0001601485-22-000066 | 10-Q | XBRL Viewer

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Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The Company's condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company, its wholly owned subsidiary, Angion Biomedica Europe Limited, which was dissolved on March 16, 2021, and its wholly owned subsidiary, Angion Pty Ltd., which was established on August 22, 2019. The Company established Angion Pty Ltd., an Australian subsidiary, for the purpose of qualifying for research credits for studies conducted in Australia. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts reported in the Company’s condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period presentation. The Company’s remaining significant accounting policies are described in Note 2 to its consolidated financial statements for the year ended December 31, 2021, included in its Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 30, 2022 (the “Annual Report on Form 10-K”). There have been no material changes to the Company’s significant accounting policies during the six months ended June 30, 2022. Unaudited Interim Financial Information The condensed consolidated financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the SEC. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December 31, 2021 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated financial position, results of operations and comprehensive loss, and cash flows. The condensed consolidated balance sheet as of December 31, 2021 was derived from the audited financial statements as of that date. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this Quarterly Report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K. The results for any interim period are not necessarily indicative of results for any future period. Segments Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker (“CODM”) in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business as one operating segment. Use of Estimates The preparation of 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 revenue and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to the useful lives of long-lived assets, the measurement of stock-based compensation, accruals for research and development activities, income taxes and revenue recognition. The Company bases its estimates on historical experience and on other relevant assumptions that are reasonable under the circumstances. Actual results could materially differ from those estimates. Concentrations of Credit Risk and Off-Balance Sheet Risk Cash and cash equivalents are financial instruments potentially subject to concentrations of credit risk. The Company's cash and cash equivalents are deposited in accounts at large financial institutions, and amounts may exceed federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to significant risk on its cash balances due to the financial position of the depository institution in which those deposits are held. Additionally, the Company established guidelines regarding approved investments and maturities of investments, which are designed to maintain safety and liquidity. The Company maintains its cash equivalents in securities and money market funds with original maturities less than three months. The Company has no financial instruments with off-balance sheet risk of loss. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. As of June 30, 2022 and December 31, 2021, the Company’s cash equivalents were held in institutions in the United States and include deposits in a money market fund which were unrestricted as to withdrawal or use. Fair Value Measurement Certain assets and liabilities are carried at fair value under GAAP. Fair value is determined using the principles of ASC 820, Fair Value Measurement. Fair value is described as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes and defines the inputs to valuation techniques as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Inputs are observable for the asset or liability either directly or through corroboration with observable market data. Level 3: Unobservable inputs. The inputs used to measure the fair value of an asset or a liability are categorized within levels of the fair value hierarchy. The fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the measurement. The Company's cash and cash equivalents, accounts payable and accrued expenses are carried at cost, which approximates fair value due to the short-term nature of these instruments. Revenue The Company does not have any products approved for sale and has not generated any revenue from product sales. The Company’s revenue to date has been primarily derived from government funding consisting of U.S. government grants and contracts and revenue under its license agreements. Contract Revenue The Company accounts for revenue earned from contracts with customers under Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASC 606”). Under ASC 606, the Company recognizes revenue when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements within the scope of ASC 606, the Company performs the following five steps: (1) Identify the contract(s) with a customer; (2) Identify the performance obligations in the contract; (3) Determine the transaction price; (4) Allocate the transaction price to the performance obligations in the contract; and (5) Recognize revenue when (or as) the Company satisfies a performance obligation. At contract inception, the Company assesses the goods or services promised within each contract, whether each promised good or service is distinct, and determines those that are performance obligations. The Company then recognizes as revenue the amount of the transaction price allocated to the respective performance obligation when or as the performance obligation is satisfied. The Company enters into agreements under which it may obtain upfront payments, milestone payments, royalty payments and other fees. Promises under these arrangements may include research licenses, research services, including selection campaign research services for certain replacement targets, the obligation to share information during the research and the participation of alliance managers and in joint research committees, joint patent committees and joint steering committees. The Company assesses these promises within the context of the agreements to determine the performance obligations. Licenses of Intellectual Property: If a license to its intellectual property is determined to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring proportional performance for purposes of recognizing revenue from non-refundable, upfront payments. The Company evaluates the measure of proportional performance each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Milestone payments: The Company evaluates the probability of whether regulatory and development milestones will be reached and estimates the amounts to be included in the transaction price using the most likely amount method. The Company evaluates factors such as the scientific, clinical, regulatory, commercial and other risks that must be overcome to achieve the particular milestone in making this assessment. If it is probable a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. At the end of each reporting period, the Company re-evaluates the probability of achievement of milestones and any related constraint, and if necessary, adjust the estimate of the overall transaction price. Sales-based milestones and royalties: For sales-based royalties, including milestone payments based on the level of sales, the Company determines whether the sole or predominant item to which the royalties relate is a license. When the license is the sole or predominant item to which the sales-based royalty relates, the Company recognize revenue at the later of: (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any sales-based royalty revenue resulting from any license agreement. Deferred revenue, which is a contract liability, represents amounts received by the Company for which the related revenues have not been recognized because one or more of the revenue recognition criteria have not been met. The current portion of deferred revenue represents the amount expected to be recognized within one year from the consolidated balance sheet date based on the estimated performance period of the underlying performance obligation. The noncurrent portion of deferred revenue represents amounts expected to be recognized after one year from the condensed consolidated balance sheet date through the end of the performance period of the performance obligation. Grant Revenue The Company concluded that the Company's government grants are not within the scope of ASC 606 as they do not meet the definition of a contract with a customer. The Company has concluded the grants meet the definition of a contribution and are non-reciprocal transactions, and has also concluded Subtopic 958-605, Not-for-Profit-Entities-Revenue Recognition, does not apply, as the Company is a business entity and the grants are with governmental agencies. In the absence of applicable guidance under GAAP, the Company developed a policy recognizing grant revenue when the allowable costs are incurred and the right to payment is realized. The Company believes this policy is consistent with the overarching premise in ASC 606, to ensure revenue recognition reflects the transfer of promised goods or services to customers in an amount reflecting the consideration the Company expects to be entitled to in exchange for those goods or services, even though there is no exchange as defined in ASC 606. The Company believes the recognition of revenue as costs are incurred and amounts become realizable is analogous to the concept of transfer of control of a service over time under ASC 606. Research and Development Research and development costs include, but are not limited to, payroll and personnel expenses, laboratory supplies, preclinical studies, compound manufacturing costs, consulting costs and allocated overhead, including rent, equipment, depreciation and utilities. Research and development costs may be offset by research and development refundable tax rebates received by the Company’s wholly-owned Australian subsidiary. The Company has agreements with various Contract Research Organizations (“CROs") and third-party vendors. Research and development accruals of amounts due to the CRO are estimated based on the level of services performed, progress of the studies, including the phase or completion of events, and contracted costs. The estimated costs of research and development provided, but not yet invoiced, are included in accrued expenses on the condensed consolidated balance sheet. Payments made to CROs under such arrangements in advance of the performance of the related services are recorded as prepaid expenses and other current assets until the services are rendered. The Company makes judgments and estimates in determining the accrued expenses balance in each reporting period. As actual costs become known, the Company adjusts its accrued expenses. For the three and six months ended June 30, 2022 and 2021, the Company has not experienced any material differences between accrued costs and actual costs incurred. Advertising Costs Advertising costs are expensed as incurred. For the three and six months ended June 30, 2022 and 2021, advertising costs were not material. Net Loss Per Share Basic net loss per share of common stock is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per share excludes the potential impact of common stock options, warrants and unvested shares of restricted stock and restricted stock units because their effect would be anti-dilutive due to the Company's net loss. Since the Company had net losses for the three and six months ended June 30, 2022 and 2021, basic and diluted net loss per common share are the same. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (ASU No. 2016-13), which requires an entity to utilize a new impairment model known as the current expected credit loss (“CECL”) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial assets and certain other instruments, including but not limited to, available-for-sale debt securities. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. As an emerging growth company, ASU No. 2016-13 is effective for the Company for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU No. 2016-13 on its condensed consolidated financial statements.

