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10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-38130

Aileron Therapeutics, Inc.

(Exact Name of Registrant as Specified in its Charter)


Delaware		13-4196017
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

738 Main Street #398 Waltham, MA		02451
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (617) 995-0900

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.001 par value per share	ALRN	The Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 11, 2023, the registrant had 4,541,167 shares of common stock, $0.001 par value per share, outstanding.

Table of Contents


		Page
PART I.	FINANCIAL INFORMATION		3
Item 1.	Financial Statements (Unaudited)		3
	Condensed Balance Sheets		3
	Condensed Statements of Operations and Comprehensive Loss		4
	Condensed Statement of Stockholders’ Equity		5
	Condensed Statements of Cash Flows		6
	Notes to Financial Statements		7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		26
Item 4.	Controls and Procedures		26
PART II.	OTHER INFORMATION		27
Item 1.	Legal Proceedings		27
Item 1A.	Risk Factors		27
Item 6.	Exhibits		27
	Signatures		28

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA

This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this Quarterly Report on Form 10-Q, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans and objectives of management and expected market growth are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

These forward-looking statements include, among other things, statements about:

•

our assessment of strategic options and our ability to identify and implement any strategic transaction;

•

anticipated cost savings in connection with our discontinuation of ALRN-6924 and our workforce reduction announced in February 2023;

•

success in retaining, or changes required in, our remaining current officers, key employees or directors;

•

our expectations regarding our ability to fund our operating expenses and capital expenditure requirements with our cash, and cash equivalents;

•

our estimates regarding expenses, future revenue, capital requirements and needs for additional financing;

•

our intellectual property position and strategy;

•

developments relating to our competitors and our industry;

•

the impact of government laws and regulations;

•

the impact the coronavirus pandemic may have on our operations; and

•

our ability to maintain our listing on the Nasdaq Capital Market.

We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. We have included important factors in the cautionary statements in our Annual Report on Form 10-K and in this Quarterly Report on Form 10-Q, particularly in the “Risk Factors” section, that could cause actual results or events to differ materially from the forward-looking statements that we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, collaborations, joint ventures or investments that we may make or enter into.

You should read this Quarterly Report on Form 10-Q and the documents that we reference herein and have filed or incorporated by reference hereto completely and with the understanding that our actual future results may be materially different from what we expect. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

This Quarterly Report on Form 10-Q includes statistical and other industry and market data that we obtained from industry publications and research, surveys and studies conducted by third parties. Industry publications and third-party research, surveys and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information.

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

AILERON THERAPEUTICS, INC.

CONDENSED BALANCE SHEETS (UNAUDITED)

(In thousands, except share and per share data)


	September 30, 2023			December 31, 2022
Assets
Current assets:
Cash and cash equivalents	$	12,069		$	5,194
Investments		—			16,048
Prepaid expenses and other current assets		699			606
Restricted cash		25			25
Total current assets		12,793			21,873
Operating lease, right-of-use asset		—			40
Other non-current assets		—			24
Property and equipment, net		29			70
Total assets	$	12,822		$	22,007
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	484		$	1,720
Accrued expenses and other current liabilities		1,140			1,631
Operating lease liability, current portion		—			33
Total current liabilities		1,624			3,384
Total liabilities		1,624			3,384
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000,000 shares authorized and no shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively		—			—
Common stock, $0.001 par value; 45,000,000 shares authorized at September 30, 2023 and December 31, 2022, respectively; 4,541,167 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively		91			91
Additional paid-in capital		292,285			291,365
Accumulated other comprehensive loss		—			(48	)
Accumulated deficit		(281,178	)		(272,785	)
Total stockholders’ equity		11,198			18,623
Total liabilities and stockholders’ equity	$	12,822		$	22,007

The accompanying notes are an integral part of these condensed financial statements.

AILERON THERAPEUTICS, INC.

