0001558370-22-016275 | 10-Q | XBRL Viewer

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Nov. 01, 2022
Cover Abstract
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-38905
Entity Registrant Name	NextCure, Inc.
Entity Central Index Key	0001661059
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-5231247
Entity Address, Address Line One	9000 Virginia Manor Road
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Beltsville
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20705
City Area Code	240
Local Phone Number	399-4900
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	NXTC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		27,774,536
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 31,050	$ 12,337
Marketable securities	138,164	207,254
Restricted cash	39	39
Prepaid expenses and other current assets	6,062	8,187
Total current assets	175,315	227,817
Property and equipment, net	12,125	13,992
Other assets	2,469	577
Total assets	189,909	242,386
Current liabilities:
Accounts payable	1,846	1,942
Accrued liabilities	3,943	4,449
Deferred rent, current portion	102	217
Total current liabilities	5,891	6,608
Deferred rent, net of current portion	2,477	2,392
Total liabilities	8,368	9,000
Stockholders' equity
Preferred stock; par value of $0.001 per share; 10,000,000 shares authorized at September 30, 2022 and December 31, 2021, No shares issued and outstanding at September 30, 2022 and December 31, 2021
Common stock, par value of $0.001 per share; 100,000,000 shares authorized at September 30, 2022 and December 31, 2021. 27,748,844 and 27,680,997 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	28	28
Additional paid-in capital	428,368	421,047
Accumulated other comprehensive loss	(2,396)	(663)
Accumulated deficit	(244,459)	(187,026)
Total stockholders' equity	181,541	233,386
Total liabilities and stockholders' equity	$ 189,909	$ 242,386

CONDENSED BALANCE SHEETS - (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
CONDENSED BALANCE SHEETS
Preferred stock, par value per share	$ 0.001	$ 0.001
Preferred stock, number of shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value per share	$ 0.001	$ 0.001
Common stock, number of shares authorized	100,000,000	100,000,000
Common stock, shares issued	27,748,844	27,680,997
Common stock, shares outstanding	27,748,844	27,680,997

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating expenses:
Research and development	$ 13,528	$ 13,597	$ 41,377	$ 37,928
General and administrative	5,711	4,911	16,761	15,766
Total operating expenses	19,239	18,508	58,138	53,694
Loss from operations	(19,239)	(18,508)	(58,138)	(53,694)
Other income, net	328	578	705	1,244
Net loss	$ (18,911)	$ (17,930)	$ (57,433)	$ (52,450)
Net loss per common share
Basic (in dollars per share)	$ (0.68)	$ (0.65)	$ (2.07)	$ (1.90)
Diluted (in dollars per share)	$ (0.68)	$ (0.65)	$ (2.07)	$ (1.90)
Weighted average shares outstanding
Basic (in shares)	27,748,844	27,615,038	27,734,271	27,607,685
Diluted (in shares)	27,748,844	27,615,038	27,734,271	27,607,685
Comprehensive loss:
Net loss	$ (18,911)	$ (17,930)	$ (57,433)	$ (52,450)
Unrealized gain (loss) on marketable securities	(56)	66	(1,733)	(908)
Total comprehensive loss	$ (18,967)	$ (17,864)	$ (59,166)	$ (53,358)

