0001558370-23-019049 | 10-Q | XBRL Viewer | Onconova Therapeutics INC

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of stock-based compensation expense


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
General and administrative	$	200,000	$	119,000	$	534,000	$	377,000
Research and development		160,000		170,000		435,000		448,000
	$	360,000	$	289,000	$	969,000	$	825,000

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, 2022	1,397,763	$	7.15	9.18	$	—
Granted	943,526	$	0.88	9.66		—
Exercised	—	$	—	—	$	—
Forfeitures/adjustments	(164,259)	$	13.08	—
Balance, September 30, 2023	2,177,030	$	3.57	8.75	$	949.80
Exercisable at September 30, 2023	845,010	$	7.27	7.86	$	—

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


	Nine months ended September 30,
	2023			2022
Risk-free interest rate		3.89	%		2.45	%
Expected volatility		123.07	%		121.72	%
Expected term		5.68	years		5.70	years
Expected dividend yield		0	%		0	%
Weighted average grant date fair value	$	0.77		$	1.32

Stock-Based Compensation

9 Months Ended

Sep. 30, 2023

Stock-Based Compensation

Stock-Based Compensation

7. 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 2021 Plan was amended and restated following unanimous approval of the Company’s Board of Directors on May 23, 2022 and was approved by the Company’s shareholders on August 18, 2022. The amended 2021 Plan (the “Amended 2021 Plan”) allowed for an additional 2,000,000 shares of the Company’s common stock that may be issued with respect to awards made on and after August 18, 2022. At September 30, 2023, there were 916,352 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 nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
General and administrative	$	200,000	$	119,000	$	534,000	$	377,000
Research and development		160,000		170,000		435,000		448,000
	$	360,000	$	289,000	$	969,000	$	825,000

A summary of stock option activity for the nine months ended September 30, 2023 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, 2022	1,397,763	$	7.15	9.18	$	—
Granted	943,526	$	0.88	9.66		—
Exercised	—	$	—	—	$	—
Forfeitures/adjustments	(164,259)	$	13.08	—
Balance, September 30, 2023	2,177,030	$	3.57	8.75	$	949.80
Exercisable at September 30, 2023	845,010	$	7.27	7.86	$	—

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 September 30, 2023, there was $1,238,000 of unrecognized compensation expense related to the unvested stock options which is expected to be recognized over a weighted-average period of approximately 1.39 years.

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


	Nine months ended September 30,
	2023			2022
Risk-free interest rate		3.89	%		2.45	%
Expected volatility		123.07	%		121.72	%
Expected term		5.68	years		5.70	years
Expected dividend yield		0	%		0	%
Weighted average grant date fair value	$	0.77		$	1.32

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. During the nine months ended September 30, 2023, there was a vesting event for 25,784 of the 2021 RSUs. There were no expirations or cancelations of 2021 RSUs; there were forfeitures of 9,300 of the 2021 RSUs. 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. During the nine months ended September 30, 2023, there was a vesting event for 43,567 of the 2022 RSUs. There were no expirations or cancelations of the 2022 RSUs during the period; there were forfeitures of 11,667 of the 2022 RSUs. On June 10, 2022, the compensation committee of the Board of Directors approved restricted stock unit grants to certain of the Company’s employees (2022 RSU2). An aggregate of 24,200 service-based RSUs were issued at a grant date fair value of $1.33. The 2022 RSU2 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. During the nine months ended September 30, 2023, there was a vesting event for 8,066 of the 2022 RSU2 awards. There were no expirations, forfeitures, or cancelations of the 2022 RSU2s. On March 13, 2023, the compensation committee of the Board of Directors approved restricted stock unit grants to the Companies employees (2023 RSU). An aggregate of 169,217 service-based RSUs were issued at a grant date fair value of $0.73. The 2023 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. During the nine months ended September 30, 2023, there were no vesting events, expirations, or cancelations of the 2023 RSUs; there were forfeitures of 27,334 of the 2023 RSUs. At September 30, 2023, the unrecognized compensation cost related to unvested service-based RSUs was $307,000, which will be recognized over the remaining service period of 1.49 years.

