0000950170-22-023237 | 10-Q | XBRL Viewer | ALX Oncology Holdings INC

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Net Loss Per Share - Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net loss	$ (35,320)	$ (32,920)	$ (24,533)	$ (24,566)	$ (16,274)	$ (14,185)	$ (92,773)	$ (55,025)
Denominator:
Weighted-average shares of common stock outstanding, basic	40,747,026			40,396,188			40,684,172	40,234,159
Weighted-average shares of common stock outstanding, diluted	40,747,026			40,396,188			40,684,172	40,234,159
Net loss per share, basic	$ (0.87)			$ (0.61)			$ (2.28)	$ (1.37)
Net loss per share, diluted	$ (0.87)			$ (0.61)			$ (2.28)	$ (1.37)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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

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+ Details

Commitments and Contingencies - Additional Information (Details)	1 Months Ended	9 Months Ended
	Nov. 30, 2015	Sep. 30, 2022 USD ($) Litigation
Commitments And Contingencies [Line Items]
Number of pending or threatened litigation \| Litigation		0
Master Service Agreement
Commitments And Contingencies [Line Items]
Initial term of agreement	3 years
Renewal periods of agreement	1 year
Future purchase obligations		$ 42,000,000.0
Master Service Agreement \| Two Drug Product Manufacturer
Commitments And Contingencies [Line Items]
Future purchase obligations		$ 800,000
Payments for future purchase obligations commitment, year		2026
Indemnification Agreement
Commitments And Contingencies [Line Items]
Guarantee obligations		$ 0

Related-Party Transactions - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jul. 01, 2020	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
R&D costs		$ 29,382	$ 18,214	$ 73,203	$ 39,276
Research and Development Services Agreement \| Tallac Therapeutics
Related Party Transaction [Line Items]
Initial term of agreement with related party	4 years
Markup cost in percentage	10.00%
Agreement automatically renewal additional term unless terminated	1 year
R&D costs		200	100	600	600
Collaboration Agreement \| Tallac Therapeutics
Related Party Transaction [Line Items]
R&D costs		2,500	$ 800	6,200	$ 1,400
Accrued expenses		$ 2,500		$ 2,500		$ 1,400

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties.

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
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+ Details

Fair Value of Financial Instruments - Schedule of Fair Value of Available-for-sale Investments by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Maturing in one year or less	$ 275,126	$ 357,181
Maturing after one year through five years	8,218
Total available-for-sale investments	$ 283,344	$ 357,181

Stock-Based Compensation - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 6,207	$ 4,191	$ 17,544	$ 8,228
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	2,931	1,519	7,696	2,813
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 3,276	$ 2,672	$ 9,848	$ 5,415

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	40,748,290	40,587,067
Common stock, shares outstanding	40,748,290	40,587,067

Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2022

Balance Sheet Related Disclosures [Abstract]

Schedule of Components of Property and Equipment

The following table presents the components of property and equipment, net as of September 30, 2022 and December 31, 2021 (in thousands):


	September 30,			December 31,
	2022			2021
Laboratory equipment	$	1,321		$	324
Computer hardware and software		312			241
Leasehold improvements		246			229
Furniture and fixtures		166			166
Construction in progress		591			—
Property and equipment, gross		2,636			960
Less: accumulated depreciation and amortization		(300	)		(63	)
Property and equipment, net	$	2,336		$	897

Schedule of Components of Other Assets, Net

The following table presents the components of other assets as of September 30, 2022 and December 31, 2021 (in thousands):


	September 30,		December 31,
	2022		2021
Long-term prepaid clinical expenses	$	6,913	$	6,694
Long-term prepaid contract manufacturing costs		2,854		2,854
Operating lease right-of-use assets		5,893		1,829
Finance lease right-of-use assets		410		746
Deposits		144		144
Restricted cash		66		—
Accrued interest		48		—
Total other assets	$	16,328	$	12,267

Components of Accrued Expenses and Other Current Liabilities

The following table presents the components of accrued expenses and other current liabilities as of September 30, 2022 and December 31, 2021 (in thousands):


	September 30,		December 31,
	2022		2021
Accrued contract manufacturing	$	5,477	$	693
Accrued compensation and related expenses		4,849		3,294
Accrued clinical and nonclinical study costs		3,698		4,125
Operating lease liabilities, current		724		313
Accrued professional fees		571		790
Finance lease liabilities, current		393		429
Other		892		257
Total accrued expenses and other current liabilities	$	16,604	$	9,901

Stockholders' Equity - Common Stock Reserved for Future Issuance (Details)	Sep. 30, 2022 shares
Class Of Stock [Line Items]
Common stock reserved for future issuance	11,210,565
Stock Options Issued and Outstanding
Class Of Stock [Line Items]
Common stock reserved for future issuance	6,214,107
Stock Options Authorized for Future Issuance
Class Of Stock [Line Items]
Common stock reserved for future issuance	2,973,368
Employee Stock Purchase Plan Shares Authorized for Future Issuance
Class Of Stock [Line Items]
Common stock reserved for future issuance	1,152,691
Restricted Stock Issued and Outstanding
Class Of Stock [Line Items]
Common stock reserved for future issuance	870,399

Balance Sheet Components - Components of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Accrued contract manufacturing	$ 5,477	$ 693
Accrued compensation and related expenses	4,849	3,294
Accrued clinical and nonclinical study costs	3,698	4,125
Operating lease liabilities, current	724	313
Accrued professional fees	571	790
Finance lease liabilities, current	393	429
Other	892	257
Total accrued expenses and other current liabilities	$ 16,604	$ 9,901

Net Loss Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

NET LOSS PER SHARE

(9) NET LOSS PER SHARE

The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2022			2021			2022			2021
Numerator:
Net loss	$	(35,320	)	$	(24,566	)	$	(92,773	)	$	(55,025	)
Denominator:
Weighted-average shares of common stock outstanding, basic and diluted		40,747,026			40,396,188			40,684,172			40,234,159
Net loss per share, basic and diluted	$	(0.87	)	$	(0.61	)	$	(2.28	)	$	(1.37	)

Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods presented as the inclusion of all potential common stock outstanding would have been anti-dilutive.

