0001558370-22-013675 | 10-Q | XBRL Viewer | Onconova Therapeutics INC

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Aug. 01, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-36020
Entity Registrant Name	Onconova Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-3627252
Entity Address, Address Line One	12 Penns Trail
Entity Address, City or Town	Newtown
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	18940
City Area Code	267
Local Phone Number	759-3680
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		20,895,563
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	ONTX
Security Exchange Name	NASDAQ
Entity Central Index Key	0001130598
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 46,533	$ 55,070
Receivables	28	28
Prepaid expenses and other current assets	1,472	332
Total current assets	48,033	55,430
Property and equipment, net	31	38
Other non-current assets	10	10
Total assets	48,074	55,478
Current liabilities:
Accounts payable	3,003	2,757
Accrued expenses and other current liabilities	3,231	3,132
Deferred revenue	226	226
Total current liabilities	6,460	6,115
Deferred revenue, non-current	3,130	3,243
Total liabilities	9,590	9,358
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 5,000,000 shares authorized, none issued and outstanding at June 30, 2022 and December 31, 2021
Common stock, $0.01 par value, 125,000,000 shares authorized, 20,895,563 shares issued and outstanding at June 30, 2022 and December 31, 2021	209	209
Additional paid in capital	491,181	490,644
Accumulated deficit	(452,865)	(444,719)
Accumulated other comprehensive loss	(41)	(14)
Total stockholders' equity	38,484	46,120
Total liabilities and stockholders' equity	$ 48,074	$ 55,478

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Condensed Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	125,000,000	125,000,000
Common stock, shares issued	20,895,563	20,895,563
Common stock, shares outstanding	20,895,563	20,895,563

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Condensed Consolidated Statements of Operations
Revenue	$ 57	$ 57	$ 113	$ 113
Operating expenses:
General and administrative	2,139	2,850	4,325	5,067
Research and development	2,038	1,852	4,040	3,789
Total operating expenses	4,177	4,702	8,365	8,856
Loss from operations	(4,120)	(4,645)	(8,252)	(8,743)
Change in fair value of warrant liability		427		(209)
Other income, net	96	(13)	106	6
Net loss	$ (4,024)	$ (4,231)	$ (8,146)	$ (8,946)
Net loss per share, basic (in dollars per share)	$ (0.19)	$ (0.27)	$ (0.39)	$ (0.59)
Net loss per share, diluted (in dollars per share)	$ (0.19)	$ (0.27)	$ (0.39)	$ (0.59)
Basic weighted average shares outstanding (in shares)	20,904,085	15,780,863	20,904,085	15,201,719
Diluted weighted average shares outstanding (in shares)	20,904,085	15,780,863	20,904,085	15,201,719

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Condensed Consolidated Statements of Comprehensive Loss
Net loss	$ (4,024)	$ (4,231)	$ (8,146)	$ (8,946)
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments, net	(20)	4	(27)	(12)
Other comprehensive (loss) income, net of tax	(20)	4	(27)	(12)
Comprehensive loss	$ (4,044)	$ (4,227)	$ (8,173)	$ (8,958)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

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+ Details

Consolidated Statement of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Common Stock	Additional Paid in Capital	Accumulated deficit	Accumulated other comprehensive (loss) income	Total
Balance at Dec. 31, 2020	$ 124	$ 434,593	$ (428,556)	$ 14	$ 6,175
Balance (in shares) at Dec. 31, 2020	12,396,219
Increase (Decrease) in Stockholders' Equity (Deficit)
Net loss			(8,946)		(8,946)
Other comprehensive loss				(12)	(12)
Exercise of stock options		24			24
Exercise of stock options (in shares)	4,642
Stock-based compensation		125			125
Issuance of common stock, net	$ 32	35,115			35,147
Issuance of common stock, net (in shares)	3,220,075
Shares issued in connection with reverse stock split	104
Issuance of common stock upon exercise of warrants	$ 2	478			480
Issuance of common stock upon exercise of warrants (in shares)	160,000
Balance at Jun. 30, 2021	$ 158	470,335	(437,502)	2	32,993
Balance (in shares) at Jun. 30, 2021	15,781,040
Balance at Mar. 31, 2021	$ 158	470,268	(433,271)	(2)	37,153
Balance (in shares) at Mar. 31, 2021	15,779,160
Increase (Decrease) in Stockholders' Equity (Deficit)
Net loss			(4,231)		(4,231)
Other comprehensive loss				4	4
Exercise of stock options		7			7
Exercise of stock options (in shares)	1,776
Stock-based compensation		60			60
Shares issued in connection with reverse stock split	104
Balance at Jun. 30, 2021	$ 158	470,335	(437,502)	2	32,993
Balance (in shares) at Jun. 30, 2021	15,781,040
Balance at Dec. 31, 2021	$ 209	490,644	(444,719)	(14)	$ 46,120
Balance (in shares) at Dec. 31, 2021	20,895,563				20,895,563
Increase (Decrease) in Stockholders' Equity (Deficit)
Net loss			(8,146)		$ (8,146)
Other comprehensive loss				(27)	(27)
Stock-based compensation		537			537
Balance at Jun. 30, 2022	$ 209	491,181	(452,865)	(41)	$ 38,484
Balance (in shares) at Jun. 30, 2022	20,895,563				20,895,563
Balance at Mar. 31, 2022	$ 209	490,940	(448,841)	(21)	$ 42,287
Balance (in shares) at Mar. 31, 2022	20,895,563
Increase (Decrease) in Stockholders' Equity (Deficit)
Net loss			(4,024)		(4,024)
Other comprehensive loss				(20)	(20)
Stock-based compensation		241			241
Balance at Jun. 30, 2022	$ 209	$ 491,181	$ (452,865)	$ (41)	$ 38,484
Balance (in shares) at Jun. 30, 2022	20,895,563				20,895,563

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating activities:
Net loss	$ (8,146)	$ (8,946)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	7	7
Change in fair value of warrant liabilities		209
Stock compensation expense	537	125
Changes in assets and liabilities:
Receivables		10
Prepaid expenses and other current assets	(1,140)	265
Other assets		10
Accounts payable	246	(543)
Accrued expenses and other current liabilities	99	(1,979)
Deferred revenue	(113)	(113)
Net cash used in operating activities	(8,510)	(10,955)
Financing activities:
Proceeds from the sale of common stock and warrants, net of costs		35,147
Proceeds from the exercise of common warrants		480
Proceeds from the exercise of stock options		24
Net cash provided by financing activities		35,651
Effect of foreign currency translation on cash	(27)	(12)
Net (decrease) increase in cash and cash equivalents	(8,537)	24,684
Cash and cash equivalents at beginning of period	55,070	19,025
Cash and cash equivalents at end of period	$ 46,533	$ 43,709

