Vaxart (VXRT) 10-Q4 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2023	May 03, 2023
Document Information [Line Items]
Entity Central Index Key	0000072444
Entity Registrant Name	Vaxart, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-35285
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	59-1212264
Entity Address, Address Line One	170 Harbor Way, Suite 300
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	550-3500
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	VXRT
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		135,597,316

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash, cash equivalents and restricted cash	$ 48,434	$ 46,013
Short-term investments	23,377	49,704
Accounts receivable	264	20
Prepaid expenses and other current assets	3,755	3,714
Total current assets	75,830	99,451
Property and equipment, net	14,373	15,585
Right-of-use assets, net	27,843	25,715
Intangible assets, net	4,837	5,020
Goodwill	4,508	4,508
Other long-term assets	2,460	3,568
Total assets	129,851	153,847
Current liabilities:
Accounts payable	3,882	5,514
Deferred grant revenue	1,603	2,000
Other accrued current liabilities	6,977	8,084
Current portion of operating lease liability	2,344	2,228
Current portion of liability related to sale of future royalties	877	95
Total current liabilities	15,683	17,921
Operating lease liability, net of current portion	19,172	19,477
Liability related to sale of future royalties, net of current portion	4,997	5,621
Other long-term liabilities	246	231
Total liabilities	40,098	43,250
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock: $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding as of March 31, 2023 and December 31, 2022	0	0
Common stock: $0.0001 par value; 250,000,000 shares authorized as of March 31, 2023 and December 31, 2022, respectively; 135,610,869 shares issued and 135,597,316 shares outstanding as of March 31, 2023 and 134,199,429 shares issued and outstanding as of December 31, 2022.	14	13
Additional paid-in capital	442,068	437,992
Treasury stock at cost, 13,553 shares and none as of March 31, 2023 and December 31, 2022, respectively	(10)	0
Accumulated deficit	(352,249)	(327,109)
Accumulated other comprehensive loss	(70)	(299)
Total stockholders’ equity	89,753	110,597
Total liabilities and stockholders’ equity	$ 129,851	$ 153,847

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	135,610,869	134,199,429
Common stock, shares outstanding (in shares)	135,597,316	134,199,429
Treasury Stock, Common, Shares (in shares)	13,553	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer, Including Assessed Tax	$ 675,000	$ 85,000
Operating expenses:
Research and development	19,622,000	18,203,000
General and administrative	6,625,000	6,658,000
Total operating expenses	26,247,000	24,861,000
Operating loss	(25,572,000)	(24,776,000)
Other income (expense):
Interest income	642,000	35,000
Non-cash interest expense related to sale of future royalties	(178,000)	(340,000)
Foreign exchange loss, net	(3,000)	0
Loss before income taxes	(25,111,000)	(25,081,000)
Provision for income taxes	29,000	20,000
Net loss	$ (25,140,000)	$ (25,101,000)
Net loss per share - basic and diluted (in dollars per share)	$ (0.19)	$ (0.20)
Shares used to compute net loss per share - basic and diluted (in shares)	135,213,196	125,795,255
Comprehensive loss:
Net loss	$ (25,140,000)	$ (25,101,000)
Unrealized gain (loss) on available-for-sale investments, net of tax	229,000	(235,000)
Comprehensive loss	(24,911,000)	(25,336,000)
Non Cash Royalty Revenue [Member]
Revenue from Contract with Customer, Including Assessed Tax	278,000	85,000
Grant [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 397,000	$ 0

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Treasury Stock, Common [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balances (in shares) at Dec. 31, 2021	125,594,393
Balances at Dec. 31, 2021	$ 13		$ 406,943	$ (219,351)	$ (74)	$ 187,531
Issuance of common stock (in shares)	216,000
Issuance of common stock	$ 0		992	0	0	992
Stock-based compensation	0		3,130	0	0	3,130
Unrealized gains on available-for-sale investments	0		0	0	(235)	(235)
Net loss	$ 0		0	(25,101)	0	(25,101)
Issuance of common stock upon exercise of stock options (in shares)	30,418
Issuance of common stock upon exercise of stock options	$ 0		48	0	0	48
Balances (in shares) at Mar. 31, 2022	125,840,811
Balances at Mar. 31, 2022	$ 13		411,113	(244,452)	(309)	166,365
Balances (in shares) at Dec. 31, 2022	134,199,429	0
Balances at Dec. 31, 2022	$ 13	$ 0	437,992	(327,109)	(299)	110,597
Issuance of common stock (in shares)	1,362,220	0
Issuance of common stock	$ 1	$ 0	1,429	0	0	1,430
Stock-based compensation	$ 0	$ 0	2,647	0	0	2,647
Release of common stock for vested restricted stock units (in shares)	49,220	0
Release of common stock for vested restricted stock units	$ 0	$ 0	0	0	0	0
Repurchase of common stock to satisfy tax withholding (in shares)	0	(13,553)
Repurchase of common stock to satisfy tax withholding	$ 0	$ (10)	0	0	0	(10)
Unrealized gains on available-for-sale investments	0	0	0	0	229	229
Net loss	$ 0	$ 0	0	(25,140)	0	$ (25,140)
Issuance of common stock upon exercise of stock options (in shares)						0
Balances (in shares) at Mar. 31, 2023	135,610,869	(13,553)
Balances at Mar. 31, 2023	$ 14	$ (10)	$ 442,068	$ (352,249)	$ (70)	$ 89,753

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Offering costs	$ 103	$ 314

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (25,140)	$ (25,101)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,062	1,131
Accretion of (discount) premium on investments	(144)	36
Stock-based compensation	2,647	3,130
Non-cash interest expense related to sale of future royalties	178	340
Non-cash revenue related to sale of future royalties	(20)	(71)
Change in operating assets and liabilities:
Accounts receivable	(244)	(10)
Prepaid expenses and other assets	1,067	(4,498)
Accounts payable	(270)	113
Deferred grant revenue	(397)	0
Other accrued liabilities	(4,199)	(183)
Net cash used in operating activities	(24,460)	(25,113)
Cash flows from investing activities:
Purchases of property and equipment	(1,239)	(1,346)
Purchases of investments	0	(8,522)
Proceeds from maturities of investments	26,700	13,600
Net cash provided by investing activities	25,461	3,732
Cash flows from financing activities:
Net proceeds from issuance of common stock through ATM facilities	1,430	992
Shares acquired to settle employee tax withholding liabilities	(10)	0
Proceeds from issuance of common stock upon exercise of stock options	0	48
Net cash provided by financing activities	1,420	1,040
Net increase (decrease) in cash, cash equivalents and restricted cash	2,421	(20,341)
Cash, cash equivalents and restricted cash at beginning of the period	46,013	143,745
Cash, cash equivalents and restricted cash at end of the period	48,434	123,404
Supplemental disclosure of non-cash investing and financing activity:
Operating lease liabilities arising from obtaining right-of-use assets	296	125
Acquisition of property and equipment included in accounts payable and accrued expenses	$ 246	$ 505

