0001628280-24-035636 | 10-Q | XBRL Viewer

Fair Value Measurement

6 Months Ended

Jun. 30, 2024

The following table sets forth the recurring fair value of the Company’s financial assets and liabilities, allocated into the Level 1, Level 2 and Level 3 hierarchy that were measured at fair value on a recurring basis (in thousands):


	Fair Value Measurements as of June 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	36,820	$	—	$	—	$	36,820
U.S. government treasury bills (2)	28,942		—		—		28,942
Commercial paper	—		3,536		—		3,536
Corporate bonds	—		7,947		—		7,947

Total financial assets	$	65,762	$	11,483	$	—	$	77,245


	Fair Value Measurements as of December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	61,034	$	—	$	—	$	61,034
U.S. government treasury bills	19,458		—		—		19,458
Commercial paper	—		8,717		—		8,717
Corporate bonds (2)	—		13,447		—		13,447
Government agency	—		5,482		—		5,482
Total financial assets	$	80,492	$	27,646	$	—	$	108,138

(1)Included in cash and cash equivalents in the accompanying condensed consolidated balance sheets.

(2)Includes investments classified as cash and cash equivalents in the accompanying consolidated balance sheets.

All marketable securities had a contractual maturity of less than one year as of June 30, 2024.

- 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

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+ Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation From time to time, the Company could be subject to various legal proceedings and claims that arise in the ordinary course of its business activities. Regardless of the outcome, legal proceedings can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. On June 27, 2022, EOC filed a Request for Arbitration with the International Chamber of Commerce’s International Court of Arbitration against the Company. In the Request for Arbitration, EOC claims that the Company breached certain provisions of the EOC License Agreement, including failing to provide certain manufacturing information to EOC. As a result, EOC is seeking monetary damages. The arbitration process is ongoing and the Company expects a decision in the second half of 2024. The Company is defending itself vigorously in this matter and pursuing all relief to which the Company is entitled. The Company is unable to estimate the possible loss or range of loss, therefore no amounts have been accrued as of June 30, 2024. See Note 7 for more information about the EOC License Agreement and its termination. Purchase Commitments The Company has ongoing contracts with vendors for clinical trials and contract manufacturing. These contracts are generally cancellable, with notice, at the Company’s option. The Company recorded accrued expenses of $6.5 million and $5.7 million for expenditures incurred by clinical and contract manufacturing vendors as of June 30, 2024, and December 31, 2023, respectively. At June 30, 2024, the Company was party to a Negotiated Purchase Order Terms and Conditions for Clinical and Commercial Product, as amended effective as of August 1, 2022 and March 31, 2024 (the "Fresenius Agreement"), with Fresenius Kabi that contains specific activities including non-cancellable commitments, minimum purchase commitments, and binding annual forecasts. As of June 30, 2024, there were non-cancellable purchase commitments under the Fresenius Agreement related to the purchase of inventory for $4.6 million to be paid in 2024. Mirati Collaboration In October 2022, the Company entered into a collaboration and supply agreement with Mirati Therapeutics, Inc. (“Mirati”) to evaluate the combination of Mirati’s adagrasib, a KRASG12C selective inhibitor, and FYARRO in KRASG12C mutant non- small cell lung cancer (NSCLC) and other solid tumors. In May 2024, the Company announced the mutually agreed upon termination of the collaboration and supply agreement with Mirati and the discontinuation of the Phase 1/2 study. Under the terms of the agreement, Mirati was responsible for sponsoring and operating the Phase 1/2 study and the Company supplied study drug and jointly shared the cost of the study, which will continue during the winding down process. For the three months ended June 30, 2024 and 2023, the Company incurred $0.5 million and $0.2 million in expenses related to the Mirati collaboration, respectively. For the six months ended June 30, 2024 and 2023, the Company incurred $0.7 million and $0.5 million in expenses related to the Mirati collaboration, respectively

Operating Leases - Schedule of Rent Expense and Cash Paid for Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating leases rent expense	$ 115	$ 115	$ 230	$ 231
Cash paid included in operating cash flows			$ 254	$ 250

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 41,139	$ 62,888
Short-term investments	37,429	45,957
Accounts receivable, net	5,920	5,488
Inventory	6,098	6,427
Prepaid expenses and other current assets	2,419	3,826
Total current assets	93,005	124,586
Property and equipment, net	6,004	4,802
Operating lease right-of-use assets	982	1,169
Other assets	1,629	1,866
Total assets	101,620	132,423
Current liabilities:
Accounts payable	2,265	5,898
Accrued liabilities	13,751	14,306
Operating lease liabilities, current portion	374	434
Due to licensor payable (Note 7)	5,757	5,757
Total current liabilities	22,147	26,395
Operating lease liabilities, net of current portion	682	833
Total liabilities	22,829	27,228
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued and outstanding as of June 30, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value; 300,000,000 shares authorized; 24,614,834 and 24,554,205 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	2	2
Additional paid-in capital	380,651	374,129
Accumulated other comprehensive (loss) income	(27)	27
Accumulated deficit	(301,835)	(268,963)
Total stockholders’ equity	78,791	105,195
Total liabilities and stockholders’ equity	$ 101,620	$ 132,423

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Short-Term Investments and Cash Equivalents

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Short-Term Investments and Cash Equivalents

The following table summarizes the Company's short-term investments (in thousands):


		As of June 30, 2024
	Maturity (In Years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Money market funds		$	36,820	$	—	$	—	$	36,820
U.S. government treasury bills	Less than 1	28,961		—		(19)		28,942
Commercial paper	Less than 1	3,540		—		(4)		3,536
Corporate bonds	Less than 1	7,951		1		(5)		7,947

Total		$	77,272	$	1	$	(28)	$	77,245


		As of December 31, 2023
	Maturity (In Years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Money market funds		$	61,034	$	—	$	—	$	61,034
U.S. government treasury bills	Less than 1	19,441		17		—		19,458
Commercial paper	Less than 1	8,712		6		(1)		8,717
Corporate bonds	Less than 1	13,438		10		(1)		13,447
Government agency	Less than 1	5,486		—		(4)		5,482
Total		$	108,111	$	33	$	(6)	$	108,138

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Schedule of Restricted Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets (in thousands):


	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	41,139	$	62,888
Restricted cash, non-current	64		64
Total cash, cash equivalents and restricted cash	$	41,203	$	62,952

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets (in thousands):


	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	41,139	$	62,888
Restricted cash, non-current	64		64
Total cash, cash equivalents and restricted cash	$	41,203	$	62,952

Schedule of Inventory

Details of inventory are presented as follows (in thousands):


	June 30, 2024		December 31, 2023
Raw materials	$	3,989	$	4,640
Work in process	1,649		1,366
Finished goods	460		421
Total	$	6,098	$	6,427

Schedule of Property, Plant and Equipment

Details of property and equipment are presented as follows (in thousands):


	June 30, 2024		December 31, 2023
Computers and software	$	470	$	464
Construction in process	5,680		4,389
Furniture and fixtures	65		65
Lab equipment	25		25
Leasehold improvements	133		129
Total	$	6,373	$	5,072
Accumulated depreciation	(369)		(270)
Property and equipment, net	$	6,004	$	4,802

Schedule Of Gross-To-Net Sales Adjustments

The following table sets forth the changes in the accrued revenue allowances (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Balance at beginning of period	$	857	$	1,916	$	1,065	$	1,434
Provision for Current Period Sales	1,901		1,094		2,985		2,130
Payments	(1,469)		(1,083)		(2,761)		(1,637)
Balance at end of period	$	1,289	$	1,927	$	1,289	$	1,927

Schedule of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share

The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because their inclusion would be anti-dilutive:


	Six Months Ended June 30,
	2024	2023
Options to purchase common stock	5,451,333	4,085,366
Restricted Stock Units to acquire common stock	333,848	—
Warrants to purchase common stock	29,167	29,167

Nature of Organization and Operations	6 Months Ended
Nature of Organization and Operations	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Organization and Operations	Nature of Organization and Operations Aadi Bioscience, Inc. (together with its subsidiaries, the “Company” or “Aadi”) is a biopharmaceutical company focused on developing and commercializing precision therapies for cancers with alterations in the mTOR pathway, a key regulator of cell growth and cancer progression. Aadi’s lead drug product, FYARRO®, combines two established technologies — nanoparticle albumin-bound (nab) technology and the anti-cancer agent, sirolimus. Nab-sirolimus is a potent inhibitor of the mTOR biological pathway with demonstrated anti-cancer activity in Aadi's lead indication, advanced unresectable or metastatic malignant perivascular epithelioid cell tumor (“PEComa”), a rare cancer. In November 2021, the U.S. Food and Drug Administration (the “FDA”) approved FYARRO sirolimus protein-bound particles for injectable suspension (albumin-bound) for the treatment of adult patients with locally advanced unresectable or metastatic malignant PEComa. On February 22, 2022, Aadi launched FYARRO in the United States for treatment of advanced malignant PEComa. FYARRO is licensed to Aadi by Abraxis BioScience, LLC, a wholly owned subsidiary of Celgene Corporation, which is a wholly owned subsidiary of Bristol-Myers Squibb Company ("BMS"). The Company’s historical operations have consisted principally of sales of FYARRO after receiving FDA approval, performing research and development activities and raising capital. The Company’s activities are subject to significant risks and uncertainties, including failing to secure additional funding before sustainable revenues and profit from operations are achieved. Merger with Aerpio Pharmaceuticals, Inc. On August 26, 2021 (the “Closing Date”), Aadi Bioscience, Inc., a Delaware corporation (f/k/a Aerpio Pharmaceuticals, Inc.), completed its business combination with Aadi Subsidiary, Inc. (f/k/a as Aadi Bioscience, Inc., or “Private Aadi”), in accordance with the terms of the Agreement and Plan of Merger and Reorganization, dated May 16, 2021, by and among Aadi, Aspen Merger Subsidiary, Inc. (“Merger Sub”) and Private Aadi (the “Merger Agreement”), pursuant to which Merger Sub merged with and into Private Aadi, with Private Aadi surviving as a wholly owned subsidiary of ours (the “Merger”). Liquidity Since inception, the Company has devoted substantially all of its resources to research and development activities, business planning, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital and providing general and administrative support for these operations and has only recently begun to realize revenues from its planned principal operations commencing with the commercial sale of FYARRO. The Company has experienced net losses since its inception and expects to continue to incur net losses into the foreseeable future. The Company had an accumulated deficit of $301.8 million as of June 30, 2024. For the three months ended June 30, 2024 and 2023, the Company had a net loss of $14.6 million and $18.0 million, respectively. For the six months ended June 30, 2024 and 2023, the Company had a net loss of $32.9 million and $33.2 million, respectively. To date, these operating losses have been funded primarily from outside sources of invested capital through the issuance of convertible promissory notes, grant funding, the sale of securities, and proceeds from license agreements. The Company had cash, cash equivalents and short-term investments of $78.6 million at June 30, 2024. Management believes the Company’s current cash, cash equivalents and short-term investments will provide sufficient funds to enable the Company to meet its obligations for at least twelve months from the filing date of this report. If the Company is unable to achieve and maintain profitability, it will need additional financing to support its continuing operations and pursue its strategic objectives. Additional financing may be achieved through a combination of equity offerings and debt financings. The Company may be unable to raise additional funds or enter into such other agreements when needed on favorable terms or at all. On March 17, 2022, the Company entered into a Sales Agreement (the “Sales Agreement”) with Cowen and Company, LLC (“Cowen”), pursuant to which the Company may offer and sell, from time to time at the Company’s sole discretion, shares of its common stock having an aggregate offering price of up to $75.0 million through Cowen as its sales agent for an at-the-marketing-offering. Any sales under the Sales Agreement may result in dilution to existing shareholders. As of June 30, 2024, no shares of common stock had been sold under this Sales Agreement.

