0001538210-23-000007 | 10-K | XBRL Viewer

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Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	5,523,502	4,976,289
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	3,965,502	3,305,291
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	1,558,000	0
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	0	1,164,080
Convertible debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	0	506,768
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	0	150

Basis of Presentation and Liquidity	12 Months Ended
Basis of Presentation and Liquidity	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Liquidity	Basis of Presentation and Liquidity Basis of Presentation The accompanying financial statements were prepared based on the accrual method of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the ASC and Accounting Standards Updates (“ASU”) of the FASB.

Leases - Components of Lease Cost (Details)	12 Months Ended
Leases - Components of Lease Cost (Details)	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 586,689
Research and development expenses
Lessee, Lease, Description [Line Items]
Operating lease cost	379,288
General and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 207,401

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2022	Mar. 01, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40045
Entity Registrant Name	NEXIMMUNE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-2518457
Entity Address, Address Line One	9119 Gaither Road
Entity Address, City or Town	Gaithersburg
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20877
City Area Code	301
Local Phone Number	825-9810
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	NEXI
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 28.7
Entity Common Stock, Shares Outstanding		26,078,451
Documents Incorporated by Reference	None.
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Central Index Key	0001538210

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following at December 31, 2022 and 2021:


	2022		2021
Prepaid research and development expenses	$	1,176,491	$	3,375,388
Prepaid maintenance agreements	369,606		132,104
Prepaid insurance	403,653		479,393
Prepaid other	245,278		308,842
Interest receivable	74,467		—
Other current assets	401,916		99,189
	$	2,671,411	$	4,394,916

Accrued Expenses - Summary of Components of Accrued Expenses (Detail) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued research and development costs	$ 3,210,794	$ 2,611,380
Accrued professional fees	267,383	384,254
Accrued salaries, benefits and related expenses	3,855,797	3,143,602
Other accrued expenses	23,179	31,473
Accrued expenses	$ 7,357,153	$ 6,170,709

Restructuring Activities

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring Activities

In November 2022, the Company announced that, following a strategic review of its pipeline, indications, timelines and cash position, it implemented a strategic realignment initiative, which was designed to reduce costs and reallocate resources towards its AIM INJ preclinical development programs. As part of this strategy, the Company initiated a workforce reduction plan to reduce headcount by 30%, primarily affecting the clinical development, manufacturing and administrative staff that had been needed to support the AIM ACT adoptive cell therapy clinical programs. This plan will reduce the Company’s workforce from 74 full-time employees to approximately 50 full-time employees. The Company estimates that it will incur approximately $0.7 million of costs in connection with the reduction in workforce related to severance pay and other related termination benefits. These one-time employee termination benefits are comprised of severance, benefits and related costs, all of which are expected to result in cash expenditures.

Accrued salaries at December 31, 2022 includes $0.4 million in severance expenses related to the November 2022 restructuring. The Company communicated the workforce reduction on November 14, 2022 and recognized $0.5 million in costs associated with the restructuring during the year ended December 31, 2022. The Company expects to complete the restructuring in the second quarter of 2023.

The following table summarizes the charges related to the restructuring activities as of December 31, 2022. There were no restructuring expenses during the year ended December 31, 2021.


	Accrued Restructuring Expenses						Accrued Restructuring Expenses
	December 31, 2021		Expenses		Less: Payments		December 31, 2022
Severance, benefits and related costs due to workforce reduction	$	—	$	531,829	$	(149,440)	$	382,389
Totals	$	—	$	531,829	$	(149,440)	$	382,389

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Jan. 01, 2022 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of operating segments \| segment	1
Investment positions in marketable securities	$ 0
Impairment of long-lived assets	$ 0	$ 0
Expected dividend yield	0.00%	0.00%
Unrecognized tax benefits	$ 0	$ 0
Accruals related to uncertain tax positions	0	0
Income tax penalties and interest expense	0	0
Operating lease right-of-use assets, net	967,032	0
Operating lease, liability, current	(599,047)	0
Operating Lease, Liability, non-current	$ (425,766)	$ 0
Cumulative effect of adoption of accounting standard
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Operating lease right-of-use assets, net			$ 1,500,000
Operating lease, liability, current			(600,000)
Operating Lease, Liability, non-current			$ (1,000,000.0)

Statements Of Cash Flows - USD ($)	12 Months Ended
Statements Of Cash Flows - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net loss	$ (62,506,199)	$ (50,901,508)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	994,792	870,285
Accretion income on available-for-sale marketable securities, net	(1,131)	(32,065)
Loss on asset disposal	21,264	8,440
Stock-based compensation	5,870,364	5,979,784
Non-cash lease expense	500,553	0
Non-cash interest expense	0	903,919
Change in fair value of derivative liability	0	(2,424,877)
Gain on extinguishment of debt	0	(843,619)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	1,723,506	(2,053,690)
Other non-current assets	59,129	(300,726)
Accounts payable	1,387,057	(1,002,896)
Accrued expenses and other	1,258,098	4,011,882
Operating lease liabilities	(498,353)	0
Net cash used in operating activities	(51,190,920)	(45,785,071)
Cash flows from investing activities
Purchase of property and equipment	(1,255,116)	(2,350,416)
Proceeds from disposal of equipment	80,800	0
Purchases of available-for-sale marketable securities	(21,509,940)	(90,456,865)
Proceeds from maturities of available-for-sale marketable securities	71,500,000	39,000,000
Proceeds from redemption of available-for-sale marketable securities	1,500,000	0
Net cash provided by investing activities	50,315,744	(53,807,281)
Cash flows from financing activities
Proceeds from initial offering, net of transaction costs	0	114,721,518
Proceeds from "at-the-market" offering facility, net of transaction costs	5,145,409	0
Proceeds from the exercise of stock options	33,255	1,166,024
Principal payments on capital leases	0	(12,260)
Proceeds from the issuance of convertible notes from related parties	0	56,500
Proceeds from the issuance of convertible notes	0	8,974,980
Issuance costs associated with convertible notes	0	(19,137)
Net cash provided by financing activities	5,178,664	124,887,625
Net increase in cash, cash equivalents and restricted cash	4,303,488	25,295,273
Net cash, cash equivalents and restricted cash at beginning of period	30,393,852	5,098,579
Net cash, cash equivalents and restricted cash at end of period	34,697,340	30,393,852
Supplemental disclosure of cash flow information:
Cash paid during the year for interest	0	457
Supplemental disclosure of noncash investing and financing activities:
Gain on extinguishment of debt from forgiveness of PPP Loan	0	843,619
Property and equipment purchases included in accounts payable and accrued expenses	$ 5,370	$ 131,866

Stock-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

During January 2017, the Company adopted the 2017 Equity Incentive Plan (the “2017 Plan”), which provides for granting of restricted stock, options to purchase shares of common stock and other awards to employees, directors and consultants. In March 2017, the Company amended the 2017 Plan to increase the number of available shares to 660,838. In September 2018, the Company adopted the 2018 Equity Incentive Plan (the “2018 Plan”) which provides for granting of restricted stock, options to purchase shares of common stock, and other awards to employees, directors and consultants, and reserved 1,741,770 shares for this purpose. The 2018 Plan was amended in July 2018 to increase the number of available shares to 1,809,143. In February 2021, the Company adopted the 2021 Equity Incentive Plan (“2021 Plan”) and reserved 2,757,556 shares under the plan. No further shares will be issued under the 2017 and 2018 plans. In addition, the 2021 Plan contains an “evergreen” provision, which allows for an annual increase in the number of shares of our common stock available for issuance under the 2021 Plan on the first day of each calendar year beginning in calendar year 2022. The annual increase in the number of shares shall be equal to the lower of (i) 5.0% of the number of shares of our common stock outstanding on the date of the applicable increase or (ii) a lesser amount determined by our board of directors. Following the annual increase in the number of shares of our common stock available for issuance under the 2021 Plan, there are 1,439,424 shares available for issuance under the 2021 plan as of March 1, 2023.

The number of options to be granted under the 2021 Plan, the option exercise prices, and other terms of the options are determined by the Board of Directors in accordance with the terms of the 2021 Plan. Generally, stock options are granted at fair value, become exercisable over a period of one to four years, expire in ten years or less and are subject to the employee’s continued employment. Restricted stock units awarded in November 2022 vest after an 18-month service period. No restricted stock units were awarded in the year ended December 31, 2021.

Stock-based compensation expense was recorded in the following financial statement line items within the statement of operations for the years ended December 31, 2022 and 2021:


	2022		2021
Research and development expenses	$	3,812,441	$	2,918,310
General and administrative expenses	2,057,923		3,061,474
Total stock-based compensation expense	$	5,870,364	$	5,979,784

The following is a summary of option activity under the Company’s Stock Option Plans:


	Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (millions)
Outstanding as of January 1, 2022	3,305,291	$	9.62	7.7	$	2.3
Granted	1,628,065	3.49
Exercised	(362,886)	2.52
Cancelled	(255,701)	8.04
Forfeited	(349,267)	15.03
Outstanding as of December 31, 2022	3,965,502	$	7.38	8.0	$	—
Vested or expected to vest as of December 31, 2022	3,965,502	$	7.38	8.0	$	—
Exercisable as of December 31, 2022	1,852,331	$	8.64	6.7	$	—
Shares unvested as of December 31, 2022	2,113,171	$	6.28	9.0	$	—

The weighted average fair value of the options granted during the years ended December 31, 2022 and 2021 was $2.42 and $11.16, respectively. The options were valued using the Black-Scholes option-pricing model for the years ended December 31, 2022 and 2021 with the following assumptions:


	2022	2021
Expected volatility	78.6% to 83.2%	78.7% to 81.1%
Risk-free interest rate	1.5% to 3.80%	0.5% to 1.40%
Expected dividend yield	0%	0%
Expected term	5.5 to 6.1 years	5.4 to 6.1 years

The total fair value of stock options vested during the years ended December 31, 2022 and 2021 was $9.2 million, and $1.4 million, respectively. The intrinsic value of stock options exercised for the years ended December 31, 2022 and 2021 was approximately $0.2 million and $2.1 million, respectively.

As of December 31, 2022, there was $8.0 million of total unrecognized compensation expense related to unvested options that will be recognized over a weighted average period of 2.4 years.

Restricted Stock Units

A restricted stock unit (“RSU”) represents the right to receive one of the Company’s common stock upon vesting of the RSU. The fair value of each RSU is based on the closing price of the Company’s common stock on the date of grant.

The following is a summary of RSU activity for the 2021 Plan for the year ended December 31, 2022:


	Number of restricted units	Weighted average grant date fair value
Unvested and outstanding at December 31, 2021	—	$	—
Granted	1,558,000	0.45
Vested	—	—
Forfeited	—	—
Unvested and outstanding as of December 31, 2022	1,558,000	$	0.45

As of December 31, 2022, there was $0.7 million of unrecognized compensation expense related to unvested RSUs, which are expected to be recognized over a weighted average period of 1.4 years.

