0000950170-23-060651 | 10-Q | XBRL Viewer | Finch Therapeutics Group INC

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

3. FAIR VALUE MEASUREMENTS

The Company has no financial liabilities measured at fair value on a recurring basis. The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands):


DESCRIPTION	SEPTEMBER 30, 2023		QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT OBSERVABLE INPUTS (LEVEL 3)
Money market funds	$	1,240	$	1,240	$	—	$	—


DESCRIPTION	DECEMBER 31, 2022		QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT OBSERVABLE INPUTS (LEVEL 3)
Money market funds	$	69,991	$	69,991	$	—	$	—

There were no transfers between fair value levels during the nine months ended September 30, 2023 and the year ended December 31, 2022. The carrying values of accounts receivable, prepaid expenses, other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities.

- Definition

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

+ References + Details

Restructuring - Summary of Restructuring Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring	$ 46	$ 1,270	$ 4,083	$ 2,173
Severance and Related Benefits
Restructuring Cost and Reserve [Line Items]
Accrued restructuring liability as of December 31, 2022			201
Restructuring			4,083
Cash payments			(3,718)
Accrued restructuring liability as of September 30, 2023	$ 566		$ 566

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Line Items]
Depreciation expense		$ 1,500	$ 4,100
Impairment charge	$ 13,100
Gain on disposal of fixed assets		$ 595	$ (6)

Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

5. LEASES

Inner Belt Road Lease

In December 2015, the Company entered into a 10-year lease agreement (the "Inner Belt Road Lease") for approximately 25,785 square feet of space for its primary office and laboratory space in Somerville, Massachusetts. The monthly rental payments under the Inner Belt Road Lease, which include base rent charges of $0.1 million, were subject to periodic rent increases through September 2026.

The Inner Belt Road Lease terminated and the Company’s rent obligations ended on June 30, 2023. The landlord agreed to refund the Company for the full amount of the Company’s security deposit, which is included in prepaid expenses and other current assets on the condensed consolidated balance sheet.

The Company's lease expense under the Inner Belt Road Lease was $0.6 million and $0.9 million for each of the nine months ended September 30, 2023 and 2022, respectively.

Hood Lease

On August 3, 2021, the Company entered into a 10-year lease agreement (the “Hood Lease”) with Hood Park LLC, pursuant to which the Company leased approximately 61,139 square feet of office and laboratory space (the “Premises”). The Hood Lease provides the Company with an option to extend the lease for one additional five-year term. The Company’s annual base rent for the Premises started at approximately $4.5 million, and the lease contains annual rent escalations. The Company commenced business operations in the Premises in the second quarter of 2022, which triggered recognition of the lease for accounting purposes. The Company recorded lease expense related to the Hood Lease of $4.2 million and $2.3 million for the nine months ended September 30, 2023 and 2022, respectively.

The Company posted a customary letter of credit in the amount of approximately $2.3 million, subject to decrease on a set schedule, as a security deposit pursuant to the Hood Lease. This is included in restricted cash, non-current on the condensed consolidated balance sheet as of September 30, 2023 and December 31, 2022.

In the third quarter of 2022, the Company entered into a sublease agreement to sublet approximately one third of its leased space under the Hood Lease, which commenced on August 10, 2022, for an initial term of two years, with an option for the Company to extend the sublease for up to one additional year, which was exercised in the fourth quarter of 2022. Additionally, in the fourth quarter of 2022, the Company entered into a second sublease agreement to sublet the remainder of its leased space under the Hood Lease for a three-year term, which commenced on December 15, 2022. For the nine months ended September 30, 2023 and 2022, the Company recognized sublease income of $2.9 million and $0.2 million, respectively, which is presented as other income in the condensed consolidated statements of operations.

The following table presents the classification of right-of-use assets and operating lease liabilities as of September 30, 2023 and December 31, 2022 (in thousands):


	BALANCE SHEET CLASSIFICATION	SEPTEMBER 30, 2023		DECEMBER 31, 2022
ASSETS:
Operating lease assets	Operating right-of-use assets	$	26,589	$	32,752
LIABILITIES:
Operating lease liabilities
Current	Operating lease liabilities, current	$	1,971	$	3,431
Noncurrent	Operating lease liabilities, non-current		28,801		34,255
Total lease liabilities		$	30,772	$	37,686

The following table represents the components of operating lease cost, which are included in general and administrative and research and development expense, and sublease income, which is included in other income on the statement of operations for the three and nine months ended September 30, 2023 and 2022 (in thousands):


	THREE MONTHS ENDED SEPTEMBER 30,						NINE MONTHS ENDED SEPTEMBER 30,
	2023			2022			2023			2022
Operating lease cost	$	1,382		$	1,724		$	4,783		$	3,374
Short-term lease cost		—			18			17			157
Variable lease cost		60			481			592			1,445
Sublease income		(996	)		(216	)		(2,914	)		(216	)
Total lease cost, net	$	446		$	2,007		$	2,478		$	4,760

The weighted-average remaining operating lease term and discount rate as of September 30, 2023 and December 31, 2022 were as follows (in thousands):


	SEPTEMBER 30, 2023			DECEMBER 31, 2022
Weighted-average remaining lease term (years)		8.3			8.5
Weighted-average discount rate		8.5	%		8.3	%

Supplemental disclosure of cash flow information related to operating leases for the nine months ended September 30, 2023 and 2022 was as follows (in thousands):


	Nine Months Ended September 30,
	2023		2022
Cash paid (received) for amounts included in measurement of lease liabilities	$	2,640	$	(2,234	)

The following table represents a summary of the Company’s future operating lease payments required as of September 30, 2023 (in thousands):


2023	$	895
2024		4,795
2025		4,930
2026		5,071
2027		5,215
Thereafter		22,391
Total future minimum lease payments		43,297
Less: amount representing interest		(12,525	)
Present value of future minimum lease payments	$	30,772

Loss per Share - Computation of Diluted Loss per Share Attributable to Common Stockholders (Details) - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluding from computation of diluted net loss per share	57,804	153,042
Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluding from computation of diluted net loss per share	57,804	136,570
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluding from computation of diluted net loss per share	0	16,208
Employee Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluding from computation of diluted net loss per share	0	264

Summary of Significant Accounting Policies	9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other accounting standard setting bodies that the Company adopts as of the specified effective date. Unless otherwise discussed below, the Company does not believe that the adoption of recently issued standards have or may have a material impact on the condensed consolidated statements or disclosures. The significant accounting policies and estimates used in preparation of the unaudited interim condensed consolidated financial statements are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 23, 2023. There have been no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2023. Goodwill and Acquired In-Process Research and Development Goodwill and in-process research and development (“IPR&D”) are evaluated annually for impairment on October 1, or more frequently if events or changes in circumstances indicate that the asset might be impaired. To conduct impairment tests of goodwill, the fair value of the Company’s single reporting unit is compared to its carrying value. If the reporting unit’s carrying value exceeds its fair value, the Company records an impairment loss to the extent that the carrying value of the reporting unit exceeds its fair value. To conduct impairment tests of IPR&D, the fair value of the IPR&D asset is compared to its carrying value. If the carrying value exceeds its fair value, the Company records an impairment loss to the extent that the carrying value of the IPR&D asset exceeds its fair value. The Company estimates the fair value of IPR&D assets using discounted cash flow valuation models, which require the use of significant estimates and assumptions, including, but not limited to, estimating the timing of and expected costs to complete in-process projects, projecting regulatory approvals, estimating future cash flows from product sales resulting from completed projects and in-process projects, and developing appropriate discount rates. In January 2023, the Company made the decision to wind down its development efforts, which management concluded was an impairment indicator requiring the Company to perform an interim impairment test of IPR&D. Management's assessment for the impairment of IPR&D indicated that there are no future cash flow projections associated with its IPR&D asset and the fair value of the IPR&D asset was zero. This resulted in an impairment charge of $32.9 million during the nine months ended September 30, 2023. Recently Issued Accounting Pronouncements On January 1, 2023, the Company adopted Accounting Standards Update No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires measurement and recognition of expected credit losses for financial assets. In April 2019, the FASB issued clarification to ASU 2016-13 within ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, or ASU 2016-13. The adoption of the standard was immaterial to the accompanying condensed consolidated financial statements.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Significant Accounting Policies

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other accounting standard setting bodies that the Company adopts as of the specified effective date. Unless otherwise discussed below, the Company does not believe that the adoption of recently issued standards have or may have a material impact on the condensed consolidated statements or disclosures.