Operating Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Operating Leases

In April 2019, the Company entered into a twenty-eight month facility lease agreement for office space in Pacific Palisades, California (the “Pacific Palisades Lease”). The Pacific Palisades Lease commenced on May 1, 2019, included four months of rent abatement and a rent escalation clause and was set to expire on August 31, 2021. In August 2021, the Company exercised its option to extend the term of the Pacific Palisades Lease for an additional three-year period and entered into an amendment to the lease agreement (the “Pacific Palisades Lease Amendment”). Pursuant to the Pacific Palisades Lease Amendment, the Company and the landlord agreed to extend the term for an additional period of three (3) years and six (6) months, until February 28, 2025, with an option to renew for an additional three (3) years in accordance with the terms of the Pacific Palisades Lease. Included in the Pacific Palisades Lease Amendment were nine months of rent abatement and a rent escalation clause.

In April 2022, the Company entered into a lease agreement for office space in Morristown, New Jersey (the “Morristown Lease”). The Morristown Lease has a term of seventy-three months, unless terminated sooner, and includes rent abatement for the first three months and the forty-seventh and forty-eighth calendar months after lease commencement. Included in the Morristown Lease are fixed rent escalations of approximately 2% on each anniversary year of the lease term.

The following table summarizes information related to the Company’s leases (in thousands):


	June 30, 2024		December 31, 2023
Assets:
Operating lease right-of-use assets	$	982	$	1,169

Liabilities:
Operating lease liabilities, current	$	374	$	434
Operating lease liabilities, non-current	682		833
Total operating lease liabilities	$	1,056	$	1,267

Rent expense for the three and six months ended June 30, 2024 and 2023 is presented on the following table (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating leases rent expense	$	115	$	115	$	230	$	231

Cash paid for leases and included in operating cash flows for the six months ended June 30, 2024 and 2023 is presented on the following table (in thousands):


	Six Months Ended June 30,
	2024		2023
Cash paid included in operating cash flows	$	254	$	250

The future minimum lease payments required under the operating leases as of June 30, 2024, are summarized below (in thousands):


Future Minimum Lease Payments:
2024	259
2025	320
2026	231
2027	280
2028	109
Total minimum lease payments	$	1,199
Less: amount representing interest	(143)
Present value of operating lease liabilities	$	1,056
Less: operating lease liabilities, current	(374)
Operating lease liabilities, non-current	$	682
Remaining lease term (in years)	3.45
Incremental borrowing rate	7.58		%

The Company includes the option to renew the lease as part of the right of use lease asset and liability when it is reasonably certain the Company will exercise the option. In general, the Company is not reasonably certain to exercise such options.

Share-Based Compensation - Schedule of Stock Options Valuation Assumptions (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant date fair value (in dollars per share)	$ 1.27	$ 6.07	$ 1.39	$ 7.95
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate	4.27%	3.47%	4.13%	3.42%
Expected volatility	89.96%	91.54%	89.22%	89.94%
Expected term (in years)	5 years 6 months	5 years 6 months	5 years	5 years 6 months
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate	4.29%	3.85%	4.29%	4.17%
Expected volatility	90.53%	99.29%	91.46%	99.29%
Expected term (in years)	6 years 21 days	6 years 29 days	6 years 29 days	6 years 29 days

- Definition

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

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+ Details

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Preferred Stock As of June 30, 2024 and December 31, 2023, under the Company’s certificate of incorporation, as amended and restated, the Company has 10,000,000 shares of authorized preferred stock, par value $0.0001 per share, with no shares outstanding. Common Stock and Pre-Funded Warrants As of June 30, 2024 and December 31, 2023, the Company had 300,000,000 shares of authorized common stock, par value of $0.0001 per share under the Company's certificate of incorporation, as amended and restated. As of June 30, 2024 and December 31, 2023, the shares of common stock outstanding were 24,614,834 and 24,554,205, respectively. In March 2022, the Company entered into a Sales Agreement (the "Sales Agreement") with Cowen and Company LLC (“Cowen”), with respect to an “at the market offering” program pursuant to which the Company may offer and sell, from time to time at its sole discretion, shares of common stock having aggregate gross proceeds of up to $75.0 million through Cowen as its sales agent. The Company will pay Cowen 3.0% of the aggregate gross proceeds from each sale of shares of common stock under the Sales Agreement. As of June 30, 2024, no shares of common stock had been sold pursuant to the Sales Agreement. On September 22, 2022, the Company entered into a securities purchase agreement (the “Purchase Agreement”) for a private investment in public equity financing (the “2022 PIPE Financing”) with certain investors (the “2022 PIPE Investors”) for the sale by the Company of (i) 3,373,526 shares of the Company’s common stock for a price of $12.50 per share and (ii) pre-funded warrants to purchase an aggregate of 2,426,493 shares of the Company's common stock (the "Pre-Funded Warrants") at a purchase price of $12.4999 per Pre-Funded Warrant. The Pre-Funded Warrants are exercisable at an exercise price of $0.0001 and will be exercisable until exercised in full. The holders of Pre-Funded Warrants may not exercise a Pre-Funded Warrant if the holder, together with its affiliates, would beneficially own more than 4.99% of the number of shares of the Company's common stock outstanding immediately after giving effect to such exercise; provided, that the holders of Pre-Funded Warrants may increase or decrease such percentages not in excess of 19.99% by providing at least 61 days’ prior notice to the Company. The 2022 PIPE Financing closed on September 26, 2022. Aggregate net proceeds, after deducting certain expenses incurred of $0.3 million related to the issuance of the shares were $72.2 million. On September 26, 2022, the Company and the 2022 PIPE Investors entered into a Registration Rights Agreement (the “2022 PIPE Registration Rights Agreement”) providing for the registration for resale of the securities sold under the Purchase Agreement, including the shares issuable upon the exercise of the Pre-Funded Warrants, that are not then registered on an effective registration statement, pursuant to a registration statement filed with the SEC. The Company filed a Form S-3 registration statement to register the resale of such securities on October 26, 2022, which became effective on November 4, 2022. The Pre-Funded Warrants meet the criteria to be classified within stockholders’ equity. As of June 30, 2024, all Pre-Funded Warrants are still outstanding. Dividends The holders of common stock are entitled to receive cash dividends, if and when declared by the board of directors of the Company (the “board of directors”). Since the Company’s inception, no cash dividends have been declared or paid to the holders of common stock. Liquidation In the event of any voluntary or involuntary liquidation, dissolution, or winding-up of the Company, the holders of common stock are entitled to share ratably in the Company’s assets. Voting The holders of common stock are entitled to one vote at all meetings of stockholders for each share of common stock held by such stockholders as of the record date.

- Definition

The entire disclosure for equity.

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+ Details

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-38560
Entity Registrant Name	AADI BIOSCIENCE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1547850
Entity Address, Address Line One	17383 Sunset Boulevard
Entity Address, Address Line Two	Suite A250
Entity Address, City or Town	Pacific Palisades
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90272
City Area Code	424
Local Phone Number	744-8055
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	AADI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		24,614,834
Entity Central Index Key	0001422142
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Share-Based Compensation - Schedule of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Stock Option Shares
Shares, Outstanding at beginning balance (in shares)	4,579,659
Shares, Granted (in shares)	1,461,715
Shares, Exercised (in shares)	0
Shares, Expired/cancelled (in shares)	(590,041)
Shares, Outstanding at ending balance (in shares)	5,451,333	4,579,659
Shares, Options exercisable (in shares)	2,478,035
Shares, Vested and expected (in shares)	5,451,333
Weighted Average Exercise Price
Outstanding at beginning balance (in dollars per share)	$ 14.11
Granted (in dollars per share)	1.87
Exercised (in dollars per share)	0
Expired/cancelled (in dollars per share)	11.41
Outstanding at ending balance (in dollars per share)	11.05	$ 14.11
Weighted Average Exercise Price, Options exercisable (in dollars per share)	13.97
Weighted Average Exercise Price, Vested and expected to vest (in dollars per share)	$ 11.05
Weighted Average Remaining Contractual Term, Outstanding	8 years 4 months 24 days	8 years 4 months 13 days
Weighted Average Remaining Contractual Term, Options exercisable	7 years 9 months 21 days
Weighted Average Remaining Contractual Term, Vested and expected to vest	8 years 4 months 24 days
Aggregate Intrinsic Value, Outstanding	$ 16	$ 25
Aggregate Intrinsic Value, Options exercisable	16
Aggregate Intrinsic Value, Vested and expected to vest	$ 16

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 0	$ 0	$ 0	$ 0

- Definition

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

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+ Details

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		24,435,000
Beginning balance at Dec. 31, 2022	$ 158,378	$ 2	$ 361,689	$ (115)	$ (203,198)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	2,740		2,740
Issuance of common stock upon exercise of stock options (in shares)		2,000
Issuance of common stock upon exercise of stock options	8		8
Unrealized (loss) gain on investments, net of tax	83			83
Net loss	(15,223)				(15,223)
Ending balance (in shares) at Mar. 31, 2023		24,437,000
Ending balance at Mar. 31, 2023	145,986	$ 2	364,437	(32)	(218,421)
Beginning balance (in shares) at Dec. 31, 2022		24,435,000
Beginning balance at Dec. 31, 2022	158,378	$ 2	361,689	(115)	(203,198)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized (loss) gain on investments, net of tax	71
Net loss	(33,194)
Ending balance (in shares) at Jun. 30, 2023		24,520,000
Ending balance at Jun. 30, 2023	131,419	$ 2	367,853	(44)	(236,392)
Beginning balance (in shares) at Dec. 31, 2022		24,435,000
Beginning balance at Dec. 31, 2022	$ 158,378	$ 2	361,689	(115)	(203,198)
Ending balance (in shares) at Dec. 31, 2023	24,554,205	24,554,000
Ending balance at Dec. 31, 2023	$ 105,195	$ 2	374,129	27	(268,963)
Beginning balance (in shares) at Mar. 31, 2023		24,437,000
Beginning balance at Mar. 31, 2023	145,986	$ 2	364,437	(32)	(218,421)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	3,054		3,054
Issuance of common stock upon exercise of stock options (in shares)		34,000
Issuance of common stock upon exercise of stock options	68		68
Issuance of shares under the employee stock purchase plan (in shares)		49,000
Issuance of shares under the employee stock purchase plan	294		294
Unrealized (loss) gain on investments, net of tax	(12)			(12)
Net loss	(17,971)				(17,971)
Ending balance (in shares) at Jun. 30, 2023		24,520,000
Ending balance at Jun. 30, 2023	$ 131,419	$ 2	367,853	(44)	(236,392)
Beginning balance (in shares) at Dec. 31, 2023	24,554,205	24,554,000
Beginning balance at Dec. 31, 2023	$ 105,195	$ 2	374,129	27	(268,963)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	3,589		3,589
Unrealized (loss) gain on investments, net of tax	(35)			(35)
Net loss	(18,289)				(18,289)
Ending balance (in shares) at Mar. 31, 2024		24,554,000
Ending balance at Mar. 31, 2024	$ 90,460	$ 2	377,718	(8)	(287,252)
Beginning balance (in shares) at Dec. 31, 2023	24,554,205	24,554,000
Beginning balance at Dec. 31, 2023	$ 105,195	$ 2	374,129	27	(268,963)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	0
Unrealized (loss) gain on investments, net of tax	$ (54)
Net loss	$ (32,872)
Ending balance (in shares) at Jun. 30, 2024	24,614,834	24,615,000
Ending balance at Jun. 30, 2024	$ 78,791	$ 2	380,651	(27)	(301,835)
Beginning balance (in shares) at Mar. 31, 2024		24,554,000
Beginning balance at Mar. 31, 2024	90,460	$ 2	377,718	(8)	(287,252)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	2,839		2,839
Issuance of shares under the employee stock purchase plan (in shares)		61,000
Issuance of shares under the employee stock purchase plan	94		94
Unrealized (loss) gain on investments, net of tax	(19)			(19)
Net loss	$ (14,583)				(14,583)
Ending balance (in shares) at Jun. 30, 2024	24,614,834	24,615,000
Ending balance at Jun. 30, 2024	$ 78,791	$ 2	$ 380,651	$ (27)	$ (301,835)

Operating Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Information Related to Lease

The following table summarizes information related to the Company’s leases (in thousands):


	June 30, 2024		December 31, 2023
Assets:
Operating lease right-of-use assets	$	982	$	1,169

Liabilities:
Operating lease liabilities, current	$	374	$	434
Operating lease liabilities, non-current	682		833
Total operating lease liabilities	$	1,056	$	1,267

