0000320017-22-000057 | 10-Q | XBRL Viewer | Caladrius Biosciences INC

Available-for-Sale-Securities

6 Months Ended

Jun. 30, 2022

Debt Securities, Available-for-sale [Abstract]

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


	June 30, 2022								December 31, 2021
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Corporate debt securities	$	26,966	$	—	$	(66)	$	26,900	$	53,135	$	—	$	(65)	$	53,070
Commercial paper	2,978		—		—		2,978		—		—		—		—
Money market funds	22,727		—		—		22,727		18,124		—		—		18,124
Municipal debt securities	17,086		—		(3)		17,083		20,263		—		(5)		20,258

Total	$	69,757	$	—	$	(69)	$	69,688	$	91,522	$	—	$	(70)	$	91,452

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


	June 30, 2022		December 31, 2021
Cash equivalents	$	30,045	$	21,129
Marketable securities	39,643		70,323
Total	$	69,688	$	91,452

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


	June 30, 2022
	Amortized Cost		Estimated Fair Value
Less than one year	$	69,757	$	69,688
Greater than one year	—		—
Total	$	69,757	$	69,688

Contingencies	6 Months Ended
Contingencies	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies	ContingenciesContingenciesFrom time to time, the Company is subject to legal proceedings and claims, either asserted or unasserted, that arise in the ordinary course of business. While the outcome of pending claims cannot be predicted with certainty, the Company does not believe that the outcome of any pending claims will have a material adverse effect on the Company's financial condition or operating results.

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Schedule of Stock Option and Warrants Activity

The following table summarizes the activity for stock options and warrants for the six months ended June 30, 2022:


	Stock Options						Warrants
	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In Thousands)		Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In Thousands)
Outstanding at December 31, 2021	2,131,849	$	5.64	7.97	$	—	21,356,600	$	2.84	4.37	$	—

Changes during the period:
Granted	547,600	0.91					—	—
Exercised	—	—					—	—
Forfeited	(17,500)	1.62					—	—
Expired	(49,664)	27.37					—	—
Outstanding at June 30, 2022	2,612,285	$	4.26	7.63	$	—	21,356,600	$	2.84	3.88	$	—
Vested at June 30, 2022 or expected to vest in the future	2,574,724	$	4.31	7.61	$	—	21,356,600	$	2.84	3.88	$	—
Vested at June 30, 2022	1,388,935	$	6.92	6.24	$	—	21,356,600	$	2.84	3.88	$	—

Schedule of Restricted Stock Activity

During the six months ended June 30, 2022 and 2021, the Company issued restricted stock for services as follows ($ in thousands):


	Six Months Ended June 30,
	2022		2021
Number of restricted stock issued	1,061,175		300,450
Value of restricted stock issued	$	973	$	478

Schedule of Restricted Stock Units Activity

During the six months ended June 30, 2022 and 2021, the Company issued restricted stock units for services as follows ($ in thousands, except share data):


	Six Months Ended June 30,
	2022		2021
Number of restricted stock units issued	1,379,860		458,245
Value of restricted stock units issued	$	1,265	$	729

Available-for-Sale-Securities - Available-for-Sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Amortized Cost
Less than one year	$ 69,757
Greater than one year	0
Cost	69,757	$ 91,522
Estimated Fair Value
Less than one year	69,688
Greater than one year	0
Total estimated fair value	$ 69,688	$ 91,452