The significant accounting policies and estimates used in preparation of the unaudited interim condensed consolidated financial statements are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 23, 2023. There have been no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2023.

Goodwill and Acquired In-Process Research and Development

Goodwill and in-process research and development (“IPR&D”) are evaluated annually for impairment on October 1, or more frequently if events or changes in circumstances indicate that the asset might be impaired. To conduct impairment tests of goodwill, the fair value of the Company’s single reporting unit is compared to its carrying value. If the reporting unit’s carrying value exceeds its fair value, the Company records an impairment loss to the extent that the carrying value of the reporting unit exceeds its fair value.

To conduct impairment tests of IPR&D, the fair value of the IPR&D asset is compared to its carrying value. If the carrying value exceeds its fair value, the Company records an impairment loss to the extent that the carrying value of the IPR&D asset exceeds its fair value. The Company estimates the fair value of IPR&D assets using discounted cash flow valuation models, which require the use of significant estimates and assumptions, including, but not limited to, estimating the timing of and expected costs to complete in-process projects, projecting regulatory approvals, estimating future cash flows from product sales resulting from completed projects and in-process projects, and developing appropriate discount rates.

In January 2023, the Company made the decision to wind down its development efforts, which management concluded was an impairment indicator requiring the Company to perform an interim impairment test of IPR&D. Management's assessment for the impairment of IPR&D indicated that there are no future cash flow projections associated with its IPR&D asset and the fair value of the IPR&D asset was zero. This resulted in an impairment charge of $32.9 million during the nine months ended September 30, 2023.

Recently Issued Accounting Pronouncements

On January 1, 2023, the Company adopted Accounting Standards Update No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires measurement and recognition of expected credit losses for financial assets. In April 2019, the FASB issued clarification to ASU 2016-13 within ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, or ASU 2016-13. The adoption of the standard was immaterial to the accompanying condensed consolidated financial statements.

Leases - Leases Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Operating right-of-use assets	$ 26,589	$ 32,752
Operating lease liabilities, current	1,971	3,431
Operating lease liabilities, non-current	28,801	34,255
Total lease liabilities	$ 30,772	$ 37,686

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS USED IN OPERATING ACTIVITIES:
Net loss	$ (71,713)	$ (87,638)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	1,476	4,099
Stock-based compensation expense	1,815	6,051
Impairment of in-process research and development	32,900	0
Impairment of goodwill	0	18,057
Loss on loan extinguishment	1,366	0
Impairment of long-lived assets	13,141	0
Gain on lease termination	(752)	0
(Gain) loss on sale and disposal of property and equipment	(595)	6
Non-cash operating lease and interest cost	2,658	2,003
Benefit for deferred income taxes	(3,461)	0
Changes in operating assets and liabilities:
Accounts receivable	144	494
Prepaid expenses and other current assets	2,229	(4,484)
Other non-current assets	4,033	656
Accounts payable	(740)	(2,296)
Accrued expenses and other current liabilities	(7,610)	189
Other non-current liabilities	(50)	50
Operating lease liabilities	(2,640)	2,234
Net cash used in operating activities	(27,799)	(60,579)
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES:
Proceeds on sale of property and equipment	1,290	0
Purchases of property and equipment	(14)	(2,131)
Net cash provided by (used in) investing activities	1,276	(2,131)
CASH FLOWS (USED IN) PROVIDED BY FINANCING ACTIVITIES:
Proceeds from exercise of stock options and issuances under employee stock purchase plan, net	0	229
Proceeds from borrowings under loan agreement, net	0	14,738
Repayment of loan	(15,000)	0
Payment of loan terminal fee obligation and prepayment fee	(1,155)	0
Principal payments on finance lease obligation	0	(14)
Payment of deferred offering costs	0	(132)
Net cash (used in) provided by financing activities	(16,155)	14,821
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(42,678)	(47,889)
Cash, cash equivalents and restricted cash at beginning of period	73,805	135,965
Cash, cash equivalents and restricted cash at end of period	31,127	88,076
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Property and equipment in accounts payable and accrued liabilities	0	106
Right-of-use assets obtained in exchange for new operating lease liability	0	37,094
Prepaid rent reclassified to right-of-use assets	$ 0	$ 7,736

Loss per Share - Basic and Diluted Loss per Share Attributable to Common Stockholders (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Sep. 30, 2023

Sep. 30, 2022

Numerator:

Net loss

$ (2,416)

$ (6,950)

$ (62,347)

$ (40,371)

$ (22,700)

$ (24,567)

$ (71,713)

$ (87,638)

Net loss attributable to common stockholders, basic

(2,416)

(40,371)

(71,713)

(87,638)

Net loss attributable to common stockholders, diluted

$ (2,416)

$ (40,371)

$ (71,713)

$ (87,638)

Denominator:

Weighted-average common stock outstanding, basic

^[1]

1,604,967

1,590,938

1,604,201

1,587,062

Weighted-average common stock outstanding, diluted

^[1]

1,604,967

1,590,938

1,604,201

1,587,062

Net loss per share attributable to common stockholders, basic

$ (1.51)

$ (25.38)

$ (44.7)

$ (55.22)

Net loss per share attributable to common stockholders, diluted

$ (1.51)

$ (25.38)

$ (44.7)

$ (55.22)

[1]	* Three and nine months ended September 30, 2022 are adjusted for the 1-for-30 reverse stock split

- Definition

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

+ References

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+ Details

- Definition

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

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Property and Equipment, Net

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

4. PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):


	SEPTEMBER 30, 2023			DECEMBER 31, 2022
Lab equipment	$	—		$	4,146
Office furniture and fixtures		869			1,406
Leasehold improvements		—			13,972
Construction work-in-progress		—			316
Software		—			4,883
Computer equipment		—			499
Total		869			25,222
Less: Accumulated depreciation		(232	)		(9,286	)
Property and equipment, net	$	637		$	15,936

Depreciation expense was $1.5 million and $4.1 million for the nine months ended September 30, 2023 and 2022, respectively. During the quarter ended March 31, 2023, the Company recorded an impairment charge of $13.1 million to its long-lived assets, as it was determined that certain equipment, leasehold improvements, and software associated with program development would no longer be used following the discontinuation of the Company's Phase 3 clinical trial in CP101 and significant reduction in the Company's workforce, as announced in January 2023. In addition, for the nine months ended September 30, 2023, the Company sold capital equipment, which resulted in a net gain of $0.6 million included in other income (expense) on the condensed consolidated statement of operations.

