0.000001, except that the terms of the pre-funded warrants provide that such warrants cannot be exercised by the holders if, after giving effect thereto, the holders would beneficially own more than 9.99% of the outstanding common stock (the "Exercise Cap"), subject to certain exceptions. However, any holder may increase or decrease the Exercise Cap to any other percentage (not in excess of 19.99%) upon at least 61 days’ prior notice from the holder to the Company. On July 18, 2023, the Company received notice from the holders of all of our outstanding pre-funded warrants to increase the Exercise Cap up to 19.99%, effective 61 days from the date of such notice. The holders of the pre-funded warrants will not have the right to vote on any matter except to the extent required by Delaware law.

During the three months ended June 30, 2023, 1,180,000 shares of common stock were issued upon the exercise of pre-funded warrants. Proceeds of the exercise to the Company were immaterial.

On November 4, 2021, the Company entered into an ATM or “at-the-market” Equity Offering Sales Agreement (the “Sales Agreement”) with BofA Securities, Inc., as agent (“BofA”), pursuant to which the Company may offer and sell, from time to time through BofA, shares of the Company’s common stock, having an aggregate offering price of up to $40.0 million. The offer and sale of the shares will be made pursuant to a shelf registration statement on Form S-3 and the related prospectus filed on December 11, 2020, and declared effective by the SEC on December 21, 2020, as supplemented by a prospectus supplement dated November 4, 2021. The Company has no obligation to sell any such shares under the Sales Agreement. Through June 30, 2023, no sales of common stock have been made pursuant to the Sales Agreement. As of March 20, 2023, the Company is subject to limitations on the amount of funds the Company can raise by selling shares of our common stock using our Form S-3, including sales under this ATM facility, to one-third of the aggregate market value of the shares of our common stock held by non-affiliates, or public float, due to the so-called "baby shelf" requirements set forth in the SEC general instructions of Form S-3. These restrictions will remain in place until such time as our public float exceeds $75 million.

(b)Stock-based compensation expense

Stock-based compensation expense is classified in the condensed statements of operations and comprehensive income (loss) as follows:


(in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development expenses	$	—	$	1,051	$	255	$	2,315
General and administrative expenses	331		1,261		1,267		2,443
Total stock-based compensation expense	$	331	$	2,312	$	1,522	$	4,758

Total unrecognized compensation expense for all stock-based compensation plans was $1.6 million as of June 30, 2023. This expense is expected to be recognized over a weighted average remaining vesting period of 1.88 years.

The fair values of stock options granted are estimated using the Black-Scholes option pricing model with the following weighted average assumptions:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Expected volatility	87.37	%	82.68	%	86.77	%	83.01	%
Expected dividends	0	%	0	%	0	%	0	%
Expected terms (years)	5.27		5.73		5.60		5.96
Risk free rate	3.82	%	2.77	%	3.67	%	2.22	%

(c)Stock options

A summary of the Company’s stock option activity and related information for the six months ended June 30, 2023 is as follows:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in Years)	Aggregate Intrinsic Value (in Thousands)
Outstanding at December 31, 2022	8,514,381	$	4.89	8.32	$	—
Options granted	260,500	$	0.70
Options exercised	—	$	—
Options cancelled/forfeited	(4,138,321)	$	5.07
Outstanding at June 30, 2023	4,636,560	$	3.96	4.41	$	11
Exercisable as of June 30, 2023	3,534,712	$	4.51	3.01	$	—

There were no exercises of options during the six months ended June 30, 2023. During the six months ended June 30, 2022, 36,500 shares of common stock were issued upon exercise of options with an aggregate intrinsic value of $0.1 million. The weighted-average grant date fair value of options granted during the six months ended June 30, 2023 and June 30, 2022 was $0.51 and $1.47 per share, respectively.

(d)Restricted stock units

A summary of the Company’s RSU activity and related information for the six months ended June 30, 2023 is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested at December 31, 2022	378,500	$	4.22
Restricted stock units granted	—	$	—
Restricted stock units vested	(180,000)	$	4.18
Restricted stock units forfeited	(152,250)	$	4.15
Non-vested at June 30, 2023	46,250	$	4.59

(e)Employee stock purchase plan

The Company’s 2020 ESPP was adopted by the Company’s Board of Directors in March 2020 and approved by the Company’s stockholders in May 2020. A total of 759,936 shares of common stock have been reserved for issuance under the 2020 ESPP.