The following outstanding potentially dilutive securities were excluded from the computation of diluted net loss per share for all periods presented because including them would have been anti-dilutive:


	September 30,
	2022		2021
Stock options issued and outstanding		6,214,107		4,892,109
Restricted stock issued and outstanding		870,399		15,075
Employee Stock Purchase Plan estimated shares issuable		21,775		2,001
Total		7,106,281		4,909,185

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities
Net loss	$ (92,773)	$ (55,025)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	237	17
Non-cash lease costs	816	460
Stock-based compensation	17,544	8,228
Net amortization of premiums and accretion of discounts on investments	(256)
Changes in operating assets and liabilities
Prepaid expenses and other current assets	(2,613)	(2,042)
Other assets	(267)	(10,653)
Accounts payable	2,052	3,620
Payable and accrued liabilities due to related party	1,129	386
Accrued expenses and other current liabilities	6,412	2,333
Other non-current liabilities	(836)	2,063
Net cash used in operating activities	(68,555)	(50,613)
Investing activities
Purchase of investments	(315,820)
Maturities of investments	70,500
Purchase of property and equipment	(1,038)	(405)
Net cash used in investing activities	(246,358)	(405)
Financing activities
Proceeds from exercise of stock options under equity incentive plan	345	2,022
Proceeds from issuance of common stock under employee stock purchase plan	302	103
Principal payments on finance leases	(281)	(177)
Net cash provided by financing activities	366	1,948
Net decrease in cash, cash equivalents and restricted cash	(314,547)	(49,070)
Cash, cash equivalents and restricted cash at beginning of year	363,667	434,219
Cash, cash equivalents and restricted cash at end of period	49,120	385,149
Supplemental disclosure of non-cash investing and financing activities
Purchase of property and equipment in accounts payable and accrued expenses	876	129
Right-of-use asset acquired under operating leases	4,684	1,812
Right-of-use asset acquired under finance leases		834
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	49,054	385,149
Restricted cash (included in other assets)	66
Total cash and cash equivalents and restricted cash	$ 49,120	$ 385,149

Related-Party Transactions

9 Months Ended

Sep. 30, 2022

RELATED-PARTY TRANSACTIONS

(8) RELATED-PARTY TRANSACTIONS

Tallac Service Agreement

The Company entered into a research and development services agreement, or the Tallac Services Agreement, with Tallac Therapeutics, Inc., or Tallac, effective as of July 1, 2020. The Tallac Services Agreement provides that Tallac will provide certain preclinical research services to the Company for a service fee based on the costs incurred by Tallac plus a mark-up equal to 10.0% of such costs. The Tallac Services Agreement has an initial term of four years and is renewed automatically for additional one year terms thereafter. The Company records the payments for the research and development services as research and development, or R&D, costs within the condensed consolidated statements of operations. During the three months and nine months ended September 30, 2022, the Company recorded $0.2 million and $0.6 million, respectively, as R&D costs in relation to the Tallac Services Agreement. During the three months and nine months ended September 30, 2021, the Company recorded $0.1 million and $0.6 million, respectively, as R&D costs in relation to the Tallac Services Agreement.

Tallac Collaboration Agreement

On March 4, 2021, the Company entered into a collaboration agreement with Tallac, or the Tallac Collaboration Agreement, to jointly develop, manufacture, and commercialize a novel cancer immunotherapy. The collaboration builds on the Company’s expertise in developing therapies that block the CD47 checkpoint pathway and expands its immuno-oncology pipeline. The companies will leverage their respective scientific and technical expertise to advance an anti-SIRPα antibody conjugated to a Toll-like receptor 9, or TLR9, agonist for targeted activation of both the innate and adaptive immune systems. The key economic components of the collaboration transaction include that both parties will share equally (a) in the cost and expenses of research and development and (b) any profit or loss.

The Company accounts for R&D costs in accordance with ASC 730, Research and Development, which states R&D costs must be charged to expense as incurred. Accordingly, the Company records its internal and third-party costs associated with the collaboration as R&D expenses as incurred. When the Company is entitled to reimbursement of the R&D expenses that it incurs under the collaboration, the Company records those reimbursable amounts as a reduction to R&D expenses. The Company also records as R&D expenses, the portion of Tallac’s expenses that the Company is obligated to reimburse, in the period when Tallac incurs such expenses. During the three months and nine months ended September 30, 2022, the Company recorded $2.5 million and $6.2 million, respectively, as R&D costs in relation to the Tallac Collaboration Agreement. During the three months and nine months ended September 30, 2021, the Company recorded $0.8 million and $1.4 million, respectively, as R&D costs in relation to the Tallac Collaboration Agreement.

The Tallac Collaboration Agreement includes the right to set off clause, as such, the Company records the amount due to or reimbursable from Tallac on a net basis. As of September 30, 2022 and December 31, 2021, the Company had accrued expenses of $2.5 million and $1.4 million, respectively, related to the Tallac Collaboration Agreement which was presented within the payable and accrued liabilities due to related party on the condensed consolidated balance sheets.

Operating Sub-lease Agreement with Tallac

The Company leases office space in Burlingame, California under a single operating sub-lease agreement with Tallac. Refer to Note 5 “Leases” for additional discussion.

Fair Value of Financial Instruments - Schedule of Available for Sale Investments Measured at Fair Value of Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-Sale [Line Items]
Fair Value	$ 283,344	$ 357,181
Fair Value on Recurring Basis
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	284,848
Unrealized Losses	(1,504)
Fair Value	283,344
Money Market Funds \| Level 1 \| Fair Value on Recurring Basis
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	39,271	357,181
Fair Value	39,271	$ 357,181
US Treasury Securities \| Level 1 \| Fair Value on Recurring Basis
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	80,872
Unrealized Losses	(741)
Fair Value	80,131
Corporate Debt Securities \| Level 2 \| Fair Value on Recurring Basis
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	56,371
Unrealized Losses	(653)
Fair Value	55,718
Commercial Paper \| Level 2 \| Fair Value on Recurring Basis
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	86,573
Fair Value	86,573
Asset-Backed Securities \| Level 2 \| Fair Value on Recurring Basis
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	13,512
Unrealized Losses	(79)
Fair Value	13,433
Long Term Investment U.S. Treasury Securities \| Level 1 \| Fair Value on Recurring Basis
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	1,436
Unrealized Losses	(2)
Fair Value	1,434
Long Term Investment Asset-Backed Securities \| Level 2 \| Fair Value on Recurring Basis
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	1,725
Unrealized Losses	(14)
Fair Value	1,711
Long Term Investment Corporate Debt Securities \| Level 2 \| Fair Value on Recurring Basis
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	5,088
Unrealized Losses	(15)
Fair Value	$ 5,073

Balance Sheet Components - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Balance Sheet Related Disclosures [Abstract]
Depreciation and amortization expense	$ 100,000	$ 0	$ 200,000	$ 0

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating lease cost	$ 320	$ 132	$ 840	$ 229
Variable lease cost and other, net	60	22	203	61
Short-term lease cost	3		86
Finance lease cost, Amortization of right-of-use assets	112	112	336	257
Finance lease cost, Interest	2	3	7	10
Total lease costs	$ 497	$ 269	$ 1,472	$ 557

Net Loss Per Share - Summary of Outstanding Potentially Dilutive Securities Were Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	7,106,281	4,909,185
Stock Options Issued and Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	6,214,107	4,892,109
Restricted Stock Issued and Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	870,399	15,075
Employee Stock Purchase Plan Estimated Shares Issuable
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	21,775	2,001

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of RSUs, Balance	15,075
Number of RSUs, Granted	904,750
Number of RSUs, Released	(3,701)
Number of RSUs, Canceled/forfeited	(45,725)
Number of RSUs, Balance	870,399	15,075
Weighted-Average Grant Date Fair Value, Balance	$ 58.56
Weighted-Average Grant Date Fair Value, Granted	13.55
Weighted-Average Grant Date Fair Value, Released	58.56
Weighted-Average Grant Date Fair Value, Canceled/forfeited	16.55
Weighted-Average Grant Date Fair Value, Balance	$ 13.98	$ 58.56
Weighted Average Remaining Contractual Life (Years), Balance	1 year 9 months 18 days	1 year 9 months 18 days
Aggregate Intrinsic Value, Balance	$ 8,330	$ 324