CONDENSED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total
Balance at the beginning at Dec. 31, 2020	$ 28	$ 410,551	$ 779	$ (117,637)	$ 293,721
Balance at the beginning (in shares) at Dec. 31, 2020	27,568,802
Increase (Decrease) in Stockholders' Deficit
Stock based compensation		2,508			2,508
Exercise of stock options		63			63
Exercise of stock options (in shares)	35,615
Unrealized gain (loss) on marketable securities, net of tax $0			(600)		(600)
Net loss				(16,533)	(16,533)
Balance at the end at Mar. 31, 2021	$ 28	413,122	179	(134,170)	279,159
Balance at the end (in shares) at Mar. 31, 2021	27,604,417
Balance at the beginning at Dec. 31, 2020	$ 28	410,551	779	(117,637)	293,721
Balance at the beginning (in shares) at Dec. 31, 2020	27,568,802
Increase (Decrease) in Stockholders' Deficit
Net loss					(52,450)
Balance at the end at Sep. 30, 2021	$ 28	418,414	(129)	(170,087)	248,226
Balance at the end (in shares) at Sep. 30, 2021	27,619,763
Balance at the beginning at Mar. 31, 2021	$ 28	413,122	179	(134,170)	279,159
Balance at the beginning (in shares) at Mar. 31, 2021	27,604,417
Increase (Decrease) in Stockholders' Deficit
Stock based compensation		2,787			2,787
Exercise of stock options		13			13
Exercise of stock options (in shares)	7,138
Unrealized gain (loss) on marketable securities, net of tax $0			(374)		(374)
Net loss				(17,987)	(17,987)
Balance at the end at Jun. 30, 2021	$ 28	415,922	(195)	(152,157)	263,598
Balance at the end (in shares) at Jun. 30, 2021	27,611,555
Increase (Decrease) in Stockholders' Deficit
Stock based compensation		2,483			2,483
Exercise of stock options		9			9
Exercise of stock options (in shares)	8,208
Unrealized gain (loss) on marketable securities, net of tax $0			66		66
Net loss				(17,930)	(17,930)
Balance at the end at Sep. 30, 2021	$ 28	418,414	(129)	(170,087)	248,226
Balance at the end (in shares) at Sep. 30, 2021	27,619,763
Balance at the beginning at Dec. 31, 2021	$ 28	421,047	(663)	(187,026)	$ 233,386
Balance at the beginning (in shares) at Dec. 31, 2021	27,680,997				27,680,997
Increase (Decrease) in Stockholders' Deficit
Stock based compensation		2,628			$ 2,628
Exercise of stock options		60			60
Exercise of stock options (in shares)	44,165
Unrealized gain (loss) on marketable securities, net of tax $0			(1,536)		(1,536)
Net loss				(20,602)	(20,602)
Balance at the end at Mar. 31, 2022	$ 28	423,735	(2,199)	(207,628)	213,936
Balance at the end (in shares) at Mar. 31, 2022	27,725,162
Balance at the beginning at Dec. 31, 2021	$ 28	421,047	(663)	(187,026)	$ 233,386
Balance at the beginning (in shares) at Dec. 31, 2021	27,680,997				27,680,997
Increase (Decrease) in Stockholders' Deficit
Net loss					$ (57,433)
Balance at the end at Sep. 30, 2022	$ 28	428,368	(2,396)	(244,459)	$ 181,541
Balance at the end (in shares) at Sep. 30, 2022	27,748,844				27,748,844
Balance at the beginning at Mar. 31, 2022	$ 28	423,735	(2,199)	(207,628)	$ 213,936
Balance at the beginning (in shares) at Mar. 31, 2022	27,725,162
Increase (Decrease) in Stockholders' Deficit
Stock based compensation		2,242			2,242
Exercise of stock options		6			6
Exercise of stock options (in shares)	6,255
Issuance of shares under ESPP		73			73
Issuance of shares under ESPP (in shares)	17,427
Unrealized gain (loss) on marketable securities, net of tax $0			(141)		(141)
Net loss				(17,920)	(17,920)
Balance at the end at Jun. 30, 2022	$ 28	426,056	(2,340)	(225,548)	198,196
Balance at the end (in shares) at Jun. 30, 2022	27,748,844
Increase (Decrease) in Stockholders' Deficit
Stock based compensation		2,312			2,312
Unrealized gain (loss) on marketable securities, net of tax $0			(56)		(56)
Net loss				(18,911)	(18,911)
Balance at the end at Sep. 30, 2022	$ 28	$ 428,368	$ (2,396)	$ (244,459)	$ 181,541
Balance at the end (in shares) at Sep. 30, 2022	27,748,844				27,748,844

CONDENSED STATEMENTS OF STOCKHOLDERS EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
CONDENSED STATEMENTS OF STOCKHOLDERS EQUITY
Unrealized gain (loss) on marketable securities, tax expense (benefit)	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (57,433)	$ (52,450)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,117	3,136
Amortization of premiums and discounts on marketable securities	2,594	1,957
Stock-based compensation	7,182	7,778
Changes in operating assets and liabilities:
Prepaid expenses and other assets	234	(4,365)
Accounts payable	(95)	(955)
Accrued liabilities	(506)	(395)
Deferred rent	(30)	1,499
Net cash used in operating activities	(44,937)	(43,795)
Cash flows from investing activities:
Maturities of marketable securities	78,029	171,037
Purchases of marketable securities	(13,267)	(121,900)
Purchases of property and equipment	(1,251)	(1,535)
Net cash provided by investing activities	63,511	47,602
Cash flows from financing activities:
Proceeds from exercise of stock options	66	85
Proceeds from shares issued under ESPP	73
Payments of the term loan		(3,473)
Net cash provided by (used in) financing activities	139	(3,388)
Net increase in cash, cash equivalents and restricted cash	18,713	419
Cash, cash equivalents and restricted cash - beginning of period	12,376	36,284
Cash, cash equivalents and restricted cash - end of period	31,089	36,703
Supplemental disclosures of cash flow information:
Cash paid for interest	$ 68	$ 139

Nature of the Business

9 Months Ended

Sep. 30, 2022

Nature of the Business

Nature of the Business

1. Nature of the Business

Organization

NextCure, Inc. (“NextCure” or the “Company”) was incorporated in Delaware in September 2015 and is headquartered in Beltsville, Maryland. The Company is a clinical-stage biopharmaceutical company committed to discovering and developing novel, first-in-class immunomedicines to treat cancer and other immune-related diseases by restoring normal immune function. Through its proprietary Functional, Integrated, NextCure Discovery in Immuno-Oncology (“FIND-IO”) platform, the Company studies various immune cells in order to discover and understand targets and structural components of immune cells and their functional impact in order to develop immunomedicines. Since inception, the Company has devoted substantially all its efforts and financial resources to organizing and staffing the Company, identifying business development opportunities, raising capital, securing intellectual property rights related to the Company’s product candidates, building and optimizing the Company’s manufacturing capabilities and conducting discovery, research and development activities for the Company’s product candidates, discovery programs and its FIND-IO platform.