Grants of PSUs and SARs

During 2020 and 2021, the compensation committee of the Board of Directors and the board approved a cash bonus program of cash-settled stock appreciation right (SAR) awards to the Company’s employees and non-employee directors, and cash-settled performance stock unit (PSU) awards to the Company’s employees. These awards were granted outside of the 2018 Plan and the 2021 Plan. As the Company’s stock price has decreased since these awards, their impact on the results of operations and balance sheet of the Company are not material during 2022 or 2023.

Stock-Based Compensation - Fair Value Assumptions (Details) - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Assumptions used
Risk-free interest rate (as a percent)	3.89%	2.45%
Expected volatility (as a percent)	123.07%	121.72%
Expected term (in years)	5 years 8 months 4 days	5 years 8 months 12 days
Expected dividend yield (as a percent)	0.00%	0.00%
Weighted average grant date fair value (in dollars per share)	$ 0.77	$ 1.32

Balance Sheet Detail

9 Months Ended

Sep. 30, 2023

Balance Sheet Detail

Balance Sheet Detail

6. Balance Sheet Detail

Prepaid expenses and other current assets:


	September 30,		December 31,
	2023		2022
Research and development	$	1,098,000	$	233,000
Manufacturing		213,000		97,000
Insurance		135,000		191,000
Other		303,000		40,000
	$	1,749,000	$	561,000

Property and equipment:


	September 30,		December 31,
	2023		2022
Property and equipment	$	84,000	$	70,000
Accumulated depreciation		(58,000)		(46,000)
	$	26,000	$	24,000

Accrued expenses and other current liabilities:


	September 30,		December 31,
	2023		2022
Research and development	$	2,231,000	$	2,593,000
Employee compensation		854,000		1,187,000
Professional fees		215,000		180,000
	$	3,300,000	$	3,960,000

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities:
Net loss	$ (14,764)	$ (13,544)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	12	10
Stock compensation expense	969	842
Changes in assets and liabilities:
Receivables	11
Prepaid expenses and other current assets	(1,188)	(778)
Other assets		9
Accounts payable	2,288	1,003
Accrued expenses and other current liabilities	(660)	218
Deferred revenue	(170)	(170)
Net cash used in operating activities	(13,502)	(12,410)
Investing activities:
Payments for purchase of property and equipment	(14)
Net cash used in investing activities	(14)
Financing activities:
Effect of foreign currency translation on cash	3	(47)
Net decrease in cash and cash equivalents	(13,513)	(12,457)
Cash and cash equivalents at beginning of period	38,757	55,070
Cash and cash equivalents at end of period	$ 25,244	$ 42,613

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
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 September 30, 2023, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2023 and 2022, the consolidated statements of stockholders’ equity (deficit) for the three and nine months ended September 30, 2023 and 2022 and the condensed consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022 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 September 30, 2023, the results of its operations for the three and nine months ended September 30, 2023 and 2022, and its cash flows for the nine months ended September 30, 2023 and 2022. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2023 and 2022 are unaudited. The results for the three and nine months ended September 30, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, 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, 2022 included in the Company’s annual report on Form 10-K filed with the SEC on March 30, 2023.
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.
Concentrations of Credit Risk and Off-Balance Sheet Risk	Concentrations of Credit Risk and Off-Balance Sheet Risk Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents. The Company maintains a portion of its cash and cash equivalent balances in the form of money market accounts with financial institutions that management believes are creditworthy. The Company has no financial instruments with off-balance sheet risk of loss. At September 30, 2023 the Company had $25,150,000 of its cash and cash equivalents in a Morgan Stanley Institutional Liquidity Fund. The fund is a AAA rated money market fund that invests in a portfolio of liquid, high-quality debt securities issued by the U.S. government. The fund resides in a custodial account held by U.S. Bank for which SVB Asset Management is the advisor.
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, 2022 included in the Company’s annual report on Form 10-K filed with the SEC on March 30, 2023. 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 At both September 30, 2023 and December 31, 2002, 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. 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.
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 was effective for fiscal years beginning after December 15, 2022, and interim periods within those years, for companies deemed to be smaller reporting companies, with early adoption permitted. The Company adopted the guidance effective January 1, 2023. The guidance did not have a material effect on the Company’s consolidated financial statements.

