0000320017-20-000110 | 10-Q | XBRL Viewer | Caladrius Biosciences INC

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Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2020	Nov. 03, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-33650
Entity Registrant Name	CALADRIUS BIOSCIENCES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-2343568
Entity Address, Address Line One	110 Allen Road, 2nd Floor
Entity Address, City or Town	Basking Ridge
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07920
City Area Code	908
Local Phone Number	842-0100
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	CLBS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000320017
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		19,395,977

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 21,156	$ 14,032
Marketable securities	19,113	11,125
Prepaid and other current assets	989	815
Total current assets	41,258	25,972
Property and equipment, net	67	100
Other assets	694	1,081
Total assets	42,019	27,153
Liabilities
Accounts payable	1,105	1,490
Accrued liabilities	3,076	4,486
Total current liabilities	4,181	5,976
Other long-term liabilities	351	624
Total liabilities	4,532	6,600
Commitments and Contingencies
Stockholders' Equity
Preferred stock, authorized, 20,000,000 shares Series B convertible redeemable preferred stock liquidation value, 0.001 share of common stock, $0.01 par value; 825,000 shares designated; issued and outstanding, 10,000 shares at September 30, 2020 and December 31, 2019, respectively	0	0
Common stock, $0.001 par value, authorized 500,000,000 shares; issued and outstanding, 19,407,057 and 10,528,689 shares at September 30, 2020 and December 31, 2019, respectively	19	11
Additional paid-in capital	458,560	438,911
Treasury stock, at cost; 11,080 shares at September 30, 2020 and December 31, 2019	(708)	(708)
Accumulated deficit	(420,119)	(417,400)
Accumulated other comprehensive (loss) income	(12)	2
Total Caladrius Biosciences, Inc. stockholders' equity	37,740	20,816
Noncontrolling interests	(253)	(263)
Total stockholders' equity	37,487	20,553
Liabilities and Equity, Total	$ 42,019	$ 27,153

Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, liquidation value	0.001	0.001
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares designated	825,000	825,000
Preferred stock, shares issued	10,000	10,000
Preferred stock, shares outstanding	10,000	10,000
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	19,407,057	10,528,689
Common stock, shares, outstanding	19,407,057	10,528,689
Treasury stock (shares)	11,080	11,080

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operating Expenses:
Research and development	$ 3,029	$ 3,004	$ 6,346	$ 8,030
General and administrative	2,321	2,068	7,353	6,980
Total operating expenses	5,350	5,072	13,699	15,010
Operating loss	(5,350)	(5,072)	(13,699)	(15,010)
Other income:
Investment income, net	25	175	118	611
Total other income	25	175	118	611
Net loss before benefit from income taxes and noncontrolling interests	(5,325)	(4,897)	(13,581)	(14,399)
Benefit from income taxes	0	0	(10,872)	0
Net loss	(5,325)	(4,897)	(2,709)	(14,399)
Less - net income attributable to noncontrolling interests	2	1	10	6
Net (loss) income attributable to Caladrius Biosciences, Inc. common stockholders	$ (5,327)	$ (4,898)	$ (2,719)	$ (14,405)
Basic and diluted loss per share
Caladrius Biosciences, Inc. common stockholders (in usd per share)	$ (0.29)	$ (0.47)	$ (0.19)	$ (1.40)
Weighted average common shares outstanding
Basic and diluted shares	18,597	10,411	14,116	10,279

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (5,325)	$ (4,897)	$ (2,709)	$ (14,399)
Available for sale securities - net unrealized (loss) income	(14)	2	(14)	34
Total other comprehensive (loss) income	(14)	2	(14)	34
Comprehensive loss	(5,339)	(4,895)	(2,723)	(14,365)
Comprehensive income attributable to noncontrolling interests	2	1	10	6
Comprehensive loss attributable to Caladrius Biosciences, Inc. common stockholders	$ (5,341)	$ (4,896)	$ (2,733)	$ (14,371)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Adoption of new accounting standard	Total Caladrius Biosciences, Inc. Stockholders' Equity	Total Caladrius Biosciences, Inc. Stockholders' Equity Adoption of new accounting standard	Series B Convertible Preferred Stock	Common Stock	Additional Paid in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Accumulated Deficit Adoption of new accounting standard	Treasury Stock	Non- Controlling Interest in Subsidiary
Beginning Balance (shares) at Dec. 31, 2018					10	9,866
Beginning Balance at Dec. 31, 2018	$ 37,454	$ (62)	$ 37,726	$ (62)	$ 0	$ 10	$ 436,433	$ (32)	$ (397,977)	$ (62)	$ (708)	$ (272)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(14,399)		(14,405)						(14,405)			6
Unrealized gain (loss) on marketable securities	34		34					34
Share-based compensation (in shares)						94
Share-based compensation	917		917				917
Net proceeds from issuance of common stock (in shares)						451
Net proceeds from issuance of common stock	1,038		1,038				1,038
Ending Balance (shares) at Sep. 30, 2019					10	10,411
Ending Balance at Sep. 30, 2019	24,982		25,248		$ 0	$ 10	438,388	2	(412,444)		(708)	(266)
Beginning Balance (shares) at Jun. 30, 2019					10	10,413
Beginning Balance at Jun. 30, 2019	29,622		29,889		$ 0	$ 10	438,133	0	(407,546)		(708)	(267)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(4,897)		(4,898)						(4,898)			1
Unrealized gain (loss) on marketable securities	2		2					2
Share-based compensation (in shares)						(2)
Share-based compensation	254		254				254
Net proceeds from issuance of common stock (in shares)						0
Net proceeds from issuance of common stock	1		1				1
Ending Balance (shares) at Sep. 30, 2019					10	10,411
Ending Balance at Sep. 30, 2019	24,982		25,248		$ 0	$ 10	438,388	2	(412,444)		(708)	(266)
Beginning Balance (shares) at Dec. 31, 2019					10	10,529
Beginning Balance at Dec. 31, 2019	20,553		20,816		$ 0	$ 11	438,911	2	(417,400)		(708)	(263)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(2,709)		(2,719)						(2,719)			10
Unrealized gain (loss) on marketable securities	(14)		(14)					(14)
Share-based compensation (in shares)						81
Share-based compensation	942		942				942
Net proceeds from issuance of common stock (in shares)						8,797
Net proceeds from issuance of common stock	18,715		18,715			$ 8	18,707
Ending Balance (shares) at Sep. 30, 2020					10	19,407
Ending Balance at Sep. 30, 2020	37,487		37,740		$ 0	$ 19	458,560	(12)	(420,119)		(708)	(253)
Beginning Balance (shares) at Jun. 30, 2020					10	15,585
Beginning Balance at Jun. 30, 2020	33,556		33,811		$ 0	$ 16	449,302	(7)	(414,792)		(708)	(255)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(5,325)		(5,327)						(5,327)			2
Unrealized gain (loss) on marketable securities	(5)		(5)					(5)
Share-based compensation (in shares)						(25)
Share-based compensation	229		229				229
Net proceeds from issuance of common stock (in shares)						3,847
Net proceeds from issuance of common stock	9,032		9,032			$ 3	9,029
Ending Balance (shares) at Sep. 30, 2020					10	19,407
Ending Balance at Sep. 30, 2020	$ 37,487		$ 37,740		$ 0	$ 19	$ 458,560	$ (12)	$ (420,119)		$ (708)	$ (253)