Nature of Business

6 Months Ended

Jun. 30, 2022

Nature of Business

Nature of Business

1. Nature of Business

The Company

Onconova Therapeutics, Inc. (the “Company”) was incorporated in the State of Delaware on December 22, 1998 and commenced operations on January 1, 1999. The Company’s headquarters are located in Newtown, Pennsylvania. The Company is a clinical-stage biopharmaceutical company focused on discovering and developing novel products for patients with cancer. The Company has proprietary molecularly targeted agents designed to disrupt specific cellular pathways that are important for cancer cell proliferation. The Company believes that the product candidates in its pipeline have the potential to be efficacious in a variety of cancers with unmet medical need. The Company has the following two clinical-stage programs: 1. narazaciclib (ON 123300), a multi-targeted kinase inhibitor in solid tumors and hematological malignancies as a single agent or in combination with other anti-cancer therapies; and 2. rigosertib administered alone or in combination for the treatment of solid tumors. During 2012, Onconova Europe GmbH was established as a wholly owned subsidiary of the Company for the purpose of further developing business in Europe.

On May 20, 2021, the Company amended its certificate of incorporation to decrease the number of authorized shares of common stock par value $0.01 per share from 250,000,000 to 125,000,000, and to effect a one-for-fifteen reverse stock split of its common stock. All common stock, equity, share and per share amounts in the financial statements and notes have been retroactively adjusted to reflect this one-for-fifteen reverse stock split.

Liquidity

The Company has incurred recurring operating losses since inception. For the six months ended June 30, 2022, the Company incurred a net loss of $8,146,000 and as of June 30, 2022 the Company had generated an accumulated deficit of $452,865,000. The Company anticipates operating losses to continue for the foreseeable future due to, among other things, costs related to research, development of its product candidates and its preclinical programs, strategic alliances and its administrative organization. At June 30, 2022, the Company had cash and cash equivalents of $46,533,000. The Company will require substantial additional financing to fund its ongoing clinical trials and operations, and to continue to execute its strategy.

The Company has and may continue to delay, scale-back, or eliminate certain of its research and development activities and other aspects of its operations until such time as the Company is successful in securing additional funding. The Company is exploring various dilutive and non-dilutive sources of funding, including equity financings, strategic alliances, business development and other sources. The future success of the Company is dependent upon its ability to obtain additional funding. There can be no assurance, however, that the Company will be successful in obtaining such funding in sufficient amounts, on terms acceptable to the Company, or at all. The Company believes that its cash and cash equivalents will be sufficient to fund its ongoing trials and business operations for more than twelve months from the date of this filing.

COVID-19

While the Company is not aware of a material impact from the novel coronavirus disease (“COVID-19”) pandemic through June 30, 2022, the full extent to which COVID-19 will directly or indirectly impact the Company’s business, results of operations and financial condition, including manufacturing, clinical trials and research and development costs, depends on future developments that are uncertain at this time.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Certain information and footnotes normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The financial statements include the consolidated accounts of the Company and its wholly-owned subsidiary, Onconova Europe GmbH. All significant intercompany transactions have been eliminated.

Unaudited Interim Financial Information

The accompanying condensed consolidated balance sheet as of June 30, 2022, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2022 and 2021, the consolidated statements of stockholders’ equity (deficit) for the three and six months ended June 30, 2022 and 2021 and the condensed consolidated statements of cash flows for the six months ended June 30, 2022 and 2021 are unaudited. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2022, the results of its operations for the three and six months ended June 30, 2022 and 2021, and its cash flows for the six months ended June 30, 2022 and 2021. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2022 and 2021 are unaudited. The results for the three and six months ended June 30, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022, any other interim periods, or any future year or period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto for the year ended December 31, 2021 included in the Company’s annual report on Form 10-K filed with the SEC on March 21, 2022.

All common stock, equity, share and per share amounts in the financial statements and notes have been retroactively adjusted to reflect a one-for-fifteen reverse stock split which was effective May 20, 2021.

Segment Information

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

Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2021 included in the Company’s annual report on Form 10-K filed with the SEC on March 21, 2022. Since the date of such financial statements, there have been no changes to the Company’s significant accounting policies.

Fair Value Measurements

The carrying amounts reported in the accompanying consolidated financial statements for cash and cash equivalents, accounts payable, and accrued liabilities approximate their respective fair values because of the short-term nature of these accounts. The fair value of the warrant liability is discussed in Note 7, “Fair Value Measurements.”

Recent Accounting Pronouncements

In June 2016, the FASB issued new guidance on the accounting for credit losses on financial instruments. The guidance was amended in November 2019. The new guidance introduces an expected loss model for estimating credit losses, replacing the incurred loss model. The new guidance also changes the impairment model for available-for-sale debt securities, requiring the use of an allowance to record estimated credit losses (and subsequent recoveries). The guidance is effective for the Company in fiscal years beginning after December 15, 2022, and interim periods within those years, with early adoption permitted. The guidance is not expected to have a material effect on the Company.

Revenue

6 Months Ended

Jun. 30, 2022

Revenue.

Revenue

3. Revenue

The Company’s revenue during the three and six months ended June 30, 2022 and 2021 was from its license and collaboration agreement with SymBio.


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Symbio
Upfront license fee recognition over time	$	57,000	$	57,000	$	113,000	$	113,000

Deferred revenue is as follows:


	Symbio
	Upfront Payment
Deferred balance at December 31, 2021	$	3,469,000
Recognition to revenue		(113,000)

Deferred balance at June 30, 2022	$	3,356,000

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Net Loss Per Share of Common Stock

6 Months Ended

Jun. 30, 2022

Net Loss Per Share of Common Stock

Net Loss Per Share of Common Stock

4. Net Loss Per Share of Common Stock

The following potentially dilutive securities outstanding at June 30, 2022 and 2021 have been excluded from the computation of diluted weighted average shares outstanding, as they would be antidilutive (reflects the number of common shares as if the dilutive securities had been converted to common stock):


	June 30,
	2022	2021
Warrants	491,586	512,202
Stock options	850,553	43,026
	1,342,139	555,228

Warrants

6 Months Ended

Jun. 30, 2022

Warrants

Warrants

5. Warrants

Common Stock warrants are accounted for in accordance with applicable accounting guidance provided in ASC Topic 815, Derivatives and Hedging - Contracts in Entity’s Own Equity (ASC Topic 815), as either derivative liabilities or as equity instruments depending on the specific terms of the warrant agreement.