Schedule of Rent Expense Related to Lease

Rent expense for the three and six months ended June 30, 2024 and 2023 is presented on the following table (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating leases rent expense	$	115	$	115	$	230	$	231

Cash paid for leases and included in operating cash flows for the six months ended June 30, 2024 and 2023 is presented on the following table (in thousands):


	Six Months Ended June 30,
	2024		2023
Cash paid included in operating cash flows	$	254	$	250

Schedule of Future Minimum Lease Payments Required under Operating Lease

The future minimum lease payments required under the operating leases as of June 30, 2024, are summarized below (in thousands):


Future Minimum Lease Payments:
2024	259
2025	320
2026	231
2027	280
2028	109
Total minimum lease payments	$	1,199
Less: amount representing interest	(143)
Present value of operating lease liabilities	$	1,056
Less: operating lease liabilities, current	(374)
Operating lease liabilities, non-current	$	682
Remaining lease term (in years)	3.45
Incremental borrowing rate	7.58		%

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (14,583)	$ (18,289)	$ (17,971)	$ (15,223)	$ (32,872)	$ (33,194)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: 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 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies - Additional Information (Details)		3 Months Ended		6 Months Ended		12 Months Ended
	Aug. 17, 2021	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment $ / shares shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Sep. 26, 2022 $ / shares shares	Oct. 31, 2019 $ / shares shares
Summary Of Significant Accounting Policies [Line Items]
Number of operating segments \| segment				1
Allowance for doubtful accounts		$ 100,000		$ 100,000		$ 200,000
Allowance for credit losses		0		0		0
Receivables written off				0		$ 0
Depreciation		$ 50,000	$ 43,000	$ 99,000	$ 81,000
Number of warrants issued to purchase common stock (in shares) \| shares								40,000
Warrants exercise price (in dollars per share) \| $ / shares								$ 7.29
Employee Stock Purchase Plan
Summary Of Significant Accounting Policies [Line Items]
Offering period	6 months			6 months
Private Placement Financing \| Purchase Agreement \| Pre-Funded Warrant
Summary Of Significant Accounting Policies [Line Items]
Number of warrants issued to purchase common stock (in shares) \| shares		2,426,493		2,426,493			2,426,493
Warrants exercise price (in dollars per share) \| $ / shares		$ 0.0001		$ 0.0001			$ 0.0001
Product Sales Allowance
Summary Of Significant Accounting Policies [Line Items]
Deduction from gross product sales for allowances		$ 1,901,000	$ 1,094,000	$ 2,985,000	$ 2,130,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful lives		3 years		3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful lives		5 years		5 years
Term of options granted				10 years
Customer One \| Revenue Benchmark \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage		58.00%	55.00%	55.00%	53.00%
Customer One \| Accounts Receivable \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage				38.00%
Customer Two \| Revenue Benchmark \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage		41.00%	45.00%	44.00%	46.00%
Customer Two \| Accounts Receivable \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage				62.00%

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes the stock option activity during the six months ended June 30, 2024:


	Stock Option Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value (in thousands)
Outstanding, January 1, 2024	4,579,659	$	14.11	8.37	$	25
Granted	1,461,715	1.87
Exercised	—	—
Expired/cancelled	(590,041)	11.41
Outstanding as of June 30, 2024	5,451,333	$	11.05	8.40	$	16
Options exercisable as of June 30, 2024	2,478,035	$	13.97	7.81	$	16
Vested and expected to vest as of June 30, 2024	5,451,333	$	11.05	8.40	$	16

Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

Activity with respect to the Company’s restricted stock units during the six months ended June 30, 2024 is as follows:


	Shares	Weighted Average Grant Date Fair Value
Nonvested shares at January 1, 2024	32,558	$	4.30
Granted	308,700	1.92
Vested/Issued	—	—
Forfeited	(7,410)	1.92
Nonvested shares at current period end	333,848	$	2.15

Schedule of Recognized Compensation Cost Related to Employee and Non-employee Stock-Based Compensation Activity

The Company recognized the following compensation cost related to employee and non-employee share-based compensation activity for the periods presented (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Selling, general and administrative	$	1,772	$	1,846	$	4,114	$	3,486
Research and development	1,067		1,208		2,314		2,308
Total	$	2,839	$	3,054	$	6,428	$	5,794

Schedule of Stock Options Valuation Assumptions

The calculation was based on the following assumptions:


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Weighted average grant date fair value (per share)	$1.27	$6.07	$1.39	$7.95
Risk-free interest rate	4.27% - 4.29%	3.47% - 3.85%	4.13% - 4.29%	3.42% - 4.17%
Expected volatility	89.96% - 90.53%	91.54% - 99.29%	89.22% - 91.46%	89.94% - 99.29%
Expected term (in years)	5.50 - 6.06	5.50 - 6.08	5.00 - 6.08	5.50 - 6.08
Expected dividend yield	—	—	—	—

Short-Term Investments and Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 77,272	$ 108,111
Unrealized Gains	1	33
Unrealized Losses	(28)	(6)
Fair Value	77,245	108,138
Money market funds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	36,820	61,034
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	36,820	61,034
U.S. government treasury bills
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	28,961	19,441
Unrealized Gains	0	17
Unrealized Losses	(19)	0
Fair Value	28,942	19,458
Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	3,540	8,712
Unrealized Gains	0	6
Unrealized Losses	(4)	(1)
Fair Value	3,536	8,717
Corporate bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	7,951	13,438
Unrealized Gains	1	10
Unrealized Losses	(5)	(1)
Fair Value	$ 7,947	13,447
Government agency
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost		5,486
Unrealized Gains		0
Unrealized Losses		(4)
Fair Value		$ 5,482

Operating Leases - Additional Information (Detail)	1 Months Ended
Operating Leases - Additional Information (Detail)	Apr. 30, 2022	Aug. 31, 2021	Apr. 30, 2019
Los Angeles, California
Lessee Lease Description [Line Items]
Operating lease, agreement term			28 months
Operating lease, rent abatement period		9 months	4 months
Operating lease, lease amendment term		3 years
Operating lease, extend the term for an additional period		3 years 6 months
Morristown, New Jersey
Lessee Lease Description [Line Items]
Operating lease, agreement term	73 months
Operating lease, rent abatement period	3 months
Operating lease, rent escalation percentage	2.00%

Summary of Significant Accounting Policies - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Raw materials	$ 3,989	$ 4,640
Work in process	1,649	1,366
Finished goods	460	421
Total	$ 6,098	$ 6,427

Employee Stock Purchase Plan

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Employee Stock Purchase Plan

On August 17, 2021, a special meeting of the Company’s stockholders was held to approve the Merger and related matters, at which the Company's stockholders considered and approved the Company’s 2021 ESPP which permits participants to contribute up to 15% of their eligible compensation during defined rolling six-month offering periods to purchase the Company's common stock. The purchase price of the shares will be 85% of the lower of the fair market value of the Company's common stock on the first day of trading of the offering period or on the applicable purchase date. Upon approval of the 2021 ESPP by the stockholders, Aerpio’s Amended and Restated 2017 Employee Stock Purchase Plan terminated.

An aggregate of 519,563 shares of common stock was initially reserved for issuance under the 2021 ESPP. The number of shares of common stock available for issuance under the 2021 ESPP is increased on the first day of each fiscal year beginning with the 2022 fiscal year in an amount equal to the least of (i) 310,617 shares of common stock, (ii) one percent (1%) of the outstanding shares of all classes of common stock on the last day of the immediately preceding fiscal year, or

(iii) an amount to be determined by the board of directors or its designated committee no later than the last day of the immediately preceding fiscal year. On January 1, 2024, 245,542 shares of common stock were added to the 2021 ESPP. Shares of common stock issuable under the 2021 ESPP will be authorized, but unissued, or reacquired shares of common stock. If the Company’s capital structure changes because of a stock dividend, stock split or similar event, the number of shares that can be issued under the 2021 ESPP will be appropriately adjusted. The Company opened enrollment into the ESPP in May 2022.

The Company uses the Black-Scholes model to determine the estimated fair value for purchases under the 2021 ESPP. Black-Scholes models require the input of various assumptions, including the expected life, expected dividend yield, price volatility and risk-free interest rate of the underlying stock. The expected volatility used in calculating the estimated fair value for purchases under the 2021 ESPP is based on the historical volatility of the Company's common stock.

The calculation was based on the following assumptions:


	Three and Six Months Ended June 30, 2024	Three and Six Months Ended June 30, 2023

Strike price (per share)	$1.56 - $4.00	$5.98 - $11.40
Risk-free interest rate	5.40% - 5.41%	4.40% - 5.24%
Expected volatility	60.99% - 140.00%	105.68% - 176.11%
Expected term (in years)	0.5	0.5
Expected dividend yield	—	—

As of June 30, 2024, and December 31, 2023, 844,059 and 659,146 shares of common stock were available for issuance under the 2021 ESPP, respectively. The Company had an outstanding liability of $43,000 and $0.1 million as of June 30, 2024, and December 31, 2023, respectively, which will be recognized over six months. For the six months ended June 30, 2024 and December 31, 2023, 60,629 and 77,565 shares were issued under the 2021 ESPP, respectively.

Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

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


	Fair Value Measurements as of June 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	36,820	$	—	$	—	$	36,820
U.S. government treasury bills (2)	28,942		—		—		28,942
Commercial paper	—		3,536		—		3,536
Corporate bonds	—		7,947		—		7,947

Total financial assets	$	65,762	$	11,483	$	—	$	77,245


	Fair Value Measurements as of December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	61,034	$	—	$	—	$	61,034
U.S. government treasury bills	19,458		—		—		19,458
Commercial paper	—		8,717		—		8,717
Corporate bonds (2)	—		13,447		—		13,447
Government agency	—		5,482		—		5,482
Total financial assets	$	80,492	$	27,646	$	—	$	108,138

(1)Included in cash and cash equivalents in the accompanying condensed consolidated balance sheets.

(2)Includes investments classified as cash and cash equivalents in the accompanying consolidated balance sheets.

Stockholders' Equity (Details)		1 Months Ended	6 Months Ended	28 Months Ended
Stockholders' Equity (Details)	Sep. 26, 2022 USD ($) $ / shares shares	Mar. 31, 2022 USD ($)	Jun. 30, 2024 USD ($) vote $ / shares shares	Jun. 30, 2024 vote $ / shares shares	Dec. 31, 2023 $ / shares shares	Oct. 31, 2019 $ / shares shares
Class Of Stock [Line Items]
Preferred stock, shares authorized (in shares)			10,000,000	10,000,000	10,000,000
Preferred stock, par value (in dollars per share) \| $ / shares			$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares outstanding (in shares)			0	0	0
Common stock, shares authorized (in shares)			300,000,000	300,000,000	300,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares outstanding (in shares)			24,614,834	24,614,834	24,554,205
Number of warrants issued to purchase common stock (in shares)						40,000
Warrants exercise price (in dollars per share) \| $ / shares						$ 7.29
Dividends common stock declared or paid \| $			$ 0
Common stock, votes per share \| vote			1	1
Sales Agreement
Class Of Stock [Line Items]
ATM offering price \| $		$ 75,000,000
ATM gross proceeds paid percentage		3.00%
Issuance of common stock (in shares)				0
Purchase Agreement \| Private Placement Financing
Class Of Stock [Line Items]
Issuance of common stock (in shares)	3,373,526
Sale of stock (in dollars per share) \| $ / shares	$ 12.50
Warrant ownership limit	4.99%
Warrant ownership increase or decrease limit	19.99%
Warrant notice period	61 days
Deferred offering costs paid for financing \| $	$ 300,000
Issuance of common stock to PIPE Investors \| $	$ 72,200,000
Purchase Agreement \| Private Placement Financing \| Pre-Funded Warrant
Class Of Stock [Line Items]
Sale of stock (in dollars per share) \| $ / shares	$ 12.4999
Number of warrants issued to purchase common stock (in shares)	2,426,493		2,426,493	2,426,493
Warrants exercise price (in dollars per share) \| $ / shares	$ 0.0001		$ 0.0001	$ 0.0001

Short-Term Investments and Cash Equivalents (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Short-Term Investments

The following table summarizes the Company's short-term investments (in thousands):