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 In addition to the policies below, the Company's significant accounting policies are described in Note 2 of the Notes to Consolidated Financial Statements included in its 2021 Form 10-K. There were no changes to these policies during the three and six months ended June 30, 2022. Concentration of Risks The Company is subject to credit risk from its portfolio of cash, cash equivalents and marketable securities. Under its investment policy, the Company limits amounts invested in such securities by credit rating, maturity, industry group, investment type and issuer, except for securities issued by the U.S. government. Cash is held at major banks in the United States. Therefore, the Company is not exposed to any significant concentrations of credit risk from these financial instruments. The goals of the Company's investment policy, in order of priority, are as follows: safety and preservation of principal and diversification of risk, liquidity of investments sufficient to meet cash flow requirements, and a competitive after-tax rate of return. Share-Based Compensation The Company expenses all share-based payment awards to employees, directors, and consultants, including grants of stock options, warrants, and restricted stock, over the requisite service period based on the grant date fair value of the awards. Consultant awards are remeasured each reporting period through vesting. For awards with performance-based vesting criteria, the Company estimates the probability of achievement of the performance criteria and recognizes compensation expense related to those awards expected to vest. The Company determines the fair value of option awards using the Black-Scholes option-pricing model which uses both historical and current market data to estimate the fair value. This method incorporates various assumptions such as the risk-free interest rate, expected volatility, expected dividend yield and expected life of the options or warrants. The fair value of the Company’s restricted stock and restricted stock units is based on the closing market price of the Company’s common stock on the date of grant. Investment in Cend Therapeutics Investments in which the Company has no significant influence (generally less than a 20% ownership interest) or does not have the ability to exercise significant influence are accounted for under the measurement alternative method pursuant to ASC 321, Investments — Equity Securities (“ASC 321”) as these investments do not have readily determinable fair values. Under the measurement alternative method, the Company records the investment at cost less impairment losses, if any, unless it identifies observable price changes in orderly transactions for the identical or a similar investment of the same issuer, in which case the Company will measure its investments at fair value as of the date that the observable transaction occurred. Such investments are presented as investments on the consolidated balance sheets and any impairment recognized related to these investments are presented in other income (expense), on the consolidated statements of operations (see Note 5, “Fair Value Measurements”).

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement, Noncash Expense [Abstract]

Schedule Share-based Compensation Expense

The following table summarizes the components of share-based compensation expense for the three and six months ended June 30, 2022 and 2021 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	$	141	$	24	$	359	$	120
General and administrative	226		246		769		747
Total share-based compensation expense	$	367	$	270	$	1,128	$	867

Schedule of Total Compensation Cost Related to Nonvested Awards

Total compensation cost related to non-vested awards not yet recognized and the weighted-average periods over which the awards were expected to be recognized at June 30, 2022 were as follows (in thousands):


	Stock Options		Restricted Stock Units		Restricted Stock
Unrecognized compensation cost	$	685	$	319	$	869
Expected weighted-average period in years of compensation cost to be recognized	1.56		0.74		2.04

Schedule of Fair Value of Share-based Compensation Awards

Total fair value of shares vested and the weighted average estimated fair values of shares granted for the six months ended June 30, 2022 and 2021 were as follows (in thousands):


	Stock Options
	Six Months Ended June 30,
	2022		2021
Total fair value of shares vested	$	385	$	407
Weighted average estimated fair value of shares granted	$	0.61	$	1.08

Income (Loss) Per Share (Details) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	2,612	1,005
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	21,357	21,357
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	1,454	798

Operating Leases - Balance Sheet Presentation (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Right-of Use Assets:
Right-of-use assets	$ 608	$ 724
Right-of-use assets, balance sheet line item	Other assets	Other assets
Operating Lease Liabilities:
Operating lease liabilities, current	$ 178	$ 229
Operating lease liabilities, noncurrent	383	485
Operating lease liabilities	$ 561	$ 714
Operating lease liabilities, current, balance sheet line item	Accrued liabilities	Accrued liabilities
Operating lease liabilities, noncurrent, balance sheet line item	Other long-term liabilities	Other long-term liabilities