Note 1 - Organization and Natur

Note 1 - Organization and Nature of Business	3 Months Ended
Note 1 - Organization and Nature of Business	Mar. 31, 2023
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. General Vaxart Biosciences, Inc. was originally incorporated in California in March 2004, July 2007, February 2018, On September 15, 2021, “September 2021 may September 16, 2021, three March 31, 2023 September 2021 March 31, 2023, not September 2021 not September 2021 3 No. 333 270671 March 17, 2023, September 2021 The Company’s principal operations are based in South San Francisco, California, and it operates in one

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	3 Months Ended
Note 2 - Summary of Significant Accounting Policies	Mar. 31, 2023
Notes to Financial Statements
Significant Accounting Policies [Text Block]	NOTE 2. Basis of Presentation, Liquidity and Going Concern The Company is a clinical-stage biotechnology company with no March 31, 2023, one no During the first 2023 , 2 27% second 2024. The Company will be dependent upon raising additional capital through placement of its common stock, notes or other securities, borrowings, or entering into a partnership with a strategic party in order to implement its business plan. The Company is currently not September 25, 2023 may 180 not may no 12 The financial statements do not Certain information and footnote disclosures normally included in consolidated financial statements have been condensed or omitted pursuant to these rules and regulations. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and footnotes related thereto for the year ended December 31, 2022, 10 March 15, 2023 no 2 not Basis of Consolidation Use of Estimates Concentration of Credit Risk The primary focus of the Company’s investment strategy is to preserve capital and meet liquidity requirements. The Company’s investment policy addresses the level of credit exposure by limiting the concentration in any one Recent Accounting Pronouncements The Company has reviewed all newly-issued accounting pronouncements that are not not not

Note 3 - Fair Value of Financia

Note 3 - Fair Value of Financial Instruments	3 Months Ended
Note 3 - Fair Value of Financial Instruments	Mar. 31, 2023
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 3 . Fair Value of Financial Instruments Fair value accounting is applied for all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). Financial instruments include cash and cash equivalents, marketable securities, accounts receivable, accounts payable and accrued liabilities that approximate fair value due to their relatively short maturities. Assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with inputs used to measure their fair values. The accounting guidance for fair value provides a framework for measuring fair value and requires certain disclosures about how fair value is determined. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance also establishes a three The three Level 1 Level 2 not Level 3 no The following table sets forth the fair value of the Company’s financial assets that are measured on a recurring basis as of March 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total March 31, 2023 Financial assets: Money market funds $ 38,179 $ — $ — $ 38,179 U.S. Treasury securities — 21,379 — 21,379 Commercial paper — 999 — 999 Corporate debt securities — 999 — 999 Total $ 38,179 $ 23,377 $ — $ 61,556 Level 1 Level 2 Level 3 Total December 31, 2022 Financial assets: Money market funds $ 30,834 $ — $ — $ 30,834 U.S. Treasury securities — 41,542 — 41,542 Commercial paper — 5,674 — 5,674 Corporate debt securities — 2,488 — 2,488 Total $ 30,834 $ 49,704 $ — $ 80,538 The Company held no recurring financial liabilities as of March 31, 2023 December 31, 2022 three March 31, 2023 2022

Note 4 - Balance Sheet Componen

Note 4 - Balance Sheet Components	3 Months Ended
Note 4 - Balance Sheet Components	Mar. 31, 2023
Notes to Financial Statements
Supplemental Balance Sheet Disclosures [Text Block]	NOTE 4 . Balance Sheet Components (a) Cash, Cash Equivalents, Restricted Cash and Investments Cash, cash equivalents, restricted cash and investments consisted of the following (in thousands): Amortized Gross Unrealized Estimated Cash and Cash Equivalents Short-Term Long-Term Cost Gains Losses Fair Value and Restricted Cash Investments Investments March 31, 2023 Cash at banks $ 10,255 $ — $ — $ 10,255 $ 10,255 $ — $ — Money market funds 38,179 — — 38,179 38,179 — — U.S. Treasury securities 21,448 — (69 ) 21,379 — 21,379 — Commercial paper 999 — — 999 — 999 — Corporate debt securities 1,000 — (1 ) 999 — 999 — Total $ 71,881 $ — $ (70 ) $ 71,811 $ 48,434 $ 23,377 $ — Amortized Gross Unrealized Estimated Cash and Cash Equivalents Short-Term Long-Term Cost Gains Losses Fair Value and Restricted Cash Investments Investments December 31, 2022 Cash at banks $ 15,179 $ — $ — $ 15,179 $ 15,179 $ — $ — Money market funds 30,834 — — 30,834 30,834 — — U.S. Treasury securities 41,812 — (270 ) 41,542 — 41,542 — Commercial paper 2,488 — — 2,488 — 2,488 — Corporate debt securities 5,703 — (29 ) 5,674 — 5,674 — Total $ 96,016 $ — $ (299 ) $ 95,717 $ 46,013 $ 49,704 $ — Cash and cash equivalents and restricted cash of $48.4 million as of March 31, 2023 December 31, 2022, (b) Property and Equipment, Net Property and equipment, net consists of the following (in thousands): March 31, 2023 December 31, 2022 Laboratory equipment $ 13,512 $ 12,035 Office and computer equipment 1,057 1,078 Leasehold improvements 3,494 1,760 Construction in progress 476 3,984 Total property and equipment 18,539 18,857 Less: accumulated depreciation (4,166 ) (3,272 ) Property and equipment, net $ 14,373 $ 15,585 Depreciation expense was $894,000 and $370,000 for the three months ended March 31, 2023 and 2022, respectively. There were no material impairments of the Company’s property and equipment recorded in the three months ended March 31, 2023 or 2022, respectively. (c) Right-of-Use Assets , Net Right-of-use assets, net comprises facilities of $27.8 million and $25.7 million as of March 31, 2023 December 31, 2022 September 2021, March 31, 2029. two one third 2022 first 2023 VAXART , INC. Notes to the Condensed Consolidated Financial Statements (Unaudited) (d) Intangible Assets, Net Intangible assets comprise developed technology and intellectual property. Intangible assets are carried at cost less accumulated amortization. Amortization is computed using the straight-line method over useful life of 11.75 years for developed technology and 20 years for intellectual property. As of March 31, 2023 March 31, 2023, no March 31, 2023 December 31, 2022 Developed technology $ 5,000 $ 5,000 Intellectual property 80 80 Total cost 5,080 5,080 Less: accumulated amortization (243 ) (60 ) Intangible assets, net $ 4,837 $ 5,020 Intangible asset amortization expense for the three March 31, 2023 2022 As of March 31, 2023 Year Ending December 31, Amount 2023 (nine months remaining) $ 548 2024 731 2025 731 2026 731 2027 731 Thereafter 1,365 Total $ 4,837 (e) Goodwill Goodwill, which represents the excess of the purchase price over the fair value of assets acquired, comprises $4.5 million as of March 31, 2023 December 31, 2022 March 31, 2023 (f) Other Accrued Liabilities Other accrued liabilities consist of the following (in thousands): March 31, 2023 December 31, 2022 Accrued compensation $ 2,865 $ 3,112 Accrued clinical and manufacturing expenses 1,497 2,413 Accrued professional and consulting services 524 691 Other liabilities, current portion 2,091 1,868 Total $ 6,977 $ 8,084