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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-Paragraph 3
-Subparagraph (c)
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
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Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (e)
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(3)

+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net loss	$ (2,709)	$ (14,399)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	1,090	1,047
Depreciation and amortization	46	50
Accretion on marketable securities	172	172
Changes in operating assets and liabilities:
Prepaid and other current assets	(174)	(30)
Other assets	387	272
Accounts payable, accrued liabilities and other liabilities	(2,068)	(1,774)
Net cash used in operating activities	(3,256)	(14,662)
Cash flows from investing activities:
Purchase of marketable securities	(21,819)	(32,312)
Sale of marketable securities	13,646	48,441
Purchase of property and equipment	(14)	0
Net cash provided by (used in) investing activities	(8,187)	16,129
Cash flows from financing activities:
Tax withholding payments on net share settlement equity awards	(148)	(130)
Net proceeds from issuance of common stock	18,715	1,038
Net cash provided by financing activities	18,567	908
Net increase in cash and cash equivalents	7,124	2,375
Cash and cash equivalents at beginning of period	14,032	10,299
Cash and cash equivalents at end of period	$ 21,156	$ 12,674

The Business	9 Months Ended
The Business	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Business	The Business Overview Caladrius Biosciences, Inc. (“we,” “us,” "our," “Caladrius” or the “Company”) is a clinical-stage biopharmaceutical company dedicated to the development and commercialization of cellular therapies designed to reverse disease and/or promote the regeneration of damaged tissue. The Company is developing first-in-class therapeutics based on the characteristics of naturally occurring CD34+ cells and their ability to stimulate the growth of new microvasculature. The Company's technology leverages these cells to enable the body's natural repair mechanisms using formulations unique to each medical indication. The Company's leadership team has decades of collective biopharmaceutical development experience and world-recognized scientific achievement in the field of cardiovascular disease, among other therapeutic areas. Its goal is to develop and commercialize products that address important unmet medical needs based on a broad and versatile portfolio of candidates. The Company's current product candidates include HONEDRA ® (formerly known as CLBS12), recipient of SAKIGAKE designation and eligible for early conditional approval in Japan for the treatment of critical limb ischemia ("CLI") based on the results of an ongoing clinical trial; CLBS14, a Regenerative Medicine Advanced Therapy ("RMAT") designated therapy for which the Company has finalized with the U.S. Food and Drug Administration (the "FDA") a protocol for a Phase 3 confirmatory trial in subjects with no-option refractory disabling angina ("NORDA"); CLBS16, the subject of a recently completed positive Phase 2 clinical trial in the U.S. for the treatment of coronary microvascular dysfunction ("CMD") and CLBS119, an emergent CD34+ stem cell therapy responding to the COVID-19 pandemic and the potentially permanent damage the virus inflicts on the lungs of many patients. Ischemic Repair (CD34 Cell Technology) The CD34+ cell was discovered as a result of the deliberate search for a stem cell capable of stimulating the development and/or repair of blood vessels. All tissues in the body maintain their function by replacing cells over time. In addition to the maintenance function, the body must also be capable of building new blood vessels after injury. A CD34+ cell is a stem cell that has the ability to stimulate new blood vessel formation. No other native cell discovered to date has demonstrated this same capability. The Company’s proprietary CD34+ cell technology has led to the development of therapeutic product candidates designed to address diseases and conditions caused by ischemia. Ischemia occurs when the supply of oxygenated blood to healthy tissue is restricted. Through the administration of CD34+ cells, the Company seeks to promote the development and formation of new microvasculature and thereby increase blood flow to the impacted area. Caladrius believes that a number of conditions caused by underlying ischemic injury can be improved through its CD34+ cell technology, including but not limited to, CLI, CMD, NORDA and COVID-19 induced lung damage. HONEDRA ® for Treatment of Critical Limb Ischemia The Company's open-label, registration-eligible study of HONEDRA ® in Japan for the treatment of critical limb ischemia ("CLI"), a disease with no currently available approved therapy and a higher combined incidence and mortality rate than all cancers but lung cancer, has shown strong results to date. The initial responses observed in the subjects who have reached an endpoint in this open label study are consistent with a positive therapeutic effect and safety profile as reported by previously published clinical trials in Japan. Although the study's enrollment, which is targeted for completion this year, has been slowed by the pandemic's impact in Japan, the Company is encouraged by the patient pre-screening pipeline that has been identified and hopes to conclude trial enrollment during the first quarter of 2021. While the final outcome of the trial will depend on all data from all subjects, data, to date, are very encouraging. CLBS14 for Treatment of No Option Refractory Disabling Angina (NORDA) The Company acquired the rights to data and regulatory filings for a CD34+ cell therapy program for refractory angina that had been advanced to Phase 3 by a previous sponsor. Based on the clinical evidence from the completed studies that a single administration of CLBS14 reduces mortality, improves angina and increases exercise capacity in patients with otherwise untreatable angina, this product received Regenerative Medicine Advanced Therapy (“RMAT”) designation from the FDA. The Company, working closely with the FDA, has finalized the design of a confirmatory Phase 3 trial which, in combination with previously filed Phase 1, 2 and 3 data, will be considered for the registration of CLBS14. Notably, this study design includes a 6-month primary endpoint and, with the benefit of the RMAT designation, the biologics license application ("BLA"), once submitted, is expected to receive a 6-month review. The Company has substantially completed the preparatory work for initiation of this trial. Caladrius will not, however, commence enrollment of patients until sufficient capital is acquired and dedicated to this program such that the Company has confidence that it can fund the trial uninterrupted through completion. CLBS16 for Treatment of Coronary Microvascular Dysfunction In 2017, with the assistance of a $1.9 million grant from the National Institutes of Health (Award Number R44HL135889), Caladrius initiated its program for CLBS16 for the treatment of coronary microvascular dysfunction ("CMD"), a disease that potentially afflicts millions of patients with no current targeted treatment options. That study, titled ESCaPE-CMD, was a Phase 2 proof-of-concept study that enrolled patients at the Mayo Clinic in Rochester, MN and Cedars-Sinai Medical Center in Los Angeles, CA. In June 2019, the Company announced the completion of enrollment in this study. Results of the first 17 of 20 patients enrolled in this trial who reached 6-month follow-up were presented as a rapid fire oral presentation on November 16, 2019 at the annual meeting of the American Heart Association in Philadelphia, PA by one of the principal investigators, Dr. Noel Bairey Merz, FACC, FAHA, FESC, the director of the Barbra Streisand Women's Heart Center at Cedars-Sinai in Los Angeles, CA. That data set showed a positive therapeutic effect with a statistically significant improvement in angina frequency, coronary flow reserve, Canadian Cardiovascular Society Angina Class and Seattle Questionnaire score, as well as an acceptable safety profile. The full data from that study was presented at the SCAI 2020 Scientific Sessions Virtual Conference on May 14, 2020 and the Company currently expects to initiate the next CMD trial, a Phase 2b study, by December 2020. CLBS119 for Treatment of COVID -19 Induced Lung Damage COVID-19 appears to damage the vasculature of the lungs and Caladrius believes that repair of that vasculature will prove necessary for patients to achieve a full recovery. Survivors of COVID-19 often remain debilitated even after leaving the hospital due to the damage caused to their lungs, and while many developmental therapies responding to the COVID-19 pandemic are appropriately targeting the SARS-CoV-2 virus itself or the manifestations of the acute phase of the illness, Caladrius is aware of no therapy that has demonstrated the ability to repair COVID-19 induced lung damage. With consistent clinical and pre-clinical evidence that CD34+ cells can repair multiple organs, including models of severe lung inflammation, the Company sought and received FDA authorization for its investigational new drug (“IND”) application for the study of CLBS119, a CD34+ cell therapy for repair of COVID-19 induced lung damage. The study began screening prospective patients for inclusion at NYU Langone Health. The planned 12-patient open-label clinical trial is designed to evaluate the safety and efficacy of a single administration of CLBS119 for the treatment and repair of COVID-19-induced lung damage in adults. The study will target patients who are experiencing hypoxia due to prior infection with SARS-CoV-2 and who require supplemental oxygen. Additional Out-licensing Opportunities The Company's broad intellectual property portfolio of cell therapy assets includes notable programs available for out-licensing in order to continue their clinical development. Its current long-term strategy focuses on advancing its therapies through development with the ultimate objective of obtaining market authorizations and entering commercialization, either alone or with partners, to provide treatment options to patients suffering from life-threatening medical conditions. The Company believes that it is well-positioned to realize potentially meaningful value increases within its own proprietary pipeline if the Company is successful in advancing its product candidates to their next significant development milestones. Coronavirus Considerations In December 2019, a novel strain of coronavirus (SARS-CoV-2), which causes COVID-19, was reported to have surfaced in China. In March 2020, the World Health Organization declared the outbreak of COVID-19 to be a pandemic, and the world's economies began to experience pronounced effects. While the disruption currently is expected to be temporary, there is uncertainty around the extent and duration of disruption, and any future related financial impact cannot be reasonably estimated at this time. Basis of Presentation The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the accompanying Consolidated Financial Statements of the Company and its subsidiaries, which are unaudited, include all normal and recurring adjustments considered necessary to present fairly the Company’s financial position as of September 30, 2020, and the results of its operations and its cash flows for the periods presented. The unaudited consolidated financial statements herein should be read together with the historical consolidated financial statements of the Company for the years ended December 31, 2019 and 2018 included in our 2019 Form 10-K. Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. Use of Estimates The preparation of 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 consolidated financial statements. Estimates also affect the reported amount of expenses during the reporting period. The Company bases its estimates on historical experience and other assumptions believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. The Company makes critical estimates and assumptions in determining stock-based awards values. Accordingly, actual results could differ from those estimates and assumptions. Principles of Consolidation The Consolidated Financial Statements include the accounts of Caladrius Biosciences, Inc. and its wholly owned and majority owned subsidiaries and affiliates. All intercompany activities have been eliminated in consolidation.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies In addition to the policies below, the Company's significant accounting policies are described in Note 2 of the Notes to Consolidated Financial Statements included in its 2019 Form 10-K. There were no changes to these policies during the three and nine months ended September 30, 2020. Concentration of Risks The Company is subject to credit risk from its portfolio of cash, cash equivalents and marketable securities. Under its investment policy, the Company limits amounts invested in such securities by credit rating, maturity, industry group, investment type and issuer, except for securities issued by the U.S. government. Cash is held at major banks in the United States. Therefore, the Company is not exposed to any significant concentrations of credit risk from these financial instruments. The goals of the Company's investment policy, in order of priority, are as follows: safety and preservation of principal and diversification of risk, liquidity of investments sufficient to meet cash flow requirements, and a competitive after-tax rate of return. Share-Based Compensation The Company expenses all share-based payment awards to employees, directors, and consultants, including grants of stock options, warrants, and restricted stock, over the requisite service period based on the grant date fair value of the awards. Consultant awards are remeasured each reporting period through vesting. For awards with performance-based vesting criteria, the Company estimates the probability of achievement of the performance criteria and recognizes compensation expense related to those awards expected to vest. The Company determines the fair value of option awards using the Black-Scholes option-pricing model which uses both historical and current market data to estimate the fair value. This method incorporates various assumptions such as the risk-free interest rate, expected volatility, expected dividend yield and expected life of the options or warrants. The fair value of the Company’s restricted stock and restricted stock units is based on the closing market price of the Company’s common stock on the date of grant. New Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses, which will require companies to present assets held at amortized cost and available for sale debt securities net of the amount expected to be collected. The guidance requires the measurement of expected credit losses to be based on relevant information from past events, including historical experiences, current conditions and reasonable and supportable forecasts that affect collectability. The guidance was effective for fiscal years and interim periods beginning after December 15, 2019 and early adoption was permitted. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. In July 2019, the FASB issued ASU 2019-07, "Codification Updates to SEC Sections", to codify the SEC releases that clarify and improve the disclosure and presentation requirements of a variety of codification topics, thereby eliminating certain disclosure requirements that were redundant, duplicative, overlapping, outdated, or superseded. For public companies, the amendments are effective upon issuance. The Company determined that the adoption of this new accounting guidance did not have a material impact on its consolidated financial statements and footnote disclosures. In October 2019, the FASB issued ASU 2019-12, which affects general principles within Topic 740, Income Taxes. The amendments of ASU 2019-12 are meant to simplify and reduce the cost of accounting for income taxes. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company believes that the adoption of this new accounting guidance will not have a material impact on its financial statements and footnote disclosures.