Related Party Transactions - Nova Park Investment Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Equity Method Investments [Roll Forward]
Earnings from equity method investment			$ 142	$ 45
Distribution from NovaPark			0	(24)
NovaPark \| Equity Method Investee
Equity Method Investments [Roll Forward]
Beginning balance	$ 732	$ 782	723	727
Earnings from equity method investment	133	(22)	142	45
Distribution from NovaPark	0	(12)	0	(24)
Ending balance	$ 865	$ 748	$ 865	$ 748

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s income tax provision was immaterial and the effective tax rate was 0% in each of the three and six months ended June 30, 2022 and 2021. The difference between the Company's effective tax rate of 0% and the U.S. federal statutory tax rate of 21% is primarily due to net operating losses in this period which are offset by the corresponding valuation allowance. The Company has provided a full valuation allowance against its net deferred tax assets as it is more likely than not such assets would not be realized. In assessing the realization of deferred tax assets, management considers whether it is more likely than not some portion or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income in which those temporary differences become deductible. Based on the available objective evidence, management believes it is more likely than not the net deferred tax assets at June 30, 2022 will not be realizable. Accordingly, management has maintained a full valuation allowance against its net deferred tax assets at June 30, 2022. Each reporting period, management evaluates the need for a valuation allowance on the Company’s deferred tax assets by jurisdiction and adjust the Company’s estimates as more information becomes available. The Company is required to recognize the financial statement effects of a tax position when it is more likely than not, based on the technical merits, the position will be sustained upon examination. Tax years starting from 2015 and forward are subject to examination by the U.S. federal and state tax authorities. These years are open due to net operating losses and tax credits remain unutilized from such years. The Company's policy is to recognize interest expense and penalties related to income tax matters as a component of income tax expense. As of June 30, 2022, there were no accruals for interest and penalties related to uncertain tax positions.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Commitments and Contingencies - Schedule of Components of Operating Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 302	$ 317	$ 714	$ 590
Variable lease cost	91	85	144	215
Short-term lease cost	6	3	12	42
Total operating lease cost	$ 399	$ 405	$ 870	$ 847

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Assumptions Used to Estimate Fair Value of Stock Option Awards

The fair value of each employee and non-employee stock option grant was estimated on the date of grant using the Black-Scholes option-pricing model based on the following assumptions:


	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Risk-free interest rate	3.1%	1.1%	1.7%	0.7%
Expected dividend yield	0.0%	0.0%	0.0%	0.0%
Expected term in years	5.48	6.05	5.90	5.99
Expected volatility	70.8%	74.3%-74.8%	70.8%-72.5%	73.8%-86.8%

Schedule of Share Option Activity

The following table summarizes information and activity related to the Company’s stock options:


	Number of Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Total Intrinsic Value (in thousands)
Outstanding as of December 31, 2021	4,230,162	$	8.92	8.4	$	—
Options granted	2,248,700	1.93
Options forfeited	(626,950)	10.35


Outstanding as of June 30, 2022	5,851,912	$	6.08	7.7	$	—
Options vested and exercisable	2,799,721	$	7.34	6.1	$	—

Schedule of RSU Information and Activity

The following table summarizes information and activity related to the Company’s RSUs:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value Per Share
Outstanding at December 31, 2021	17,504	$	9.51

Vested	(729)	$	9.51
Outstanding as of June 30, 2022	16,775	$	9.51
Vested as of June 30, 2022	729	$	9.51

Schedule of Components of Stock-Based Compensation Expense

The following table summarizes total stock-based compensation expense recorded in the condensed consolidated statements of operations (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	$	535	$	1,409	$	87	$	3,952
General and administrative	866		1,309		1,345		3,883
Total	$	1,401	$	2,718	$	1,432	$	7,835

Description of the Business and Financial Condition (Details)			3 Months Ended	6 Months Ended	18 Months Ended
	Jul. 25, 2022 position	Feb. 09, 2021 USD ($) $ / shares shares	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Dec. 31, 2021 USD ($) $ / shares shares	Feb. 10, 2021 USD ($) shares
Subsidiary, Sale of Stock [Line Items]
Share price (in dollars per share) \| $ / shares		$ 16.00
Convertible notes payable				$ 0			$ 0
Common stock, shares authorized (in shares) \| shares		300,000,000		300,000,000		300,000,000
Preferred stock, shares authorized (in shares) \| shares		10,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.01		$ 0.01		$ 0.01
Preferred stock, par value (in dollars per share) \| $ / shares		$ 0.01
Restructuring charges				$ 3,200,000
Cash and cash equivalents				63,372,000		$ 88,756,000
Accumulated deficit				238,514,000		$ 215,135,000
Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Reduction in force \| position	37
Accrued Expenses
Subsidiary, Sale of Stock [Line Items]
Restructuring charges				1,300,000
Other Liabilities, Noncurrent
Subsidiary, Sale of Stock [Line Items]
Restructuring charges				100,000
Forecast
Subsidiary, Sale of Stock [Line Items]
Payments for restructuring					$ 1,400,000
Severance costs			$ 3,300,000
Research and development
Subsidiary, Sale of Stock [Line Items]
Restructuring charges				2,700,000
Payments for restructuring				1,800,000
General and administrative
Subsidiary, Sale of Stock [Line Items]
Restructuring charges				$ 500,000
Convertible Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Convertible preferred stocks outstanding (in shares) \| shares							0
IPO and Private Placement
Subsidiary, Sale of Stock [Line Items]
Net proceeds from issuance of common stock upon initial public offering and Concurrent Private Placement, net of discount and commissions		$ 107,000,000
IPO
Subsidiary, Sale of Stock [Line Items]
Shares sold in offering (in shares) \| shares		5,750,000
Private placement
Subsidiary, Sale of Stock [Line Items]
Shares sold in offering (in shares) \| shares		1,562,500
Net proceeds from issuance of common stock upon initial public offering and Concurrent Private Placement, net of discount and commissions		$ 25,000,000
Over-allotment option
Subsidiary, Sale of Stock [Line Items]
Shares sold in offering (in shares) \| shares		750,000