Warrants outstanding and warrant activity (reflects the number of common shares as if the warrants were converted to common stock) for the six months ended June 30, 2022 is as follows:


					Balance				Balance
		Exercise		Expiration	December 31,	Warrants	Warrants	Warrants	June 30,
Description	Classification	Price		Date	2021	Issued	Exercised	Expired	2022
Non-tradable pre-funded warrants	Equity	$	2.25	July 2023	26	—	—	—	26
Non-tradable warrants	Equity	$	24.00	December 2022	26,189	—	—	—	26,189
Non-tradable pre-funded warrants	Equity	$	2.25	none	3,522	—	—	—	3,522
Non-tradable warrants	Equity	$	24.00	December 2022	120,407	—	—	—	120,407
Non-tradable pre-funded warrants	Equity	$	2.25	none	4,974	—	—	—	4,974
Non-tradable warrants	Equity	$	30.00	September 2023	7,306	—	—	—	7,306
Non-tradable warrants	Equity	$	3.00	November 2024	244,500	—	—	—	244,500
Non-tradable warrants	Equity	$	6.54375	December 2024	16,953	—	—	—	16,953
Non-tradable warrants	Equity	$	6.75450	December 2024	46,263	—	—	—	46,263
Non-tradable warrants	Equity	$	6.77850	December 2023	29,968	—	—	—	29,968
					500,108	—	—	—	500,108

Balance Sheet Detail

6 Months Ended

Jun. 30, 2022

Balance Sheet Detail

Balance Sheet Detail

6. Balance Sheet Detail

Prepaid expenses and other current assets:


	June 30,		December 31,
	2022		2021
Research and development	$	1,050,000	$	15,000
Manufacturing		31,000		29,000
Insurance		85,000		253,000
Other		306,000		35,000
	$	1,472,000	$	332,000

Property and equipment:


	June 30,		December 31,
	2022		2021
Property and equipment	$	70,000	$	70,000
Accumulated depreciation		(39,000)		(32,000)
	$	31,000	$	38,000

Accrued expenses and other current liabilities:


	June 30,		December 31,
	2022		2021
Research and development	$	1,968,000	$	1,759,000
Employee compensation		1,054,000		1,217,000
Professional fees		209,000		156,000
	$	3,231,000	$	3,132,000

Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Measurements

Fair Value Measurements

7. Fair Value Measurements

At both June 30, 2022 and December 31, 2021, the Company had no financial assets and liabilities measured at fair value on a recurring basis.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

The Company utilizes a valuation hierarchy for disclosure of the inputs to the valuations used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

During 2021, the Company had tradable warrants and non-tradable warrants that were classified as liabilities and measured at fair value on a recurring basis. The tradable warrants were listed on the Nasdaq Capital Market. The Company determined that an active and orderly market for the tradable warrants developed and that the Nasdaq Capital Market price was the best indicator of fair value of the warrant liability. The quoted market price was used to determine the fair value. The fair value of the non-tradable warrants was estimated using the Black-Scholes pricing model. All of these tradable and non-tradable warrants expired in July 2021. During the three and six months ended June 30, 2021, there was a decrease (increase) in the fair value of the warrant liability of $427,000 and ($209,000), respectively.

- 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

6 Months Ended

Jun. 30, 2022

Stock-Based Compensation

Stock-Based Compensation

8. Stock-Based Compensation

The 2018 Omnibus Incentive Compensation Plan (the “2018 Plan”) was unanimously approved by the Company’s Board of Directors on May 24, 2018 and was approved by the Company’s stockholders on June 27, 2018.

Under the 2018 Plan, the Company may grant incentive stock options, non-qualified stock options, stock awards, stock units, stock appreciation rights and other stock-based awards to employees, non-employee directors and consultants, and advisors. The maximum aggregate number of shares of the Company’s common stock that may be issued under the 2018 Plan is 26,823.

The 2018 Plan was amended and restated following unanimous approval of the Company’s Board of Directors on April 24, 2019 and was approved by the Company’s shareholders on June 17, 2019. The amended 2018 Plan (the “Amended Plan”) allowed for an additional 39,300 shares of the Company’s common stock that may be issued under the Amended Plan with respect to awards made on and after June 17, 2019.

The 2021 Incentive Compensation Plan (the “2021 Plan”) was unanimously approved by the Company’s shareholders on July 30, 2021. Upon stockholders’ approval of the 2021 Plan, no further awards will be made under the amended 2018 Plan. Under the 2021 Plan, the Company may grant incentive stock options, non-qualified stock options, stock awards, stock units, stock appreciation rights and other stock-based awards to employees, non-employee directors and consultants, and advisors. The maximum aggregate number of shares of the Company’s common stock that may be issued under the 2021 Plan is 1,300,000. At June 30, 2022, there were 258,337 shares available for future issuance.

Stock-based compensation expense includes stock options granted to employees and non-employees and has been reported in the Company’s statements of operations and comprehensive loss in either research and development expenses or general and administrative expenses depending on the function performed by the optionee. No net tax benefits related to the stock-based compensation costs have been recognized since the Company’s inception. The

Company recognized stock-based compensation expense related to stock options and restricted stock units as follows for the three and six months ended June 30, 2022 and 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
General and administrative	$	72,000	$	43,000	$	259,000	$	99,000
Research and development		169,000		17,000		278,000		26,000
	$	241,000	$	60,000	$	537,000	$	125,000

A summary of stock option activity for the six months ended June 30, 2022 is as follows:


	Options Outstanding
				Weighted
		Weighted-		Average
		Average		Remaining	Aggregate
	Number	Exercise		Contractual	Intrinsic
	of Shares	Price		Term (in years)	Value
Balance, December 31, 2021	452,999	$	20.71	9.42	$	—
Authorized	—
Granted	491,825	$	1.75	9.66		—
Exercised	—	$	—	—	$	—
Forfeitures/adjustments	(94,271)	$	3.37	—
Balance, June 30, 2022	850,553	$	11.67	9.26	$	—
Exercisable at June 30, 2022	40,302	$	179.88	6.51	$	—

The Company accounts for all stock-based payments made to employees, non-employees and directors using an option pricing model for estimating fair value. Accordingly, stock-based compensation expense is measured based on the estimated fair value of the awards on the date of grant, net of forfeitures. Compensation expense is recognized for the portion that is ultimately expected to vest over the period during which the recipient renders the required services to the Company using the straight-line single option method.

The Company uses the Black-Scholes option-pricing model to estimate the fair value of stock options at the grant date. The Black-Scholes model requires the Company to make certain estimates and assumptions, assumptions related to the expected price volatility of the Common Stock, the period during which the options will be outstanding, the rate of return on risk-free investments and the expected dividend yield for the Company’s stock.

As of June 30, 2022, there was $2,166,000 of unrecognized compensation expense related to the unvested stock options which is expected to be recognized over a weighted-average period of approximately 2.33 years.