		As of June 30, 2024
	Maturity (In Years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Money market funds		$	36,820	$	—	$	—	$	36,820
U.S. government treasury bills	Less than 1	28,961		—		(19)		28,942
Commercial paper	Less than 1	3,540		—		(4)		3,536
Corporate bonds	Less than 1	7,951		1		(5)		7,947

Total		$	77,272	$	1	$	(28)	$	77,245


		As of December 31, 2023
	Maturity (In Years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Money market funds		$	61,034	$	—	$	—	$	61,034
U.S. government treasury bills	Less than 1	19,441		17		—		19,458
Commercial paper	Less than 1	8,712		6		(1)		8,717
Corporate bonds	Less than 1	13,438		10		(1)		13,447
Government agency	Less than 1	5,486		—		(4)		5,482
Total		$	108,111	$	33	$	(6)	$	108,138

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued professional fees	$ 2,107	$ 2,504
Accrued salaries and payroll	1,272	1,590
Accrued bonus	2,549	3,081
Accrued clinical	1,809	1,416
Accrued contract manufacturing	4,677	4,315
Accrued other - sales related	720	772
Accrued other	617	628
Total accrued liabilities	$ 13,751	$ 14,306

License Agreements	6 Months Ended
License Agreements	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
License Agreements	License Agreements Bristol-Myers Squibb Company License Agreement On April 9, 2014, the Company entered into a license agreement (as amended the “BMS License Agreement”) with BMS for exclusive rights for certain patents and a non-exclusive license for certain technology and know-how pertaining to FYARRO. The BMS License Agreement will remain in effect from the effective date of April 9, 2014 until expiration of all milestone and royalty payment obligations under the agreement, unless terminated by either of the parties upon giving advance notice as specified in the BMS License Agreement. Under the terms of the BMS License Agreement, BMS agreed to supply the Company with licensed products of FYARRO necessary for clinical or non-clinical development. Under the terms of the BMS License Agreement, BMS is entitled to receive certain development milestone payments, royalties on net sales from licensed products under the agreement and any sublicense fees. During the three months ended June 30, 2024 and 2023, royalties on net product sales were $0.5 million and $0.5 million, respectively. During the six months ended June 30, 2024 and 2023, royalties on net product sales were $0.9 million and $0.9 million, respectively. No payments related to sublicense fees were paid during the three and six months ended June 30, 2024 or 2023. On August 30, 2021, the Company and BMS entered into Amendment No. 1 (the “Amendment”) to the BMS License Agreement related to certain intellectual property rights of BMS pertaining to the compound known as FYARRO. Under the terms of the Amendment, the Company paid BMS $5.8 million representing 50% of the previously outstanding payment obligation under the terms of the BMS License Agreement, following the effective time of the Company's 2021 private investment in public equity financing (the “2021 PIPE Financing”). Pursuant to the terms of the Amendment, the remaining previously outstanding payment obligation of $5.8 million is due on the third anniversary of the effective time of the 2021 PIPE Financing, or August 26, 2024, plus any accrued and unpaid interest due thereon (the “Balloon Payment”). The Balloon Payment shall accrue interest, beginning August 26, 2021 until paid in full, at a rate equal to 4.00% per annum based on the weighted average amount outstanding during the applicable calendar quarter, and interest is payable quarterly in arrears. In addition, the parties agreed to amend the royalty rates payable to BMS based on net sales of products subject to the BMS License Agreement. EOC License Agreement On December 8, 2020, the Company entered into a license agreement (“EOC License Agreement”) with EOC Pharma (Hong Kong) Limited (“EOC”) under which the Company received $14.0 million in January 2021 in non-refundable upfront consideration as partial payment for the rights and licenses granted to EOC by the Company for the further development and commercialization of FYARRO in the People’s Republic of China, Hong Kong Special Administration Region, Macao Special Administrative Region and Taiwan (the “Licensed Territory”). In accordance with the BMS License Agreement, the Company is required to pay 20% of all sublicense fees to BMS. The Company assessed the EOC License Agreement and concluded that EOC was a customer and identified the license of FYARRO provided to EOC as the sole performance obligation. The $14.0 million upfront payment received from EOC is non-refundable and non-creditable and is considered fixed consideration. The Company recognized revenue of $14.0 million in December 2020 when the EOC License Agreement was signed, and the $14.0 million upfront payment was received in January 2021. The potential milestone payments and royalty payments under the EOC License Agreement were considered variable consideration and were constrained with respect to revenue recognition notification from EOC that the milestone and royalty payments had been achieved. The Company was eligible to receive an additional $257.0 million in the aggregate upon achievement of certain development, regulatory, and sales milestones, as well as tiered royalties on net sales in the Licensed Territory. Under the terms of the EOC License Agreement, EOC was obligated to fund all research, development, regulatory, marketing and commercialization activities in the defined Licensed Territory. The Company earned $1.0 million in milestone revenue upon achievement of the FDA approval milestone on November 22, 2021. EOC paid the $1.0 million milestone payment in December 2021. In accordance with the BMS License Agreement, 20% of the $1.0 million payment, or $0.2 million was accrued at December 21, 2021, and paid in January 2022. On June 27, 2022, the Company received written notice from EOC that EOC elected to terminate the EOC License Agreement, effective immediately, due to alleged material breaches by the Company under such agreement. The Company disagrees with, and continues to dispute, EOC’s allegations of material breach and does not believe that EOC had a right to terminate the EOC License Agreement for material breach, and accordingly believes that the termination of the EOC License Agreement is a termination for convenience. EOC had the right to terminate the agreement for convenience upon 120 days advance written notice. The Company waived such notice period in connection with EOC's termination notice and, as a result, the EOC License Agreement was terminated effective June 27, 2022. Either party had the right to terminate the EOC License Agreement in the event that the other party breaches the agreement and fails to cure the breach, becomes insolvent or challenges certain of the intellectual property rights licensed under the agreement.

Fair Value Measurement (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 77,245	$ 108,138
Money market funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	36,820	61,034
U.S. government treasury bills
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	28,942	19,458
Commercial paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	3,536	8,717
Corporate bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	7,947	13,447
Government agency
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value		5,482
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	77,245	108,138
Fair Value, Measurements, Recurring \| Money market funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	36,820	61,034
Fair Value, Measurements, Recurring \| U.S. government treasury bills
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	28,942	19,458
Fair Value, Measurements, Recurring \| Commercial paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	3,536	8,717
Fair Value, Measurements, Recurring \| Corporate bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	7,947	13,447
Fair Value, Measurements, Recurring \| Government agency
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value		5,482
Fair Value, Measurements, Recurring \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	65,762	80,492
Fair Value, Measurements, Recurring \| Level 1 \| Money market funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	36,820	61,034
Fair Value, Measurements, Recurring \| Level 1 \| U.S. government treasury bills
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	28,942	19,458
Fair Value, Measurements, Recurring \| Level 1 \| Commercial paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	0	0
Fair Value, Measurements, Recurring \| Level 1 \| Corporate bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	0	0
Fair Value, Measurements, Recurring \| Level 1 \| Government agency
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value		0
Fair Value, Measurements, Recurring \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	11,483	27,646
Fair Value, Measurements, Recurring \| Level 2 \| Money market funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	0	0
Fair Value, Measurements, Recurring \| Level 2 \| U.S. government treasury bills
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	0	0
Fair Value, Measurements, Recurring \| Level 2 \| Commercial paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	3,536	8,717
Fair Value, Measurements, Recurring \| Level 2 \| Corporate bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	7,947	13,447
Fair Value, Measurements, Recurring \| Level 2 \| Government agency
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value		5,482
Fair Value, Measurements, Recurring \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	0	0
Fair Value, Measurements, Recurring \| Level 3 \| Money market funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	0	0
Fair Value, Measurements, Recurring \| Level 3 \| U.S. government treasury bills
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	0	0
Fair Value, Measurements, Recurring \| Level 3 \| Commercial paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	0	0
Fair Value, Measurements, Recurring \| Level 3 \| Corporate bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 0	0
Fair Value, Measurements, Recurring \| Level 3 \| Government agency
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value		$ 0

Summary of Significant Accounting Policies - Schedule of Outstanding Potentially Dilutive Securities Excluded in Calculation of Diluted Net Loss per Share (Details) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Options to purchase common stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total amount of anti-dilutive securities excluded from computation of earnings per share (in shares)	5,451,333	4,085,366
Restricted Stock Units to acquire common stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total amount of anti-dilutive securities excluded from computation of earnings per share (in shares)	333,848	0
Warrants to purchase common stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total amount of anti-dilutive securities excluded from computation of earnings per share (in shares)	29,167	29,167

Share-Based Compensation - Schedule of Recognized Compensation Cost Restricted Stock Units (Details) - Restricted Stock Units to acquire common stock	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Shares
Nonvested, beginning balance (in shares) \| shares	32,558
Granted (in shares) \| shares	308,700
Vested/Issued (in shares) \| shares	0
Forfeited (in shares) \| shares	(7,410)
Nonvested, ending balance (in shares) \| shares	333,848
Weighted Average Grant Date Fair Value
Nonvested, beginning balance (in dollars per share) \| $ / shares	$ 4.30
Granted (in dollar per share) \| $ / shares	1.92
Vested/Issued (in dollar per share) \| $ / shares	0
Forfeited (in dollar per share) \| $ / shares	1.92
Nonvested, ending balance (in dollars per share) \| $ / shares	$ 2.15

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	24,614,834	24,554,205
Common stock, shares outstanding (in shares)	24,614,834	24,554,205

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (32,872)	$ (33,194)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	6,428	5,794
Amortization of premiums and discounts on short-term investments, net	(809)	(2,062)
Non-cash interest expense	58	58
Non-cash lease expense	230	231
Depreciation	99	81
Changes in operating assets and liabilities:
Accounts receivable	(432)	(1,814)
Inventory	328	(1,362)
Prepaid expenses and other current assets	2,427	845
Other non-current assets	253	275
Operating lease liabilities	(254)	(250)
Accounts payable and accrued liabilities	(4,266)	(6,670)
Net cash used in operating activities	(28,810)	(38,068)
Cash flows from investing activities:
Purchases of property and equipment	(1,280)	(2,058)
Purchase of short-term investments	(26,555)	(23,052)
Maturity of short-term investments	34,819	92,000
Net cash provided by investing activities	6,984	66,890
Cash flows from financing activities:
Issuance of common stock upon exercise of stock options	0	76
Proceeds from issuance of common stock under employee stock purchase plan	94	294
Deferred offering costs paid for financing	(17)	(49)
Net cash provided by financing activities	77	321
Net (decrease) increase in cash, cash equivalents and restricted cash	(21,749)	29,143
Cash, cash equivalents and restricted cash, beginning of year	62,952	39,083
Cash, cash equivalents and restricted cash, end of period	41,203	68,226
Supplemental disclosure of cash flow information:
Interest paid during the period	115	115
Supplemental disclosure of non-cash activities:
Accrued property and equipment	$ 591	$ 519

Accrued Liabilities

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Accrued Liabilities

Details of accrued liabilities are presented as follows (in thousands):


	June 30, 2024		December 31, 2023
Accrued professional fees	$	2,107	$	2,504
Accrued salaries and payroll	1,272		1,590
Accrued bonus	2,549		3,081
Accrued clinical	1,809		1,416
Accrued contract manufacturing	4,677		4,315
Accrued other - sales related	720		772
Accrued other	617		628
Total accrued liabilities	$	13,751	$	14,306

Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Details of accrued liabilities are presented as follows (in thousands):


	June 30, 2024		December 31, 2023
Accrued professional fees	$	2,107	$	2,504
Accrued salaries and payroll	1,272		1,590
Accrued bonus	2,549		3,081
Accrued clinical	1,809		1,416
Accrued contract manufacturing	4,677		4,315
Accrued other - sales related	720		772
Accrued other	617		628
Total accrued liabilities	$	13,751	$	14,306

Summary of Significant Accounting Policies - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6,373	$ 5,072
Accumulated depreciation	(369)	(270)
Property and equipment, net	6,004	4,802
Computers and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	470	464
Construction in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,680	4,389
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	65	65
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	25	25
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 133	$ 129

Operating Leases - Schedule of Future Minimum Lease Payments Required under Operating Lease (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Future Minimum Lease Payments:
2024	$ 259
2025	320
2026	231
2027	280
2028	109
Total minimum lease payments	1,199
Less: amount representing interest	(143)
Total operating lease liabilities	1,056	$ 1,267
Less: operating lease liabilities, current	(374)	(434)
Operating lease liabilities, non-current	$ 682	$ 833
Remaining lease term (in years)	3 years 5 months 12 days
Incremental borrowing rate	7.58%

Share-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

2014 Plan (as amended and restated in February 2017, the “Private Aadi Plan”)

In connection with the Merger, the Company assumed the Private Aadi Plan, which was amended and restated in February 2017, and the issued and outstanding stock options under the Private Aadi Plan (the Private Aadi common stock underlying the awards was adjusted for shares of the Company’s common stock pursuant to the Merger Agreement). The Private Aadi Plan allowed for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock unit awards and other stock awards. In connection with the closing of the Merger and the adoption of the 2021 Plan (as defined below), no further awards may be issued under the Private Aadi Plan.