Stock-Based Compensation - Components of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,401	$ 2,718	$ 1,432	$ 7,835
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	535	1,409	87	3,952
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 866	$ 1,309	$ 1,345	$ 3,883

Description of the Business and Financial Condition	6 Months Ended
Description of the Business and Financial Condition	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business and Financial Condition	Description of the Business and Financial Condition Angion Biomedica Corp. (“Angion” or, the “Company”) is a biopharmaceutical company that has focused on the discovery, development and commercialization of novel small molecule therapeutics to address acute organ injuries and fibrotic diseases. The Company was incorporated in Delaware in 1998. Initial Public Offering and the Concurrent Private Placement On February 9, 2021, the Company’s registration statement on Form S-1 (File No. 333-252177) relating to its initial public offering (“IPO”) of common stock became effective. The IPO closed on February 9, 2021 at which time the Company issued 5,750,000 shares of its common stock at a price to the public of $16.00 per share, which included the full exercise by the underwriters of their option to purchase an additional 750,000 shares of common stock. In addition to the shares being sold in the IPO, the Company sold an additional 1,562,500 shares of its common stock at the public offering price of $16.00 per share to entities affiliated with Vifor International, Ltd., an existing stockholder (the “Concurrent Private Placement”) for gross proceeds of $25.0 million. The IPO and Concurrent Private Placement generated aggregate net proceeds of approximately $107.0 million, after deducting the underwriting discounts and commissions, private placement fee and offering expenses payable by the Company. In connection with the closing of the IPO, all outstanding shares of convertible preferred stock and outstanding convertible notes automatically converted into shares of common stock. Subsequent to the closing of the IPO, there were no shares of convertible preferred stock outstanding and there were no convertible notes outstanding. In connection with the closing of the IPO, the Company restated its Restated Certificate of Incorporation to change the authorized capital stock to 300,000,000 shares designated as common stock, and 10,000,000 shares designated as preferred stock, with a par value of $0.01 per share and $0.01 per share, respectively. Reduction in Force On January 4, 2022, the Company announced a reduction in force impacting somewhat less than half of its employees. The Company’s decision to engage in this reduction resulted from an assessment of its internal resources needs, given the results of the Phase 3 study of ANG-3777 in patients at risk for delayed graft function (DGF) would likely not support a regulatory approval in that population and the Phase 2 study in CSA-AKI would not support a Phase 3 trial in that indication. This reduction was a cost-cutting measure across the organization to support the Company’s 2022 primary focus on the clinical development of its investigational asset ANG-3070, a highly selective, oral tyrosine kinase receptor inhibitor in development as a treatment for fibrotic diseases, as well as advancing preclinical assets to IND-enabling studies. In connection with the reduction in force, the Company incurred termination costs, which include severance, benefits, and related costs of approximately $3.2 million, of which $2.7 million was research and development expense and $0.5 million was general and administrative expense. The Company paid $1.8 million during the six months ended June 30, 2022 and expects to pay the remaining $1.4 million, of which $1.3 million is included in accrued expenses, and $0.1 million is included in other liabilities, noncurrent, on or before September 2023. On July 25, 2022, the Company announced a process to explore strategic options for enhancing and preserving shareholder value (the “2022 Strategic Realignment”). Potential strategic options to be explored or evaluated as part of the process may include, but are not limited to merger, reverse merger, other business combination, sale of assets, licensing, or other strategic transactions. The Company also announced the discontinuation of development of ANG-3070 for all indications and the discontinuation of other development activities pending conclusion of the strategic process, except certain pre-clinical studies of ANG-3777, consistent with ongoing discussions with its license partner Vifor Pharma. In connection with the foregoing, the Company also announced an additional reduction in force of the majority of its current 37 employees. This reduction in force, expected to be completed in October 2022, is a cash preservation measure and impacts employees across the organization. The Company expects to record a charge of approximately $3.3 million in the third quarter of 2022 to implement the reduction in force. These charges are primarily one-time termination benefits payable in cash. Liquidity and Capital Resources Since inception, the Company has devoted substantially all of its efforts and financial resources to conducting research and development activities, including drug discovery and pre-clinical studies and clinical trials, establishing and maintaining its intellectual property portfolio, organizing and staffing the Company, business planning, raising capital and providing general and administrative support for these operations. The Company has incurred losses from operations and negative cash flows from operating activities since inception. As of June 30, 2022, the Company had $63.4 million in cash and cash equivalents and an accumulated deficit of $238.5 million. The Company has evaluated and concluded there are no conditions or events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern for a period of one year following the date these condensed consolidated financial statements are issued and believes its existing cash and cash equivalents will be sufficient to meet the projected operating requirements for at least 12 months following the issuance date of its condensed consolidated financial statements.

Warrants (Tables)

6 Months Ended

Jun. 30, 2022

Warrants and Rights Outstanding [Abstract]

Schedule of Outstanding Warrants

As of June 30, 2022 and December 31, 2021, outstanding warrants to purchase the Company's common stock consisted of the following:


	Classification	Exercise Price		Expiration Date	June 30, 2022	December 31, 2021
Warrants issued with Conversion of Notes to Common Stock	Equity	$	8.03	8/31/23	232,287	232,287
Warrants issued with Units in the Equity Offering	Equity	$	8.03	8/31/23	875,034	875,034
Broker Warrants issued with Equity Offering	Equity	$	0.01	8/31/25	1,297	1,297
Consultant Warrants	Liability	$	7.60	8/31/28	39,505	39,505
Total Warrants					1,148,123	1,148,123

Summary of Significant Accounting Policies (Details)	6 Months Ended
Summary of Significant Accounting Policies (Details)	Jun. 30, 2022 operating_segment
Accounting Policies [Abstract]
Number of operating segments	1

Fair Value Measurements - Fair Value Measurement Inputs and Valuation Techniques (Details)	Jun. 30, 2022 $ / shares	Dec. 31, 2021 $ / shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, contractual term	6 years 2 months 12 days	6 years 8 months 12 days
Weighted average strike price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	7.60	7.60
Volatility (annual)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	1.257	1.240
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.030	0.014
Dividend yield (per share)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.000	0.000

Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation	$ 722	$ 2,023
Accrued restructuring (Note 1)	1,321	0
Accrued direct research costs	1,886	764
Accrued operating expenses	157	432
Total accrued expenses	$ 4,086	$ 3,219

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Components of Operating Lease Costs

The following table summarizes the components of the Company's operating lease costs (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Operating lease cost	$	302	$	317	$	714	$	590
Variable lease cost	91		85		144		215
Short-term lease cost	6		3		12		42
Total operating lease cost	$	399	$	405	$	870	$	847

Schedule of Quantitative Information Regarding NovaPark Operating Leases

The following table summarizes quantitative information about the Company's operating leases (dollars in thousands):


	Six Months Ended June 30,
	2022			2021
Operating cash flows from operating leases	$	644		$	543
Right-of-use assets exchanged for operating lease liabilities	$	—		$	624
Weighted-average remaining lease term—operating leases (in years)	3.7			3.5
Weighted-average discount rate—operating leases	9.5		%	9.1		%

Schedule of Maturities of Lease Liabilities

As of June 30, 2022, maturities of lease liabilities were as follows (in thousands):


Year Ended December 31,	Amounts
2022 (remaining six months)	$	646
2023	1,305
2024	1,209
2025	1,104
2026	516

Total	4,780
Less present value discount	(847)
Operating lease liabilities	$	3,933

Schedule of Quantitative Information about the Financing Obligation

The following table summarizes quantitative information about the Company's financing obligation for the six months ended June 30, 2022 (dollars in thousands):


Cash flow information:
Payments of financing obligation
Operating cash flows from financing obligation	$	19
Financing cash flows from financing obligation	$	29
Other information:
Weighted-average remaining lease term (in years)	2.8
Weighted-average discount rate (in percent)	1.1		%
Carrying value of leased asset included in Property and Equipment, net	$	239
Depreciation associated with the leased asset	$	15

Schedule of Maturities of Financing Obligation

As of June 30, 2022, maturities of the financing obligation were as follows (in thousands):


Year Ended December 31,	Amounts
2022 (remaining six months)	$	47
2023	94
2024	94
2025	31


Total	266
Less present value discount	(1)
Financing obligation	$	265

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	June 30, 2022		December 31, 2021
Equipment	$	866	$	866
Furniture and fixtures	34		34
Leasehold improvements	68		68
Total property and equipment	968		968
Less: accumulated depreciation	(580)		(517)
Property and equipment, net	$	388	$	451

Schedule of Prepaid and Other Current Assets

Prepaid and other current assets consisted of the following (in thousands):


	June 30, 2022		December 31, 2021
Angion Pty tax receivable	$	3	$	781

Prepaid insurance	1,942		275
Security deposit	105		131
Other	463		498
Total prepaid and other current assets	$	2,513	$	1,685

Schedule of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	June 30, 2022		December 31, 2021
Accrued compensation	$	722	$	2,023
Accrued restructuring (Note 1)	1,321		—
Accrued direct research costs	1,886		764
Accrued operating expenses	157		432
Total accrued expenses	$	4,086	$	3,219

Stock-Based Compensation - Schedule of Share Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Number of Stock Options
Outstanding at beginning of period (in shares)	4,230,162
Options granted (in shares)	2,248,700
Options forfeited (in shares)	(626,950)
Outstanding at end of period (in shares)	5,851,912	4,230,162
Options vested and exercisable (in shares)	2,799,721
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 8.92
Options granted (in dollars per share)	1.93
Options forfeited (in dollars per share)	10.35
Outstanding at end of period (in dollars per share)	6.08	$ 8.92
Options vested and exercisable (in dollars per share)	$ 7.34
Stock Option Activity, Additional Disclosures
Options outstanding, weighted average remaining contractual life (in years)	7 years 8 months 12 days	8 years 4 months 24 days
Options vested and exercisable, weighted average remaining contractual life (in years)	6 years 1 month 6 days
Options outstanding, total intrinsic value	$ 0	$ 0
Options vested and exercisable, total intrinsic value	$ 0

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions				1 Months Ended			3 Months Ended		6 Months Ended
	Jan. 01, 2022	Feb. 09, 2021	Jan. 25, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2019	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jan. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value per share for stock option grants (in dollars per share)							$ 1.08	$ 9.29	$ 1.18	$ 8.89
Unrecognized compensation related to unvested stock option awards				$ 4.6			$ 4.6		$ 4.6
Unrecognized compensation related to unvested stock option awards, expected to be reversed				1.7			1.7		1.7
Unrecognized compensation related to unvested stock option awards, expected to be recognized				$ 2.9			$ 2.9		$ 2.9
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield							0.00%	0.00%	0.00%	0.00%
Unrecognized compensation related to unvested stock option awards, period for recognition (in years)							1 year 10 months 24 days
Performance-based Restricted Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PSUs outstanding that were granted (in shares)						556,530
PSUs vested and released (in shares)		185,510		92,755	185,510
Non-option equity instruments outstanding (in shares)				92,755			92,755		92,755
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding stock	1.00%
Shares reserved for future issuance (in shares)											390,000
Shares available for purchase under the ESPP (in shares)				689,583			689,583		689,583
Shares authorized for issuance (in shares)				0			0		0
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Post-IPO capitalization rate			11.00%
Percentage of outstanding stock	5.00%

Commitments and Contingencies - Schedule of Maturities of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022 (remaining six months)	$ 646
2023	1,305
2024	1,209
2025	1,104
2026	516
Total	4,780
Less present value discount	(847)
Operating lease liabilities	$ 3,933

Fair Value Measurements - Fair Value, Liabilities, Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Warrant Liability - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 114	$ 10,704
Net exercise of warrants	0	(13,509)
Change in fair value	(81)	2,919
Ending balance	$ 33	$ 114

Commitments and Contingencies - Additional Information (Details) $ in Millions	1 Months Ended		6 Months Ended
	Feb. 28, 2021 USD ($) ft² option	Jul. 31, 2020 USD ($)	Jun. 30, 2022 USD ($) ft²	Nov. 30, 2021
Lessee, Lease, Description [Line Items]
Leaseback term				42 months
New Jersey
Lessee, Lease, Description [Line Items]
Area of office space (in sqft) \| ft²			2,105
Operating lease, payment per year			$ 0.1
California
Lessee, Lease, Description [Line Items]
Operating lease, payment per year		$ 0.0
Massachusetts
Lessee, Lease, Description [Line Items]
Area of office space (in sqft) \| ft²	6,157
Operating lease, payment per year	$ 0.2
Free rent expense period	4 months
Number of options to extend \| option	1
Renewal term	3 years
Notice period for option to extend	9 months

Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
IPO
Stock issuance costs	$ 9.3
Private placement
Stock issuance costs	$ 0.7

