0000950170-24-089238 | 10-Q | XBRL Viewer

Basis of Presentation	6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	2. BASIS OF PRESENTATION The accompanying interim condensed consolidated financial statements and related disclosures are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission on March 7, 2024 (2023 Annual Report). The financial information as of June 30, 2024, and the three and six months ended June 30, 2024 and 2023, respectively, is unaudited. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for the fair presentation of financial position, results of operations, and cash flows at the dates and for the periods presented, have been included. The balance sheet data as of December 31, 2023 was derived from audited consolidated financial statements. The results of the Company’s operations for any interim periods are not necessarily indicative of the results that may be expected for any other interim period or for a full fiscal year. Based on its current operating plan, and excluding any potential licensing and product revenue, the Company believes that its cash, cash equivalents and marketable securities will be sufficient to fund the Company's currently projected operating expenses and debt obligations for at least the next 12 months from the date the financial statements are issued. The Company has based its projections of operating capital requirements on its current operating plan, which includes several assumptions that may prove to be incorrect, and the Company may use all of its available capital resources sooner than the Company expects. The Company will need to secure additional funding in the future, from one or more equity or debt financings, collaborations, or other sources, in order to carry out all of the Company’s planned research and development activities and regulatory activities; commence or continue ongoing commercialization activities, including manufacturing, sales, marketing and distribution, for any of its product candidates for which the Company may receive marketing approval; or conduct any substantial, additional development requirements requested by the FDA. Additional funding may not be available to the Company on acceptable terms, or at all. If the Company is unable to secure additional funding, it could be forced to delay, reduce, or eliminate its research and development programs and its reproxalap commercialization efforts, whether alone or with others. Curtailment of operations would cause significant delays in the Company’s efforts to develop and introduce its products to market, which is critical to the realization of its business plan and the future operations of the Company. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, including fair value estimates for investments that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting periods. The Company’s management evaluates its estimates and assumptions on an ongoing basis. Management’s most significant estimates in the Company’s condensed consolidated financial statements include, but are not limited to, deferred and accrued research and development costs, stock-based compensation, and accounting for income taxes and related valuation allowance. Although these estimates and assumptions are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. Summary of Significant Accounting Policies There were no changes to significant accounting policies during the six months ended June 30, 2024, as compared to those identified in the 2023 Annual Report. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses, including for single reportable segment entities. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is evaluating the disclosure requirements related to this new standard. However, given the Company has one reportable segment, this policy is not expected to have a material impact on the Company's consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 requires more detailed income tax disclosures. The guidance requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The disclosure requirements will be applied on a prospective basis, with the option to apply them retrospectively. The standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the disclosure requirements related to this new standard.

Basis of Presentation

6 Months Ended

Jun. 30, 2024

BASIS OF PRESENTATION

The accompanying interim condensed consolidated financial statements and related disclosures are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission on March 7, 2024 (2023 Annual Report).

The financial information as of June 30, 2024, and the three and six months ended June 30, 2024 and 2023, respectively, is unaudited. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for the fair presentation of financial position, results of operations, and cash flows at the dates and for the periods presented, have been included. The balance sheet data as of December 31, 2023 was derived from audited consolidated financial statements. The results of the Company’s operations for any interim periods are not necessarily indicative of the results that may be expected for any other interim period or for a full fiscal year.

Based on its current operating plan, and excluding any potential licensing and product revenue, the Company believes that its cash, cash equivalents and marketable securities will be sufficient to fund the Company's currently projected operating expenses and debt obligations for at least the next 12 months from the date the financial statements are issued. The Company has based its projections of operating capital requirements on its current operating plan, which includes several assumptions that may prove to be incorrect, and the Company may use all of its available capital resources sooner than the Company expects. The Company will need to secure additional funding in the future, from one or more equity or debt financings, collaborations, or other sources, in order to carry out all of the Company’s planned research and development activities and regulatory activities; commence or continue ongoing commercialization activities, including manufacturing, sales, marketing and distribution, for any of its product candidates for which the Company may receive marketing approval; or conduct any substantial, additional development requirements requested by the FDA. Additional funding may not be available to the Company on acceptable terms, or at all. If the Company is unable to secure additional funding, it could be forced to delay, reduce, or eliminate its research and development programs and its reproxalap commercialization efforts, whether alone or with others.

Curtailment of operations would cause significant delays in the Company’s efforts to develop and introduce its products to market, which is critical to the realization of its business plan and the future operations of the Company.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, including fair value estimates for investments that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting periods. The Company’s management evaluates its estimates and assumptions on an ongoing basis. Management’s most significant estimates in the Company’s condensed consolidated financial statements include, but are not limited to, deferred and accrued research and development costs, stock-based compensation, and accounting for income taxes and related valuation allowance. Although these estimates and assumptions are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.

Summary of Significant Accounting Policies

There were no changes to significant accounting policies during the six months ended June 30, 2024, as compared to those identified in the 2023 Annual Report.

Recent Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses, including for single reportable segment entities. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is evaluating the disclosure requirements related to this new standard. However, given the Company has one reportable segment, this policy is not expected to have a material impact on the Company's consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 requires more detailed income tax disclosures. The guidance requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The disclosure requirements will be applied on a prospective basis, with the option to apply them retrospectively. The standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the disclosure requirements related to this new standard.

Income Taxes	6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	11. INCOME TAXES No current or deferred tax provision expenses for federal and state income taxes have been recorded as the Company has incurred losses since inception for tax purposes. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. In assessing the realizability of net deferred taxes in accordance with Accounting Standards Codification (ASC) 740, Income Taxes (ASC 740), the Company considers whether it is more likely than not that some portion or all the deferred tax assets will not be realized. Based on the weight of available evidence, primarily the incurrence of net losses since inception, anticipated net losses in the near future, reversals of existing temporary differences, and expiration of various federal and state attributes, the Company does not consider it more likely than not that some or all of the net deferred taxes will be realized. Accordingly, a 100% valuation allowance has been applied against net deferred tax assets. Under Section 382 and 383 of the Internal Revenue Code of 1986, as amended (Section 382 and 383), a corporation that undergoes an “ownership change” is subject to limitations on its ability to utilize its pre-change net operating losses (NOLs) and certain other tax assets (tax attributes) to offset future taxable income. In general, an ownership change occurs if the aggregate stock ownership of certain stockholders increases by more than 50 percentage points over such stockholders’ lowest percentage ownership during the testing period (generally three years). Transactions involving the Company’s common stock, within the testing period, even those outside the Company’s control, such as purchases or sales by investors, within the testing period could result in an ownership change. A limitation on the Company’s ability to utilize some or all its NOLs or credits could have a material adverse effect on the Company’s results of operations and cash flows. Prior to December 31, 2021, the Company believes it underwent four ownership changes. However, management believes that its aggregate Section 382 and 383 limitation (including the additional limitation for recognized “built-in-gains”) is sufficient so that no current impairment of its pre-ownership change tax attributes is required. The Company does not believe an ownership change has occurred from December 31, 2021, through June 30, 2024, based on a review of its equity history during that period. Any future ownership changes, including those resulting from the Company’s future financing activities, may cause its existing tax attributes to incur additional limitations. As of June 30, 2024, the Company is subject to tax in the U.S. (Federal and Massachusetts). The Company is open to examination for the tax years ended December 31, 2023, 2022, 2021, and 2020. In addition, any loss years remain open to the extent that losses are available for carryover to future years. The Company accounts for uncertain tax positions pursuant to ASC 740-10 which prescribes a recognition threshold and measurement process for financial statement recognition of uncertain tax positions taken or expected to be taken in a tax return. If the tax position meets this threshold, the benefit to be recognized is measured as the tax benefit having the highest likelihood of being realized upon ultimate settlement with the taxing authority. Accordingly, in the provision for income taxes, the Company recognizes interest accrued related to unrecognized tax benefits and penalties; however, management is currently unaware of any uncertain tax positions. As a result, the Company does not have any liabilities recorded including interest or penalties for uncertain tax positions. The Inflation Reduction Act (IRA) was enacted on August 16, 2022. Based on review of the IRA, the Company does not expect any impact to its tax provision. In particular, the Company does not expect to pay Corporate Alternative Minimum Tax (CAMT) in the next few years based on its projected losses. The IRA introduces a 15% CAMT for corporations whose average annual adjusted financial statement income for any consecutive three-tax-year period preceding the tax year exceeds $1 billion starting in 2023.

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

11.

INCOME TAXES

No current or deferred tax provision expenses for federal and state income taxes have been recorded as the Company has incurred losses since inception for tax purposes. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

In assessing the realizability of net deferred taxes in accordance with Accounting Standards Codification (ASC) 740, Income Taxes (ASC 740), the Company considers whether it is more likely than not that some portion or all the deferred tax assets will not be realized. Based on the weight of available evidence, primarily the incurrence of net losses since inception, anticipated net losses in the near future, reversals of existing temporary differences, and expiration of various federal and state attributes, the Company does not consider it more likely than not that some or all of the net deferred taxes will be realized. Accordingly, a 100% valuation allowance has been applied against net deferred tax assets.