Note 5 - Revenue

Note 5 - Revenue	3 Months Ended
Note 5 - Revenue	Mar. 31, 2023
Notes to Financial Statements
Revenue [Text Block]	NOTE 5 . Revenue Royalty Agreement The Company generates royalty revenue from the sale of Inavir in Japan, pursuant to a collaboration and license agreement that Aviragen entered into with Daiichi Sankyo Company, Limited (“Daiichi Sankyo”) in 2009. September 2010, December 2029, first fourth three March 31, 2023 2022 nil 6 three March 31, 2023 2022 three March 31, 2023 2022 Grant Revenue In November 2022, three March 31, 2023. March 31, 2023 December 31, 2022,

Note 6 - Liabilities Related to

Note 6 - Liabilities Related to Sale of Future Royalties	3 Months Ended
Note 6 - Liabilities Related to Sale of Future Royalties	Mar. 31, 2023
Notes to Financial Statements
Liabilities Related to Sale of Future Royalties [Text Block]	6 . Liabilities Related to Sale of Future Royalties In April 2016, first April 1, Under the relevant accounting guidance, due to a limit on the amount of royalties that HCRP can earn under the RIAA, this transaction was accounted for as a liability that is being amortized using the effective interest method over the life of the arrangement. The Company has no not not The following table shows the activity within the liability account during the three March 31, 2023 Total liability related to sale of future royalties, start of period $ 5,716 Non-cash royalty revenue paid to HCRP (20 ) Non-cash interest expense recognized 178 Total liability related to sale of future royalties, end of period 5,874 Current portion (877 ) Long-term portion $ 4,997

Note 7 - Leases

Note 7 - Leases	3 Months Ended
Note 7 - Leases	Mar. 31, 2023
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	7 . Leas es The Company has obtained the right of use for office and manufacturing facilities under seven operating lease agreements with initial terms exceeding one one one one In September 2021 March 31, 2029. one third 2022 first 2023 As of March 31, 2023 one The following table summarizes the Company’s undiscounted cash payment obligations for its operating lease liabilities with initial terms of more than twelve March 31, 2023 Year Ending December 31, 2023 (nine months remaining) $ 3,117 2024 4,275 2025 4,421 2026 4,975 2027 5,205 Thereafter 6,797 Undiscounted total 28,790 Less: imputed interest (7,274 ) Present value of future minimum payments 21,516 Current portion of operating lease liability (2,344 ) Operating lease liability, net of current portion $ 19,172 The Company presently has no finance leases and no future obligations under operating leases with initial terms of one year or less. The Company is also required to pay for operating expenses related to the leased space, which were $2.0 million and $1.1 million for the three March 31, 2023 2022. not Three Months Ended March 31, 2023 2022 Lease cost Operating lease cost $ 1,510 $ 719 Short-term lease cost 21 118 Variable lease cost 511 265 Total lease cost $ 2,042 $ 1,102

Note 8 - Commitments and Contin

Note 8 - Commitments and Contingencies	3 Months Ended
Note 8 - Commitments and Contingencies	Mar. 31, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 8 . Commitments and Contingencies (a) Purchase Commitments As of March 31, 2023 (b) Indemnifications In the ordinary course of business, the Company enters into agreements that may may third not may may (c) From time to time the Company may On August 4, 2020, Godfrey v. Latour, et al. September 4, 2020 Ennis v. Latour, et al second November 25, 2020. third June 11, 2021. third third third June 2020; April 24, 2020, two June 8, 2020. third no August 31, 2021, third November 17, 2022, In August September 2020, two first Himmelberg v. Vaxart, Inc. et al. August 24, 2020. second Hovhannisyan v. Vaxart, Inc. et al. September 1, 2020 ( September 17, 2020, two December 9, 2020, On January 29, 2021, July 8, 2021, May 14, 2021, June 10, 2021, first August 9, 2021, first first three 10 10b 5, 20 20A first first July 8, 2021, first December 22, 2021, July 27, 2022, $2.0 November 2, 2022, November 14, 2022, second January 25, 2023, On October 23, 2020, Roth v. Armistice Capital LLC, et al. 16 On January 8, 2021, pro se Chan v. Vaxart, Inc. et al.

Note 9 - Stockholders' Equity

Note 9 - Stockholders' Equity	3 Months Ended
Note 9 - Stockholders' Equity	Mar. 31, 2023
Notes to Financial Statements
Equity [Text Block]	NOTE 9 . Stock holders’ Equity (a) P referred Stock The Company is authorized to issue 5,000,000 shares of preferred stock, $0.0001 par value per share. The Company’s board of directors may, 5,000,000 one may no (b) As of March 31, 2023, August 4, 2022, one may no March 31, 2023 In the event of the Company’s voluntary or involuntary liquidation, dissolution, distribution of assets or winding-up, the holders of the common stock will be entitled to receive an equal amount per share of all the Company’s assets of whatever kind available for distribution to stockholders, after the rights of the holders of the preferred stock have been satisfied. There are no The Company had shares of common stock reserved for issuance as follows: March 31, 2023 December 31, 2022 Options issued and outstanding 19,305,219 14,725,261 RSUs issued and outstanding 3,708,708 808,310 Available for future grants of equity awards 4,540,768 12,074,692 Common stock warrants 227,434 227,434 2022 Employee Stock Purchase Plan 1,800,000 1,800,000 Total 29,582,129 29,635,697 (c) Warrants The following warrants were outstanding as of March 31, 2023 none Securities into which warrants are convertible Warrants Outstanding Exercise Price Expiration Date Common Stock 44,148 $ 1.10 April 2024 Common Stock 26,515 $ 1.375 April 2024 Common Stock 29,150 $ 2.50 March 2025 Common Stock 100,532 $ 3.125 February 2025 Common Stock 16,175 $ 3.125 March 2024 Common Stock 10,914 $ 22.99 December 2026 Total 227,434 In the event of a Fundamental Transaction (a transfer of ownership of the Company as defined in the warrant) within the Company’s control, the holders of the unexercised common stock warrants exercisable for $1.10 and $2.50 and those exercisable for $3.125 expiring in February 2025 not