Employee Benefit Plan (Details) - Employee Benefit Plan	6 Months Ended
Employee Benefit Plan (Details) - Employee Benefit Plan	Jun. 30, 2022
Defined Contribution Plan Disclosure [Line Items]
Employers matching contribution annual vesting (in percentage)	100.00%
Employer matching contribution, percent of employees' gross pay, 100% employer match	3.00%
Minimum
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percent of employees' gross pay, 50% employer match	4.00%
Maximum
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percent of employees' gross pay, 50% employer match	5.00%

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company's condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company, its wholly owned subsidiary, Angion Biomedica Europe Limited, which was dissolved on March 16, 2021, and its wholly owned subsidiary, Angion Pty Ltd., which was established on August 22, 2019. The Company established Angion Pty Ltd., an Australian subsidiary, for the purpose of qualifying for research credits for studies conducted in Australia. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts reported in the Company’s condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period presentation.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The condensed consolidated financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the SEC. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December 31, 2021 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated financial position, results of operations and comprehensive loss, and cash flows. The condensed consolidated balance sheet as of December 31, 2021 was derived from the audited financial statements as of that date. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this Quarterly Report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K. The results for any interim period are not necessarily indicative of results for any future period.
Segments	Segments Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker (“CODM”) in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business as one operating segment.
Use of Estimates	Use of Estimates The preparation of 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 revenue and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to the useful lives of long-lived assets, the measurement of stock-based compensation, accruals for research and development activities, income taxes and revenue recognition. The Company bases its estimates on historical experience and on other relevant assumptions that are reasonable under the circumstances. Actual results could materially differ from those estimates.
Concentrations of Credit Risk and Off-Balance Sheet Risk	Concentrations of Credit Risk and Off-Balance Sheet Risk Cash and cash equivalents are financial instruments potentially subject to concentrations of credit risk. The Company's cash and cash equivalents are deposited in accounts at large financial institutions, and amounts may exceed federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to significant risk on its cash balances due to the financial position of the depository institution in which those deposits are held. Additionally, the Company established guidelines regarding approved investments and maturities of investments, which are designed to maintain safety and liquidity. The Company maintains its cash equivalents in securities and money market funds with original maturities less than three months. The Company has no financial instruments with off-balance sheet risk of loss.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. As of June 30, 2022 and December 31, 2021, the Company’s cash equivalents were held in institutions in the United States and include deposits in a money market fund which were unrestricted as to withdrawal or use.
Fair Value Measurement	Fair Value Measurement Certain assets and liabilities are carried at fair value under GAAP. Fair value is determined using the principles of ASC 820, Fair Value Measurement. Fair value is described as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes and defines the inputs to valuation techniques as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Inputs are observable for the asset or liability either directly or through corroboration with observable market data. Level 3: Unobservable inputs. The inputs used to measure the fair value of an asset or a liability are categorized within levels of the fair value hierarchy. The fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the measurement. The Company's cash and cash equivalents, accounts payable and accrued expenses are carried at cost, which approximates fair value due to the short-term nature of these instruments.
Revenue	Revenue The Company does not have any products approved for sale and has not generated any revenue from product sales. The Company’s revenue to date has been primarily derived from government funding consisting of U.S. government grants and contracts and revenue under its license agreements. Contract Revenue The Company accounts for revenue earned from contracts with customers under Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASC 606”). Under ASC 606, the Company recognizes revenue when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements within the scope of ASC 606, the Company performs the following five steps: (1) Identify the contract(s) with a customer; (2) Identify the performance obligations in the contract; (3) Determine the transaction price; (4) Allocate the transaction price to the performance obligations in the contract; and (5) Recognize revenue when (or as) the Company satisfies a performance obligation. At contract inception, the Company assesses the goods or services promised within each contract, whether each promised good or service is distinct, and determines those that are performance obligations. The Company then recognizes as revenue the amount of the transaction price allocated to the respective performance obligation when or as the performance obligation is satisfied. The Company enters into agreements under which it may obtain upfront payments, milestone payments, royalty payments and other fees. Promises under these arrangements may include research licenses, research services, including selection campaign research services for certain replacement targets, the obligation to share information during the research and the participation of alliance managers and in joint research committees, joint patent committees and joint steering committees. The Company assesses these promises within the context of the agreements to determine the performance obligations. Licenses of Intellectual Property: If a license to its intellectual property is determined to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring proportional performance for purposes of recognizing revenue from non-refundable, upfront payments. The Company evaluates the measure of proportional performance each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Milestone payments: The Company evaluates the probability of whether regulatory and development milestones will be reached and estimates the amounts to be included in the transaction price using the most likely amount method. The Company evaluates factors such as the scientific, clinical, regulatory, commercial and other risks that must be overcome to achieve the particular milestone in making this assessment. If it is probable a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. At the end of each reporting period, the Company re-evaluates the probability of achievement of milestones and any related constraint, and if necessary, adjust the estimate of the overall transaction price. Sales-based milestones and royalties: For sales-based royalties, including milestone payments based on the level of sales, the Company determines whether the sole or predominant item to which the royalties relate is a license. When the license is the sole or predominant item to which the sales-based royalty relates, the Company recognize revenue at the later of: (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any sales-based royalty revenue resulting from any license agreement. Deferred revenue, which is a contract liability, represents amounts received by the Company for which the related revenues have not been recognized because one or more of the revenue recognition criteria have not been met. The current portion of deferred revenue represents the amount expected to be recognized within one year from the consolidated balance sheet date based on the estimated performance period of the underlying performance obligation. The noncurrent portion of deferred revenue represents amounts expected to be recognized after one year from the condensed consolidated balance sheet date through the end of the performance period of the performance obligation. Grant Revenue The Company concluded that the Company's government grants are not within the scope of ASC 606 as they do not meet the definition of a contract with a customer. The Company has concluded the grants meet the definition of a contribution and are non-reciprocal transactions, and has also concluded Subtopic 958-605, Not-for-Profit-Entities-Revenue Recognition, does not apply, as the Company is a business entity and the grants are with governmental agencies. In the absence of applicable guidance under GAAP, the Company developed a policy recognizing grant revenue when the allowable costs are incurred and the right to payment is realized. The Company believes this policy is consistent with the overarching premise in ASC 606, to ensure revenue recognition reflects the transfer of promised goods or services to customers in an amount reflecting the consideration the Company expects to be entitled to in exchange for those goods or services, even though there is no exchange as defined in ASC 606. The Company believes the recognition of revenue as costs are incurred and amounts become realizable is analogous to the concept of transfer of control of a service over time under ASC 606.
Research and Development	Research and Development Research and development costs include, but are not limited to, payroll and personnel expenses, laboratory supplies, preclinical studies, compound manufacturing costs, consulting costs and allocated overhead, including rent, equipment, depreciation and utilities. Research and development costs may be offset by research and development refundable tax rebates received by the Company’s wholly-owned Australian subsidiary. The Company has agreements with various Contract Research Organizations (“CROs") and third-party vendors. Research and development accruals of amounts due to the CRO are estimated based on the level of services performed, progress of the studies, including the phase or completion of events, and contracted costs. The estimated costs of research and development provided, but not yet invoiced, are included in accrued expenses on the condensed consolidated balance sheet. Payments made to CROs under such arrangements in advance of the performance of the related services are recorded as prepaid expenses and other current assets until the services are rendered. The Company makes judgments and estimates in determining the accrued expenses balance in each reporting period. As actual costs become known, the Company adjusts its accrued expenses.
Advertising Costs	Advertising CostsAdvertising costs are expensed as incurred.
Net Loss Per Share	Net Loss Per Share Basic net loss per share of common stock is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per share excludes the potential impact of common stock options, warrants and unvested shares of restricted stock and restricted stock units because their effect would be anti-dilutive due to the Company's net loss. Since the Company had net losses for the three and six months ended June 30, 2022 and 2021, basic and diluted net loss per common share are the same.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (ASU No. 2016-13), which requires an entity to utilize a new impairment model known as the current expected credit loss (“CECL”) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial assets and certain other instruments, including but not limited to, available-for-sale debt securities. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. As an emerging growth company, ASU No. 2016-13 is effective for the Company for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU No. 2016-13 on its condensed consolidated financial statements.