Stockholders' Equity - Stock Options and Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Stock Options, Shares
Options, Outstanding, Beginning of Period (in shares)	2,131,849	2,131,849
Options, Granted (in shares)		547,600
Options, Exercised (in shares)		0
Options, Forfeited (in shares)		(17,500)
Options, Expired (in shares)		(49,664)
Options, Outstanding, End of Period (in shares)		2,612,285
Options, Vested and expected to vest (in shares)		2,574,724
Options, Vested (in shares)		1,388,935
Stock Options, Weighted Average Exercise Price
Options, Outstanding. Beginning of Period (in dollars per share)	$ 5.64	$ 5.64
Options, Granted (in dollars per share)		0.91
Options, Exercised (in dollars per share)		0
Options, Forfeited (in dollars per share)		1.62
Options, Expired (in dollars per share)		27.37
Options, Outstanding, End of Period (in dollars per share)		4.26
Options, Vested and expected to vest (in dollars per share)		4.31
Options, Vested (in dollars per share)		$ 6.92
Stock Options, Weighted Average Contractual Term and Intrinsic Value
Options, Outstanding, Weighted Average Remaining Contractual Term	7 years 11 months 19 days	7 years 7 months 17 days
Options, Vested and expected to vest, Weighted Average Remaining Contractual Term		7 years 7 months 9 days
Options, Vested, Weighted Average Remaining Contractual Term		6 years 2 months 26 days
Options, Outstanding, Aggregate Intrinsic Value		$ 0	$ 0
Options, Vested and expected to vest, Aggregate Intrinsic Value		0
Options, Vested, Aggregate Intrinsic Value		$ 0
Warrants, Shares
Warrants, Outstanding, Beginning of Period (in shares)	21,356,600	21,356,600
Warrants, Granted (in shares)		0
Warrants, Exercised (in shares)		0
Warrants, Forfeited (in shares)		0
Warrants, Expired (in shares)		0
Warrants, Outstanding, End of Period (in shares)		21,356,600
Warrants, Vested and expected to vest (in shares)		21,356,600
Warrants, Vested (in shares)		21,356,600
Warrants, Weighted Average Exercise Price
Warrants Outstanding, Beginning of Period (in dollars per share)	$ 2.84	$ 2.84
Warrants, Granted (in dollars per share)		0
Warrants, Exercised (in dollars per share)		0
Warrants, Forfeited (in dollars per share)		0
Warrants, Expired (in dollars per share)		0
Warrants Outstanding, End of Period (in dollars per share)		2.84
Weighted Average Exercise Price, Warrants Vested And Expected To Vest		2.84
Warrants, Vested, Weighted Average Exercise Price (in dollars per share)		$ 2.84
Warrants, Weighted Average Contractual Term and Intrinsic Value
Warrants, Outstanding, Weighted Average Remaining Contractual Term	4 years 4 months 13 days	3 years 10 months 17 days
Warrants, Vested and expected to vest, Weighted Average Remaining Contractual Term		3 years 10 months 17 days
Warrants, Vested, Weighted Average Remaining Contractual Term		3 years 10 months 17 days
Warrants Outstanding, Aggregate Intrinsic Value		$ 0	$ 0
Warrants, Vested and expected to vest, Aggregate Intrinsic Value		0
Warrants, Vested, Aggregate Intrinsic Value		$ 0

The Business (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
	Apr. 26, 2022	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2017
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Preferred stock, par value (in usd per share)		$ 0.01	$ 0.01
Collaboration Agreement
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 200
Cend Purchase Agreement
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Series D original issue price (in usd per share)	$ 8.8057
Aggregate price	$ 10,000
Pre-Equity Offering Value After Conversion	250,000
Potential gross proceeds	$ 50,000
Cend Series D preferred stock \| Cend Purchase Agreement
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Number of shares purchased	1,135,628
Preferred stock, par value (in usd per share)	$ 0.00001
Merger Agreement \| Cend
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Expected post-merger ownership in Company by Cend stockholders (percent)	50.00%
Expected post-merger ownership in Company by Company stockholders (percent)	50.00%
Transaction expenses threshold for allocation	$ 250
Minimum net cash threshold at closing per agreement	64,900
Potential termination fee payable	1,000
Potential termination fee receivable	4,000
Potential expense reimbursement per agreement	$ 1,000
CLBS16 Treatment of CMD
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Grants awarded				$ 1,900

Operating Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

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

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


	June 30, 2022		December 31, 2021
Right-of Use Assets:
Other assets	$	608	$	724
Total Right-of-Use Asset	$	608	$	724

Operating Lease Liabilities:
Accrued liabilities	$	178	$	229
Other long-term liabilities	383		485
Total Operating Lease Liabilities	$	561	$	714

Schedule of Future Minimum Lease Payments Under Lease Agreements

Future minimum lease payments under the lease agreements as of June 30, 2022 were as follows (in thousands):


Years ended	Operating Leases


2022	103
2023	217
2024	190
2025	143
Total lease payments	653
Less: Amounts representing interest	(92)
Present value of lease liabilities	$	561

Share-Based Compensation - Fair Value of Shares Vested and Weighted Average Estimated Fair Value of Shares Granted (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares vested	$ 385	$ 407
Weighted average estimated fair value of shares granted	$ 0.61	$ 1.08

Share-Based Compensation - Share-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 Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 367	$ 270	$ 1,128	$ 867
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	141	24	359	120
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense			$ 769	$ 747
Selling, General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 226	$ 246