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2023

Accrued Liabilities, Current [Abstract]

Accrued Expenses and Other Current Liabilities

6. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):


	SEPTEMBER 30, 2023		DECEMBER 31, 2022
Accrued research and development	$	99	$	1,967
Accrued legal and professional fees		1,630		5,852
Accrued compensation and benefits		7		880
Accrued other		815		1,462
Total accrued expenses and other current liabilities	$	2,551	$	10,161

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares

Sep. 30, 2023

Dec. 31, 2022

Temporary equity, shares authorized

10,000,000

Temporary equity, shares issued

Temporary equity, shares outstanding

Temporary equity, par value

$ 0.001

Common stock, par value

$ 0.001

Common stock, shares authorized

200,000,000

Common stock, shares, issued

1,605,034

1,601,717

^[1]

Common stock, shares, outstanding

1,605,034

1,601,717

^[1]

[1]	* Adjusted for the 1-for-30 reverse stock split

Loss per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Basic and Diluted Loss per Share Attributable to Common Stockholders

Basic and diluted loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average common shares outstanding (in thousands, except share and per share data):


	FOR THE THREE MONTHS ENDED SEPTEMBER 30,						FOR THE NINE MONTHS ENDED SEPTEMBER 30,
	2023			2022			2023			2022
Numerator:
Net loss	$	(2,416	)	$	(40,371	)	$	(71,713	)	$	(87,638	)
Net loss attributable to common stockholders—basic and diluted		(2,416	)		(40,371	)		(71,713	)		(87,638	)
Denominator:
Weighted-average common stock outstanding—basic and diluted		1,604,967			1,590,938			1,604,201			1,587,062
Net loss per share attributable to common stockholders—basic and diluted	$	(1.51	)	$	(25.38	)	$	(44.70	)	$	(55.22	)

Computation of Diluted Loss per Share Attributable to Common Stockholders

The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders at September 30, 2023 and 2022 because including them would have had an anti-dilutive effect:


	NINE MONTHS ENDED SEPTEMBER 30,
	2023		2022
Options to purchase common stock		57,804		136,570
Unvested restricted stock units		—		16,208
Shares issuable under employee stock purchase plan		—		264
		57,804		153,042

Adjustment To Prior Interim Unaudited Financial Statements - Schedule of effect of error correction of prior interim unaudited financial statements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Research and development	$ 0			$ 11,859			$ 7,199	$ 41,312
Total operating expenses	3,781			40,770			79,552	88,694
Net loss from operations	(3,781)			(40,632)			(79,445)	(87,841)
Loss before income taxes	(2,416)			(40,371)			(75,174)	(87,638)
Net loss	$ (2,416)	$ (6,950)	$ (62,347)	$ (40,371)	$ (22,700)	$ (24,567)	$ (71,713)	$ (87,638)
Net loss per share attributable to common stockholders - basic	$ (1.51)			$ (25.38)			$ (44.7)	$ (55.22)
Net loss per share attributable to common stockholders - diluted	$ (1.51)			$ (25.38)			$ (44.7)	$ (55.22)

- Definition

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

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

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- Definition

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

+ References

+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 28,779	$ 85,292
Restricted cash	2,348	2,784
Total cash, cash equivalents and restricted cash	$ 31,127	$ 88,076

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	9. INCOME TAXES During the nine months ended September 30, 2023 and the year ended December 31, 2022, the Company recorded a full valuation allowance on federal and state deferred tax assets since management does not forecast the Company to be in a profitable position in the near future. There were no material changes in the Company’s tax position in the nine months ended September 30, 2023 as compared to the year ended December 31, 2022. The benefit for the nine months ended September 30, 2023 reflects the full removal of the deferred tax liability on the IPR&D that was written off during the first quarter of 2023 and treated as a discrete item in the tax provision.

- Definition

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

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+ Details

Nature of Operations and Basis of Presentation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Cash and cash equivalents	$ 28,779	$ 71,038	$ 85,292
Common stock, par value	$ 0.001	$ 0.001
Stock issued during period shares reverse stock splits	30

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Total financial assets	$ 59,493	$ 162,939
Fair Value, Measurements, Recurring \| Money Market Funds [Member]
ASSETS
Total financial assets	1,240	69,991
Fair Value, Measurements, Recurring \| Money Market Funds [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1)
ASSETS
Total financial assets	$ 1,240	$ 69,991

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Nov. 02, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Amendment Flag	false
Entity Central Index Key	0001733257
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Period End Date	Sep. 30, 2023
Entity File Number	001-40227
Entity Registrant Name	FINCH THERAPEUTICS GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3433558
Entity Address, Address Line One	75 State Street
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02109
City Area Code	617
Local Phone Number	229-6499
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	FNCH
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	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,605,763

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

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


DESCRIPTION	SEPTEMBER 30, 2023		QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT OBSERVABLE INPUTS (LEVEL 3)
Money market funds	$	1,240	$	1,240	$	—	$	—


DESCRIPTION	DECEMBER 31, 2022		QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1)		SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT OBSERVABLE INPUTS (LEVEL 3)
Money market funds	$	69,991	$	69,991	$	—	$	—

Leases - Additional Information (Details) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
Leases - Additional Information (Details) $ in Thousands	Aug. 03, 2021 USD ($) ft²	Dec. 31, 2015 USD ($) ft²	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022
Capital Leased Assets [Line Items]
Office and laboratory space for lease \| ft²		25,785
Sublease income			$ 996	$ 216	$ 2,914	$ 216
Inner Belt Road Lease
Capital Leased Assets [Line Items]
Sublease agreement term		10 years
Rental charges		$ 100
Lease expense					600	$ 900
Hood Park Lease
Capital Leased Assets [Line Items]
Sublease agreement term	10 years			2 years		2 years	3 years
Office and laboratory space for lease \| ft²	61,139
Rental charges	$ 4,500
Lease expense					4,200	$ 2,300
Sublease income					$ 2,900	$ 200
Lease term description					The Hood Lease provides the Company with an option to extend the lease for one additional five-year term
Letter of Credit
Capital Leased Assets [Line Items]
Decrease in security deposit	$ 2,300

Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10. COMMITMENTS AND CONTINGENCIES

Legal Contingencies

On December 1, 2021, Rebiotix Inc. and Ferring Pharmaceuticals Inc. (collectively, “Rebiotix”) filed a complaint against the Company in the U.S. District Court for the District of Delaware (the “Court”). The complaint seeks a declaratory judgment of non-infringement and invalidity with respect to seven United States Patents owned by the Company: U.S. Patent Nos. 10,675,309 (the “’309 Patent”); 10,463,702 (the “’702 Patent”); 10,328,107 (the “’107 Patent”); 10,064,899; 10,022,406 (the “’406 Patent”); 9,962,413 (the “’413 Patent”); and 9,308,226. On February 7, 2022, the Company filed an answer and counterclaims against Rebiotix for infringement of the ’107, ’702, and ’309 Patents. In June 2022, Finch alleged infringement of the ’406 and ’413 Patents by Rebiotix. On March 7, 2022, the Company filed an amended answer and counterclaims, in which the Company, together with the Regents of the University of Minnesota (“UMN”), alleged infringement by Rebiotix of three U.S. Patents owned by UMN and exclusively licensed to the Company: U.S. Patent Nos. 10,251,914, 10,286,011, and 10,286,012, (collectively, the “UMN Patents”). On April 4, 2022, Rebiotix filed counterclaims for declaratory judgment of non-infringement and invalidity of the UMN Patents. On May 2, 2022, the Company and UMN responded, denying such counterclaims. The Court set a trial date for a five-day trial beginning on May 20, 2024. On January 23, 2023, the Company filed a second amended answer and counterclaims, in which the Company alleged infringement by Rebiotix of two additional U.S. Patents owned by Finch: U.S. Patent Nos. 11,541,080 (the “’080 Patent”) and 11,491,193 (the “’193 Patent”). On February 7, 2023, Rebiotix filed counterclaims for declaratory judgment of non-infringement and invalidity of the ’080 and ’193 patents. The Court issued a claim construction order on February 28, 2023. On July 6, 2023, Rebiotix filed a motion to dismiss certain counts of our second amended answer and counterclaims based on the assertion that Finch lacks standing to sue as to ’107 Patent, ’702 Patent, ’309 Patent, ’406 Patent, ’413 Patent, ’193 Patent, and ’080 Patent. Rebiotix specifically alleges that the sole named inventor on these patents, Thomas J. Borody, did not assign his rights in those patents to Finch, and as a result, Finch does not own them and therefore does not have standing to assert them. Briefing on this motion is complete. The parties have mutually agreed to narrow the case to include only claims from the ’309, ’702, ’193, ’080, ’914, and ’012 Patents.