Net Loss Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Net Loss Per Share

The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders, which excludes shares which are legally outstanding but subject to repurchase by the Company (in thousands, except share and per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator
Net loss attributable to common stockholders	$	(9,139)	$	(17,072)	$	(23,379)	$	(53,759)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	29,973,886		29,670,329		29,966,609		26,574,290
Net loss per share attributable to common stockholders, basic and diluted	$	(0.30)	$	(0.58)	$	(0.78)	$	(2.02)

The table below provides potentially dilutive securities not included in the calculation of the diluted net loss per share because to do so would be anti-dilutive:


	Six Months Ended June 30,
	2022	2021
Shares issuable upon exercise of stock options	5,851,912	4,488,202
Shares issuable upon the exercise of warrants	1,148,123	1,148,900
Unvested shares under restricted stock unit grants	109,530	46,675
Unvested shares under restricted stock grants	—	7,292
Total	7,109,565	5,691,069

Commitments and Contingencies - Schedule of Maturities of Financing Obligation (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022 (remaining six months)	$ 47
2023	94
2024	94
2025	31
Total	266
Less present value discount	(1)
Financing obligation	$ 265

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	0.00%	0.00%	0.00%	0.00%

Net Loss Per Share - Schedule of Antidilutive Securities Excluded From Computation of Net Loss per Share (Details) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	7,109,565	5,691,069
Shares issuable upon exercise of stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	5,851,912	4,488,202
Shares issuable upon the exercise of warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,148,123	1,148,900
Unvested shares under restricted stock unit grants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	109,530	46,675
Unvested shares under restricted stock grants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	7,292

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (23,379)	$ (53,759)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	63	29
Amortization of right-of-use assets	397	332
Amortization of debt issuance costs	0	1,884
Stock-based compensation	1,430	7,835
PPP Loan forgiveness	0	(905)
Change in fair value of convertible notes	0	7,469
Change in fair value of Series C convertible preferred stock	0	3,592
Change in fair value of warrant liability	(81)	3,319
Earnings from equity method investment	(142)	(45)
Distribution from equity investment	0	24
Changes in operating assets and liabilities:
Grants receivable	806	0
Prepaid expenses and other current assets	(796)	3,315
Other assets	19	(38)
Accounts payable	(2,086)	3,736
Accrued expenses	867	1,345
Lease liabilities	(436)	(303)
Deferred revenue	(2,301)	(912)
Other liabilities, noncurrent	81	0
Net cash used in operating activities	(25,558)	(23,082)
Cash flows from investing activities:
Purchases of fixed assets	0	(285)
Net cash used in investing activities	0	(285)
Cash flows from financing activities:
Net proceeds from issuance of common stock upon initial public offering and Concurrent Private Placement, net of discount and commissions	0	110,560
Payment of deferred offering costs	0	(3,073)
Fractional share payments related to the forward stock split	0	(10)
Taxes paid related to net share settlement upon vesting of restricted stock awards	0	(2,364)
Proceeds from RSU settlement	1	19
Payment of financing obligation	(29)	0
Exercise of warrants	0	856
Exercise of stock options	0	80
Net cash (used in) provided by financing activities	(28)	106,068
Effect of foreign currency on cash	202	5
Net (decrease) increase in cash and cash equivalents	(25,384)	82,706
Cash and cash equivalents at the beginning of the period	88,756	34,607
Cash and cash equivalents at the end of the period	63,372	117,313
Supplemental disclosure of noncash investing and financing activities:
Right-of-use assets obtained in exchange for operating lease liabilities	0	624
IPO
Supplemental disclosure of noncash investing and financing activities:
Conversion of convertible notes into stock	0	58,179
Conversion of Series C preferred stock into common stock upon initial public offering	0	35,754
Net exercise of warrants upon initial public offering	0	13,509
Non-IPO Related Stock Transactions
Supplemental disclosure of noncash investing and financing activities:
Conversion of convertible notes into stock	$ 0	$ 460

Balance Sheet Components

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	June 30, 2022		December 31, 2021
Equipment	$	866	$	866
Furniture and fixtures	34		34
Leasehold improvements	68		68
Total property and equipment	968		968
Less: accumulated depreciation	(580)		(517)
Property and equipment, net	$	388	$	451

Depreciation expense for each of the three and six months ended June 30, 2022 and 2021 was immaterial.