Note 10 - Equity Incentive Plan

Note 10 - Equity Incentive Plans	3 Months Ended
Note 10 - Equity Incentive Plans	Mar. 31, 2023
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	NOTE 1 0 . Equity Incentive Plan s On April 23, 2019, 2019 “2019 may 2019 may 2019 not 2019 The aggregate number of shares of common stock authorized for issuance under the 2019 2019 June 8, 2020, June 16, 2021, August 4, 2022, 2019 2019 ten may A summary of stock option and RSU transactions in the three March 31, 2023 Weighted Weighted Shares Number of Option Average Unvested RSU Average Available Options Exercise RSU Shares Grant Date For Grant Outstanding Price Outstanding Fair Value Balance at January 1, 2023 12,074,692 14,725,261 $ 4.48 808,310 $ 3.57 Granted (10,071,992 ) 6,960,943 $ 0.78 3,111,049 $ 0.78 Exercised — — $ — — $ — Released — — $ — (49,220 ) $ 5.09 Forfeited 1,887,633 (1,726,202 ) $ 5.43 (161,431 ) $ 3.49 Canceled 650,435 (654,783 ) $ 3.72 — $ — Balance at March 31, 2023 4,540,768 19,305,219 $ 3.09 3,708,708 $ 1.21 As of March 31, 2023, there were 19,305,219 options outstanding with a weighted average exercise price of $3.09, a weighted average remaining term of 8.28 years and an aggregate intrinsic value of $72,000. Of these options, 6,185,977 were vested, with a weighted average exercise price of $4.11, a weighted average remaining term of 6.06 years and an aggregate intrinsic value of $64,000. The aggregate intrinsic value represents the total pre-tax value (i.e., the difference between the Company’s stock price and the exercise price) of stock options outstanding as of March 31, 2023, based on the Company’s common stock closing price of $0.76, which would have been received by the option holders had all their in-the-money options been exercised as of that date. There were no options exercised during the three months ended March 31, 2023. The Company received $48,000 for the 30,418 options exercised during the three months ended March 31, 2022, which had an intrinsic value of $101,000. The weighted average grant date fair value of options awarded in the three March 31, 2023 2022 Three Months Ended March 31, 2023 2022 Risk-free interest rate 3.45% - 3.56% 1.62% - 2.55% Expected term (in years) 6.00 6.02 - 6.08 Expected volatility 128 % 125% - 126% Dividend yield — % — % The Company measures the fair value of all stock-based awards on the grant date and records the fair value of these awards, net of estimated forfeitures, to compensation expense over the service period. Total stock-based compensation recognized for options, RSUs and ESPP was as follows (in thousands): Three Months Ended March 31, 2023 2022 Research and development $ 1,372 $ 2,027 General and administrative 1,275 1,103 Total stock-based compensation $ 2,647 $ 3,130 As of March 31, 2023 On August 4, 2022, 2022 “2022 6 one 85% 6 No three March 31, 2023, The fair value of the ESPP shares is estimated using the Black-Scholes option pricing model. The weighted average estimated fair value for shares issued under our ESPP in fiscal years 2022 three March 31, 2023 March 31, 2023, May 2023.

Note 11 - Net Loss Per Share

Note 11 - Net Loss Per Share	3 Months Ended
Note 11 - Net Loss Per Share	Mar. 31, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 11 . Net Loss Per Share The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share amounts): Three Months Ended March 31, 2023 2022 Net loss $ (25,140 ) $ (25,101 ) Shares used to compute net loss per share – basic and diluted 135,213,196 125,795,255 Net loss per share – basic and diluted $ (0.19 ) $ (0.20 ) No adjustment has been made to the net loss in the three months ended March 31, 2023 or 2022, as the effect would be anti-dilutive due to the net loss. The following potentially dilutive weighted average securities were excluded from the computation of weighted average shares outstanding because they would have been antidilutive: Three Months Ended March 31, 2023 2022 Options to purchase common stock 14,436,046 10,903,711 Restricted stock units to purchase common stock 1,218,200 10,917 Warrants to purchase common stock 227,434 232,434 Employee Stock Purchase Plan 433,328 — Total potentially dilutive securities excluded from denominator of the diluted earnings per share computation 16,315,008 11,147,062

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation, Liquidity and Going Concern The Company is a clinical-stage biotechnology company with no March 31, 2023, one no During the first 2023 , 2 27% second 2024. The Company will be dependent upon raising additional capital through placement of its common stock, notes or other securities, borrowings, or entering into a partnership with a strategic party in order to implement its business plan. The Company is currently not September 25, 2023 may 180 not may no 12 The financial statements do not Certain information and footnote disclosures normally included in consolidated financial statements have been condensed or omitted pursuant to these rules and regulations. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and footnotes related thereto for the year ended December 31, 2022, 10 March 15, 2023 no 2 not
Consolidation, Policy [Policy Text Block]	Basis of Consolidation
Use of Estimates, Policy [Policy Text Block]	Use of Estimates
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk The primary focus of the Company’s investment strategy is to preserve capital and meet liquidity requirements. The Company’s investment policy addresses the level of credit exposure by limiting the concentration in any one
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements The Company has reviewed all newly-issued accounting pronouncements that are not not not

Note 3 - Fair Value of Financ_2

Note 3 - Fair Value of Financial Instruments (Tables)	3 Months Ended
Note 3 - Fair Value of Financial Instruments (Tables)	Mar. 31, 2023
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Level 1 Level 2 Level 3 Total March 31, 2023 Financial assets: Money market funds $ 38,179 $ — $ — $ 38,179 U.S. Treasury securities — 21,379 — 21,379 Commercial paper — 999 — 999 Corporate debt securities — 999 — 999 Total $ 38,179 $ 23,377 $ — $ 61,556 Level 1 Level 2 Level 3 Total December 31, 2022 Financial assets: Money market funds $ 30,834 $ — $ — $ 30,834 U.S. Treasury securities — 41,542 — 41,542 Commercial paper — 5,674 — 5,674 Corporate debt securities — 2,488 — 2,488 Total $ 30,834 $ 49,704 $ — $ 80,538