Under Section 382 and 383 of the Internal Revenue Code of 1986, as amended (Section 382 and 383), a corporation that undergoes an “ownership change” is subject to limitations on its ability to utilize its pre-change net operating losses (NOLs) and certain other tax assets (tax attributes) to offset future taxable income. In general, an ownership change occurs if the aggregate stock ownership of certain stockholders increases by more than 50 percentage points over such stockholders’ lowest percentage ownership during the testing period (generally three years). Transactions involving the Company’s common stock, within the testing period, even those outside the Company’s control, such as purchases or sales by investors, within the testing period could result in an ownership change. A limitation on the Company’s ability to utilize some or all its NOLs or credits could have a material adverse effect on the Company’s results of operations and cash flows. Prior to December 31, 2021, the Company believes it underwent four ownership changes. However, management believes that its aggregate Section 382 and 383 limitation (including the additional limitation for recognized “built-in-gains”) is sufficient so that no current impairment of its pre-ownership change tax attributes is required. The Company does not believe an ownership change has occurred from December 31, 2021, through June 30, 2024, based on a review of its equity history during that period. Any future ownership changes, including those resulting from the Company’s future financing activities, may cause its existing tax attributes to incur additional limitations.

As of June 30, 2024, the Company is subject to tax in the U.S. (Federal and Massachusetts). The Company is open to examination for the tax years ended December 31, 2023, 2022, 2021, and 2020. In addition, any loss years remain open to the extent that losses are available for carryover to future years.

The Company accounts for uncertain tax positions pursuant to ASC 740-10 which prescribes a recognition threshold and measurement process for financial statement recognition of uncertain tax positions taken or expected to be taken in a tax return. If the tax position meets this threshold, the benefit to be recognized is measured as the tax benefit having the highest likelihood of being realized upon ultimate settlement with the taxing authority. Accordingly, in the provision for income taxes, the Company recognizes interest accrued related to unrecognized tax benefits and penalties; however, management is currently unaware of any uncertain tax positions. As a result, the Company does not have any liabilities recorded including interest or penalties for uncertain tax positions.

The Inflation Reduction Act (IRA) was enacted on August 16, 2022. Based on review of the IRA, the Company does not expect any impact to its tax provision. In particular, the Company does not expect to pay Corporate Alternative Minimum Tax (CAMT) in the next few years based on its projected losses. The IRA introduces a 15% CAMT for corporations whose average annual adjusted financial statement income for any consecutive three-tax-year period preceding the tax year exceeds $1 billion starting in 2023.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Credit Facility - Additional Information (Detail) - USD ($)			1 Months Ended	6 Months Ended
	Dec. 22, 2022	Apr. 20, 2021	Dec. 22, 2022	Jun. 30, 2024	Dec. 31, 2023
Line Of Credit Facility [Line Items]
Deferred collaboration revenue, long term				$ 0	$ 6,000,000
Long-Term Debt				15,292,500
Hercules Credit Facility [Member]
Line Of Credit Facility [Line Items]
Credit facility amount				$ 15,000,000
Debt instrument annual interest rate				9.10%
Interest payment period				May 01, 2021
Interest payment extension period				May 01, 2023
Long-Term Debt, Description				extended the Maturity Date from October 1, 2023 to October 1, 2024; (iii) extended the availability of the Fourth Loan Tranche commitment of $20 million, which remained conditioned on approval by the Lenders’ investment committee, from May 1, 2023 to May 1, 2024
Commitment charge				$ 25,000
Transaction costs				273,186
Credit facility fee				$ 375,000
Credit facility, interest rate				12.60%
Credit facility prepayment fee percentage			0.75%
Long-Term Debt, Percentage Bearing Variable Interest, Percentage Rate	0.00%		0.00%
Supplemental End Of Term Charge	$ 292,500
Existing End Of Term Charge	1,042,500
Hercules Credit Facility [Member] \| Maximum [Member]
Line Of Credit Facility [Line Items]
Credit facility amount				$ 60,000,000
Loan agreement right to purchase aggregate amount of equity securities				$ 2,000,000
Hercules Credit Facility [Member] \| Prime Rate [Member]
Line Of Credit Facility [Line Items]
Debt instrument variable annual interest rate				3.10%
Hercules Credit Facility [Member] \| Term Loan Advance One [Member]
Line Of Credit Facility [Line Items]
Credit facility amount				$ 5,000,000
Hercules Credit Facility [Member] \| Term Loan Advance Four [Member]
Line Of Credit Facility [Line Items]
Long-Term Debt	$ 20,000,000		$ 20,000,000	15,000,000
Hercules Credit Facility [Member] \| Term Loan Advance Five [Member]
Line Of Credit Facility [Line Items]
Long-Term Debt		$ 10,000,000		$ 10,000,000
Debt instrument, increase amount		$ 20,000,000

Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 31,029,723	$ 142,823,016
Cash equivalent - reverse repurchase agreements	40,000,000	0
Marketable securities	49,301,960	0
Prepaid expenses and other current assets	5,317,836	4,987,317
Total current assets	125,649,519	147,810,333
Right-of-use assets	391,595	510,814
Fixed assets, net	2,720	5,764
Total assets	126,043,834	148,326,911
Current liabilities:
Accounts payable	254,434	1,338,057
Accrued expenses	5,842,802	5,536,464
Current portion of debt	15,242,327	15,146,546
Operating lease liabilities	255,039	239,183
Deferred collaboration revenue	6,000,000	0
Total current liabilities	27,594,602	22,260,250
Deferred collaboration revenue, long term	0	6,000,000
Operating lease liabilities, long-term	138,893	271,631
Total liabilities	27,733,495	28,531,881
Commitments and contingencies (Notes 3, 9, & 14)
Stockholders' equity:
Preferred stock, $0.001 par value, 15,000,000 shares authorized, none issued and outstanding	0	0
Common stock, voting, $0.001 par value; 150,000,000 authorized and 59,414,489 and 59,195,951 shares issued and outstanding, respectively	59,415	59,196
Additional paid-in capital	517,449,424	513,994,982
Accumulated other comprehensive loss	(9,658)	0
Accumulated deficit	(419,188,842)	(394,259,148)
Total stockholders’ equity	98,310,339	119,795,030
Total liabilities and stockholders’ equity	$ 126,043,834	$ 148,326,911

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

13.

LEASES

The Company currently leases an office used to conduct business. The Company regularly evaluates the renewal options and when they are reasonably certain of exercise, the Company includes the renewal period in its lease term. As the Company’s lease does not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. In November 2023, the Company entered into a lease amendment that extended the lease by 12 months through December 31, 2024 and contained two options to extend the term of the lease for an additional 12 months each. Each option shall be exercisable, if at all, by giving a nine month written notice to the landlord. In April 2024, the Company extended the option to extend the term of the lease for an additional 12 months into December 2025, which will have no impact on the balance sheet as the option to extend the term of the lease for an additional 12 months was accounted for as of December 31, 2023.

As of June 30, 2024, the Company maintained an unamortized Right-Of-Use asset with a corresponding operating lease liability of approximately $0.4 million based on the present value of the minimum rental payments in accordance with ASC Topic 842, Leases. The weighted average discount rate used for leases as of June 30, 2024 is 9.1%. The weighted average remaining lease term as of June 30, 2024 was 1.50 years. The operating lease expense for the six months ended June 30, 2024 was $140.3 thousand. Maturities and balance sheet presentation of the Company’s lease liabilities for all operating leases as of June 30, 2024 is as follows:


2024 remaining total lease payments	$	423,132
Less: effect of discounting		(29,200	)
Present value of lease liabilities		393,932

Current operating lease liabilities	$	255,039
Non-current operating lease liabilities	$	138,893
Total	$	393,932

The Company’s gross future minimum payments under all non-cancelable operating leases as of June 30, 2024, are:


	Total		2024		2025		2026		2027
Operating lease obligations	$	423,132	$	137,928	$	285,204	$	—	$	—

Helio Vision Acquisition

6 Months Ended

Jun. 30, 2024

Business Combinations [Abstract]

Helio Vision Acquisition

On January 28, 2019 (Closing Date), the Company acquired Helio Vision, Inc. (Helio) and thereby obtained rights to ADX-2191 pursuant to an Agreement and Plan of Merger dated as of January 24, 2019 (the Merger Agreement). As a result of the acquisition, the Company issued an aggregate of 1,407,006 shares of common stock to the former securityholders and an advisor of Helio, including 246,562 shares issued in January 2021, pursuant to the terms of the acquisition agreement. In addition, the Company, subject to the conditions of the acquisition agreement, is contingently obligated to make additional payments to the former securityholders of Helio as follows: (a) $10.0 million of common stock following approval by the FDA of a new drug application (NDA) for the prevention and/or treatment of proliferative vitreoretinopathy or a substantially similar label prior to the 10th anniversary of the Closing Date; and (b) $2.5 million of common stock following FDA approval of an NDA for an indication (other than proliferative vitreoretinopathy or a substantially similar label) prior to the 12th anniversary of the Closing Date (the shares of common stock issuable pursuant to the preceding clauses (a) and (b) are referred to herein as the Milestone Shares), provided that in no event shall the Company be obligated to issue more than an aggregate of 5,248,885 shares of common stock in connection with the Helio acquisition. If the Company ceases to use commercially reasonably efforts to develop and obtain regulatory approval for ADX-2191, subject to the terms and conditions of the Merger Agreement, ADX-2191 and related intellectual property rights may revert back to an entity designated by the representative of the former Helio stockholders. Additionally, in the event of certain change of control or divestitures by the Company, certain former convertible noteholders of Helio will be entitled to a tax gross-up payment in an amount not to exceed $1.0 million in the aggregate.