The options that are granted from the Private Aadi Plan are exercisable at various dates as determined upon grant and will expire no more than ten years from their date of grant. The Private Aadi Plan stock options generally vest over a four-year term.

2011 Plan and 2017 Plan

In connection with the closing of the Merger, the Company assumed the Aerpio 2011 Equity Incentive Plan (the “2011 Plan”) and the Aerpio 2017 Stock Option and Incentive Plan (the “2017 Plan,” and together with the 2011 Plan, the “Prior Plans”). No new awards may be granted under the Prior Plans effective as of the closing of the Merger and the adoption of the 2021 Plan (as defined below).

2021 Plan

At the closing of the Merger, the Company adopted the Aadi Bioscience, Inc. 2021 Equity Incentive Plan (the “2021 Plan”), which permits the award of stock options, stock appreciation rights, restricted stock, restricted stock units, performance units and performance grants to employees, members of the board of directors, and outside consultants.

Subject to the adjustment provisions contained in the 2021 Plan and the evergreen provision described below, a total of 2,070,784 shares of common stock was initially reserved for issuance pursuant to the 2021 Plan. In addition, the shares reserved for issuance under the 2021 Plan include any shares of common stock (i) subject to awards of stock options or other awards granted under the Prior Plans that expire or otherwise terminate without having been exercised in full and shares of common stock granted under the Prior Plans that are forfeited or repurchased by the Company, and (ii) any shares of common stock subject to stock options or similar awards granted under the Private Aadi Plan that were assumed in the Merger (provided that the maximum number of shares that may be added to the 2021 Plan pursuant to this sentence is 764,154 shares).

The number of shares available for issuance under the 2021 Plan will include an annual increase, or the evergreen feature, on the first day of each of the Company’s fiscal years, beginning with the Company’s fiscal year 2022, equal to the least of:

•2,070,784 shares of common stock;

•a number of shares equal to 4% of the outstanding shares of common stock on the last day of the immediately preceding fiscal year; or

•such number of shares as the board of directors or its designated committee may determine.

As a result of the evergreen increase, a total of 982,168 shares were added to the 2021 Plan on January 1, 2024 and 977,400 shares of common stock were added to the 2021 Plan on January 1, 2023.

Shares issuable under the 2021 Plan are authorized, but unissued, or reacquired shares of common stock. If an award expires or becomes unexercisable without having been exercised in full, is surrendered pursuant to an exchange program, or, with respect to restricted stock, restricted stock units, performance units or performance shares, is forfeited to or repurchased by the combined company due to failure to vest, the unpurchased shares (or for awards other than stock options or stock appreciation rights, the forfeited or repurchased shares) will become available for future grant or sale under the 2021 Plan (unless the 2021 Plan has terminated).

2023 Inducement Equity Incentive Plan

On September 27, 2023, the Company adopted the 2023 Inducement Equity Incentive Plan (the “Inducement Plan”), pursuant to which the Company may from time to time make equity grants to new employees as a material inducement to their employment. The Company reserved 600,000 shares of common stock for issuance under the Inducement Plan. The only persons eligible to receive awards under the Inducement Plan are individuals who are new employees and satisfy the standards for inducement grants under applicable Nasdaq listing rules.

As of June 30, 2024, 256,456, 37,921, 5,000,804, and 490,000 shares were outstanding 2014 Private Aadi Plan, 2017 Plan , 2021 Plan, and 2023 Inducement Plan, respectively. As of June 30, 2024, no shares were outstanding under the 2011 Plan.

The following table summarizes the stock option activity during the six months ended June 30, 2024:


	Stock Option Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value (in thousands)
Outstanding, January 1, 2024	4,579,659	$	14.11	8.37	$	25
Granted	1,461,715	1.87
Exercised	—	—
Expired/cancelled	(590,041)	11.41
Outstanding as of June 30, 2024	5,451,333	$	11.05	8.40	$	16
Options exercisable as of June 30, 2024	2,478,035	$	13.97	7.81	$	16
Vested and expected to vest as of June 30, 2024	5,451,333	$	11.05	8.40	$	16

As of June 30, 2024, there was $18.3 million of unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted average period of 2.1 years.

The total intrinsic value of the options exercised during the three months ended June 30, 2024, and 2023, was $0 and $0.2 million, respectively. The total intrinsic value of the options exercised during the six months ended June 30, 2024 and 2023 was $0 and $0.2 million, respectively.

As of June 30, 2024, and December 31, 2023, 466,938 and 657,734 shares were reserved for issuance under the 2021 Plan, respectively. As of June 30, 2024 and December 31, 2023, 110,000 shares were reserved for issuance under the 2023 Inducement Plan.

Restricted Stock Units

The value of restricted stock unit awards (RSUs) is based on the Company’s stock price on the date of grant. Employee grants vest over four years. Forfeitures of RSUs are recognized as they occur. The shares underlying the RSU awards are not issued until the RSUs vest. Upon vesting, each RSU converts into one share of the Company’s common stock.

Activity with respect to the Company’s restricted stock units during the six months ended June 30, 2024 is as follows:


	Shares	Weighted Average Grant Date Fair Value
Nonvested shares at January 1, 2024	32,558	$	4.30
Granted	308,700	1.92
Vested/Issued	—	—
Forfeited	(7,410)	1.92
Nonvested shares at current period end	333,848	$	2.15

As of June 30, 2024 there was $0.6 million of unrecognized compensation cost related to restricted stock units, which is expected to be recognized over a weighted average period of 3.45 years.

Compensation Expense Summary

The Company recognized the following compensation cost related to employee and non-employee share-based compensation activity for the periods presented (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Selling, general and administrative	$	1,772	$	1,846	$	4,114	$	3,486
Research and development	1,067		1,208		2,314		2,308
Total	$	2,839	$	3,054	$	6,428	$	5,794

The Company uses the Black-Scholes option pricing model to determine the estimated fair value for share-based option awards. Option pricing and models require the input of various assumptions, including the option’s expected life, expected dividend yield, price volatility and risk-free interest rate of the underlying stock. Forfeitures are recognized and accounted for as they occur.

The calculation was based on the following assumptions:


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Weighted average grant date fair value (per share)	$1.27	$6.07	$1.39	$7.95
Risk-free interest rate	4.27% - 4.29%	3.47% - 3.85%	4.13% - 4.29%	3.42% - 4.17%
Expected volatility	89.96% - 90.53%	91.54% - 99.29%	89.22% - 91.46%	89.94% - 99.29%
Expected term (in years)	5.50 - 6.06	5.50 - 6.08	5.00 - 6.08	5.50 - 6.08
Expected dividend yield	—	—	—	—

The Company determines the assumptions used in the option pricing model in the following manner:

Risk-Free Interest Rate – For the determination of the risk-free interest rates, the Company utilizes the U.S. Treasury yield curve for instruments in effect at the time of measurement with a term commensurate with the expected term assumption.

Expected Volatility – The Company based its estimate of expected volatility on a weighted average using the Company's limited historical stock price volatility data, supplemented with the estimated and expected volatilities of a guideline group of publicly traded companies. For these analyses, the Company selected companies with comparable characteristics including enterprise value, risk profiles, and with historical share price information sufficient to meet the expected life of the share-based awards. The Company computes the historical volatility data using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of its share-based awards. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available.

Expected Dividend – The expected dividend yield is assumed to be zero because the Company has never paid dividends and does not have current plans to pay any dividends on its common stock.

Expected Term – The Company estimates the expected term of its stock options granted to employees and non-employee directors using the simplified method, whereby, the expected term equals the average of the vesting term and the original contractual term of the option. The Company utilizes this method since it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term.

Merger Warrants to Purchase Common Stock

The Company had warrants outstanding for the purchase of 29,167 shares of the Company’s common stock at both June 30, 2024, and December 31, 2023. These warrants were assumed in the Merger and were issued by Aerpio in October 2019, for the purchase of 40,000 shares (after taking into account the reverse stock split of the Company’s common stock at a ratio of 15:1 effected on August 26, 2021 immediately prior to the closing of the Merger (the "Reverse Stock Split")) of the Company’s common stock at an exercise price of $7.29 per share (after taking into account the Reverse Stock Split). These warrants were fully vested as of the date of the Merger and expire on October 24, 2024. No warrants were exercised during the six months ended June 30, 2024. At the grant date, the fair value of these awards was determined using a Black-Scholes option pricing model.