Balance Sheet Detail - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Balance Sheet Detail
Research and development	$ 2,231	$ 2,593
Employee compensation	854	1,187
Professional fees	215	180
Accrued expenses and other current liabilities	$ 3,300	$ 3,960

Net Loss Per Share of Common Stock

9 Months Ended

Sep. 30, 2023

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 September 30, 2023 and 2022 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):


	September 30,
	2023	2022
Warrants	337,684	491,586
Stock options	2,177,030	1,178,498
	2,514,714	1,670,084

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, 2021	$ 209	$ 490,644	$ (444,719)	$ (14)	$ 46,120
Balance (in shares) at Dec. 31, 2021	20,895,563
Increase (Decrease) in Stockholders' Equity (Deficit)
Net loss			(13,544)		(13,544)
Other comprehensive loss				(47)	(47)
Stock-based compensation		842			842
Shares issued for vested restricted stock units, shares	30,429
Balance at Sep. 30, 2022	$ 209	491,486	(458,263)	(61)	33,371
Balance (in shares) at Sep. 30, 2022	20,925,992
Balance at Jun. 30, 2022	$ 209	491,181	(452,865)	(41)	38,484
Balance (in shares) at Jun. 30, 2022	20,895,563
Increase (Decrease) in Stockholders' Equity (Deficit)
Net loss			(5,398)		(5,398)
Other comprehensive loss				(20)	(20)
Stock-based compensation		305			305
Shares issued for vested restricted stock units, shares	30,429
Balance at Sep. 30, 2022	$ 209	491,486	(458,263)	(61)	33,371
Balance (in shares) at Sep. 30, 2022	20,925,992
Balance at Dec. 31, 2022	$ 209	491,816	(463,683)	(33)	$ 28,309
Balance (in shares) at Dec. 31, 2022	20,925,992				20,925,992
Increase (Decrease) in Stockholders' Equity (Deficit)
Net loss			(14,764)		$ (14,764)
Other comprehensive loss				3	3
Stock-based compensation		969			969
Shares issued for vested restricted stock units	$ 1	(1)
Shares issued for vested restricted stock units, shares	77,417
Balance at Sep. 30, 2023	$ 210	492,784	(478,447)	(30)	$ 14,517
Balance (in shares) at Sep. 30, 2023	21,003,409				21,003,409
Balance at Jun. 30, 2023	$ 210	492,424	(473,708)	(28)	$ 18,898
Balance (in shares) at Jun. 30, 2023	20,977,625
Increase (Decrease) in Stockholders' Equity (Deficit)
Net loss			(4,739)		(4,739)
Other comprehensive loss				(2)	(2)
Stock-based compensation		360			360
Shares issued for vested restricted stock units, shares	25,784
Balance at Sep. 30, 2023	$ 210	$ 492,784	$ (478,447)	$ (30)	$ 14,517
Balance (in shares) at Sep. 30, 2023	21,003,409				21,003,409

- Definition

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

+ References

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+ Details

Summary of Significant Accounting Policies (Details)	9 Months Ended
Summary of Significant Accounting Policies (Details)	Sep. 30, 2023 segment
Summary of Significant Accounting Policies
Number of operating segments	1

Nature of Business

9 Months Ended

Sep. 30, 2023

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 anti-cancer 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-kinase inhibitor in solid tumors and hematological malignancies as a single agent or in combination with other anti-cancer therapies; and (2) oral rigosertib administered alone or in combination for investigation in various cancers. The Company is currently evaluating potential compounds for in-licensing opportunities. In 2012, Onconova Europe GmbH was established as a wholly owned subsidiary of the Company for the purpose of further developing business in Europe.

Liquidity

The Company has incurred recurring operating losses since inception. For the nine months ended September 30, 2023, the Company incurred a net loss of $14,764,000 and as of September 30, 2023 the Company had generated an accumulated deficit of $478,447,000. The Company anticipates that operating losses will 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 September 30, 2023, the Company had cash and cash equivalents of $25,244,000. The Company believes that its cash and cash equivalents will be sufficient to fund its ongoing trials and business operations into the third quarter of 2024; therefore, based on current projections, the Company does not have sufficient cash and cash equivalents to support its operations for at least the 12 months following the date that these financial statements are issued. These conditions raise substantial doubt about the Company’s ability to continue as a going concern through the one year period after the date that the financial statements are issued. Due to the inherent uncertainty involved in making estimates and the risks associated with the research, development, and commercialization of biotechnology products, the Company may have based this estimate on assumptions that may prove to be wrong, and the Company's operating plan may change as a result of many factors currently unknown to the Company.