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss per Share

The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2022			2021			2022			2021
Numerator:
Net loss	$	(35,320	)	$	(24,566	)	$	(92,773	)	$	(55,025	)
Denominator:
Weighted-average shares of common stock outstanding, basic and diluted		40,747,026			40,396,188			40,684,172			40,234,159
Net loss per share, basic and diluted	$	(0.87	)	$	(0.61	)	$	(2.28	)	$	(1.37	)

Summary of Outstanding Potentially Dilutive Securities Were Excluded from Computation of Diluted Net Loss Per Share


	September 30,
	2022		2021
Stock options issued and outstanding		6,214,107		4,892,109
Restricted stock issued and outstanding		870,399		15,075
Employee Stock Purchase Plan estimated shares issuable		21,775		2,001
Total		7,106,281		4,909,185

Balance Sheet Components - Schedule of Components of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 2,636	$ 960
Less: accumulated depreciation and amortization	(300)	(63)
Property and equipment, net	2,336	897
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,321	324
Computer Hardware and Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	312	241
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	246	229
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	166	$ 166
Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 591

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Available for Sale Investments Measured at Fair Value on Recurring Basis

The following table presents the Company’s investments, which consist of cash equivalents and investments classified as available-for-sale investments, that are measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 (in thousands):


	September 30, 2022
	Fair Value Hierarchy Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Money market funds	Level 1	$	39,271	$	—	$	—		$	39,271
U.S. Treasury securities	Level 1		80,872		—		(741	)		80,131
Corporate debt securities	Level 2		56,371		—		(653	)		55,718
Commercial paper	Level 2		86,573		—		—			86,573
Asset-backed securities	Level 2		13,512		—		(79	)		13,433
Long-term investments
U.S. Treasury securities	Level 1		1,436		—		(2	)		1,434
Asset-backed securities	Level 2		1,725		—		(14	)		1,711
Corporate debt securities	Level 2		5,088		—		(15	)		5,073
Total		$	284,848	$	—	$	(1,504	)	$	283,344


	December 31, 2021
	Fair Value Hierarchy Level	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Money market funds	Level 1	$	357,181	$	—	$	—	$	357,181

Schedule of Fair Value of Available for Sale Investments

The fair value of cash equivalents and available-for-sale investments by classification included in the condensed consolidated balance sheets was as follows (in thousands):


	September 30,		December 31,
	2022		2021
Cash and cash equivalents	$	39,271	$	357,181
Short-term investments		235,855		—
Long-term investments		8,218		—
Total	$	283,344	$	357,181

Schedule of Fair Value of Available-for-Sale Investments by Contractual Maturity

The fair value of cash equivalents and available-for-sale investments by contractual maturity was as follows (in thousands):


	September 30,		December 31,
	2022		2021
Maturing in one year or less	$	275,126	$	357,181
Maturing after one year through five years		8,218		—
Total	$	283,344	$	357,181

Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

LEASES

(5) LEASES

In conjunction with the adoption of ASC 842 on January 1, 2021, the Company evaluated its vendor contracts to identify embedded leases, if any, and noted that a pharmaceutical support services agreement entered into in May 2016 included leases under ASC 842 because the Company has the right to direct the use of certain equipment. The embedded leases commenced in September 2020 and expire in August 2023 with no stated option to extend the term. The Company classified the leases as finance leases.

In May 2021, the Company entered into a lease agreement for approximately 10,000 square feet of office space located in South San Francisco, California. The lease commenced on June 6, 2021 and expires on August 31, 2026. The lease does not provide an option to extend after it expires. The total lease payments for the life of the lease are approximately $2.0 million. The Company classified the lease as an operating lease.

In February 2022, the Company entered into a lease agreement totaling approximately 11,074 square feet of office and laboratory space located in Palo Alto, California. The lease consists of two premises and expires in February 2030. The lease provides for an option to extend for two years after expiration. The lease for one premise commenced in February 2022 and the second premise commenced in April 2022. The lease provides for an annual base rent of approximately $0.8 million, which increases on an annual basis by 3%. The total lease payments for the life of the lease are approximately $7.0 million. The Company is also responsible for leasehold improvement costs related to the second premise, which are expected to be approximately $2.0 million, of which $1.5 million is to be paid with interest at a rate of 7% per annum as additional payments over the life of the lease. The Company classified the lease as an operating lease. Under the terms of the lease agreement, the Company issued a letter of credit to the landlord in the amount of $0.1 million, which is collateralized by a restricted cash deposit of $0.1 million (see Note 4 “Other Assets”).

As of September 30, 2022, the right-of-use asset, or ROU, recorded for operating leases and finance leases was $5.9 million and $0.4 million, respectively. These amounts were included in other assets on the condensed consolidated balance sheets.

The following table presents the maturities and balance sheet information of the Company’s operating and finance lease liabilities as of September 30, 2022 (in thousands, except lease term and discount rate):


	September 30, 2022
	Operating Leases			Finance Leases
2022 (remaining 3 months)	$	297		$	108
2023		1,246			288
2024		1,273			—
2025		1,311			—
2026		1,193			—
Thereafter		3,000			—
Total lease payments		8,320			396
Less: imputed interest		(2,097	)		(3	)
Total lease liabilities	$	6,223		$	393

Lease liabilities: current (i)	$	740		$	393
Lease liabilities: non-current (ii)		5,483			—
Total lease liabilities	$	6,223		$	393

Weighted average remaining lease term (in years)		6.5			0.9
Weighted average discount rate		8.4	%		1.7	%

(i)

Current lease liabilities are presented within accrued expenses and other current liabilities and payable and accrued liabilities due to related party on the condensed consolidated balance sheets and includes a nominal amount due to Tallac Therapeutics, Inc. for an operating lease.

(ii)

Non-current lease liabilities are presented within other non-current liabilities on the condensed consolidated balance sheets.

The following table presents the components of lease costs (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Operating lease cost	$	320	$	132	$	840	$	229
Variable lease cost and other, net (i)		60		22		203		61
Short-term lease cost		3		—		86		—
Finance lease cost:
Amortization of right-of-use assets		112		112		336		257
Interest		2		3		7		10
Total lease costs	$	497	$	269	$	1,472	$	557

(i)

The variable lease cost and other, net is comprised primarily of common area maintenance charges for the operating lease, which are dependent on usage. These costs are classified as operating lease expense due to the election to not separate lease and non-lease components. These costs were not included within the measurement of the Company’s operating lease ROU assets and operating lease liabilities.