Subject to share and dollar limits as described in the plan, the 2020 ESPP allows eligible employees to contribute, through payroll deductions, up to 15% of their earnings for the purchase of shares of the Company’s common stock at the lower of 85% of the closing price of the Company’s common stock on the first trading day of the offering period or 85% of the closing price of the Company’s common stock on the last trading day of the offering period. There are two six-month offering periods during each fiscal year, ending on May 15 and November 15.

As of June 30, 2023 and December 31, 2022, employee contributions included in accounts payable and accrued liabilities in the accompanying condensed balance sheet were immaterial.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Condensed Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating expenses
Research and development	$ (426)	$ 10,956	$ 7,263	$ 21,656
General and administrative	3,492	4,915	7,519	9,580
Impairment of property and equipment	0	0	3,418	0
Total operating expenses	3,066	15,871	18,200	31,236
Loss from operations	(3,066)	(15,871)	(18,200)	(31,236)
Interest income	981	194	1,926	207
Other income (loss), net	0	(11)	(15)	(10)
Net loss	(2,085)	(15,688)	(16,289)	(31,039)
Comprehensive income (loss):
Unrealized gain on available-for-sale securities	(31)	(72)	8	(72)
Comprehensive loss	$ (2,116)	$ (15,760)	$ (16,281)	$ (31,111)
Net loss per share – basic (in dollars per share)	$ (0.04)	$ (0.28)	$ (0.29)	$ (0.56)
Net loss per share – diluted (in dollars per share)	$ (0.04)	$ (0.28)	$ (0.29)	$ (0.56)
Basic weighted average common shares outstanding (in shares)	56,158,629	55,203,709	55,791,808	55,173,789
Diluted weighted average common shares outstanding (in shares)	56,158,629	55,203,709	55,791,808	55,173,789

Summary of significant accounting policies - Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money market funds	$ 30,593	$ 33,767
Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total financial assets	81,558	95,737
Fair Value, Recurring \| U.S. treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
U.S. treasury securities	50,965	61,970
Fair Value, Recurring \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money market funds	30,593	33,767
Level 1 \| Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total financial assets	81,558	95,737
Level 1 \| Fair Value, Recurring \| U.S. treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
U.S. treasury securities	50,965	61,970
Level 1 \| Fair Value, Recurring \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money market funds	30,593	33,767
Level 2 \| Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total financial assets	0	0
Level 2 \| Fair Value, Recurring \| U.S. treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
U.S. treasury securities	0	0
Level 2 \| Fair Value, Recurring \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money market funds	0	0
Level 3 \| Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total financial assets	0	0
Level 3 \| Fair Value, Recurring \| U.S. treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
U.S. treasury securities	0	0
Level 3 \| Fair Value, Recurring \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money market funds	$ 0	$ 0

Equity - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 331	$ 2,312	$ 1,522	$ 4,758
Research and development expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	0	1,051	255	2,315
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 331	$ 1,261	$ 1,267	$ 2,443

Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Cash equivalents:
Amortized Cost	$ 31,110	$ 37,887
Short-term investments:
Amortized Cost	81,558	95,758
Gross Unrealized Gains	2	6
Gross Unrealized Losses	(15)	(27)
U.S. treasury securities	81,545	95,737
U.S. treasury securities
Short-term investments:
Amortized Cost	50,965	58,518
Gross Unrealized Gains	2	6
Gross Unrealized Losses	(15)	(27)
U.S. treasury securities	50,952	58,497
Money market funds
Cash equivalents:
Amortized Cost	30,593	33,767
Fair Value	$ 30,593	33,767
U.S. treasury securities
Cash equivalents:
Amortized Cost		3,473
Fair Value		3,473
Short-term investments:
Gross Unrealized Gains		$ 0

Net loss per share - Schedule of Potentially Dilutive Shares From Diluted Net Loss Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of earnings per share (in shares)	4,690,269	8,318,265	4,690,269	8,318,265
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of earnings per share (in shares)	4,636,560	7,638,393	4,636,560	7,638,393
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of earnings per share (in shares)	46,250	603,000	46,250	603,000
Shares issuable under 2020 ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of earnings per share (in shares)	7,459	76,872	7,459	76,872

