0001126234-23-000091 | 10-Q | XBRL Viewer

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three and six months ended June 30, 2023, the Company recorded an income tax benefit of $29,000. For the three and six months ended June 30, 2022, the Company recorded no income tax benefit. The income tax amount for each of the three and six months ended June 30, 2023 and 2022 differs from the amount that would be expected after applying the statutory U.S. federal income tax rate primarily due to an increase in the valuation allowance. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Due to the uncertainty of the Company’s ability to realize the benefit of the deferred tax assets, the net deferred tax assets are fully offset by a valuation allowance at June 30, 2023. Based on Section 382 ownership change analyses through March 18, 2020, as a result of the Merger, both historical NewLink and Private Lumos experienced Section 382 ownership changes on March 18, 2020. These ownership changes limit our ability to utilize federal net operating loss carryforwards and certain other tax attributes that accrued prior to the respective ownership changes of us and our subsidiaries and may continue to limit our ability to utilize such attributes in the future. Based on subsequent analyses, we did not experience a Section 382 ownership change from March 19, 2020 through December 31, 2022.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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+ Details

Description of Business	6 Months Ended
Description of Business	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Organization and Nature of Operations Lumos Pharma, Inc. is a clinical-stage biopharmaceutical company. References in this Quarterly Report to “us,” “we,” “our,” the “Company,” or “Lumos” are to Lumos Pharma, Inc. and its wholly-owned subsidiaries. With our principal executive offices located in Austin, Texas and additional executive and administrative offices located in Ames, Iowa, we are engaged in advancing our clinical program and focused on identifying, acquiring, developing, and commercializing novel products and new therapies for people with rare diseases on a global level, for which there is currently a significant unmet need for safe and effective therapies. Our common stock is listed on the Nasdaq Global Market (“Nasdaq”) and trades under the ticker symbol “LUMO.” The Company entered into a business combination (the “Merger”) between the Company, formerly known as NewLink Genetics Corporation (“NewLink”), Cyclone Merger Sub, Inc. (“Merger Sub”), a wholly owned subsidiary of NewLink, and Lumos Pharma, Inc., which has since been renamed “Lumos Pharma Sub, Inc.” (“Private Lumos”). The Merger closed on March 18, 2020, and Merger Sub merged with and into Private Lumos, with Private Lumos surviving as a wholly-owned subsidiary of the Company. After the consummation of the Merger, the combined company has focused its efforts on the development of Private Lumos’ sole product candidate, secretagogue ibutamoren (“LUM-201”), a potential oral therapy for idiopathic pediatric growth hormone deficiency (“PGHD”) and other rare endocrine disorders. Liquidity and Risks The Company has historically devoted substantially all of its efforts toward research and development and has never earned revenue from commercial sales of its products. Management expects to continue to incur additional substantial losses in the foreseeable future as a result of the Company’s research and development activities. However, the Company believes that its existing cash, cash equivalents and short-term investments of approximately $50.9 million as of June 30, 2023 will be sufficient to allow the Company to fund its operations for at least 12 months from the filing date of this Quarterly Report, which is inclusive of the primary read out of its Phase 2 clinical trial of LUM-201 in PGHD (“OraGrowtH210 Trial”) and OraGrowtH212 Trial, each of which is expected to occur in the fourth quarter of 2023. If available liquidity becomes insufficient to meet the Company’s obligations as they come due, our future operations will be reliant on additional equity or financing arrangements. There can be no assurances that, in the event that the Company requires additional financing, such financing will be available on terms which are favorable to the Company, or at all. If the Company is unable to raise additional funding to meet its working capital needs in the future, it will be forced to delay or reduce the scope of its research programs and/or limit or cease its operations

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Lumos and its wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). All significant intercompany accounts and transactions are eliminated in consolidation.
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments of a normal and recurring nature considered necessary for a fair presentation have been included in the accompanying condensed consolidated financial statements. The results of operations for the interim period are not necessarily indicative of the results that will be realized for the entire fiscal year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and accompanying notes thereto included in the Company’s 2022 Annual Report filed on Form 10-K with the SEC on March 7, 2023.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. Significant management estimates that affect the reported amounts of assets and liabilities include stock-based compensation, accruals for clinical trials and deferred tax assets. While we believe that the estimates and assumptions used in preparation of our condensed consolidated financial statements based on our knowledge of current events and actions that we may undertake in the future are appropriate, actual results could differ from those estimates, and any such differences may be material. As of June 30, 2023, the Company’s significant accounting policies are consistent with those discussed in Note 2 - “Summary of Significant Accounting Policies and Recent Accounting Pronouncements” of its consolidated financial statements included in the Company’s 2022 Annual Report filed on Form 10-K with the SEC on March 7, 2023.
Fair Value	Fair Value The fair values of the Company’s financial instruments are recorded using a hierarchical disclosure framework based upon the level of subjectivity of the inputs used in measuring assets and liabilities. The three levels are described below: •Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. •Level 2: Inputs other than Level 1 that are directly or indirectly observable, such as quoted prices for similar assets or liabilities and quoted prices in less active markets. •Level 3: Inputs are unobservable for the asset or liability and are developed based on the best information available in the circumstances, which might include the Company’s own data.