Available-for-Sale-Securities

9 Months Ended

Sep. 30, 2020

Debt Securities, Available-for-sale [Abstract]

Available-for-Sale-Securities

The following table is a summary of available-for-sale securities recorded in cash and cash equivalents or marketable securities in our Consolidated Balance Sheets (in thousands):


	September 30, 2020								December 31, 2019
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Corporate debt securities	$	13,506	$	—	$	(11)	$	13,495	$	11,673	$	3	$	(1)	$	11,675
Money market funds	15,481		—		—		15,481		11,093		—		—		11,093
Municipal debt securities	8,613		—		(1)		8,612		—		—		—		—
Sovereign government securities	196		—		—		196		—		—		—		—
Total	$	37,796	$	—	$	(12)	$	37,784	$	22,766	$	3	$	(1)	$	22,768

Estimated fair values of available-for-sale securities are generally based on prices obtained from commercial pricing services. The following table summarizes the classification of the available-for-sale securities in our Consolidated Balance Sheets (in thousands):


	September 30, 2020		December 31, 2019
Cash and cash equivalents	$	18,671	$	11,643
Marketable securities	19,113		11,125
Total	$	37,784	$	22,768

The following table summarizes our portfolio of available-for-sale securities by contractual maturity (in thousands):


	September 30, 2020
	Amortized Cost		Estimated Fair Value
Less than one year	$	37,796	$	37,784
Greater than one year	—		—
Total	$	37,796	$	37,784

Income (Loss) Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Income (Loss) Per Share

For the three and nine months ended September 30, 2020 and 2019, the Company incurred net losses and therefore no common stock equivalents were utilized in the calculation of diluted loss per share as they are anti-dilutive. At September 30, 2020 and 2019, the Company excluded the following potentially dilutive securities (in thousands):


	September 30,
	2020	2019
Stock Options	1,105	1,095
Warrants	2,638	30

Restricted Stock Units	348	118

Fair Value Measurements

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

The fair value of financial assets and liabilities that are being measured and reported are defined as the exchange price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market at the measurement date (exit price). The Company is required to classify fair value measurements in one of the following categories:

Level 1 inputs are defined as quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level 2 inputs are defined as inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly or indirectly.