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED)

(In thousands, except share and per share data)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Revenue	$	—		$	—		$	—		$	—
Operating expenses:
Research and development		22			4,239			2,019			15,565
General and administrative		1,955			2,243			6,027			7,379
Restructuring and Other		6			—			940			—
Total operating expenses		1,983			6,482			8,986			22,944
Loss from operations		(1,983	)		(6,482	)		(8,986	)		(22,944	)
Interest income		155			110			322			180
Other income (expense), net		1			4			271			(18	)
Net loss		(1,827	)		(6,368	)		(8,393	)		(22,782	)
Net loss per share — basic and diluted	$	(0.40	)	$	(1.40	)	$	(1.85	)	$	(5.02	)
Weighted average common shares outstanding—basic and diluted		4,541,167			4,541,179			4,541,167			4,538,707
Comprehensive loss:
Net loss	$	(1,827	)	$	(6,368	)	$	(8,393	)	$	(22,782	)
Other comprehensive loss:
Unrealized gain (loss) on investments, net of tax of $0		2			3			48			(85	)
Total other comprehensive gain (loss)		2			3			48			(85	)
Total comprehensive loss	$	(1,825	)	$	(6,365	)	$	(8,345	)	$	(22,867	)

The accompanying notes are an integral part of these condensed financial statements.

AILERON THERAPEUTICS, INC.

CONDENSED STATEMENT OF STOCKHOLDERS’ EQUITY (UNAUDITED)

(In thousands, except share and per share data)


	Common Stock				Additional		Accumulated Other						Total
	Shares		Par Value		Paid-in Capital		Comprehensive Gain (Loss)			Accumulated Deficit			Stockholders' Equity
Balances at December 31, 2022		4,541,167	$	91	$	291,365	$	(48	)	$	(272,785	)	$	18,623
Stock-based compensation expense		—		—		391		—			—			391
Unrealized gain on investments		—		—		—		38			—			38
Net loss		—		—		—		—			(4,779	)		(4,779	)
Balances at March 31, 2023		4,541,167	$	91	$	291,756	$	(10	)	$	(277,564	)	$	14,273
Stock-based compensation expense		—		—		300		—			—			300
Unrealized gain on investments		—		—		—		8			—			8
Net loss		—		—		—		—			(1,787	)		(1,787	)
Balances at June 30, 2023		4,541,167	$	91	$	292,056	$	(2	)	$	(279,351	)	$	12,794
Stock-based compensation expense		—		—		229		—			—			229
Unrealized gain on investments		—		—		—		2			—			2
Net loss		—		—		—		—			(1,827	)		(1,827	)
Balances at September 30, 2023		4,541,167	$	91	$	292,285	$	—		$	(281,178	)	$	11,198


Balances at December 31, 2021		4,528,667	$	91	$	289,282	$	(13	)	$	(245,456	)	$	43,904
Issuance of common stock		12,500		—		—		—			—			—
Stock-based compensation expense		—		—		689		—			—			689
Unrealized loss on investments		—		—		—		(62	)		—			(62	)
Net loss		—		—		—		—			(8,422	)		(8,422	)
Balances at March 31, 2022		4,541,167		91	$	289,971	$	(75	)	$	(253,878	)	$	36,109
Stock-based compensation expense		—		—		528		—			—			528
Unrealized loss on investments		—		—		—		(26	)		—			(26	)
Net loss		—		—		—		—			(7,992	)		(7,992	)
Balances at June 30, 2022		4,541,167	$	91	$	290,499	$	(101	)	$	(261,870	)	$	28,619
Stock-based compensation expense		—		—		442		—			—			442
Unrealized gain on investments		—		—		—		3			—			3
Net loss		—		—		—		—			(6,368	)		(6,368	)
Balances at September 30, 2022		4,541,167	$	91	$	290,941	$	(98	)	$	(268,238	)	$	22,696

The accompanying notes are an integral part of these condensed financial statements.

AILERON THERAPEUTICS, INC.

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

(In thousands)


	Nine Months Ended September 30,
	2023			2022
Cash flows from operating activities:
Net loss	$	(8,393	)	$	(22,782	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		67			126
Net amortization of premiums and discounts on investments		(156	)		(85	)
Stock-based compensation expense		920			1,659
Gain on sale of property and equipment		(42	)		—
Loss on disposal of fixed assets		16			—
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		(93	)		667
Other assets		24			—
Accounts payable		(1,236	)		(265	)
Operating lease liabilities		(33	)		(95	)
Accrued expenses and other current liabilities		(491	)		319
Net cash used in operating activities		(9,417	)		(20,456	)
Cash flows from investing activities:
Proceeds from sale of property and equipment	42				—
Purchases of investments		—			(19,912	)
Proceeds from sales or maturities of investments		16,250			41,607
Net cash provided by investing activities		16,292			21,695
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs		—			—
Net cash provided by financing activities		—			—
Net increase in cash, cash equivalents and restricted cash		6,875			1,239
Cash, cash equivalents and restricted cash at beginning of period		5,219			3,625
Cash, cash equivalents and restricted cash at end of period	$	12,094		$	4,864

The accompanying notes are an integral part of these condensed financial statements.