Balance Sheets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 34,642,340	$ 30,326,352
Available-for-sale marketable securities	0	51,491,942
Restricted cash	55,000	67,500
Prepaid expenses and other current assets	2,671,411	4,394,916
Total current assets	37,368,751	86,280,710
Property and equipment, net	4,459,071	4,427,307
Operating lease right-of-use assets, net	967,032	0
Other non-current assets	264,970	324,099
Total assets	43,059,824	91,032,116
Current liabilities:
Accounts payable	2,377,374	1,045,159
Accrued expenses	7,357,153	6,170,709
Operating lease liabilities, current	599,047	0
Total current liabilities	10,333,574	7,215,868
Operating lease liabilities, non-current	425,766	0
Deferred rent, net of current portion	0	55,581
Total liabilities	10,759,340	7,271,449
Commitments and contingencies
Stockholders’ equity
Common Stock, $0.0001 par value, 250,000,000 shares authorized as of December 31, 2022 and 2021, 26,078,451 and 22,828,904 issued and outstanding as of December 31, 2022 and 2021	2,608	2,283
Additional paid-in-capital	222,547,530	211,498,827
Accumulated deficit	(190,249,654)	(127,743,455)
Accumulated other comprehensive income	0	3,012
Total stockholders’ equity	32,300,484	83,760,667
Total liabilities and stockholders’ equity	$ 43,059,824	$ 91,032,116

Commitments and Contingencies - Additional Information, Paycheck Protection Program Loan (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jul. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	May 01, 2020	Apr. 23, 2020
Other Commitments [Line Items]
Gain on extinguishment of debt from forgiveness of PPP Loan		$ 0	$ 843,619
Other Current Liabilities
Other Commitments [Line Items]
Notes payable, current				$ 843,619
Paycheck Protection Program Loan
Other Commitments [Line Items]
Convertible notes issued					$ 843,619
Gain on extinguishment of debt from forgiveness of PPP Loan	$ 843,619

Description of the Business (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (190,249,654)	$ (127,743,455)
Long term debt	0
Cash and cash equivalents	$ 34,642,340	$ 30,326,352

- Definition

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

+ References + Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of fair value assets and liabilities measured on recurring basis

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis:


	December 31, 2022						December 31, 2021
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Money market funds	$	23,722,328	$	—	$	—	$	22,124,003	$	—	$	—
Fixed income debt securities	$	—	$	7,979,279	$	—	$	—	$	56,991,897	$	—
	$	23,722,328	$	7,979,279	$	—	$	22,124,003	$	56,991,897	$	—

Income Taxes - Additional Information (Details)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Tax Credit Carryforward [Line Items]
Unrecognized tax benefits	$ 0	$ 0
Accruals related to uncertain tax positions	$ 0	0
Valuation allowance	1
Federal
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	$ 135,200,000	$ 115,400,000
Operating loss carryforwards, subject to expiration	10,500,000
Operating loss carryforwards, not subject to expiration	$ 124,700,000

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carryforward	$ 28,477,866	$ 31,758,878
Accrued compensation	575,883	701,576
Stock compensation	1,913,771	1,445,296
Research and development credits	291,022	291,022
Capitalized research and development costs	7,838,512	0
Operating leases	216,925	0
Other	2,022	52,751
Gross deferred income tax assets	39,316,001	34,249,523
Less: Valuation allowance	(38,857,468)	(33,886,096)
Total deferred income tax assets	458,533	363,427
Deferred tax liabilities:
ROU assets	(204,694)	0
Depreciation and amortization	(253,839)	(363,427)
Total deferred tax liabilities	(458,533)	(363,427)
Net deferred tax assets	$ 0	$ 0

Statements Of Comprehensive Loss - USD ($)	12 Months Ended
Statements Of Comprehensive Loss - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (62,506,199)	$ (50,901,508)
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale marketable securities, net of tax	(3,012)	3,012
Comprehensive loss	$ (62,509,211)	$ (50,898,496)

- Definition

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

+ References

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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation - Summary of Black-Scholes Option Pricing Model (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected volatility	78.60%	78.70%
Expected volatility	83.20%	81.10%
Risk-free interest rate	1.50%	0.50%
Risk-free interest rate	3.80%	1.40%
Expected dividend yield	0.00%	0.00%
Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected term	5 years 6 months	5 years 4 months 24 days
Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected term	6 years 1 month 6 days	6 years 1 month 6 days

Restructuring Activities (Details)	1 Months Ended	12 Months Ended
Restructuring Activities (Details)	Nov. 30, 2022 USD ($) employee	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Restructuring and Related Activities [Abstract]
Restructuring reserve		$ 382,389	$ 0
Restructuring Cost and Reserve [Line Items]
Reduction in headcount, percentage	30.00%
Number of positions before eliminations \| employee	74
Number of positions after eliminations \| employee	50
Restructuring, expected cost	$ 700,000
Restructuring reserve		382,389	0
Restructuring, incurred cost		$ 500,000
Restructuring Incurred Cost Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag		costs associated with the restructuring
Employee Severance
Restructuring and Related Activities [Abstract]
Restructuring reserve		$ 382,389	0
Restructuring Cost and Reserve [Line Items]
Restructuring reserve		$ 382,389	$ 0

Series A Redeemable Convertible Preferred Stock and Stockholders' Deficit	12 Months Ended
	Dec. 31, 2022
Redeemable Convertible Preferred Stock And Stockholders Equity Disclosure [Abstract]
Series A Redeemable Convertible Preferred Stock and Stockholders' Deficit	Series A Redeemable Convertible Preferred Stock and Stockholders’ Deficit Issuances of Common Stock On February 11, 2021, the Company completed its IPO, pursuant to which it issued and sold 7,441,650 shares of its common stock at a public offering price of $17.00 per share, resulting in net proceeds of $114,551,315, after deducting underwriting discounts and commissions and other offering expenses. Upon the closing of the IPO, all of the — outstanding shares of the Company’s Redeemable Convertible Preferred Stock automatically converted into 10,144,041 shares of common stock after giving effect to the reverse stock split, and all of the outstanding convertible debt and accrued but unpaid interest thereon of $31,272,183 converted to 3,669,010 shares of common stock. Upon completion of the offering on February 11, 2021, the Company’s authorized capital stock consists of 250,000,000 shares of common stock, par value $0.0001 per share, and 10,000,000 shares of preferred stock, par value $0.0001 per share, all of which shares of preferred stock are undesignated. In January 2021, 145,000 warrants were exercised at an exercise price of $0.01 and 145,000 shares of Series A redeemable convertible stock were issued and then converted into common stock upon the closing of the IPO. The remaining outstanding warrants outstanding as of December 31, 2020 were exercised and settled in January 2021 with 2,896 shares of common stock issued in a cashless exercise. In June 2022, the Company entered into a Controlled Equity Offering Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co. and BTIG, LLC (together, the “Agents”), pursuant to which the Company may offer and sell shares of its common stock, $0.0001 par value per share, having an aggregate offering price of up to $50.0 million (the "Shares") from time to time through the Agents (the "Offering"). Subject to the terms and conditions of the Sales Agreement, any such sales made through the Agents can be made, based upon the Company's instructions, by methods deemed an “at-the-market" offering as defined in Rule 415(a)(4) promulgated under the Securities Act. The Company agreed to pay the Agents a commission of 3.0% of the gross proceeds of any sales of shares sold pursuant to the Sales Agreement. During the year ended December 31, 2022, the Company sold an aggregate of 3,184,900 shares through our “at-the-market" offering facility resulting in net proceeds of $5.1 million.

Summary of Significant Accounting Policies - Schedule of Restricted Cash and Cash Equivalents (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 34,642,340	$ 30,326,352
Restricted cash	55,000	67,500
Total	$ 34,697,340	$ 30,393,852	$ 5,098,579

Stock-Based Compensation - Summary of Option Activity (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Number of restricted units
Outstanding as of beginning of period (in shares)	3,305,291
Granted (in shares)	1,628,065
Exercised (in shares)	(362,886)
Cancelled (in shares)	(255,701)
Forfeited (in shares)	(349,267)
Outstanding as of end of period (in shares)	3,965,502	3,305,291
Vested or expected to vest by period end (in shares)	3,965,502
Exercisable as of period end (in shares)	1,852,331
Shares unvested as of period end (in shares)	2,113,171
Weighted average grant date fair value
Outstanding as of beginning of period (in dollars per share)	$ 9.62
Granted (in dollars per share)	3.49
Exercised (in dollars per share)	2.52
Cancelled (in dollars per share)	8.04
Forfeited (in dollars per share)	15.03
Outstanding as of end of period (in dollars per share)	7.38	$ 9.62
Vested or expected to vest as of end of period (in dollars per share)	7.38
Exercisable as of end of period (in dollars per share)	8.64
Shares unvested as of end of period (in dollars per share)	$ 6.28
Weighted Average Remaining Contractual Term (years)
Outstanding as of end of period (in years)	8 years	7 years 8 months 12 days
Vested or expected to vest as of end of period (in years)	8 years
Exercisable as of end of period (in years)	6 years 8 months 12 days
Shares unvested as of end of period (in years)	9 years
Aggregate Intrinsic Value (millions)
Outstanding as of December 31, 2022	$ 0	$ 2,300,000
Vested or expected to vest as of December 31, 2022	0
Exercisable as of December 31, 2022	0
Shares unvested as of December 31, 2022	$ 0

Statements Of Changes In Redeemable Convertible Preferred Stock And Stockholders' Equity - USD ($)	Total	Cumulative effect of adoption of accounting standard	Series A	Series A-2	Series A-3	Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Cumulative effect of adoption of accounting standard	Accumulated Deficit	Accumulated Deficit Cumulative effect of adoption of accounting standard	Accumulated Other Comprehensive Income/ (Loss)
Balance (in shares) at Dec. 31, 2020			121,735,303	22,047,361	31,209,734
Balance at Dec. 31, 2020			$ 35,047,435	$ 7,685,865	$ 10,887,449
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series A redeemable preferred stock upon exercise of warrants (in shares)			145,000
Issuance of Series A redeemable preferred stock upon exercise of warrants			$ 1,450
Conversion of preferred stock into common stock (in shares)			(121,880,303)	(22,047,361)	(31,209,734)
Conversion of preferred stock into common stock			$ (35,048,885)	$ (7,685,865)	$ (10,887,449)
Balance (in shares) at Dec. 31, 2021			0	0	0
Balance at Dec. 31, 2021			$ 0	$ 0	$ 0
Balance (in shares) at Dec. 31, 2020						1,256,609
Balance at Dec. 31, 2020	$ (69,374,941)	$ (1,537,274)				$ 126	$ 8,206,938	$ (2,277,332)	$ (77,582,005)	$ 740,058	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of preferred stock into common stock (in shares)						10,144,041
Conversion of preferred stock into common stock	53,622,199					$ 1,014	53,621,185
Conversion of convertible debt into common stock (in shares)						3,669,010
Conversion of convertible debt into common stock	30,252,056					$ 367	30,251,689
Issuance of common stock, net of transaction costs (in shares)						7,441,650
Issuance of common stock, net of transaction costs	114,551,315					$ 744	114,550,571
Exercise of stock options (in shares)						314,698
Exercise of stock options	1,166,024					$ 32	1,165,992
Exercise of warrants (in shares)						2,896
Stock-based compensation	5,979,784						5,979,784
Unrealized loss on marketable available-for-sale securities	3,012										3,012
Net loss	(50,901,508)								(50,901,508)
Balance (in shares) at Dec. 31, 2021						22,828,904
Balance at Dec. 31, 2021	83,760,667					$ 2,283	211,498,827	$ 2,300,000	(127,743,455)	$ 700,000	3,012
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of transaction costs (in shares)						3,184,900
Issuance of common stock, net of transaction costs	$ 5,145,409					$ 319	5,145,090
Exercise of stock options (in shares)	362,886					12,890
Exercise of stock options	$ 33,255					$ 1	33,254
Cashless exercise of options for common stock (in shares)						51,757
Cashless exercise of options for common stock	0					$ 5	(5)
Stock-based compensation	5,870,364						5,870,364
Unrealized loss on marketable available-for-sale securities	(3,012)										(3,012)
Net loss	(62,506,199)								(62,506,199)
Balance (in shares) at Dec. 31, 2022						26,078,451
Balance at Dec. 31, 2022	$ 32,300,484					$ 2,608	$ 222,547,530		$ (190,249,654)		$ 0