Note 4 - Balance Sheet Compon_2

Note 4 - Balance Sheet Components (Tables)	3 Months Ended
Note 4 - Balance Sheet Components (Tables)	Mar. 31, 2023
Notes Tables
Cash, Cash Equivalents and Investments [Table Text Block]	Amortized Gross Unrealized Estimated Cash and Cash Equivalents Short-Term Long-Term Cost Gains Losses Fair Value and Restricted Cash Investments Investments March 31, 2023 Cash at banks $ 10,255 $ — $ — $ 10,255 $ 10,255 $ — $ — Money market funds 38,179 — — 38,179 38,179 — — U.S. Treasury securities 21,448 — (69 ) 21,379 — 21,379 — Commercial paper 999 — — 999 — 999 — Corporate debt securities 1,000 — (1 ) 999 — 999 — Total $ 71,881 $ — $ (70 ) $ 71,811 $ 48,434 $ 23,377 $ — Amortized Gross Unrealized Estimated Cash and Cash Equivalents Short-Term Long-Term Cost Gains Losses Fair Value and Restricted Cash Investments Investments December 31, 2022 Cash at banks $ 15,179 $ — $ — $ 15,179 $ 15,179 $ — $ — Money market funds 30,834 — — 30,834 30,834 — — U.S. Treasury securities 41,812 — (270 ) 41,542 — 41,542 — Commercial paper 2,488 — — 2,488 — 2,488 — Corporate debt securities 5,703 — (29 ) 5,674 — 5,674 — Total $ 96,016 $ — $ (299 ) $ 95,717 $ 46,013 $ 49,704 $ —
Property, Plant and Equipment [Table Text Block]	March 31, 2023 December 31, 2022 Laboratory equipment $ 13,512 $ 12,035 Office and computer equipment 1,057 1,078 Leasehold improvements 3,494 1,760 Construction in progress 476 3,984 Total property and equipment 18,539 18,857 Less: accumulated depreciation (4,166 ) (3,272 ) Property and equipment, net $ 14,373 $ 15,585 Depreciation expense was $894,000 and $370,000 for the three months ended March 31, 2023 and 2022, respectively. There were no material impairments of the Company’s property and equipment recorded in the three months ended March 31, 2023 or 2022, respectively.
Schedule of Finite-Lived Intangible Assets [Table Text Block]	March 31, 2023 December 31, 2022 Developed technology $ 5,000 $ 5,000 Intellectual property 80 80 Total cost 5,080 5,080 Less: accumulated amortization (243 ) (60 ) Intangible assets, net $ 4,837 $ 5,020
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Year Ending December 31, Amount 2023 (nine months remaining) $ 548 2024 731 2025 731 2026 731 2027 731 Thereafter 1,365 Total $ 4,837
Schedule of Accrued Liabilities [Table Text Block]	March 31, 2023 December 31, 2022 Accrued compensation $ 2,865 $ 3,112 Accrued clinical and manufacturing expenses 1,497 2,413 Accrued professional and consulting services 524 691 Other liabilities, current portion 2,091 1,868 Total $ 6,977 $ 8,084

Note 6 - Liabilities Related _2

Note 6 - Liabilities Related to Sale of Future Royalties (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Deferred Revenue, by Arrangement, Disclosure [Table Text Block]	Total liability related to sale of future royalties, start of period $ 5,716 Non-cash royalty revenue paid to HCRP (20 ) Non-cash interest expense recognized 178 Total liability related to sale of future royalties, end of period 5,874 Current portion (877 ) Long-term portion $ 4,997

Note 7 - Leases (Tables)

Note 7 - Leases (Tables)	3 Months Ended
Note 7 - Leases (Tables)	Mar. 31, 2023
Notes Tables
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	Year Ending December 31, 2023 (nine months remaining) $ 3,117 2024 4,275 2025 4,421 2026 4,975 2027 5,205 Thereafter 6,797 Undiscounted total 28,790 Less: imputed interest (7,274 ) Present value of future minimum payments 21,516 Current portion of operating lease liability (2,344 ) Operating lease liability, net of current portion $ 19,172 The Company presently has no finance leases and no future obligations under operating leases with initial terms of one year or less.
Lease, Cost [Table Text Block]	Three Months Ended March 31, 2023 2022 Lease cost Operating lease cost $ 1,510 $ 719 Short-term lease cost 21 118 Variable lease cost 511 265 Total lease cost $ 2,042 $ 1,102

Note 9 - Stockholders' Equity (

Note 9 - Stockholders' Equity (Tables)	3 Months Ended
Note 9 - Stockholders' Equity (Tables)	Mar. 31, 2023
Notes Tables
Schedule of Common Stock Reserved for Issuance [Table Text Block]	March 31, 2023 December 31, 2022 Options issued and outstanding 19,305,219 14,725,261 RSUs issued and outstanding 3,708,708 808,310 Available for future grants of equity awards 4,540,768 12,074,692 Common stock warrants 227,434 227,434 2022 Employee Stock Purchase Plan 1,800,000 1,800,000 Total 29,582,129 29,635,697
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	Securities into which warrants are convertible Warrants Outstanding Exercise Price Expiration Date Common Stock 44,148 $ 1.10 April 2024 Common Stock 26,515 $ 1.375 April 2024 Common Stock 29,150 $ 2.50 March 2025 Common Stock 100,532 $ 3.125 February 2025 Common Stock 16,175 $ 3.125 March 2024 Common Stock 10,914 $ 22.99 December 2026 Total 227,434

Note 10 - Equity Incentive Pl_2

Note 10 - Equity Incentive Plans (Tables)	3 Months Ended
Note 10 - Equity Incentive Plans (Tables)	Mar. 31, 2023
Notes Tables
Share-Based Payment Arrangement, Activity [Table Text Block]	Weighted Weighted Shares Number of Option Average Unvested RSU Average Available Options Exercise RSU Shares Grant Date For Grant Outstanding Price Outstanding Fair Value Balance at January 1, 2023 12,074,692 14,725,261 $ 4.48 808,310 $ 3.57 Granted (10,071,992 ) 6,960,943 $ 0.78 3,111,049 $ 0.78 Exercised — — $ — — $ — Released — — $ — (49,220 ) $ 5.09 Forfeited 1,887,633 (1,726,202 ) $ 5.43 (161,431 ) $ 3.49 Canceled 650,435 (654,783 ) $ 3.72 — $ — Balance at March 31, 2023 4,540,768 19,305,219 $ 3.09 3,708,708 $ 1.21 As of March 31, 2023, there were 19,305,219 options outstanding with a weighted average exercise price of $3.09, a weighted average remaining term of 8.28 years and an aggregate intrinsic value of $72,000. Of these options, 6,185,977 were vested, with a weighted average exercise price of $4.11, a weighted average remaining term of 6.06 years and an aggregate intrinsic value of $64,000. The aggregate intrinsic value represents the total pre-tax value (i.e., the difference between the Company’s stock price and the exercise price) of stock options outstanding as of March 31, 2023, based on the Company’s common stock closing price of $0.76, which would have been received by the option holders had all their in-the-money options been exercised as of that date. There were no options exercised during the three months ended March 31, 2023. The Company received $48,000 for the 30,418 options exercised during the three months ended March 31, 2022, which had an intrinsic value of $101,000.
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Three Months Ended March 31, 2023 2022 Risk-free interest rate 3.45% - 3.56% 1.62% - 2.55% Expected term (in years) 6.00 6.02 - 6.08 Expected volatility 128 % 125% - 126% Dividend yield — % — %
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended March 31, 2023 2022 Research and development $ 1,372 $ 2,027 General and administrative 1,275 1,103 Total stock-based compensation $ 2,647 $ 3,130