License and Asset Purchase Agreements (Details) $ in Millions		3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 01, 2020 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2018 USD ($)	Jan. 11, 2021 USD ($)	Jul. 27, 2020 USD ($) installment	Nov. 30, 2014
Asset Acquisition [Line Items]
Royalty expense		$ 0.3	$ 0.3	$ 0.8	$ 0.3
Merck \| Royalty revenue
Asset Acquisition [Line Items]
Recognized revenues		0.5	$ 0.4	1.2	$ 0.5
License and Collaborative Arrangement \| Merck
Asset Acquisition [Line Items]
Collaborative arrangement development milestone payments		14.0		14.0
Collaborative arrangement second indication development milestone payments		8.5		8.5
Collaborative arrangement tiered sales milestone payments		80.0		80.0
Net product sales milestone		$ 1,000.0		$ 1,000.0
Value of PRV company is entitled to									60.00%
Value of PRV liability									40.00%
Value of PRV								$ 35.7
License and Collaborative Arrangement \| Merck \| Held-for-sale or Disposed of by Sale \| PRV Transfer Agreement
Asset Acquisition [Line Items]
Gross proceeds from sale								$ 60.0
Number of installments \| installment								2
Cash from sale	$ 34.0
Consideration receivable							$ 26.0
License and Collaborative Arrangement \| Merck \| Minimum
Asset Acquisition [Line Items]
Royalty obligation percent of annual product net sales				10.00%
License and Collaborative Arrangement \| Merck \| Maximum
Asset Acquisition [Line Items]
Royalty obligation percent of annual product net sales				12.00%
Ammonett
Asset Acquisition [Line Items]
Upfront payments						$ 3.5
Acquisition development milestone payments						17.0
Acquisition specific milestone payments						14.0
Acquisition sales milestone payments						$ 55.0

Accrued Expenses

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses are comprised of the following (in thousands):


	June 30, 2023		December 31, 2022
Compensation and related benefits	$	2,438	$	3,729
Clinical and contract manufacturing expenses	2,829		1,800
Other	820		671
Total accrued expenses	$	6,087	$	6,200

Financial Instruments

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Financial Instruments

Fair Value

The fair values of the Company’s financial instruments are recorded using a hierarchical disclosure framework based upon the level of subjectivity of the inputs used in measuring assets and liabilities. The three levels are described below:

•Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

•Level 2: Inputs other than Level 1 that are directly or indirectly observable, such as quoted prices for similar assets or liabilities and quoted prices in less active markets.

•Level 3: Inputs are unobservable for the asset or liability and are developed based on the best information available in the circumstances, which might include the Company’s own data.

The following summarizes the valuation of the Company’s financial instruments (in thousands). The tables do not include either cash on hand or assets and liabilities that are measured at historical cost or any basis other than fair value.


	As of June 30, 2023
	Level 1		Level 2		Total
Cash equivalents:
Money market funds	$	37,085	$	—	$	37,085
Total cash equivalents	$	37,085	$	—	$	37,085

Short-term investments:
Commercial paper	$	—	$	2,982	$	2,982
U.S. government and agency securities	2,945		7,062		10,007
Total short-term investments	$	2,945	$	10,044	$	12,989

Total	$	40,030	$	10,044	$	50,074


	As of December 31, 2022
	Level 1		Level 2		Total
Cash equivalents:
Money market funds	$	52,045	$	—	$	52,045
Corporate debt securities	—		2,497		2,497
Non-U.S. debt securities	—		800		800
Total cash equivalents	$	52,045	$	3,297	$	55,342

Short-term investments:
Commercial paper	$	—	$	2,909	$	2,909
U.S. government and agency securities	2,451		5,992		8,443
Total short-term investments	$	2,451	$	8,901	$	11,352

Total	$	54,496	$	12,198	$	66,694

As of June 30, 2023 and December 31, 2022, the Company had no Level 3 assets or liabilities.

The Company’s other financial instruments, including cash, receivables and accounts payable, are recorded at amounts that approximate their fair values due to their short maturities. The Company is unable to estimate the fair value of the royalty obligation to Iowa Economic Development Authority based on future product sales, as the timing of payments, if any, is uncertain.

Contractual Maturities of Investments

As of June 30, 2023, all of the Company's available-for-sale investments were due within one year or less.

Available-for-sale Investments

The following table summarizes the Company's available-for-sale securities by security type:


	As of June 30, 2023
	Amortized Cost		Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	$	37,085	$	—	$	37,085
Total cash equivalents	$	37,085	$	—	$	37,085

Short-term investments:
Commercial paper	$	2,982	$	—	$	2,982
U.S. government and agency securities	10,018		(11)		10,007
Total short-term investments	$	13,000	$	(11)	$	12,989

Total	$	50,085	$	(11)	$	50,074


	As of December 31, 2022
	Amortized Cost		Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	$	52,045	$	—	$	52,045
Corporate debt securities	2,498		(1)		2,497
Non-U.S. debt securities	800		—		800
Total cash equivalents	$	55,343	$	(1)	$	55,342

Short-term investments:
Commercial paper	$	2,909	$	—	$	2,909
U.S. government and agency securities	8,451		(8)		8,443
Total short-term investments	$	11,360	$	(8)	$	11,352

Total	$	66,703	$	(9)	$	66,694

The gross unrealized losses as of June 30, 2023 and December 31, 2022 were due primarily to changes in market interest rates. The Company records an allowance for credit loss when a decline in investment market value is due to credit-related factors. When evaluating an investment for impairment, the Company reviews factors such as the severity of the impairment, changes in underlying credit ratings, forecasted recovery, the Company’s intent to sell or the likelihood that it would be required to sell the investment before its anticipated recovery in market value and the probability that the scheduled cash payments will continue to be made. As of June 30, 2023, there were no material declines in the market value of available-for-sale investments due to credit-related factors.

