ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Cash, Cash Equivalents and Restricted Cash, Reconciliation

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets that sum to the total of the same such amounts shown in the statements of cash flows.

(in thousands)	September 30, 2021		December 31, 2020
Cash and cash equivalents	$	19,266	$	35,495
Restricted cash	1,501		1,501
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$	20,767	$	36,996

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets that sum to the total of the same such amounts shown in the statements of cash flows.

(in thousands)	September 30, 2021		December 31, 2020
Cash and cash equivalents	$	19,266	$	35,495
Restricted cash	1,501		1,501
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$	20,767	$	36,996

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consist of the following:

(in thousands)	September 30, 2021		December 31, 2020
Accrued payroll	$	278	$	1,071
Accrued patient treatment costs	2,507		899
Accrued clinical research costs	1,658		1,562
Accrued manufacturing costs	252		41
Accrued professional services	289		279
Accrued other	355		313
Total accrued expenses and other current liabilities	$	5,339	$	4,165

Earnings Per Share, Potentially Dilutive Securities

The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended				Nine Months Ended
(in thousands, except share and per share amounts)	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Net income (loss) per share - basic:
Net income (loss)	$	1,233	$	(887)	$	(12,236)	$	(26,505)
Less: undistributed earnings to participating securities	(469)		—		—		—
Net income (loss) attributable to common shareholders	$	764	$	(887)	$	(12,236)	$	(26,505)
Weighted-average shares outstanding, basic	10,108,388		5,059,779		10,086,246		5,050,603
Basic net income (loss) per share	$	0.08	$	(0.18)	$	(1.21)	$	(5.25)
Net income (loss) per share - diluted:
Net income (loss) attributable to common shareholders, basic	$	764	$	(887)	$	(12,236)	$	(26,505)
Weighted-average shares outstanding, basic	10,108,388		5,059,779		10,086,246		5,050,603
Effect of dilutive securities:
Stock options and restricted stock units	86,280		—		—		—
Weighted-average shares outstanding, diluted	10,194,668		5,059,779		10,086,246		5,050,603
Diluted net income (loss) per share	$	0.07	$	(0.18)	$	(1.21)	$	(5.25)

The following outstanding shares of common stock equivalents were excluded from the computations of diluted net income (loss) per share of common stock attributable to common stockholders for the periods presented as the effect of including such securities would be anti-dilutive.

	September 30, 2021	September 30, 2020
Common Stock Equivalents:	Number of Shares
Redeemable convertible series 1 preferred stock	4,520,000	5,340,000
Warrants to purchase common stock	11,616,080	5,750,000
Private placement option	9,675,000	9,675,000
Options to purchase common stock	1,985,277	1,142,470
Unvested shares of restricted stock units	168,980	182,227
Total common stock equivalents	27,965,337	22,089,697