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Authorized common stock (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	26,078,451	22,828,904
Common stock, shares outstanding (in shares)	26,078,451	22,828,904

Description of the Business	12 Months Ended
Description of the Business	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	Description of the Business NexImmune, Inc. (the “Company” or “NexImmune”), a Delaware corporation headquartered in Gaithersburg, Maryland, was incorporated on June 7, 2011. The Company is an emerging biopharmaceutical company advancing a new generation of immunotherapies based on its proprietary Artificial Immune Modulation (AIM) technology. The AIM nanotechnology platform, originally developed at Johns Hopkins University, is the foundation for an innovative approach to immunotherapy in which the body’s own immune system is stimulated to orchestrate a targeted T cell response against a disease. Central to the AIM technology are artificial AIM nanoparticles, which act as synthetic dendritic cells. These AIM nanoparticles can be programmed to present specific antigens to specific T cells orchestrating a highly targeted immune response. These AIM nanoparticles can be rapidly engineered to elicit an immune attack that can be directed toward any foreign substance or cell type in a patient’s body. The Company’s first two products, both for the treatment of different types of cancer, entered clinical trials in 2020. Following a strategic review of the Company's corporate strategy, including with respect to its adoptive cell therapy programs, the Company paused investments in its cell therapy studies, NEXI-001, NEXI-002, and NEXI-003 which is designed to reduce costs and reallocate resources towards our AIM INJ preclinical development programs. As part of this strategy, we will focus on developing AIM INJ nanoparticle constructs and modalities for potential clinical evaluation in oncology and autoimmune disorders. The Company is exploring several external opportunities to continue to advance these programs. As a result, the Company will focus its existing resources on its injectable platform in oncology and autoimmune diseases. Going Concern Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 205-40, Presentation of Financial Statements - Going Concern ("ASC 205-40"), requires management to assess the Company’s ability to continue as a going concern for one year after the date the financial statements are issued. Under ASC 205-40, management has the responsibility to evaluate whether conditions and/or events raise substantial doubt about the Company’s ability to meet future financial obligations as they become due within one year after the date that the financial statements are issued. As required by this standard, management’s evaluation shall initially not take into consideration the potential mitigating effects of management’s plans that have not been fully implemented as of the date the financial statements are issued. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred recurring operating losses and negative cash flows from operations. The financial statements do not include any adjustments relating to the realization of the carrying value of assets or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern. As of December 31, 2022, the Company had an accumulated deficit of $190.2 million, negative cash flows from operating activities for the period ended December 31, 2022, and significant ongoing research and development expenses. While we have no outstanding debt and $34.6 million in cash and cash equivalents as of December 31, 2022, the Company expects its negative cash flows from operating activities to continue and thus has determined that its losses and negative cash flows from operations and uncertainty in generating sufficient cash to meet our obligations and sustain our operations raise substantial doubt about the Company’s ability to continue as a going concern for at least one year from the issuance date of these financial statements. As the Company’s research and development activities mature and develop over the next year, the Company will likely require substantial funds to continue such activities, depending upon events that are difficult to predict at this time. In this regard, management plans to raise additional capital through financing activities that may include public offerings and private placements of its common stock, preferred stock offerings, collaborations and licensing arrangements and issuances of debt and convertible debt instruments. In the absence of additional capital, the Company plans to strategically manage its uncommitted spend, execute its priorities and implement cost saving measures to reduce research and development and general and administrative expenditures which could include minimizing staff costs and delaying or terminating manufacturing and clinical trial costs. There are inherent uncertainties associated with fundraising activities and activities to manage the Company’s uncommitted spending and the successful execution of these activities may not be within the Company’s control. There are no assurances that such additional funding will be obtained and that the Company will succeed in its future operations. If the Company cannot successfully raise additional capital, its liquidity, financial condition and business prospects will be materially and adversely affected. The Company is continually looking into further capital planning and the evaluation of strategic alternatives. There is substantial doubt about the Company’s ability to continue as a going concern.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Auditor Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Tysons, Virginia

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions On March 16, 2022, the Company and Zephyr AI, Inc. (“Zephyr”) entered into a Joint Research Agreement (the “JRA”) focused on the joint collaboration, identification and validation of certain targets in order to facilitate further research, development and potential commercialization of immunotherapies. Zephyr is owned by a holding company with multiple Board members from the Company. The JRA term is two years unless mutually extended. Pursuant to the JRA, Zephyr will identify suitable antigens or combinations thereof for validation and testing by NexImmune. The Joint Steering Committee (the “JSC”) provided for by the JRA will then determine which identified candidates shall be subject to further analysis. NexImmune will validate which, if any, of the identified antigens are suitable for T-cell engagement and killing function (the “Final Candidates”). The JSC will make a good-faith determination as to whether the data supports the further IND-targeted development by NexImmune of any of the Final Candidates. The Company and Zephyr will jointly own any Final Candidates, including the intellectual property related thereto. Each of the Company and Zephyr shall be responsible for payment of their own respective costs and expenses in connection with the performance of their respective obligations under the JRA. If a Final Candidate is to be further developed, then the Company and Zephyr shall engage in good-faith negotiations to agree on the terms and conditions of an agreement with respect to the further development and commercialization of such Final Candidate. If such an agreement is not executed within the prescribed negotiation period, then neither the Company nor Zephyr may further develop such Final Candidate. The expenses related to the JRA for the year ended December 31, 2022 were not material.

Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

Subsequent EventsOn March 22, 2023, in order to retain and motivate employees and other key contributors of the Company, the board of directors approved a one-time stock option repricing (the “Option Repricing”). Pursuant to the Option Repricing, the exercise price of all of the below stock options to purchase shares of the Company’s common stock previously granted under our 2017 Equity Incentive Plan, 2018 Equity Incentive Plan and 2021 Equity Incentive Plan (the “Repriced Options”) will be amended as of April 4, 2023 (the “Effective Date”) to reduce the exercise prices of such options to a price equal to or greater than the closing price per share of the Company’s common stock on The Nasdaq Stock Market on the Effective Date (the “Nasdaq

Market Price”), on the terms described below; provided, however, that if the closing price per share on the Effective Date is less than $0.40, the Nasdaq Market Price will be deemed to be $0.40 for purposes of the Option Repricing:


Repriced Options	Terms of Repriced Options vested or vesting within six months following the Effective Date	Terms of Repriced Options vesting more than six months following the Effective Date
All options held by employees other than our executive officers, in good standing on the Effective Date	The Option Repricing exercise price will be equal to 2.5 times the Nasdaq Market Price	The Option Repricing exercise price will be equal to the Nasdaq Market Price
All options held by our current executive officers and 100,000 options held by Jerome Zeldis, our former EVP and Head of Research & Development	The Option Repricing exercise price will be equal to 3.0 times the Nasdaq Market Price	The Option Repricing exercise price will be equal to 2.0 times the Nasdaq Market Price
All options held by our directors	The Option Repricing exercise price will be equal to 4.0 times the Nasdaq Market Price	The Option Repricing exercise price will be equal to 3.0 times the Nasdaq Market Price

On March 23, 2023, Jerome Zeldis, M.D., Ph.D., Executive Vice President of Research and Development, entered into a Consulting Agreement with the Company (the “Consulting Agreement”) effective as of March 31, 2023 (the “Transition Date”). Pursuant to the Consulting Agreement and effective as of the Transition Date, the exiting Employment Agreement, dated January 4, 2021, by and between the Company and Dr. Zeldis is terminated, Dr. Zeldis will have resigned from the Company, and Dr. Zeldis will transition to providing consulting and advisory services to the Company for a period ending on March 31, 2024 (the “Consulting Period”). Pursuant to the terms of the Consulting Agreement, in consideration for, among other things, his compliance with certain restrictive covenants, including customary non-compete and non-solicitation covenants, and a typical release of claims, Dr. Zeldis will be paid $200 per hour for services provided to the Company and vested options to purchase 100,000 shares of common stock of the Company held by Dr. Zeldis (a portion of the grant received by Dr. Zeldis on February 11, 2021) are eligible to participate in the Option Repricing (as defined above), with the exercise price for such options reduced to the level set for executive officers.

Subsequent Events (Details)	Mar. 22, 2023 USD ($) $ / shares shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares
Subsequent Event [Line Items]
Shares outstanding (in shares)		3,965,502	3,305,291
Subsequent Event
Subsequent Event [Line Items]
Closing share price minimum threshold (dollars per share) \| $ / shares	$ 0.40
Subsequent Event \| Affiliated Entity \| Jerome Zeldis
Subsequent Event [Line Items]
Severance cost, hourly rate (in dollars) \| $	$ 200
Subsequent Event \| Executive Officer \| Jerome Zeldis
Subsequent Event [Line Items]
Shares outstanding (in shares)	100,000
Subsequent Event \| Share-Based Payment Arrangement, Tranche One \| Executive Officer
Subsequent Event [Line Items]
Repricing multiple	3.0
Subsequent Event \| Share-Based Payment Arrangement, Tranche One \| Director
Subsequent Event [Line Items]
Repricing multiple	4.0
Subsequent Event \| Share-Based Payment Arrangement, Tranche One \| Employees, Excluding Executive Officer
Subsequent Event [Line Items]
Repricing multiple	2.5
Subsequent Event \| Share-Based Payment Arrangement, Tranche Two \| Executive Officer
Subsequent Event [Line Items]
Repricing multiple	2.0
Subsequent Event \| Share-Based Payment Arrangement, Tranche Two \| Director
Subsequent Event [Line Items]
Repricing multiple	3.0