The Company determined that liability accounting is not required for the Milestone Shares under FASB ASC Topic 480, Distinguishing Liabilities from Equity (ASC 480). The Company also determined that the Milestone Shares meet the scope exception as a derivative under FASB ASC Topic 815, Derivatives and Hedging (ASC 815), from inception of the Milestone Shares through June 30, 2024. Accordingly, the Milestone Shares are evaluated under FASB ASC Topic 450, Contingencies (ASC 450) and the Company will record a liability related to the Milestone Shares if the milestones are achieved, and the obligation to issue the Milestone Shares becomes probable. At such time, the Company will record the cost of the Milestone Shares issued to the Helio founders as a compensation expense and to the other former securityholders of Helio as an in-process research and development expense if there is no alternative future use. No milestones related to the remaining Milestone Shares are considered probable of being achieved as of June 30, 2024.

Significant Agreements

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Significant Agreements

15.

SIGNIFICANT AGREEMENTS

AbbVie Option Agreement

On October 31, 2023 (the Option Agreement Effective Date), the Company entered into an exclusive option agreement (the Option Agreement) with AbbVie Inc. (AbbVie), pursuant to which the Company granted AbbVie an exclusive option (the Option) to obtain (a) a co-exclusive license in the United States to facilitate a collaboration with the Company to develop, manufacture and commercialize reproxalap in the United States, (b) an exclusive license to develop, manufacture and commercialize reproxalap outside the United States, (c) a right of first negotiation for compounds that are owned or otherwise controlled by the Company in the field of ophthalmology relating to treating conditions of the ocular surface, and (d) a right to review data for any other compounds that are owned or otherwise controlled by the Company in the fields of ophthalmology and immunology before such data is shared with any other third party (the Collaboration Agreement). AbbVie has paid the Company a non-refundable payment of $1 million in consideration of the Option (the Option Payment).

On December 21, 2023, pursuant to the Option Agreement, AbbVie extended the period during which it may exercise the Option (the Exercise Period Extension) by paying the Company a non-refundable payment of $5 million (the Option Extension Fee). As a result of the Exercise Period Extension, AbbVie may exercise the Option by delivering written notice to the Company at any time during the period following the Option Agreement Effective Date until the earlier of (a) the tenth (10th) business day after the date, if any, that the Company receives approval from the U.S. Food and Drug Administration of the NDA for reproxalap in dry eye disease (the FDA Decision) and (b) the date that is eighteen (18) months after the Option Agreement Effective Date. If the Collaboration Agreement is entered into, the Option Payment and the Option Extension Fee will be credited against the upfront cash payment payable by AbbVie.

Upon AbbVie’s delivery of the agreement execution notice and the parties entering into the Collaboration Agreement, AbbVie would pay the Company a $100 million upfront cash payment, less the Option Payment and the Option Extension Fee. In addition, the Company would be eligible to receive up to approximately $300 million in regulatory and commercial milestone payments, inclusive of a $100 million milestone payment payable if the FDA Decision is received prior to or after the execution of the Collaboration Agreement. In the United States, the Company would share profits and losses with AbbVie from the commercialization of reproxalap according to a split of 60% for AbbVie and 40% for the Company. Outside of the United States, the Company would be eligible to receive tiered royalties on net sales of reproxalap. As of August 1, 2024, AbbVie has not exercised the Option.

As of December 31, 2023, the Company had recognized zero collaboration revenue and $6.0 million of deferred collaboration revenue, long-term, related to the Option Agreement and Exercise Period Extension. During the three months ended June 30, 2024, the deferred collaboration revenue was moved from a long-term liability to a current liability on the Company’s balance sheet as a result of the Option expiring pursuant to the terms of the Option Agreement in less than one year if not exercised. The Company concluded, using ASC 606 by analogy for recognition considerations as the Option Agreement was not considered to be a vendor-customer relationship, that the transaction price is $6.0 million (the Transaction Price), and all other amounts are excluded from the Transaction Price as they relate to fees that can only be achieved subsequent to the exercise of the Option. The Transaction Price was allocated to the single unit of account, the Option to enter into a future Collaboration Agreement which is a material right, as the Option Extension Fee and the Option Payment are creditable against the upfront payments payable by AbbVie if the Collaboration Agreement is entered into. The Company concluded that all other performance obligations were immaterial promises in the context of the Option Agreement and did not represent additional units of account. The Company will begin to recognize revenue, if and, when the Option is exercised or when the Option expires.

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (24,929,694)	$ (24,602,677)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	3,484,366	5,763,896
Non-cash interest expense	95,781	187,501
Net amortization of premium on marketable securities	(697,119)	(14,542)
Depreciation and amortization expense	122,263	131,312
Change in operating assets and liabilities:
Prepaid expenses and other current assets	(330,519)	2,918,672
Accounts payable	(1,083,623)	137,191
Accrued expenses and other liabilities	141,560	(7,323,007)
Net cash used in operating activities	(23,196,985)	(22,801,654)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities	(60,614,499)	0
Maturities of marketable securities	12,000,000	30,000,000
Net cash used in investing activities	(48,614,499)	30,000,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options	0	5,292
Proceeds from employee stock purchase plan	18,191	52,559
Net cash provided by financing activities	18,191	57,851
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(71,793,293)	7,256,197
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	142,823,016	144,419,364
CASH AND CASH EQUIVALENTS, END OF PERIOD	71,029,723	151,675,561
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for interest	$ 884,500	$ 823,521

Leases - Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases (Detail)	Jun. 30, 2024 USD ($)
Leases [Abstract]
2024 remaining total lease payments	$ 423,132
Operating lease obligations, 2024	137,928
Operating lease obligations, 2025	285,204
Operating lease obligations, 2026	0
Operating lease obligations, 2027	$ 0

Cash, Cash Equivalents and Marketable Securities

6 Months Ended

Jun. 30, 2024

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Marketable Securities

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

At June 30, 2024, cash, cash equivalents, and marketable securities were comprised of:


	Carrying Amount		Unrecognized Gain		Unrecognized Loss			Estimated Fair Value		Cash and Cash Equivalents		Current Marketable Securities
Cash	$	3,434,204	$	—	$	—		$	3,434,204	$	3,434,204	$	—
Money market funds		27,595,519		—		—			27,595,519		27,595,519		—
Reverse repurchase agreements		40,000,000		—		—			40,000,000		40,000,000		—
Total cash and cash equivalents	$	71,029,723	$	—	$	—		$	71,029,723	$	71,029,723	$	—

U.S. government agency securities		49,311,618		486		(10,144	)		49,301,960		—		49,301,960
Available for sale marketable securities (1)		49,311,618		486		(10,144	)		49,301,960		—		49,301,960
Total cash, cash equivalents, and current marketable securities										$	71,029,723	$	49,301,960

(1)

Available for sale debt securities are reported at fair value with unrealized gains and losses reported net of taxes, if material, in other comprehensive income.

The contractual maturities of all available for sale securities were less than one year at June 30, 2024.

At December 31, 2023, cash, and cash equivalents were comprised of:


	Carrying Amount		Estimated Fair Value		Cash and Cash Equivalents
Cash	$	128,510,451	$	128,510,451	$	128,510,451
Money market funds		14,312,565		14,312,565		14,312,565
Total cash and cash equivalents	$	142,823,016	$	142,823,016	$	142,823,016

There were no marketable securities held at December 31, 2023.