The Company will require substantial additional financing to fund its ongoing clinical trials and operations, and to continue to execute its strategy. To alleviate the conditions that raise substantial doubt about the Company’s ability to continue as a going concern, management plans to explore 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 failure to obtain sufficient capital on acceptable terms when needed would have a material adverse effect on the Company’s business, results of operations and financial condition. Accordingly, management has concluded that substantial doubt exists with respect to the Company's ability to continue as a going concern within one year after the date that these financial statements are issued.

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business, and do not include any adjustments relating to recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Stock-Based Compensation - Options Unrecognized Compensation Expense (Details) - Stock options $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Stock-Based Compensation
Unrecognized compensation expense related to unvested stock options	$ 1,238
Weighted-average period for recognizing unrecognized compensation expense (in years)	1 year 4 months 20 days

Securities Registrations and Sales Agreements (Details) - Piper Sandler & Co - USD ($) $ / shares in Units, $ in Millions		9 Months Ended		25 Months Ended
	Aug. 20, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023
Issuance of common stock, net (in shares)		0	0	109,523
Proceeds from issuance of common stock	$ 25.0			$ 0.5
Percentage of gross proceeds of shares of common stock sold	3.00%
Weighted average price per share		$ 5.32		$ 5.32

Securities Registrations and Sales Agreements

9 Months Ended

Sep. 30, 2023

Securities Registrations and Sales Agreements

Securities Registrations and Sales Agreements

9. Securities Registrations and Sales Agreements

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 could 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 was the sales agent. The Equity Distribution Agreement expired in May 2023.

Under the Equity Distribution Agreement, the Company had 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 sold 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 provided that Piper Sandler was 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 had no obligation to sell any shares under the Equity Distribution Agreement and could at any time suspend solicitation and offers under the Equity Distribution Agreement. Through September 30, 2023, 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 nine months ended September 30, 2023 and 2022.

The shares were issued pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-237844), which expired in May 2023. 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.

Net Loss Per Share of Common Stock (Details) - shares	9 Months Ended
Net Loss Per Share of Common Stock (Details) - shares	Sep. 30, 2023	Sep. 30, 2022
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	2,514,714	1,670,084
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	337,684	491,586
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	2,177,030	1,178,498

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Condensed Consolidated Statements of Comprehensive Loss
Net loss	$ (4,739)	$ (5,398)	$ (14,764)	$ (13,544)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net	(2)	(20)	3	(47)
Other comprehensive income (loss), net of tax	(2)	(20)	3	(47)
Comprehensive loss	$ (4,741)	$ (5,418)	$ (14,761)	$ (13,591)

- 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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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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

+ References

+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 25,244	$ 38,757
Receivables	18	29
Prepaid expenses and other current assets	1,749	561
Total current assets	27,011	39,347
Property and equipment, net	26	24
Other non-current assets	1	1
Total assets	27,038	39,372
Current liabilities:
Accounts payable	6,148	3,860
Accrued expenses and other current liabilities	3,300	3,960
Deferred revenue	226	226
Total current liabilities	9,674	8,046
Deferred revenue, non-current	2,847	3,017
Total liabilities	12,521	11,063
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 5,000,000 shares authorized, none issued and outstanding at September 30, 2023 and December 31, 2022
Common stock, $0.01 par value, 125,000,000 shares authorized, 21,003,409 and 20,925,992 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	210	209
Additional paid in capital	492,784	491,816
Accumulated deficit	(478,447)	(463,683)
Accumulated other comprehensive loss	(30)	(33)
Total stockholders' equity	14,517	28,309
Total liabilities and stockholders' equity	$ 27,038	$ 39,372

Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Stock-Based Compensation
Net tax benefits related to the stock-based compensation costs			$ 0
Compensation expense	$ 360	$ 289	969	$ 825
General and administrative
Stock-Based Compensation
Compensation expense	200	119	534	377
Research and development
Stock-Based Compensation
Compensation expense	$ 160	$ 170	$ 435	$ 448