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company entered into a Translational Research Award Agreement effective May 23, 2012 with the Department of Business & Economic Development with the State of Maryland, Maryland Biotechnology Center (“MBC”). The mission of MBC is to integrate entrepreneurial strategies to stimulate the transformation of scientific discovery and intellectual assets into capital formation and business development. Under the agreement, MBC provided $200,000 to NexImmune for research on its artificial aAPC for cancer immunotherapy. In 2013, an amendment increased the amount by $125,000 for a total grant of $325,000. This grant was recorded as income in 2012 and 2013, as the Company incurred the expenses which qualified it for the grant. The Company must repay the funds through annual payments calculated at 3% of annual revenues for the preceding year. Payments shall continue for 10 years after the first payment date and may total up to 200% of the total grant amount. The end date of the agreement is defined as January 31, 2024, or when any and all repayments due to MBC have been made. If the Company does not earn any revenue, the grant does not need to be repaid. Through December 31, 2022, no revenue has been recorded, therefore, no payments to MBC are due. Johns Hopkins University Exclusive License Agreement The Company entered into an Exclusive License Agreement with Johns Hopkins University (“JHU”) effective June 2011, which was amended and restated in January 2017, referred to as the A&R JHU License Agreement, under which there are license fees, royalties, and milestone payments. As part of the agreement, the Company acquired a perpetual, exclusive license from JHU covering its invention related to Antigen Specific T cells. JHU was also entitled to milestone fees of $75,000 in connection with clinical trial milestones. For the first licensed product or licensed service in the therapeutic field, the Company may be required to pay JHU additional aggregate milestone fees of $1.6 million for clinical and regulatory milestone fees. The Company may be required to pay JHU reduced milestone fees for the second and third licensed products or licensed services in the therapeutic field in connection with clinical and regulatory milestones. In the diagnostic field, the Company may be required to pay JHU aggregate milestone fees of $0.4 million for the first licensed product or licensed service and reduced milestone fees for the second and third licensed products or licensed services in connection with regulatory and commercial milestones. The Company may be required to pay JHU aggregate milestone fees of $100,000 for commercial milestones for the first licensed product or licensed service in the non-clinical field. In the aggregate, the Company may be required to pay JHU additional milestone fees of up to $4.2 million for all clinical, regulatory and commercial milestones for all licensed products or licensed services in the therapeutic field, the diagnostic field and the non-clinical field. The Company may also be required to pay royalties in the low to upper single digits on net sales of licensed services in therapeutic products, diagnostic products and non-clinical products. The Company is required to make minimum annual royalty payments of $100,000 to JHU under the A&R JHU License Agreement, which started in the low five figures in the first year of the agreement and increased to $100,000 in the third year and for each subsequent year of the agreement. The Company may also be required to pay JHU a low double digit percentage, not to exceed 15%, of any non-royalty sublicense consideration the Company receives. The Company will record a liability when such events become probable. The Company has not reached any of the milestones or transacted its first commercial sale as of December 31, 2022. The Company must make minimum royalty payments, which began upon the fourth anniversary of the agreement and upon every anniversary thereafter during the term of the agreement, which offset future royalties per above owed to JHU. The Company has incurred $525,000 in cumulative minimum royalties from inception. Future annual minimum royalties consist of $100,000 due each year during the remaining term of the agreement. The Company records milestones, royalties and minimum royalties at the time when payments become probable. The Company incurred $100,000 related to minimum royalties owed in the years ended December 31, 2022 and 2021 and is included in research and development expenses on the accompanying statement of operations. The Company has accrued royalties of $50,000 as of December 31, 2022 and 2021. Paycheck Protection Program Loan On April 23, 2020, the Company applied for an unsecured $843,619 loan under the Paycheck Protection Program (the “PPP Loan”). The Paycheck Protection Program (or “PPP”) was established under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and is administered by the U.S. Small Business Administration (“SBA”). On May 1, 2020, the PPP loan was approved and funded. The Company entered into a promissory note of $843,619, which is recorded within other current liabilities in the accompanying balance sheet. The Company treats the PPP loan as debt under ASC 470. The use of loan proceeds must be for payroll costs, payment of interest on covered mortgage obligations, rent and utility costs over either an eight-week or 24-week period, at the Company’s option. The Company submitted the PPP Loan forgiveness application to the SBA in March 2021 and received full forgiveness of the $843,619 PPP Loan in July 2021. The Company did not carry a PPP loan balance as of December 31, 2022 and 2021. Contingencies From time to time, the Company may be subject to various litigation and related matters arising in the ordinary course of business. The Company records a provision for a liability when it believes that it is both probable that a liability has been incurred and the amount can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. As of December 31, 2022 and 2021, the Company was not involved in any material legal proceedings.

Property and Equipment - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 994,792	$ 870,285

Series A Redeemable Convertible Preferred Stock and Stockholders' Deficit - Additional Information (Detail) - USD ($)		1 Months Ended		12 Months Ended
	Feb. 11, 2021	Jun. 30, 2022	Jan. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Issuance of common stock, net of transaction costs	$ 114,551,315			$ 5,145,409	$ 114,551,315
Authorized common stock (in shares)				250,000,000	250,000,000
Common stock, par value (in dollars per share)				$ 0.0001	$ 0.0001
Authorized preferred stock (in shares)				10,000,000	10,000,000
Preferred stock, par value (in dollars per share)	$ 0.0001
Exercise price of warrants (in dollars per share)			$ 0.01
Common shares issued (in shares)			2,896
Convertible Debt
Class of Stock [Line Items]
Beneficial conversion feature	$ 31,272,183
Convertible notes outstanding converted into common stock (in shares)	3,669,010
At-The-Market Offering
Class of Stock [Line Items]
Common stock, par value (in dollars per share)		$ 0.0001
Aggregate offering price		$ 50,000,000.0
Commission percentage		3.00%
Number of shares issued in transaction (in shares)				3,184,900
Consideration received on transaction				$ 5,100,000
Redeemable convertible preferred stock
Class of Stock [Line Items]
Redeemable convertible preferred stock outstanding (in shares)	0
Converted common stock (in shares)	10,144,041
Common \| IPO
Class of Stock [Line Items]
Issuance of common stock, net of transaction costs (in shares)	7,441,650
Public offering price (in dollars per share)	$ 17.00
Series A
Class of Stock [Line Items]
Converted common stock (in shares)			145,000
Warrants exercised (in shares)			145,000
Issuance of Series A redeemable preferred stock upon exercise of warrants (in shares)			145,000		145,000

Stock-Based Compensation - Summary of Stock Based Compensation Expense (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 5,870,364	$ 5,979,784
Research and development expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3,812,441	2,918,310
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 2,057,923	$ 3,061,474

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

The Company’s provision for income taxes consists of the following for the years ended December 31, 2022 and 2021:


	2022		2021
Current income tax provision:
Federal	$	—	$	—
State	—		—
Total	—		—
Deferred income tax benefit:
Federal	12,339,546		10,606,627
State	(7,370,113)		3,291,842
Total	4,969,433		13,898,469
Change in valuation allowance	(4,969,433)		(13,898,469)
Total provision (benefit) for income taxes	$	—	$	—

A reconciliation of the statutory U.S. income tax rate to the effective income tax rate as of December 31, 2022 and 2021 is as follows:


	2022		2021
U.S. Federal statutory rate	21.00	%	21.00	%
State taxes	0.17	%	6.52	%
Permanent differences	(0.58)	%	(0.13)	%
Other adjustments	(0.02)	%	0.02	%
Change in state tax rate	(12.61)	%	—	%
Change in valuation allowance	(7.96)	%	(27.41)	%
Provision for income taxes	0.00	%	0.00	%

The significant components of the Company’s deferred tax assets (liabilities) as of December 31, 2022 and 2021 were as follows:


	2022		2021
Deferred tax assets:
Net operating loss carryforward	$	28,477,866	$	31,758,878
Accrued compensation	575,883		701,576
Stock compensation	1,913,771		1,445,296
Research and development credits	291,022		291,022
Capitalized research and development costs	7,838,512		—
Operating leases	216,925		—
Other	2,022		52,751
Gross deferred income tax assets	39,316,001		34,249,523
Less: Valuation allowance	(38,857,468)		(33,886,096)
Total deferred income tax assets	458,533		363,427
Deferred tax liabilities:
ROU assets	(204,694)		—
Depreciation and amortization	(253,839)		(363,427)
Total deferred tax liabilities	(458,533)		(363,427)
Net deferred tax assets	$	—	$	—

At December 31, 2022 and 2021, the Company had net operating loss (NOL) carryforwards for income tax purposes of approximately $135.2 million and $115.4 million, respectively, which are available to offset future federal taxable income, if any. Approximately $10.5 million of the federal NOL was generated prior to 2018 and will be expiring in increments through 2037 beginning in 2035, while the remaining $124.7 million will be carried forward indefinitely. The state NOL will expire in increments through 2037, beginning in 2035. The federal research and development tax credit carryforwards, if not utilized, will expire beginning in 2037.

Section 382 of the Internal Revenue Code imposes substantial restrictions on the utilization of net operating losses and Section 383 of the Internal Revenue Code imposes restrictions on the utilization of tax credits in the event of a corporations’ ownership change. The Company believes that the future use of net operating losses and tax credits presented above may be limited as a result of past ownership changes and a formal study has not yet been completed.

The Company recognizes the effect of income tax positions only if those positions more likely than not of being sustained. At December 31, 2022, the Company had no gross unrecognized tax benefits and did not recognize any interest or penalties related to uncertain tax positions.

At December 31, 2022, the Company provided a 100% valuation allowance on its net deferred tax assets because realization of any future tax benefit cannot be reasonably assured. The Company’s valuation allowance increased due to the pre-tax losses generated in the current year.

The Company is subject to income taxation by both federal and state taxing authorities. Income tax returns for the years ended December 31, 2021, 2020, and 2019 are open to audit by federal and state taxing authorities.

Under the Tax Cuts and Jobs Act of 2017, research and development costs are no longer fully deductible and are required to be capitalized and amortized for US Tax purposes over five or fifteen years effective January 1, 2022. The mandatory capitalization requirement increased our deferred tax assets as of December 31, 2022.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Summary of Significant Accounting Policies - Schedule of Useful Lives of Property Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Laboratory equipment
Property, Plant and Equipment [Line Items]
Useful life	7 years
Computer equipment and software
Property, Plant and Equipment [Line Items]
Useful life	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful life	7 years

Convertible Notes - Additional Information (Detail) - USD ($)		1 Months Ended				12 Months Ended
	Feb. 11, 2021	Jan. 31, 2021	Sep. 30, 2020	Jul. 31, 2020	Apr. 30, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Transition adjustment recorded in accumulated deficit						$ 32,300,484	$ 83,760,667	$ (69,374,941)
Accumulated Deficit
Debt Instrument [Line Items]
Transition adjustment recorded in accumulated deficit						(190,249,654)	(127,743,455)	(77,582,005)
Additional Paid-In Capital
Debt Instrument [Line Items]
Transition adjustment recorded in accumulated deficit						222,547,530	211,498,827	8,206,938
Cumulative effect of adoption of accounting standard
Debt Instrument [Line Items]
Transition adjustment recorded in accumulated deficit								(1,537,274)
Convertible notes							1,500,000
Cumulative effect of adoption of accounting standard \| Accumulated Deficit
Debt Instrument [Line Items]
Transition adjustment recorded in accumulated deficit							700,000	740,058
Cumulative effect of adoption of accounting standard \| Additional Paid-In Capital
Debt Instrument [Line Items]
Transition adjustment recorded in accumulated deficit							$ 2,300,000	$ (2,277,332)
Convertible Debt
Debt Instrument [Line Items]
Convertible notes issued					$ 15,000,000
Stated interest rate					6.00%		6.00%
Additional closing period (in days)			190 days	150 days	90 days
Convertible note price percentage					80.00%
Convertible note fully diluted capitalization					$ 85,000,000
Convertible note redemption price, percentage of principal amount redeemed			80.00%		90.00%
Convertible note redemption amount			$ 125,000,000	$ 50,000,000	$ 125,000,000
Proceeds from issuance of convertible debt		$ 9,000,000.0
Fair value of derivative liability of convertible notes at issuance						700,000
Fair value of derivative liability of convertible notes					2,000,000.0
Debt discount						4,200,000
Debt issuance costs						$ 300,000
Beneficial conversion feature					$ 2,200,000
Amortization of debt issuance costs and discounts							$ 600,000
Interest expense							$ 200,000
Convertible notes outstanding converted into common stock (in shares)	3,669,010
Convertible notes outstanding, net of unamortized discounts, reclassified to stockholders' equity	$ 30,300,000

Accrued Expenses

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Accrued Expenses

A summary of the components of accrued expenses is as follows as of December 31, 2022 and 2021:


	2022		2021
Accrued research and development costs	$	3,210,794	$	2,611,380
Accrued professional fees	267,383		384,254
Accrued salaries, benefits and related expenses	3,855,797		3,143,602
Other accrued expenses	23,179		31,473
	$	7,357,153	$	6,170,709

Property and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consist of the following at December 31, 2022 and 2021:


	2022		2021
Laboratory equipment	$	6,803,996	$	5,943,501
Computer equipment and software	516,974		486,822
Furniture and fixtures	47,877		47,877
Leasehold improvements	319,816		230,148
	7,688,663		6,708,348
Less accumulated depreciation and amortization	(3,229,592)		(2,281,041)
Property and equipment, net	$	4,459,071	$	4,427,307

Depreciation and amortization expense was $994,792 and $870,285 for the years ended December 31, 2022 and 2021, respectively.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Reconciliation of cash, cash equivalents, and restricted cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet that sum to the total of the same amounts shown in the statement of cash flows.