Liquidity

The Company has not generated any revenue to date from product sales and does not expect to generate any revenues from product sales in the foreseeable future. Through September 30, 2022, the Company has funded its operations primarily with proceeds from public offerings of its common stock, private placements of its preferred stock and upfront fees received under the Company’s former agreement with Eli Lilly and Company, which was terminated in March 2020. The Company expects to incur additional operating losses and negative operating cash flows for the foreseeable future.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2022

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

There have been no material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “Annual Report”).

Basis of Presentation

The unaudited condensed financial statements include the accounts of NextCure and have been prepared by the Company in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these condensed financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto in the Annual Report.

Unaudited Financial Information

In the opinion of management, the information furnished reflects certain adjustments, all which are of a normal and recurring nature and are necessary for a fair presentation of the Company’s financial position as of the reported balance sheet date and of the Company’s results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of assets and liabilities as of the date of the condensed financial statements, and the reported amounts of revenues and expenses during the reporting periods. Although actual results could differ from those estimates, management does not believe that such differences would be material.

Recently Issued Accounting Pronouncements

The Company qualifies as an emerging growth company (“EGC”) as defined under the Jumpstart Our Business Startups Act (the “JOBS Act”). Using exemptions provided under the JOBS Act provided to EGCs, the Company has elected to defer compliance with new or revised financial accounting standards until it is required to comply with such standards, which is generally consistent with required adoption dates of private companies.

The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). All other ASUs issued subsequent to the filing of the Company’s Annual Report were assessed and determined to be either inapplicable or not expected to have a material impact on the Company’s financial position or results of operations.

Restricted Cash

9 Months Ended

Sep. 30, 2022

Restricted Cash.

Restricted Cash

3. Restricted Cash

The following table reconciles cash and cash equivalents and restricted cash per the balance sheet to the condensed statement of cash flows:


	September 30,		December 31,
(in thousands)	2022		2021
Cash and cash equivalents	$	31,050	$	12,337
Restricted cash		39		39
Total	$	31,089	$	12,376

Marketable Securities

9 Months Ended

Sep. 30, 2022

Marketable Securities

Marketable Securities

4. Marketable Securities

Marketable securities consist of the following:


	September 30, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
(in thousands)	Cost		Gain		Loss		Fair Value
Corporate bonds	$	138,959	$	—	$	(2,367)	$	136,592
U.S. Government agencies		1,601		—		(29)		1,572
Total	$	140,560	$	—	$	(2,396)	$	138,164


	December 31, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
(in thousands)	Cost		Gain		Loss		Fair Value
Corporate bonds	$	207,917	$	3	$	(666)	$	207,254
Total	$	207,917	$	3	$	(666)	$	207,254

The Company uses the specific identification method when calculating realized gains and losses. For the three months ended September 30, 2022 and 2021, respectively, the Company recorded $0 and $1 thousand in realized gains on available-for-sale securities, which is included in other income, net on the condensed statements of operations. For the nine months ended September 30, 2022 and 2021, respectively, the Company recorded $9 thousand and $57 thousand in realized gains on available-for-sale securities, which is included in other income, net on the condensed statements of operations.

The Company reviewed all investments which were in a loss position at the respective balance sheet dates, as well as the remainder of the portfolio. As of September 30, 2022, the Company had investments with a total fair market value of $138.2 million in an unrealized loss position, of which $59.0 million were in a continuous unrealized loss position for more than twelve months. The Company analyzed the unrealized losses and determined that market conditions were the primary factor driving these changes, and such unrealized losses are temporary as the Company anticipates a full recovery of the amortized cost basis of these securities at maturity. After analyzing the securities in an unrealized loss position, the portion of these losses that relate to changes in credit quality is insignificant. The Company does not intend to sell these securities, nor is it more likely than not that the Company will be required to sell them prior to the end of their contractual terms. Furthermore, the Company does not believe that these securities expose the Company to undue market risk or counterparty credit risk.

The following table summarizes maturities of the Company’s investments available-for-sale as of September 30, 2022:


	September 30, 2022
			Fair
(in thousands)	Cost		Value
Maturities:
Within 1 year	$	122,104	$	120,303
Between 1 to 2 years		18,456		17,861
Total investments available-for-sale	$	140,560	$	138,164

The Company has classified all of its available-for-sale investments, including those with maturities beyond one year, as current assets on the accompanying condensed balance sheets based on the highly liquid nature of these investment securities and because these investment securities are considered available for use in current operations.

Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Measurements

Fair Value Measurements

5. Fair Value Measurements

The Company has certain financial assets recorded at fair value, which have been classified as Level 1, 2 or 3 within the fair value hierarchy as described in the accounting standards for fair value measurements.

Level 1—Quoted market prices in active markets for identical assets or liabilities.

Level 2—Inputs other than Level 1 inputs that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves.

Level 3—Unobservable inputs developed using estimates of assumptions developed by the Company, which reflect those that a market participant would use.