The following table presents the supplemental cash flow disclosures for cash paid for leases (in thousands):


	Nine Months Ended
	September 30,
	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	681	$	141
Operating cash flows from finance leases	$	7	$	7
Financing cash flows from finance leases	$	281	$	177
Right-of-use asset acquired under leases
Operating leases	$	4,684	$	1,812
Finance leases	$	—	$	834

Leases - Additional Information (Details) $ in Thousands	1 Months Ended		9 Months Ended
Leases - Additional Information (Details) $ in Thousands	Feb. 28, 2022 USD ($) ft²	May 31, 2021 USD ($) ft²	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Lessee Lease Description [Line Items]
Operating lease ROU assets			$ 5,893	$ 1,829
Total lease payment			8,320
Finance lease ROU assets			$ 410	$ 746
Office Space at 323 Allerton Avenue, South San Francisco, California
Lessee Lease Description [Line Items]
Lessee, operating lease commencing end date		Jun. 06, 2021
Lessee operating lease expiration year		Aug. 31, 2026
Operating lease ROU assets		$ 2,000
Area of operating lease \| ft²		10,000
Operating lease, description			Company entered into a lease agreement for approximately 10,000 square feet of office space located in South San Francisco, California. The lease commenced on June 6, 2021 and expires on August 31, 2026. The lease does not provide an option to extend after it expires. The total lease payments for the life of the lease are approximately $2.0 million. The Company classified the lease as an operating lease.
Office and Laboratory Space Located In Palo Alto, California
Lessee Lease Description [Line Items]
Lease operating lease expiration period	2030-02
Lease operating lease commencement period	2022-02
Lease operating lease commencement period for second premises	2022-04
Annual base rent	$ 800
Percentage of increase of annual rent	3.00%
Total lease payment	$ 7,000
Lessee operating lease leasehold improvements	2,000
Lessee Operating Lease Leasehold Improvements Additional Payments	$ 1,500
Annual interest rate of additional payments over life of lease	7.00%
Letter of credit	$ 100
Restricted cash deposits	$ 100
Area of operating lease \| ft²	11,074
Lessee operating lease renewal term	2 years
Option to extend term			The lease provides for an option to extend for two years after expiration
Existence of option to extend	true

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Share-Based Compensation Expense

Total stock-based compensation expense recognized in the condensed consolidated statements of operations was as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Research and development	$	2,931	$	1,519	$	7,696	$	2,813
General and administrative		3,276		2,672		9,848		5,415
Total	$	6,207	$	4,191	$	17,544	$	8,228

Summary of Restricted Stock Unit Activity

The following table provides a summary of restricted stock unit activity under the 2020 Plan:


	Number of RSUs			Weighted- Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value (in thousands)
Restricted stock units as of December 31, 2021		15,075		$	58.56		1.8	$	324
Granted		904,750			13.55
Released		(3,701	)		58.56
Canceled/forfeited		(45,725	)		16.55
Restricted stock units as of September 30, 2022		870,399		$	13.98		1.8	$	8,330

Fair Value of Financial Instruments - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets and liabilities transfers amount	$ 0	$ 0	$ 0	$ 0
Fair value assets transferred into level 3			0
Fair value assets transferred out of level 3			0
Fair value liabilities transferred into level 3			0
Fair value liabilities transferred out of level 3			0
Accrued interest receivable, investment	$ 700,000		$ 700,000
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current		Prepaid Expense and Other Assets, Current
Bank account cash	$ 9,800,000		$ 9,800,000		$ 6,500,000
Allowance for credit losses	0		0
Impairment losses related to investments	$ 0		$ 0

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Common Stock Reserved for Future Issuance

Common stock reserved for future issuance as of September 30, 2022 consists of the following:


	September 30,
	2022
Stock options issued and outstanding		6,214,107
Stock options authorized for future issuance		2,973,368
Employee Stock Purchase Plan shares authorized for future issuance		1,152,691
Restricted stock issued and outstanding		870,399
Total		11,210,565

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Preparation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or SEC, regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 28, 2022. The condensed consolidated balance sheet as of September 30, 2022 included herein was derived from the audited financial statements as of that date, but does not include all disclosures including notes required by GAAP. The accompanying condensed consolidated financial statements reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year ending December 31, 2022.
Reclassifications	Reclassifications Certain amounts in the prior period have been reclassified to conform to the current period presentation.
Principles of Consolidation	Principles of Consolidation All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, management evaluates its estimates, including those related to the estimated useful lives of long-lived assets, clinical trial accruals, fair value of assets and liabilities, income taxes and stock-based compensation. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could materially differ from those estimates.
Investments	Investments Investments consist of money market funds, U.S. Treasury securities, corporate debt securities, commercial paper, and asset-backed securities. The Company’s investments are classified as available-for-sale and carried at estimated fair values and reported in cash equivalents, short-term investments and long-term investments. Management determines the appropriate classification of the investments at the time they are purchased and evaluates the appropriateness of such classifications at each balance sheet date. Investments with contractual maturities greater than 12 months at date of purchase are considered long-term investments. The Company regularly reviews its investments for declines in estimated fair value below amortized cost. The factors considered in determining whether a credit loss exists include the creditworthiness of the security issuers, the number of investments in an unrealized loss position, the severity and duration of the unrealized losses, and whether it is more likely than not that the Company will be required to sell the investments before the recovery of their amortized cost basis. The cost of investments sold is based on the specific identification method. In circumstances when an unrealized loss is determined to be credit-related, or when the Company intends to sell or is more likely than not required to sell a security before it recovers its amortized cost basis, the difference between the fair value and the amortized cost of the security is recognized within other expense, net in the condensed consolidated statements of operations, and an allowance for credit loss is recorded on the condensed consolidated balance sheets. In circumstances when the decline in fair value is non-credit related, the difference is reported in accumulated other comprehensive loss, net of tax as a separate component of consolidated stockholders’ equity.
Adopted Accounting Pronouncements	Accounting Pronouncements None.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 49,054	$ 363,667
Short-term investments	235,855
Prepaid expenses and other current assets	5,899	3,352
Total current assets	290,808	367,019
Property and equipment, net	2,336	897
Long-term investments	8,217
Other assets	16,328	12,267
Total assets	317,689	380,183
Current liabilities:
Accounts payable	5,880	3,764
Payable and accrued liabilities due to related party	2,759	1,630
Accrued expenses and other current liabilities	16,604	9,901
Total current liabilities	25,243	15,295
Other non-current liabilities	5,483	1,839
Total liabilities	30,726	17,134
Commitments and contingencies (Note 10)
Stockholders’ equity
Common stock, $0.001 par value; 1,000,000,000 shares authorized as of September 30, 2022 and December 31, 2021; 40,745,252 and 40,587,067 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	41	41
Additional paid-in capital	583,184	564,993
Accumulated other comprehensive loss	(1,504)
Accumulated deficit	(294,758)	(201,985)
Total stockholders’ equity	286,963	363,049
Total liabilities and stockholders’ equity	$ 317,689	$ 380,183

Stock-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

(7) STOCK-BASED COMPENSATION

Amended and Restated 2020 Equity Incentive Plan

The Company’s Amended and Restated 2020 Equity Incentive Plan, or the 2020 Plan, serves as the successor to the Company’s 2020 Equity Incentive Plan and provides for the granting of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, performance units and performance shares.