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

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 September 30, 2023, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2023 and 2022, the consolidated statements of stockholders’ equity (deficit) for the three and nine months ended September 30, 2023 and 2022 and the condensed consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022 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 September 30, 2023, the results of its operations for the three and nine months ended September 30, 2023 and 2022, and its cash flows for the nine months ended September 30, 2023 and 2022. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2023 and 2022 are unaudited. The results for the three and nine months ended September 30, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, 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, 2022 included in the Company’s annual report on Form 10-K filed with the SEC on March 30, 2023.

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.

Concentrations of Credit Risk and Off-Balance Sheet Risk

Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents. The Company maintains a portion of its cash and cash equivalent balances in the form of money market accounts with financial institutions that management believes are creditworthy. The Company has no financial instruments with off-balance sheet risk of loss.

At September 30, 2023 the Company had $25,150,000 of its cash and cash equivalents in a Morgan Stanley Institutional Liquidity Fund. The fund is a AAA rated money market fund that invests in a portfolio of liquid, high-quality debt securities issued by the U.S. government. The fund resides in a custodial account held by U.S. Bank for which SVB Asset Management is the advisor.

Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2022 included in the Company’s annual report on Form 10-K filed with the SEC on March 30, 2023. Since the date of such financial statements, there have been no changes to the Company’s significant accounting policies.

Fair Value Measurements

At both September 30, 2023 and December 31, 2002, 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.

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.

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 was effective for fiscal years beginning after December 15, 2022, and interim periods within those years, for companies deemed to be smaller reporting companies, with early adoption permitted. The Company adopted the guidance effective January 1, 2023. The guidance did not have a material effect on the Company’s consolidated financial statements.

Warrants

9 Months Ended

Sep. 30, 2023

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 nine months ended September 30, 2023 is as follows:


					Balance				Balance
		Exercise		Expiration	December 31,	Warrants	Warrants	Warrants	September 30,
Description	Classification	Price		Date	2022	Issued	Exercised	Expired	2023
Non-tradable pre-funded warrants	Equity	$	2.25	July 2023	26	—	—	(26)	—
Non-tradable pre-funded warrants	Equity	$	2.25	none	3,522	—	—	—	3,522
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
					353,512	—	—	(7,332)	346,180

Balance Sheet Detail - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Prepaid expenses and other current assets:
Research and development	$ 1,098	$ 233
Manufacturing	213	97
Insurance	135	191
Other	303	40
Prepaid expenses and other current assets	$ 1,749	$ 561

Revenue (Tables)

9 Months Ended

Sep. 30, 2023

Revenue

Schedule of recognized revenue under license and collaboration agreements


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Symbio
Upfront license fee recognition over time	$	57,000	$	57,000	$	170,000	$	170,000

Schedule of deferred revenue


	Symbio
	Upfront Payment
Deferred balance at December 31, 2022	$	3,243,000
Recognition to revenue		(170,000)

Deferred balance at September 30, 2023	$	3,073,000

Balance Sheet Detail - Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property and Equipment
Property and equipment	$ 84	$ 70
Accumulated depreciation	(58)	(46)
Property and equipment, net	$ 26	$ 24

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue
Revenue	$ 57	$ 57	$ 170	$ 170
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			3,243
Recognition to revenue			(170)
Balance at the end of the period	3,073		3,073
License and collaboration agreements. \| SymBio
Revenue
Revenue	$ 57	$ 57	$ 170	$ 170

- 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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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation (Details) - shares			9 Months Ended
Stock-Based Compensation (Details) - shares	Aug. 18, 2022	Jun. 17, 2019	Sep. 30, 2023
2018 Plan
Stock-Based Compensation
Shares authorized (in shares)			26,823
Additional shares authorized (in shares)		39,300
2021 Incentive Plan
Stock-Based Compensation
Common Stock available for future issuance (in shares)			916,352
2021 Incentive Plan \| Common Stock
Stock-Based Compensation
Additional shares authorized (in shares)	2,000,000
Restricted Stock Units (RSUs)
Stock-Based Compensation
Forfeitures and expirations (in shares)			0