As of June 30, 2023 and December 31, 2022, there were no material unrealized gains associated with the Company’s available-for-sale investments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax benefit	$ 29,000	$ 0	$ 29,000	$ 0

- Definition

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

+ References + Details

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Lumos and its wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). All significant intercompany accounts and transactions are eliminated in consolidation. Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments of a normal and recurring nature considered necessary for a fair presentation have been included in the accompanying condensed consolidated financial statements. The results of operations for the interim period are not necessarily indicative of the results that will be realized for the entire fiscal year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and accompanying notes thereto included in the Company’s 2022 Annual Report filed on Form 10-K with the SEC on March 7, 2023. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. Significant management estimates that affect the reported amounts of assets and liabilities include stock-based compensation, accruals for clinical trials and deferred tax assets. While we believe that the estimates and assumptions used in preparation of our condensed consolidated financial statements based on our knowledge of current events and actions that we may undertake in the future are appropriate, actual results could differ from those estimates, and any such differences may be material. As of June 30, 2023, the Company’s significant accounting policies are consistent with those discussed in Note 2 - “Summary of Significant Accounting Policies and Recent Accounting Pronouncements” of its consolidated financial statements included in the Company’s 2022 Annual Report filed on Form 10-K with the SEC on March 7, 2023.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows From Operating Activities
Net loss	$ (16,277)	$ (15,564)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	1,239	1,140
Depreciation and amortization	18	10
Other income, net	(271)	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(474)	(565)
Other receivables	(10)	(32)
Accounts payable and accrued expenses	(107)	(267)
Net cash used in operating activities	(15,882)	(15,278)
Cash Flows From Investing Activities
Purchases of marketable securities	(6,380)	0
Proceeds from marketable securities	5,000	0
Net cash used in investing activities	(1,380)	0
Cash Flows From Financing Activities
Sale of shares under stock purchase plan	18	27
Exercise of stock options	0	3
Payment for tax withholding on vested awards	(17)	(37)
Repurchases of common stock	(884)	0
Costs of common stock offering under Controlled Equity OfferingSM	0	(13)
Net cash used in financing activities	(883)	(20)
Net decrease in cash and cash equivalents	(18,145)	(15,298)
Cash and cash equivalents at beginning of period	56,007	94,809
Cash and cash equivalents at end of period	$ 37,862	$ 79,511

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses are comprised of the following (in thousands):


	June 30, 2023		December 31, 2022
Compensation and related benefits	$	2,438	$	3,729
Clinical and contract manufacturing expenses	2,829		1,800
Other	820		671
Total accrued expenses	$	6,087	$	6,200

Financial Instruments - Summary of the Valuation of the Company’s Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	$ 37,085	$ 55,342
Total short-term investments	12,989	11,352
Total	50,074	66,694
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	2,982	2,909
U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	10,007	8,443
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	37,085	52,045
Total short-term investments	2,945	2,451
Total	40,030	54,496
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	0	0
Level 1 \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	2,945	2,451
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	0	3,297
Total short-term investments	10,044	8,901
Total	10,044	12,198
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	2,982	2,909
Level 2 \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	7,062	5,992
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	37,085	52,045
Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	37,085	52,045
Money market funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	$ 0	0
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents		2,497
Corporate debt securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents		0
Corporate debt securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents		2,497
Non-U.S. debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents		800
Non-U.S. debt securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents		0
Non-U.S. debt securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents		$ 800

Stock-Based Compensation and Employee Benefit Plans

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation and Employee Benefit Plans

Stock Options and Performance Stock Options

In 2012, Private Lumos adopted the 2012 Equity Incentive Plan (“2012 Plan”), and in 2016 it adopted the 2016 Stock Plan (“2016 Plan” and together with the 2012 Plan, the “Plans”). In connection with the Merger, all outstanding options under the Plans were assumed and such assumed options may be exercised to purchase common stock of the Company after the Merger. Subsequent to the Merger, the Plans were terminated as to future awards.

In connection with the Merger, the Company assumed NewLink’s 2009 Equity Incentive Plan which was effective since July 2009 and was subsequently amended on May 9, 2019 (the “2019 Plan”). The 2019 Plan has a 10 year term from the Board adoption date of March 22, 2019 and on January 1 of each year through January 1, 2029, in accordance with an “evergreen provision”, a number of shares of common stock in an amount equal to 3% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year or such lesser amount of shares (or no shares) approved by the Board, will be added to the shares reserved under the 2019 Plan. The 2019 Plan provides for the grant of incentive stock options, nonstatutory stock options, restricted stock awards and stock appreciation rights to officers, employees, members of the Board, advisors, and consultants to the Company. As of June 30, 2023, we had 627,463 shares available for grant under the 2019 Plan.