Note 11 - Net Loss Per Share (T

Note 11 - Net Loss Per Share (Tables)	3 Months Ended
Note 11 - Net Loss Per Share (Tables)	Mar. 31, 2023
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, 2023 2022 Net loss $ (25,140 ) $ (25,101 ) Shares used to compute net loss per share – basic and diluted 135,213,196 125,795,255 Net loss per share – basic and diluted $ (0.19 ) $ (0.20 ) No adjustment has been made to the net loss in the three months ended March 31, 2023 or 2022, as the effect would be anti-dilutive due to the net loss.
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended March 31, 2023 2022 Options to purchase common stock 14,436,046 10,903,711 Restricted stock units to purchase common stock 1,218,200 10,917 Warrants to purchase common stock 227,434 232,434 Employee Stock Purchase Plan 433,328 — Total potentially dilutive securities excluded from denominator of the diluted earnings per share computation 16,315,008 11,147,062

Note 1 - Organization and Nat_2

Note 1 - Organization and Nature of Business (Details Textual) - USD ($) $ in Thousands		3 Months Ended
	Sep. 15, 2021	Mar. 31, 2023	Mar. 31, 2022
Proceeds from Issuance of Common Stock		$ 1,430	$ 992
The September 2021 ATM [Member]
Open Market Sale Agreement, Maximum Aggregate Offering Price	$ 100,000
Open Market Sale Agreement, Sales Commission, Percentage	3%
Stock Issued During Period, Shares, New Issues (in shares)		1,362,220
Proceeds from Issuance of Common Stock		$ 1,500
Proceeds from Issuance of Common Stock, Net		$ 1,400

Note 2 - Summary of Significa_2

Note 2 - Summary of Significant Accounting Policies (Details Textual)	3 Months Ended
	Mar. 31, 2023 USD ($)
Cash, Cash Equivalents, and Short-Term Investments	$ 71,800,000
Reduction in Workforce, Percentage	27%
Severance Costs	$ 732,000

Note 3 - Fair Value of Financ_3

Note 3 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Recurring [Member]
Financial Liabilities Fair Value Disclosure, Total	$ 0	$ 0

Note 3 - Fair Value of Financ_4

Note 3 - Fair Value of Financial Instruments - Financial Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Money Market Funds [Member]
Money market funds, Fair Value	$ 38,179	$ 30,834
Fair Value, Recurring [Member]
Investments, Fair Value Disclosure	61,556	80,538
Fair Value, Recurring [Member] \| US Treasury Securities [Member]
Investments, Fair Value Disclosure	21,379	41,542
Fair Value, Recurring [Member] \| Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Investments, Fair Value Disclosure	999	5,674
Fair Value, Recurring [Member] \| Corporate Debt Securities [Member]
Investments, Fair Value Disclosure	999	2,488
Fair Value, Recurring [Member] \| Money Market Funds [Member]
Money market funds, Fair Value	38,179	30,834
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Investments, Fair Value Disclosure	38,179	30,834
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| US Treasury Securities [Member]
Investments, Fair Value Disclosure	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Investments, Fair Value Disclosure	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Corporate Debt Securities [Member]
Investments, Fair Value Disclosure	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Money Market Funds [Member]
Money market funds, Fair Value	38,179	30,834
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Investments, Fair Value Disclosure	23,377	49,704
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| US Treasury Securities [Member]
Investments, Fair Value Disclosure	21,379	41,542
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Investments, Fair Value Disclosure	999	5,674
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Corporate Debt Securities [Member]
Investments, Fair Value Disclosure	999	2,488
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Money Market Funds [Member]
Money market funds, Fair Value	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Investments, Fair Value Disclosure	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| US Treasury Securities [Member]
Investments, Fair Value Disclosure	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Investments, Fair Value Disclosure	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Corporate Debt Securities [Member]
Investments, Fair Value Disclosure	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Money Market Funds [Member]
Money market funds, Fair Value	$ 0	$ 0

Note 4 - Balance Sheet Compon_3

Note 4 - Balance Sheet Components (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2021
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	$ 48,434,000	$ 123,404,000	$ 46,013,000	$ 143,745,000
Restricted Cash	1,600,000		2,000,000
Operating Lease, Right-of-Use Asset	27,843,000		25,715,000
Amortization of Intangible Assets	183,000	$ 338,000
Goodwill	4,508,000		$ 4,508,000
Goodwill, Impairment Loss	$ 0
Developed Technology Rights [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	11 years 9 months
Finite-Lived Intangible Assets, Remaining Amortization Period (Year)	6 years 7 months 6 days
Intellectual Property [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	20 years
Finite-Lived Intangible Assets, Remaining Amortization Period (Year)	4 years 9 months
Lease for Facility in South San Francisco Commenced in Third Quarter of 2022 [Member]
Operating Lease, Right-of-Use Asset					$ 15,000,000
Lease for Facility in South San Francisco Commenced in First Quarter of 2023 [Member]
Operating Lease, Right-of-Use Asset					$ 3,100,000

Note 4 - Balance Sheet Compon_4

Note 4 - Balance Sheet Components - Cash and Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Cash, cash equivalents and restricted cash	$ 48,434	$ 46,013	$ 123,404	$ 143,745
Gross Unrealized Loss	(70)	(299)
Short-term investments	23,377	49,704
Long-term investments	0	0
Investments and Cash	71,881	96,016
Investments and Cash, Fair Value Disclosure	71,811	95,717
US Treasury Securities [Member]
Amortized Cost	21,448	41,812
Gross Unrealized Loss	(69)	(270)
Estimated Fair Value	21,379	41,542
Short-term investments	21,379	41,542
Long-term investments	0	0
Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Amortized Cost	999	2,488
Gross Unrealized Loss	0
Estimated Fair Value	999	2,488
Short-term investments	999	2,488
Corporate Debt Securities [Member]
Amortized Cost	1,000	5,703
Gross Unrealized Loss	(1)	(29)
Estimated Fair Value	999	5,674
Short-term investments	999	5,674
Long-term investments		0
Cash [Member]
Cash and Cash Equivalents, at Carrying Value	10,255	15,179
Money market funds, Fair Value	10,255	15,179
Cash, cash equivalents and restricted cash	10,255	15,179
Money Market Funds [Member]
Cash and Cash Equivalents, at Carrying Value	38,179	30,834
Money market funds, Fair Value	38,179	30,834
Cash, cash equivalents and restricted cash	$ 38,179	$ 30,834

Note 4 - Balance Sheet Compon_5

Note 4 - Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property and equipment, gross	$ 18,539	$ 18,857
Less: accumulated depreciation	(4,166)	(3,272)
Property and equipment, net	14,373	15,585
Laboratory Equipment [Member]
Property and equipment, gross	13,512	12,035
Office Equipment [Member]
Property and equipment, gross	1,057	1,078
Leasehold Improvements [Member]
Property and equipment, gross	3,494	1,760
Construction in Progress [Member]
Property and equipment, gross	$ 476	$ 3,984