The number of shares and the exercise price shall be adjusted for standard anti-dilution events such as stock splits, combinations, reorganizations, or issue shares as part of a stock dividend. The warrants meet the criteria to be classified within stockholders’ equity.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements, and the related disclosures, have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and U.S. Securities and Exchange Commission ("SEC") regulations and, in the opinion of management include all adjustments necessary for a fair presentation of the results of operations, financial position, changes in stockholders’ equity and cash flows for each period presented. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). All adjustments are of a normal recurring nature. The Company’s condensed consolidated financial statements are stated in U.S. dollars. Certain prior year amounts have been reclassified to conform to the current year presentation. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, the accompanying unaudited interim financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2023, which are included in the Company’s Annual Report on Form 10-K filed with the SEC on March 13, 2024.
Comprehensive Loss	Comprehensive Loss Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on short-term investments. Comprehensive loss has been reflected in the condensed consolidated statements of operations and comprehensive loss for all periods presented.
Segment Information	Segment Information Operating segments are defined as components of an enterprise 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 has identified its Chief Executive Officer as the chief operating decision maker and the Company views its operations and manages its business in one operating segment, which is the business of developing and commercializing proprietary therapeutics. All the assets and operations of the Company’s sole operating and reportable segment are located in the United States.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities in the Company’s condensed consolidated financial statements and accompanying notes. In the opinion of management, all adjustments that are considered necessary for fair presentation have been included. The most significant estimates in the Company’s condensed consolidated financial statements relate to gross-to-net accruals, share-based compensation expense and accrued research and development costs. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents and available-for-sale marketable debt securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. While the Company has not experienced any losses in such deposits, the recent failure of Silicon Valley Bank, at which the Company holds cash and cash equivalents in multiple accounts, exposed the Company to credit risk prior to the resolution by the Federal Deposit Insurance Corporation in a manner that fully protected all depositors. The Company has not experienced any losses on deposits since inception. The Company’s accounts receivable are derived from customers located in the United States. The Company performs ongoing credit evaluations of its customers and maintains allowances for potential credit losses on customers’ accounts when deemed necessary. The Company does not typically require collateral from its customers. Credit losses historically have not been material. The Company continuously monitors customer payments and maintains an allowance for credit losses based on its assessment of various factors including historical experience, age of the receivable balances, and other current economic conditions or other factors that may affect customers’ ability to pay.
Cash and Cash Equivalents	Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid marketable securities purchased with original maturities of three months or less at the time of purchase date to be cash equivalents.
Restricted Cash	Restricted cash consists of a letter of credit secured by restricted cash in connection with one of the Company's office leases and is included in other assets on the condensed consolidated balance sheets.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The accounting guidance defines fair value, establishes a consistent framework for measuring fair value, and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs, such as quoted prices in active markets Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions which reflect those that a market participant would use Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. In determining the fair value of its financial instruments, the Company considers the source of observable market data inputs, liquidity of the instrument, the credit risk of the counterparty to the contract, and its risk of nonperformance. In the case fair value is not observable, for the items subject to fair value measurements, the Company applies valuation techniques deemed the most appropriate under the GAAP guidance based on the nature of the assets and liabilities being measured. The carrying amounts of cash equivalents, accounts receivable, accounts payable, accrued liabilities, and due to licensor payable are reasonable estimates of their fair value because of the short maturity of these items.
Short-Term Investments	Short-Term Investments The Company invests in various types of securities, including United States government treasury bills, commercial paper, corporate debt securities, and government agency bonds. The Company classifies its investments as available-for-sale and records them at fair value based upon market prices at period end. Unrealized gains and losses that are deemed temporary in nature are recorded in accumulated other comprehensive loss as a separate component of stockholders' equity. Dividend and interest income are recognized when earned. The Company recognizes purchase premiums and discounts as interest income using the interest method over the terms of the securities. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of investments sold. The Company classifies short-term investments with remaining maturities greater than one year as current assets because such short-term investments are available to fund the Company’s current operations. At each balance sheet date, the Company assesses available-for-sale securities in an unrealized loss position to determine whether the decline in fair value below amortized cost is a result of credit losses or other factors, whether the Company expects to recover the amortized cost of the security, the Company's intent to sell and if it is more likely than not that the Company will be required to sell the securities before the recovery of amortized cost. The Company records changes in allowance for expected credit loss in other income (expense), net. There has been no allowance for expected credit losses recorded during any of the periods presented. See Note 4 for further information.
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable are recorded net of customer allowances for chargebacks and allowance for credit losses. Allowance for chargebacks is based on contractual terms. The Company estimates the allowance for credit losses based on existing contractual payment terms, actual payment patterns of its customers, individual customer circumstances and credit loss. Receivables are recorded to an allowance for credit loss when it is probable that amounts will not be collected based on terms of the customer contracts.
Inventory	Inventory Inventory is stated at the lower of cost or estimated net realizable value. The Company uses actual costing methodology determined on a first-in, first-out method. The Company capitalizes inventory costs associated with its products based upon regulatory approval when, based on management’s judgment, future commercialization is considered probable and the future economic benefit is expected to be realized; otherwise, such costs are expensed.
Property and Equipment, Net	Property and Equipment, Net Property and equipment, consisting of computers and software, construction in process, furniture and fixtures, lab equipment, and leasehold improvements are stated at cost, less accumulated depreciation. Property and equipment is depreciated using the straight-line method over the estimated useful lives of the assets, generally three to five years. Such costs are periodically reviewed for recoverability when impairment indicators are present.
Leases	Leases At the inception of a contractual arrangement, the Company determines whether the contract contains a lease by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset in exchange for consideration over a period of time. If both criteria are met, the Company records the associated lease liability and corresponding right-of-use asset upon commencement of the lease using the implicit rate or a discount rate based on a credit-adjusted secured borrowing rate commensurate with the term of the lease. The Company does not recognize assets or liabilities for leases with lease terms of less than 12 months. The Company additionally evaluates leases at their inception to determine if they are to be accounted for as an operating lease or a finance lease. A lease is accounted for as a finance lease if it meets one of the following five criteria: (i) the lease has a purchase option that is reasonably certain of being exercised, (ii) the present value of the future cash flows is substantially all of the fair market value of the underlying asset, (iii) the lease term is for a significant portion of the remaining economic life of the underlying asset, (iv) the title to the underlying asset transfers at the end of the lease term, or (v) if the underlying asset is of such a specialized nature that it is expected to have no alternative uses to the lessor at the end of the term. Leases that do not meet the finance lease criteria are accounted for as an operating lease. Operating lease assets represent a right to use an underlying asset for the lease term and operating lease liabilities represent an obligation to make lease payments arising from the lease. Operating lease liabilities with a term greater than one year and their corresponding right-of-use assets are recognized at the commencement date of the lease based on the present value of lease payments over the expected lease term. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received. As the Company’s leases do not typically provide an implicit rate, the Company utilizes the appropriate incremental borrowing rate, determined as the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and in a similar economic environment. For finance leases, depreciation expense is recognized for the leased asset acquired and interest expense is recognized related to the portion of the financing in the condensed consolidated statements of operations and comprehensive loss. For operating leases, lease cost is recognized on a straight-line basis over the lease term and variable lease payments are recognized as operating expense in the period in which the obligation for those payments is incurred. Variable lease payments primarily include common area maintenance, utilities, real estate taxes, insurance, and other operating costs that are passed on from the lessor in proportion to the space leased by the Company. The Company has elected the practical expedient to not separate between lease and non-lease components.
Commitments and Contingencies	Commitments and Contingencies The Company recognizes a liability with regard to loss contingencies when it believes it is probable a liability has been incurred, and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount the Company accrues the minimum amount in the range. The Company has not recorded any such liabilities as of June 30, 2024 and December 31, 2023.
Revenue Recognition and Related Allowances	Revenue Recognition and Related Allowances The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”), the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Product Net Sales FYARRO was approved by the FDA in November 2021. On February 22, 2022, the Company launched sales of FYARRO to specialty distributors (“SDs”) and a specialty pharmacy (“SP”). The Company recognizes product sales when the SDs and SP obtain control of the product. Product sales are recorded at the net sales price, which includes provisions for the following allowances which are reflected either as a reduction to the related account receivable or as an accrued liability, depending on how the allowance is settled: Distribution Fees: Distribution fees include distribution service fees paid to the SDs and SP based on a contractually fixed percentage of the wholesale acquisition cost (“WAC”). Distribution fees are recorded as an offset to product sales based on contractual terms at the time revenue from the sale is recognized. Rebates: Allowance for rebates includes mandated discounts under the Medicaid Drug Rebate Program and TRICARE program. Rebates are amounts owed after the final dispensing of the product to a benefit plan participant and are based upon contractual agreements or statutory requirements. The allowance for rebates is based on contracted or statutory discount rates and expected utilization by benefit plan participants. The Company’s estimates for expected utilization of rebates are based on utilization data received from the SDs and SP since product launch. Rebates are generally invoiced and paid in arrears so that the accrual balance consists of an estimate of the amount expected to be incurred for the current quarter’s activity. If actual future rebates vary from estimates, the Company may need to adjust prior period accruals, which would affect product sales in the period of adjustment. Chargebacks: Chargebacks are discounts and fees that relate to contracts with government and other entities purchasing from the SDs and SP at a discounted price. The SDs and SP charge back to the Company the difference between the price initially paid by the SDs and SP and the discounted price paid to the SDs and SP by these entities. If actual future chargebacks vary from these estimates, the Company may need to adjust prior period accruals, which would affect product sales in the period of adjustment. Co-Payment Assistance: The Company offers co-payment assistance to commercially insured patients meeting certain eligibility requirements. Co-payment assistance is accrued at the time of product sale to SDs and SP based on estimated patient participation and average co-pay benefit to be paid per a claim. The Company estimated amounts are compared to actual program participation and co-pay amounts paid using data provided by third-party administrators. If actual amounts differ from the original estimates the assumptions being applied are updated and adjustment for prior period accruals will be adjusted in the current period. Product Returns: Consistent with industry practice, the Company offers the SDs and SP limited product return rights for damages, shipment errors, and expiring product, provided that the return is within a specified period around the product expiration date as set forth in the applicable individual distribution agreement. The Company does not allow product returns for product that has been dispensed to a patient. As the Company receives inventory reports from the SDs and SP and has the ability to control the amount of product that is sold to the SDs and SP the Company’s estimate of future potential product returns is based on the on-hand channel inventory data and sell-through data obtained from the SDs and SP. In arriving at its estimate, the Company also considers historical product returns, the underlying product demand, and industry data specific to the specialty pharmaceutical distribution industry.
Research and Development	Research and Development Research and development expenses consist of costs incurred in performing research and development activities, including salaries and benefits, materials and supplies, preclinical expenses, share-based compensation expense, contract services, and other external development expenses. The Company records research and development activities conducted by third-party service providers, which include work related to preclinical studies, clinical trials, and contract manufacturing activities, to research and development expense as incurred. The Company is required to estimate the amount of services provided but not yet invoiced and include these expenses in accrued expenses on the condensed consolidated balance sheets and within research and development expenses in the condensed consolidated statements of operations and comprehensive loss. These expenses are a significant component of the Company’s research and development expenses and require significant estimates and judgments. The Company accrues for these expenses based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers. As actual expenses become known, the Company adjusts its accrued expenses.
Share-Based Compensation and Employee Stock Purchase Plan	Share-Based Compensation The Company recognizes all share-based payments to employees, including grants of employee stock options and restricted stock units in the consolidated statements of operations and comprehensive loss based on their fair values. All of the Company’s share-based awards, to employees, non-employees, officers, and directors, are subject only to service-based vesting conditions. Compensation expense for awards to employees is calculated on a straight-line basis by recognizing the fair value over the associated service period of the award, which is generally the vesting term. Options granted during the year have a maximum contractual term of ten years. Employee Stock Purchase Plan Stock-based compensation expense for employee stock purchases under the Company’s 2021 Employee Stock Purchase Plan (the “2021 ESPP”) is recorded at the estimated fair value of the purchase as of the plan enrollment date and is recognized as an expense on a straight-line basis over the applicable six-month 2021 ESPP offering period.
Income Taxes	Income Taxes Income taxes have been accounted for using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates applicable 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. A valuation allowance against deferred tax assets is recorded if, based upon the weight of all available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position, as well as consideration of the available facts and circumstances. The Company recognizes interest and penalties related to uncertain tax positions, if any exist, in income tax expense.
Net Loss per Share Attributable to Common Stockholders	Net Loss per Share Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Basic and diluted weighted average shares of common stock outstanding for the three and six months ended June 30, 2024, includes the weighted average effect of 2,426,493 Pre-Funded Warrants, which were issued in September 2022, for the purchase of shares of common stock, for which the remaining unfunded exercise price is $0.0001 per share. See Note 8 for more information on the Pre-Funded Warrants. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares and common share equivalents outstanding for the period. Common stock equivalents are only included when their effect is dilutive. The Company’s potentially dilutive securities, which include outstanding stock options, restricted stock units, and warrants have been excluded from the computation of diluted net loss per share as they would be anti-dilutive.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The new standard requires a company to disclose incremental segment information on an annual and interim basis, including significant segment expenses and measures of profit or loss that are regularly provided to the chief operating decision maker. The standard is effective for the Company beginning in fiscal year 2024 and interim periods within fiscal year 2025, with early adoption permitted. The standard does not have an impact to the Company's condensed consolidated financial statements. In December 2023, the FASB also issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The new standard requires a company to expand its existing income tax disclosures, specifically related to the rate reconciliation and income taxes paid. The standard is effective for the Company beginning in fiscal year 2025, with early adoption permitted. The Company does not expect to early adopt the new standard. The new standard is expected to be applied prospectively, but retrospective application is permitted. The Company is currently evaluating the impact of ASU 2023-09 on the consolidated financial statements and related disclosures.