Level 3 inputs are defined as unobservable inputs for the assets or liabilities. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels.

The following table sets forth by level within the fair value hierarchy the Company's financial assets that were accounted for at fair value on a recurring basis as of September 30, 2020, and December 31, 2019 (in thousands).


	September 30, 2020								December 31, 2019
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Marketable securities - available for sale	$	—	$	19,113	$	—	$	19,113	$	—	$	11,125	$	—	$	11,125
	$	—	$	19,113	$	—	$	19,113	$	—	$	11,125	$	—	$	11,125

- 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

Accrued Liabilities

9 Months Ended

Sep. 30, 2020

Accrued Liabilities [Abstract]

Accrued Liabilities

Accrued liabilities as of September 30, 2020 and December 31, 2019 were as follows (in thousands):


	September 30, 2020		December 31, 2019
Salaries, employee benefits and related taxes	$	1,784	$	1,834
Operating lease liabilities -- current	359		354
CIRM upfront funding -- current	—		1,600
Other	933		698
Total	$	3,076	$	4,486

Operating Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Operating Leases

Operating Leases The Company has operating leases for two offices with terms that expire in 2022 and 2023. The Company estimates its incremental borrowing rate, at lease commencement, to determine the present value of lease payments, since most of the Company's leases do not provide an implicit rate of return. The Company recognizes lease expense on a straight-line basis over the lease term. For lease agreements entered into or reassessed after the adoption of Topic 842, the Company elected to account

for non-lease components associated with its leases and lease components as a single lease component. Each of the Company's leases include options for the Company to extend the lease term and/or sub-lease space in whole or in part.

Operating lease liabilities and right-of-use assets were recorded in the following captions of our balance sheet were as follows (in thousands):


	September 30, 2020		December 31, 2019
Right-of Use Assets:
Other assets	$	653	$	906
Total Right-of-Use Asset	$	653	$	906

Operating Lease Liabilities:
Accrued liabilities	$	359	$	353
Other long-term liabilities	351		624
Total Operating Lease Liabilities	$	710	$	977

As of September 30, 2020, the weighted average remaining lease term for our operating leases was 2.1 years, and the weighted average discount rate for our operating leases was 9.625%. Future minimum lease payments under the lease agreements as of September 30, 2020 were as follows (in thousands):


Years ended	Operating Leases

2020	103
2021	414
2022	239
2023	27
Total lease payments	783
Less: Amounts representing interest	(73)
Present value of lease liabilities	$	710

Stockholders' Equity

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Stockholders' Equity

Equity Issuances

Purchase Agreement

In March 2019, the Company and Lincoln Park Capital Fund, LLC (“Lincoln Park”) entered into a purchase agreement (the “Purchase Agreement”) and a registration rights agreement (the “Registration Rights Agreement”), pursuant to which the Company has the right to sell to Lincoln Park shares of the Company’s common stock having an aggregate value of up to $26.0 million, subject to certain limitations and conditions set forth in the Purchase Agreement (the “Offering”). As consideration for entering into the Purchase Agreement, the Company issued to Lincoln Park an additional 181,510 shares of common stock as commitment shares.

Pursuant to the Purchase Agreement, Lincoln Park purchased 250,000 shares of common stock, at a price of $4.00 per share, for a total gross purchase price of $1.0 million (the “Initial Purchase”) upon commencement. Thereafter, as often as every business day from and after one business day following the date of the Initial Purchase and over the 36-month term of the Purchase Agreement the Company has the right, from time to time, at its sole discretion and subject to certain conditions, to direct Lincoln Park to purchase up to 100,000 shares of common stock, with such amount increasing as the closing sale price of the common stock increases; provided Lincoln Park’s obligation under any single such purchase will not exceed $2.5 million, unless the Company and Lincoln Park mutually agree to increase the maximum amount of such single purchase (each, a “Regular Purchase”). If the Company directs Lincoln Park to purchase the maximum number of shares of common stock it then may sell in a Regular Purchase, then in addition to such Regular Purchase, and subject to certain conditions and limitations in the Purchase Agreement, the Company may direct Lincoln Park in an “accelerated purchase” to purchase an additional amount of common stock that may not exceed the lesser of (i) 300% the number of shares purchased pursuant to the corresponding Regular Purchase or (ii) 30% of the total number of shares of the Company’s common stock traded during a specified period on the applicable purchase date as set forth in the Purchase Agreement. Under certain circumstances and in accordance with the

Purchase Agreement, the Company may direct Lincoln Park to purchase shares in multiple accelerated purchases on the same trading day.

The Company controls the timing and amount of any sales of its common stock to Lincoln Park. There is no upper limit on the price per share that Lincoln Park must pay for its common stock under the Purchase Agreement, but in no event will shares be sold to Lincoln Park on a day the closing price is less than the floor price specified in the Purchase Agreement. In all instances, the Company may not sell shares of its common stock to Lincoln Park under the purchase agreement if it would result in Lincoln Park beneficially owning more than 9.99% of its common stock.

The Purchase Agreement does not limit the Company’s ability to raise capital from other sources at the Company’s sole discretion, except that (subject to certain exceptions) the Company may not enter into any Variable Rate Transaction (as defined in the Purchase Agreement, including the issuance of any floating conversion rate or variable priced equity-like securities) during the 36 months after the date of the Purchase Agreement. The Company has the right to terminate the Purchase Agreement at any time, at no cost to the Company.

As of September 30, 2020, the Company had not made any sales of common stock to Lincoln Park under the Purchase Agreement other than the Initial Purchase.

Common Stock Sales Agreement

In February 2018, the Company entered into a common stock sales agreement with H.C. Wainwright & Co., LLC ("HCW") as sales agent, which was subsequently amended in August 2018 (the "Sales Agreement"), in connection with an “at the market offering” under which the Company from time to time may offer and sell shares of its common stock having an aggregate offering price of not more than $25.0 million. In March 2019, subsequent to the filing of our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (the "2018 Form 10-K"), the aggregate market value of our outstanding common stock held by non-affiliates was approximately $52.8 million. Pursuant to General Instruction I.B.6 of Form S-3, since the aggregate market value of our outstanding common stock held by non-affiliates was below $75.0 million at the time of our 2018 Form 10-K filing, the aggregate amount of securities that we were permitted to offer and sell at such time was reduced to $17.6 million, which was equal to one-third of the aggregate market value of our common stock held by non-affiliates at such time.

Subject to the terms and conditions of the Sales Agreement, HCW will use its commercially reasonable efforts consistent with its normal trading and sales practices to sell the shares from time to time, based upon the Company's instructions, including any price, time or size limits specified by the Company. The Company has provided HCW with customary indemnification rights, and HCW will be entitled to a commission at a fixed commission rate equal to 3.0% of the gross proceeds per share sold. The Company has no obligation to sell any of the shares and may at any time suspend sales under the Sales Agreement or terminate the Sales Agreement. The Sales Agreement will terminate upon the sale of all of the shares under the Sales Agreement unless terminated earlier by either party as permitted under the Sales Agreement.