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
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	21,003,409	20,925,992
Common stock, shares outstanding	21,003,409	20,925,992

Summary of Significant Accounting Policies - Concentrations of Credit Risk and Off-Balance Sheet Risk (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Risks and Uncertainties [Abstract]
Off-balance sheet risk, asset	$ 0
Off-balance sheet risk, liability	0
Morgan Stanley Institutional Liquidity Fund
Risks and Uncertainties [Abstract]
Cash and cash equivalents	$ 25,150

Stock-Based Compensation - Options Activity (Details) - Stock options - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Number of Shares
Balance at the beginning of the period (in shares)	1,397,763
Granted (in shares)	943,526
Forfeitures/adjustments (in shares)	(164,259)
Balance at the end of the period (in shares)	2,177,030	1,397,763
Exercisable at the end of the period (in shares)	845,010
Weighted-Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 7.15
Granted (in dollars per share)	0.88
Forfeitures (in dollars per share)	13.08
Balance at the end of the period (in dollars per share)	3.57	$ 7.15
Exercisable at the end of the period (in dollars per share)	$ 7.27
Additional Disclosures
Weighted average remaining contractual term	8 years 9 months	9 years 2 months 4 days
Weighted average remaining contractual term of options granted	9 years 7 months 28 days
Weighted average remaining contractual term of options exercisable	7 years 10 months 9 days
Balance at the end of the period	$ 949.80

Balance Sheet Detail (Tables)

9 Months Ended

Sep. 30, 2023

Balance Sheet Detail

Schedule of prepaid expenses and other current assets


	September 30,		December 31,
	2023		2022
Research and development	$	1,098,000	$	233,000
Manufacturing		213,000		97,000
Insurance		135,000		191,000
Other		303,000		40,000
	$	1,749,000	$	561,000

Schedule of property and equipment


	September 30,		December 31,
	2023		2022
Property and equipment	$	84,000	$	70,000
Accumulated depreciation		(58,000)		(46,000)
	$	26,000	$	24,000

Schedule of accrued expenses and other current liabilities


	September 30,		December 31,
	2023		2022
Research and development	$	2,231,000	$	2,593,000
Employee compensation		854,000		1,187,000
Professional fees		215,000		180,000
	$	3,300,000	$	3,960,000

Summary of Significant Accounting Policies - Fair Value Measurements (Details) - Recurring basis - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Liabilities measured at fair value
Financial assets	$ 0	$ 0
Financial liabilities	$ 0	$ 0

Research Agreements

9 Months Ended

Sep. 30, 2023

Research Agreements

Research Agreements

8. 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 September 30, 2023 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.

Warrants (Tables)

9 Months Ended

Sep. 30, 2023

Warrants

Schedule of warrants outstanding and warrant activity


					Balance				Balance
		Exercise		Expiration	December 31,	Warrants	Warrants	Warrants	September 30,
Description	Classification	Price		Date	2022	Issued	Exercised	Expired	2023
Non-tradable pre-funded warrants	Equity	$	2.25	July 2023	26	—	—	(26)	—
Non-tradable pre-funded warrants	Equity	$	2.25	none	3,522	—	—	—	3,522
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
					353,512	—	—	(7,332)	346,180

Revenue

9 Months Ended

Sep. 30, 2023

Revenue

Revenue

3. Revenue

The Company’s revenue during the three and nine months ended September 30, 2023 and 2022 was from its license and collaboration agreement with SymBio.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Symbio
Upfront license fee recognition over time	$	57,000	$	57,000	$	170,000	$	170,000

Deferred revenue is as follows:


	Symbio
	Upfront Payment
Deferred balance at December 31, 2022	$	3,243,000
Recognition to revenue		(170,000)

Deferred balance at September 30, 2023	$	3,073,000

- 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
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-URI https://asc.fasb.org/topic&trid=49130388