AILERON THERAPEUTICS, INC.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(Amounts in thousands, except share and per share data)

1. Nature of the Business and Basis of Presentation

Aileron Therapeutics, Inc. (“Aileron” or the “Company”) is a clinical stage chemoprotection oncology company. The Company's product candidate, ALRN-6924, is a MDM2/MDMX dual inhibitor that leverages its proprietary peptide drug technology.

On February 21, 2023, the Company decided to terminate its Phase 1b chemoprotection trial of ALRN-6924 in patients with p53-mutated breast cancer and further development of ALRN-6924. The Company determined to reduce the Company’s remaining workforce from nine to three full-time employees. The Company also announced that it is exploring a range of strategic alternatives to maximize stockholder value. The Company has engaged a third party to act as a strategic advisor for this process. Strategic alternatives that are being evaluated may include, but are not limited to, an acquisition, a merger, a business combination, a sale of assets or other transaction. There is no set timetable for this process and there can be no assurance that this process will result in the Company pursuing a transaction or that any transaction, if pursued, will be completed.

When used as a chemoprotective agent, ALRN-6924 is designed to activate p53, which in turn upregulates p21, a known inhibitor of the cell replication cycle. ALRN-6924 was the only reported chemoprotective agent in clinical development to employ a biomarker strategy, in which the Company exclusively focused on treating patients with p53-mutated cancers. The Company originally initiated development of ALRN-6924 as an anti-cancer agent to restore p53-dependent tumor suppression in p53 wild-type tumors. When used as an anti-cancer agent, ALRN-6924 is designed to disrupt the interaction of p53 suppressors MDM2 and MDMX with tumor suppressor p53 to reactivate tumor suppression in non-mutant, or wild-type, p53 cancers.

The Company is subject to risks common to companies in the biotechnology industry, including but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations, uncertainties in the clinical development of product candidates and in the ability to obtain needed additional financing. ALRN-6924 will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance-reporting capabilities.

On November 10, 2022, the Company effected a one-for-twenty reverse stock split on its common stock (the “Reverse Stock Split”). The Reverse Stock Split was reflected on the Nasdaq Capital Market beginning with the opening of trading on November 11, 2022. Pursuant to the Reverse Stock Split, every 20 shares of the Company's issued and outstanding shares of common stock were automatically combined into one issued and outstanding share of common stock, without any change in the par value per share of the common stock. The Reverse Stock Split reduced the authorized number of shares of common stock from 300,000,000 to 15,000,000 and, pursuant to the certificate of amendment, such reduced authorized number of shares of common stock was subsequently multiplied by three, such that following the Reverse Stock Split the Company has 45,000,000 shares of common stock authorized. The Reverse Stock Split affected all issued and outstanding shares of the Company's common stock, and the respective numbers of shares of common stock underlying the Company’s outstanding stock options, outstanding warrants and the Company's equity incentive plans were proportionately adjusted. All share and per share amounts of the common stock included in the accompanying financial statements have been retrospectively adjusted to give effect to the Reverse Stock Split for all periods presented.

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

Liquidity

In accordance with Accounting Standards Update (“ASU”) No. 2014-15, Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), management must evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the company’s ability to continue as a going concern within one year after the date that the financial statements are issued. This evaluation initially does not take into consideration the potential mitigating effect of management’s plans that have not been fully implemented as of the date the financial statements are issued. When substantial doubt exists under this methodology, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the company’s ability to continue as a going concern. The mitigating effect of management’s plans, however, is only considered if both (1) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. Generally, to be considered probable of being effectively implemented, the plans must have been approved before the date that the financial statements are issued.

The Company’s interim financial statements have been prepared on a going concern basis, which contemplates the continuity of operations, realization of assets and the satisfaction of liabilities in the ordinary course of business. Through September 30, 2023, the Company has financed operations primarily through $145,467 in net proceeds from sales of common stock and warrants, $131,211 from sales of preferred stock prior to its IPO, and $34,910 from a collaboration agreement in 2010.

As of September 30, 2023, the Company had cash, and cash equivalents of $12,069. The Company has incurred losses and negative cash flows from operations and had an accumulated deficit of $281,178 as of September 30, 2023. The Company expects to continue to generate losses for the foreseeable future.

While the Company has cash, and cash equivalents of $12,069 as of September 30, 2023, due to the inherent uncertainty in the timing and cost of potential strategic alternatives, including their impact on its cash consumption, the Company has concluded that as of the date of this Quarterly Report on Form 10-Q there is substantial doubt about its ability to continue as a going concern for a period of twelve months from the issuance of these interim financial statements.