On January 1, 2022, the number of shares available under the 2020 Plan was increased by 1,623,483 shares. As of September 30, 2022, the number of shares of common stock available for issuance under the 2020 Plan was 2,973,368.

Employee Stock Purchase Plan

Under the Company’s 2020 Employee Stock Purchase Plan, or the ESPP, eligible employees are entitled to purchase shares of common stock with accumulated payroll deductions.

On January 1, 2022, the number of shares available under the ESPP was increased by 405,871 shares. As of September 30, 2022, the number of shares of common stock available for issuance under the ESPP was 1,152,691.

Stock-based Compensation Expenses

Total stock-based compensation expense recognized in the condensed consolidated statements of operations was as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Research and development	$	2,931	$	1,519	$	7,696	$	2,813
General and administrative		3,276		2,672		9,848		5,415
Total	$	6,207	$	4,191	$	17,544	$	8,228

Restricted Stock Units

The following table provides a summary of restricted stock unit activity under the 2020 Plan:


	Number of RSUs			Weighted- Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value (in thousands)
Restricted stock units as of December 31, 2021		15,075		$	58.56		1.8	$	324
Granted		904,750			13.55
Released		(3,701	)		58.56
Canceled/forfeited		(45,725	)		16.55
Restricted stock units as of September 30, 2022		870,399		$	13.98		1.8	$	8,330

Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Schedule of Maturities of Operating and Finance Lease Liabilities


	September 30, 2022
	Operating Leases			Finance Leases
2022 (remaining 3 months)	$	297		$	108
2023		1,246			288
2024		1,273			—
2025		1,311			—
2026		1,193			—
Thereafter		3,000			—
Total lease payments		8,320			396
Less: imputed interest		(2,097	)		(3	)
Total lease liabilities	$	6,223		$	393

Lease liabilities: current (i)	$	740		$	393
Lease liabilities: non-current (ii)		5,483			—
Total lease liabilities	$	6,223		$	393

Weighted average remaining lease term (in years)		6.5			0.9
Weighted average discount rate		8.4	%		1.7	%

(i)

(ii)

Non-current lease liabilities are presented within other non-current liabilities on the condensed consolidated balance sheets.

Components of Lease Costs

The following table presents the components of lease costs (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Operating lease cost	$	320	$	132	$	840	$	229
Variable lease cost and other, net (i)		60		22		203		61
Short-term lease cost		3		—		86		—
Finance lease cost:
Amortization of right-of-use assets		112		112		336		257
Interest		2		3		7		10
Total lease costs	$	497	$	269	$	1,472	$	557

(i)

Supplemental Cash Flow Disclosures for Cash Paid for Leases

The following table presents the supplemental cash flow disclosures for cash paid for leases (in thousands):


	Nine Months Ended
	September 30,
	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	681	$	141
Operating cash flows from finance leases	$	7	$	7
Financing cash flows from finance leases	$	281	$	177
Right-of-use asset acquired under leases
Operating leases	$	4,684	$	1,812
Finance leases	$	—	$	834

Fair Value of Financial Instruments - Schedule of Fair Value of Available for Sale Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total available-for-sale investments	$ 283,344	$ 357,181
Cash and Cash Equivalents
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents available for sale	39,271	$ 357,181
Short-term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short term investments available for sale	235,855
Long-term Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long term investments available for sale	$ 8,218

Leases - Supplemental Cash Flow Disclosures for Cash Paid for Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 681	$ 141
Operating cash flows from finance leases	7	7
Financing cash flows from finance leases	281	177
Right-of-use asset acquired under leases
Operating leases	$ 4,684	1,812
Finance leases		$ 834

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Nov. 01, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Registrant Name	ALX ONCOLOGY HOLDINGS INC
Entity Central Index Key	0001810182
Entity File Number	001-39386
Entity Tax Identification Number	85-0642577
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	323 Allerton Avenue
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	466-7125
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		40,755,452
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	ALXO
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating expenses:
Research and development	$ 29,382	$ 18,214	$ 73,203	$ 39,276
General and administrative	7,299	6,362	22,014	15,807
Total operating expenses	36,681	24,576	95,217	55,083
Loss from operations	(36,681)	(24,576)	(95,217)	(55,083)
Interest income	1,370	22	2,471	70
Other expense, net	(9)	(12)	(27)	(12)
Net loss	$ (35,320)	$ (24,566)	$ (92,773)	$ (55,025)
Net loss per share, basic	$ (0.87)	$ (0.61)	$ (2.28)	$ (1.37)
Net loss per share, diluted	$ (0.87)	$ (0.61)	$ (2.28)	$ (1.37)
Weighted-average shares of common stock used to compute net loss per shares, basic	40,747,026	40,396,188	40,684,172	40,234,159
Weighted-average shares of common stock used to compute net loss per shares, diluted	40,747,026	40,396,188	40,684,172	40,234,159

Stockholders' Equity - Additional Information (Details) - $ / shares	Sep. 30, 2022	Dec. 31, 2021	Jul. 21, 2020
Class Of Stock [Line Items]
Common stock, shares authorized	1,000,000,000	1,000,000,000	1,000,000,000
Common stock, par value	$ 0.001	$ 0.001	$ 0.001
Preferred stock, par value			$ 0.001
Common stock, shares outstanding	40,748,290	40,587,067
Undesignated Preferred Stock
Class Of Stock [Line Items]
Preferred stock, shares authorized			100,000,000

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

(3) FAIR VALUE OF FINANCIAL INSTRUMENTS

The fair value of the Company’s financial assets and liabilities are determined in accordance with the fair value hierarchy established in ASC 820, Fair Value Measurements and Disclosures. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy of ASC 820 requires an entity to maximize the use of observable inputs when measuring fair value and classifies those inputs into three levels:

Level 1—Observable inputs, such as quoted prices in active markets;

Level 2—Inputs, other than the quoted prices in active markets, which 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 that are observable or can be corroborated by observable market data for substantially the full term of the instrument’s anticipated life; and

Level 3—Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company classifies money market funds and U.S. treasury securities as Level 1 within the fair value hierarchy as the fair value is based on quoted prices. The Company classifies its investments in corporate debt securities, commercial paper, and asset-backed securities as Level 2 within the fair value hierarchy as the fair value is estimated by using quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs obtained from various third-party data providers, including but not limited to benchmark yields, reported trades and broker/dealer quotes. Where applicable the market approach utilizes prices and information from market transactions for similar or identical assets.


	September 30, 2022
	Fair Value Hierarchy Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Money market funds	Level 1	$	39,271	$	—	$	—		$	39,271
U.S. Treasury securities	Level 1		80,872		—		(741	)		80,131
Corporate debt securities	Level 2		56,371		—		(653	)		55,718
Commercial paper	Level 2		86,573		—		—			86,573
Asset-backed securities	Level 2		13,512		—		(79	)		13,433
Long-term investments
U.S. Treasury securities	Level 1		1,436		—		(2	)		1,434
Asset-backed securities	Level 2		1,725		—		(14	)		1,711
Corporate debt securities	Level 2		5,088		—		(15	)		5,073
Total		$	284,848	$	—	$	(1,504	)	$	283,344


	December 31, 2021
	Fair Value Hierarchy Level	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Money market funds	Level 1	$	357,181	$	—	$	—	$	357,181

The fair value of cash equivalents and available-for-sale investments by classification included in the condensed consolidated balance sheets was as follows (in thousands):


	September 30,		December 31,
	2022		2021
Cash and cash equivalents	$	39,271	$	357,181
Short-term investments		235,855		—
Long-term investments		8,218		—
Total	$	283,344	$	357,181

Cash and cash equivalents in the above table excludes bank account cash of $9.8 million and $6.5 million as of September 30, 2022 and December 31, 2021, respectively.

