Liquidity	9 Months Ended
Sep. 30, 2023
Cash and Cash Equivalents [Abstract]
Liquidity	Note 2. Liquidity The Company had a net loss of $27.7 million during the nine months ended September 30, 2023 and has an accumulated deficit of $265.1 million at September 30, 2023 resulting from having incurred losses since its inception. The Company had $52.4 million of cash and cash equivalents on hand at September 30, 2023 and used $18.6 million of cash in its operating activities during the nine months ended September 30, 2023. The Company has financed its operations principally through issuance of equity securities. On October 2, 2023, the Company closed a public and concurrent private financing with gross proceeds of $129.0 million. $16.0 million was received prior to September 30, 2023, and was included in cash and cash equivalents and current liabilities as of the quarter end. The remaining gross proceeds of $113.0 million were received in October 2023. In December 2022, the Company entered into a Securities Purchase Agreement providing for the sale of up to $60.0 million in warrants (Tranche A and Tranche B) and the common stock issuable upon the exercise thereof. The Company completed the closing of the sale and issued both tranches of warrants for $10.0 million in May 2023. The announcement of positive top-line data from the randomized withdrawal period of Study C602 triggered the mandatory exercise of the Tranche A warrants, and as of September 30, 2023, the Company had received $15.0 million. In October 2023, certain investors exercised their Tranche B warrants and the Company received $17.5 million. The exercise of the remaining Tranche B warrants for up to $17.5 million is contingent upon the future performance of the Company. The Company also received $8.4 million in gross proceeds from the exercise of certain March 2022 warrants during the three months ended September 30, 2023. The Company expects to continue incurring losses for the foreseeable future. However, the Company expects that its current cash and cash equivalents balances together with the cash received in October 2023 will be sufficient to enable the Company to meet its obligations for at least the next twelve months from the date of this filing.

Liquidity

9 Months Ended

Sep. 30, 2023

Cash and Cash Equivalents [Abstract]

Note 2. Liquidity

The Company had a net loss of $27.7 million during the nine months ended September 30, 2023 and has an accumulated deficit of $265.1 million at September 30, 2023 resulting from having incurred losses since its inception. The Company had $52.4 million of cash and cash equivalents on hand at September 30, 2023 and used $18.6 million of cash in its operating activities during the nine months ended September 30, 2023.

The Company has financed its operations principally through issuance of equity securities. On October 2, 2023, the Company closed a public and concurrent private financing with gross proceeds of $129.0 million. $16.0 million was received prior to September 30, 2023, and was included in cash and cash equivalents and current liabilities as of the quarter end. The remaining gross proceeds of $113.0 million were received in October 2023.

In December 2022, the Company entered into a Securities Purchase Agreement providing for the sale of up to $60.0 million in warrants (Tranche A and Tranche B) and the common stock issuable upon the exercise thereof. The Company completed the closing of the sale and issued both tranches of warrants for $10.0 million in May 2023. The announcement of positive top-line data from the randomized withdrawal period of Study C602 triggered the mandatory exercise of the Tranche A warrants, and as of September 30, 2023, the Company had received $15.0 million. In October 2023, certain investors exercised their Tranche B warrants and the Company received $17.5 million. The exercise of the remaining Tranche B warrants for up to $17.5 million is contingent upon the future performance of the Company. The Company also received $8.4 million in gross proceeds from the exercise of certain March 2022 warrants during the three months ended September 30, 2023.

The Company expects to continue incurring losses for the foreseeable future. However, the Company expects that its current cash and cash equivalents balances together with the cash received in October 2023 will be sufficient to enable the Company to meet its obligations for at least the next twelve months from the date of this filing.