2010 Non-Employee Directors' Stock Award Plan

In connection with the Merger, the Company assumed NewLink’s 2010 Non-Employee Directors’ Stock Award Plan (the Directors’ Plan) which was effective on November 10, 2011. As of June 30, 2023, 5,624 shares remain available for grant under the Directors' Plan.

2010 Employee Stock Purchase Plan

In connection with the Merger, the Company assumed NewLink’s 2010 Employee Stock Purchase Plan, as amended (the “2010 Purchase Plan”), which was effective on November 10, 2011. As of June 30, 2023, 42,219 shares remain available for issuance under the 2010 Purchase Plan. On July 22, 2021, the Board approved an amendment and restatement of the 2010 Purchase Plan (the “A&R ESPP”), and established a special offering period under the A&R ESPP beginning September 1, 2021 and lasting until June 30, 2023, subject to restart provisions as described within the A&R ESPP. The special offering period under the A&R ESPP was fully contingent upon stockholder approval of the A&R ESPP at the 2022 Annual Meeting of Stockholders. The A&R ESPP provided for an increase in the number of shares reserved for issuance under the A&R ESPP by 60,000 shares. On May 4, 2022, at the 2022 Annual Meeting of Stockholders, the A&R ESPP was approved. On June 30, 2022, the restart provision was triggered, resulting in a new offering period beginning July 1, 2022 through June 30, 2024. On December 30, 2022, the restart provision was triggered, resulting in a new offering period beginning January 1, 2023 through December 31, 2024. On June 30, 2023, the restart provision was triggered, resulting in a new offering period beginning July 1, 2023 through June 30, 2025.

Share-Based Compensation Expense

Stock-based compensation expenses included in the Company’s condensed consolidated statements of operations for the three months ended June 30, 2023 and 2022 were (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development	$	192	$	167	$	349	$	314
General and administrative	461		408		890		826
Total	$	653	$	575	$	1,239	$	1,140

As of June 30, 2023, we had unrecognized compensation cost of $3.5 million and the weighted-average period over which it is expected to be recognized is 2.1 years.

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Royalty revenue	$ 527,000	$ 403,000	$ 1,218,000	$ 514,000
Total revenues	527,000	403,000	1,218,000	514,000
Operating expenses:
Research and development	6,024,000	4,645,000	10,393,000	8,866,000
General and administrative	4,146,000	3,682,000	8,503,000	7,303,000
Total operating expenses	10,170,000	8,327,000	18,896,000	16,169,000
Loss from operations	(9,643,000)	(7,924,000)	(17,678,000)	(15,655,000)
Other income and expense:
Other income, net	124,000	6,000	243,000	12,000
Interest income	559,000	74,000	1,129,000	79,000
Other income, net	683,000	80,000	1,372,000	91,000
Net loss before taxes	(8,960,000)	(7,844,000)	(16,306,000)	(15,564,000)
Income tax benefit	29,000	0	29,000	0
Net loss	$ (8,931,000)	$ (7,844,000)	$ (16,277,000)	$ (15,564,000)
Net loss per share:
Basic (in dollars per share)	$ (1.09)	$ (0.94)	$ (1.98)	$ (1.86)
Diluted (in dollars per share)	$ (1.09)	$ (0.94)	$ (1.98)	$ (1.86)
Weighted average number of common shares outstanding:
Basic (in shares)	8,164,603	8,366,445	8,205,625	8,361,907
Diluted (in shares)	8,164,603	8,366,445	8,205,625	8,361,907
Other comprehensive loss:
Unrealized loss on short-term investments	$ (6,000)	$ 0	$ (2,000)	$ 0
Total comprehensive loss	$ (8,937,000)	$ (7,844,000)	$ (16,279,000)	$ (15,564,000)

Financial Instruments - Schedule of Available for Sale by Security Type (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 50,085	$ 66,703
Unrealized Losses	(11)	(9)
Fair Value	50,074	66,694
Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	37,085	55,343
Unrealized Losses	0	(1)
Fair Value	37,085	55,342
Cash Equivalents \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	37,085	52,045
Unrealized Losses	0	0
Fair Value	37,085	52,045
Cash Equivalents \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost		2,498
Unrealized Losses		(1)
Fair Value		2,497
Cash Equivalents \| Non-U.S. debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost		800
Unrealized Losses		0
Fair Value		800
Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	13,000	11,360
Unrealized Losses	(11)	(8)
Fair Value	12,989	11,352
Short-Term Investments \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	2,982	2,909
Unrealized Losses	0	0
Fair Value	2,982	2,909
Short-Term Investments \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	10,018	8,451
Unrealized Losses	(11)	(8)
Fair Value	$ 10,007	$ 8,443

Net Loss per Share of Common Stock - Net Loss Per Share Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net loss	$ (8,931)	$ (7,346)	$ (7,844)	$ (7,720)	$ (16,277)	$ (15,564)
Weighted-average shares outstanding - Basic (in shares)	8,164,603		8,366,445		8,205,625	8,361,907
Weighted-average shares outstanding - Diluted (in shares)	8,164,603		8,366,445		8,205,625	8,361,907
Net loss per share - Basic (in dollars per share)	$ (1.09)		$ (0.94)		$ (1.98)	$ (1.86)
Net loss per share - Diluted (in dollars per share)	$ (1.09)		$ (0.94)		$ (1.98)	$ (1.86)
Antidilutive securities (in shares)	1,541,956		1,542,526		1,541,956	1,542,526
Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,488,088		1,464,920		1,488,088	1,464,920
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	53,868		77,606		53,868	77,606