During the nine months ended September 30, 2020, the Company issued 3,558,778 shares of common stock under the Sales Agreement for net proceeds of $8.5 million. As of September 30, 2020, the Company has issued 3,784,912 shares of common stock under the Sales Agreement for net proceeds of $9.5 million since inception.

Registered Direct Offerings

In April 2020, the Company entered into a securities purchase agreement (the “April Purchase Agreement”) with certain investors (the “April Purchasers”). Pursuant to the terms of the April Purchase Agreement, the Company agreed to sell to the Purchasers an aggregate of 2,162,166 shares of its common stock at a purchase price equal to $2.3125 per share. In a concurrent private placement, the Company issued to the April Purchasers warrants to purchase an aggregate of 1,081,083 shares of its common stock. In connection with the registered direct offering and concurrent private placement, the Company received gross proceeds of $5.0 million. Each warrant is exercisable for one share of common stock and features an exercise price equal to $2.2500 per share. The warrants are exercisable immediately upon issuance and will expire five and one-half years from the issuance date.

In May 2020, the Company entered into a securities purchase agreement (the “May Purchase Agreement”) with certain investors (the “May Purchasers”). Pursuant to the terms of the May Purchase Agreement, the Company agreed to sell to the May Purchasers an aggregate of 2,084,850 shares of its common stock at a purchase price equal to $2.0625 per share. In a concurrent private placement, the Company issued to the Purchasers warrants to purchase an aggregate of 1,042,425 shares of its common stock. In connection with the registered direct offering and concurrent private placement, the Company received

gross proceeds of $4.3 million. Each warrant is exercisable for one share of common stock and features an exercise price equal to $2.0625 per share. The warrants are exercisable immediately upon issuance and will expire five and one-half years from the issuance date.

Private Placement

On July 10, 2020, the Company entered into a securities purchase agreement (the “Private Placement”) with certain investors (the “Private Placement Purchasers”). Pursuant to the terms of the Private Placement, the Company agreed to sell to the Private Placement Purchasers an aggregate of 969,694 shares of its common stock at a purchase price equal to $2.0625 per share, along with warrants to purchase an aggregate of 484,847 shares of its common stock. In connection with the Private Placement, the Company received gross proceeds of $2.0 million. Each warrant is exercisable for one share of common stock and features an exercise price equal to $2.0625 per share. The warrants are exercisable immediately upon issuance and will expire five and one-half years from the issuance date.

Stock Options and Warrants

The following table summarizes the activity for stock options and warrants for the nine months ended September 30, 2020:


	Stock Options						Warrants
	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In Thousands)		Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In Thousands)
Outstanding at December 31, 2019	1,044,417	$	18.31	6.06	$	—	30,000	$	5.89	3.19	$	—

Changes during the period:
Granted	245,776	3.22					2,608,355	2.14
Exercised	—	—					—	—
Forfeited	(44,150)	3.79					—	—
Expired	(140,635)	27.33					—	—
Outstanding at September 30, 2020	1,105,408	$	14.39	6.24	$	—	2,638,355	$	2.18	4.98	$	—
Vested at September 30, 2020 or expected to vest in the future	1,083,355	$	14.61	6.18	$	—	2,638,355	$	2.18	4.98	$	—
Vested at September 30, 2020	816,133	$	18.13	5.34	$	—	2,638,355	$	2.18	4.98	$	—

Restricted Stock

During the nine months ended September 30, 2020 and 2019, the Company issued restricted stock for services as follows ($ in thousands):


	Nine Months Ended September 30,
	2020		2019
Number of restricted stock issued	156,184		123,564
Value of restricted stock issued	$	512	$	612

Restricted Stock Units

During the nine months ended September 30, 2020 and 2019, the Company issued restricted stock units for services as follows ($ in thousands, except share data):


	Nine Months Ended September 30,
	2020		2019
Number of restricted stock units issued	246,383		184,454
Value of restricted stock units issued	$	743	$	909

The weighted average estimated fair value of restricted stock issued for services in the nine months ended September 30, 2020 and 2019 was $3.02 and $4.93 per share, respectively. The fair value of the restricted stock units was determined using the Company’s closing stock price on the date of issuance. The vesting terms of restricted stock unit issuances are generally one year, or upon the achievement of performance-based milestones.

Share-Based Compensation

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement, Noncash Expense [Abstract]

Share-Based Compensation

We utilize share-based compensation in the form of stock options, restricted stock, and restricted stock units. The following table summarizes the components of share-based compensation expense for the three and nine months ended September 30, 2020 and 2019 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Research and development	$	58	$	54	$	240	$	229
General and administrative	171		200		850		818
Total share-based compensation expense	$	229	$	254	$	1,090	$	1,047

Total compensation cost related to non-vested awards not yet recognized and the weighted-average periods over which the awards were expected to be recognized at September 30, 2020 were as follows (in thousands):


	Stock Options		Restricted Stock Units		Restricted Stock
Unrecognized compensation cost	$	530	$	221	$	76
Expected weighted-average period in years of compensation cost to be recognized	1.69		1.67		0.25

Total fair value of shares vested and the weighted average estimated fair values of shares granted for the nine months ended September 30, 2020 and 2019 were as follows (in thousands):


	Stock Options
	Nine Months Ended September 30,
	2020		2019
Total fair value of shares vested	$	535	$	398
Weighted average estimated fair value of shares granted	$	2.12	$	3.18

Valuation Assumptions

The fair value of stock options and warrants at the date of grant was estimated using the Black-Scholes option pricing model. The expected volatility is based upon historical volatility of the Company’s stock. The expected term for the options is based upon observation of actual time elapsed between date of grant and exercise of options for all employees. The expected term for the warrants is based upon the contractual term of the warrants.