December 31,	2022		2021
Cash and cash equivalents	$	34,642,340	$	30,326,352
Restricted cash	55,000		67,500
Total	$	34,697,340	$	30,393,852

Schedule of estimated useful lives of property, plant and equipment

The estimated useful lives of property, plant and equipment by major category are as follows:


			Estimated Useful Life
Laboratory equipment			7 years
Computer equipment and software			3 years
Furniture and fixtures			7 years
Leasehold Improvements			Shorter of lease term or useful life

Property and equipment consist of the following at December 31, 2022 and 2021:


	2022		2021
Laboratory equipment	$	6,803,996	$	5,943,501
Computer equipment and software	516,974		486,822
Furniture and fixtures	47,877		47,877
Leasehold improvements	319,816		230,148
	7,688,663		6,708,348
Less accumulated depreciation and amortization	(3,229,592)		(2,281,041)
Property and equipment, net	$	4,459,071	$	4,427,307

Summary of basic and diluted earnings per share

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2022 and 2021:


	2022		2021
Net loss	$	(62,506,199)	$	(50,901,508)
Accumulated dividends on Redeemable Convertible Preferred Stock	—		(377,562)
Net loss attributable to common stockholders	$	(62,506,199)	$	(51,279,070)
Basic and diluted net loss per common share	$	(2.60)	$	(2.54)
Basic and diluted weighted average common shares outstanding	24,059,104		20,186,127

Summary of antidilutive securities outstanding

The following potentially dilutive securities have been excluded from the computation of diluted weighted average common shares outstanding at December 31, 2022 and 2021, as the effect would be anti-dilutive:


	2022	2021
Stock options	3,965,502	3,305,291
Restricted stock units	1,558,000	—
Redeemable convertible preferred stock	—	1,164,080
Convertible debt	—	506,768
Warrants	—	150
Total	5,523,502	4,976,289

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Summary of the components of accrued expenses

A summary of the components of accrued expenses is as follows as of December 31, 2022 and 2021:


	2022		2021
Accrued research and development costs	$	3,210,794	$	2,611,380
Accrued professional fees	267,383		384,254
Accrued salaries, benefits and related expenses	3,855,797		3,143,602
Other accrued expenses	23,179		31,473
	$	7,357,153	$	6,170,709

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Components of Lease Cost

The components of lease cost under ASC 842 for the year ended December 31, 2022 are as follows:


Lease costs	Statement of Operations Classification	December 31, 2022
Operating lease cost	Operating expenses: research and development	$	379,288

Operating lease cost	Operating expenses: general and administrative	207,401
		$	586,689

Schedule of Cash Flow, Supplemental Disclosures

Supplemental disclosure of cash flow information and weighted average remaining lease term and discount rate related to leases were as follows:


Other information	December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	(584,429)
Weighted-average remaining lease term — operating leases	1.8 years
Weighted-average discount rate — operating leases	6.8		%

Future Fixed Lease Payments

Future fixed lease payments for operating leases in effect as of December 31, 2022, are payable as follows:


Maturity of lease liabilities for the years ending December 31,	Operating Leases
2023	$	617,999
2024	469,939
2025	—
2026	—
2027	—
Thereafter	—
Total lease payment	$	1,087,938
Less: imputed interest	(63,125)
Present value of lease liabilities	$	1,024,813

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis:


	December 31, 2022						December 31, 2021
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Money market funds	$	23,722,328	$	—	$	—	$	22,124,003	$	—	$	—
Fixed income debt securities	$	—	$	7,979,279	$	—	$	—	$	56,991,897	$	—
	$	23,722,328	$	7,979,279	$	—	$	22,124,003	$	56,991,897	$	—

During the years ended December 31, 2022 and 2021, the Company did not have any transfers between levels. There were no Level 3 recurring fair value measurements as of December 31, 2022 or 2021.

- 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

Summary of Significant Accounting Policies - Summary of Basic and Diluted Earnings Per Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Net loss	$ (62,506,199)	$ (50,901,508)
Accumulated dividends on Redeemable Convertible Preferred Stock	0	(377,562)
Net loss attributable to common stockholders	(62,506,199)	(51,279,070)
Net loss attributable to common stockholders	$ (62,506,199)	$ (51,279,070)
Basic net loss attributable to common stockholders per common share (in dollars per share)	$ (2.60)	$ (2.54)
Diluted net loss attributable to common stockholders per common share (in dollars per share)	$ (2.60)	$ (2.54)
Basic weighted average number of common shares outstanding (in shares)	24,059,104	20,186,127
Diluted weighted-average number of common shares outstanding (in shares)	24,059,104	20,186,127

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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- 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.

+ References

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

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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- Definition

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

Income Taxes - Schedule of Provision For Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Current income tax provision:
Federal	$ 0	$ 0
State	0	0
Total	0	0
Deferred income tax benefit:
Federal	12,339,546	10,606,627
State	(7,370,113)	3,291,842
Total	4,969,433	13,898,469
Change in valuation allowance	(4,969,433)	(13,898,469)
Total provision (benefit) for income taxes	$ 0	$ 0

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

The Company leases certain office space and laboratory space. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. The Company does not recognize right-of-use assets or lease liabilities for leases determined to have a term of 12 months or less. Options to extend a lease are not included in the Company’s assessment unless there is reasonable certainty that the Company will renew.

At the lease commencement date, the operating lease liability is recorded at the present value of future lease payments over the expected remaining lease term using the discount rate implicit in the lease, if it is readily determinable, or the Company’s incremental borrowing rate. The right-of-use asset is measured as the lease liability and adjusted for prepaid rent, initial direct costs, and incentives. The Company's leases contain variable non-lease components such as maintenance, taxes, insurance, and similar costs for the spaces it occupies. For new and amended leases beginning in 2022 and after, the Company has elected the practical expedient not to separate these non-lease components of leases for classes of all underlying assets and instead account for them as a single lease component for all leases. The Company recognizes the net fixed payments of operating leases on a straight-line basis over the lease term. Variable executory costs, as it relates to net leases, are to be excluded from the calculation of the lease liability and the Company expenses the variable lease payments in the period in which it incurs the obligation to pay such variable amounts and will be included in variable lease costs in the leases footnote disclosure.

Variable lease payments are not included in the Company's calculation of its right-of-use assets or lease liabilities. Variable lease costs were immaterial for the year ended December 31, 2022. The components of lease cost under ASC 842 for the year ended December 31, 2022 are as follows:


Lease costs	Statement of Operations Classification	December 31, 2022
Operating lease cost	Operating expenses: research and development	$	379,288

Operating lease cost	Operating expenses: general and administrative	207,401
		$	586,689

Supplemental disclosure of cash flow information and weighted average remaining lease term and discount rate related to leases were as follows:


Other information	December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	(584,429)
Weighted-average remaining lease term — operating leases	1.8 years
Weighted-average discount rate — operating leases	6.8		%

Future fixed lease payments for operating leases in effect as of December 31, 2022, are payable as follows:


Maturity of lease liabilities for the years ending December 31,	Operating Leases
2023	$	617,999
2024	469,939
2025	—
2026	—
2027	—
Thereafter	—
Total lease payment	$	1,087,938
Less: imputed interest	(63,125)
Present value of lease liabilities	$	1,024,813

Rent expense for the year ended December 31, 2021 was $0.4 million in accordance with ASC 840.

Restructuring Activities - Summary of Charges Related to Restructuring Activities (Details)	12 Months Ended
	Dec. 31, 2022 USD ($)
Restructuring Reserve [Roll Forward]
Accrued Restructuring Expenses, beginning balance	$ 0
Expenses	531,829
Less: Payments	(149,440)
Accrued Restructuring Expenses, ending balance	382,389
Employee Severance
Restructuring Reserve [Roll Forward]
Accrued Restructuring Expenses, beginning balance	0
Expenses	531,829
Less: Payments	(149,440)
Accrued Restructuring Expenses, ending balance	$ 382,389

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. Federal statutory rate	21.00%	21.00%
State taxes	0.17%	6.52%
Permanent differences	(0.58%)	(0.13%)
Other adjustments	(0.02%)	0.02%
Change in state tax rate	(12.61%)	0.00%
Change in valuation allowance	(7.96%)	(27.41%)
Provision for income taxes	(0.00%)	(0.00%)

Leases - Future Fixed Lease Payments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022
Retirement Benefits [Abstract]
2023		$ 617,999
2024		469,939
2025		0
2026		0
2027		0
Thereafter		0
Lessee, Operating Lease, Liability, to be Paid, Total		1,087,938
Less: imputed interest		(63,125)
Present value of lease liabilities		$ 1,024,813
Rent expense	$ 400,000

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of stock-based compensation expense

Stock-based compensation expense was recorded in the following financial statement line items within the statement of operations for the years ended December 31, 2022 and 2021:


	2022		2021
Research and development expenses	$	3,812,441	$	2,918,310
General and administrative expenses	2,057,923		3,061,474
Total stock-based compensation expense	$	5,870,364	$	5,979,784

Summary of option activity

The following is a summary of option activity under the Company’s Stock Option Plans:


	Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (millions)
Outstanding as of January 1, 2022	3,305,291	$	9.62	7.7	$	2.3
Granted	1,628,065	3.49
Exercised	(362,886)	2.52
Cancelled	(255,701)	8.04
Forfeited	(349,267)	15.03
Outstanding as of December 31, 2022	3,965,502	$	7.38	8.0	$	—
Vested or expected to vest as of December 31, 2022	3,965,502	$	7.38	8.0	$	—
Exercisable as of December 31, 2022	1,852,331	$	8.64	6.7	$	—
Shares unvested as of December 31, 2022	2,113,171	$	6.28	9.0	$	—

Summary of black-scholes option pricing model

The options were valued using the Black-Scholes option-pricing model for the years ended December 31, 2022 and 2021 with the following assumptions:


	2022	2021
Expected volatility	78.6% to 83.2%	78.7% to 81.1%
Risk-free interest rate	1.5% to 3.80%	0.5% to 1.40%
Expected dividend yield	0%	0%
Expected term	5.5 to 6.1 years	5.4 to 6.1 years

Summary of RSU activity

The following is a summary of RSU activity for the 2021 Plan for the year ended December 31, 2022:


	Number of restricted units	Weighted average grant date fair value
Unvested and outstanding at December 31, 2021	—	$	—
Granted	1,558,000	0.45
Vested	—	—
Forfeited	—	—
Unvested and outstanding as of December 31, 2022	1,558,000	$	0.45

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Use of Estimates

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

On an ongoing basis, the Company evaluates its estimates, including those related to the recoverability of long-lived assets, stock-based compensation, the valuation of financial instruments, and the valuation of deferred tax assets and liabilities. The Company’s estimates are based on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. Although actual results could differ from those estimates, management does not believe that such differences would be material.

Concentrations of credit risk

Financial instruments which potentially subject the Company to credit risk consist principally of cash and marketable debt securities. All cash is held in United States financial institutions that are federally insured. At times, the Company may maintain cash balances in excess of the federally insured amount. The Company has not experienced any losses in such accounts and management believes it is not exposed to any significant credit risk. The Company’s investments in marketable debt securities have been issued by corporate entities and government-sponsored enterprises with high credit ratings. The Company mitigates investment risks by investing in highly-rated securities with relatively short maturities that the Company believes do not subject it to undue investment or credit risk. If any of these financial institutions fail to perform their obligations under the terms of these financial instruments, the Company’s maximum exposure to potential losses would be equal to the amounts reported on the balance sheet.