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 31,110	$ 37,887
Short-term investments	50,952	58,497
Other current assets	1,718	2,750
Total current assets	83,780	99,134
Property and equipment, net	561	6,163
Operating lease right-of-use assets	9,135	9,715
Other non-current assets	529	936
Total assets	94,005	115,948
Current liabilities
Accounts payable and accrued liabilities	3,387	9,547
Operating lease liabilities	1,490	1,375
Finance lease liabilities	3	140
Total current liabilities	4,880	11,062
Non-current operating lease liabilities	9,543	10,322
Non-current finance lease liabilities	6	233
Total liabilities	14,429	21,617
Stockholders’ equity
Common stock - $0.000001 par value - authorized, 100,000,000 as of June 30, 2023 and December 31, 2022; issued and outstanding, 44,021,429 as of June 30, 2023 and 42,648,346 as of December 31, 2022	0	0
Preferred stock - $0.000001 par value - authorized, 5,000,000 as of June 30, 2023 and December 31, 2022; issued and outstanding, 0 as of June 30, 2023 and December 31, 2022	0	0
Additional paid-in capital	546,933	545,407
Accumulated other comprehensive income (loss)	(13)	(21)
Accumulated deficit	(467,344)	(451,055)
Total stockholders’ equity	79,576	94,331
Total liabilities and stockholders’ equity	$ 94,005	$ 115,948

Net loss per share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net loss per share

Net loss per shareThe Company excluded the following potentially dilutive shares from diluted net loss per share as the effect would have been anti-dilutive for all periods presented:


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Outstanding stock options	4,636,560	7,638,393	4,636,560	7,638,393
Restricted stock units	46,250	603,000	46,250	603,000
Shares issuable under 2020 ESPP	7,459	76,872	7,459	76,872
	4,690,269	8,318,265	4,690,269	8,318,265

Equity (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Summary of Stock-based Compensation Expense

Stock-based compensation expense is classified in the condensed statements of operations and comprehensive income (loss) as follows:


(in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development expenses	$	—	$	1,051	$	255	$	2,315
General and administrative expenses	331		1,261		1,267		2,443
Total stock-based compensation expense	$	331	$	2,312	$	1,522	$	4,758

Schedule of Weighted Average Assumptions

The fair values of stock options granted are estimated using the Black-Scholes option pricing model with the following weighted average assumptions:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Expected volatility	87.37	%	82.68	%	86.77	%	83.01	%
Expected dividends	0	%	0	%	0	%	0	%
Expected terms (years)	5.27		5.73		5.60		5.96
Risk free rate	3.82	%	2.77	%	3.67	%	2.22	%

Schedule of Stock Option Activity

A summary of the Company’s stock option activity and related information for the six months ended June 30, 2023 is as follows:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in Years)	Aggregate Intrinsic Value (in Thousands)
Outstanding at December 31, 2022	8,514,381	$	4.89	8.32	$	—
Options granted	260,500	$	0.70
Options exercised	—	$	—
Options cancelled/forfeited	(4,138,321)	$	5.07
Outstanding at June 30, 2023	4,636,560	$	3.96	4.41	$	11
Exercisable as of June 30, 2023	3,534,712	$	4.51	3.01	$	—

Summary of RSU Activity

A summary of the Company’s RSU activity and related information for the six months ended June 30, 2023 is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested at December 31, 2022	378,500	$	4.22
Restricted stock units granted	—	$	—
Restricted stock units vested	(180,000)	$	4.18
Restricted stock units forfeited	(152,250)	$	4.15
Non-vested at June 30, 2023	46,250	$	4.59

Leases - Additional Information (Details)	1 Months Ended	6 Months Ended
Leases - Additional Information (Details)	Dec. 31, 2022 USD ($)	Jun. 30, 2023 USD ($) ft² option
Lessee, Lease, Description [Line Items]
Lease agreement extended period		5 years
Tenant improvements (up to)		$ 9,500,000
Sublease, base lease payments	$ 500,000
Operating lease right-of-use assets	9,715,000	9,135,000
Finance lease right-of-use assets	$ 500,000	$ 0
Washington \| Office space, principal executive offices and laboratory
Lessee, Lease, Description [Line Items]
Square feet of office space leased \| ft²		33,300
Number of option to extend leases \| option		2
Washington \| Office Space, additional offices and laboratory
Lessee, Lease, Description [Line Items]
Square feet of office space leased \| ft²		6,272
Lease agreement extended period		28 months