The pending lawsuit is subject to inherent uncertainties, and the actual legal fees and costs will depend upon many unknown factors. The outcome of the pending lawsuit cannot be predicted with certainty. The Company has determined that there is no probable or estimable loss contingency that is required to be recorded as of September 30, 2023.

License and Royalty Payments

The Company is party to license and other agreements under which it is obligated to make milestone and royalty payments and incur annual maintenance fees. The Company owes a nominal annual maintenance fee under its license agreement with UMN, (the “UMN Agreement”), as well as escalating minimum royalty amounts. The minimum payments continue in perpetuity for the University of Minnesota until the agreement is terminated. On April 12, 2023, the Company amended its agreement with UMN to, among other things, allow the Company to satisfy certain performance milestones through sublicensing agreements.

The Company is party to an agreement with OpenBiome requiring the Company to pay certain milestones of up to $26.0 million upon the occurrence of certain R&D events, regulatory approvals, and commercial sales, and low single digit royalties on net sales of products on a product-by-product and country-by-country basis, as well as a mid-single digit royalties on sublicensing revenue related to such products.

Stock-Based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

12. STOCK-BASED COMPENSATION

2021 Equity Incentive Plan

In March 2021, the Board adopted, and the stockholders approved, the 2021 Equity Incentive Plan (the “2021 Plan”).The 2021 Plan was amended and restated as of June 8, 2023 to reflect the stock split. The 2021 Plan provides for the grant of incentive stock options to employees, including employees of any parent or subsidiary of the Company, and for the grant of nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other forms of awards to employees, directors and consultants, including employees and consultants of the Company’s affiliates.

The number of shares of common stock reserved for issuance under the Company's 2021 Plan automatically increases on January 1 of each calendar year through January 1, 2031, in an amount equal to (i) 5.0% of the total number of shares of common stock outstanding on December 31 of the year before the date of each automatic increase, or (ii) a lesser number of shares determined by the Board prior to the applicable January 1. The maximum number of shares of common stock that may be issued on the exercise of incentive stock options under the 2021 Plan is 470,000 shares. Shares subject to stock awards granted under the 2021 Plan that expire or terminate without being exercised in full or that are paid out in cash rather than in shares will not reduce the number of shares available for issuance under the 2021 Plan.

On January 1, 2023, the number of shares of common stock reserved and available for issuance under the 2021 Plan automatically increased by 80,089 shares and as of September 30, 2023, there were 57,804 shares of common stock issuable upon the exercise of outstanding options and there were 277,806 shares available for future issuance under the 2021 Plan.

2021 Employee Stock Purchase Plan

In March 2021, the Board adopted the 2021 Employee Stock Purchase Plan (the “2021 ESPP”). The 2021 ESPP was amended and restated as of June 8, 2023 to reflect the stock split. The 2021 ESPP is administered by the Board or by a committee appointed by the Board. The 2021 ESPP provides participating employees with the opportunity to purchase shares of common stock. The occurrence and duration of offering periods under the 2021 ESPP are subject to the determinations of the compensation committee of the Board. Annually the common stock reserved and available for issuance under the 2021 ESPP automatically increases and on January 1, 2023, increased by 16,018. As of September 30, 2023, 3,354 shares have been issued under the 2021 ESPP and 45,167 shares are available for future issuance.

Stock Options

The following table summarizes the activity of the Company’s stock options under the 2017 Plan and 2021 Plan for the nine months ended September 30, 2023:


	SHARES			WEIGHTED- AVERAGE EXERCISE PRICE		WEIGHTED- AVERAGE REMAINING CONTRACTUAL TERM (in years)		AGGREGATE INTRINSIC VALUE (in thousands)
Outstanding as of December 31, 2022		109,522		$	293.81		6.9	$	—
Granted		34,094		$	8.15
Cancelled or forfeited		(48,146	)	$	327.08
Expired		(37,666	)	$	328.80
Outstanding as of September 30, 2023		57,804		$	75.09		7.3	$	13
Options exercisable as of September 30, 2023		22,573		$	155.59		4.3	$	—
Options vested or expected to vest as of September 30, 2023		57,804		$	75.09		7.3	$	13

As of September 30, 2023, there was approximately $0.3 million of unrecognized compensation expense related to the stock-based compensation arrangements granted under the 2021 Plan remaining to be recognized. The Company expects to recognize this cost over a weighted average period of 3.5 years.

Restricted Stock Unit Awards

In June 2022, the Company issued RSU awards with time-based vesting conditions to employees. The fair value of an RSU award is equal to the fair market value of the Company's ordinary shares on the date of grant and the expense is recognized on a straight-line basis over the requisite service period. The RSUs primarily vest over one year from the grant date.

The following table summarizes the activity of the Company’s RSUs under the 2021 Plan for the nine months ended September 30, 2023:


	RSUs			WEIGHTED- AVERAGE GRANT DATE FAIR VALUE		AGGREGATE INTRINSIC VALUE (in thousands)
Outstanding as of December 31, 2022		9,039		$	83.88	$	131
Vested and distributed		(3,317	)	$	83.80
Forfeited		(5,722	)	$	83.93
Unvested as of September 30, 2023		—		$	—	$	—

Stock-Based Compensation Expense

Total stock-based compensation expense recorded as research and development and general and administrative expenses, respectively, for employees, directors and non-employees for the periods presented is as follows (in thousands):


	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2023		2022		2023		2022
Research and development	$	—	$	886	$	231	$	2,655
General and administrative		335		1,215		1,584		3,396
Total	$	335	$	2,101	$	1,815	$	6,051

Summary Of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Indefinite-Lived Intangible Assets [Line Items]
Impairment charges	$ 0	$ (18,057)	$ 0	$ (18,057)
In Process Research and Development [Member]
Indefinite-Lived Intangible Assets [Line Items]
Impairment charges			$ 32,900

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases Balance Sheet Information

The following table presents the classification of right-of-use assets and operating lease liabilities as of September 30, 2023 and December 31, 2022 (in thousands):


	BALANCE SHEET CLASSIFICATION	SEPTEMBER 30, 2023		DECEMBER 31, 2022
ASSETS:
Operating lease assets	Operating right-of-use assets	$	26,589	$	32,752
LIABILITIES:
Operating lease liabilities
Current	Operating lease liabilities, current	$	1,971	$	3,431
Noncurrent	Operating lease liabilities, non-current		28,801		34,255
Total lease liabilities		$	30,772	$	37,686