The weighted-average assumptions underlying the Black-Scholes calculation of grant date fair value of stock options include the following:


	Six months ended June 30,
	2022			2021
Risk-free interest rate		2.01	%		1.02	%
Expected volatility		121.49	%		123.32	%
Expected term		5.85	years		6.25	years
Expected dividend yield		0	%		0	%
Weighted average grant date fair value	$	1.51		$	0.25

The weighted-average valuation assumptions were determined as follows:

●

Risk-free interest rate: The Company based the risk-free interest rate on the interest rate payable on U.S. Treasury securities in effect at the time of grant for a period that is commensurate with the assumed expected option term.

●

Expected term of options: Due to its lack of sufficient historical data, the Company estimates the expected life of its employee stock options using the “simplified” method, as prescribed in Staff Accounting Bulletin (SAB) No. 107, whereby the expected life equals the arithmetic average of the vesting term and the original contractual term of the option.

●

Expected stock price volatility: Expected volatility is based on the historical volatility of the Company’s Common Stock.

●

Expected annual dividend yield: The Company has never paid, and does not expect to pay, dividends in the foreseeable future. Accordingly, the Company assumed an expected dividend yield of 0.0%.

On August 2, 2021, the compensation committee of the board of directors approved restricted stock unit grants to the Company’s employees (“2021 RSU”). An aggregate of 104,700 service-based RSUs were issued at a grant date fair value of $5.19. The 2021 RSU awards will be settled in stock, vest 33% on each of the first and second anniversary of the date of grant, and vest 34% on the third anniversary of the date of grant. The 2021 RSU awards were granted under the 2021 Plan. There were no vesting events, expirations, forfeitures, or cancelations of the 2021 RSUs during the period. On February 7, 2022, the compensation committee of the board of directors approved restricted stock unit grants to the Companies employees (“2022 RSU”). An aggregate of 148,343 service-based RSUs were issued at a grant date fair value of $1.82. The 2022 RSU awards will be settled in stock, vest 33% on each of the first and second anniversary of the date of grant, and vest 34% on the third anniversary of the date of grant. The 2021 RSU and 2022 RSU awards were granted under the 2021 Plan. There were no vesting events, expirations, or cancelations of the 2021 RSU or 2022 RSU during the period. There were forfeitures of 31,033 RSUs during the six months ended June 30, 2022. At June 30, 2022, the unrecognized compensation cost related to unvested service-based RSUs was $568,000, which will be recognized over the remaining service period.

Grants of PSUs and SARs

On July 9, 2020, the compensation committee of the board of directors and the board approved a cash bonus program of cash-settled stock appreciation right (“2020 SAR”) awards and cash-settled performance stock unit (“2020 PSU”) awards to the Company’s employees. An aggregate of 2020 SAR awards with respect to 256,713 shares of common stock and 2020 PSU awards with respect to 124,220 shares of common stock were granted to the Company’s employees. The 2020 SAR awards will be settled in cash, vest 33% on the first anniversary of the date of grant, and the remaining 67% monthly over the next 24 months, have a per-share base amount of $8.40, which was the closing sales price of a share of the Company’s common stock on the grant date, and are in all cases subject to the terms and conditions of the Company’s form of SAR award agreement. The 2020 SAR awards are cash-settled and were granted outside of the 2018 Plan and the 2021 Plan.

The 2020 PSU awards vest 50% upon the submission of a new drug application (“NDA”) to the U.S. FDA for rigosertib in higher-risk myelodysplastic syndromes (“HR-MDS”) and 50% upon U.S. FDA approval of rigosertib for HR-MDS. The 2020 PSU awards have a maximum value of $21.60 per share. The maximum price per share is the per-share value based on the Company’s market capitalization at $250 million and the Company’s outstanding shares of common stock, which was 11,611,829 shares on July 9, 2020. In all cases, the 2020 PSU awards are subject to the terms and conditions of the Company’s form of PSU award agreement. The 2020 PSU awards are cash-settled and were granted outside of the 2018 Plan and the 2021 Plan.

In addition, on July 9, 2020, based on the recommendation of the compensation committee, the board approved a change in the non-employee director compensation policy that would provide for an annual SAR award (“2020 Director SAR”) with respect to 8,333 shares of common stock for each of the Company’s non-employee directors. No other changes to the non-employee director compensation policy were approved and, on July 9, 2020, the Board approved the initial 8,333 2020 Director SAR award to each of the non-employee directors for an aggregate total of 58,333 2020 Directors SAR awards granted. The 2020 Director SAR awards vest on the first anniversary of grant subject to the director’s continued service and will be settled in cash, have a per-share base amount of $8.40, and are in all cases subject to the terms and conditions of the Company’s form of 2020 Director SAR award agreement.

Each SAR subject to a 2020 SAR award represents the right to a cash payment equal to the excess, if any, of (i) the fair market value of each underlying share of the Company’s common stock, determined on the date of exercise of the SAR minus (ii) the base amount. Pursuant to the terms of the SAR awards, in no event may the cash payment for each SAR exceed $13.20, which is the maximum price per share of $21.60, minus the base amount of $8.40, subject to adjustment in accordance with the terms of the Stock Appreciation Right Award Agreement. The maximum price per share is the per-share value based on the Company’s market capitalization at $250 million and the Company’s outstanding shares of common stock, which was 11,611,829 shares on July 9, 2020.

On February 17, 2021, the compensation committee of the board of directors and the board approved a cash bonus program of cash-settled stock appreciation right (“2021 SAR”) awards and cash-settled performance stock unit (“2021 PSU”) awards to the Company’s employees. An aggregate of 2021 SAR awards with respect to 100,000 shares of common stock and 2021 PSU awards with respect to 100,000 shares of common stock were granted to the Company’s employees. The 2021 SAR awards will be settled in cash, vest 33% on the first anniversary of the date of grant, and the remaining 67% monthly over the next 24 months, have a per-share base amount of $22.65, which was the closing sales price of a share of the Company’s common stock on the grant date, and are in all cases subject to the terms and conditions of the Company’s form of SAR award agreement. Each SAR subject to a 2021 SAR award represents the right to a cash payment equal to the excess, if any, of (i) the fair market value of each underlying share of the Company’s common stock, determined on the date of exercise of the 2021 SAR minus (ii) the base amount. Pursuant to the terms of the 2021 SAR awards, in no event may the cash payment for each SAR exceed $15.45, which is the maximum price per share of $38.10, minus the base amount of $22.65, subject to adjustment in accordance with the terms of the Stock Appreciation Right Award Agreement. The maximum price per share is the per-share value based on the Company’s market capitalization at $600 million and the Company’s outstanding shares of common stock, which was 15,767,492 shares on February 17, 2021. The 2021 SAR awards are cash-settled and were granted outside of the 2018 Plan and the 2021 Plan.