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Merger Agreement On July 17, 2023, the Company, Merger Sub, and Neurogene entered into the Merger Agreement, pursuant to which, among other matters, and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, Merger Sub will merge with and into Neurogene, with Neurogene continuing as a wholly owned subsidiary of Neoleukin and the surviving corporation of the merger (the “Merger”). The Merger is expected to close in the fourth quarter of 2023, subject to approval by the Company's and Neurogene's stockholders, the effectiveness of a registration statement to be filed with the SEC to register the securities to be issued in connection with the Merger, and the satisfaction of customary closing conditions. Holders of common stock of Neoleukin and pre-funded warrants exercisable for common stock of Neoleukin immediately prior to the Merger will be issued a contingent value right ("CVR"), at the closing of the Merger that will entitle them to receive payments in cash or shares of the surviving company (at the surviving company's election) through June 30, 2029 in the event that (a) certain legacy assets of Neoleukin are sold prior to or in the first year following the closing of the Merger, (b) there is a reduction of any lease obligations of Neoleukin, net of certain costs, and (c) the Company receives any amounts from the State of Washington in connection with a sales tax refund being submitted to the State of Washington. Holders of options to purchase stock of Neoleukin at the time of the closing who later exercise those options shall also be entitled to receive one CVR per share issued on exercise of such option, provided, however, that no payments of prior amounts paid to the holders of the CVRs shall be owing to such option holder upon exercise. The Merger Agreement contains certain termination rights of each of Neoleukin and Neurogene. Upon termination of the Merger Agreement under specified circumstances, Neoleukin may be required to pay Neurogene a termination fee of $3.0 million and/or reimburse Neurogene’s expenses up to a maximum of $1.0 million, and Neurogene may be required to pay Neoleukin a termination fee of $12.0 million and/or reimburse Neoleukin's expenses up to a maximum of $1.0 million.

Restructurings and impairment charges - Plans (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2022	Jun. 30, 2023
Restructuring Reserve [Roll Forward]
Accrued at beginning balance		$ 1,041
Charges		2,109
Amounts Paid		(2,276)
Accrued at ending balance	$ 1,041	874
November 2022 Reductions
Restructuring Reserve [Roll Forward]
Accrued at beginning balance		1,041
Charges	1,400	327
Amounts Paid		(1,058)
Accrued at ending balance	1,041	310
March 2023 Restructuring Plan
Restructuring Reserve [Roll Forward]
Accrued at beginning balance		0
Charges		1,782
Amounts Paid		(1,218)
Accrued at ending balance	$ 0	$ 564

Cash, cash equivalents, and restricted cash

6 Months Ended

Jun. 30, 2023

Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]

Cash, cash equivalents, and restricted cash

The Company considers all highly liquid investments with an original contractual maturity or a remaining maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents consist of money market funds and U.S. treasury securities as of June 30, 2023 and December 31, 2022.


(in thousands)	June 30, 2023		December 31, 2022
Cash and cash equivalents	$	31,110	$	37,887
Restricted cash	508		878
Total cash, cash equivalents, and restricted cash	$	31,618	$	38,765

Restricted cash, included in other non-current assets in the condensed balance sheets, includes $0.5 million in cash deposits the Company maintains with its bank as collateral for the irrevocable letter of credit related to its lease obligations.

Net loss per share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Potentially Dilutive Shares From Diluted Net Loss Per Share

The Company excluded the following potentially dilutive shares from diluted net loss per share as the effect would have been anti-dilutive for all periods presented:


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Outstanding stock options	4,636,560	7,638,393	4,636,560	7,638,393
Restricted stock units	46,250	603,000	46,250	603,000
Shares issuable under 2020 ESPP	7,459	76,872	7,459	76,872
	4,690,269	8,318,265	4,690,269	8,318,265

Restructurings and impairment charges (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended				6 Months Ended		13 Months Ended
	Nov. 14, 2022	Mar. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2024	Mar. 06, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charges							$ 2,109
Impairment of property and equipment		$ 3,400	$ 0	$ 3,400		$ 0	3,418	$ 0
PPE disposals			1,800
Gain (loss) on property and equipment			200				47	$ 0
General and administrative expenses
Restructuring Cost and Reserve [Line Items]
Gain (loss) on property and equipment			(100)
Research and development expenses
Restructuring Cost and Reserve [Line Items]
Gain (loss) on property and equipment			$ 300
November 2022 Reductions
Restructuring Cost and Reserve [Line Items]
Restructuring number of positions eliminated, percentage	40.00%
Restructuring costs	$ 1,700
Restructuring charges					$ 1,400		327
March 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring costs										$ 1,800
Restructuring charges							1,782
March 2023 Restructuring Plan \| Forecast
Restructuring Cost and Reserve [Line Items]
Restructuring number of positions eliminated, percentage									70.00%
March 2023 Restructuring Plan \| General and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges							600
March 2023 Restructuring Plan \| Research and development expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges							$ 1,200

Investments (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

The Company's investments consist of the following:


	June 30, 2023
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	$	30,593	$	—	$	—	$	30,593
Short-term investments:
U.S. treasury securities - due within 1 year	50,965		2		(15)		50,952
Total	$	81,558	$	2	$	(15)	$	81,545