Summary of Components of Lease Cost


	THREE MONTHS ENDED SEPTEMBER 30,						NINE MONTHS ENDED SEPTEMBER 30,
	2023			2022			2023			2022
Operating lease cost	$	1,382		$	1,724		$	4,783		$	3,374
Short-term lease cost		—			18			17			157
Variable lease cost		60			481			592			1,445
Sublease income		(996	)		(216	)		(2,914	)		(216	)
Total lease cost, net	$	446		$	2,007		$	2,478		$	4,760

Summary of Weighted Average Remaining Operating Lease Term and Discount Rate

The weighted-average remaining operating lease term and discount rate as of September 30, 2023 and December 31, 2022 were as follows (in thousands):


	SEPTEMBER 30, 2023			DECEMBER 31, 2022
Weighted-average remaining lease term (years)		8.3			8.5
Weighted-average discount rate		8.5	%		8.3	%

Schedule of Supplemental Cash Flow Information

Supplemental disclosure of cash flow information related to operating leases for the nine months ended September 30, 2023 and 2022 was as follows (in thousands):


	Nine Months Ended September 30,
	2023		2022
Cash paid (received) for amounts included in measurement of lease liabilities	$	2,640	$	(2,234	)

Schedule of Future Lease Payments

The following table represents a summary of the Company’s future operating lease payments required as of September 30, 2023 (in thousands):


2023	$	895
2024		4,795
2025		4,930
2026		5,071
2027		5,215
Thereafter		22,391
Total future minimum lease payments		43,297
Less: amount representing interest		(12,525	)
Present value of future minimum lease payments	$	30,772

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):


	SEPTEMBER 30, 2023		DECEMBER 31, 2022
Accrued research and development	$	99	$	1,967
Accrued legal and professional fees		1,630		5,852
Accrued compensation and benefits		7		880
Accrued other		815		1,462
Total accrued expenses and other current liabilities	$	2,551	$	10,161

Restructuring

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring

8. RESTRUCTURING

The Company recognized nominal restructuring charges during the three months ended September 30, 2023. During the nine months ended September 30, 2023 the Company recognized restructuring charges of $4.1 million primarily consisting of one-time severance payments, healthcare coverage, outplacement services and related expenses in connection with the Company's January 2023 restructuring action (the “January 2023 Restructuring”). All severance payments will be completed by the second quarter of 2024. The accrued restructuring liability is included in accrued compensation and benefits as of September 30, 2023.

The following table summarizes the restructuring accrual activity for the nine months ended September 30, 2023 (in thousands):



Accrued restructuring liability as of December 31, 2022	$	201
Restructuring charges		4,083
Cash payments		(3,718	)
Accrued restructuring liability as of September 30, 2023	$	566

Nature of Operations and Basis of Presentation

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations and Basis of Presentation

1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION

Business

Finch Therapeutics Group, Inc. (the “Company” or “FTG”) was incorporated in 2017 as a Delaware corporation. The Company was formed as a result of a merger and recapitalization of Finch Therapeutics, Inc. (“Finch”) and Crestovo Holdings LLC (“Crestovo”) in September 2017 (the “Merger”), in which the former owners of Finch and Crestovo were issued equivalent stakes in the newly formed company, FTG. Crestovo was renamed Finch Therapeutics Holdings LLC in November 2020 (“Finch Holdings”). Finch and Finch Holdings are both wholly-owned subsidiaries of FTG.

The Company is a microbiome technology company with a portfolio of intellectual property and microbiome assets. In January 2023, the Company announced the decision to wind down its development efforts and focus on realizing the value of its intellectual property estate and other assets.

Liquidity and Capital Resources

Management believes that the Company’s cash and cash equivalents of $28.8 million as of September 30, 2023 will be sufficient to fund its operating expenses and capital expenditure requirements for at least twelve months beyond the date of these condensed consolidated financial statements. However, due to the consideration of certain qualitative factors, including the Company's recurring losses from operations incurred since inception, the expectation of continuing operating losses for the foreseeable future, and uncertainty around its ability to successfully realize the full value of its intellectual property estate and other assets, the Company has concluded that there is substantial doubt regarding the Company’s ability to continue as a going concern within one year after the date that these consolidated financial statements are issued. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.

The Company does not currently expect to progress any product candidate through clinical trials or commercial approval and it does not currently expect to generate any revenue from product sales. The Company may never succeed in realizing the value of its intellectual property estate and other assets and, even if it does, it may never generate revenue that is significant or large enough to achieve profitability.

The Company has significantly scaled back its expenses by winding down its development efforts, including by liquidating certain of its assets, terminating vendor contracts and reducing headcount. The Company may need additional funding to support its operating activities as it seeks to realize value from its intellectual property estate and other assets. Until such time, if ever, that the Company can generate substantial revenue, the Company expects to finance its cash needs through equity offerings, debt financings or other capital sources, including collaborations, licenses or similar arrangements. However, the Company may be unable to raise additional funds or enter into such other arrangements when needed or on favorable terms, if at all. If the Company is unable to obtain funding as needed, it may decide to pursue a dissolution and liquidation.

Reverse Stock Split

On June 9, 2023, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect a reverse stock split of the Company’s issued and outstanding common stock, par value $0.001, at a ratio of 1-for-30 (the “Reverse Stock Split”). The Reverse Stock Split was reflected on the Nasdaq Global Select Market beginning with the opening of trading on June 12, 2023. Pursuant to the Reverse Stock Split, every 30 shares of the Company's issued and outstanding shares of common stock were automatically combined into one issued and outstanding share of common stock, without any change in the par value per share of the common stock. The Reverse Stock Split did not change the total number of shares the Company is authorized to issue. The Reverse Stock Split affected all issued and outstanding shares of the Company's common stock, and the respective numbers of shares of common stock underlying the Company’s outstanding stock options, outstanding restricted stock units (“RSU”) and the Company's equity incentive plans were proportionately adjusted. All share and per share amounts of the common stock included in the accompanying financial statements have been retrospectively adjusted to give effect to the Reverse Stock Split for all periods presented.

Basis of Presentation

The accompanying unaudited interim condensed consolidated financial statements have been prepared by the Company in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and, pursuant to the rules and regulations of Article 10 of Regulation S-X of the Securities Act of 1933, as amended, published by the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes the disclosures are adequate. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K, filed with the SEC on March 23, 2023.

The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited financial statements. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments that are necessary for a fair presentation of the Company’s condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022, condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2023 and 2022, and condensed consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022. Such adjustments are of a normal and recurring nature. The results of operations for the nine months ended September 30, 2023 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2023. The consolidated balance sheet as of December 31, 2022 has been derived from the audited consolidated financial statements of the Company but does not include all disclosures required by U.S. GAAP.