Stock-Based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail)	Jun. 30, 2024 $ / shares
Share-Based Payment Arrangement [Abstract]
Closing market value of common stock	$ 3.31

Prepaid Expenses and Other Current Assets

6 Months Ended

Jun. 30, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets at June 30, 2024 and December 31, 2023 were:


	June 30,		December 31,
	2024		2023
Deferred research and development expenses, and deposits	$	3,859,927	$	4,463,783
Prepaid insurance expenses		1,036,223		340,388
Miscellaneous prepaid expenses and other current assets		421,686		183,146
Total prepaid expenses and other current assets	$	5,317,836	$	4,987,317

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2024	Jul. 29, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Trading Symbol	ALDX
Entity Registrant Name	ALDEYRA THERAPEUTICS, INC.
Entity Central Index Key	0001341235
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding		59,421,551
Entity Current Reporting Status	Yes
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.001 par value per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity File Number	001-36332
Entity Tax Identification Number	20-1968197
Entity Address, Address Line One	131 Hartwell Avenue
Entity Address, Address Line Two	Suite 320
Entity Address, City or Town	Lexington
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02421
City Area Code	781
Local Phone Number	761-4904
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 0.2
Options to Purchase Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation	$ 10.2
Weighted average recognition period	2 years 7 months 28 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value	$ 1.1
Unamortized stock-based compensation	$ 2.8
RSU granted	0
Weighted average remaining recognition period	2 years 25 days
Aggregate intrinsic value of options outstanding	$ 2.4
CSBU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 1.7
2016 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance	2,928,226
2023 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance	3,542,805
Additional shares granted		5,450,000

Leases - Additional Information (Detail) - USD ($)	6 Months Ended
Leases - Additional Information (Detail) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Right-of-use assets	$ 391,595	$ 510,814
Operating leases, weighted average remaining lease term (years)	1 year 6 months
Operating leases, weighted average discount rate	9.10%
Operating lease, expense	$ 140,300

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (16,847,572)	$ (8,986,998)	$ (24,929,694)	$ (24,602,677)
Other comprehensive (loss) income:
Net unrealized (loss) on marketable securities	(6,629)	0	(9,658)	0
Reclassification of losses to net loss	(6,629)		(9,658)	103,938
Total other comprehensive (loss) income	(6,629)	0	(9,658)	103,938
Comprehensive loss	$ (16,854,201)	$ (8,986,998)	$ (24,939,352)	$ (24,498,739)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

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-Name Accounting Standards Codification
-Section 45
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents information about the Company’s assets measured at fair value at June 30, 2024 and December 31, 2023:


	June 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (a)	$	27,595,519	$	—	$	—	$	27,595,519
U.S. government agency securities (b)		49,301,960		—		—		49,301,960
Reverse repurchase agreements (c)		—		40,000,000		—		40,000,000
Total assets at fair value	$	76,897,479	$	40,000,000	$	—	$	116,897,479


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (a)	$	14,312,565	$	—	$	—	$	14,312,565
Total assets at fair value	$	14,312,565	$	—	$	—	$	14,312,565

Money market funds included in cash and cash equivalents in the consolidated balance sheets, are valued at quoted market prices in active markets.

U.S. government agency securities are valued based on observable market prices in active markets.

Reverse repurchase agreements are recorded at fair market value, which is determined based on the most recent observable inputs for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or are directly or indirectly observable.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

12.

STOCK-BASED COMPENSATION

The Company approved the 2013 Equity Incentive Plan in October 2013, which was amended in June 2016 and June 2018, (Amended 2013 Plan). The Amended 2013 Plan provided for the granting of stock options, restricted stock units (RSU), stock appreciation rights, and stock units to certain employees, members of the board of directors and consultants of the Company.

In May 2023, the Company's Board of Directors approved the 2023 Equity Incentive Plan (2023 Equity Plan) to replace the Amended 2013 Plan. On June 30, 2023, the Company's stockholders approved the 2023 Equity Plan at the Company's 2023 annual meeting of stockholders. Pursuant to the 2023 Equity Plan, the Company will not make any further grants under the Amended 2013 Plan following June 30, 2023, though awards previously granted under the Amended 2013 Plan will remain outstanding. The 2023 Equity Plan is effective for a period of ten years after June 30, 2023, and a total of 5,450,000 shares of the Company’s common stock, in addition to shares of the Company’s common stock that are subject to awards granted under the Amended 2013 Plan that are outstanding as of such date and that are subsequently forfeited, cancelled, or expire before being exercised or settled in full, are authorized for issuance under the 2023 Equity Plan. As of June 30, 2024, there were 3,542,805 shares of common stock available for grant under the 2023 Equity Plan.

In 2022 the Company granted cash awards under its Management Cash Incentive Plan, as amended (the Management Cash Incentive Plan). The Management Cash Incentive Plan provides its participants with the opportunity to earn cash incentive awards for the achievement of goals relating to the performance of the Company and was adopted in 2016. The cash awards vest

in four annual installments from the date of grant based on continued service and entitle the employees to receive a cash payment, on the earlier of (i) four years from the date of grant or (ii) a change of control, equal in value to the amount by which the then value of the Company’s common stock exceeds the base value. As of June 30, 2024, $0.2 million was accrued as compensation expense for vested cash awards. There was no unrecognized expense as of June 30, 2024.

In 2022, the Company granted performance cash settled bonus awards (CSBUs) under its Management Cash Incentive Plan. As the performance criteria had been met, the awards will vest in four annual installments from the date of grant based on continued service, and entitle the employees to receive a cash payment for each vested CSBU, on the earlier of (i) four years from the date of grant or (ii) a change of control, equal in value of the closing price per share of the Company's common stock on the Nasdaq Capital Market (Nasdaq) on the payment date. As of June 30, 2024, $1.7 million was accrued as compensation expense for CSBUs as the Performance Criteria was met in February 2023. There was no unrecognized expense as of June 30, 2024.

The Company recognizes stock-based compensation expense over the requisite service period. The Company's share-based awards are accounted for as equity instruments, except for cash awards and CSBUs, which are accounted for as liabilities. The amounts included in the consolidated statements of operations relating to stock-based compensation associated with the two equity incentive plans, cash awards, and CSBUs are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development expenses	$	1,034,174	$	862,370	$	1,898,358	$	3,053,738
General and administrative expenses		901,355		711,170		1,586,008	$	2,710,157
Total stock-based compensation expense	$	1,935,529	$	1,573,540	$	3,484,366	$	5,763,895

Stock Options

The table below summarizes activity relating to stock options under the incentive plans for the six months ended June 30, 2024:


	Number of Shares			Weighted Average Exercise Price		Weighted Average Contractual Term (Years)		Aggregate Intrinsic Value(a)
Outstanding at December 31, 2023		5,868,816		$	6.40		6.44	$	3,996
Granted		2,376,328		$	3.67				—
Expired		(179,897	)	$	7.90				—
Forfeited		(31,506	)	$	4.49				—
Outstanding at June 30, 2024		8,033,741		$	5.57		7.19	$	—
Exercisable at June 30, 2024		4,829,541		$	6.28		5.86	$	—

(a)

The aggregate intrinsic value in this table was calculated on the positive difference, if any, between the closing price per share of the Company’s common stock on June 30, 2024 of $3.31 and the per share exercise price of the underlying options.

As of June 30, 2024, unamortized stock-based compensation for stock options outstanding was $10.2 million and is expected to be recognized over a weighted average period of 2.66 years. Total unrecognized compensation cost will be adjusted for future forfeitures, if necessary.

Restricted Stock Units

The table below summarizes activity relating to restricted stock units (RSUs) for the six months ended June 30, 2024:


	Number of Shares			Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2023		944,497		$	5.30
Settled in common stock		(212,441	)		5.33
Outstanding at June 30, 2024		732,056		$	5.29

There were no RSUs granted during the six months ended June 30, 2024. The total grant date fair value of RSUs vested was $1.1 million for the six months ended June 30, 2024. As of June 30, 2024, the outstanding RSUs had unamortized stock-based compensation of $2.8 million with a weighted-average remaining recognition period of 2.07 years and an aggregate intrinsic value of $2.4 million.

Employee Stock Purchase Plan

At June 30, 2024, the Company had 2,928,226 shares available for issuance under the 2016 Employee Stock Purchase Plan (2016 ESPP). A summary of the weighted-average grant-date fair value, and total stock-based compensation expense recognized related to the 2016 ESPP are as follows:


	Six Months Ended June 30,
	2024		2023
Weighted-average grant-date fair value per share	$	1.44	$	2.70
Total stock-based compensation expense	$	9,505	$	26,734

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

The amounts included in the consolidated statements of operations relating to stock-based compensation associated with the two equity incentive plans, cash awards, and CSBUs are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development expenses	$	1,034,174	$	862,370	$	1,898,358	$	3,053,738
General and administrative expenses		901,355		711,170		1,586,008	$	2,710,157
Total stock-based compensation expense	$	1,935,529	$	1,573,540	$	3,484,366	$	5,763,895

Summary of Activity Relating to Stock Options

The table below summarizes activity relating to stock options under the incentive plans for the six months ended June 30, 2024:


	Number of Shares			Weighted Average Exercise Price		Weighted Average Contractual Term (Years)		Aggregate Intrinsic Value(a)
Outstanding at December 31, 2023		5,868,816		$	6.40		6.44	$	3,996
Granted		2,376,328		$	3.67				—
Expired		(179,897	)	$	7.90				—
Forfeited		(31,506	)	$	4.49				—
Outstanding at June 30, 2024		8,033,741		$	5.57		7.19	$	—
Exercisable at June 30, 2024		4,829,541		$	6.28		5.86	$	—

(a)

Summary of Activity Relating to Restricted Stock Units

The table below summarizes activity relating to restricted stock units (RSUs) for the six months ended June 30, 2024:


	Number of Shares			Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2023		944,497		$	5.30
Settled in common stock		(212,441	)		5.33
Outstanding at June 30, 2024		732,056		$	5.29

Summary of Employee Stock Purchase Plan Activity

A summary of the weighted-average grant-date fair value, and total stock-based compensation expense recognized related to the 2016 ESPP are as follows:


	Six Months Ended June 30,
	2024		2023
Weighted-average grant-date fair value per share	$	1.44	$	2.70
Total stock-based compensation expense	$	9,505	$	26,734

Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets at June 30, 2024 and December 31, 2023 were:


	June 30,		December 31,
	2024		2023
Deferred research and development expenses, and deposits	$	3,859,927	$	4,463,783
Prepaid insurance expenses		1,036,223		340,388
Miscellaneous prepaid expenses and other current assets		421,686		183,146
Total prepaid expenses and other current assets	$	5,317,836	$	4,987,317

Fair Value Measurements - Additional Information (Detail) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Liabilities measured at fair value on a recurring basis	$ 0	$ 0

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Deferred research and development expenses, and deposits	$ 3,859,927	$ 4,463,783
Prepaid insurance expenses	1,036,223	340,388
Miscellaneous prepaid expenses and other current assets	421,686	183,146
Total prepaid expenses and other current assets	$ 5,317,836	$ 4,987,317

BASIS OF PRESENTATION (Additional Information) (Details)	6 Months Ended
	Jun. 30, 2024 Segment
Accounting Policies [Abstract]
Number of segment	1

Credit Facility

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

CREDIT FACILITY

The Company’s current and long-term debt obligation consists of amounts the Company is obligated to repay under its credit facility with Hercules Capital, Inc. (Hercules). In March 2019, the Company entered into a Loan and Security Agreement (Loan and Security Agreement or Hercules Credit Facility) with Hercules and several banks and other financial institutions or entities, from time-to-time parties thereto (collectively, referred to herein as Lender), providing for a term loan of up to $60.0 million, subject to the satisfaction of certain conditions contained therein, that is secured by a lien covering all of the Company’s assets, other than the Company’s intellectual property. The Loan and Security Agreement provided for (i) an initial term loan advance of up to $5.0 million at the Company’s option, which expired unutilized on April 15, 2019; (ii) three additional term loan advances of up to $15.0 million each, at the Company’s option, available to the Company upon the occurrence of certain pre-specified funding conditions prior to September 30, 2019 (2019 Tranche), March 31, 2020 (2020 Tranche), and March 31, 2021 (2021 Tranche); and (iii) a final additional term loan advance (Fourth Loan Tranche) of up to $10.0 million prior to December 31, 2021, at the Company’s option, subject to approval by the Lender’s investment committee. The 2019 Tranche was drawn down in full by the Company in September 2019 and the 2020 Tranche and 2021 Tranche expired unutilized prior to the Company satisfying the funding conditions for such tranche. On April 20, 2021, the Company entered into the First Amendment to the Loan and Security Agreement (First Amendment). The First Amendment, among other things, (i) increased the Fourth Loan Tranche from $10.0 million to $20.0 million and extended the deadline for drawing down the Fourth Loan Tranche to July 1, 2022; (ii) lowered the variable per annum rate of interest on borrowings under the Loan and Security Agreement from the greater of (a) 9.10% and (b) the prime rate (as reported in the Wall Street Journal or any successor publication thereto) plus 3.10% to the greater of (x) the Prime Rate (as defined therein) plus 3.10% or (y) 8.60%; (iii) extended the expiration of the period in which interest-only payments on borrowings under the Loan and Security Agreement are required from May 1, 2021 to July 1, 2022; and (iv) following the satisfaction of certain conditions, which conditions were satisfied in April 2021, further extended the expiration of the interest-only period and the deadline for drawing down the Fourth Loan Tranche to May 1, 2023. Repayment of the aggregate outstanding principal balance of the term loan, in monthly installments, commences upon expiration of the interest-only period and continues through October 1, 2023 (Maturity Date). The First Amendment was determined to be a modification in accordance with FASB ASC Topic 470, Debt and did not result in extinguishment.

On December 22, 2022, the Company entered into the Second Amendment to the Loan and Security Agreement (Second Amendment), which became effective as of December 31, 2022 (Second Amendment Effective Date). The Second Amendment, among other things, (i) extended the expiration of the period in which interest-only payments on borrowings under the Loan and Security Agreement are made from May 1, 2023 to May 1, 2024; (ii) extended the Maturity Date from October 1, 2023 to October 1, 2024; (iii) extended the availability of the Fourth Loan Tranche commitment of $20 million, which remained conditioned on approval by the Lenders’ investment committee, from May 1, 2023 to May 1, 2024; and (iv) amended the Prepayment Charge (as defined therein) to equal 0.75% of the amount prepaid during the 12-month period following the Second Amendment Effective Date, and 0% thereafter. In addition, a supplemental end of term charge of $292,500 (Supplemental End of Term Charge) shall be due on the earlier of (A) the Maturity Date, as amended, or (B) repayment of the aggregate amount of advances under the Loan and Security Agreement. The initial end of term charge of $1,042,500 (End of Term Charge) was paid

on October 2, 2023. The Second and Third Amendments were determined to be modifications in accordance with FASB ASC Topic 470, Debt and did not result in extinguishment.

On April 29, 2024, the Company entered into the Third Amendment to the Loan and Security Agreement (Third Amendment). The Third Amendment, among other things, extended the expiration of the period in which interest-only payments on borrowings under the Loan and Security Agreement are made from May 1, 2024 to October 1, 2024. On May 1, 2024, the Fourth Loan Tranche commitment expired unutilized.

In connection with the Hercules Credit Facility, the Company incurred a commitment charge of $25,000, transaction costs of $273,186, a fee of $375,000 upon closing, the End of Term Charge, which was paid in October 2023, and the Company will be required to pay the Supplemental End of Term Charge. The fees and transaction costs are amortized to interest expense from 2019 through the Maturity Date using the effective interest method. The End of Term Charge was amortized to interest expense from 2019 through October 2023, and the Supplemental End of Term Charge is amortized to interest expense from December 2022 through the Maturity Date, both using the effective interest method. The effective interest rate was 12.6% at June 30, 2024. At the Company’s option, the Company may elect to prepay all, but not less than all, of the outstanding term loan by paying the entire principal balance and all accrued and unpaid interest thereon plus all fees and other amounts due under the Loan and Security Agreement as of the date of such prepayment.

As of June 30, 2024, $15 million has been funded under the Loan and Security Agreement and no additional amounts were available to the Company for borrowing.

Long-term debt consisted of the following:


	June 30,			December 31,
	2024			2023
Term loan payable	$	15,000,000		$	15,000,000
Supplemental end of term charge		251,643			173,646
Unamortized debt issuance costs		(9,316	)		(27,100	)
Less: current portion		(15,242,327	)		(15,146,546	)
Total long-term debt	$	—		$	—

Future principal payments, including the Supplemental End of Term Charge, are as follows for the years ending December 31:


2024		15,292,500
Total	$	15,292,500

The Loan and Security Agreement also contains certain events of default, representations, warranties and non-financial covenants of the Company. As of June 30, 2024, the Company was in compliance with all covenants of the Hercules Credit Facility in all material respects. In addition, subject to the terms of the Loan and Security Agreement, the Company granted the Lender the right to purchase up to an aggregate of $2.0 million of the Company’s equity securities, or instruments exercisable for or convertible into equity securities, sold to investors in financings upon the same terms and conditions afforded to such other investors.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Commitments and Contingencies (Additional Information) (Details)	6 Months Ended
	Jun. 30, 2024 USD ($)
Commitments And Contingencies [Line Items]
Outstanding material claims	$ 0
Reserve for indemnification	0
M E E I Agreement [Member]
Commitments And Contingencies [Line Items]
Additional equity consideration issuable	0
Second And Third Anniversary [Member] \| M E E I Agreement [Member]
Commitments And Contingencies [Line Items]
Non-creditable non-refundable license maintenance fees	15,000
Fourth And Fifth Anniversary [Member] \| M E E I Agreement [Member]
Commitments And Contingencies [Line Items]
Non-creditable non-refundable license maintenance fees	25,000
Sixth And Subsequent Anniversary [Member] \| M E E I Agreement [Member]
Commitments And Contingencies [Line Items]
Non-creditable non-refundable license maintenance fees	$ 35,000

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, including fair value estimates for investments that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting periods. The Company’s management evaluates its estimates and assumptions on an ongoing basis. Management’s most significant estimates in the Company’s condensed consolidated financial statements include, but are not limited to, deferred and accrued research and development costs, stock-based compensation, and accounting for income taxes and related valuation allowance. Although these estimates and assumptions are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies There were no changes to significant accounting policies during the six months ended June 30, 2024, as compared to those identified in the 2023 Annual Report.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses, including for single reportable segment entities. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company is evaluating the disclosure requirements related to this new standard. However, given the Company has one reportable segment, this policy is not expected to have a material impact on the Company's consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 requires more detailed income tax disclosures. The guidance requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The disclosure requirements will be applied on a prospective basis, with the option to apply them retrospectively. The standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the disclosure requirements related to this new standard.