- Definition

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

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-Paragraph 1B
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+ Details

Stock-Based Compensation and Employee Benefit Plans - Allocated Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 653	$ 575	$ 1,239	$ 1,140
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	192	167	349	314
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 461	$ 408	$ 890	$ 826

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 37,862	$ 56,007
Short-term investments	12,989	11,352
Prepaid expenses and other current assets	4,899	4,427
Other receivables	233	223
Total current assets	55,983	72,009
Non-current assets:
Property and equipment, net	45	53
Right-of-use asset	345	230
Total assets	56,373	72,292
Current liabilities:
Accounts payable	279	275
Accrued expenses	6,087	6,200
Current portion of lease liability	179	233
Total current liabilities	6,545	6,708
Long-term liabilities:
Royalty obligation payable to Iowa Economic Development Authority	6,000	6,000
Lease liability	167	0
Total liabilities	12,712	12,708
Commitments and contingencies
Stockholders' equity:
Undesignated preferred stock, $0.01 par value: Authorized shares - 5,000,000 at June 30, 2023 and December 31, 2022; issued and outstanding shares - 0 at June 30, 2023 and December 31, 2022	0	0
Common stock, $0.01 par value: Authorized shares - 75,000,000 at June 30, 2023 and December 31, 2022; issued shares - 8,061,920 and 8,283,708 at June 30, 2023 and December 31, 2022, respectively, and outstanding shares - 8,041,345 and 8,267,968 at June 30, 2023 and December 31, 2022, respectively	80	82
Treasury stock, at cost, 20,575 and 15,740 shares at June 30, 2023 and December 31, 2022, respectively	(187)	(170)
Additional paid-in capital	187,539	187,164
Accumulated deficit	(143,760)	(127,483)
Accumulated other comprehensive loss	(11)	(9)
Total stockholders' equity	43,661	59,584
Total liabilities and stockholders' equity	$ 56,373	$ 72,292

Long-Term Debt and Conversion to Royalty Obligation	6 Months Ended
Long-Term Debt and Conversion to Royalty Obligation	Jun. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt and Conversion to Royalty Obligation	Long-Term Debt and Conversion to Royalty ObligationIn March 2005, NewLink entered into a $6.0 million forgivable loan agreement with the Iowa Department of Economic Development (the “IDED”). Under the agreement, in the absence of default, there were no principal or interest payments due until the completion date for the project. This loan was converted into a royalty obligation under the terms of a settlement agreement entered into on March 26, 2012 (the “IEDA Agreement”), with the Iowa Economic Development Authority (the “IEDA”), as successor in interest to the IDED. As no payments are expected in the next 12 months, the entire royalty obligation of $6.0 million, which we assumed in connection with the Merger, is classified as a long-term liability as of June 30, 2023.

Net Loss per Share of Common Stock (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss per Share of Common Stock

The following table presents the computation of basic and diluted loss per share of common stock (in thousands, except share and per share data) and the number of unexercised stock options and restricted stock units, which are common stock equivalents, that have been excluded from the diluted net loss calculation as their effect would have been anti-dilutive for all periods presented.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net loss	$	(8,931)	$	(7,844)	$	(16,277)	$	(15,564)



Weighted-average shares outstanding - Basic and diluted	8,164,603		8,366,445		8,205,625		8,361,907

Net loss per share - Basic and diluted	$	(1.09)	$	(0.94)	$	(1.98)	$	(1.86)



Anti-dilutive stock options	1,488,088		1,464,920		1,488,088		1,464,920
Anti-dilutive restricted stock units	53,868		77,606		53,868		77,606
Total anti-dilutive common stock equivalents excluded	1,541,956		1,542,526		1,541,956		1,542,526

Long-Term Debt and Conversion to Royalty Obligation (Details) - IDED - Loans payable - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2005
Debt Instrument [Line Items]
Loan available balance		$ 6.0
Outstanding balance	$ 6.0

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

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

+ References + Details

Net Loss per Share of Common Stock

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Loss per Share of Common Stock

Basic loss per share is based upon the weighted-average number of shares of common stock outstanding during the period, without consideration of common stock equivalents. Diluted loss per share is based upon the weighted-average number of common shares outstanding during the period plus additional weighted-average potentially dilutive common stock equivalents during the period when the effect is dilutive.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net loss	$	(8,931)	$	(7,844)	$	(16,277)	$	(15,564)



Weighted-average shares outstanding - Basic and diluted	8,164,603		8,366,445		8,205,625		8,361,907

Net loss per share - Basic and diluted	$	(1.09)	$	(0.94)	$	(1.98)	$	(1.86)



Anti-dilutive stock options	1,488,088		1,464,920		1,488,088		1,464,920
Anti-dilutive restricted stock units	53,868		77,606		53,868		77,606
Total anti-dilutive common stock equivalents excluded	1,541,956		1,542,526		1,541,956		1,542,526