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Jan. 01, 2023
2017 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense remaining to be recognized, period	3 years 6 months
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock shares available for future grants	277,806	80,089
Percentage of increase in shares of common stock reserved for issuance	5.00%
Number of shares issuable upon the exercise of outstanding options	57,804
Unrecognized compensation expense remaining to be recognized	$ 0.3
2021 Equity Incentive Plan \| Incentive Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of common stock to be issued	470,000
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock shares available for future grants	45,167	16,018
Stock Issued During Period, Shares, New Issues	3,354

Leases - Schedule of Future Lease Payments (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Operating Lease Obligations [Abstract]
2023	$ 895
2024	4,795
2025	4,930
2026	5,071
2027	5,215
Thereafter	22,391
Total future minimum lease payments	43,297
Less: amount representing interest	(12,525)
Present value of future minimum lease payments	$ 30,772

Leases - Summary of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease cost	$ 1,382	$ 1,724	$ 4,783	$ 3,374
Short-term lease cost	0	18	17	157
Variable lease cost	60	481	592	1,445
Sublease income	(996)	(216)	(2,914)	(216)
Total lease cost, net	$ 446	$ 2,007	$ 2,478	$ 4,760

Commitments and Contingencies - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Open Biome
Loss Contingencies [Line Items]
Maximum Milestone Payment Required Under Agreement	$ 26.0

Stockholders' Equity - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Feb. 18, 2021
Class Of Stock [Line Items]
Common shares authorized for issuance	200,000,000	200,000,000
Common stock par value	$ 0.001	$ 0.001
Preferred stock, shares outstanding	0
Cash dividends declared or paid	$ 0
Common stock voting rights	Each share of common stock entitles the holder to one vote
Common Stock
Class Of Stock [Line Items]
Common stock par value			$ 0.001
Undesignated Preferred Stock
Class Of Stock [Line Items]
Preferred stock par value			$ 0.001
Maximum \| Common Stock
Class Of Stock [Line Items]
Common shares authorized for issuance			200,000,000
Maximum \| Undesignated Preferred Stock
Class Of Stock [Line Items]
Preferred shares authorized for issuance			10,000,000

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 28,779	$ 71,038
Accounts receivable	0	144
Prepaid expenses and other current assets	1,140	3,369
Total current assets	29,919	74,551
Property and equipment, net	637	15,936
Operating right-of-use assets	26,589	32,752
In-process research and development	0	32,900
Restricted cash, non-current	2,348	2,568
Other assets	0	4,232
TOTAL ASSETS	59,493	162,939
CURRENT LIABILITIES:
Accounts payable	357	1,097
Accrued expenses and other current liabilities	2,551	10,161
Operating lease liabilities, current	1,971	3,431
Total current liabilities	4,879	14,689
Deferred tax liability	0	3,461
Loan payable, non-current	0	14,653
Operating lease liabilities, non-current	28,801	34,255
Other liabilities	0	170
Total liabilities	33,680	67,228
COMMITMENTS AND CONTINGENCIES (Note 10)
Preferred stock (undesignated), $0.001 par value; 10,000,000 shares authorized and no shares issued and outstanding as of September 30, 2023 and December 31, 2022	0	0
STOCKHOLDERS' EQUITY:
Common stock, $0.001 par value; 200,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 1,605,034 and 1,601,717 * shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	2	2
Additional paid-in capital	373,165	371,350
Accumulated deficit	(347,354)	(275,641)
Total stockholders' equity	25,813	95,711
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 59,493	$ 162,939

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Cash paid (received) for amounts included in measurement of lease liabilities	$ 2,640	$ (2,234)

Loss per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Loss per Share

14. LOSS PER SHARE


	FOR THE THREE MONTHS ENDED SEPTEMBER 30,						FOR THE NINE MONTHS ENDED SEPTEMBER 30,
	2023			2022			2023			2022
Numerator:
Net loss	$	(2,416	)	$	(40,371	)	$	(71,713	)	$	(87,638	)
Net loss attributable to common stockholders—basic and diluted		(2,416	)		(40,371	)		(71,713	)		(87,638	)
Denominator:
Weighted-average common stock outstanding—basic and diluted		1,604,967			1,590,938			1,604,201			1,587,062
Net loss per share attributable to common stockholders—basic and diluted	$	(1.51	)	$	(25.38	)	$	(44.70	)	$	(55.22	)

The Company’s potentially dilutive securities, which include stock options, warrants, RSU awards and shares issuable under the employee stock purchase plan have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders at September 30, 2023 and 2022 because including them would have had an anti-dilutive effect:


	NINE MONTHS ENDED SEPTEMBER 30,
	2023		2022
Options to purchase common stock		57,804		136,570
Unvested restricted stock units		—		16,208
Shares issuable under employee stock purchase plan		—		264
		57,804		153,042

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands

Total

Common Stock

Additional Paid-in Capital

Accumulated Deficit

Beginning Balance, Shares at Dec. 31, 2021

^[1]

1,583,669

Beginning Balance at Dec. 31, 2021

$ 202,224

$ 2

$ 363,217

$ (160,995)

Exercise of common stock options

Exercise of common stock options, Shares

^[1]

680

Stock-based compensation

2,120

Net loss

(24,567)

Ending Balance, Shares at Mar. 31, 2022

^[1]

1,584,349

Ending Balance at Mar. 31, 2022

179,791

$ 2

365,351

(185,562)

Beginning Balance, Shares at Dec. 31, 2021

^[1]

1,583,669

Beginning Balance at Dec. 31, 2021

202,224

$ 2

363,217

(160,995)

Net loss

(87,638)

Ending Balance, Shares at Sep. 30, 2022

^[1]

1,594,146

Ending Balance at Sep. 30, 2022

120,866

$ 2

369,497

(248,633)

Beginning Balance, Shares at Mar. 31, 2022

^[1]

1,584,349

Beginning Balance at Mar. 31, 2022

179,791

$ 2

365,351

(185,562)

Exercise of common stock options

Exercise of common stock options, Shares

^[1]

3,279

Issuance of common stock under employee stock purchase plan, Shares

^[1]

1,825

Issuance of common stock under employee stock purchase plan

110

Stock-based compensation

1,830

Net loss

(22,700)

Ending Balance, Shares at Jun. 30, 2022

^[1]

1,589,453

Ending Balance at Jun. 30, 2022

159,092

$ 2

367,352

(208,262)

Exercise of common stock options

Exercise of common stock options, Shares

^[1]

1,344

Vesting of restricted stock units, Shares

^[1]

3,349

Stock-based compensation

2,101

Net loss

(40,371)

Ending Balance, Shares at Sep. 30, 2022

^[1]

1,594,146

Ending Balance at Sep. 30, 2022

120,866

$ 2

369,497

(248,633)

Beginning Balance, Shares at Dec. 31, 2022

^[1]

1,601,717

Beginning Balance at Dec. 31, 2022

95,711

$ 2

371,350

(275,641)

Vesting of restricted stock units, Shares

^[1]

3,044

Stock-based compensation

1,180

Net loss

(62,347)

Ending Balance, Shares at Mar. 31, 2023

^[1]

1,604,761

Ending Balance at Mar. 31, 2023

34,544

$ 2

372,530

(337,988)

Beginning Balance, Shares at Dec. 31, 2022

^[1]

1,601,717

Beginning Balance at Dec. 31, 2022

95,711

$ 2

371,350

(275,641)

Net loss

(71,713)

Ending Balance, Shares at Sep. 30, 2023

^[1]

1,605,034

Ending Balance at Sep. 30, 2023

25,813

$ 2

373,165

(347,354)

Beginning Balance, Shares at Mar. 31, 2023

^[1]

1,604,761

Beginning Balance at Mar. 31, 2023

34,544

$ 2

372,530

(337,988)

Stock-based compensation

300

Net loss

(6,950)

Ending Balance, Shares at Jun. 30, 2023

^[1]

1,604,761

Ending Balance at Jun. 30, 2023

27,894

$ 2

372,830

(344,938)

Vesting of restricted stock units, Shares

^[1]

273

Stock-based compensation

335

Net loss

(2,416)

Ending Balance, Shares at Sep. 30, 2023

^[1]

1,605,034

Ending Balance at Sep. 30, 2023

$ 25,813

$ 2

$ 373,165

$ (347,354)

[1]	* Adjusted for the 1-for-30 reverse stock split

- Definition

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

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Retirement Plan

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Retirement Plan

13. RETIREMENT PLAN

The Company has adopted a defined contribution plan intended to qualify under Section 401(k) of the Internal Revenue Code covering all eligible employees of the Company. All employees are eligible to become participants of the plan at their hire date. Each active employee may elect, voluntarily, to contribute a percentage of their compensation to the plan each year, subject to certain limitations. The Company reserves the right to make additional contributions to this plan. The Company made contributions to the plan of $0.1 million and $0.6 million in the nine months ended September 30, 2023 and 2022, respectively.