Note 4 - Balance Sheet Compon_6

Note 4 - Balance Sheet Components - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Intangible assets, gross	$ 5,080	$ 5,080
Less: accumulated amortization	(243)	(60)
Intangible assets, net	4,837	5,020
Developed Technology Rights [Member]
Intangible assets, gross	5,000	5,000
Intellectual Property [Member]
Intangible assets, gross	$ 80	$ 80

Note 4 - Balance Sheet Compon_7

Note 4 - Balance Sheet Components - Estimated Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2023 USD ($)
2023 (nine months remaining)	$ 548
2024	731
2025	731
2026	731
2027	731
Thereafter	1,365
Total	$ 4,837

Note 4 - Balance Sheet Compon_8

Note 4 - Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued compensation	$ 2,865	$ 3,112
Accrued clinical and manufacturing expenses	1,497	2,413
Accrued professional and consulting services	524	691
Other liabilities, current portion	2,091	1,868
Total	$ 6,977	$ 8,084

Note 5 - Revenue (Details Textu

Note 5 - Revenue (Details Textual) - USD ($)	3 Months Ended
Note 5 - Revenue (Details Textual) - USD ($)	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Nov. 30, 2022
Revenue from Contract with Customer, Including Assessed Tax	$ 675,000	$ 85,000
Income Tax Expense (Benefit)	29,000	20,000
Deferred Revenue, Current	$ 1,603,000		$ 2,000,000	$ 2,000,000
Foreign Tax Authority [Member] \| National Tax Agency, Japan [Member]
Royalty Withholding Tax	5%
Income Tax Expense (Benefit)	$ 14,000	4,000
Royalty [Member] \| Daiichi Sankyo Collaberation and License Agreement [Member]
Royalty Percentage	4%
Revenue from Contract with Customer, Including Assessed Tax	$ 0	0
Non Cash Royalty Revenue [Member]
Revenue from Contract with Customer, Including Assessed Tax	278,000	85,000
Non Cash Royalty Revenue [Member] \| Daiichi Sankyo Collaberation and License Agreement [Member]
Revenue from Contract with Customer, Including Assessed Tax	278,000	85,000
Grant [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 397,000	$ 0

Note 6 - Liabilities Related _3

Note 6 - Liabilities Related to Sale of Future Royalties (Details Textual) - HCRP [Member] $ in Millions	1 Months Ended
	Apr. 30, 2016 USD ($)
Proceeds from Sale of Future Royalties, Net	$ 20
Royalty Interest Due Each Year	$ 3
Royalty Interest, Percentage of Additional Royalties Due Each Year	15%
Royalty Interest, Additional Royalties Due Each Year	$ 1

Note 6 - Liabilities Related _4

Note 6 - Liabilities Related to Sale of Future Royalties - Deferred Revenue Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Current portion	$ (877)	$ (95)
Long-term portion	4,997	$ 5,621
HealthCare Royalty Partners III, L.P. [Member] \| Royalty Arrangement [Member]
Total liability related to sale of future royalties, start of period	5,716
Non-cash royalty revenue paid to HCRP	(20)
Non-cash interest expense recognized	178
Total liability related to sale of future royalties, end of period	5,874
Current portion	(877)
Long-term portion	$ 4,997

Note 7 - Leases (Details Textua

Note 7 - Leases (Details Textual) $ in Thousands	3 Months Ended
Note 7 - Leases (Details Textual) $ in Thousands	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)
Operating Lease, Right-of-Use Asset	$ 27,843		$ 25,715
Operating Lease, Weighted Average Discount Rate, Percent	9.80%
Operating Lease, Weighted Average Remaining Lease Term (Year)	5 years 10 months 24 days
Operating Lease, Payments	$ 2,000	$ 1,100
Right of Use for Equipment with Initial Terms Exceeding One Year [Member]
Lessee, Operating Lease, Number of Right-of-Use Leases	7
Lease Agreements for Manufacturing Equipment with Initial Terms of One Year or Less [Member]
Lessee, Short-term Lease, Number of Leases	1
Facility in Burlingame, California [Member]
Lessee, Short-term Lease, Number of Leases	2
Lease for Facility in South San Francisco Commenced in Third Quarter of 2022 [Member]
Operating Lease, Right-of-Use Asset				$ 15,000
Lease for Facility in South San Francisco Commenced in First Quarter of 2023 [Member]
Operating Lease, Right-of-Use Asset				$ 3,100

Note 7 - Leases - Lease Liabili

Note 7 - Leases - Lease Liabilities Payment Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
2023 (nine months remaining)	$ 3,117
2024	4,275
2025	4,421
2026	4,975
2027	5,205
Thereafter	6,797
Undiscounted total	28,790
Less: imputed interest	(7,274)
Present value of future minimum payments	21,516
Current portion of operating lease liability	(2,344)	$ (2,228)
Operating lease liability, net of current portion	$ 19,172	$ 19,477

Note 7 - Leases - Operating Lea

Note 7 - Leases - Operating Lease Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating lease cost	$ 1,510	$ 719
Short-term lease cost	21	118
Variable lease cost	511	265
Total lease cost	$ 2,042	$ 1,102

Note 8 - Commitments and Cont_2

Note 8 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions	Nov. 02, 2022	Jul. 27, 2022	Mar. 31, 2023
Himmelberg V. Vaxart, Inc. et al. [Member]
Litigation Settlement, Amount Awarded to Other Party		$ 12
Payments for Legal Settlements	$ 2
Lease for Facility in South San Francisco, California [Member]
Purchase Obligation			$ 7.8

Note 9 - Stockholders' Equity_2

Note 9 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Aug. 04, 2022	Mar. 31, 2023	Dec. 31, 2022	Aug. 03, 2022
Preferred Stock, Shares Authorized (in shares)		5,000,000	5,000,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share)		$ 0.0001	$ 0.0001
Preferred Stock, Shares Outstanding, Ending Balance (in shares)		0	0
Common Stock, Shares Authorized (in shares)		250,000,000	250,000,000	150,000,000
Common Stock, Par or Stated Value Per Share (in dollars per share)		$ 0.0001	$ 0.0001
Common Stock, Increase in Shares Authorized (in shares)	100,000,000
Dividends, Total		$ 0
First Set of Warrants Expiring April 2024 [Member]
Warrant Exercise Price to be Entitled to Receive Cash Consideration, Fundamental Transaction (in dollars per share)		$ 1.10
Warrants Expiring March 2025 [Member]
Warrant Exercise Price to be Entitled to Receive Cash Consideration, Fundamental Transaction (in dollars per share)		2.50
Warrants Expiring February 2025 [Member]
Warrant Exercise Price to be Entitled to Receive Cash Consideration, Fundamental Transaction (in dollars per share)		$ 3.125