Research Funding	9 Months Ended
Research Funding	Sep. 30, 2020
Research and Development [Abstract]
Research Funding	Research Funding California Institute of Regenerative Medicine Grant Award In February 2017, the California Institute for Regenerative Medicine ("CIRM") awarded the Company funds of up to $12.2 million to support the T-Rex Study. The funding is based upon the achievement of certain milestones related to the proportion of subjects enrolled in California, as well as manufacturing and development costs incurred in California. Based on the actual number of subjects enrolled in California, the total amount of funding was revised to $8.6 million, of which $8.2 million has been received through the grant project period completion. The Company received $5.7 million in initial funding in May 2017, a $1.9 million milestone payment in December 2017, a $0.3 million progress payment in March 2018, and a $0.2 million progress payment in May 2019, of which the total was amortized over the estimated award period through July 2020 as a reduction to the related research and development expenses, with the final true up payment of $46 thousand received in September 2020 and recorded as a reduction to the related research and development expenses. During the three and nine months ended September 30, 2020, the Company amortized and recognized $0.3 million and $1.6 million in credits, respectively, to research and development related to CIRM funds received. During the three and nine months ended September 30, 2019, the Company amortized and recognized $0.7 million and $2.0 million in credits, respectively, to research and development related to CIRM funds received.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In assessing the realizability of deferred tax assets, including the net operating loss carryforwards ("NOLs"), the Company assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize its existing deferred tax assets. Based on its assessment, the Company has provided a full valuation allowance against its net deferred tax assets as their future utilization remains uncertain at this time. As of December 31, 2019, the Company had approximately $246 million of federal NOLs available to offset future taxable income expiring from 2030 through 2036. In accordance with Section 382 of the Internal Revenue code, the usage of the Company’s NOLs could be limited in the event of a change in ownership. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period when those temporary differences become deductible. The Company performed an analysis and determined that it has had ownership changes of greater than 50% over a 3-year testing period. The last ownership change was determined to be in 2015. Based on a market capitalization of $124.5 million and using an applicable federal rate of 2.5%, the annual limitation would be approximately $3.0 million. Post change losses generated after June 2, 2015 would not be subject to 382 limitations. The Company applies the FASB’s provisions for uncertain tax positions. The Company utilizes the two-step process to determine the amount of recognized tax benefit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company recognizes interest and penalties associated with certain tax positions as a component of income tax expense. As of September 30, 2020, management does not believe the Company has any material uncertain tax positions that would require it to measure and reflect the potential lack of sustainability of a position on audit in its financial statements. The Company will continue to evaluate its uncertain tax positions in future periods to determine if measurement and recognition in its financial statements is necessary. The Company does not believe there will be any material changes in its unrecognized tax positions over the next year. For years prior to 2016, the federal statute of limitations is closed for assessing tax. The Company’s state tax returns remain open to examination for a period of three to four years from date of filing. In December 2019, the Company received preliminary approval from the New Jersey Economic Development Authority ("NJEDA") to participate in the Technology Business Tax Certificate Transfer Program (the "Program"). The Program permits qualified companies to sell a percentage of their New Jersey net operating losses ("NJ NOLs") to unrelated profitable corporations. On April 21, 2020, the Company received final approval from NJEDA to sell $11.5 million of its NJ NOLs, which was subsequently sold to a qualifying and approved buyer pursuant to the Program for net proceeds of $10.9 million. The net proceeds have been recorded as a benefit from income taxes in the consolidated financial statements.

- 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 + Details

Contingencies	9 Months Ended
Contingencies	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Contingencies From time to time, the Company is subject to legal proceedings and claims, either asserted or unasserted, that arise in the ordinary course of business. While the outcome of pending claims cannot be predicted with certainty, the Company does not believe that the outcome of any pending claims will have a material adverse effect on the Company's financial condition or operating results.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn November 1, 2020 Anne Whitaker became a member of the Company’s Board of Directors.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2020
Accounting Policies [Abstract]
Concentration of Risks	Concentration of Risks The Company is subject to credit risk from its portfolio of cash, cash equivalents and marketable securities. Under its investment policy, the Company limits amounts invested in such securities by credit rating, maturity, industry group, investment type and issuer, except for securities issued by the U.S. government. Cash is held at major banks in the United States. Therefore, the Company is not exposed to any significant concentrations of credit risk from these financial instruments. The goals of the Company's investment policy, in order of priority, are as follows: safety and preservation of principal and diversification of risk, liquidity of investments sufficient to meet cash flow requirements, and a competitive after-tax rate of return.
Share-Based Compensation	Share-Based Compensation The Company expenses all share-based payment awards to employees, directors, and consultants, including grants of stock options, warrants, and restricted stock, over the requisite service period based on the grant date fair value of the awards. Consultant awards are remeasured each reporting period through vesting. For awards with performance-based vesting criteria, the Company estimates the probability of achievement of the performance criteria and recognizes compensation expense related to those awards expected to vest. The Company determines the fair value of option awards using the Black-Scholes option-pricing model which uses both historical and current market data to estimate the fair value. This method incorporates various assumptions such as the risk-free interest rate, expected volatility, expected dividend yield and expected life of the options or warrants. The fair value of the Company’s restricted stock and restricted stock units is based on the closing market price of the Company’s common stock on the date of grant.
New Accounting Pronouncements	New Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses, which will require companies to present assets held at amortized cost and available for sale debt securities net of the amount expected to be collected. The guidance requires the measurement of expected credit losses to be based on relevant information from past events, including historical experiences, current conditions and reasonable and supportable forecasts that affect collectability. The guidance was effective for fiscal years and interim periods beginning after December 15, 2019 and early adoption was permitted. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. In July 2019, the FASB issued ASU 2019-07, "Codification Updates to SEC Sections", to codify the SEC releases that clarify and improve the disclosure and presentation requirements of a variety of codification topics, thereby eliminating certain disclosure requirements that were redundant, duplicative, overlapping, outdated, or superseded. For public companies, the amendments are effective upon issuance. The Company determined that the adoption of this new accounting guidance did not have a material impact on its consolidated financial statements and footnote disclosures. In October 2019, the FASB issued ASU 2019-12, which affects general principles within Topic 740, Income Taxes. The amendments of ASU 2019-12 are meant to simplify and reduce the cost of accounting for income taxes. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company believes that the adoption of this new accounting guidance will not have a material impact on its financial statements and footnote disclosures.

Available-for-Sale-Securities (Tables)

9 Months Ended

Sep. 30, 2020

Debt Securities, Available-for-sale [Abstract]

Schedule of Available-for-sale Securities Reconciliation

The following table is a summary of available-for-sale securities recorded in cash and cash equivalents or marketable securities in our Consolidated Balance Sheets (in thousands):


	September 30, 2020								December 31, 2019
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Corporate debt securities	$	13,506	$	—	$	(11)	$	13,495	$	11,673	$	3	$	(1)	$	11,675
Money market funds	15,481		—		—		15,481		11,093		—		—		11,093
Municipal debt securities	8,613		—		(1)		8,612		—		—		—		—
Sovereign government securities	196		—		—		196		—		—		—		—
Total	$	37,796	$	—	$	(12)	$	37,784	$	22,766	$	3	$	(1)	$	22,768

Schedule of Marketable Securities


	September 30, 2020		December 31, 2019
Cash and cash equivalents	$	18,671	$	11,643
Marketable securities	19,113		11,125
Total	$	37,784	$	22,768

Investments Classified by Contractual Maturity Date

The following table summarizes our portfolio of available-for-sale securities by contractual maturity (in thousands):


	September 30, 2020
	Amortized Cost		Estimated Fair Value
Less than one year	$	37,796	$	37,784
Greater than one year	—		—
Total	$	37,796	$	37,784

Income (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

At September 30, 2020 and 2019, the Company excluded the following potentially dilutive securities (in thousands):


	September 30,
	2020	2019
Stock Options	1,105	1,095
Warrants	2,638	30

Restricted Stock Units	348	118

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis


	September 30, 2020								December 31, 2019
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Marketable securities - available for sale	$	—	$	19,113	$	—	$	19,113	$	—	$	11,125	$	—	$	11,125
	$	—	$	19,113	$	—	$	19,113	$	—	$	11,125	$	—	$	11,125

Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Accrued Liabilities [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities as of September 30, 2020 and December 31, 2019 were as follows (in thousands):


	September 30, 2020		December 31, 2019
Salaries, employee benefits and related taxes	$	1,784	$	1,834
Operating lease liabilities -- current	359		354
CIRM upfront funding -- current	—		1,600
Other	933		698
Total	$	3,076	$	4,486

Operating Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Schedule of Operating Lease Liabilities and Right-of-Use Assets on Balance Sheet

Operating lease liabilities and right-of-use assets were recorded in the following captions of our balance sheet were as follows (in thousands):


	September 30, 2020		December 31, 2019
Right-of Use Assets:
Other assets	$	653	$	906
Total Right-of-Use Asset	$	653	$	906