License and Asset Purchase Agreements	6 Months Ended
License and Asset Purchase Agreements	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
License and Asset Purchase Agreements	License and Asset Purchase Agreements License and LUM-201 Asset Purchase Agreements In July 2018, the Company entered into an asset purchase agreement (the “APA”) with Ammonett Pharma LLC (“Ammonett”) and acquired substantially all of the assets related to LUM-201, which Ammonett licensed from Merck in October 2013 (the “Lumos Merck Agreement”). The Lumos Merck Agreement, which grants Lumos (as successor in interest to Ammonett) worldwide, exclusive, sublicensable (subject to Merck’s consent in the United States, major European countries and Japan, such consent not to be unreasonably withheld) rights under specified patents and know-how to develop, manufacture and commercialize LUM-201 for any and all indications, excluding Autism Spectrum Disorders as defined in the Fifth Edition of the Diagnostic and Statistical Manual of Mental Disorders. On August 12, 2020, we entered into Amendment No. 1 to the Lumos Merck Agreement with Merck (the “Lumos Merck Agreement Amendment”). Pursuant to the Lumos Merck Agreement Amendment, we obtained from Merck a worldwide, non-exclusive, sublicensable (subject to Merck’s consent in the United States, specified major European countries and Japan, such consent not to be unreasonably withheld) license under the specified patents and know-how that are the subject of our exclusive license to develop, manufacture and commercialize LUM-201 for diagnostic purposes, excluding Autism Spectrum Disorders. Under the APA, the Company paid Ammonett an upfront fee of $3.5 million which was recorded as research and development expense in 2018. The Company may also incur development milestone payments totaling up to $17.0 million for achievement of specified milestones on the first indication that Lumos pursues, and up to $14.0 million for achievements of specified milestones on the second indication that Lumos pursues, sales milestone payments totaling up to $55.0 million on worldwide product sales, and royalty payments based on worldwide product sales, as discussed below. Under the Lumos Merck Agreement, Lumos will be required to pay Merck substantial development milestone payments for achievement of specified milestones relating to each of the first and second indications. Total potential development milestone payments are required of up to $14 million for the first indication that Lumos pursues and up to $8.5 million for the second indication that Lumos pursues. Tiered sales milestone payments totaling up to $80.0 million are required on worldwide net product sales up to $1.0 billion, and substantial royalty payments based on product sales are required if product sales are achieved. If product sales are ever achieved, Lumos is required to make royalty payments under both the APA and the Lumos Merck Agreement collectively of 10% to 12% of total annual product net sales, subject to standard reductions for generic erosion. The royalty obligations under the Lumos Merck Agreement are on a product-by-product and country-by-country basis and will last until the later of expiration of the last licensed patent covering the product in such country and expiration of regulatory exclusivity for such product in such country. The royalty obligations under the APA are on a product-by-product and country-by-country basis for the duration of the royalty obligations under the Merck license and thereafter until the expiration of the last patent assigned to Lumos under the APA covering such product in such country. The Lumos Merck Agreement shall continue in force until the expiration of royalty obligations on a country-by-country and product-by-product basis, or unless terminated by Lumos at will by submitting 180 days’ advance written notice to Merck or by either party for the other party’s uncured material breach or specified bankruptcy events. Upon expiry of the royalty obligations the Lumos Merck Agreement converts to a fully paid-up, perpetual non-exclusive license. If the Lumos Merck Agreement is terminated, and upon Merck’s written request, Lumos is obligated to use reasonable and diligent efforts to assign to Merck any sublicenses previously granted by Lumos. License and PRV Asset Purchase Agreements In November 2014, NewLink entered into a worldwide license and collaboration agreement (the “NewLink Merck Agreement”), with Merck, to develop and potentially commercialize its Ebola vaccine rVSV∆G-ZEBOV that it licensed from the Public Health Agency of Canada (“PHAC”). rVSV∆G-ZEBOV was also eligible to receive a PRV if approval was granted by the U.S. Food and Drug Administration (the “FDA”), with the Company entitled to 60% and Merck entitled to the remaining 40% of the PRV value obtained through sale, transfer or other disposition of the PRV. On December 20, 2019, Merck announced that the FDA approved its application for ERVEBO® (Ebola Zaire Vaccine, Live) for the prevention of disease caused by Zaire Ebola virus in individuals 18 years of age and older and grant of the PRV. On July 27, 2020, Lumos and Merck entered into the asset purchase agreement (the “PRV Asset Purchase Agreement”), whereby Lumos and Merck each agreed that Merck would purchase the PRV from the Company. Merck agreed to pay the Company an aggregate of $60 million in two installments. The $35.7 million liability, representing the portion of the PRV value to which Merck was entitled, was also extinguished through the PRV Asset Purchase Agreement. The first installment of $34.0 million was received by the Company on September 1, 2020 and the second installment of $26.0 million was received on January 11, 2021. Under the NewLink Merck Agreement, as amended, the Company has earned and has the potential to continue to earn royalties on sales of the vaccine in certain countries. However, we believe that the market for the vaccine will be limited primarily to areas in the developing world that are excluded from royalty payment or where the vaccine is donated or sold at low or no margin, and therefore we do not expect to receive material royalty payments from Merck in the foreseeable future. For the three months ended June 30, 2023 and 2022, the Company recognized revenues of $0.5 million and $0.4 million, respectively, and recognized revenues of $1.2 million and $0.5 million, respectively, for the six months ended June 30, 2023 and 2022, for royalties related to royalty-bearing commercial sales of the vaccine. Additionally, per the terms of the licensing agreement with the PHAC, the Company has an obligation to pay a royalty fee to the PHAC for any royalty amounts earned. For the three months ended June 30, 2023 and 2022, the Company incurred royalty expense of $0.3 million and $0.3 million, respectively, and incurred royalty expense of $0.8 million and $0.3 million, respectively, for the six months ended June 30, 2023 and 2022, for royalties related to royalty-bearing commercial sales of the vaccine. Royalty expenses are included within general and administrative expenses in the consolidated statements of operations.