To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair values requires more judgment. Accordingly, the degree of judgment exercised by the Company

in determining fair value is greatest for instruments categorized as Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The following tables set forth the fair value of the Company’s financial assets by level within the fair value hierarchy as of September 30, 2022 and December 31, 2021:


	September 30, 2022
					Significant
			Quoted Prices in		Other
			Active Markets or		Observable		Significant
			Identical Assets		Inputs		Unobservable
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Cash equivalents:
Money market funds	$	14,401	$	14,401	$	—	$	—
Marketable securities:
Corporate bonds		136,592		—		136,592		—
U.S. Government agencies		1,572		—		1,572		—
Total	$	152,565	$	14,401	$	138,164	$	—


	December 31, 2021
					Significant
			Quoted Prices in		Other
			Active Markets or		Observable		Significant
			Identical Assets		Inputs		Unobservable
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Cash equivalents:
Money market funds	$	2,680	$	2,680	$	—	$	—
Marketable securities:
Corporate bonds		207,254		—		207,254		—
Total	$	209,934	$	2,680	$	207,254	$	—

The Company did not transfer any assets measured at fair value on a recurring basis between levels during the nine months ended September 30, 2022 and 2021.

- Definition

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

+ References + Details

Stock-Based Compensation

9 Months Ended

Sep. 30, 2022

Stock-Based Compensation

Stock-Based Compensation

6. Stock-Based Compensation

Employee Equity Plans

The NextCure, Inc. 2015 Omnibus Incentive Plan (the “2015 Plan”) was adopted in December 2015 and provides for the grant of awards of stock options, restricted stock awards, unrestricted stock awards and restricted stock units to employees, consultants, and directors of the Company.

The NextCure, Inc. 2019 Omnibus Incentive Plan (the “2019 Plan”) became effective on May 8, 2019, the date on which the Company’s Registration Statement on Form S-1 filed in connection with the IPO was declared effective (the “Effective Date”). The Company’s board of directors (the “Board”) determined not to make additional awards under the 2015 Plan following the effectiveness of the 2019 Plan. The 2019 Plan provides for the grant of awards of stock options, stock appreciation rights, restricted stock, restricted stock units, deferred stock units, unrestricted stock, dividend equivalent rights, other equity-based awards and cash bonus awards to the Company’s officers, employees, non-employee directors and other key persons (including consultants).

The number of shares of common stock reserved for issuance under the 2019 Plan is 2,900,000 plus the number of shares of stock related to awards outstanding under the 2015 Plan that subsequently terminate by expiration or forfeiture, cancellation or otherwise without the issuance of such shares. The number of shares reserved for issuance under the 2019 Plan automatically increase each January 1st during the term of the 2019 Plan by 4% of the number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year or such lesser number of shares determined by the Board.

As of September 30, 2022, 2,639,213 shares were reserved for future grant under the 2019 Plan.

Stock options granted under the 2015 Plan and 2019 Plan (together, the “Plans”) to employees generally vest over four years and expire after ten years.

A summary of stock option activity for awards under the Plans is presented below:


	Options Outstanding and Exercisable
				Weighted
		Weighted		Average	Aggregate
		Average		Remaining	Intrinsic
	Number of	Exercise		Contractual	Value⁽¹⁾
	Shares	Price		Life (Years)	(in thousands)
Outstanding as of December 31, 2021	4,545,794	$	14.15	8.1	$	2,860
Granted	1,722,350	$	5.37	—		—
Exercised	(50,420)	$	1.32	—		—
Forfeitures	(940,891)	$	13.79	—		—
Outstanding as of September 30, 2022	5,276,833	$	11.48	7.9	$	767
Exercisable as of September 30, 2022	2,607,339	$	12.83	6.8	$	767

(1)	The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money at September 30, 2022 and December 31, 2021.

The weighted average grant date fair value of stock options granted to employees for the nine months ended September 30, 2022 was $3.71. The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2022 was $0.1 million. As of September 30, 2022, there was $17.1 million of total unrecognized compensation expense related to unvested options under the Plans that will be recognized over a weighted-average period of approximately 2.7 years.

The aggregate grant date fair value of stock options vested during the nine months ended September 30, 2022 and 2021 was approximately $9.0 million and $11.9 million, respectively.

Stock-based compensation expense was classified on the statements of operations as follows for the three and nine months ended September 30, 2022 and 2021:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands)	2022		2021		2022		2021
Research and development	$	779	$	1,054	$	2,274	$	3,068
General and administrative		1,533		1,429		4,908		4,710
Total stock-based compensation expense	$	2,312	$	2,483	$	7,182	$	7,778

The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model using the assumptions in the following table for options issued during the period indicated:


	Nine Months Ended
	September 30,
	2022		2021
Expected term	5.5 - 6.1	years	5.5 - 6.1	years
Expected volatility	79.7 - 81.4	%	79.7	%
Risk free interest rate	1.8 - 4.0	%	0.8 - 1.4	%
Expected dividend yield	—	%	—	%

Employee Stock Purchase Plan

The NextCure, Inc. 2019 Employee Stock Purchase Plan (the “ESPP”) was approved in May 2019 and provides for certain employees of the Company to purchase shares of Company stock at a discounted price. As of September 30, 2022, 23,891 shares of common stock had been issued pursuant to the ESPP and 766,789 shares were reserved for future issuance thereunder.