Stockholders' Equity - Additional Information (Detail) - Jefferies Sales Agreement [Member] - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2024
Class Of Stock [Line Items]
Issuance of common stock, employee stock purchase plan, Shares		0
Maximum [Member]
Class Of Stock [Line Items]
Proceeds from issuance of common stock, net of commissions and other offering costs	$ 100.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Computation of Diluted Weighted-Average Shares Outstanding

The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact:


	For the Three and Six Months Ended June 30,
	2024		2023
Options to purchase common stock		8,033,741		6,567,153
Nonvested restricted stock units		732,056		1,208,100
Total of common stock equivalents		8,765,797		7,775,253

Significant Agreements (Additional Information) (Details) - USD ($) $ in Millions		12 Months Ended
	Dec. 21, 2023	Dec. 31, 2023	Oct. 31, 2023
UNITED STATES
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Split Profits and Losses Percentage	40.00%
AbbVie Option Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Non refundable payment	$ 5.0		$ 1.0
upfront cash payment	100.0
Milestone payment	$ 100.0
Revenue, Remaining Performance Obligation, Amount		$ 6.0
Split Profits and Losses Percentage	60.00%
Revenues		0.0
Deferred collaboration revenue		6.0
Transaction price		$ 6.0
AbbVie Option Agreement [Member] \| Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payment	$ 300.0

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)

Jun. 30, 2024

Dec. 31, 2023

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure, Total

$ 116,897,479

$ 14,312,565

U.S. government agency securities [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure, Total

^[1]

49,301,960

Money Market Funds [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure, Total

^[2]

27,595,519

14,312,565

Reverse Repurchase Agreements [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure, Total

^[3]

40,000,000

Fair Value, Inputs, Level 1 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure, Total

76,897,479

14,312,565

Fair Value, Inputs, Level 1 [Member] | U.S. government agency securities [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure, Total

^[1]

49,301,960

Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure, Total

^[2]

27,595,519

14,312,565

Fair Value, Inputs, Level 1 [Member] | Reverse Repurchase Agreements [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure, Total

^[3]

Fair Value, Inputs, Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure, Total

40,000,000

Fair Value, Inputs, Level 2 [Member] | U.S. government agency securities [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure, Total

^[1]

Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure, Total

^[2]

Fair Value, Inputs, Level 2 [Member] | Reverse Repurchase Agreements [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure, Total

^[3]

40,000,000

Fair Value, Inputs, Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure, Total

Fair Value, Inputs, Level 3 [Member] | U.S. government agency securities [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure, Total

^[1]

Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure, Total

^[2]

$ 0

Fair Value, Inputs, Level 3 [Member] | Reverse Repurchase Agreements [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure, Total

^[3]

$ 0

[1]	U.S. government agency securities are valued based on observable market prices in active markets.
[2]	Money market funds included in cash and cash equivalents in the consolidated balance sheets, are valued at quoted market prices in active markets.
[3]	Reverse repurchase agreements are recorded at fair market value, which is determined based on the most recent observable inputs for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or are directly or indirectly observable.

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

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. Valuation techniques used to measure fair value are performed in a manner to maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820, Fair Value Measurements, establishes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, which are the following:

Level 1 – Quoted prices in active markets that are accessible at the market date for identical unrestricted assets or liabilities.

Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs for which all significant inputs are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following table presents information about the Company’s assets measured at fair value at June 30, 2024 and December 31, 2023:


	June 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (a)	$	27,595,519	$	—	$	—	$	27,595,519
U.S. government agency securities (b)		49,301,960		—		—		49,301,960
Reverse repurchase agreements (c)		—		40,000,000		—		40,000,000
Total assets at fair value	$	76,897,479	$	40,000,000	$	—	$	116,897,479


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (a)	$	14,312,565	$	—	$	—	$	14,312,565
Total assets at fair value	$	14,312,565	$	—	$	—	$	14,312,565

Money market funds included in cash and cash equivalents in the consolidated balance sheets, are valued at quoted market prices in active markets.

U.S. government agency securities are valued based on observable market prices in active markets.

There were no liabilities measured at fair value at June 30, 2024 or December 31, 2023.

Financial instruments including clinical trial prepayments to contract research organizations and accounts payable are carried in the condensed consolidated financial statements at amounts that approximate their fair value based on the short maturities of those instruments. The carrying amount of the Company’s term loan under the Hercules Credit Facility (as defined in Note 9) approximates market rates currently available to the Company.

- 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

Cash, Cash Equivalents and Marketable Securities - Additional Information (Detail)	Dec. 31, 2023 USD ($)
Cash and Cash Equivalents [Abstract]
Marketable Securities	$ 0

Cash, Cash Equivalents and Marketable Securities - Schedule of Cash, and Cash Equivalents (Detail) - USD ($)

6 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Cash Cash Equivalents And Marketable Securities [Line Items]

Total Cash and cash equivalents

$ 71,029,723

Cash and Cash Equivalents

49,301,960

$ 0

Current Marketable Securities

49,301,960

U.S. government agency securities [Member]

Cash Cash Equivalents And Marketable Securities [Line Items]

Current Marketable Securities

49,301,960

Available for sale carrying Amount

49,311,618

Available for sale unrecognized loss

(10,144)

Available for sale unrecognized gain

486

Available for sale fair value disclosure

49,301,960

Cash [Member]

Cash Cash Equivalents And Marketable Securities [Line Items]

Cash

3,434,204

128,510,451

Estimated Fair Value

3,434,204

128,510,451

Cash and Cash Equivalents

3,434,204

128,510,451

Money Market Funds [Member]

Cash Cash Equivalents And Marketable Securities [Line Items]

Money market funds

27,595,519

14,312,565

Estimated Fair Value

27,595,519

14,312,565

Cash and Cash Equivalents

27,595,519

14,312,565

Reverse Repurchase Agreements [Member]

Cash Cash Equivalents And Marketable Securities [Line Items]

Reverse repurchase agreements

40,000,000

Estimated Fair Value

40,000,000

Cash and Cash Equivalents

40,000,000

Total Cash and cash equivalents [Member]

Cash Cash Equivalents And Marketable Securities [Line Items]

Total Cash and cash equivalents

71,029,723

142,823,016

Estimated Fair Value

71,029,723

142,823,016

Cash and Cash Equivalents

71,029,723

$ 142,823,016

Available for sale [Member]

Cash Cash Equivalents And Marketable Securities [Line Items]

Current Marketable Securities

^[1]

49,301,960

Available for sale carrying Amount

^[1]

49,311,618

Available for sale unrecognized loss

^[1]

(10,144)

Available for sale unrecognized gain

^[1]

486

Available for sale fair value disclosure

^[1]

$ 49,301,960

[1]	Available for sale debt securities are reported at fair value with unrealized gains and losses reported net of taxes, if material, in other comprehensive income.

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share Based Compensation Expense	$ 1,935,529	$ 1,573,540	$ 3,484,366	$ 5,763,895
Research and Development Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share Based Compensation Expense	1,034,174	862,370	1,898,358	3,053,738
General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share Based Compensation Expense	$ 901,355	$ 711,170	$ 1,586,008	$ 2,710,157

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	15,000,000	15,000,000
Preferred stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	59,414,489	59,195,951
Common stock, shares outstanding	59,414,489	59,195,951