The 2021 PSU awards vest 20% upon the initiation of a new clinical program with an in-licensed compound, 20% for reaching the recommended Phase 2 dose for any compound, 20% for the first patient enrolled in the expansion cohort of the Phase 1 ON123300 clinical trial, 20% for the first patient enrolled in a registrational study for any compound, and 20% for the topline data of a registrational study for any compound. The 2021 PSU awards have a maximum value of $38.10 per share. The maximum price per share is the per-share value based on the Company’s approximate market capitalization at $600 million and the Company’s outstanding shares of common stock, which was 15,767,492 shares on February 17, 2021. In all cases, the 2021 PSU awards are subject to the terms and conditions of the

Company’s form of PSU award agreement. The 2021 PSU awards are cash-settled and were granted outside of the 2018 Plan and the 2021 Plan.

The fair value of the 2021and 2020 SARs granted has been estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	As of June 30, 2022

Risk-free interest rate		3.01	%
Expected volatility		133.44	%
Expected term		5.14	years
Expected dividend yield		0	%

During the three months ended June 30, 2022 and 2021, the Company recognized $15,000 and $476,000 related to the SARs and PSUs, respectively. During the six months ended June 30, 2022 and 2021, the Company recognized $1,000 of reversals of compensation expense and $521,000 of compensation expense related to the SARs and PSUs, respectively. The expense recognized in the 2021 periods includes approximately $442,000 of compensation expense resulting from the exercise of 2020 SARs during February 2021. As of June 30, 2022, the SARs and PSUs liability was $63,000 and is included in accrued expenses. As of June 30, 2022, there was $85,000 of unrecognized compensation cost related to the 2020 and 2021 SARs and PSUs.

Research Agreements

6 Months Ended

Jun. 30, 2022

Research Agreements

Research Agreements

9. Research Agreements

The Company has entered into various licensing and right-to-sublicense agreements with educational institutions for the exclusive use of patents and patent applications, as well as any patents that may develop from research being conducted by such educational institutions in the field of anticancer therapy, genes and proteins. Results from this research have been licensed to the Company pursuant to these agreements. Under one of these agreements with Temple University (“Temple”), the Company is required to make annual maintenance payments to Temple and royalty payments based upon a percentage of sales generated from any products covered by the licensed patents, with minimum specified royalty payments. As no sales had been generated through June 30, 2022 under the licensed patents, the Company has not incurred any royalty expenses related to this agreement. In addition, the Company is required to pay Temple a percentage of any sublicensing fees received by the Company.

Securities Registrations and Sales Agreements

6 Months Ended

Jun. 30, 2022

Securities Registrations and Sales Agreements

Securities Registrations and Sales Agreements

10. Securities Registrations and Sales Agreements

January 2021 Offering

On January 7, 2021, the Company entered into a purchase agreement with certain institutional and accredited investors for the sale of an aggregate of 1,303,408 shares of the Company’s common stock, at a purchase price of $6.675 per share.

Under the purchase agreement, subject to certain exceptions, the Company is prohibited from effecting or entering into an agreement to effect any “variable rate transactions” as defined in the purchase agreement for a period of five years following the closing of the offering.

In connection with the offering, pursuant to the purchase agreement we reimbursed Lincoln Park Capital Fund, LLC, as the lead investor (“Lincoln Park”), an aggregate of $100,000 for expenses incurred in connection with the offering, including any due diligence expenses and legal fees. Furthermore, pursuant to the purchase agreement, we have granted Lincoln Park certain rights to participate at fair value with other investors in up to 50% of the amount of any

future offerings of common stock or securities exercisable for or convertible into common stock that the Company seeks to complete within one year after the closing of the offering, other than a firm commitment public offering.

The net proceeds to the Company from the offering, after deducting Lincoln Park’s expenses and other estimated offering expenses payable by the Company were approximately $8.5 million.

The shares sold in the offering were offered and sold by the Company directly to the investors, without a placement agent, underwriter, broker or dealer, pursuant to an effective shelf registration statement on Form S-3 (File No. 333-237844) declared effective by the SEC on May 18, 2020, and the base prospectus contained therein. The offering closed on January 11, 2021.

February 2021 Offering

On February 10, 2021, the Company entered into an underwriting agreement with Guggenheim Securities, LLC, as representative of several underwriters, for the public offering of 1,666,667 shares of the Company’s common stock, at a public offering price of $15.00 per share. Under the terms of the underwriting agreement, the Company granted the underwriters an option, exercisable for 30 days, to purchase up to an additional 250,000 shares of common stock at the same price. The option was exercised prior to closing.

In connection with the offering, the Company paid the underwriters a cash fee equal to 6% of the gross proceeds in the offering and $100,000 in legal fees and expenses.

The net proceeds to the Company from the offering, including exercise of the underwriters’ option, were approximately $26.7 million, after deducting fees and estimated offering expenses payable by the Company.

The offering was made pursuant to a registration statement (No. 333-237844) on Form S-3, which was initially filed by the Company with the SEC on April 24, 2020, amended on Form S-3/A that was filed with the SEC on May 15, 2020, and was declared effective by the SEC on May 18, 2020. The offering closed on February 16, 2021.

August 2021 Equity Distribution Agreement

On August 20, 2021, the Company entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with Piper Sandler & Co. (“Piper Sandler”) under which the Company may offer and sell, from time to time at its sole discretion, shares of the Company’s common stock, with aggregate gross sales proceeds of up to $25.0 million through an “at the market” equity offering program under which Piper Sandler is the sales agent.

Under the Equity Distribution Agreement, the Company has the right to set the parameters for the sale of shares, including the number of shares to be issued, the time period during which sales are requested to be made, limitations on the number of shares that may be sold in any one trading day and any minimum price below which sales may not be made. Subject to the terms and conditions of the Equity Distribution Agreement, Piper Sandler may sell the shares by methods deemed to be an “at the market” offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, including sales made through The Nasdaq Capital Market or any other trading market for our common stock. The Equity Distribution Agreement provides that Piper Sandler is entitled to compensation for its services equal to 3.0% of the gross proceeds of any shares of common stock sold through Piper Sandler under the Equity Distribution Agreement. The Company has no obligation to sell any shares under the Equity Distribution Agreement, and may at any time suspend solicitation and offers under the Equity Distribution Agreement. Through June 30, 2022, the Company sold 109,523 shares under the agreement at a weighted average price of $5.32 per share. Net proceeds after commissions and offering expenses were approximately $0.5 million. There were no shares sold by the Company under the agreement during the six months ended June 30, 2022.

The shares are issued pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-237844). The Company filed a prospectus supplement, dated August 20, 2021 with the Securities and Exchange Commission in connection with the offer and sale of the shares pursuant to the Equity Distribution Agreement.