Stockholder's Equity - Summary of Shares Reserved for Potential Conversion of Outstanding Preferred Stock, Vesting of Restricted Stock and Exercise of Stock Options and Common Stock Warrants (Details) - shares	Sep. 30, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Shares of common stock for potential conversion	57,804	118,564
Options to Purchase Common Stock
Class Of Stock [Line Items]
Shares of common stock for potential conversion	57,804	109,522
Unvested Restricted Stock Units
Class Of Stock [Line Items]
Shares of common stock for potential conversion	0	9,039
Employee Stock Option Member
Class Of Stock [Line Items]
Shares of common stock for potential conversion	0	3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Goodwill and Acquired In-Process Research and Development	Goodwill and Acquired In-Process Research and Development Goodwill and in-process research and development (“IPR&D”) are evaluated annually for impairment on October 1, or more frequently if events or changes in circumstances indicate that the asset might be impaired. To conduct impairment tests of goodwill, the fair value of the Company’s single reporting unit is compared to its carrying value. If the reporting unit’s carrying value exceeds its fair value, the Company records an impairment loss to the extent that the carrying value of the reporting unit exceeds its fair value. To conduct impairment tests of IPR&D, the fair value of the IPR&D asset is compared to its carrying value. If the carrying value exceeds its fair value, the Company records an impairment loss to the extent that the carrying value of the IPR&D asset exceeds its fair value. The Company estimates the fair value of IPR&D assets using discounted cash flow valuation models, which require the use of significant estimates and assumptions, including, but not limited to, estimating the timing of and expected costs to complete in-process projects, projecting regulatory approvals, estimating future cash flows from product sales resulting from completed projects and in-process projects, and developing appropriate discount rates. In January 2023, the Company made the decision to wind down its development efforts, which management concluded was an impairment indicator requiring the Company to perform an interim impairment test of IPR&D. Management's assessment for the impairment of IPR&D indicated that there are no future cash flow projections associated with its IPR&D asset and the fair value of the IPR&D asset was zero. This resulted in an impairment charge of $32.9 million during the nine months ended September 30, 2023.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements On January 1, 2023, the Company adopted Accounting Standards Update No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires measurement and recognition of expected credit losses for financial assets. In April 2019, the FASB issued clarification to ASU 2016-13 within ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, or ASU 2016-13. The adoption of the standard was immaterial to the accompanying condensed consolidated financial statements.

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Total Stock-Based Compensation Expense


	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2023		2022		2023		2022
Research and development	$	—	$	886	$	231	$	2,655
General and administrative		335		1,215		1,584		3,396
Total	$	335	$	2,101	$	1,815	$	6,051

Restricted Stock Units (RSUs) [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Activity of Stock Options

The following table summarizes the activity of the Company’s RSUs under the 2021 Plan for the nine months ended September 30, 2023:


	RSUs			WEIGHTED- AVERAGE GRANT DATE FAIR VALUE		AGGREGATE INTRINSIC VALUE (in thousands)
Outstanding as of December 31, 2022		9,039		$	83.88	$	131
Vested and distributed		(3,317	)	$	83.80
Forfeited		(5,722	)	$	83.93
Unvested as of September 30, 2023		—		$	—	$	—

Stock Options [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Activity of Stock Options

The following table summarizes the activity of the Company’s stock options under the 2017 Plan and 2021 Plan for the nine months ended September 30, 2023:


	SHARES			WEIGHTED- AVERAGE EXERCISE PRICE		WEIGHTED- AVERAGE REMAINING CONTRACTUAL TERM (in years)		AGGREGATE INTRINSIC VALUE (in thousands)
Outstanding as of December 31, 2022		109,522		$	293.81		6.9	$	—
Granted		34,094		$	8.15
Cancelled or forfeited		(48,146	)	$	327.08
Expired		(37,666	)	$	328.80
Outstanding as of September 30, 2023		57,804		$	75.09		7.3	$	13
Options exercisable as of September 30, 2023		22,573		$	155.59		4.3	$	—
Options vested or expected to vest as of September 30, 2023		57,804		$	75.09		7.3	$	13

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Stockholder's Equity

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Stockholders' Equity

11. STOCKHOLDERS’ EQUITY

On February 24, 2021, the board of directors of the Company (the “Board”) and the Company’s stockholders approved the Company’s Amended and Restated Certificate of Incorporation. The certificate authorized the issuance of up to 200,000,000 shares of $0.001 par value common stock and up to 10,000,000 shares of $0.001 par value undesignated preferred stock. The Board may designate the rights, preferences, privileges, and restrictions of the preferred stock, including dividend rights, conversion rights, voting rights, terms of redemption, liquidation preference, and number of shares constituting any series or the designation of any series. The issuance of preferred stock could have the effect of restricting dividends on the Company's common stock, diluting the voting power of the Company's common stock, impairing the liquidation rights of the Company's common stock, or delaying or preventing a change in control. As of September 30, 2023, no shares of preferred stock were outstanding.

Each share of common stock entitles the holder to one vote, together with the holders of any preferred stock outstanding, on all matters submitted to the stockholders for a vote. Common stockholders are also entitled to receive dividends. As of September 30, 2023, no cash dividends have been declared or paid.

As of September 30, 2023 and December 31, 2022 the Company has reserved the following shares of common stock for the exercise of stock options, common stock warrants, vesting of restricted stock and shares issuable under the employee stock purchase plan:


	SEPTEMBER 30, 2023		DECEMBER 31, 2022
Options to purchase common stock		57,804		109,522
Unvested restricted stock units		—		9,039
Shares issuable under employee stock purchase plan		—		3
		57,804		118,564

- 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)
-Publisher FASB
-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
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-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
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

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

+ Details

Restructuring (Tables)

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Summary of Restructuring Activity

The following table summarizes the restructuring accrual activity for the nine months ended September 30, 2023 (in thousands):



Accrued restructuring liability as of December 31, 2022	$	201
Restructuring charges		4,083
Cash payments		(3,718	)
Accrued restructuring liability as of September 30, 2023	$	566

Loan Payable - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 25, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	May 11, 2022
Short-Term Debt [Line Items]
Aggregate payoff amount				$ 15,000	$ 0
Loss on extinguishment		$ 0	$ 0	$ (1,366)	$ 0
Loan And Security Agreement [Member]
Short-Term Debt [Line Items]
Aggregate maximum borrowing capacity						$ 55,000
Aggregate payoff amount	$ 16,200
Loss on extinguishment	$ 1,400
Initial amount borrowed						$ 15,000

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Summary of Shares Reserved for Potential Conversion of Outstanding Preferred Stock, Vesting of Restricted Stock and Exercise of Stock Options and Common Stock Warrants