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss), Net of Tax [Member]	Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2022	$ 151,008,029	$ 58,560	$ 507,770,045	$ (103,938)	$ (356,716,638)
Beginning Balance, Shares at Dec. 31, 2022		58,560,078
Stock-based compensation	3,316,058		3,316,058
Issuance of common stock, exercise of stock options	5,292	$ 9	5,283
Issuance of common stock, exercise of stock options, Shares		9,604
Issuance of common stock, employee stock purchase plan	52,559	$ 17	52,542
Issuance of common stock, employee stock purchase plan, Shares		16,272
Issuance of common stock, vested restricted stock units		$ 215	(215)
Issuance of common stock, vested restricted stock units, Shares		215,253
Other comprehensive loss	103,938			103,938
Net loss	(24,602,677)				(24,602,677)
Ending Balance at Jun. 30, 2023	129,883,199	$ 58,801	511,143,713		(381,319,315)
Ending Balance, Shares at Jun. 30, 2023		58,801,207
Beginning Balance at Mar. 31, 2023	137,243,213	$ 58,792	509,516,738		(372,332,317)
Beginning Balance, Shares at Mar. 31, 2023		58,791,603
Stock-based compensation	1,621,692		1,621,692
Issuance of common stock, exercise of stock options	5,292	$ 9	5,283
Issuance of common stock, exercise of stock options, Shares		9,604
Net loss	(8,986,998)				(8,986,998)
Ending Balance at Jun. 30, 2023	129,883,199	$ 58,801	511,143,713		(381,319,315)
Ending Balance, Shares at Jun. 30, 2023		58,801,207
Beginning Balance at Dec. 31, 2023	119,795,030	$ 59,196	513,994,982		(394,259,148)
Beginning Balance, Shares at Dec. 31, 2023		59,195,951
Stock-based compensation	3,436,470		3,436,470
Issuance of common stock, employee stock purchase plan	18,191	$ 7	18,184
Issuance of common stock, employee stock purchase plan, Shares		6,097
Issuance of common stock, vested restricted stock units		$ 212	(212)
Issuance of common stock, vested restricted stock units, Shares		212,441
Other comprehensive loss	(9,658)			(9,658)
Net loss	(24,929,694)				(24,929,694)
Ending Balance at Jun. 30, 2024	98,310,339	$ 59,415	517,449,424	(9,658)	(419,188,842)
Ending Balance, Shares at Jun. 30, 2024		59,414,489
Beginning Balance at Mar. 31, 2024	113,419,441	$ 59,415	515,704,325	(3,029)	(402,341,270)
Beginning Balance, Shares at Mar. 31, 2024		59,414,489
Stock-based compensation	1,745,099		1,745,099
Other comprehensive loss	(6,629)			(6,629)
Net loss	(16,847,572)				(16,847,572)
Ending Balance at Jun. 30, 2024	$ 98,310,339	$ 59,415	$ 517,449,424	$ (9,658)	$ (419,188,842)
Ending Balance, Shares at Jun. 30, 2024		59,414,489

Net Loss Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

NET LOSS PER SHARE

For the three and six months ended June 30, 2024 and 2023, diluted weighted average common shares outstanding is equal to basic weighted average common shares due to the Company’s net loss position.

The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact:


	For the Three and Six Months Ended June 30,
	2024		2023
Options to purchase common stock		8,033,741		6,567,153
Nonvested restricted stock units		732,056		1,208,100
Total of common stock equivalents		8,765,797		7,775,253

Cash, Cash Equivalents and Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2024

Cash and Cash Equivalents [Abstract]

Schedule of Cash, and Cash Equivalents

At June 30, 2024, cash, cash equivalents, and marketable securities were comprised of:


	Carrying Amount		Unrecognized Gain		Unrecognized Loss			Estimated Fair Value		Cash and Cash Equivalents		Current Marketable Securities
Cash	$	3,434,204	$	—	$	—		$	3,434,204	$	3,434,204	$	—
Money market funds		27,595,519		—		—			27,595,519		27,595,519		—
Reverse repurchase agreements		40,000,000		—		—			40,000,000		40,000,000		—
Total cash and cash equivalents	$	71,029,723	$	—	$	—		$	71,029,723	$	71,029,723	$	—

U.S. government agency securities		49,311,618		486		(10,144	)		49,301,960		—		49,301,960
Available for sale marketable securities (1)		49,311,618		486		(10,144	)		49,301,960		—		49,301,960
Total cash, cash equivalents, and current marketable securities										$	71,029,723	$	49,301,960

(1)

Available for sale debt securities are reported at fair value with unrealized gains and losses reported net of taxes, if material, in other comprehensive income.

At December 31, 2023, cash, and cash equivalents were comprised of:


	Carrying Amount		Estimated Fair Value		Cash and Cash Equivalents
Cash	$	128,510,451	$	128,510,451	$	128,510,451
Money market funds		14,312,565		14,312,565		14,312,565
Total cash and cash equivalents	$	142,823,016	$	142,823,016	$	142,823,016

Helio Vision Acquisition - Additional Information (Detail) - Helio Vision Inc [Member] $ in Millions	Jan. 28, 2019 USD ($) shares
Business Acquisition [Line Items]
Business combination, stock issued \| shares	1,407,006
Common Stock after FDA Approval prior to 10th Anniversary [Member]
Business Acquisition [Line Items]
Business combination, contingent consideration liability \| $	$ 10.0
Common Stock after FDA Approval Prior to 12th Anniversary [Member]
Business Acquisition [Line Items]
Business combination, contingent consideration liability \| $	$ 2.5
Common Stock after FDA Approval Prior to 12th Anniversary [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Business combination, contingent consideration stock to be issued \| shares	5,248,885
Tax Gross-up Payment in Event of Change of Control or Divesture [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Business combination, contingent consideration liability \| $	$ 1.0
Founders [Member]
Business Acquisition [Line Items]
Business combination, stock issued \| shares	246,562

Credit Facility - Schedule of Long-Term Debt (Detail) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Abstract]
Term loan payable	$ 15,000,000	$ 15,000,000
Supplemental end of term charge	251,643	173,646
Unamortized debt issuance costs	(9,316)	(27,100)
Less: current portion	(15,242,327)	(15,146,546)
Total long-term debt	$ 0	$ 0

Accrued Expenses

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Accrued Expenses

ACCRUED EXPENSES

Accrued expenses at June 30, 2024 and December 31, 2023 were:


	June 30,		December 31,
	2024		2023
Accrued compensation	$	2,571,463	$	3,087,937
Accrued research and development expenses		2,411,867		1,687,327
Accrued other expenses		859,472		761,200
Total accrued expenses	$	5,842,802	$	5,536,464

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

14.

COMMITMENTS AND CONTINGENCIES

Guarantees and Indemnifications

As permitted under Delaware law, the Company indemnifies its officers and directors for certain events or occurrences while the officer or director is, or was, serving at the Company’s request in such capacity. The term of the indemnification is for the officer’s or director’s lifetime. Through June 30, 2024, the Company had not experienced any losses related to these

indemnification obligations and no material claims were outstanding. The Company does not expect significant claims related to these indemnification obligations, and consequently, concluded that the fair value of these obligations is negligible, and no related reserves were established.

In-License Agreements

MEEI Agreement

The Company is developing ADX-2191 pursuant to an Exclusive License Agreement with Massachusetts Eye and Ear Infirmary (MEEI) originally entered into in July 2016 between MEEI and Helio Vision, Inc., as amended, (MEEI Agreement). The Company assumed the MEEI Agreement in connection with its 2019 acquisition of Helio Vision.

Pursuant and subject to the MEEI Agreement, the Company obtained an exclusive, worldwide license from MEEI to develop and commercialize ADX-2191 under certain patents and patent applications, and other licenses to intellectual property (MEEI Patent Rights). The Company has agreed to use commercially reasonable efforts, to develop ADX-2191, and to meet certain specified effort and achievement benchmarks by certain dates.

In consideration for the rights licensed under the MEEI Agreement, Helio Vision issued MEEI a number of shares of its preferred stock and Helio Vision agreed to pay non-creditable non-refundable license maintenance fees to MEEI of $15,000 on each of the second and third anniversary of the MEEI Agreement, $25,000 on each of the fourth and fifth anniversary of the MEEI Agreement and $35,000 on the sixth and each subsequent anniversary of the MEEI Agreement during the term of such agreement. In addition, Helio Vision was obligated to make future sales-dependent milestone payments to MEEI of up to the low seven figures in the aggregate, as well as royalty payments to MEEI at a rate which, as a percentage of net sales, is in the low single digits for products that incorporate or use the MEEI Patent Rights in the United States and as a percentage in the low single digits for products that incorporate or use the MEEI Patent Rights outside the United States. The Company is also obligated under the MEEI Agreement to pay MEEI a percentage of certain sublicense revenue that it receives in connection with entering into any sublicensing arrangements with any third parties, at a percentage rate which tiers downward from low-double digits to mid-single digits based on the date of the sublicense. Following the Company’s acquisition of Helio Vision, the Company became obligated to make any future payments owed under the MEEI Agreement. There is no additional equity consideration issuable under the MEEI Agreement.

The MEEI Agreement will remain in effect until the expiration date of the last to expire patent licensed under the MEEI Agreement. The Company may terminate the MEEI Agreement with timely written notice to MEEI. MEEI has the right to terminate the MEEI Agreement if it, subject to certain specified cure periods, ceases all business operations with respect to licensed products, fails to pay amounts due under the MEEI Agreement, fail to comply with certain due diligence obligations, defaults in the Company's obligation to maintain insurance, one of the Company's officers is convicted of a felony relating to the manufacture, use, sale or importation of licensed products, the Company materially breaches any provisions of the MEEI Agreement or in the event of its insolvency or bankruptcy.

In the event of an early termination of the MEEI Agreement, all rights licensed and developed by the Company under the MEEI Agreement may revert back to MEEI. The Company has agreed to indemnify MEEI for certain claims that may arise under the MEEI Agreement.