The fair value of cash equivalents and available-for-sale investments by contractual maturity was as follows (in thousands):


	September 30,		December 31,
	2022		2021
Maturing in one year or less	$	275,126	$	357,181
Maturing after one year through five years		8,218		—
Total	$	283,344	$	357,181

The primary objective of the Company’s investment portfolio is to maintain safety of principal, prudent levels of liquidity and acceptable levels of risk. The Company’s investment policy limits investments to certain types of instruments issued by institutions with investment-grade credit ratings, and it places restrictions on maturities and concentration by asset class and issuer.

There were no transfers of financial instruments between the fair value measurement levels during the three months and nine months ended September 30, 2022 and 2021 and there were no financial instruments classified as Level 3 as of September 30, 2022.

As of September 30, 2022, accrued interest receivable related to the Company’s investments was $0.7 million and was included in prepaid expenses and other current assets on the condensed consolidated balance sheet.

As of September 30, 2022, the unrealized losses for available-for-sale investments were non-credit related and the Company does not intend to sell the investments that were in an unrealized loss position, nor will it be required to sell those investments before recovery of their amortized costs basis, which may be maturity. As of September 30, 2022, no allowance for credit losses for the Company’s investments was recorded. During the three months and nine months ended September 30, 2022, the Company did not recognize any impairment losses related to investments.

- 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

Significant Accounting Policies

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

(2) SIGNIFICANT ACCOUNTING POLICIES

Basis of Preparation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or SEC, regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 28, 2022.

The condensed consolidated balance sheet as of September 30, 2022 included herein was derived from the audited financial statements as of that date, but does not include all disclosures including notes required by GAAP.

The accompanying condensed consolidated financial statements reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year ending December 31, 2022.

Reclassifications

Certain amounts in the prior period have been reclassified to conform to the current period presentation.

Principles of Consolidation

All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, management evaluates its estimates, including those related to the estimated useful lives of long-lived assets, clinical trial accruals, fair value of assets and liabilities, income taxes and stock-based compensation. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could materially differ from those estimates.

Significant Accounting Policies

There have been no new or material changes to the significant accounting policies discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 other than the below policy on Investments.

Investments

Investments consist of money market funds, U.S. Treasury securities, corporate debt securities, commercial paper, and asset-backed securities. The Company’s investments are classified as available-for-sale and carried at estimated fair values and reported in cash equivalents, short-term investments and long-term investments. Management determines the appropriate classification of the investments at the time they are purchased and evaluates the appropriateness of such classifications at each balance sheet date. Investments with contractual maturities greater than 12 months at date of purchase are considered long-term investments.

The Company regularly reviews its investments for declines in estimated fair value below amortized cost. The factors considered in determining whether a credit loss exists include the creditworthiness of the security issuers, the number of investments in an unrealized loss position, the severity and duration of the unrealized losses, and whether it is more likely than not that the Company will be required to sell the investments before the recovery of their amortized cost basis. The cost of investments sold is based on the specific identification method. In circumstances when an unrealized loss is determined to be credit-related, or when the Company intends to sell or is more likely than not required to sell a security before it recovers its amortized cost basis, the difference between the fair value and the amortized cost of the security is recognized within other expense, net in the condensed consolidated statements of operations, and an allowance for credit loss is recorded on the condensed consolidated balance sheets. In circumstances when the decline in fair value is non-credit related, the difference is reported in accumulated other comprehensive loss, net of tax as a separate component of consolidated stockholders’ equity.

Recent Accounting Pronouncements

None.

Subsequent Events - Additional Information (Details) - Subsequent Event - Loan Agreement	1 Months Ended
	Oct. 31, 2022 USD ($)
Subsequent Event [Line Items]
Draw an additional loan	$ 50,000.0
Interest rate terms	Borrowings under the Loan Agreement bear interest at a floating rate per annum equal to the greater of (i) 1-month term Secured Overnight Financing Rate, or SOFR, and (ii) 2.33%, plus 6.25%. The minimum per annum interest rate is 8.58%.
Maturity date	Oct. 01, 2027
Incremental prepayment amount	$ 10,000,000.0
Percentage of fee amount paid upon final payment	6.00%
SOFR
Subsequent Event [Line Items]
Basis spread rate	2.33%
Fixed Rate
Subsequent Event [Line Items]
Basis spread rate	6.25%
Minimum Interest Rate
Subsequent Event [Line Items]
Basis spread rate	8.58%
Maximum \| Secured Term Loan Facility
Subsequent Event [Line Items]
Debt instrument, face amount	$ 100,000,000.0
Minimum \| Term Loan \| Intellectual Property
Subsequent Event [Line Items]
Outstanding balance of loan threshold at which Intellectual Property becomes collateral	75,000,000.0
Tranche A
Subsequent Event [Line Items]
Drew an initial loan	10,000,000.0
Draw an additional loan	40,000.0
Tranche B
Subsequent Event [Line Items]
Available borrowing capacity upon achievement of milestones	12,500,000
Tranche C
Subsequent Event [Line Items]
Available borrowing capacity upon achievement of milestones	12,500,000
Tranche D
Subsequent Event [Line Items]
Available borrowing capacity at lender's discretion	$ 25,000,000.0

Subsequent Events

9 Months Ended

Sep. 30, 2022

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

(11) SUBSEQUENT EVENTS

In October 2022, the Company entered into a loan and security agreement, or the Loan Agreement, with Oxford Finance LLC, Oxford Finance Credit Fund II LP, and Silicon Valley Bank, or Lenders, for a secured term loan facility of up to $100.0 million. Pursuant to the Loan Agreement, the Company drew an initial loan of $10.0 million and has access to draw an additional $40.0 million through the end of 2023. The Loan Agreement provides for an additional $50.0 million over three tranches, with $12.5 million available in each of two tranches based upon the achievement of milestones related to the development of evorpacept and one preclinical product candidate, and $25.0 million at the Lenders’ sole discretion. The proceeds of the loans may be used by the Company for working capital and to fund its general business requirements. Borrowings under the Loan Agreement bear interest at a floating rate per annum equal to the greater of (i) 1-month term Secured Overnight Financing Rate, or SOFR, and (ii) 2.33%, plus 6.25%. The minimum per annum interest rate is 8.58%. Interest on the term loans is payable monthly in arrears. The term loans once repaid or prepaid may not be reborrowed. The term loans mature on October 1, 2027. The Company will begin to make principal payments in equal monthly installments beginning on December 1, 2025. However, if either of the milestone related tranche term loans are funded, then the Company will begin to make principal payments in equal monthly installments beginning on December 1, 2026.