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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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Stock-Based Compensation - RSUs, PSUs and SARs (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended		9 Months Ended
	Mar. 13, 2023	Jun. 10, 2022	Feb. 07, 2022	Aug. 02, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense					$ 360	$ 289	$ 969	$ 825
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeitures							27,334
Restricted Stock Units R S U 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeitures							9,300
Restricted Stock Units R S U 2021 \| 2021 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting RSU							25,784
Rsu expirations or cancelations							0
Restricted Stock Units R S U 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeitures							11,667
Restricted Stock Units R S U 2022 \| 2021 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting RSU							8,066
Rsu expirations or cancelations							0
Employee \| 2021 service-based RSUs \| 2021 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonoption units granted	169,217			104,700
Grant date fair value per unit	$ 0.73			$ 5.19
Employee \| 2022 service-based RSUs \| 2021 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonoption units granted		24,200	148,343
Grant date fair value per unit		$ 1.33	$ 1.82
Vesting RSU							43,567
Unrecognized compensation cost related to awards other than options					$ 307		$ 307
Weighted-average period for recognizing unrecognized compensation expense (in years)							1 year 5 months 26 days
Employee \| Vesting Percentage One \| 2021 service-based RSUs \| 2021 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting (Percentage)	33.00%			33.00%
Employee \| Vesting Percentage One \| 2022 service-based RSUs \| 2021 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting (Percentage)		33.00%	33.00%
Employee \| Vesting Percentage Two \| 2021 service-based RSUs \| 2021 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting (Percentage)	34.00%			34.00%
Employee \| Vesting Percentage Two \| 2022 service-based RSUs \| 2021 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting (Percentage)		34.00%	34.00%

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Nov. 01, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		21,003,409
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	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Warrants (Details) - $ / shares	9 Months Ended
Warrants (Details) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Warrants outstanding and warrant activity
Warrants outstanding	346,180	353,512
Warrants Expired (in shares)	(7,332)
Warrant exercise price range one
Warrants
Warrant exercise price (in dollars per share)	$ 2.25
Warrants outstanding and warrant activity
Warrants outstanding		26
Warrants Expired (in shares)	(26)
Warrant exercise price range two
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 three
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 four
Warrants
Warrant exercise price (in dollars per share)	$ 30.00
Warrants outstanding and warrant activity
Warrants outstanding		7,306
Warrants Expired (in shares)	(7,306)
Warrant exercise price range five
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 six
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 seven
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 eight
Warrants
Warrant exercise price (in dollars per share)	$ 6.77850
Warrants outstanding and warrant activity
Warrants outstanding	29,968	29,968

Research Agreements (Details)	9 Months Ended
Research Agreements (Details)	Sep. 30, 2023 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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

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

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

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

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

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

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

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

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

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

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

+ Details

Net Loss Per Share of Common Stock (Tables)

9 Months Ended

Sep. 30, 2023

Net Loss Per Share of Common Stock

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


	September 30,
	2023	2022
Warrants	337,684	491,586
Stock options	2,177,030	1,178,498
	2,514,714	1,670,084

Nature of Business (Details) $ in Thousands	3 Months Ended		9 Months Ended
Nature of Business (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Nature of Business
Number of clinical programs (in programs)	2		2
Net loss	$ (4,739)	$ (5,398)	$ (14,764)	$ (13,544)
Accumulated deficit	478,447		478,447		$ 463,683
Cash and cash equivalents	$ 25,244	$ 42,613	$ 25,244	$ 42,613	$ 38,757	$ 55,070

- Definition

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

+ References

+ Details

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Condensed Consolidated Statements of Operations
Revenue	$ 57	$ 57	$ 170	$ 170
Operating expenses:
General and administrative	2,686	2,105	7,010	6,430
Research and development	2,460	3,593	8,996	7,633
Total operating expenses	5,146	5,698	16,006	14,063
Loss from operations	(5,089)	(5,641)	(15,836)	(13,893)
Other income, net	350	243	1,072	349
Net loss	$ (4,739)	$ (5,398)	$ (14,764)	$ (13,544)
Net loss per share, basic (in dollars per share)	$ (0.23)	$ (0.26)	$ (0.70)	$ (0.65)
Net loss per share, diluted (in dollars per share)	$ (0.23)	$ (0.26)	$ (0.70)	$ (0.65)
Basic weighted average shares outstanding (in shares)	21,002,937	20,915,408	20,981,097	20,902,251
Diluted weighted average shares outstanding (in shares)	21,002,937	20,915,408	20,981,097	20,902,251