Operating Lease Liabilities:
Accrued liabilities	$	359	$	353
Other long-term liabilities	351		624
Total Operating Lease Liabilities	$	710	$	977

Schedule of Future Minimum Lease Payments Under Lease Agreements

Future minimum lease payments under the lease agreements as of September 30, 2020 were as follows (in thousands):


Years ended	Operating Leases

2020	103
2021	414
2022	239
2023	27
Total lease payments	783
Less: Amounts representing interest	(73)
Present value of lease liabilities	$	710

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Schedule of Stock Option Activity

The following table summarizes the activity for stock options and warrants for the nine months ended September 30, 2020:


	Stock Options						Warrants
	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In Thousands)		Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In Thousands)
Outstanding at December 31, 2019	1,044,417	$	18.31	6.06	$	—	30,000	$	5.89	3.19	$	—

Changes during the period:
Granted	245,776	3.22					2,608,355	2.14
Exercised	—	—					—	—
Forfeited	(44,150)	3.79					—	—
Expired	(140,635)	27.33					—	—
Outstanding at September 30, 2020	1,105,408	$	14.39	6.24	$	—	2,638,355	$	2.18	4.98	$	—
Vested at September 30, 2020 or expected to vest in the future	1,083,355	$	14.61	6.18	$	—	2,638,355	$	2.18	4.98	$	—
Vested at September 30, 2020	816,133	$	18.13	5.34	$	—	2,638,355	$	2.18	4.98	$	—

Nonvested Restricted Stock Shares Activity [Table Text Block]

During the nine months ended September 30, 2020 and 2019, the Company issued restricted stock for services as follows ($ in thousands):


	Nine Months Ended September 30,
	2020		2019
Number of restricted stock issued	156,184		123,564
Value of restricted stock issued	$	512	$	612

Schedule of Restricted Stock Units Activity

During the nine months ended September 30, 2020 and 2019, the Company issued restricted stock units for services as follows ($ in thousands, except share data):


	Nine Months Ended September 30,
	2020		2019
Number of restricted stock units issued	246,383		184,454
Value of restricted stock units issued	$	743	$	909

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement, Noncash Expense [Abstract]

Schedule Share-based Compensation Expense

The following table summarizes the components of share-based compensation expense for the three and nine months ended September 30, 2020 and 2019 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Research and development	$	58	$	54	$	240	$	229
General and administrative	171		200		850		818
Total share-based compensation expense	$	229	$	254	$	1,090	$	1,047

Schedule of Total Compensation Cost Related to Nonvested Awards


	Stock Options		Restricted Stock Units		Restricted Stock
Unrecognized compensation cost	$	530	$	221	$	76
Expected weighted-average period in years of compensation cost to be recognized	1.69		1.67		0.25

Schedule of Fair Value of Share-based Compensation Awards

Total fair value of shares vested and the weighted average estimated fair values of shares granted for the nine months ended September 30, 2020 and 2019 were as follows (in thousands):


	Stock Options
	Nine Months Ended September 30,
	2020		2019
Total fair value of shares vested	$	535	$	398
Weighted average estimated fair value of shares granted	$	2.12	$	3.18

The Business - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2017	Feb. 28, 2017
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Grants awarded	$ 8.6		$ 12.2
CD34 cell technology
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Grants awarded		$ 1.9

Available-for-Sale-Securities - Schedule of Available-for-Sale Securities Reconciliation (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Cost	$ 37,796	$ 22,766
Gross Unrealized Gains	0	3
Gross Unrealized Losses	(12)	(1)
Estimated Fair Value	37,784	22,768
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Cost	13,506	11,673
Gross Unrealized Gains	0	3
Gross Unrealized Losses	(11)	(1)
Estimated Fair Value	13,495	11,675
Money market funds
Debt Securities, Available-for-sale [Line Items]
Cost	15,481	11,093
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	15,481	11,093
Municipal debt securities
Debt Securities, Available-for-sale [Line Items]
Cost	8,613	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1)	0
Estimated Fair Value	8,612	0
Sovereign government securities
Debt Securities, Available-for-sale [Line Items]
Cost	196	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 196	$ 0

Available-for-Sale-Securities - Classification of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Abstract]
Cash and cash equivalents	$ 18,671	$ 11,643
Marketable securities	19,113	11,125
Total	$ 37,784	$ 22,768

Available-for-Sale-Securities - Available-for-Sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Amortized Cost
Less than one year	$ 37,796
Greater than one year	0
Cost	37,796	$ 22,766
Estimated Fair Value
Less than one year	37,784
Greater than one year	0
Total estimated fair value	$ 37,784	$ 22,768

Income (Loss) Per Share (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	1,105	1,095
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	2,638	30
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	348	118

Fair Value Measurements - Assets Measured at Fair Value on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities - available for sale	$ 19,113	$ 11,125
Assets, fair value disclosure	19,113	11,125
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities - available for sale	0	0
Assets, fair value disclosure	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities - available for sale	19,113	11,125
Assets, fair value disclosure	19,113	11,125
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities - available for sale	0	0
Assets, fair value disclosure	$ 0	$ 0

Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accrued Liabilities [Abstract]
Salaries, employee benefits and related taxes	$ 1,784	$ 1,834
Operating lease liabilities -- current	359	354
CIRM upfront funding -- current	0	1,600
Other	933	698
Total accrued liabilities	$ 3,076	$ 4,486

Operating Leases - Narrative (Details)	Sep. 30, 2020 office
Leases [Abstract]
Number of offices under operating leases	2
Weighted average remaining lease term for operating leases (in years)	2 years 1 month 6 days
Weighted average discount rate for operating leases (percent)	9.625%

Operating Leases - Balance Sheet Presentation (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Balance Sheet Captions
Right-of-use assets	$ 653	$ 906
Operating lease liabilities, current	359	354
Operating lease liabilities	710	977
Other assets
Balance Sheet Captions
Right-of-use assets	653	906
Accrued liabilities
Balance Sheet Captions
Operating lease liabilities, current	359	353
Other long-term liabilities
Balance Sheet Captions
Operating lease liabilities, noncurrent	$ 351	$ 624

Operating Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Finance Minimum Lease Payments
2020	$ 103
2021	414
2022	239
2023	27
Total lease payments	783
Less: Amounts representing interest	(73)
Present value of lease liabilities	$ 710	$ 977