Description of Business (Details) $ in Millions	Jun. 30, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 50.9

Stock-Based Compensation and Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation Expense

Stock-based compensation expenses included in the Company’s condensed consolidated statements of operations for the three months ended June 30, 2023 and 2022 were (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development	$	192	$	167	$	349	$	314
General and administrative	461		408		890		826
Total	$	653	$	575	$	1,239	$	1,140

Stock-Based Compensation and Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions		6 Months Ended
	May 09, 2019	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation cost		$ 3.5
Weighted average vesting period for non-vested option awards (in years)		2 years 1 month 6 days
2009 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Plan term		10 years
Evergreen increase (percent)	3.00%
Number of shares remained available for issuance (in shares)		627,463
2010 Non-Employee Directors' Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares remained available for issuance (in shares)		5,624
2010 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares remained available for issuance (in shares)		42,219
2010 Employee Stock Purchase Plan \| ESPP
Share-based Compensation Arrangement by Share-based Payment Award
Increase in shares reserved for future issuance (in shares)		60,000

Condensed Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Common Stock, balance at beginning of period (shares) at Dec. 31, 2021		8,357,391
Treasury Stock, balance at beginning of period (in shares) at Dec. 31, 2021			9,428
Balance at beginning of period at Dec. 31, 2021	$ 88,977	$ 83	$ (114)	$ 185,429	$ (96,421)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	565			565
Stock issued upon vesting of restricted stock units (in shares)		1,702
Shares surrendered for tax withholding on vested awards (in shares)		(468)	(468)
Shares surrendered for tax withholding on vested awards	(5)		$ (5)
Net loss	(7,720)				(7,720)
Common Stock, balance at end of period (shares) at Mar. 31, 2022		8,358,625
Treasury Stock, balance at end of period (in shares) at Mar. 31, 2022			9,896
Balance at end of period at Mar. 31, 2022	81,817	$ 83	$ (119)	185,994	(104,141)	0
Common Stock, balance at beginning of period (shares) at Dec. 31, 2021		8,357,391
Treasury Stock, balance at beginning of period (in shares) at Dec. 31, 2021			9,428
Balance at beginning of period at Dec. 31, 2021	88,977	$ 83	$ (114)	185,429	(96,421)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(15,564)
Common Stock, balance at end of period (shares) at Jun. 30, 2022		8,377,567
Treasury Stock, balance at end of period (in shares) at Jun. 30, 2022			13,348
Balance at end of period at Jun. 30, 2022	74,546	$ 83	$ (151)	186,599	(111,985)	0
Common Stock, balance at beginning of period (shares) at Mar. 31, 2022		8,358,625
Treasury Stock, balance at beginning of period (in shares) at Mar. 31, 2022			9,896
Balance at beginning of period at Mar. 31, 2022	81,817	$ 83	$ (119)	185,994	(104,141)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	575			575
Exercise of stock options (in shares)		1,962
Exercise of stock options	3			3
Sale of shares under stock purchase plan (in shares)		4,175
Sale of shares under stock purchase plan	27			27
Stock issued upon vesting of restricted stock units (in shares)		16,257
Shares surrendered for tax withholding on vested awards (in shares)		(3,452)	(3,452)
Shares surrendered for tax withholding on vested awards	(32)		$ (32)
Net loss	(7,844)				(7,844)
Common Stock, balance at end of period (shares) at Jun. 30, 2022		8,377,567
Treasury Stock, balance at end of period (in shares) at Jun. 30, 2022			13,348
Balance at end of period at Jun. 30, 2022	$ 74,546	$ 83	$ (151)	186,599	(111,985)	0
Common Stock, balance at beginning of period (shares) at Dec. 31, 2022	8,267,968	8,267,968
Treasury Stock, balance at beginning of period (in shares) at Dec. 31, 2022	15,740		15,740
Balance at beginning of period at Dec. 31, 2022	$ 59,584	$ 82	$ (170)	187,164	(127,483)	(9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	586			586
Stock issued upon vesting of restricted stock units (in shares)		4,029
Shares surrendered for tax withholding on vested awards (in shares)		(1,007)	(1,007)
Shares surrendered for tax withholding on vested awards	(4)		$ (4)
Repurchases of common stock (in shares)		(87,694)
Repurchases of common stock	(305)	$ (1)		(304)
Other comprehensive income (loss)	4					4
Net loss	(7,346)				(7,346)
Common Stock, balance at end of period (shares) at Mar. 31, 2023		8,183,296
Treasury Stock, balance at end of period (in shares) at Mar. 31, 2023			16,747
Balance at end of period at Mar. 31, 2023	$ 52,519	$ 81	$ (174)	187,446	(134,829)	(5)
Common Stock, balance at beginning of period (shares) at Dec. 31, 2022	8,267,968	8,267,968
Treasury Stock, balance at beginning of period (in shares) at Dec. 31, 2022	15,740		15,740
Balance at beginning of period at Dec. 31, 2022	$ 59,584	$ 82	$ (170)	187,164	(127,483)	(9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (16,277)
Common Stock, balance at end of period (shares) at Jun. 30, 2023	8,041,345	8,041,345
Treasury Stock, balance at end of period (in shares) at Jun. 30, 2023	20,575		20,575
Balance at end of period at Jun. 30, 2023	$ 43,661	$ 80	$ (187)	187,539	(143,760)	(11)
Common Stock, balance at beginning of period (shares) at Mar. 31, 2023		8,183,296
Treasury Stock, balance at beginning of period (in shares) at Mar. 31, 2023			16,747
Balance at beginning of period at Mar. 31, 2023	52,519	$ 81	$ (174)	187,446	(134,829)	(5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	653			653
Sale of shares under stock purchase plan (in shares)		6,425
Sale of shares under stock purchase plan	18			18
Stock issued upon vesting of restricted stock units (in shares)		15,372
Shares surrendered for tax withholding on vested awards (in shares)		(3,828)	(3,828)
Shares surrendered for tax withholding on vested awards	(13)		$ (13)
Repurchases of common stock (in shares)		(159,920)
Repurchases of common stock	(579)	$ (1)		(578)
Other comprehensive income (loss)	(6)					(6)
Net loss	$ (8,931)				(8,931)
Common Stock, balance at end of period (shares) at Jun. 30, 2023	8,041,345	8,041,345
Treasury Stock, balance at end of period (in shares) at Jun. 30, 2023	20,575		20,575
Balance at end of period at Jun. 30, 2023	$ 43,661	$ 80	$ (187)	$ 187,539	$ (143,760)	$ (11)