Segment and Geographic Information

Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations as and manages its business in one operating segment operating exclusively in the United States.

Cash and Cash Equivalents

Cash and cash equivalents consist of investment in money market funds with commercial banks and financial institutions. The Company considers all investments in highly liquid financial instruments with an original maturity of three

months or less at the date of purchase to be cash equivalents. Cash equivalents are stated at amortized cost, plus accrued interest, which approximates fair value.

Marketable securities

Marketable securities consist of debt securities with maturities greater than three months from the date of purchase that include commercial paper and corporate notes. Classification of marketable securities between current and non-current is dependent upon the maturity date at the balance sheet date taking into consideration the Company’s ability and intent to hold the investment to maturity. There were no outstanding marketable securities as of December 31, 2022. As of December 31, 2021, all marketable securities were classified as current.

Interest and dividend income are recorded when earned and included in interest income in the statement of operations. Premiums and discounts, if any, on marketable securities are amortized or accreted to maturity and included in interest income in the statement of operations. The specific identification method is used in computing realized gains and losses on the sale of the Company’s marketable securities.

The Company classifies its marketable securities as available-for-sale. The Company determines the appropriate classification of the securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. Marketable securities that are classified as available-for-sale are measured at fair value on the balance sheet, and unrealized gains and losses on marketable securities are reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity (deficit) until realized. Marketable securities are evaluated periodically to determine whether the carrying value of a marketable security exceeds its fair value and the decline in value is determined to be other-than-temporary. Management reviews criteria, such as the general market conditions, magnitude and duration in which the fair value has been less than the carrying value, the investment issuer’s financial condition and business outlook, as well as the Company’s ability to hold the securities until the recovery of its amortized cost basis, to determine whether the decline in value is other-than-temporary. If a decline in value is determined to be other-than-temporary, the value of the marketable security is reduced, and the impairment is recorded as other expense in the statement of operations. As of December 31, 2021, any decline in value of marketable securities was concluded not to be other-than-temporary. As of December 31, 2022, no assessment was required.

Restricted cash


December 31,	2022		2021
Cash and cash equivalents	$	34,642,340	$	30,326,352
Restricted cash	55,000		67,500
Total	$	34,697,340	$	30,393,852

Amounts included in restricted cash represent amounts required as collateral on corporate credit cards.

Fair value measurements

The Company’s financial instruments include cash and cash equivalents, marketable securities, accounts payable, accrued expenses, convertible notes and derivative liabilities. The fair values of the cash and cash equivalents, accounts payable and accrued expenses approximated their carrying values as of December 31, 2022 and 2021, due to their short-term maturities. For a description of the fair value of marketable securities, refer to Note 4. The Convertible Notes as discussed in Note 10 contained embedded derivative features that were required to be bifurcated and remeasured to fair value at each reporting period.

The Company accounts for recurring and nonrecurring fair value measurements in accordance with ASC 820, Fair Value Measurements (“ASC 820”). ASC 820 defines fair value, establishes a fair value hierarchy for assets and liabilities measured at fair value, and requires expanded disclosures about fair value measurements. The ASC hierarchy ranks the quality of reliability of inputs, or assumptions, used in the determination of fair value, and requires assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories:

Level 1 –Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities.

Level 2 –Fair value is determined by using inputs, other than Level 1 quoted prices that are directly and indirectly observable. Inputs can include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in inactive markets. Related inputs can also include those used in valuation or other pricing models that can be corroborated by observable market data.

Level 3 –Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant judgments to be made by a reporting entity.

In instances where the determination of the fair value measurement is based on inputs from different levels of fair value hierarchy, the fair value measurement will fall within the lowest level input that is significant to the fair value measurement in its entirety. The Company periodically evaluates financial assets and liabilities subject to fair value measurements to determine the appropriate level at which to classify them each reporting period. This determination requires the Company to make judgments as to the significance of inputs used in determining fair value and where such inputs lie within the ASC 820 hierarchy.

Property and equipment

Property and equipment are stated at cost, less accumulated depreciation and amortization. Major replacements and improvements that extend the useful lives of assets are capitalized, while general repairs and maintenance are charged to expense as incurred. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the estimated useful lives of the assets or the related lease term, whichever is shorter. Upon retirement or disposal, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is recognized within operating expenses.

The estimated useful lives of property, plant and equipment by major category are as follows:


			Estimated Useful Life
Laboratory equipment			7 years
Computer equipment and software			3 years
Furniture and fixtures			7 years
Leasehold Improvements			Shorter of lease term or useful life

Impairment of long-lived assets

The Company evaluates the carrying value of its long-lived asset group for potential impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable.

Recoverability is determined by comparing future undiscounted cash flows associated with such assets to the related carrying value. An impairment loss may be recognized when the estimated undiscounted future cash flow is less than the carrying amount of the asset. If these cash flows are less than the carrying value of such asset group, the Company then determines the fair value of the underlying asset group. Any impairment loss to be recognized is measured as the amount by

which the carrying value of the asset group exceeds the fair value of the asset group. No impairments were recognized for the years ended December 31, 2022 or 2021.

Redeemable convertible preferred stock

The Company’s redeemable convertible preferred stock was classified outside of stockholders’ equity because the shares contained deemed liquidation rights that represented a contingent redemption feature not solely within the control of the Company.

Convertible instruments and embedded derivatives

The Company applies the accounting standards for derivatives and hedging and for distinguishing liabilities from equity when accounting for hybrid contracts that contain conversion options and other embedded features. The Company bifurcates embedded features from their host instruments and accounts for them as free-standing derivative financial instruments according to certain criteria.

Upon any change to the Company’s debt arrangements, the Company evaluates the amendment to determine whether a debt modification or extinguishment has occurred, including whether the amendment should be accounted for as a troubled debt restructuring.

The Company’s derivative instrument related to certain features embedded within the Company’s Convertible Notes as discussed in Note 10. The derivative was accounted for as a derivative liability and remeasured to fair value as of each balance sheet date. The related remeasurement adjustments are recognized in the accompanying statements of operations and were settled upon the conversion of the Convertible Notes during the year ended December 31, 2021.

Research and development

Research and development costs are expensed as incurred. Research and development expenses include personnel costs associated with research and development activities, including share-based compensation, as well as costs for third-party contractors to perform research, conduct clinical trials and manufacture drug supplies and materials. The Company accrues for costs incurred by external service providers, based on its estimates of services performed and costs incurred. These estimates include the level of services performed by the third parties, and other indicators of the services completed. Based on the timing of amounts invoiced by service providers, the Company may also record payments made to those providers as prepaid expenses that will be recognized as expenses in future periods as the related services are rendered.

Clinical trial and contract development and manufacturing organization expenses

The Company makes payments in connection with clinical trials and contract development and manufacturing organizations (“CDMO”) under contracts with contract research organizations that support conducting and managing clinical trials and the manufacturing of materials utilized in clinical and preclinical activities. The financial terms of these agreements are subject to negotiation and vary from contract to contract and may result in uneven payment flows. Generally, these agreements set forth the scope of work to be performed at a fixed fee, unit price or on a time and materials basis. A portion of the obligation to make payments under these contracts depends on factors such as the successful enrollment, treatment of patients, the completion of other clinical trial milestones, or completion of manufacturing milestones. Termination clauses within the agreements require notification for a certain number of days prior to completing work, payments for costs incurred through the termination date, and termination penalty, if applicable.

Expenses related to clinical trials are accrued based on estimates and/or representations from service providers regarding work performed, including actual level of patient enrollment, completion of patient studies and progress of the clinical trials. Other incidental costs related to patient enrollment or treatment are accrued when reasonably certain. Expenses related to development and manufacturing are accrued based on estimates and/or representations from service providers regarding work performed, including progress in the development of processes through technology transfers to manufacture the Company’s clinical material and completion of the manufactured clinical material. Other incidental costs related to patient enrollment or

treatment are accrued when reasonably certain. If the amounts the Company is obligated to pay under clinical trial agreements are modified (for instance, as a result of changes in the clinical trial protocol or scope of work to be performed), the accruals are adjusted accordingly. Revisions to contractual payment obligations are charged to expense in the period in which the facts that give rise to the revision become reasonably certain.

Stock-based compensation

The Company records compensation expense associated with stock options and other forms of equity compensation based on the estimated fair value at the grant date. Compensation expense related to awards to employees and non-employees with service based vesting conditions is recognized on a straight-line basis based on the grant date fair value over the requisite service period of the award, which is generally the vesting term. The Company’s policy is to account for forfeitures as they occur. The Company uses the Black-Scholes-Merton option pricing (Black-Scholes) model to estimate the fair value of stock options. The Black-Scholes model requires input-based assumptions that are highly subjective, judgmental and sensitive in the determination of stock-based compensation cost.

Options granted after the Company’s IPO are issued at the fair market value of the Company’s common stock at the date the grant is approved by the Board.

Expected volatility—The expected volatility was based on the historical volatility of comparable public companies from a representative peer group selected based on industry and market capitalization data. The historical volatility is calculated based on a period of time commensurate with the expected term assumption.

Risk-free interest rate—The risk-free interest rate was based on the continuous rates provided by the U.S. Treasury with a term approximating the expected term of the option.

Expected dividend yield—The expected dividend yield was 0% because the Company has not historically paid and does not expect to pay any dividends for the foreseeable future.

Expected term—The Company uses the simplified method as prescribed by the SEC Staff Accounting Bulletin No. 107, Share-Based-Payment, to calculate the expected term for options granted to employees as it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term.

See Note 12 for a further discussion on stock-based compensation.

Income taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax expense or benefit is the result of changes in deferred tax assets and liabilities.

Valuation allowances are established when necessary to reduce deferred tax assets where, based upon the available evidence, the Company concludes it is more-likely-than-not that the deferred tax assets will not be realized. In evaluating its ability to recover deferred tax assets, the Company considers all available positive and negative evidence, including its operating results, on-going tax planning and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis. The Company recorded a valuation allowance against all estimated net deferred tax assets as of December 31, 2022 and 2021.

Liabilities are provided for tax benefits for which realization is uncertain. Such benefits are only recognized when the underlying tax position is considered more-likely-than-not to be sustained on examination by a taxing authority, assuming they possess full knowledge of the position and facts. Recognized income tax positions are measured at the largest amount that is greater than more-likely-than-not of being realized. Changes in the recognition or measurement are reflected in the period in

which the change in estimate occurs. Interest and penalties related to uncertain tax positions are recorded in the provision of income taxes. There were no uncertain tax positions nor income tax related interest and penalties recorded as of or for the years ended December 31, 2022 and 2021.

Net Loss Per Share Attributable to Common Stockholders

Basic net loss per common share is determined by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common stock and common stock equivalents outstanding for the period. The Company adjusts net loss to arrive at the net loss attributable to common stockholders to reflect the amount of dividends accumulated during the period on the Company’s redeemable convertible preferred stock. Such dividends are only payable if and when declared by the Board of Directors (Note 11). The treasury stock method is used to determine the dilutive effect of the Company’s stock option grants and warrants and the if-converted method is used to determine the dilutive effect of the Company’s redeemable convertible preferred stock and Convertible Notes. For the years ended December 31, 2022 and 2021, the Company had a net loss attributable to common stockholders, and as such, all outstanding stock options, shares of redeemable convertible preferred stock, and warrants were excluded from the calculation of diluted loss per share. Under the if-converted method, convertible instruments that are in the money, are assumed to have been converted as of the beginning of the period or when issued, if later. Additionally, the effects of any interest expense and changes in fair value of bifurcated derivatives is added back to the numerator of the diluted net loss per share calculation if the conversion of the Convertible Notes is dilutive. The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2022 and 2021:


	2022		2021
Net loss	$	(62,506,199)	$	(50,901,508)
Accumulated dividends on Redeemable Convertible Preferred Stock	—		(377,562)
Net loss attributable to common stockholders	$	(62,506,199)	$	(51,279,070)
Basic and diluted net loss per common share	$	(2.60)	$	(2.54)
Basic and diluted weighted average common shares outstanding	24,059,104		20,186,127


	2022	2021
Stock options	3,965,502	3,305,291
Restricted stock units	1,558,000	—
Redeemable convertible preferred stock	—	1,164,080
Convertible debt	—	506,768
Warrants	—	150
Total	5,523,502	4,976,289

Shares of redeemable convertible preferred stock also participate in dividends with shares of common stock (if and when declared) and therefore are deemed participating securities. The holders of redeemable convertible preferred stock do not contractually share in losses and therefore no additional net loss per share has been disclosed under the two-class method.

