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Subsequent Event
3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
Subsequent Event

15. Subsequent Event

April 2025 Transactions

On April 21, 2025, the Company entered into privately negotiated letter agreements with certain holders of the PIPE Warrants and certain holders of the Offering Warrants. Pursuant to these letter agreements, these holders agreed to exercise for cash the PIPE Warrants for the purchase of an aggregate of 159,500 shares of common stock and the Offering Warrants for the purchase of an aggregate of 890,138 shares of common stock at a reduced exercise price of $1.60 per share on or before April 24, 2025 in the case of the PIPE Warrants and May 1, 2025 in the case of the Offering Warrants. The total gross proceeds for the Warrant Exercises were $1,679.

On April 21, 2025, the Company also entered into privately negotiated letter agreements with additional holders of the PIPE Warrants who, in exchange for the Exchange Pre-Funded Warrants, surrendered PIPE Warrants to purchase an aggregate of 1,939,000 shares of common stock to us for cancellation and made an aggregate cash payment of $1.599 per share into which the Exchange Pre-Funded Warrants are exercisable on or before April 24, 2025. In the Warrant Exchanges, entities affiliates with Bios Partners exchanged PIPE Warrants to purchase an aggregate of 1,300,500 shares of common stock plus the required cash for Exchange Pre-Funded Warrants. The total gross proceeds for the Warrant Exchanges were $3,101.

In addition, on April 21, 2025, the Bios Purchaser purchased the Placement Pre-Funded Warrants pursuant to a subscription agreement at a price of $1.599 per share underlying the Placement Pre-Funded Warrants. The Private Placement closed on April 24, 2025. The total gross proceeds for the Private Placement were $500.

Master Services Agreement

In April 2025, the Company entered into a master services agreement with a third party CRO, under which the CRO has agreed to perform certain services in accordance with written work orders. The work orders set forth the obligations of the parties with regard to conducting the clinical research study entitled “A Randomized, Double-Blind, Placebo-Controlled, Phase 2, Safety, Tolerability and Efficacy Study of Caveolin1-Scaffolding-Protein-Derived Peptide (LTI-03) in Patients with IPF”, under the Company’s Protocol LTI-03-2001. The total potential obligation of the Company under the master services agreement is approximately $16,928.

Sales Agreement with H.C. Wainwright

On May 15, 2025, the Company entered into the Wainwright Sales Agreement with H.C. Wainwright, as agent and/or principal, pursuant to which the Company may offer and sell shares of its common stock. Prior to entering into the Wainwright Sales Agreement, on May 15, 2025, the Company terminated the Equity Distribution Agreement with Citizens JMP.