	SEPTEMBER 30, 2023		DECEMBER 31, 2022
Options to purchase common stock		57,804		109,522
Unvested restricted stock units		—		9,039
Shares issuable under employee stock purchase plan		—		3
		57,804		118,564

Stock-Based Compensation - Summary of Total Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 335	$ 2,101	$ 1,815	$ 6,051
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	0	886	231	2,655
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 335	$ 1,215	$ 1,584	$ 3,396

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total	$ 869	$ 25,222
Less: Accumulated depreciation	(232)	(9,286)
Property and equipment, net	637	15,936
Lab Equipment
Property, Plant and Equipment [Line Items]
Total	0	4,146
Office Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Total	869	1,406
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total	0	13,972
Construction Work-In-Progress
Property, Plant and Equipment [Line Items]
Total	0	316
Software
Property, Plant and Equipment [Line Items]
Total	0	4,883
Computer Equipment
Property, Plant and Equipment [Line Items]
Total	$ 0	$ 499

Retirement Plan - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Retirement Benefits [Abstract]
Company's contribution to plan	$ 0.1	$ 0.6

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued research and development	$ 99	$ 1,967
Accrued legal and professional fees	1,630	5,852
Accrued compensation and benefits	7	880
Accrued other	815	1,462
Total accrued expenses and other current liabilities	$ 2,551	$ 10,161

Property and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):


	SEPTEMBER 30, 2023			DECEMBER 31, 2022
Lab equipment	$	—		$	4,146
Office furniture and fixtures		869			1,406
Leasehold improvements		—			13,972
Construction work-in-progress		—			316
Software		—			4,883
Computer equipment		—			499
Total		869			25,222
Less: Accumulated depreciation		(232	)		(9,286	)
Property and equipment, net	$	637		$	15,936

Restructuring - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring and Related Activities [Abstract]
Restructuring Charges recognized	$ 46	$ 1,270	$ 4,083	$ 2,173

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

REVENUE:

Total revenue

$ 0

$ 138

$ 107

$ 853

OPERATING EXPENSES:

Research and development

11,859

7,199

41,312

General and administrative

3,735

9,584

22,229

27,152

Impairment of goodwill

18,057

Impairment of in-process research and development

32,900

Impairment of long-lived assets

13,141

Restructuring

1,270

4,083

2,173

Operating Expenses, Total

3,781

40,770

79,552

88,694

Net loss from operations

(3,781)

(40,632)

(79,445)

(87,841)

OTHER INCOME, NET:

Interest income, net

392

1,237

(7)

Gain on lease termination

752

Loss on loan extinguishment

(1,366)

Gain (loss) on sale and disposal of fixed assets, net

(22)

595

(6)

Sublease and other income

995

216

3,053

216

Total other income, net

1,365

261

4,271

203

Loss before income taxes

(2,416)

(40,371)

(75,174)

(87,638)

Income tax benefit

3,461

Net loss

(2,416)

(40,371)

(71,713)

(87,638)

Net loss attributable to common stockholders, diluted

$ (2,416)

$ (40,371)

$ (71,713)

$ (87,638)

Net loss per share attributable to common stockholders, basic

$ (1.51)

$ (25.38)

$ (44.7)

$ (55.22)

Net loss per share attributable to common stockholders, diluted

$ (1.51)

$ (25.38)

$ (44.7)

$ (55.22)

Weighted-average common stock outstanding, basic

^[1]

1,604,967

1,590,938

1,604,201

1,587,062

Weighted-average common stock outstanding, diluted

^[1]

1,604,967

1,590,938

1,604,201

1,587,062

[1]	* Three and nine months ended September 30, 2022 are adjusted for the 1-for-30 reverse stock split

Leases - Summary of Weighted Average Remaining Operating Lease Term and Discount Rate (Details)	Sep. 30, 2023	Dec. 31, 2022
Lease, Cost [Abstract]
Weighted-average remaining lease term	8 years 3 months 18 days	8 years 6 months
Weighted-average discount rate	8.50%	8.30%

Loan Payable

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Loan Payable

7. LOAN PAYABLE

Hercules Loan and Security Agreement

On May 11, 2022, the Company entered into a loan and security agreement (the “Loan Agreement”) with Hercules Capital, Inc., providing for a term loan with aggregate maximum borrowings of up to $55.0 million. Under the Loan Agreement, the Company borrowed an initial amount of $15.0 million, and on January 25, 2023 (the “Payoff Date”), the Company voluntarily paid off all outstanding principal, accrued and unpaid interest, fees, costs and expenses under the Loan Agreement, equal to $16.2 million in the aggregate, recording a loss on extinguishment of $1.4 million. Following the Payoff Date, all obligations, covenants, debts and liabilities of the Company under the Loan Agreement were satisfied and discharged in full, and the Loan Agreement and all other documents entered into in connection with the Loan Agreement were terminated.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Fair Value Measurements - Additional Information (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers between fair value levels	$ 0	$ 0
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	$ 0

Stock-Based Compensation - Summary of Activity of Stock Options (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
2017 and 2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
SHARES, Outstanding, Beginning Balance	109,522
SHARES, Granted	34,094
SHARES, Cancelled or forfeited	(48,146)
SHARES, Expired	(37,666)
SHARES, Outstanding, Ending Balance	57,804	109,522
SHARES, Options exercisable	22,573
SHARES, Options vested or expected to vest \| shares	57,804
WEIGHTED AVERAGE EXERCISE PRICE, Outstanding, Beginning Balance	$ 293.81
WEIGHTED AVERAGE EXERCISE PRICE, Granted	8.15
WEIGHTED AVERAGE EXERCISE PRICE, Cancelled or forfeited	327.08
WEIGHTED AVERAGE EXERCISE PRICE, Expired	328.8
WEIGHTED AVERAGE EXERCISE PRICE, Outstanding, Ending Balance	75.09	$ 293.81
WEIGHTED AVERAGE EXERCISE PRICE, Options exercisable	155.59
WEIGHTED AVERAGE EXERCISE PRICE, Options vested or expected to vest	$ 75.09
WEIGHTED AVERAGE REMAINING CONTRACTUAL TERM (in years), Outstanding	7 years 3 months 18 days	6 years 10 months 24 days
WEIGHTED AVERAGE REMAINING CONTRACTUAL TERM (in years), Options exercisable	4 years 3 months 18 days
WEIGHTED AVERAGE REMAINING CONTRACTUAL TERM (in years), Options vested or expected to vest	7 years 3 months 18 days
AGGREGATE INTRINSIC VALUE, Outstanding, Beginning Balance	$ 0
AGGREGATE INTRINSIC VALUE, Outstanding, Ending Balance	13,000	$ 0
AGGREGATE INTRINSIC VALUE, Options exercisable	0
AGGREGATE INTRINSIC VALUE, Options vested or expected to vest \| $	$ 13,000
2021 Equity Incentive Plan \| Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
SHARES, Outstanding, Beginning Balance	9,039
SHARES, Vested and distributed	$ (3,317)
SHARES, Cancelled or forfeited	(5,722)
SHARES, Outstanding, Ending Balance	0	9,039
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE, Outstanding, Beginning Balance	$ 83.88
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE, Vested and distributed	83.8
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE, Forfeited	83.93
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE, Ending Balance	$ 0	$ 83.88
AGGREGATE INTRINSIC VALUE, Outstanding, Beginning Balance	$ 131,000
AGGREGATE INTRINSIC VALUE, Outstanding, Ending Balance	$ 0	$ 131,000