Net Loss per Share Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2022

Net Loss per Share Attributable to Common Stockholders

Net Loss per Share Attributable to Common Stockholders

7. Net Loss Per Share Attributable to Common Stockholders

The computation of basic loss per share is based on the weighted-average number of common shares outstanding, without consideration for dilutive common stock equivalents. The computation of diluted loss per share is based on the weighted-average number of common shares outstanding and dilutive potential common shares, which include shares that may be issued under the stock option plan, as determined using the treasury stock method.

The computation for basic and diluted loss per share were as follows (in thousands, except share and per share data):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Net loss (Numerator):
Net loss - basic and diluted	$	(18,911)	$	(17,930)	$	(57,433)	$	(52,450)
Shares (Denominator):
Weighted-average shares outstanding - basic and diluted		27,748,844		27,615,038		27,734,271		27,607,685
Loss per share - basic and diluted	$	(0.68)	$	(0.65)	$	(2.07)	$	(1.90)

For the three and nine months ended September 30, 2022 and 2021, all shares of options to purchase shares of the Company’s common stock were excluded from the computation of diluted net loss per share as the effect would have been anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same.

The Company excluded the following potential common shares, presented based on amounts outstanding at period end, from the computation of diluted net loss per share attributable to common stockholders for the period indicated because including them would have had an anti-dilutive effect:


	September 30,
	2022		2021
Outstanding options to purchase common stock		5,276,833	4,544,382
Total		5,276,833	4,544,382

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Taxes

Income Taxes

8. Income Taxes

The Company did not record a provision or benefit for income taxes during the three and nine month periods ended September 30, 2022 and 2021. The Company continues to maintain a full valuation allowance against its deferred tax assets.

The Company has evaluated the positive and negative evidence involving its ability to realize its deferred tax assets. Management has considered the Company’s history of cumulative net losses incurred since inception and its lack of any commercially ready products. It has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets. Management reevaluates the positive and negative evidence at each reporting period.

Under the provisions of Sections 382 and 383 of the Internal Revenue Code (“IRC”), certain substantial changes in the Company’s ownership may have limited, or may limit in the future, the amount of net operating loss and research and development credit carryforwards that can be used to reduce future income taxes. We have not performed a detailed analysis to determine whether an ownership change under Section 382 of the IRC occurred. The effect of an ownership change would be the imposition of an annual limitation on the use of losses and credits attributable to periods before the change and could result in a reduction in the total losses and credits available.

- Definition

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

+ References

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

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

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

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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

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

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

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

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

+ Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies

Commitments and Contingencies

9. Commitments and Contingencies

Legal Proceedings

On September 21, 2020, a putative stockholder class action was filed in the U.S. District Court for the Southern District of New York styled Ye Zhou v. NextCure, Inc., et. al., Case 1:20-cv-0772 (S.D.N.Y.) (the “Ye Zhou action”). On February 26, 2021, the Lead Plaintiff filed a consolidated amended complaint that asserts claims against us, certain of our officers and members of our board of directors, and the underwriters in our May 2019 initial public offering and November 2019 underwritten secondary public offering. The complaint alleges that the defendants violated provisions of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Securities Act of 1933, as amended, with respect to statements made regarding NC318, and the FIND-IO platform. The complaint seeks unspecified damages on behalf of a purported class of purchasers of our securities between May 8, 2019 and July 14, 2020. Defendants filed a motion to dismiss the consolidated amended complaint on April 27, 2021, and discovery is stayed pending resolution of that motion.

On March 24, 2021, a purported shareholder derivative lawsuit was filed in the U.S. District Court for the District of Maryland, Southern Division, styled Zach Liu v. Richman et. al., Case:21-cv-00754 (the “Liu action”), alleging breaches of fiduciary duty by officers and/or directors, unjust enrichment, abuse of control, gross mismanagement, waste of corporate assets, and violations of the Exchange Act and the Securities Act of 1933. The Complaint seeks unspecified damages, attorneys’ fees and costs, declaratory relief, corporate governance changes, and restitution. On May 17, 2021, the Court granted the parties’ joint motion to stay the derivative lawsuit pending resolution of the defendants’ motion to dismiss filed in respect of the Ye Zhou action.