	December 31, 2022
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	$	33,767	$	—	$	—	$	33,767
U.S. treasury securities - due within 3 months	3,473		—		—		3,473
Short-term investments:
U.S. treasury securities - due within 1 year	58,518		6		(27)		58,497
Total	$	95,758	$	6	$	(27)	$	95,737

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Cash, cash equivalents, and restricted cash - Additional Information (Details) $ in Millions	Jun. 30, 2023 USD ($)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash deposit	$ 0.5

Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Net loss	$ (16,289)	$ (31,039)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	1,522	4,758
Depreciation and amortization	406	870
Impairment of property and equipment	3,418	0
Amortization of operating lease right-of-use assets	580	509
Amortization and accretion of premiums/discounts on available-for-sale securities	(1,178)	3
Gain on sale of property and equipment	(47)	0
Changes in operating assets and liabilities:
Other current assets and other non-current assets	1,046	(537)
Accounts payable and accrued liabilities	(5,876)	614
Operating lease liabilities	(664)	(563)
Net cash used in operating activities	(17,082)	(25,385)
Investing activities
Purchases of property and equipment	(551)	(684)
Proceeds from sale of property and equipment	2,115	0
Purchases of available-for-sale securities	(55,269)	(39,067)
Proceeds from maturities of available-for-sale securities	64,000	0
Net cash provided by (used in) investing activities	10,295	(39,751)
Financing activities
Proceeds from exercise of stock options	0	134
Payment on finance lease obligations	(364)	(2)
Proceeds from the issuance of common stock under Employee Stock Purchase Plan	4	63
Net cash provided by (used in) financing activities	(360)	195
Net change in cash, cash equivalents, and restricted cash during the period	(7,147)	(64,941)
Cash, cash equivalents, and restricted cash, beginning of period	38,765	143,345
Cash, cash equivalents, and restricted cash, end of period	31,618	78,404
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment unpaid at period-end	$ 0	$ 265

Cash, cash equivalents, and restricted cash - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 31,110	$ 37,887
Restricted cash	508	878
Total cash, cash equivalents, and restricted cash	$ 31,618	$ 38,765	$ 78,404	$ 143,345

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Aug. 08, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-36327
Entity Registrant Name	Neoleukin Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-0542593
Entity Address, Address Line One	188 East Blaine Street
Entity Address, Address Line Two	Suite 450
Entity Address, City or Town	Seattle
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98102
City Area Code	866
Local Phone Number	245-0312
Title of 12(b) Security	Common Stock, par value $0.000001
Trading Symbol	NLTX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		44,021,429
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001404644
Current Fiscal Year End Date	--12-31

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.000001	$ 0.000001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	44,021,429	42,648,346
Common stock, shares outstanding (in shares)	44,021,429	42,648,346
Preferred stock, par value (in dollars per share)	$ 0.000001	$ 0.000001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Equity - Summary of Nonvested Restricted Stock Unit Activity (Details) - Restricted stock units	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Number of Shares
Non-vested, beginning balance (in shares) \| shares	378,500
Restricted stock units granted (in shares) \| shares	0
Restricted stock units vested (in shares) \| shares	(180,000)
Restricted stock units forfeited (in shares) \| shares	(152,250)
Non-vested, ending balance (in shares) \| shares	46,250
Weighted Average Grant Date Fair Value
Non-vested, beginning balance (in dollars per share) \| $ / shares	$ 4.22
Restricted stock units granted (in dollars per share) \| $ / shares	0
Restricted stock units vested (in dollars per share) \| $ / shares	4.18
Restricted stock units forfeited (in dollars per share) \| $ / shares	4.15
Non-vested, ending balance (in dollars per share) \| $ / shares	$ 4.59

Summary of significant accounting policies (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Schedule of Fair Value, Assets

The following table presents information about the Company's financial instruments that are measured at fair value on a recurring basis:


	June 30, 2023
(in thousands)	Total		Level 1		Level 2		Level 3
Financial assets
Money market funds	$	30,593	$	30,593	$	—	$	—
U.S. treasury securities	50,965		50,965		—		—
Total financial assets	$	81,558	$	81,558	$	—	$	—


	December 31, 2022
(in thousands)	Total		Level 1		Level 2		Level 3
Financial assets
Money market funds	$	33,767	$	33,767	$	—	$	—
U.S. treasury securities	61,970		61,970		—		—
Total financial assets	$	95,737	$	95,737	$	—	$	—