The Company would need substantial funding to support its continuing operations. There can be no assurance that a strategic transaction will be completed and the Company’s board of directors may decide to pursue a dissolution and liquidation. If the Company is unable to enter into a strategic transaction, on a timely basis or at all, the Company may consider seeking protection under the bankruptcy laws. If the Company decides to seek protection under the bankruptcy laws, the Company would expect that it would file for bankruptcy at a time that is earlier than when it would otherwise exhaust its cash resources. If the Company decides to dissolve and liquidate its assets or to seek protection under the bankruptcy laws, it is unclear to what extent the Company will be able to pay its obligations, and, it is further unclear whether and to what extent any resources will be available for distributions to its stockholders. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the accrual of research and development expenses and the valuation of common stock and stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates.

Unaudited Interim Financial Information

The accompanying unaudited condensed financial statements as of September 30, 2023 and for the nine months ended September 30, 2023 and 2022 have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 that was filed with the SEC on March 20, 2023.

The unaudited interim condensed financial statements have been prepared on the same basis as the audited financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair

statement of the Company’s financial position as of September 30, 2023, the results of its operations for the three and nine months ended September 30, 2023 and 2022 and its cash flows for the nine months ended September 30, 2023 and 2022. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2023 and 2022 are unaudited. The results for the nine months ended September 30, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, any other interim periods, or any future year or period. The accompanying balance sheet as of December 31, 2022 has been derived from the Company’s audited financial statements for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K that was filed with the SEC on March 20, 2023.

Our significant accounting policies are described in Note 2 to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022 that was filed with the SEC on March 20, 2023.

Concentration of Credit Risk and of Significant Suppliers

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, and cash equivalents. From time to time, the Company has maintained all of its cash, cash equivalents and investment balances at three accredited financial institutions, in amounts that exceed federally insured limits. The Company generally invests its excess cash in money market funds, commercial paper and corporate notes that are subject to minimal credit and market risks. Management has established guidelines relative to credit ratings and maturities intended to safeguard principal balances and maintain liquidity. The investment portfolio is maintained in accordance with the Company’s investment policy, which defines allowable investments, specifies credit quality standards and limits the credit exposure of any single issuer.

Prior to the February 2023 decision to discontinue development of ALRN-6924, the Company was dependent on third-party manufacturers to supply products for research and development activities of its programs, including preclinical and clinical testing. In particular, the Company relied on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could have been adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs.

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (ASU 2016-13 or Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. The ASU was effective for the Company's fiscal year beginning January 1, 2023, and adoption did not have a material effect on the Company’s financial statements or disclosures.

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements upon adoption.

3. Fair Value of Financial Assets

The following tables present information about the Company’s assets that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:


	Fair Value Measurements as of September 30, 2023 using:
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	10,903	$	—	$	—	$	10,903
	$	10,903	$	—	$	—	$	10,903


	Fair Value Measurements as of December 31, 2022 using:
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	1,661	$	—	$	—	$	1,661
Investments:
Commercial paper		—		12,814		—		12,814
Treasury bills		—		3,234		—		3,234
	$	1,661	$	16,048	$	—	$	17,709

As of September 30, 2023 and December 31, 2022, the Company’s cash equivalents and investments were invested in money market funds, commercial paper and treasury bills and valued based on Level 1 and Level 2 inputs. In determining the fair value of its commercial paper at each date presented above, the Company relied on quoted prices for similar securities in active markets or using other inputs that are observable or can be corroborated by observable market data. The Company’s cash equivalents have original maturities of less than 90 days from the date of purchase. All available-for-sale investments have contractual maturities of less than one year. During the nine months ended September 30, 2023 and the year ended December 31, 2022, there were no transfers in or out of Level 3.

4. Investments

The Company had no investments as of September 30, 2023. As of December 31, 2022, the fair value of available-for-sale investments by type of security was as follows:


	December 31, 2022
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
Investments:
Commercial paper	$	12,846	$	—	$	(32	)	$	12,814
Treasury bills		3,250		—		(16	)		3,234
	$	16,096	$	—	$	(48	)	$	16,048

5. Property and Equipment, Net

Property and equipment, net consisted of the following:


	September 30, 2023			December 31, 2022
Computer equipment and software	$	324		$	340
Less: Accumulated depreciation and amortization		(295	)		(