On December 14, 2021, a purported misappropriation of certain trade secrets lawsuit was filed in Federal District Court for the District of Delaware, styled Immunaccel, LLC v. NextCure, Inc., Case No. 1:21-cv-01755-UNA (the “Immunaccel action”). The lawsuit alleges that the Company misappropriated certain trade secrets belonging to Immunaccel related to a drug discovery and screening platform named IMMUNE 3D. The complaint alleged two causes of action, one under the Delaware Uniform Trade Secrets Act and another under the Federal Defend Trade Secrets Act. The Company filed a motion to dismiss the complaint on April 22, 2022. In response to the Company’s motion to dismiss, Immunaccel filed an amended complaint on June 21, 2022 (“Amended Complaint”). The Amended Complaint added as parties to the Immunaccel action Screen Therapeutics LLC (“Screen”), an affiliate entity of Immunaccel, and Company’s CEO Michael Richman in his capacity as an individual. The Amended Complaint alleges that Mr. Richman breached certain contractual and fiduciary duties owed to Screen due to Mr. Richman’s prior relationship as in investor in, and purported advisor to, Screen. The Amended Complaint alleges four causes of action for breach of contract against Mr. Richman and three related causes of action against Mr. Richman for breach of fiduciary duty, unjust enrichment, and fraudulent misrepresentation. In addition to two trade secrets causes of action similar to those previously alleged against the Company, the Amended Complaint also alleges the Company tortiously interfered with the contracts between Mr. Richman and Screen and that the Company aided and abetted the alleged breach of fiduciary duty by Mr. Richman. The Amended Complaint seeks unspecified monetary damages, a permanent injunction and other miscellaneous relief.

The Company and Mr. Richman each separately filed separate motions to dismiss the Amended Complaint on August 5, 2022. Both defendants’ motions seek to dismiss all claims asserted against them by the plaintiffs and briefing for these motions have been completed. The motions currently remain pending before the court for disposition.

The Company intends to vigorously defend the Ye Zhou, Liu and Immunaccel actions. Based on the Company’s assessment of the facts underlying these claims, the uncertainty of litigation, and the preliminary stage of these cases, the Company cannot estimate the reasonably possible loss or range of loss that may result from these actions.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2022
Summary of Significant Accounting Policies
Basis of Presentation and Unaudited Financial Information	Basis of Presentation The unaudited condensed financial statements include the accounts of NextCure and have been prepared by the Company in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these condensed financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto in the Annual Report. Unaudited Financial Information In the opinion of management, the information furnished reflects certain adjustments, all which are of a normal and recurring nature and are necessary for a fair presentation of the Company’s financial position as of the reported balance sheet date and of the Company’s results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of assets and liabilities as of the date of the condensed financial statements, and the reported amounts of revenues and expenses during the reporting periods. Although actual results could differ from those estimates, management does not believe that such differences would be material.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements The Company qualifies as an emerging growth company (“EGC”) as defined under the Jumpstart Our Business Startups Act (the “JOBS Act”). Using exemptions provided under the JOBS Act provided to EGCs, the Company has elected to defer compliance with new or revised financial accounting standards until it is required to comply with such standards, which is generally consistent with required adoption dates of private companies. The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). All other ASUs issued subsequent to the filing of the Company’s Annual Report were assessed and determined to be either inapplicable or not expected to have a material impact on the Company’s financial position or results of operations.

Restricted Cash (Tables)

9 Months Ended

Sep. 30, 2022

Restricted Cash.

Summary of reconciliation cash and cash equivalents and restricted cash per the balance sheet to the statement of cash flows


	September 30,		December 31,
(in thousands)	2022		2021
Cash and cash equivalents	$	31,050	$	12,337
Restricted cash		39		39
Total	$	31,089	$	12,376

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2022

Marketable Securities

Schedule of marketable securities

Marketable securities consist of the following:


	September 30, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
(in thousands)	Cost		Gain		Loss		Fair Value
Corporate bonds	$	138,959	$	—	$	(2,367)	$	136,592
U.S. Government agencies		1,601		—		(29)		1,572
Total	$	140,560	$	—	$	(2,396)	$	138,164


	December 31, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
(in thousands)	Cost		Gain		Loss		Fair Value
Corporate bonds	$	207,917	$	3	$	(666)	$	207,254
Total	$	207,917	$	3	$	(666)	$	207,254

Schedule of available-for-sale maturities

The following table summarizes maturities of the Company’s investments available-for-sale as of September 30, 2022:


	September 30, 2022
			Fair
(in thousands)	Cost		Value
Maturities:
Within 1 year	$	122,104	$	120,303
Between 1 to 2 years		18,456		17,861
Total investments available-for-sale	$	140,560	$	138,164

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Measurements

Summary of fair value of the Company's financial assets

The following tables set forth the fair value of the Company’s financial assets by level within the fair value hierarchy as of September 30, 2022 and December 31, 2021:


	September 30, 2022
					Significant
			Quoted Prices in		Other
			Active Markets or		Observable		Significant
			Identical Assets		Inputs		Unobservable
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Cash equivalents:
Money market funds	$	14,401	$	14,401	$	—	$	—
Marketable securities:
Corporate bonds		136,592		—		136,592		—
U.S. Government agencies		1,572		—		1,572		—
Total	$	152,565	$	14,401	$	138,164	$	—


	December 31, 2021
					Significant
			Quoted Prices in		Other
			Active Markets or		Observable		Significant
			Identical Assets		Inputs		Unobservable
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Cash equivalents:
Money market funds	$	2,680	$	2,680	$	—	$	—
Marketable securities:
Corporate bonds		207,254		—		207,254		—
Total	$	209,934	$	2,680	$	207,254	$	—