September 2021 Offering

On September 23, 2021, the Company entered into an underwriting agreement with Guggenheim Securities, LLC, as representative of several underwriters, for the public offering of 5,000,000 shares of the Company’s common stock, at a public offering price of $4.20 per share. Under the terms of the underwriting agreement, the Company granted the underwriters an option, exercisable for 30 days, to purchase up to an additional 750,000 shares of common stock at the same price. The option was not exercised.

In connection with the offering, the Company paid the underwriters a cash fee equal to 6% of the gross proceeds in the offering and $100,000 in legal fees and expenses.

The net proceeds to the Company from the offering, including exercise of the underwriters’ option, were approximately $19.5 million, after deducting fees and estimated offering expenses payable by the Company.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2022
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Certain information and footnotes normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The financial statements include the consolidated accounts of the Company and its wholly-owned subsidiary, Onconova Europe GmbH. All significant intercompany transactions have been eliminated.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying condensed consolidated balance sheet as of June 30, 2022, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2022 and 2021, the consolidated statements of stockholders’ equity (deficit) for the three and six months ended June 30, 2022 and 2021 and the condensed consolidated statements of cash flows for the six months ended June 30, 2022 and 2021 are unaudited. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2022, the results of its operations for the three and six months ended June 30, 2022 and 2021, and its cash flows for the six months ended June 30, 2022 and 2021. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2022 and 2021 are unaudited. The results for the three and six months ended June 30, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022, any other interim periods, or any future year or period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto for the year ended December 31, 2021 included in the Company’s annual report on Form 10-K filed with the SEC on March 21, 2022. All common stock, equity, share and per share amounts in the financial statements and notes have been retroactively adjusted to reflect a one-for-fifteen reverse stock split which was effective May 20, 2021.
Segment Information	Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one segment, which is the identification and development of oncology therapeutics.
Significant Accounting Policies	Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2021 included in the Company’s annual report on Form 10-K filed with the SEC on March 21, 2022. Since the date of such financial statements, there have been no changes to the Company’s significant accounting policies.
Fair Value Measurements	Fair Value Measurements The carrying amounts reported in the accompanying consolidated financial statements for cash and cash equivalents, accounts payable, and accrued liabilities approximate their respective fair values because of the short-term nature of these accounts. The fair value of the warrant liability is discussed in Note 7, “Fair Value Measurements.”
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued new guidance on the accounting for credit losses on financial instruments. The guidance was amended in November 2019. The new guidance introduces an expected loss model for estimating credit losses, replacing the incurred loss model. The new guidance also changes the impairment model for available-for-sale debt securities, requiring the use of an allowance to record estimated credit losses (and subsequent recoveries). The guidance is effective for the Company in fiscal years beginning after December 15, 2022, and interim periods within those years, with early adoption permitted. The guidance is not expected to have a material effect on the Company.

Revenue (Tables)

6 Months Ended

Jun. 30, 2022

Revenue.

Schedule of recognized revenue under license and collaboration agreements


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Symbio
Upfront license fee recognition over time	$	57,000	$	57,000	$	113,000	$	113,000

Schedule of deferred revenue


	Symbio
	Upfront Payment
Deferred balance at December 31, 2021	$	3,469,000
Recognition to revenue		(113,000)

Deferred balance at June 30, 2022	$	3,356,000

Net Loss Per Share of Common Stock (Tables)

6 Months Ended

Jun. 30, 2022

Net Loss Per Share of Common Stock

Schedule of antidilutive securities which have been excluded from the computation of diluted weighted average shares outstanding


	June 30,
	2022	2021
Warrants	491,586	512,202
Stock options	850,553	43,026
	1,342,139	555,228

Warrants (Tables)

6 Months Ended

Jun. 30, 2022

Warrants

Schedule of warrants outstanding and warrant activity


					Balance				Balance
		Exercise		Expiration	December 31,	Warrants	Warrants	Warrants	June 30,
Description	Classification	Price		Date	2021	Issued	Exercised	Expired	2022
Non-tradable pre-funded warrants	Equity	$	2.25	July 2023	26	—	—	—	26
Non-tradable warrants	Equity	$	24.00	December 2022	26,189	—	—	—	26,189
Non-tradable pre-funded warrants	Equity	$	2.25	none	3,522	—	—	—	3,522
Non-tradable warrants	Equity	$	24.00	December 2022	120,407	—	—	—	120,407
Non-tradable pre-funded warrants	Equity	$	2.25	none	4,974	—	—	—	4,974
Non-tradable warrants	Equity	$	30.00	September 2023	7,306	—	—	—	7,306
Non-tradable warrants	Equity	$	3.00	November 2024	244,500	—	—	—	244,500
Non-tradable warrants	Equity	$	6.54375	December 2024	16,953	—	—	—	16,953
Non-tradable warrants	Equity	$	6.75450	December 2024	46,263	—	—	—	46,263
Non-tradable warrants	Equity	$	6.77850	December 2023	29,968	—	—	—	29,968
					500,108	—	—	—	500,108

Balance Sheet Detail (Tables)

6 Months Ended

Jun. 30, 2022

Balance Sheet Detail

Schedule of prepaid expenses and other current assets


	June 30,		December 31,
	2022		2021
Research and development	$	1,050,000	$	15,000
Manufacturing		31,000		29,000
Insurance		85,000		253,000
Other		306,000		35,000
	$	1,472,000	$	332,000

Schedule of property and equipment


	June 30,		December 31,
	2022		2021
Property and equipment	$	70,000	$	70,000
Accumulated depreciation		(39,000)		(32,000)
	$	31,000	$	38,000

Schedule of accrued expenses and other current liabilities


	June 30,		December 31,
	2022		2021
Research and development	$	1,968,000	$	1,759,000
Employee compensation		1,054,000		1,217,000
Professional fees		209,000		156,000
	$	3,231,000	$	3,132,000

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Stock-based compensation

Schedule of stock-based compensation expense


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
General and administrative	$	72,000	$	43,000	$	259,000	$	99,000
Research and development		169,000		17,000		278,000		26,000
	$	241,000	$	60,000	$	537,000	$	125,000

Schedule of stock option activity


	Options Outstanding
				Weighted
		Weighted-		Average
		Average		Remaining	Aggregate
	Number	Exercise		Contractual	Intrinsic
	of Shares	Price		Term (in years)	Value
Balance, December 31, 2021	452,999	$	20.71	9.42	$	—
Authorized	—
Granted	491,825	$	1.75	9.66		—
Exercised	—	$	—	—	$	—
Forfeitures/adjustments	(94,271)	$	3.37	—
Balance, June 30, 2022	850,553	$	11.67	9.26	$	—
Exercisable at June 30, 2022	40,302	$	179.88	6.51	$	—

Stock options

Stock-based compensation

Schedule of weighted-average assumptions used for estimating the fair value of the stock compensation granted