Emerging growth company status

The Company is an “emerging growth company” (EGC), as defined in the Jumpstart Our Business Startups Act (JOBS Act), and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not EGCs. The Company may take advantage of these exemptions until it is no longer an EGC under Section 107 of the JOBS Act, which provides that an EGC can take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. The Company has elected to use the extended

transition period for complying with new or revised accounting standards, and as a result of this election, the financial statements may not be comparable to companies that comply with public company FASB standards’ effective dates. The Company may take advantage of these exemptions up until the last day of the fiscal year following the fifth anniversary of an IPO offering or such earlier time that it is no longer an EGC.

Recent accounting standards and pronouncements

Recently Adopted

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), as subsequently amended (collectively “ASC 842”). The guidance amends the existing accounting standards for lease accounting, including requirements for lessees to recognize assets and liabilities related to long-term leases on the balance sheet and expanding disclosure requirements regarding leasing arrangements. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. In July 2018, the FASB issued additional guidance, which offers a transition option to entities adopting ASC 842 in which entities can elect to apply the new guidance using a modified retrospective approach at the beginning of the year in which the new lease standard is adopted. In November 2019, the FASB issued ASU 2019-10 deferring the effective date for private entities for fiscal years beginning after December 15, 2020 and interim periods within fiscal years beginning after December 15, 2021. In June 2020, the FASB issued ASU 2020-05 which further defers the effective date for private entities for fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022.

As an EGC, the Company adopted the new leasing guidance on January 1, 2022. The Company combined lease and non-lease components as a single component for all underlying asset classes. ASC 842 provides a number of optional practical expedients in transition. The Company applied the ‘package of practical expedients’ which allows the Company to not reassess i) whether existing or expired arrangements contain a lease, ii) the lease classification of existing or expired leases, or iii) whether previous initial direct costs would qualify for capitalization under the new lease standard. The Company completed its evaluation and recognized $1.5 million in operating right-of-use assets and $0.6 million and $1.0 million in operating lease liabilities, current and non-current, respectively, on January 1, 2022.

Not Yet Adopted

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), which modifies the measurement of expected credit losses on certain financial instruments. In addition, for available-for-sale debt securities, the standard eliminates the concept of other-than-temporary impairment and requires the recognition of an allowance for credit losses rather than reductions in the amortized cost of the securities. The standard is effective for fiscal year beginning after December 15, 2022, and interim periods beginning after December 15, 2022 and requires a modified-retrospective approach with a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period. Early adoption is permitted. Based on the composition of the Company’s investment portfolio, current market conditions and historical credit loss activity, the adoption of ASU 2016-13 is not expected to have a material impact on its financial position, results of operations or the related disclosures.

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]

- Definition

Indicates amendment to accounting standards.

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Reference 53: http://www.xbrl.org/2003/role/disclosureRef
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Reference 54: http://www.xbrl.org/2003/role/disclosureRef
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Reference 63: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Summary of prepaid expenses and other current assets

Prepaid expenses and other current assets consist of the following at December 31, 2022 and 2021:


	2022		2021
Prepaid research and development expenses	$	1,176,491	$	3,375,388
Prepaid maintenance agreements	369,606		132,104
Prepaid insurance	403,653		479,393
Prepaid other	245,278		308,842
Interest receivable	74,467		—
Other current assets	401,916		99,189
	$	2,671,411	$	4,394,916

Restructuring Activities (Tables)

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Summary of Charges Related to Restructuring Activities

The following table summarizes the charges related to the restructuring activities as of December 31, 2022. There were no restructuring expenses during the year ended December 31, 2021.


	Accrued Restructuring Expenses						Accrued Restructuring Expenses
	December 31, 2021		Expenses		Less: Payments		December 31, 2022
Severance, benefits and related costs due to workforce reduction	$	—	$	531,829	$	(149,440)	$	382,389
Totals	$	—	$	531,829	$	(149,440)	$	382,389

Convertible Notes	12 Months Ended
Convertible Notes	Dec. 31, 2022
Debt Disclosure [Abstract]
Convertible Notes	Convertible NotesIn April 2020, the Company entered into Convertible Note Purchase Agreement (“Agreement”) for the sale of up to $15,000,000 of convertible promissory notes with 6% interest rate (“Convertible Notes”). The Agreement specified an initial closing date of April 23, 2020 and allowed additional closings within 90 days of the initial closing. The Convertible Notes were scheduled to mature on April 23, 2021. The terms of the Convertible Notes required a mandatory conversion upon certain qualified financing events (“Mandatory Conversion”) and allowed for conversion at the option of the holder upon certain non-qualified financing events (“Optional Conversion 1”). Upon Mandatory Conversion and Optional Conversion 1, the outstanding principal amount and all accrued and unpaid interest would have automatically converted into the Company’s preferred stock of the same series issued in such equity financing and will be equal to the number of preferred stock obtained by dividing (a) all principal and accrued but unpaid interest under such Convertible Note by (b) the price per share paid by the other purchasers of the preferred stock sold in such equity financing multiplied by 80%. If the Mandatory Conversion and Optional Conversion 1 did not occur by the maturity date, the outstanding principal amount plus all accrued and unpaid interest would be converted at the option of the holder into Company’s common stock at the price per share obtained by dividing $85 million by the Company’s fully-diluted capitalization (“Optional Conversion 2”). If the Company (i) consummates a change in control or (ii) the Company’s common stock becomes publicly listed on a stock exchange, the outstanding principal amount plus all accrued and unpaid interest would be automatically converted into shares of the Company’s most senior series of capital stock outstanding at the time of such change in control or public listing, at a price equal to the lower of (a) 90% of the price per share paid by the purchasers of such stock in such a transaction and (b) the price per share obtained by dividing $125 million by the Company’s fully-diluted capitalization (“Change in Control”). The Agreement was amended in July 2020 to allow the sale of up to $50,000,000 convertible notes and to allow for additional closings within 150 days of the initial closing date. The Agreement was amended in September 2020 to allow for additional closings within 190 days of the initial closing date. In addition, the provisions of Mandatory Conversion and Optional Conversion 1 were amended to allow for conversion upon an equity financing at a price equal to the lower of (a) 80% of the price per share paid by the purchasers of such stock in such a transaction and (b) the price per share obtained by dividing $125,000,000 by the Company’s fully-diluted capitalization. The Company evaluated the amendments and concluded that the amendments represented a debt modification. In October 2020, the Agreement was further amended to allow additional closings through December 31, 2020, and in January 2021 it was amended again to allow closings through January 31, 2021. In January 2021, the Company issued convertible notes with a principal amount of $9.0 million. The Company evaluated the Convertible Notes and determined that the Mandatory Conversion feature, Optional Conversion 1 feature and Change in Control meet the definition of an embedded derivative liability that is required to be bifurcated from the host instrument and measured at fair value. The fair value of the derivative liability for the convertible notes issued in January 2021 was $0.7 million. The Company amortized the debt issuance costs of $0.3 million and debt discount of $4.2 million, comprising of the initial value of the derivative liability of $2.0 million and the BCF of $2.2 million, prior to the adoption of ASU 2020-06, over the term of the Convertible Notes using the effective interest method. Upon adoption of this standard, the beneficial conversion feature was no longer separately accounted. As a result of applying the modified retrospective method, the Company recognized a transition adjustment of $0.7 million recorded in accumulated deficit, a reduction of additional paid-in capital of $2.3 million and an increase to the carrying value of the convertible notes of $1.5 million on January 1, 2021. The debt issuance costs and debt discount amortization expense for the years ended December 31, 2021 was $0.6 million and is included in interest expense in the accompanying statements of operations. The interest expense at 6% of the Convertible Notes’ principal amount for the years ended December 31, 2021 was $0.2 million. The Company completed an IPO on February 11, 2021, which triggered the mandatory conversion of all the outstanding Convertible Notes plus accrued interest into 3,669,010 shares of common stock (Note 11). Upon conversion of the Convertible Notes, the outstanding Convertible notes principal plus accrued interest thereon, net of unamortized debt discounts totaling $30.3 million was reclassified to stockholders’ equity.

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Summary of property and equipment

The estimated useful lives of property, plant and equipment by major category are as follows:


			Estimated Useful Life
Laboratory equipment			7 years
Computer equipment and software			3 years
Furniture and fixtures			7 years
Leasehold Improvements			Shorter of lease term or useful life

Property and equipment consist of the following at December 31, 2022 and 2021:


	2022		2021
Laboratory equipment	$	6,803,996	$	5,943,501
Computer equipment and software	516,974		486,822
Furniture and fixtures	47,877		47,877
Leasehold improvements	319,816		230,148
	7,688,663		6,708,348
Less accumulated depreciation and amortization	(3,229,592)		(2,281,041)
Property and equipment, net	$	4,459,071	$	4,427,307

Statements Of Operations - USD ($)	12 Months Ended
Statements Of Operations - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Operating expenses:
Research and development	$ 47,148,450	$ 37,456,350
General and administrative	15,934,439	15,799,432
Total operating expenses	63,082,889	53,255,782
Loss from operations	(63,082,889)	(53,255,782)
Other income (expense):
Interest income	664,372	52,511
Change in fair value of derivative liabilities	0	2,424,877
Gain on extinguishment of debt	0	843,619
Interest expense	0	(905,326)
Other expense	(87,682)	(61,407)
Other income	576,690	2,354,274
Net loss	(62,506,199)	(50,901,508)
Accumulated dividends on Redeemable Convertible Preferred Stock	0	(377,562)
Net loss available to common stockholders’	$ (62,506,199)	$ (51,279,070)
Basic net loss attributable to common stockholders per common share (in dollars per share)	$ (2.60)	$ (2.54)
Diluted net loss attributable to common stockholders per common share (in dollars per share)	$ (2.60)	$ (2.54)
Basic weighted average number of common shares outstanding (in shares)	24,059,104	20,186,127
Diluted weighted-average number of common shares outstanding (in shares)	24,059,104	20,186,127

Leases - Schedule of Cash Flow, Supplemental Disclosures (Details)	12 Months Ended
	Dec. 31, 2022 USD ($)
Retirement Benefits [Abstract]
Operating cash flows from operating leases	$ (584,429)
Weighted-average remaining lease term — operating leases	1 year 9 months 18 days
Weighted-average discount rate — operating leases	6.80%