Employee Stock Purchase Plan - Schedule of Calculation Assumptions (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	5 years 6 months	5 years 6 months	5 years	5 years 6 months
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 21 days	6 years 29 days	6 years 29 days	6 years 29 days
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, Minimum	5.40%	4.40%	5.40%	4.40%
Risk-free interest rate, Maximum	5.41%	5.24%	5.41%	5.24%
Expected volatility, Minimum	60.99%	105.68%	60.99%	105.68%
Expected volatility, Maximum	140.00%	176.11%	140.00%	176.11%
Expected term (in years)	6 months	6 months	6 months	6 months
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Employee Stock Purchase Plan \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Strike price (per share)	$ 1.56	$ 5.98	$ 1.56	$ 5.98
Employee Stock Purchase Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Strike price (per share)	$ 4.00	$ 11.40	$ 4.00	$ 11.40

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 41,139	$ 62,888
Restricted cash, non-current	64	64
Total cash, cash equivalents and restricted cash	$ 41,203	$ 62,952	$ 68,226	$ 39,083

License Agreements (Details) - USD ($)				1 Months Ended			3 Months Ended		6 Months Ended
License Agreements (Details) - USD ($)	Nov. 22, 2021	Aug. 30, 2021	Dec. 08, 2020	Dec. 31, 2021	Jan. 31, 2021	Dec. 31, 2020	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 21, 2021
Capitalized Contract Cost [Line Items]
Royalties accrued on product sales							$ 500,000	$ 500,000	$ 900,000	$ 900,000
Upfront payment					$ 14,000,000.0
Total revenue						$ 14,000,000.0	6,179,000	6,202,000	11,532,000	12,069,000
Amount of certain development, regulatory, and sales milestones payments eligible to receive under license agreement			$ 257,000,000
Right to terminate the agreement			120 days
Celgene License Agreement
Capitalized Contract Cost [Line Items]
Payment of license fees		$ 5,800,000
Related party transaction, balloon payment interest rate per annum		4.00%
Celgene License Agreement \| EOC Pharma (Hong Kong) Limited
Capitalized Contract Cost [Line Items]
Payment received from license agreement					$ 14,000,000.0
Celgene License Agreement
Capitalized Contract Cost [Line Items]
Payments related to milestone							$ 0	$ 0	$ 0	$ 0
License fees, percentage of previously outstanding payment obligation		50.00%
Due to licensor		$ 5,800,000
Celgene License Agreement \| EOC Pharma (Hong Kong) Limited
Capitalized Contract Cost [Line Items]
Payments related to milestone				$ 1,000,000
Due to licensor											$ 200,000
Sublicense fees, percentage			20.00%	20.00%
Total revenue	$ 1,000,000

Nature of Organization and Operations (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		27 Months Ended	28 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Mar. 17, 2022
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Accumulated deficit	$ 301,835				$ 301,835		$ 301,835	$ 301,835	$ 268,963
Net loss	14,583	$ 18,289	$ 17,971	$ 15,223	32,872	$ 33,194
Cash, cash equivalents, and short-term investments	$ 78,600				$ 78,600		$ 78,600	$ 78,600
Sales Agreement
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Issuance of common stock (in shares)								0
Cowen and Company LLC \| Common Stock \| Sales Agreement
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Maximum aggregate offering prices										$ 75,000
Issuance of common stock (in shares)							0

- Definition

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

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The unaudited condensed consolidated financial statements, and the related disclosures, have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and U.S. Securities and Exchange

Commission ("SEC") regulations and, in the opinion of management include all adjustments necessary for a fair presentation of the results of operations, financial position, changes in stockholders’ equity and cash flows for each period presented. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). All adjustments are of a normal recurring nature. The Company’s condensed consolidated financial statements are stated in U.S. dollars. Certain prior year amounts have been reclassified to conform to the current year presentation.

Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, the accompanying unaudited interim financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2023, which are included in the Company’s Annual Report on Form 10-K filed with the SEC on March 13, 2024.

Comprehensive Loss

Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on short-term investments. Comprehensive loss has been reflected in the condensed consolidated statements of operations and comprehensive loss for all periods presented.

Segment Information

Operating segments are defined as components of an enterprise 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 has identified its Chief Executive Officer as the chief operating decision maker and the Company views its operations and manages its business in one operating segment, which is the business of developing and commercializing proprietary therapeutics. All the assets and operations of the Company’s sole operating and reportable segment are located in the United States.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities in the Company’s condensed consolidated financial statements and accompanying notes. In the opinion of management, all adjustments that are considered necessary for fair presentation have been included. The most significant estimates in the Company’s condensed consolidated financial statements relate to gross-to-net accruals, share-based compensation expense and accrued research and development costs. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions.

Concentration of Credit Risk

Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents and available-for-sale marketable debt securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. While the Company has not experienced any losses in such deposits, the recent failure of Silicon Valley Bank, at which the Company holds cash and cash equivalents in multiple accounts, exposed the Company to credit risk prior to the resolution by the Federal Deposit Insurance Corporation in a manner that fully protected all depositors. The Company has not experienced any losses on deposits since inception.

The Company’s accounts receivable are derived from customers located in the United States. The Company performs ongoing credit evaluations of its customers and maintains allowances for potential credit losses on customers’ accounts when deemed necessary. The Company does not typically require collateral from its customers. Credit losses historically have not been material. The Company continuously monitors customer payments and maintains an allowance for credit losses based on its assessment of various factors including historical experience, age of the receivable balances, and other current economic conditions or other factors that may affect customers’ ability to pay.

Customer Concentration

For the three months ended June 30, 2024 and 2023, two customers represented 58% and 41%, and 55% and 45% of the Company's revenue, respectively.

For the six months ended June 30, 2024 and 2023, two customers represented 55% and 44%, and 53% and 46% of the Company’s revenue, respectively.

Additionally, two customers accounted for 38% and 62% of net accounts receivable as of June 30, 2024.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid marketable securities purchased with original maturities of three months or less at the time of purchase date to be cash equivalents. Restricted cash consists of a letter of credit secured by restricted cash in connection with one of the Company's office leases and is included in other assets on the condensed consolidated balance sheets. Refer to Note 6 for further information over the Company's leases.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets (in thousands):


	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	41,139	$	62,888
Restricted cash, non-current	64		64
Total cash, cash equivalents and restricted cash	$	41,203	$	62,952

Fair Value of Financial Instruments

The accounting guidance defines fair value, establishes a consistent framework for measuring fair value, and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1: Observable inputs, such as quoted prices in active markets

Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions which reflect those that a market participant would use

Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels.

In determining the fair value of its financial instruments, the Company considers the source of observable market data inputs, liquidity of the instrument, the credit risk of the counterparty to the contract, and its risk of nonperformance. In the case fair value is not observable, for the items subject to fair value measurements, the Company applies valuation techniques deemed the most appropriate under the GAAP guidance based on the nature of the assets and liabilities being measured.

The carrying amounts of cash equivalents, accounts receivable, accounts payable, accrued liabilities, and due to licensor payable are reasonable estimates of their fair value because of the short maturity of these items.

Short-Term Investments

The Company invests in various types of securities, including United States government treasury bills, commercial paper, corporate debt securities, and government agency bonds. The Company classifies its investments as available-for-sale and records them at fair value based upon market prices at period end. Unrealized gains and losses that are deemed temporary in nature are recorded in accumulated other comprehensive loss as a separate component of stockholders' equity. Dividend and interest income are recognized when earned. The Company recognizes purchase premiums and discounts as interest income using the interest method over the terms of the securities. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of investments sold. The Company classifies

short-term investments with remaining maturities greater than one year as current assets because such short-term investments are available to fund the Company’s current operations.

At each balance sheet date, the Company assesses available-for-sale securities in an unrealized loss position to determine whether the decline in fair value below amortized cost is a result of credit losses or other factors, whether the Company expects to recover the amortized cost of the security, the Company's intent to sell and if it is more likely than not that the Company will be required to sell the securities before the recovery of amortized cost. The Company records changes in allowance for expected credit loss in other income (expense), net. There has been no allowance for expected credit losses recorded during any of the periods presented. See Note 4 for further information.

Accounts Receivable, Net

Accounts receivable are recorded net of customer allowances for chargebacks and allowance for credit losses. Allowance for chargebacks is based on contractual terms. The Company estimates the allowance for credit losses based on existing contractual payment terms, actual payment patterns of its customers, individual customer circumstances and credit loss. Receivables are recorded to an allowance for credit loss when it is probable that amounts will not be collected based on terms of the customer contracts. As of June 30, 2024 and December 31, 2023, recorded customer allowances for chargebacks were $0.1 million and $0.2 million, respectively. There were no allowances for credit losses and no receivables were written off for the periods ended June 30, 2024 and December 31, 2023, respectively.

Inventory

Inventory is stated at the lower of cost or estimated net realizable value. The Company uses actual costing methodology determined on a first-in, first-out method. The Company capitalizes inventory costs associated with its products based upon regulatory approval when, based on management’s judgment, future commercialization is considered probable and the future economic benefit is expected to be realized; otherwise, such costs are expensed.

Details of inventory are presented as follows (in thousands):


	June 30, 2024		December 31, 2023
Raw materials	$	3,989	$	4,640
Work in process	1,649		1,366
Finished goods	460		421
Total	$	6,098	$	6,427

Property and Equipment, Net

Property and equipment, consisting of computers and software, construction in process, furniture and fixtures, lab equipment, and leasehold improvements are stated at cost, less accumulated depreciation. Property and equipment is depreciated using the straight-line method over the estimated useful lives of the assets, generally three to five years. Such costs are periodically reviewed for recoverability when impairment indicators are present.

Details of property and equipment are presented as follows (in thousands):


	June 30, 2024		December 31, 2023
Computers and software	$	470	$	464
Construction in process	5,680		4,389
Furniture and fixtures	65		65
Lab equipment	25		25
Leasehold improvements	133		129
Total	$	6,373	$	5,072
Accumulated depreciation	(369)		(270)
Property and equipment, net	$	6,004	$	4,802

Construction in process mainly consists of lab, production, and testing equipment. Depreciation expense on property, plant, and equipment amounted to $50,000 and $43,000 for the three months ended June 30, 2024 and 2023, respectively.

Depreciation expense on property, plant, and equipment amounted to $99,000 and 81,000 for the six months ended June 30, 2024 and 2023, respectively

Leases

At the inception of a contractual arrangement, the Company determines whether the contract contains a lease by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset in exchange for consideration over a period of time. If both criteria are met, the Company records the associated lease liability and corresponding right-of-use asset upon commencement of the lease using the implicit rate or a discount rate based on a credit-adjusted secured borrowing rate commensurate with the term of the lease. The Company does not recognize assets or liabilities for leases with lease terms of less than 12 months.

The Company additionally evaluates leases at their inception to determine if they are to be accounted for as an operating lease or a finance lease. A lease is accounted for as a finance lease if it meets one of the following five criteria: (i) the lease has a purchase option that is reasonably certain of being exercised, (ii) the present value of the future cash flows is substantially all of the fair market value of the underlying asset, (iii) the lease term is for a significant portion of the remaining economic life of the underlying asset, (iv) the title to the underlying asset transfers at the end of the lease term, or (v) if the underlying asset is of such a specialized nature that it is expected to have no alternative uses to the lessor at the end of the term. Leases that do not meet the finance lease criteria are accounted for as an operating lease. Operating lease assets represent a right to use an underlying asset for the lease term and operating lease liabilities represent an obligation to make lease payments arising from the lease. Operating lease liabilities with a term greater than one year and their corresponding right-of-use assets are recognized at the commencement date of the lease based on the present value of lease payments over the expected lease term.

Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received. As the Company’s leases do not typically provide an implicit rate, the Company utilizes the appropriate incremental borrowing rate, determined as the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and in a similar economic environment. For finance leases, depreciation expense is recognized for the leased asset acquired and interest expense is recognized related to the portion of the financing in the condensed consolidated statements of operations and comprehensive loss. For operating leases, lease cost is recognized on a straight-line basis over the lease term and variable lease payments are recognized as operating expense in the period in which the obligation for those payments is incurred. Variable lease payments primarily include common area maintenance, utilities, real estate taxes, insurance, and other operating costs that are passed on from the lessor in proportion to the space leased by the Company. The Company has elected the practical expedient to not separate between lease and non-lease components.

Commitments and Contingencies

The Company recognizes a liability with regard to loss contingencies when it believes it is probable a liability has been incurred, and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount the Company accrues the minimum amount in the range. The Company has not recorded any such liabilities as of June 30, 2024 and December 31, 2023.

Revenue Recognition and Related Allowances

The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”), the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

Product Net Sales

FYARRO was approved by the FDA in November 2021. On February 22, 2022, the Company launched sales of FYARRO to specialty distributors (“SDs”) and a specialty pharmacy (“SP”). The Company recognizes product sales when the SDs

and SP obtain control of the product. Product sales are recorded at the net sales price, which includes provisions for the following allowances which are reflected either as a reduction to the related account receivable or as an accrued liability, depending on how the allowance is settled:

Distribution Fees: Distribution fees include distribution service fees paid to the SDs and SP based on a contractually fixed percentage of the wholesale acquisition cost (“WAC”). Distribution fees are recorded as an offset to product sales based on contractual terms at the time revenue from the sale is recognized.