Note 9 - Stockholders' Equity -

Note 9 - Stockholders' Equity - Shares of Common Stock Reserved for Issuance (Details) - shares	Mar. 31, 2023	Dec. 31, 2022
Common stock reserved for issuance (in shares)	29,582,129	29,635,697
Common Warrants [Member]
Common stock reserved for issuance (in shares)	227,434	227,434
Share-Based Payment Arrangement, Option [Member]
Common stock reserved for issuance (in shares)	19,305,219	14,725,261
Restricted Stock Units (RSUs) [Member]
Common stock reserved for issuance (in shares)	3,708,708	808,310
Future Grants of Equity Awards [Member]
Common stock reserved for issuance (in shares)	4,540,768	12,074,692
ESPP [Member]
Common stock reserved for issuance (in shares)	1,800,000	1,800,000

Note 9 - Stockholders' Equity_3

Note 9 - Stockholders' Equity - Summary of Warrants Outstanding (Details)	Mar. 31, 2023 $ / shares shares
Securities into which warrants are convertible (in shares)	227,434
First Set of Warrants Expiring September 2024 [Member]
Securities into which warrants are convertible (in shares)	44,148
Securities into which warrants are convertible (in dollars per share) \| $ / shares	$ 1.10
First Set of Warrants Expiring April 2024 [Member]
Securities into which warrants are convertible (in shares)	26,515
Securities into which warrants are convertible (in dollars per share) \| $ / shares	$ 1.375
Second Set of Warrants Expiring April 2024 [Member]
Securities into which warrants are convertible (in shares)	29,150
Securities into which warrants are convertible (in dollars per share) \| $ / shares	$ 2.50
Warrants Expiring March 2025 [Member]
Securities into which warrants are convertible (in shares)	100,532
Securities into which warrants are convertible (in dollars per share) \| $ / shares	$ 3.125
Warrants Expiring February 2025 [Member]
Securities into which warrants are convertible (in shares)	16,175
Securities into which warrants are convertible (in dollars per share) \| $ / shares	$ 3.125
Warrants Expiring March 2024 [Member]
Securities into which warrants are convertible (in shares)	10,914
Securities into which warrants are convertible (in dollars per share) \| $ / shares	$ 22.99

Note 10 - Equity Incentive Pl_3

Note 10 - Equity Incentive Plans (Details Textual) - USD ($)		3 Months Ended		12 Months Ended
	Jun. 15, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Aug. 04, 2022	Jun. 16, 2021	Jun. 08, 2020	Apr. 23, 2019
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)		$ 0.78	$ 4.48
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		29,582,129		29,635,697
Share-Based Payment Arrangement, Expense		$ 2,647,000	$ 3,130,000
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 28,100,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		2 years 7 months 6 days
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		19,305,219		14,725,261
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year)		6 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate		128%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate		0%	0%
Share-Based Payment Arrangement, Option [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year)			6 years 7 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate			125%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate		3.45%	1.62%
Former Chairman of the Board [Member] \| Share-Based Payment Arrangement, Option [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Month)	3 months
The 2019 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)					28,900,000	16,900,000	8,000,000	1,600,000
The 2022 ESPP [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		1,800,000			1,800,000
Share Price (in dollars per share)				$ 0.46
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year)				6 months
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate				84.66%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate				4.60%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate				0%
Share-Based Payment Arrangement, Expense		$ 100,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		$ 50,000

Note 10 - Equity Incentive Pl_4

Note 10 - Equity Incentive Plans - Summary of Stock Option and RSU Transactions (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Shares available for grant, balance (in shares)	12,074,692
Number of options outstanding, beginning balance (in shares)	14,725,261
Weighted average exercise price, balance (in dollars per share) \| $ / shares	$ 4.48
Shares available for grant, granted (in shares)	(10,071,992)
Number of options outstanding, granted (in shares)	6,960,943
Weighted average exercise price, granted (in dollars per share) \| $ / shares	$ 0.78
Number of options outstanding, exercised (in shares)	0
Weighted average exercise price, exercised (in dollars per share) \| $ / shares	$ 0
Number of options outstanding, Released (in shares)	0
Weighted average exercise price, released (in dollars per share) \| $ / shares	$ 0
Shares available for grant, forfeited (in shares)	1,887,633
Number of options outstanding, forfeited (in shares)	(1,726,202)
Weighted average exercise price, forfeited (in dollars per share) \| $ / shares	$ 5.43
Shares available for grant, canceled (in shares)	650,435
Number of options outstanding, canceled (in shares)	(654,783)
Weighted average exercise price, canceled (in dollars per share) \| $ / shares	$ 3.72
Shares available for grant, balance (in shares)	4,540,768
Number of options outstanding, balance (in shares)	19,305,219
Weighted average exercise price, balance (in dollars per share) \| $ / shares	$ 3.09
Restricted Stock Units (RSUs) [Member]
Number of RSUs outstanding (in shares)	808,310
Balance, Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 3.57
GrantedNumber of RSUs outstanding, granted (in shares)	3,111,049
Granted, Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 0.78
Number of RSUs outstanding, exercised (in shares)	0
Exercised, Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 0
Number of RSUs outstanding, released (in shares)	(49,220)
Released, Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 5.09
Number of RSUs outstanding, forfeited (in shares)	(161,431)
Forfeited, Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 3.49
Number of RSUs outstanding (in shares)	3,708,708
Balance, Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 1.21

Note 10 - Equity Incentive Pl_5

Note 10 - Equity Incentive Plans - Assumptions of Options (Details) - Share-Based Payment Arrangement, Option [Member]	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Expected term (in years) (Year)	6 years
Expected volatility	128%
Dividend yield	0%	0%
Minimum [Member]
Risk-free interest rate	3.45%	1.62%
Expected term (in years) (Year)		6 years 7 days
Expected volatility		125%
Maximum [Member]
Risk-free interest rate	3.56%	2.55%
Expected term (in years) (Year)		6 years 29 days
Expected volatility		126%

Note 10 - Equity Incentive Pl_6

Note 10 - Equity Incentive Plans - Total Stock-based Compensation Recognized for Options (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement, Expense	$ 2,647	$ 3,130
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expense	1,372	2,027
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expense	$ 1,275	$ 1,103

Note 11 - Net Loss Per Share -

Note 11 - Net Loss Per Share - Calculation of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net loss	$ (25,140)	$ (25,101)
Shares used to compute net loss per share - basic and diluted (in shares)	135,213,196	125,795,255
Net loss per share - basic and diluted (in dollars per share)	$ (0.19)	$ (0.20)

Note 11 - Net Loss Per Share _2

Note 11 - Net Loss Per Share - Summary of Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares)	16,315,008	11,147,062
Share-Based Payment Arrangement, Option [Member]
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares)	14,436,046	10,903,711
Restricted Stock Units (RSUs) [Member]
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares)	1,218,200	10,917
Warrant [Member] \| Common Stock [Member]
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares)	227,434	232,434
Employee Stock Purchase Plan [Member]
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares)	433,328	0