Commitments and Contingencies - Additional Information, Johns Hopkins University Exclusive License Agreement (Details) - USD ($)		12 Months Ended
	Jan. 01, 2017	Dec. 31, 2022	Dec. 31, 2021
Supply Commitment [Line Items]
Accrued royalties		$ 50,000	$ 50,000
Minimum \| Research and development expenses
Supply Commitment [Line Items]
Royalty expense		100,000	$ 100,000
Johns Hopkins University \| Exclusive License Agreement
Supply Commitment [Line Items]
Milestone fees	$ 4,200,000
Minimum annual royalty payments		$ 100,000
Sublicense consideration payment, maximum percent		15.00%
Cumulative minimum royalties		$ 525,000
Johns Hopkins University \| Exclusive License Agreement \| Clinical Trial Milestones
Supply Commitment [Line Items]
Milestone fees	75,000
Johns Hopkins University \| Exclusive License Agreement \| Therapeutic Field
Supply Commitment [Line Items]
Milestone fees	1,600,000
Johns Hopkins University \| Exclusive License Agreement \| Regulatory and Commercial Milestones
Supply Commitment [Line Items]
Milestone fees	400,000
Johns Hopkins University \| Exclusive License Agreement \| Non-clinical field
Supply Commitment [Line Items]
Milestone fees	$ 100,000

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - Recurring basis - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Level 1
Assets
Total assets	$ 23,722,328	$ 22,124,003
Level 1 \| Money market funds
Assets
Money market funds	23,722,328	22,124,003
Level 1 \| Fixed income debt securities
Assets
Fixed income debt securities	0	0
Level 2
Assets
Total assets	7,979,279	56,991,897
Level 2 \| Money market funds
Assets
Money market funds	0	0
Level 2 \| Fixed income debt securities
Assets
Fixed income debt securities	7,979,279	56,991,897
Level 3
Assets
Total assets	0	0
Level 3 \| Money market funds
Assets
Money market funds	0	0
Level 3 \| Fixed income debt securities
Assets
Fixed income debt securities	$ 0	$ 0

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes

The Company’s provision for income taxes consists of the following for the years ended December 31, 2022 and 2021:


	2022		2021
Current income tax provision:
Federal	$	—	$	—
State	—		—
Total	—		—
Deferred income tax benefit:
Federal	12,339,546		10,606,627
State	(7,370,113)		3,291,842
Total	4,969,433		13,898,469
Change in valuation allowance	(4,969,433)		(13,898,469)
Total provision (benefit) for income taxes	$	—	$	—

Schedule of effective income tax rate reconciliation

A reconciliation of the statutory U.S. income tax rate to the effective income tax rate as of December 31, 2022 and 2021 is as follows:


	2022		2021
U.S. Federal statutory rate	21.00	%	21.00	%
State taxes	0.17	%	6.52	%
Permanent differences	(0.58)	%	(0.13)	%
Other adjustments	(0.02)	%	0.02	%
Change in state tax rate	(12.61)	%	—	%
Change in valuation allowance	(7.96)	%	(27.41)	%
Provision for income taxes	0.00	%	0.00	%

Schedule of deferred tax assets and liabilities

The significant components of the Company’s deferred tax assets (liabilities) as of December 31, 2022 and 2021 were as follows:


	2022		2021
Deferred tax assets:
Net operating loss carryforward	$	28,477,866	$	31,758,878
Accrued compensation	575,883		701,576
Stock compensation	1,913,771		1,445,296
Research and development credits	291,022		291,022
Capitalized research and development costs	7,838,512		—
Operating leases	216,925		—
Other	2,022		52,751
Gross deferred income tax assets	39,316,001		34,249,523
Less: Valuation allowance	(38,857,468)		(33,886,096)
Total deferred income tax assets	458,533		363,427
Deferred tax liabilities:
ROU assets	(204,694)		—
Depreciation and amortization	(253,839)		(363,427)
Total deferred tax liabilities	(458,533)		(363,427)
Net deferred tax assets	$	—	$	—

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Going Concern

Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 205-40, Presentation of Financial Statements - Going Concern ("ASC 205-40"), requires management to assess the Company’s ability to continue as a going concern for one year after the date the financial statements are issued. Under ASC 205-40, management has the responsibility to evaluate whether conditions and/or events raise substantial doubt about the Company’s ability to meet future financial obligations as they become due within one year after the date that the financial statements are issued. As required by this standard, management’s evaluation shall initially not take into consideration the potential mitigating effects of management’s plans that have not been fully implemented as of the date the financial statements are issued.

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred recurring operating losses and negative cash flows from operations. The financial statements do not include any adjustments relating to the realization of the carrying value of assets or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern.

As of December 31, 2022, the Company had an accumulated deficit of $190.2 million, negative cash flows from operating activities for the period ended December 31, 2022, and significant ongoing research and development expenses. While we have no outstanding debt and $34.6 million in cash and cash equivalents as of December 31, 2022, the Company expects its negative cash flows from operating activities to continue and thus has determined that its losses and negative cash flows from operations and uncertainty in generating sufficient cash to meet our obligations and sustain our operations raise substantial doubt about the Company’s ability to continue as a going concern for at least one year from the issuance date of these financial statements.

As the Company’s research and development activities mature and develop over the next year, the Company will likely require substantial funds to continue such activities, depending upon events that are difficult to predict at this time. In this regard, management plans to raise additional capital through financing activities that may include public offerings and private placements of its common stock, preferred stock offerings, collaborations and licensing arrangements and issuances of debt and convertible debt instruments. In the absence of additional capital, the Company plans to strategically manage its uncommitted spend, execute its priorities and implement cost saving measures to reduce research and development and general and administrative expenditures which could include minimizing staff costs and delaying or terminating manufacturing and clinical trial costs.

There are inherent uncertainties associated with fundraising activities and activities to manage the Company’s uncommitted spending and the successful execution of these activities may not be within the Company’s control. There are no assurances that such additional funding will be obtained and that the Company will succeed in its future operations. If the Company cannot successfully raise additional capital, its liquidity, financial condition and business prospects will be materially and adversely affected. The Company is continually looking into further capital planning and the evaluation of strategic alternatives. There is substantial doubt about the Company’s ability to continue as a going concern.

Basis of Presentation

The accompanying financial statements were prepared based on the accrual method of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the ASC and Accounting Standards Updates (“ASU”) of the FASB.

Use of estimates

Use of Estimates

Concentrations of credit risk

Segment and geographic information

Segment and Geographic Information

Cash and cash equivalents

Cash and Cash Equivalents

months or less at the date of purchase to be cash equivalents. Cash equivalents are stated at amortized cost, plus accrued interest, which approximates fair value.

Marketable securities

Fair value measurements

Level 1 –Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities.

Level 3 –Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant judgments to be made by a reporting entity.

Property and equipment

The estimated useful lives of property, plant and equipment by major category are as follows:


			Estimated Useful Life
Laboratory equipment			7 years
Computer equipment and software			3 years
Furniture and fixtures			7 years
Leasehold Improvements			Shorter of lease term or useful life

Impairment of long-lived assets

which the carrying value of the asset group exceeds the fair value of the asset group.

Redeemable convertible preferred stock

Convertible instruments and embedded derivatives

Research and development

Clinical trial and contract development and manufacturing organization expenses

Stock-based compensation

Options granted after the Company’s IPO are issued at the fair market value of the Company’s common stock at the date the grant is approved by the Board.

Risk-free interest rate—The risk-free interest rate was based on the continuous rates provided by the U.S. Treasury with a term approximating the expected term of the option.

Expected dividend yield—The expected dividend yield was 0% because the Company has not historically paid and does not expect to pay any dividends for the foreseeable future.

Income taxes

which the change in estimate occurs. Interest and penalties related to uncertain tax positions are recorded in the provision of income taxes.

Net loss per share attributable to common stockholders

Net Loss Per Share Attributable to Common StockholdersBasic net loss per common share is determined by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common stock and common stock equivalents outstanding for the period. The Company adjusts net loss to arrive at the net loss attributable to common stockholders to reflect the amount of dividends accumulated during the period on the Company’s redeemable convertible preferred stock. Such dividends are only payable if and when declared by the Board of Directors (Note 11). The treasury stock method is used to determine the dilutive effect of the Company’s stock option grants and warrants and the if-converted method is used to determine the dilutive effect of the Company’s redeemable convertible preferred stock and Convertible Notes. For the years ended December 31, 2022 and 2021, the Company had a net loss attributable to common stockholders, and as such, all outstanding stock options, shares of redeemable convertible preferred stock, and warrants were excluded from the calculation of diluted loss per share. Under the if-converted method, convertible instruments that are in the money, are assumed to have been converted as of the beginning of the period or when issued, if later. Additionally, the effects of any interest expense and changes in fair value of bifurcated derivatives is added back to the numerator of the diluted net loss per share calculation if the conversion of the Convertible Notes is dilutive.

Recent accounting standards and pronouncements

Recently Adopted

Not Yet Adopted

Commitments and Contingencies - Additional Information, Maryland Biotechnology Center Grant (Details) - USD ($)		12 Months Ended
	May 23, 2013	Dec. 31, 2022	May 23, 2012
Supply Commitment [Line Items]
Research and development arrangement contract to perform for others compensation earned	$ 125,000
Maryland Biotechnology Center \| Translational Research Award Agreement
Supply Commitment [Line Items]
Research and development arrangement contract to perform for others liability	$ 325,000	$ 0	$ 200,000
Research and development arrangement annual payment percentage	3.00%
Research and development arrangement contractual payment period	10 years
Research and development arrangement, contractual payment percentage	200.00%
Revenue from contract with customer, including assessed tax		$ 0

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Stock-Based Compensation - Summary of RSU Activity (Details) - Restricted stock units $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Number of restricted units
Beginning balance (in shares) \| shares	0
Granted (in shares) \| shares	1,558
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Ending balance (in shares) \| shares	1,558
Weighted average grant date fair value
Beginning balance (dollars per share) \| $ / shares	$ 0
Granted (dollars per share) \| $ / shares	0.45
Vested (dollars per share) \| $ / shares	0
Forfeited (dollars per share) \| $ / shares	0
Ending balance (dollars per share) \| $ / shares	$ 0.45
Unrecognized compensation expense \| $	$ 0.7
Unrecognized compensation expense period for recognition	1 year 4 months 24 days

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Mar. 01, 2023	Feb. 28, 2021	Sep. 30, 2018	Jul. 31, 2018	Mar. 01, 2017
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares reserved (in shares)				2,757,556	1,741,770
Award expiration period	10 years
Weighted average fair value of the options granted (in dollars per share)	$ 2.42	$ 11.16
Fair value of stock options vested	$ 9.2	$ 1.4
Intrinsic value of stock options exercised	0.2	$ 2.1
Unrecognized compensation expense	$ 8.0
Subsequent Event
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares available for issuance (in shares)			1,439,424
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation expense period for recognition	2 years 4 months 24 days
Restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award vesting period	18 months
Unrecognized compensation expense period for recognition	1 year 4 months 24 days
Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award vesting period	1 year
Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award vesting period	4 years
The 2017 Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares reserved (in shares)							660,838
The 2018 Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Shares reserved (in shares)						1,809,143
The 2021 Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Percentage of outstanding stock maximum		5.00%

Property and Equipment - Summary of Property And Equipment (Detail) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 7,688,663	$ 6,708,348
Less accumulated depreciation and amortization	(3,229,592)	(2,281,041)
Property and equipment, net	4,459,071	4,427,307
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	6,803,996	5,943,501
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	516,974	486,822
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	47,877	47,877
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property plant and equipment gross	$ 319,816	$ 230,148

Prepaid Expenses And Other Current Assets - Summary of Prepaid Expenses And Other Current Assets (Detail) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid research and development expenses	$ 1,176,491	$ 3,375,388
Prepaid maintenance agreements	369,606	132,104
Prepaid insurance	403,653	479,393
Prepaid other	245,278	308,842
Interest receivable	74,467	0
Other current assets	401,916	99,189
Prepaid expenses and other current assets	$ 2,671,411	$ 4,394,916