Rebates: Allowance for rebates includes mandated discounts under the Medicaid Drug Rebate Program and TRICARE program. Rebates are amounts owed after the final dispensing of the product to a benefit plan participant and are based upon contractual agreements or statutory requirements. The allowance for rebates is based on contracted or statutory discount rates and expected utilization by benefit plan participants. The Company’s estimates for expected utilization of rebates are based on utilization data received from the SDs and SP since product launch. Rebates are generally invoiced and paid in arrears so that the accrual balance consists of an estimate of the amount expected to be incurred for the current quarter’s activity. If actual future rebates vary from estimates, the Company may need to adjust prior period accruals, which would affect product sales in the period of adjustment.

Chargebacks: Chargebacks are discounts and fees that relate to contracts with government and other entities purchasing from the SDs and SP at a discounted price. The SDs and SP charge back to the Company the difference between the price initially paid by the SDs and SP and the discounted price paid to the SDs and SP by these entities. If actual future chargebacks vary from these estimates, the Company may need to adjust prior period accruals, which would affect product sales in the period of adjustment.

Co-Payment Assistance: The Company offers co-payment assistance to commercially insured patients meeting certain eligibility requirements. Co-payment assistance is accrued at the time of product sale to SDs and SP based on estimated patient participation and average co-pay benefit to be paid per a claim. The Company estimated amounts are compared to actual program participation and co-pay amounts paid using data provided by third-party administrators. If actual amounts differ from the original estimates the assumptions being applied are updated and adjustment for prior period accruals will be adjusted in the current period.

Product Returns: Consistent with industry practice, the Company offers the SDs and SP limited product return rights for damages, shipment errors, and expiring product, provided that the return is within a specified period around the product expiration date as set forth in the applicable individual distribution agreement. The Company does not allow product returns for product that has been dispensed to a patient. As the Company receives inventory reports from the SDs and SP and has the ability to control the amount of product that is sold to the SDs and SP the Company’s estimate of future potential product returns is based on the on-hand channel inventory data and sell-through data obtained from the SDs and SP. In arriving at its estimate, the Company also considers historical product returns, the underlying product demand, and industry data specific to the specialty pharmaceutical distribution industry.

The total amount deducted from gross product sales for the allowances described above for the three months ended June 30, 2024, and 2023, was $1.9 million and $1.1 million, respectively, and for the six months ended June 30, 2024 and 2023 was $3.0 million and $2.1 million, respectively.

The following table sets forth the changes in the accrued revenue allowances (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Balance at beginning of period	$	857	$	1,916	$	1,065	$	1,434
Provision for Current Period Sales	1,901		1,094		2,985		2,130
Payments	(1,469)		(1,083)		(2,761)		(1,637)
Balance at end of period	$	1,289	$	1,927	$	1,289	$	1,927

Research and Development

Research and development expenses consist of costs incurred in performing research and development activities, including salaries and benefits, materials and supplies, preclinical expenses, share-based compensation expense, contract services, and other external development expenses. The Company records research and development activities conducted by third-party service providers, which include work related to preclinical studies, clinical trials, and contract manufacturing activities, to research and development expense as incurred. The Company is required to estimate the amount of services provided but not yet invoiced and include these expenses in accrued expenses on the condensed consolidated balance sheets and within research and development expenses in the condensed consolidated statements of operations and comprehensive loss. These expenses are a significant component of the Company’s research and development expenses

and require significant estimates and judgments. The Company accrues for these expenses based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers. As actual expenses become known, the Company adjusts its accrued expenses.

Share-Based Compensation

The Company recognizes all share-based payments to employees, including grants of employee stock options and restricted stock units in the consolidated statements of operations and comprehensive loss based on their fair values. All of the Company’s share-based awards, to employees, non-employees, officers, and directors, are subject only to service-based vesting conditions. Compensation expense for awards to employees is calculated on a straight-line basis by recognizing the fair value over the associated service period of the award, which is generally the vesting term. Options granted during the year have a maximum contractual term of ten years.

Employee Stock Purchase Plan

Stock-based compensation expense for employee stock purchases under the Company’s 2021 Employee Stock Purchase Plan (the “2021 ESPP”) is recorded at the estimated fair value of the purchase as of the plan enrollment date and is recognized as an expense on a straight-line basis over the applicable six-month 2021 ESPP offering period.

Income Taxes

Income taxes have been accounted for using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates applicable 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. A valuation allowance against deferred tax assets is recorded if, based upon the weight of all available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position, as well as consideration of the available facts and circumstances. The Company recognizes interest and penalties related to uncertain tax positions, if any exist, in income tax expense.

Net Loss per Share

Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Basic and diluted weighted average shares of common stock outstanding for the three and six months ended June 30, 2024, includes the weighted average effect of 2,426,493 Pre-Funded Warrants, which were issued in September 2022, for the purchase of shares of common stock, for which the remaining unfunded exercise price is $0.0001 per share. See Note 8 for more information on the Pre-Funded Warrants.

Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares and common share equivalents outstanding for the period. Common stock equivalents are only included when their effect is dilutive. The Company’s potentially dilutive securities, which include outstanding stock options, restricted stock units, and warrants have been excluded from the computation of diluted net loss per share as they would be anti-dilutive.

The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because their inclusion would be anti-dilutive:


	Six Months Ended June 30,
	2024	2023
Options to purchase common stock	5,451,333	4,085,366
Restricted Stock Units to acquire common stock	333,848	—
Warrants to purchase common stock	29,167	29,167

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The new standard requires a company to disclose incremental segment information on an annual and interim basis, including significant segment expenses and measures of profit or loss that are regularly provided to the chief operating decision maker. The standard is effective for the Company beginning in fiscal year 2024 and interim periods

within fiscal year 2025, with early adoption permitted. The standard does not have an impact to the Company's condensed consolidated financial statements.

In December 2023, the FASB also issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The new standard requires a company to expand its existing income tax disclosures, specifically related to the rate reconciliation and income taxes paid. The standard is effective for the Company beginning in fiscal year 2025, with early adoption permitted. The Company does not expect to early adopt the new standard. The new standard is expected to be applied prospectively, but retrospective application is permitted. The Company is currently evaluating the impact of ASU 2023-09 on the consolidated financial statements and related disclosures.

Summary of Significant Accounting Policies - Schedule of Gross-to-Net Sales Adjustments (Details) - Product Sales Allowance - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 857	$ 1,916	$ 1,065	$ 1,434
Provision for Current Period Sales	1,901	1,094	2,985	2,130
Payments	(1,469)	(1,083)	(2,761)	(1,637)
Balance at end of period	$ 1,289	$ 1,927	$ 1,289	$ 1,927

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded no income tax expense for the three and six months ended June 30, 2024 and June 30, 2023. The Company continues to maintain a full valuation allowance.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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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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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Share-Based Compensation - Schedule of Recognized Compensation Cost Related to Employee and Non-employee Stock-Based Compensation Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 2,839	$ 3,054	$ 6,428	$ 5,794
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	1,772	1,846	4,114	3,486
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 1,067	$ 1,208	$ 2,314	$ 2,308

Operating Leases - Schedule of Information Related to Lease (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Operating lease right-of-use assets	$ 982	$ 1,169
Liabilities:
Operating lease liabilities, current	374	434
Operating lease liabilities, non-current	682	833
Total operating lease liabilities	$ 1,056	$ 1,267

Employee Stock Purchase Plan (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The calculation was based on the following assumptions:


	Three and Six Months Ended June 30, 2024	Three and Six Months Ended June 30, 2023

Strike price (per share)	$1.56 - $4.00	$5.98 - $11.40
Risk-free interest rate	5.40% - 5.41%	4.40% - 5.24%
Expected volatility	60.99% - 140.00%	105.68% - 176.11%
Expected term (in years)	0.5	0.5
Expected dividend yield	—	—

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Total revenue	$ 6,179	$ 6,202	$ 11,532	$ 12,069
Operating expenses
Selling, general and administrative	7,892	11,776	18,512	22,983
Research and development	13,093	13,315	26,686	24,271
Cost of goods sold	778	656	1,430	1,185
Total operating expenses	21,763	25,747	46,628	48,439
Loss from operations	(15,584)	(19,545)	(35,096)	(36,370)
Other income (expense)
Foreign exchange loss	(2)	(3)	(3)	(3)
Interest income	1,061	1,635	2,343	3,295
Interest expense	(58)	(58)	(116)	(116)
Total other income (expense), net	1,001	1,574	2,224	3,176
Net loss	(14,583)	(17,971)	(32,872)	(33,194)
Other comprehensive loss:
Unrealized (loss) income on available-for-sale debt securities	(19)	(12)	(54)	71
Comprehensive loss	$ (14,602)	$ (17,983)	$ (32,926)	$ (33,123)
Net loss per share, basic (in dollars per share)	$ (0.54)	$ (0.67)	$ (1.22)	$ (1.23)
Net loss per share, diluted (in dollars per share)	$ (0.54)	$ (0.67)	$ (1.22)	$ (1.23)
Weighted-average number of common shares outstanding, basic (in shares)	27,010,013	26,879,089	26,995,356	26,878,672
Weighted-average number of common shares outstanding, diluted (in shares)	27,010,013	26,879,089	26,995,356	26,878,672
Product sales, net
Total revenue	$ 6,179	$ 6,202	$ 11,532	$ 12,069

Share-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 26, 2021 shares	Feb. 28, 2017	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Jan. 01, 2024 shares	Dec. 31, 2023 shares	Sep. 27, 2023 shares	Jan. 01, 2023 shares	Oct. 31, 2019 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares outstanding (in shares)			5,451,333		5,451,333			4,579,659
Intrinsic value of options exercised \| $			$ 0.0	$ 0.2	$ 0.0	$ 0.2
Expected dividend yield			0.00%	0.00%	0.00%	0.00%
Warrants outstanding (in shares)			29,167		29,167			29,167
Number of warrants issued to purchase common stock (in shares)											40,000
Reverse stock split ratio	0.0667
Warrants exercise price (in dollars per share) \| $ / shares											$ 7.29
Number of warrants exercised (in shares)					0
Restricted Stock Units to acquire common stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period					4 years
Weighted average period expected to be recognized					3 years 5 months 12 days
Unrecognized compensation cost \| $			$ 0.6		$ 0.6
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Term of options granted					10 years
2014 Private Aadi Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares available for issuance (in shares)			0		0
Vesting period		4 years
Shares outstanding (in shares)			256,456		256,456
2014 Private Aadi Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Term of options granted		10 years
2011 Plan and 2017 Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options or similar awards granted, assumed through merger (in shares)					0
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares available for issuance (in shares)	2,070,784		466,938		466,938		982,168	657,734		977,400
Percentage applied to the outstanding shares as annual increase in number of shares authorized for issuance	4.00%
Shares outstanding (in shares)			5,000,804		5,000,804
Unrecognized compensation cost related to stock options \| $			$ 18.3		$ 18.3
Weighted average period expected to be recognized					2 years 1 month 6 days
2021 Equity Incentive Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options or similar awards granted, assumed through merger (in shares)	764,154
2023 Inducement Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares available for issuance (in shares)			110,000		110,000			110,000	600,000
Shares outstanding (in shares)			490,000		490,000
Aerpio 2017 Stock Option and Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares outstanding (in shares)			37,921		37,921
Aerpio 2011 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares outstanding (in shares)			0		0

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Accrued clinical and contract manufacturing expense	$ 6.5		$ 6.5		$ 5.7
Purchase commitments to be paid	4.6		4.6
Incurred collaboration and supply agreement expense	$ 0.5	$ 0.2	$ 0.7	$ 0.5

Employee Stock Purchase Plan - Additional Information (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Aug. 17, 2021	Jun. 30, 2024	Dec. 31, 2023	Jan. 01, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock plan offering period		6 months
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum employee contribution	15.00%
Offering period	6 months	6 months
Purchase price percent of shares	85.00%
Common stock shares available for issuance (in shares)	519,563			245,542
Maximum number of shares provided for issuance (in shares)	310,617
Percentage of annual increase in number of shares reserved for issuance	1.00%
Common stock available from issuance (in shares)		844,059	659,146
Employee stock purchase plan liability		$ 43	$ 100
Issuance of shares under the employee stock purchase plan (in shares)		60,629	77,565