	Six months ended June 30,
	2022			2021
Risk-free interest rate		2.01	%		1.02	%
Expected volatility		121.49	%		123.32	%
Expected term		5.85	years		6.25	years
Expected dividend yield		0	%		0	%
Weighted average grant date fair value	$	1.51		$	0.25

SAR awards

Stock-based compensation

Schedule of weighted-average assumptions used for estimating the fair value of the stock compensation granted


	As of June 30, 2022

Risk-free interest rate		3.01	%
Expected volatility		133.44	%
Expected term		5.14	years
Expected dividend yield		0	%

Nature of Business (Details) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	May 20, 2021 $ / shares shares	Jun. 30, 2022 USD ($) Program $ / shares shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) Program $ / shares shares	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) $ / shares shares	May 19, 2021 shares	Dec. 31, 2020 USD ($)
Nature of Business
Number of clinical programs (in programs) \| Program		2		2
Reverse stock split ratio	0.067
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01		$ 0.01		$ 0.01
Common stock authorized (in shares) \| shares	125,000,000	125,000,000		125,000,000		125,000,000	250,000,000
Net loss		$ (4,024)	$ (4,231)	$ (8,146)	$ (8,946)
Accumulated deficit		452,865		452,865		$ 444,719
Cash and cash equivalents		$ 46,533	$ 43,709	$ 46,533	$ 43,709	$ 55,070		$ 19,025

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details

Summary of Significant Accounting Policies (Details) - segment		6 Months Ended
	May 20, 2021	Jun. 30, 2022
Summary of Significant Accounting Policies
Number of Operating Segments		1
Reverse stock split	one-for-fifteen

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue
Revenue	$ 57	$ 57	$ 113	$ 113
Activity in deferred revenue
Balance at the beginning of the period			226
Balance at the end of the period	226		226
SymBio
Activity in deferred revenue
Balance at the beginning of the period			3,469
Deferred revenue recognized			(113)
Balance at the end of the period	3,356		3,356
License and collaboration agreements \| SymBio
Revenue
Revenue	$ 57	$ 57	$ 113	$ 113

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

Net Loss Per Share of Common Stock (Details) - shares	6 Months Ended
Net Loss Per Share of Common Stock (Details) - shares	Jun. 30, 2022	Jun. 30, 2021
Potentially dilutive securities outstanding excluded from the computation of diluted weighted average shares as they would be antidilutive
Potentially dilutive securities outstanding excluded from the computation of diluted weighted average shares	1,342,139	555,228
Warrants.
Potentially dilutive securities outstanding excluded from the computation of diluted weighted average shares as they would be antidilutive
Potentially dilutive securities outstanding excluded from the computation of diluted weighted average shares	491,586	512,202
Stock options
Potentially dilutive securities outstanding excluded from the computation of diluted weighted average shares as they would be antidilutive
Potentially dilutive securities outstanding excluded from the computation of diluted weighted average shares	850,553	43,026

Warrants (Details) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Warrants outstanding and warrant activity
Warrants outstanding	500,108	500,108
Warrant exercise price range one [member]
Warrants
Warrant exercise price (in dollars per share)	$ 2.25
Warrants outstanding and warrant activity
Warrants outstanding	26	26
Warrant exercise price range two [member]
Warrants
Warrant exercise price (in dollars per share)	$ 24.00
Warrants outstanding and warrant activity
Warrants outstanding	26,189	26,189
Warrant exercise price range three [member]
Warrants
Warrant exercise price (in dollars per share)	$ 2.25
Warrants outstanding and warrant activity
Warrants outstanding	3,522	3,522
Warrant exercise price range four [member]
Warrants
Warrant exercise price (in dollars per share)	$ 24.00
Warrants outstanding and warrant activity
Warrants outstanding	120,407	120,407
Warrant exercise price range five [member]
Warrants
Warrant exercise price (in dollars per share)	$ 2.25
Warrants outstanding and warrant activity
Warrants outstanding	4,974	4,974
Warrant exercise price range six [member]
Warrants
Warrant exercise price (in dollars per share)	$ 30.00
Warrants outstanding and warrant activity
Warrants outstanding	7,306	7,306
Warrant exercise price range seven [member]
Warrants
Warrant exercise price (in dollars per share)	$ 3.00
Warrants outstanding and warrant activity
Warrants outstanding	244,500	244,500
Warrant exercise price range eight [member]
Warrants
Warrant exercise price (in dollars per share)	$ 6.54375
Warrants outstanding and warrant activity
Warrants outstanding	16,953	16,953
Warrant exercise price range nine [member]
Warrants
Warrant exercise price (in dollars per share)	$ 6.75450
Warrants outstanding and warrant activity
Warrants outstanding	46,263	46,263
Warrant exercise price range ten [member]
Warrants
Warrant exercise price (in dollars per share)	$ 6.77850
Warrants outstanding and warrant activity
Warrants outstanding	29,968	29,968

Balance Sheet Detail - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Prepaid expenses and other current assets:
Research and development	$ 1,050	$ 15
Manufacturing	31	29
Insurance	85	253
Other	306	35
Prepaid expenses and other current assets	$ 1,472	$ 332

Balance Sheet Detail - Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property and Equipment
Property and equipment	$ 70	$ 70
Accumulated depreciation	(39)	(32)
Property and equipment, net	$ 31	$ 38

Balance Sheet Detail - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Balance Sheet Detail
Research and development	$ 1,968	$ 1,759
Employee compensation	1,054	1,217
Professional fees	209	156
Accrued expenses and other current liabilities	$ 3,231	$ 3,132

Fair Value Measurements - Fair Value Hierarchy Table (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022	Dec. 31, 2021
Liabilities measured at fair value
Increase in fair value of warrant liability	$ (427,000)	$ 209,000
Recurring basis
Liabilities measured at fair value
Financial liabilities			$ 0	$ 0

Stock-Based Compensation (Details) - USD ($) $ in Millions	Feb. 17, 2021	Jul. 09, 2020	Jun. 17, 2019	Jun. 30, 2022
Stock-Based Compensation
Market Capitalization	$ 600	$ 250
2018 Plan
Stock-Based Compensation
Shares authorized (in shares)				26,823
Additional shares authorized (in shares)			39,300
2021 Incentive Plan
Stock-Based Compensation
Shares authorized (in shares)				1,300,000
Stock options \| 2018 Plan
Stock-Based Compensation
Common Stock available for future issuance (in shares)				258,337

Stock-Based Compensation - Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
Stock-Based Compensation - Expense (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stock-Based Compensation
Net tax benefits related to the stock-based compensation costs			$ 0
Compensation expense	$ 241,000	$ 60,000	537,000	$ 125,000
General and administrative
Stock-Based Compensation
Compensation expense	72,000	43,000	259,000	99,000
Research and development
Stock-Based Compensation
Compensation expense	$ 169,000	$ 17,000	$ 278,000	$ 26,000