The term loans may be prepaid in full or in part, in increments of $10.0 million, with various prepayment premiums. Upon the earlier prepayment or maturity of any term loan, the Company is required to pay a fee of 6.0% of the original principal amount of such funded term loan. The Company is also obligated to pay other customary fees for a loan facility of this size and type. The term loans under the Loan Agreement are secured by substantially all of the Company’s assets, except the Company’s intellectual property, which is the subject of a negative pledge, and will be guaranteed by the Company’s future subsidiaries, subject to certain limitations. Upon the outstanding balance of the term loans reaching $75.0 million or greater, the Company’s intellectual property will become collateral. The Company and its subsidiary, ALX Oncology Limited, have guaranteed the obligations under the Loan Agreement. The Loan Agreement contains customary affirmative and negative covenants, including covenants limiting the ability of the Company to, among other things, dispose of assets, effect certain mergers, incur debt, grant liens, pay dividends and distributions on its capital stock, make investments and acquisitions, and enter into transactions with affiliates, in each case subject to customary exceptions for a loan facility of this size and type.

Stock-Based Compensation - Additional Information (Details) - shares	Jan. 01, 2022	Sep. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance		11,210,565
ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance		1,152,691
Number of additional shares reserved for future issuance	405,871
2020 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance		2,973,368
Number of additional shares reserved for future issuance	1,623,483

Stockholders' Equity

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

STOCKHOLDERS' EQUITY

(6) STOCKHOLDERS’ EQUITY

On July 21, 2020, the Company’s amended and restated certificate of incorporation became effective, authorizing 1,000,000,000 shares of common stock, $0.001 par value per share, and 100,000,000 shares of undesignated preferred stock, $0.001 par value per share. As of September 30, 2022 and December 31, 2021, the Company had 40,748,290 and 40,587,067 shares of common stock outstanding, respectively.

Common stock reserved for future issuance as of September 30, 2022 consists of the following:


	September 30,
	2022
Stock options issued and outstanding		6,214,107
Stock options authorized for future issuance		2,973,368
Employee Stock Purchase Plan shares authorized for future issuance		1,152,691
Restricted stock issued and outstanding		870,399
Total		11,210,565

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Organization

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

ORGANIZATION

(1) ORGANIZATION

Organization

ALX Oncology Holdings Inc., or the Company, was formed as a Delaware corporation on April 1, 2020, or Inception. The Company was formed for the purpose of completing the Company’s initial public offering of its common stock and related transactions in order to carry on the business of ALX Oncology Limited. The Company is a clinical-stage immuno-oncology company focused on helping patients fight cancer by developing therapies that block the CD47 checkpoint pathway and bridge the innate and adaptive immune system.

The Company wholly-owns two subsidiaries, ALX Oncology Limited, incorporated in Ireland, and ScalmiBio, Inc., incorporated in Delaware. ALX Oncology Inc., incorporated in Delaware, and Alexo International Holdings Limited, incorporated in Malta are wholly-owned subsidiaries of ALX Oncology Limited. Alexo Therapeutics International, incorporated in the Cayman Islands, is a wholly-owned subsidiary of Alexo International Holdings Limited. Sirpant Therapeutics, incorporated in the Cayman Islands, is a wholly-owned subsidiary of Alexo Therapeutics International. All the companies are collectively known as the Subsidiaries.

As of September 30, 2022, the Company has devoted substantially all of its efforts to the formation and financing of the Company, as well as product development, and has not realized product revenues from its planned principal operations. The Company has no manufacturing facilities and all manufacturing related activities are contracted out to third-party service providers.

Management expects to incur additional losses in the future to conduct product candidate research and development and to conduct pre-commercialization activities and recognizes that the Company will likely raise additional capital to fully implement its business plan. The Company intends to raise such capital through the sale of additional equity, debt financings or strategic alliances with third parties. However, there can be no assurance that the Company will be successful in acquiring additional funding at levels sufficient to fund its operations or on terms acceptable to the Company. If the Company is unsuccessful in its efforts to raise additional financing, the Company could be required to significantly reduce operating expenses and delay, reduce the scope of or eliminate some of its development programs or its future commercialization efforts, out-license intellectual property rights to its product candidates and sell unsecured assets, or a combination of the above, any of which may have a material adverse effect on the Company’s business, results of operations, financial condition and/or its ability to fund its scheduled obligations on a timely basis or at all. The Company believes that the existing capital resources will be sufficient to fund the projected operating requirements for at least the next twelve months.

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance at Dec. 31, 2020	$ 429,845	$ 40	$ 548,327		$ (118,522)
Balance, shares at Dec. 31, 2020		39,844,522
Issuance of common stock under equity incentive plans	1,024		1,024
Issuance of common stock under equity incentive plans, shares		364,047
Stock-based compensation	1,800		1,800
Net loss	(14,185)				(14,185)
Balance at Mar. 31, 2021	418,484	$ 40	551,151		(132,707)
Balance, shares at Mar. 31, 2021		40,208,569
Balance at Dec. 31, 2020	429,845	$ 40	548,327		(118,522)
Balance, shares at Dec. 31, 2020		39,844,522
Net loss	(55,025)
Balance at Sep. 30, 2021	385,172	$ 40	558,679		(173,547)
Balance, shares at Sep. 30, 2021		40,486,287
Balance at Mar. 31, 2021	418,484	$ 40	551,151		(132,707)
Balance, shares at Mar. 31, 2021		40,208,569
Issuance of common stock under equity incentive plans	464		464
Issuance of common stock under equity incentive plans, shares		114,488
Issuance of common stock under employee stock purchase plan	103		103
Issuance of common stock under employee stock purchase plan, shares		2,213
Stock-based compensation	2,237		2,237
Net loss	(16,274)				(16,274)
Balance at Jun. 30, 2021	405,014	$ 40	553,955		(148,981)
Balance, shares at Jun. 30, 2021		40,325,270
Issuance of common stock under equity incentive plans	533		533
Issuance of common stock under equity incentive plans, shares		161,017
Stock-based compensation	4,191		4,191
Net loss	(24,566)				(24,566)
Balance at Sep. 30, 2021	385,172	$ 40	558,679		(173,547)
Balance, shares at Sep. 30, 2021		40,486,287
Balance at Dec. 31, 2021	363,049	$ 41	564,993		(201,985)
Balance, shares at Dec. 31, 2021		40,587,067
Issuance of common stock under equity incentive plans	185		185
Issuance of common stock under equity incentive plans, shares		69,565
Stock-based compensation	5,501		5,501
Unrealized loss on available-for-sale investments	(606)			$ (606)
Net loss	(24,533)				(24,533)
Balance at Mar. 31, 2022	343,596	$ 41	570,679	(606)	(226,518)
Balance, shares at Mar. 31, 2022		40,656,632
Balance at Dec. 31, 2021	363,049	$ 41	564,993		(201,985)
Balance, shares at Dec. 31, 2021		40,587,067
Unrealized loss on available-for-sale investments	(1,504)
Net loss	(92,773)
Balance at Sep. 30, 2022	286,963	$ 41	583,184	(1,504)	(294,758)
Balance, shares at Sep. 30, 2022		40,748,290
Balance at Mar. 31, 2022	343,596	$ 41	570,679	(606)	(226,518)
Balance, shares at Mar. 31, 2022		40,656,632
Issuance of common stock under equity incentive plans	155		155
Issuance of common stock under equity incentive plans, shares		44,618
Issuance of common stock under employee stock purchase plan	302		302
Issuance of common stock under employee stock purchase plan, shares		44,002
Stock-based compensation	5,836		5,836
Unrealized loss on available-for-sale investments	(650)			(650)
Net loss	(32,920)				(32,920)
Balance at Jun. 30, 2022	316,319	$ 41	576,972	(1,256)	(259,438)
Balance, shares at Jun. 30, 2022		40,745,252
Issuance of common stock under equity incentive plans	5		5
Issuance of common stock under equity incentive plans, shares		3,038
Stock-based compensation	6,207		6,207
Unrealized loss on available-for-sale investments	(248)			(248)
Net loss	(35,320)				(35,320)
Balance at Sep. 30, 2022	$ 286,963	$ 41	$ 583,184	$ (1,504)	$ (294,758)
Balance, shares at Sep. 30, 2022		40,748,290