Stockholders' Equity - Equity Issuances (Details) - USD ($)		1 Months Ended				9 Months Ended	32 Months Ended
	Jul. 10, 2020	May 31, 2020	Apr. 30, 2020	Mar. 31, 2019	Feb. 28, 2018	Sep. 30, 2020	Sep. 30, 2020	Jun. 30, 2019	Aug. 31, 2018
Class of Stock [Line Items]
Aggregate market of common stock held by non-affiliates								$ 52,800,000
Lincoln Park Agreement
Class of Stock [Line Items]
Aggregate offering amount authorized per agreement								$ 26,000,000.0
Commitment shares issued as consideration per agreement (in shares)				181,510
Number of shares sold (in shares)				250,000
Price of shares sold (in dollars per share)								$ 4.00
Gross price for stock transaction				$ 1,000,000.0
Term of agreement (in months)				36 months
Number of shares allowable to direct for Regular Purchase (in shares)								100,000
Maximum obligation per directed purchase transaction for Regular Purchase								$ 2,500,000
Maximum shares allowed in Accelerated Purchase as percent of shares In Regular Purchase (percent)								300.00%
Maximum shares allowed in Accelerated Purchase as percent of shares traded during specified period (percent)								30.00%
Maximum beneficial ownership allowable per agreement (percent)								9.99%
H.C. Wainwright Sales Amended Agreement
Class of Stock [Line Items]
Aggregate offering amount authorized per agreement								$ 17,600,000	$ 25,000,000.0
Commission on gross proceeds due to third party (percent)					3.00%
Stock issued (shares)						3,558,778	3,784,912
Proceeds from issuance of stock						$ 8,500,000	$ 9,500,000
April Purchase Agreement
Class of Stock [Line Items]
Number of shares sold (in shares)			2,162,166
Price of shares sold (in dollars per share)			$ 2.3125
Proceeds from issuance of stock			$ 5,000,000.0
Number of shares called by warrants issued			1,081,083
Warrant exercise price (in dollars per share)			$ 2.2500
Warrants expiration term			5 years 6 months
May Purchase Agreement
Class of Stock [Line Items]
Number of shares sold (in shares)		2,084,850
Price of shares sold (in dollars per share)		$ 2.0625
Proceeds from issuance of stock		$ 4,300,000
Number of shares called by warrants issued		1,042,425
Warrant exercise price (in dollars per share)		$ 2.0625
Warrants expiration term		5 years 6 months
July Purchase Agreement
Class of Stock [Line Items]
Number of shares sold (in shares)	969,694
Price of shares sold (in dollars per share)	$ 2.0625
Proceeds from issuance of stock	$ 2,000,000.0
Number of shares called by warrants issued	484,847
Warrant exercise price (in dollars per share)	$ 2.0625

Stockholders' Equity - Stock Options and Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Warrants, Number of Shares [Roll Forward]
Warrants, Outstanding, Beginning of Period (in shares)	30,000	30,000
Warrants, Granted (in shares)		2,608,355
Warrants, Exercised (in shares)		0
Warrants, Forfeited (in shares)		0
Warrants, Expired (in shares)		0
Warrants, Outstanding, End of Period (in shares)		2,638,355
Warrants Weighted Average Exercise Price [Roll Forward]
Warrants Outstanding, Beginning of Period (in dollars per share)	$ 5.89	$ 5.89
Warrants, Granted (in dollars per share)		2.14
Warrants, Exercised (in dollars per share)		0
Warrants, Forfeited (in dollars per share)		0
Warrants, Expired (in dollars per share)		0
Warrants Outstanding, End of Period (in dollars per share)		$ 2.18
Warrants, Outstanding, Weighted Average Remaining Contractual Term	3 years 2 months 8 days	4 years 11 months 23 days
Warrants Outstanding, Aggregate Intrinsic Value		$ 0	$ 0
Warrants, Vested and expected to vest (in shares)		2,638,355
Weighted Average Exercise Price, Warrants Vested And Expected To Vest		$ 2.18
Warrants, Vested and expected to vest, Weighted Average Remaining Contractual Term		4 years 11 months 23 days
Warrants, Vested and expected to vest, Aggregate Intrinsic Value		$ 0
Warrants, Vested (in shares)		2,638,355
Warrants, Vested, Weighted Average Exercise Price (in dollars per share)		$ 2.18
Warrants, Vested, Weighted Average Remaining Contractual Term		4 years 11 months 23 days
Warrants, Vested, Aggregate Intrinsic Value		$ 0
US Equity Plan [Member]
Options, Outstanding [Roll Forward]
Options, Outstanding, Beginning of Period (in shares)	1,044,417	1,044,417
Options, Granted (in shares)		245,776
Options, Exercised (in shares)		0
Options, Forfeited (in shares)		(44,150)
Options, Expired (in shares)		(140,635)
Options, Outstanding, End of Period (in shares)		1,105,408
Options, Outstanding, Weighted Average Exercise Price [Abstract]
Options, Outstanding. Beginning of Period (in dollars per share)	$ 18.31	$ 18.31
Options, Granted (in dollars per share)		3.22
Options, Exercised (in dollars per share)		0
Options, Forfeited (in dollars per share)		3.79
Options, Expired (in dollars per share)		27.33
Options, Outstanding, End of Period (in dollars per share)		$ 14.39
Options, Outstanding, Weighted Average Remaining Contractual Term	6 years 21 days	6 years 2 months 26 days
Options, Outstanding, Aggregate Intrinsic Value		$ 0	$ 0
Options, Vested and expected to vest (in shares)		1,083,355
Options, Vested and expected to vest, Weighted Average Exercise Price (in dollars per share)		$ 14.61
Options, Vested and expected to vest, Weighted Average Remaining Contractual Term		6 years 2 months 4 days
Options, Vested and expected to vest, Aggregate Intrinsic Value		$ 0
Options, Vested (in shares)		816,133
Options, Vested, Weighted Average Exercise Price (in dollars per share)		$ 18.13
Options, Vested, Weighted Average Remaining Contractual Term		5 years 4 months 2 days
Options, Vested, Aggregate Intrinsic Value		$ 0

Stockholders' Equity - Restricted Stock and Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock issued	156,184	123,564
Value of restricted stock issued	$ 512	$ 612
Weighted average estimated fair value of restricted stock issued	$ 3.02	$ 4.93
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock issued	246,383	184,454
Value of restricted stock issued	$ 743	$ 909
Vesting terms (years)	1 year

Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 229	$ 254	$ 1,090	$ 1,047
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 530		$ 530
Expected weighted-average period in years of compensation cost to be recognized			1 year 8 months 8 days
Total fair value of shares vested			$ 535	$ 398
Weighted average estimated fair value of shares granted (in dollars per share)	$ 2.12	$ 3.18	$ 2.12	$ 3.18
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 221		$ 221
Expected weighted-average period in years of compensation cost to be recognized			1 year 8 months 1 day
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	76		$ 76
Expected weighted-average period in years of compensation cost to be recognized			3 months
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	58	$ 54	$ 240	$ 229
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 171	$ 200	$ 850	$ 818

Research Funding (Details) - USD ($) $ in Thousands	1 Months Ended					3 Months Ended		9 Months Ended		41 Months Ended
Research Funding (Details) - USD ($) $ in Thousands	Sep. 30, 2020	May 31, 2019	Mar. 31, 2018	Dec. 31, 2017	May 31, 2017	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Feb. 28, 2017
Research and Development [Abstract]
Grants awarded	$ 8,600					$ 8,600		$ 8,600		$ 8,600	$ 12,200
Funding of grant award					$ 5,700					$ 8,200
Milestone payment received on grant award				$ 1,900
Progress payment received on grant award			$ 300
Research and Development Arrangement with Federal Government, Customer Funding to Offset Costs Incurred	$ 46	$ 200
Amortization of accrued grant funding to offset expense						$ 300	$ 700	$ 1,600	$ 2,000

Income Taxes - Net Operating Loss Carry Forward (Details) - USD ($) $ in Millions		3 Months Ended
	Apr. 21, 2020	Mar. 31, 2020	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Market capitalization used in net operating loss analysis			$ 124.5
Annual limitation on usage of net operating losses		$ 3.0
Sale of NOLs, value	$ 11.5
Proceeds from sale of NOLs	$ 10.9
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards			$ 246.0