Accrued Expenses - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accrued expenses
Compensation and related benefits	$ 2,438	$ 3,729
Clinical and contract manufacturing expenses	2,829	1,800
Other	820	671
Total accrued expenses	$ 6,087	$ 6,200

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Aug. 07, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-35342
Entity Registrant Name	LUMOS PHARMA, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	42-1491350
Entity Address, Address Line One	4200 Marathon Blvd #200
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78756
City Area Code	512
Local Phone Number	215-2630
Title of 12(b) Security	Common Stock
Trading Symbol	LUMO
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 Common Stock, Shares Outstanding		7,935,437
Entity Central Index Key	0001126234
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Blank check preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Blank check preferred stock, authorized shares (in shares)	5,000,000	5,000,000
Blank check preferred stock, issued shares (in shares)	0	0
Blank check preferred stock, outstanding shares (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized shares (in shares)	75,000,000	75,000,000
Common stock, issued shares (in shares)	8,061,920	8,283,708
Common stock, outstanding shares (in shares)	8,041,345	8,267,968
Treasury stock, shares (in shares)	20,575	15,740

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of the Valuation of the Company’s Financial Instruments


	As of June 30, 2023
	Level 1		Level 2		Total
Cash equivalents:
Money market funds	$	37,085	$	—	$	37,085
Total cash equivalents	$	37,085	$	—	$	37,085

Short-term investments:
Commercial paper	$	—	$	2,982	$	2,982
U.S. government and agency securities	2,945		7,062		10,007
Total short-term investments	$	2,945	$	10,044	$	12,989

Total	$	40,030	$	10,044	$	50,074


	As of December 31, 2022
	Level 1		Level 2		Total
Cash equivalents:
Money market funds	$	52,045	$	—	$	52,045
Corporate debt securities	—		2,497		2,497
Non-U.S. debt securities	—		800		800
Total cash equivalents	$	52,045	$	3,297	$	55,342

Short-term investments:
Commercial paper	$	—	$	2,909	$	2,909
U.S. government and agency securities	2,451		5,992		8,443
Total short-term investments	$	2,451	$	8,901	$	11,352

Total	$	54,496	$	12,198	$	66,694

The following table summarizes the Company's available-for-sale securities by security type:


	As of June 30, 2023
	Amortized Cost		Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	$	37,085	$	—	$	37,085
Total cash equivalents	$	37,085	$	—	$	37,085

Short-term investments:
Commercial paper	$	2,982	$	—	$	2,982
U.S. government and agency securities	10,018		(11)		10,007
Total short-term investments	$	13,000	$	(11)	$	12,989

Total	$	50,085	$	(11)	$	50,074


	As of December 31, 2022
	Amortized Cost		Unrealized Losses		Fair Value
Cash equivalents:
Money market funds	$	52,045	$	—	$	52,045
Corporate debt securities	2,498		(1)		2,497
Non-U.S. debt securities	800		—		800
Total cash equivalents	$	55,343	$	(1)	$	55,342

Short-term investments:
Commercial paper	$	2,909	$	—	$	2,909
U.S. government and agency securities	8,451		(8)		8,443
Total short-term investments	$	11,360	$	(8)	$	11,352

Total	$	66,703	$	(9)	$	66,694