- Definition

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

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Balance Sheet Components

9 Months Ended

Sep. 30, 2022

Balance Sheet Related Disclosures [Abstract]

BALANCE SHEET COMPONENTS

(4) BALANCE SHEET COMPONENTS

Property and Equipment, Net

The following table presents the components of property and equipment, net as of September 30, 2022 and December 31, 2021 (in thousands):


	September 30,			December 31,
	2022			2021
Laboratory equipment	$	1,321		$	324
Computer hardware and software		312			241
Leasehold improvements		246			229
Furniture and fixtures		166			166
Construction in progress		591			—
Property and equipment, gross		2,636			960
Less: accumulated depreciation and amortization		(300	)		(63	)
Property and equipment, net	$	2,336		$	897

Depreciation and amortization expense was $0.1 million and $0.2 million for the three months and nine months ended September 30, 2022 respectively, and nominal for the three months and nine months ended September 30, 2021.

Other Assets

The following table presents the components of other assets as of September 30, 2022 and December 31, 2021 (in thousands):


	September 30,		December 31,
	2022		2021
Long-term prepaid clinical expenses	$	6,913	$	6,694
Long-term prepaid contract manufacturing costs		2,854		2,854
Operating lease right-of-use assets		5,893		1,829
Finance lease right-of-use assets		410		746
Deposits		144		144
Restricted cash		66		—
Accrued interest		48		—
Total other assets	$	16,328	$	12,267

Accrued Expenses and Other Current Liabilities

The following table presents the components of accrued expenses and other current liabilities as of September 30, 2022 and December 31, 2021 (in thousands):


	September 30,		December 31,
	2022		2021
Accrued contract manufacturing	$	5,477	$	693
Accrued compensation and related expenses		4,849		3,294
Accrued clinical and nonclinical study costs		3,698		4,125
Operating lease liabilities, current		724		313
Accrued professional fees		571		790
Finance lease liabilities, current		393		429
Other		892		257
Total accrued expenses and other current liabilities	$	16,604	$	9,901

Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

(10) COMMITMENTS AND CONTINGENCIES

Guarantees and Indemnifications

In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. The Company also has indemnification obligations to its officers and directors for specified events or occurrences, subject to some limits, while they are serving at the Company’s request in such capacities. There have been no claims to date and the Company has director and officer insurance that may enable the Company to recover a portion of any amounts paid for future potential claims. The Company believes the fair value of these indemnification agreements is minimal. Accordingly, the Company has not recorded any liabilities for these agreements as of September 30, 2022.

Contingencies

From time to time, the Company may be a party to various claims in the normal course of business. Legal fees and other costs associated with such actions will be expensed as incurred. The Company will assess, in conjunction with its legal counsel, the need to record a liability for litigation and contingencies. Reserve estimates will be recorded when and if it is determined that a loss related matter is both probable and reasonably estimable. As of September 30, 2022, the Company had no pending or threatened litigation.

Other Contractual Obligations and Other Commitments

In November 2015, the Company entered into a master service agreement, or the MSA, with KBI Biopharma, Inc. relating to formulation development, process development and current good manufacturing practices, or cGMP, manufacturing of evorpacept for use in clinical trials on a project basis. The MSA had an initial term of three years with successive one-year renewal periods, is cancellable upon notice and is non-exclusive. Statements of work under the MSA commit the Company to certain future purchase obligations of approximately $42.0 million as of September 30, 2022. In addition, the Company has commitments with two other drug product manufacturers that commit the Company to certain future purchase obligations of approximately $0.8 million as of September 30, 2022. The Company expects to make payments for these commitments through 2026 based on non-cancellable commitments and forecasts that include estimates of future market demand, quantity discounts and manufacturing efficiencies that may impact timing of purchases.

The Company enters into contracts in the normal course of business with various third parties for clinical trials, preclinical research studies and testing, manufacturing and other services and products for operating purposes. These contracts generally provide for termination upon notice. Payments due upon cancellation consist only of payments for services provided or expenses incurred, including non-cancellable obligations of the Company’s service providers, up to the date of cancellation.

Balance Sheet Components - Schedule of Components of Other Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Operating lease right-of-use assets	$ 5,893	$ 1,829
Finance lease right-of-use assets	410	746
Deposits	144	144
Restricted cash	66
Accrued interest	48
Total other assets	16,328	12,267
Long-term Prepaid Clinical Expenses
Property Plant And Equipment [Line Items]
Long-term prepaid expenses	6,913	6,694
Long-term Prepaid Contract Manufacturing Costs
Property Plant And Equipment [Line Items]
Long-term prepaid expenses	$ 2,854	$ 2,854

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (35,320)	$ (24,566)	$ (92,773)	$ (55,025)
Other comprehensive loss, net of tax:
Unrealized loss on available-for-sale investments	(248)		(1,504)
Total comprehensive loss	$ (35,568)	$ (24,566)	$ (94,277)	$ (55,025)

- Definition

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

+ References

+ Details

Leases - Schedule of Maturities of Operating and Finance Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022 (remaining 3 months)	$ 297
2023	1,246
2024	1,273
2025	1,311
2026	1,193
Thereafter	3,000
Total lease payments	8,320
Less: imputed interest	(2,097)
Operating lease liabilities	6,223
Lease liabilities: current	740
Lease liabilities: non-current	5,483
Total lease liabilities	$ 6,223
Weighted average remaining lease term (in years)	6 years 6 months
Weighted average discount rate	8.40%
Finance Lease, Liability, Payment, Due [Abstract]
2022 (remaining 6 months)	$ 108
2023	288
Total lease payments	396
Less: imputed interest	(3)
Finance lease liabilities	393
Finance lease liabilities, current	393	$ 429
Total lease liabilities	$ 393
Weighted average remaining lease term (in years)	10 months 24 days
Weighted average discount rate	1.70%