Prepaid and Other Current Assets

Prepaid and other current assets consisted of the following (in thousands):


	June 30, 2022		December 31, 2021
Angion Pty tax receivable	$	3	$	781

Prepaid insurance	1,942		275
Security deposit	105		131
Other	463		498
Total prepaid and other current assets	$	2,513	$	1,685

Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	June 30, 2022		December 31, 2021
Accrued compensation	$	722	$	2,023
Accrued restructuring (Note 1)	1,321		—
Accrued direct research costs	1,886		764
Accrued operating expenses	157		432
Total accrued expenses	$	4,086	$	3,219

Revenue and Deferred Revenue	6 Months Ended
Revenue and Deferred Revenue	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue and Deferred Revenue	Revenue and Deferred Revenue Contract Revenue The Company’s contract revenue has been generated from payments received pursuant to a license agreement (the “Vifor License”) with Vifor International, Ltd. (“Vifor Pharma”), with headquarters located in Switzerland. The Company recognized revenue from upfront payments over the term of its estimated period of performance using a cost-based input method under Topic 606. Vifor License Agreement In November 2020, the Company entered into a license agreement with Vifor Pharma, granting Vifor Pharma global rights (excluding China, Taiwan, Hong Kong and Macau) to develop, manufacture and commercialize ANG-3777 in all therapeutic, prophylactic and diagnostic uses for renal indications, including forms of acute kidney injury (AKI), and congestive heart failure (collectively, the Renal Indications). Pursuant to the Vifor License, the Company received $60.0 million in upfront and equity payments, including $30.0 million in up-front cash received in November 2020, and a $30.0 million equity investment, $5.0 million of which was a convertible note that subsequently converted into common stock with the IPO and $25.0 million of which was received in the Concurrent Private Placement with the Company’s IPO. The Company is also eligible to receive post-approval milestones of up to approximately $260.0 million and sales-related milestones of up to $1.585 billion, providing a total potential deal value of up to $1.905 billion (subject to certain specified reductions and offsets), plus tiered royalties on net sales of ANG-3777 at royalty rates of up to 40%. Under the Vifor License, the Company is responsible for executing a pre-specified clinical development plan designed to obtain regulatory approvals of ANG-3777 for delayed graft function (DGF) and AKI associated with cardiac surgery involving cardiopulmonary bypass (CSA-AKI). Based on the ANG-3777 clinical trial data disclosed in the fourth quarter of 2021, the Company does not expect to receive any additional clinical, post-approval, or sales milestones, or royalties, as it does not intend to continue to pursue the clinical development plan for ANG-3777 set forth in the Vifor License. On October 26, 2021, the Company announced that its Phase 3 trial of ANG-3777 in DGF did not achieve its primary endpoint and the data from the Phase 3 trial was not expected to provide sufficient evidence to support an indication in the studied DGF population. On December 9, 2021, the Company announced its Phase 2 trial of ANG-3777 in CSA-AKI did not achieve its primary endpoint and the data from the Phase 2 trial was not expected to provide sufficient evidence to support a Phase 3 trial in the studied CSA-AKI population. Angion and Vifor continue to analyze data from the CSA-AKI trial. In 2022, the Company and Vifor Pharma continue to work to complete the planned analyses of the results of the clinical trials announced in the fourth quarter of 2021 and to discuss the future of the collaboration based upon such analyses. Vifor Pharma may terminate the Vifor License at its sole discretion upon the earlier of (i) the acceptance for filing of an NDA covering products incorporating ANG-3777 filed with the FDA (after completion of the relevant Phase 3 clinical trial for such products), or (ii) the third anniversary of the effective date of the Vifor License. Both the Company and Vifor Pharma may terminate the Vifor License in its entirety if the other is in material breach of the Vifor License and has not cured the breach (if curable) within 60 days, or 90 days for incurable breach. In certain circumstances, in the event of the Company’s material breach of the Vifor License, Vifor Pharma may terminate the Vifor License with respect to certain major markets. In addition, both parties have the right to terminate the Vifor License upon insolvency of the other party. The Company identified the following performance obligations in the Vifor License based upon the clinical development plan for ANG-3777: (1) the global license (excluding greater China), (2) the development services, including the clinical development services including a post-approval confirmatory study, the technical development services and regulatory services and (3) the required participation on Joint Committees for coordination and oversight. The Company determined that the license is not capable of being distinct due to the specialized nature of the development services to be provided by the Company, and, accordingly, this promise was combined with the development services and participation in the joint committees as one single performance obligation. In order to determine the transaction price, the Company evaluated all the payments to be received during the duration of the contract. Certain milestones and additional fees were considered variable consideration, which were not included in the transaction price at contract inception. The Company determined the transaction price at the inception of the Vifor License was $15.0 million, which represents 50% of the $30.0 million upfront payment due to the potential setoff defined in the contract. Based on the ANG-3777 clinical trial data disclosed in the fourth quarter of 2021 and the Company’s decision to discontinue the current clinical development plan for ANG-3777 DGF as described above, the Company adjusted the transaction price to include an additional $15.0 million in previously constrained variable consideration. The Company also reassessed the performance period as the Company is currently closing out the planned analyses from both trials. As of June 30, 2022, the Company has completed substantially all performance obligation under the Vifor License and recognized all remaining deferred revenue under the agreement during the three months ended June 30, 2022. Using the cost-based input method, the Company recognizes revenue based on actual costs incurred as a percentage of total estimated costs as the Company completes its performance obligation. The cumulative effect of revisions to estimated costs to complete the Company’s performance obligation will be recorded in the period in which changes are identified and amounts can be reasonably estimated. These actual costs consist primarily of internal full time equivalent (FTE) efforts and third-party contract costs related to the Vifor License. For the three months ended June 30, 2022 and 2021, the Company recognized contract revenue related to the Vifor License of $0.7 million and $0.5 million, respectively. For the six months ended June 30, 2022 and 2021, the Company recognized contract revenue related to the Vifor License of $2.3 million and $0.9 million, respectively. As of June 30, 2022 and December 31, 2021, zero and $2.3 million, respectively, was recorded as deferred revenue, current, on the condensed consolidated balance sheets related to the Vifor License.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Related Party Transactions - Additional Information (Details) - USD ($)			1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 01, 2022	Feb. 09, 2021	Nov. 30, 2013	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Feb. 25, 2022	Feb. 10, 2021	Jul. 31, 2017
Related Party Transaction [Line Items]
Severance benefits	$ 500,000							$ 1,100,000
Operating lease cost				$ 302,000	$ 317,000	$ 714,000	$ 590,000
Variable lease cost				91,000	85,000	144,000	215,000
Convertible notes payable				0		$ 0			$ 0
Ohr Cosmetics, LLC
Related Party Transaction [Line Items]
Potential maximum milestone payment			$ 9,000,000
Royalties and milestone payments, period			15 years
Immediate Family of Executive Chairman \| Ohr Cosmetics, LLC
Related Party Transaction [Line Items]
Family of the Executive Chairman investment, ownership percentage						81.30%
Affiliated Entity \| Ohr Cosmetics, LLC \| License
Related Party Transaction [Line Items]
Revenue from license agreement				0	0	$ 0	0
Equity Method Investee \| NovaPark
Related Party Transaction [Line Items]
Operating lease cost				300,000	300,000	500,000	500,000
Variable lease cost				$ 100,000	$ 100,000	$ 100,000	$ 200,000
Directors and Family Member of Chief Executive Officer/Director \| Common Stock
Related Party Transaction [Line Items]
Conversion of convertible notes (in shares)		149,500
Conversion price (in dollars per share)		$ 11.57
Chief Executive Officer and Director \| Series C preferred stock
Related Party Transaction [Line Items]
Conversion of convertible preferred stock into common stock upon IPO (in shares)		165,094
Convertible preferred stock, conversion price (in dollars per share)		$ 11.57
Shares of convertible preferred stock (in shares)				0		0
Ohr Cosmetics, LLC
Related Party Transaction [Line Items]
Investment, ownership percentage				2.40%		2.40%
Ohr Cosmetics, LLC \| Affiliated Entity
Related Party Transaction [Line Items]
Investment, at cost										$ 150,000
NovaPark \| Equity Method Investee
Related Party Transaction [Line Items]
Equity method investment, ownership percentage				10.00%		10.00%
2021 Incentive Award Plan
Related Party Transaction [Line Items]
Plan modification, extended exercise period	11 months