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Stock-Based Compensation

Summary of stock option activity


	Options Outstanding and Exercisable
				Weighted
		Weighted		Average	Aggregate
		Average		Remaining	Intrinsic
	Number of	Exercise		Contractual	Value⁽¹⁾
	Shares	Price		Life (Years)	(in thousands)
Outstanding as of December 31, 2021	4,545,794	$	14.15	8.1	$	2,860
Granted	1,722,350	$	5.37	—		—
Exercised	(50,420)	$	1.32	—		—
Forfeitures	(940,891)	$	13.79	—		—
Outstanding as of September 30, 2022	5,276,833	$	11.48	7.9	$	767
Exercisable as of September 30, 2022	2,607,339	$	12.83	6.8	$	767

(1)	The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money at September 30, 2022 and December 31, 2021.

Summary of stock based compensation expense recorded


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands)	2022		2021		2022		2021
Research and development	$	779	$	1,054	$	2,274	$	3,068
General and administrative		1,533		1,429		4,908		4,710
Total stock-based compensation expense	$	2,312	$	2,483	$	7,182	$	7,778

Summary of assumptions used in the Black Scholes option pricing model for stock options granted


	Nine Months Ended
	September 30,
	2022		2021
Expected term	5.5 - 6.1	years	5.5 - 6.1	years
Expected volatility	79.7 - 81.4	%	79.7	%
Risk free interest rate	1.8 - 4.0	%	0.8 - 1.4	%
Expected dividend yield	—	%	—	%

Net Loss per Share Attributable to Common Stockholders (Tables)

9 Months Ended

Sep. 30, 2022

Net Loss per Share Attributable to Common Stockholders

Summary of computation of basic and diluted net loss per share attributable to common stockholders

The computation for basic and diluted loss per share were as follows (in thousands, except share and per share data):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Net loss (Numerator):
Net loss - basic and diluted	$	(18,911)	$	(17,930)	$	(57,433)	$	(52,450)
Shares (Denominator):
Weighted-average shares outstanding - basic and diluted		27,748,844		27,615,038		27,734,271		27,607,685
Loss per share - basic and diluted	$	(0.68)	$	(0.65)	$	(2.07)	$	(1.90)

Summary of shares excluded from the computation of diluted net loss per share


	September 30,
	2022		2021
Outstanding options to purchase common stock		5,276,833	4,544,382
Total		5,276,833	4,544,382

Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Reconciliation of cash and cash equivalents and restricted cash per the balance sheet to the statement of cash flows
Cash and cash equivalents	$ 31,050	$ 12,337
Restricted cash	39	39
Total	$ 31,089	$ 12,376	$ 36,703	$ 36,284

Marketable Securities - (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Marketable Securities - (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Investments
Amortized Cost	$ 140,560		$ 140,560		$ 207,917
Gross Unrealized Gain					3
Gross Unrealized Loss	(2,396)		(2,396)		(666)
Estimated Fair Value	138,164		138,164		207,254
Unrealized losses in a continuous loss position for more than twelve consecutive months	59,000		59,000
Gross realized gains	0	$ 1	9	$ 57
Fair market value of investments in unrealized loss position	138,200		138,200
Cost Maturities:
Within 1 year	122,104		122,104
Between 1 to 2 years	18,456		18,456
Total investments available for sale	140,560		140,560
Fair Value Maturities:
Within 1 year	120,303		120,303
Between 1 to 2 years	17,861		17,861
Total investments available for sale	138,164		138,164
Corporate bonds
Investments
Amortized Cost	138,959		138,959		207,917
Gross Unrealized Gain					3
Gross Unrealized Loss	(2,367)		(2,367)		(666)
Estimated Fair Value	136,592		136,592		$ 207,254
U.S. Government agencies
Investments
Amortized Cost	1,601		1,601
Gross Unrealized Loss	(29)		(29)
Estimated Fair Value	$ 1,572		$ 1,572

Fair Value Measurements - (Details) - USD ($)	9 Months Ended
Fair Value Measurements - (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Fair value of the Company's financial assets
Marketable Securities	$ 138,164,000		$ 207,254,000
Assets transferred into level 3	0	$ 0
Assets transferred out of level 3	0	$ 0
Corporate bonds
Fair value of the Company's financial assets
Marketable Securities	136,592,000		207,254,000
U.S. Government agencies
Fair value of the Company's financial assets
Marketable Securities	1,572,000
Fair Value
Fair value of the Company's financial assets
Total financial assets	152,565,000		209,934,000
Fair Value \| Money market funds (cash equivalents)
Fair value of the Company's financial assets
Money market funds (cash equivalents)	14,401,000		2,680,000
Fair Value \| Corporate bonds
Fair value of the Company's financial assets
Marketable Securities	136,592,000		207,254,000
Fair Value \| U.S. Government agencies
Fair value of the Company's financial assets
Marketable Securities	1,572,000
Fair Value \| Quoted Prices in Active Markets (Level 1)
Fair value of the Company's financial assets
Total financial assets	14,401,000		2,680,000
Fair Value \| Quoted Prices in Active Markets (Level 1) \| Money market funds (cash equivalents)
Fair value of the Company's financial assets
Money market funds (cash equivalents)	14,401,000		2,680,000
Fair Value \| Significant Other Observable Inputs (Level 2)
Fair value of the Company's financial assets
Total financial assets	138,164,000		207,254,000
Fair Value \| Significant Other Observable Inputs (Level 2) \| Corporate bonds
Fair value of the Company's financial assets
Marketable Securities	136,592,000		$ 207,254,000
Fair Value \| Significant Other Observable Inputs (Level 2) \| U.S. Government agencies
Fair value of the Company's financial assets
Marketable Securities	$ 1,572,000