Legal Proceedings

On July 31, 2023, a purported stockholder filed a putative class action lawsuit (the Securities Class Action) in the U.S. District Court for the District of Massachusetts, against the Company and certain current and former officers, captioned Juliana Paice v. Aldeyra Therapeutics, Inc., et al. (No. 23-cv-11737). On January 2, 2024, the lead plaintiff filed an amended complaint. The lawsuit alleges violations by the defendants of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5. The plaintiff alleges that the defendants made false or misleading statements or failed to disclose certain information concerning (i) the New Drug Application (NDA) for and the prospects of ADX-2191 for the treatment of primary vitreoretinal lymphoma and (ii) the NDA for and the prospects of reproxalap for the treatment of dry eye disease. The lawsuit seeks, among other things, compensatory damages on behalf of herself and all persons and entities that purchased or otherwise acquired the Company's securities between January 7, 2021, and October 16, 2023, as well as attorneys’ fees and costs. On March 4, 2024, defendants filed a motion to dismiss the amended complaint, the plaintiff filed its opposition to the motion on April 18, 2024, and defendants filed a reply to plaintiff's opposition on May 20, 2024. Oral argument on the motion to dismiss was heard on July 24, 2024. The Company disputes the plaintiff's claims and intends to vigorously defend the suit. At this time, the Company cannot reasonably predict the outcome or estimate potential losses, if any, that could result from this matter.

On March 7, 2024, a purported stockholder of the Company filed a derivative complaint in the U.S. District Court for the District of Massachusetts, captioned Fawaz Al-Jaljouli v. Todd C. Brady, et al. (No. 24-cv-10585), against certain of the Company’s executive officers and directors, and naming the Company as a nominal defendant. The derivative complaint alleges, purportedly on behalf of the Company, breach of fiduciary duty and violations of Section 14(a) of the Securities Exchange Act of 1934. The claims are based on substantially identical allegations as the complaint in the Securities Class Action. The lawsuit seeks, among other things, an award of damages, certain changes to the Company’s corporate governance, and attorneys’ fees and costs. On June 24, 2024, the plaintiff voluntarily dismissed all claims without prejudice.

In addition, from time to time, the Company is subject to litigation and claims arising in the ordinary course of business but, except as stated above, the Company is not currently a party to any material legal proceedings and the Company is not aware of any pending or threatened legal proceedings against them that the Company believes could have a material adverse effect on the Company's business, operating results, cash flows, or financial condition.

Stock-Based Compensation - Summary of Employee Stock Purchase Plan Activity (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share Based Compensation Expense	$ 1,935,529	$ 1,573,540	$ 3,484,366	$ 5,763,895
2016 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value per share			$ 1.44	$ 2.7
Allocated Share Based Compensation Expense			$ 9,505	$ 26,734

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Maturities and Balance Sheet Presentation of Lease Liabilities

Maturities and balance sheet presentation of the Company’s lease liabilities for all operating leases as of June 30, 2024 is as follows:


2024 remaining total lease payments	$	423,132
Less: effect of discounting		(29,200	)
Present value of lease liabilities		393,932

Current operating lease liabilities	$	255,039
Non-current operating lease liabilities	$	138,893
Total	$	393,932

The Company’s gross future minimum payments under all non-cancelable operating leases as of June 30, 2024, are:


	Total		2024		2025		2026		2027
Operating lease obligations	$	423,132	$	137,928	$	285,204	$	—	$	—

Credit Facility - Schedule of Principal Payments Incuding End of Term Charges (Detail)	Jun. 30, 2024 USD ($)
Line of Credit Facility [Abstract]
2024	$ 15,292,500
Total	$ 15,292,500

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Credit Facility (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consisted of the following:


	June 30,			December 31,
	2024			2023
Term loan payable	$	15,000,000		$	15,000,000
Supplemental end of term charge		251,643			173,646
Unamortized debt issuance costs		(9,316	)		(27,100	)
Less: current portion		(15,242,327	)		(15,146,546	)
Total long-term debt	$	—		$	—

Schedule of Principal Payments Including the Supplemental End of Term Charges

Future principal payments, including the Supplemental End of Term Charge, are as follows for the years ending December 31:


2024		15,292,500
Total	$	15,292,500

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Nature of Business

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Business

NATURE OF BUSINESS

Aldeyra Therapeutics, Inc., together with its wholly-owned subsidiaries (the “Company” or “Aldeyra”), a Delaware corporation, is a clinical-stage biotechnology company devoted to discovering innovative therapies designed to treat immune-mediated and metabolic diseases.

The Company’s principal activities to date include research and development activities along with related general business planning, including raising capital.

Net Loss Per Share - Computation of Diluted Weighted-Average Shares Outstanding (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total of common stock equivalents	8,765,797	7,775,253	8,765,797	7,775,253
Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total of common stock equivalents	8,033,741	6,567,153	8,033,741	6,567,153
Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total of common stock equivalents	732,056	1,208,100	732,056	1,208,100

Stockholders' Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Stockholders Equity

10.

STOCKHOLDERS’ EQUITY

In March 2021, the Company entered into an Open Market Sales Agreement SM with Jefferies LLC (Jefferies), as sales agent (2021 Jefferies Sales Agreement), under which the Company had the ability to offer and sell, from time to time through Jefferies, shares of common stock providing for aggregate sales proceeds of up to $100.0 million. As of June 30, 2024, no shares of common stock may be sold under the 2021 Jefferies Sales Agreement, and no sales had previously been made pursuant to the 2021 Jefferies Sales Agreement.

- Definition

The entire disclosure for equity.

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($)

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Number of Shares Outstanding, Beginning Balance

5,868,816

Number of Shares, Granted

2,376,328

Number of Shares, Expired

(179,897)

Number of Shares, Forfeitures

(31,506)

Number of Shares Outstanding, Ending Balance

8,033,741

5,868,816

Number of Shares Exercisable, Ending Balance

4,829,541

Weighted Average Exercise Price, Beginning Balance

$ 6.4

Weighted Average Exercise Price, Granted

3.67

Weighted Average Exercise Price, Expired

7.9

Weighted Average Exercise Price, Forfeitures

4.49

Weighted Average Exercise Price, Ending Balance

5.57

$ 6.4

Weighted Average Exercise Price Exercisable, Ending Balance

$ 6.28

Weighted Average Contractual Term, Outstanding

7 years 2 months 8 days

6 years 5 months 8 days

Weighted Average Contractual Term, Exercisable

5 years 10 months 9 days

Aggregate Intrinsic Value, Outstanding

^[1]

$ 3,996

[1]	The aggregate intrinsic value in this table was calculated on the positive difference, if any, between the closing price per share of the Company’s common stock on June 30, 2024 of $3.31 and the per share exercise price of the underlying options.

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued compensation	$ 2,571,463	$ 3,087,937
Accrued research and development expenses	2,411,867	1,687,327
Accrued other expenses	859,472	761,200
Accrued expenses	$ 5,842,802	$ 5,536,464

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses at June 30, 2024 and December 31, 2023 were:


	June 30,		December 31,
	2024		2023
Accrued compensation	$	2,571,463	$	3,087,937
Accrued research and development expenses		2,411,867		1,687,327
Accrued other expenses		859,472		761,200
Total accrued expenses	$	5,842,802	$	5,536,464

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating expenses:
Research and development	$ 14,969,743	$ 6,962,907	$ 21,153,251	$ 18,198,767
General and administrative	3,038,064	3,379,750	6,248,420	8,947,167
Loss from operations	(18,007,807)	(10,342,657)	(27,401,671)	(27,145,934)
Other income (expense):
Interest income	1,637,836	1,882,800	3,448,105	3,561,685
Interest expense	(477,601)	(527,141)	(976,128)	(1,018,428)
Total other income, net	1,160,235	1,355,659	2,471,977	2,543,257
Net loss	$ (16,847,572)	$ (8,986,998)	$ (24,929,694)	$ (24,602,677)
Net loss per share - basic	$ (0.28)	$ (0.15)	$ (0.42)	$ (0.42)
Net loss per share - diluted	$ (0.28)	$ (0.15)	$ (0.42)	$ (0.42)
Weighted average common shares outstanding - basic	59,414,489	58,791,920	59,414,489	58,791,762
Weighted average common shares outstanding - diluted	59,414,489	58,791,920	59,414,489	58,791,762

Income Taxes - Additional Information (Detail)	6 Months Ended
Income Taxes - Additional Information (Detail)	Jun. 30, 2024 USD ($)
Income Tax [Line Items]
Deferred tax assets valuation allowance	100.00%
Maximum [Member]
Income Tax [Line Items]
Statutory tax rate	50.00%
State and Federal [Member]
Income Tax [Line Items]
Income tax benefit	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Leases - Schedule of Maturities and Balance Sheet Presentation of Lease Liabilities (Detail) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
2024 remaining total lease payments	$ 423,132
Less: effect of discounting	(29,200)
Present value of lease liabilities	393,932
Current operating lease liabilities	255,039	$ 239,183
Non-current operating lease liabilities	138,893	$ 271,631
Present value of lease liabilities	$ 393,932

Stock-Based Compensation - Summary of Activity Relating to Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at December 31, 2023 \| shares	944,497
Settled in common stock \| shares	(212,441)
Outstanding at June 30, 2024 \| shares	732,056
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 5.3
Weighted-Average Grant Date Fair Value, Settled in common stock \| $ / shares	5.33
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 5.29

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details