Stock-Based Compensation - Options Activity (Details) - Stock options - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Shares Available for Grant
Granted (in shares)	(491,825)
Exercised (in shares)	0
Forfeitures/adjustments (in shares)	(94,271)
Number of Shares
Balance at the beginning of the period (in shares)	452,999
Granted (in shares)	491,825
Exercised (in shares)	0
Forfeitures/adjustments (in shares)	(94,271)
Balance at the end of the period (in shares)	850,553	452,999
Exercisable at the end of the period (in shares)	40,302
Weighted-Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 20.71
Granted (in dollars per share)	1.75
Exercised (in dollars per share)	0
Forfeitures (in dollars per share)	3.37
Balance at the end of the period (in dollars per share)	11.67	$ 20.71
Exercisable at the end of the period (in dollars per share)	$ 179.88
Additional Disclosures
Weighted average remaining contractual term	9 years 3 months 3 days	9 years 5 months 1 day
Weighted average remaining contractual term of options granted	9 years 7 months 28 days
Weighted average remaining contractual term of options exercised	0 years
Weighted average remaining contractual term of options forfeitures	0 years
Weighted average remaining contractual term of options exercisable	6 years 6 months 3 days

Stock-Based Compensation - Options Unrecognized Compensation Expense (Details) - Stock options $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Stock-Based Compensation
Unrecognized compensation expense related to unvested stock options	$ 2,166
Weighted-average period for recognizing unrecognized compensation expense (in years)	2 years 3 months 29 days

Stock-Based Compensation - Fair Value Assumptions (Details) - $ / shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Assumptions used
Expected dividend yield (as a percent)	0.00%
Stock options
Assumptions used
Risk-free interest rate (as a percent)	2.01%	1.02%
Expected volatility (as a percent)	121.49%	123.32%
Expected term (in years)	5 years 10 months 6 days	6 years 3 months
Expected dividend yield (as a percent)	0.00%	0.00%
Weighted average grant date fair value (in dollars per share)	$ 1.51	$ 0.25
SAR awards
Assumptions used
Risk-free interest rate (as a percent)	3.01%
Expected volatility (as a percent)	133.44%
Expected term	5.14
Expected dividend yield (as a percent)	0.00%

Stock-Based Compensation - RSUs, PSUs and SARs (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended		6 Months Ended
	Feb. 07, 2022	Aug. 02, 2021	Feb. 17, 2021	Jul. 09, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Price per share (in dollars per share)			$ 22.65	$ 8.40
Common stock outstanding (in shares)			15,767,492	11,611,829	20,895,563		20,895,563		20,895,563
Market capitalization			$ 600,000	$ 250,000
Maximum value per unit based on market capitalization			$ 38.10	$ 21.60
Compensation expense					$ 241	$ 60	$ 537	$ 125
SARs And PSUs, Combined [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense					15	$ 476		521
Reversal of compensation expense							1
SARs liability							63
Unrecognized compensation cost related to awards other than options					85		$ 85
PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonoption units granted							100,000
PSU awards \| Initiation of a new clinical program with an in-licensed compound
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting (Percentage)			20.00%
PSU awards \| Reaching the recommended Phase 2 dose for any compound
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting (Percentage)			20.00%
PSU awards \| First patient enrolled in the expansion cohort of the Phase 1 ON123300 clinical trial
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting (Percentage)			20.00%
PSU awards \| First patient enrolled in a registrational study for any compound
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting (Percentage)			20.00%
PSU awards \| Topline data of a registrational study for any compound
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting (Percentage)			20.00%
SAR awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonoption units granted							100,000
Maximum cash payment per unit.			$ 15.45	$ 13.20
Compensation expense recognized, nonoption awards exercised								$ 442
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonoption units granted	148,343	104,700
Grant date fair value per unit	$ 1.82	$ 5.19
Forfeitures							31,033
Unrecognized compensation cost related to awards other than options					$ 568		$ 568
Vesting Percentage One \| PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting (Percentage)				50.00%
Vesting Percentage One \| SAR awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting (Percentage)			33.00%	33.00%
Vesting Percentage One \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting (Percentage)	33.00%	33.00%
Vesting Percentage Two \| PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting (Percentage)				50.00%
Vesting Percentage Two \| SAR awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting (Percentage)			67.00%	67.00%
Vesting Percentage Two \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting (Percentage)	34.00%	34.00%
Employee \| PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonoption units granted				124,220
Employee \| SAR awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonoption units granted				256,713
Non employee directors \| SAR awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonoption units granted				58,333
Units awarded to each director				8,333

Research Agreements (Details)	6 Months Ended
Research Agreements (Details)	Jun. 30, 2022 USD ($)
License
Research Agreements
Revenue	$ 0

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

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

+ Details

Securities Registrations and Sales Agreements (Details) - USD ($) $ / shares in Units, $ in Thousands					6 Months Ended		10 Months Ended
	Sep. 23, 2021	Aug. 20, 2021	Feb. 10, 2021	Jan. 07, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Feb. 17, 2021	Jul. 09, 2020
Price per share (in dollars per share)								$ 22.65	$ 8.40
Proceeds from issuance of common stock						$ 35,147
Lincoln Park Capital Fund, LLC \| The Offering
Expense reimbursement				$ 100
Percentage rights to participate				50.00%
Threshold period for exercise or conversion of stock				one year
Institutional Investors \| The Offering
Issuance of common stock, net (in shares)				1,303,408
Issue price (in dollars per share)				$ 6.675
Proceeds from issuance of common stock				$ 8,500
Guggenheim Securities, LLC \| The Offering
Issuance of common stock, net (in shares)	5,000,000
Price per share (in dollars per share)	$ 4.20
Underwriters option exercisable term	30 days
Proceeds from issuance of common stock	$ 19,500
Cash fee	6.00%
Legal fees and expenses	$ 100
Guggenheim Securities, LLC \| Over-allotment
Issuance of common stock, net (in shares)			1,666,667
Issue price (in dollars per share)			$ 15.00
Threshold period for exercise or conversion of stock			30 days
Proceeds from issuance of common stock			$ 26,700
Additional shares agreed to issue			250,000
Cash fee			6.00%
Legal fees and expenses			$ 100
Piper Sandler & Co
Issuance of common stock, net (in shares)					0		109,523
Proceeds from issuance of common stock		$ 25,000					$ 500
Percentage of gross proceeds of shares of common stock sold		3.00%
Weighted Average Price					$ 5.32		$ 5.32
Maximum \| Guggenheim Securities, LLC \| Over-allotment
Issuance of common stock, net (in shares)	750,000