Stock-Based Compensation - Stock options (Details) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended		12 Months Ended	41 Months Ended
	May 03, 2019	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Sep. 30, 2022
2015 Plan
Number of Shares
Outstanding at the beginning (in shares)		4,545,794
Granted (in shares)		1,722,350
Exercised (in shares)		(50,420)
Forfeitures (in shares)		(940,891)
Outstanding at the end (in shares)		5,276,833		4,545,794	5,276,833
Exercisable at the end (in shares)		2,607,339			2,607,339
Weighted Average Exercise Price
Outstanding at the beginning (in dollars per share)		$ 14.15
Granted (in dollars per share)		5.37
Exercised (in dollars per share)		1.32
Forfeited (in dollars per share)		13.79
Outstanding at the end (in dollars per share)		11.48		$ 14.15	$ 11.48
Exercisable at the end (in dollars per share)		$ 12.83			$ 12.83
Weighted Average Remaining Contractual Life (Years) And Aggregate Intrinsic Value
Outstanding (in years)		7 years 10 months 24 days		8 years 1 month 6 days
Exercisable at the end (in years)		6 years 9 months 18 days
Outstanding at the beginning (in dollars)		$ 2,860
Outstanding at the end (in dollars)		767		$ 2,860	$ 767
Exercisable at the end (in dollars)		$ 767			767
Weighted average grant date fair value per share of stock options granted		$ 3.71
Aggregate intrinsic value of stock options exercised		$ 100
Aggregate grant date fair value		9,000	$ 11,900
Share Based Compensation Expense Not Recognized
Unrecognized compensation cost		$ 17,100			$ 17,100
Compensation expense recognition period		2 years 8 months 12 days
Omnibus Incentive Plan
Stock Based Compensation
Total number of shares of common stock that may be issued		2,900,000			2,900,000
Annual increase in number of share reserved for issuance (as percent)	4.00%
2015 Plan and 2019 Employee Stock Purchase Plan
Stock Based Compensation
Vesting period		4 years
Expiration period		10 years
Number of shares reserved for issuance under the plan		2,639,213			2,639,213
2019 Employee Stock Purchase Plan
Stock Based Compensation
Number of shares issued					23,891
Number of shares reserved for issuance under the plan		766,789			766,789

Stock-Based Compensation - Stock based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Stock based compensation expense
Total stock-based compensation expense	$ 2,312	$ 2,483	$ 7,182	$ 7,778
Research and development
Stock based compensation expense
Total stock-based compensation expense	779	1,054	2,274	3,068
General and administrative
Stock based compensation expense
Total stock-based compensation expense	$ 1,533	$ 1,429	$ 4,908	$ 4,710

Stock-Based Compensation - Assumptions (Details)	9 Months Ended
Stock-Based Compensation - Assumptions (Details)	Sep. 30, 2022	Sep. 30, 2021
Fair value assumptions
Expected volatility		79.70%
Minimum
Fair value assumptions
Expected term	5 years 6 months	5 years 6 months
Expected volatility	79.70%
Risk free interest rate	1.80%	0.80%
Maximum
Fair value assumptions
Expected term	6 years 1 month 6 days	6 years 1 month 6 days
Expected volatility	81.40%
Risk free interest rate	4.00%	1.40%

Net Loss Per Share Attributable to Common Stockholders - Other (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Income loss (Numerator):
Net loss - basic and diluted	$ (18,911)	$ (17,920)	$ (20,602)	$ (17,930)	$ (17,987)	$ (16,533)	$ (57,433)	$ (52,450)
Shares (Denominator):
Weighted-average shares for basic EPS (in shares)	27,748,844			27,615,038			27,734,271	27,607,685
Weighted-average shares for diluted EPS (in shares)	27,748,844			27,615,038			27,734,271	27,607,685
Basic EPS (in dollars per share)	$ (0.68)			$ (0.65)			$ (2.07)	$ (1.90)
Diluted EPS (in dollars per share)	$ (0.68)			$ (0.65)			$ (2.07)	$ (1.90)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126958026&loc=d3e1448-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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

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Net Loss per Share Attributable to Common Stockholders - Anti-dilutive effect (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities
Antidilutive securities excluded from computation of diluted net loss per share	5,276,833	4,544,382
Option to purchase common stock
Antidilutive Securities
Antidilutive securities excluded from computation of diluted net loss per share	5,276,833	4,544,382

Income Taxes - (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes - (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Taxes
Provision or benefit from income taxes	$ 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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