Employee Benefit Plan	6 Months Ended
Employee Benefit Plan	Jun. 30, 2022
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plan Employee Benefit Plan The Company sponsors a retirement savings plan intended to qualify for favorable tax treatment under Section 401(a) of the Code, and contains a cash or deferred feature intended to meet the requirements of Section 401(k) of the Code. Participants may make pre-tax and certain after-tax (Roth) salary deferral contributions to the plan from their eligible earnings up to the statutorily prescribed annual limit under the Code. Participants who are 50 years of age or older may contribute additional amounts based on the statutory limits for catch-up contributions. Participant contributions are held in trust as required by law. No minimum benefit is provided under the plan. An employee’s interest in his or her salary deferral contributions is 100% vested when contributed. Contributions, subject to established limits, are matched at a dollar for dollar rate up to 3% of an individual’s earnings and fifty cents on the dollar on the next 4-5% of earnings.

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Fair value measurements, recurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets, Fair Value Disclosure [Abstract]
Money market funds	$ 12,366	$ 87,252
Total assets	12,366	87,252
Liabilities, Fair Value Disclosure [Abstract]
Warrant liabilities	34	114
Total liabilities	34	114
Level 1
Assets, Fair Value Disclosure [Abstract]
Money market funds	12,366	87,252
Total assets	12,366	87,252
Liabilities, Fair Value Disclosure [Abstract]
Warrant liabilities	0	0
Total liabilities	0	0
Level 2
Assets, Fair Value Disclosure [Abstract]
Money market funds	0	0
Total assets	0	0
Liabilities, Fair Value Disclosure [Abstract]
Warrant liabilities	0	0
Total liabilities	0	0
Level 3
Assets, Fair Value Disclosure [Abstract]
Money market funds	0	0
Total assets	0	0
Liabilities, Fair Value Disclosure [Abstract]
Warrant liabilities	34	114
Total liabilities	$ 34	$ 114

Commitments and Contingencies - Schedule of Quantitative Information about Operating Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating cash flows from operating leases	$ 644	$ 543
Right-of-use assets exchanged for operating lease liabilities	$ 0	$ 624
Weighted-average remaining lease term—operating leases (in years)	3 years 8 months 12 days	3 years 6 months
Weighted-average discount rate—operating leases	9.50%	9.10%

Revenue and Deferred Revenue (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 09, 2021	Nov. 30, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Contract revenue			$ 653	$ 540	$ 2,301	$ 911
Deferred revenue, current			0		$ 0		$ 2,301
License
Disaggregation of Revenue [Line Items]
Contract termination period, curable breach					60 days
Contract termination period, incurable breach					90 days
Vifor Pharma \| License
Disaggregation of Revenue [Line Items]
Upfront and near-term milestone payment, entitled to receive		$ 60,000
Contract with customer, liability		30,000
Equity securities	$ 30,000
Post-approval milestone payment, entitled to receive		260,000
Sales-related milestone payment, entitled to receive		1,585,000
Total milestone payment, entitled to receive		$ 1,905,000
Royalty rates (up to)		40.00%
Contract with customer, revenue recognized		$ 15,000	15,000
Transaction price, percent of upfront payment		50.00%
Contract revenue			700	$ 500	$ 2,300	$ 900
Deferred revenue, current			$ 0		$ 0		$ 2,300
Vifor Pharma \| License \| IPO
Disaggregation of Revenue [Line Items]
Equity investment received	5,000
Vifor Pharma \| License \| Private placement
Disaggregation of Revenue [Line Items]
Equity investment received	$ 25,000

Warrants - Outstanding Warrants (Details) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	1,148,123	1,148,123
Warrants issued with Conversion of Notes to Common Stock, Equity
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share)	$ 8.03
Warrants outstanding (in shares)	232,287	232,287
Warrants issued with Units in the Equity Offering, Equity
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share)	$ 8.03
Warrants outstanding (in shares)	875,034	875,034
Broker Warrants issued with Equity Offering, Equity
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share)	$ 0.01
Warrants outstanding (in shares)	1,297	1,297
Consultant Warrants, Liability
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share)	$ 7.60
Warrants outstanding (in shares)	39,505	39,505

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue:
Contract revenue	$ 653	$ 540	$ 2,301	$ 911
Total revenue	653	540	2,301	911
Operating expenses:
Research and development	6,073	14,444	17,740	28,742
General and administrative	3,615	4,340	8,081	10,352
Total operating expenses	9,688	18,784	25,821	39,094
Loss from operations	(9,035)	(18,244)	(23,520)	(38,183)
Other income (expense)
Change in fair value of warrant liability	42	200	81	(3,319)
Change in fair value of convertible notes	0	0	0	(7,469)
Change in fair value of Series C convertible preferred stock	0	0	0	(3,592)
Gain upon debt extinguishment	0	905	0	905
Foreign exchange transaction loss	(337)	(22)	(226)	(75)
Earnings from equity method investment	133	(35)	142	20
Interest income (expense), net	58	124	144	(2,046)
Total other income (expense)	(104)	1,172	141	(15,576)
Net loss	(9,139)	(17,072)	(23,379)	(53,759)
Other comprehensive income:
Foreign currency translation adjustment	297	68	201	114
Comprehensive loss	$ (8,842)	$ (17,004)	$ (23,178)	$ (53,645)
Net loss per common share, basic (in dollars per share)	$ (0.30)	$ (0.58)	$ (0.78)	$ (2.02)
Net loss per common share, diluted (in dollars per share)	$ (0.30)	$ (0.58)	$ (0.78)	$ (2.02)
Weighted average common shares outstanding, basic (in shares)	29,973,886	29,670,329	29,966,609	26,574,290
Weighted average common shares outstanding, diluted (in shares)	29,973,886	29,670,329	29,966,609	26,574,290

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2022

Nova Park Investment Activity

The following table provides the activity for the NovaPark investment for the three and six months ended June 30, 2022 and 2021 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Beginning balance	$	732	$	782	$	723	$	727
Earnings from equity method investment	133		(22)		142		45
Distribution from NovaPark	—		(12)		—