Operating Leases - Narrative (Details)	Jun. 30, 2022 office
Leases [Abstract]
Number of offices under operating leases	2
Weighted average remaining lease term for operating leases (in years)	2 years
Weighted average discount rate for operating leases (percent)	9.625%

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (10,852)	$ (13,745)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	1,128	867
Depreciation and amortization	14	33
Accretion on marketable securities	900	1,133
Changes in operating assets and liabilities:
Prepaid and other current assets	(744)	(1,232)
Other assets	118	166
Accounts payable, accrued liabilities and other liabilities	(1,268)	176
Net cash used in operating activities	(10,704)	(12,602)
Cash flows from investing activities:
Purchase of marketable securities	(30,291)	(105,792)
Sale of marketable securities	60,070	29,558
Purchase of property and equipment	(235)	(60)
Investment in Cend Therapeutics	(10,000)	0
Net cash provided by (used in) investing activities	19,544	(76,294)
Cash flows from financing activities:
Proceeds from exercise of options	0	24
Tax withholding payments on net share settlement equity awards	(168)	(184)
Net proceeds from issuance of common stock	29	85,479
Net cash (used in) provided by financing activities	(139)	85,319
Net increase (decrease) in cash and cash equivalents	8,701	(3,577)
Cash and cash equivalents at beginning of period	24,647	16,512
Cash and cash equivalents at end of period	$ 33,348	$ 12,935

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

The following table sets forth by level within the fair value hierarchy the Company's financial assets that were accounted for at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 (in thousands).


	June 30, 2022								December 31, 2021
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Marketable securities - available for sale	$	—	$	39,643	$	—	$	39,643	$	—	$	70,323	$	—	$	70,323
Investment in Cend Therapeutics	$	—	$	—	$	10,000	$	10,000	$	—	$	—	$	—	$	—
	$	—	$	39,643	$	10,000	$	49,643	$	—	$	70,323	$	—	$	70,323

Available-for-Sale-Securities (Tables)

6 Months Ended

Jun. 30, 2022

Debt Securities, Available-for-sale [Abstract]

Schedule of Available-for-sale Securities Reconciliation

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


	June 30, 2022								December 31, 2021
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Corporate debt securities	$	26,966	$	—	$	(66)	$	26,900	$	53,135	$	—	$	(65)	$	53,070
Commercial paper	2,978		—		—		2,978		—		—		—		—
Money market funds	22,727		—		—		22,727		18,124		—		—		18,124
Municipal debt securities	17,086		—		(3)		17,083		20,263		—		(5)		20,258

Total	$	69,757	$	—	$	(69)	$	69,688	$	91,522	$	—	$	(70)	$	91,452

Schedule of Marketable Securities


	June 30, 2022		December 31, 2021
Cash equivalents	$	30,045	$	21,129
Marketable securities	39,643		70,323
Total	$	69,688	$	91,452

Investments Classified by Contractual Maturity Date

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


	June 30, 2022
	Amortized Cost		Estimated Fair Value
Less than one year	$	69,757	$	69,688
Greater than one year	—		—
Total	$	69,757	$	69,688

The Business	6 Months Ended
The Business	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Business	The Business Overview Caladrius Biosciences, Inc. (“we,” “us,” “our,” “Caladrius” or the “Company”) is a clinical-stage biopharmaceutical company dedicated to the development of treatments and reversal of severe diseases. The Company is developing what are intended to be first-in-class therapeutics based on the characteristics of naturally occurring CD34+ cells and their ability to stimulate the growth of new microvasculature. Its technology is intended to leverage these cells to enable the body's natural repair mechanisms using formulations unique to each medical indication. The Company's leadership team has decades of collective biopharmaceutical product development experience in a variety of therapeutic categories. Its goal is to develop and commercialize products that address important unmet medical needs based on a broad and versatile portfolio of candidates. The Company’s current product candidates include: •XOWNA® (CLBS16), the subject of both a completed positive Phase 2a study (ESCaPE-CMD) and an ongoing follow on Phase 2b study (FREEDOM Trial) in the United States for the treatment of coronary microvascular dysfunction (“CMD”); •HONEDRA® (CLBS12), recipient of SAKIGAKE designation pursuant to which early conditional approval in Japan for the treatment of critical limb ischemia (“CLI”) and Buerger’s disease is being sought based on the current results of a clinical trial executed in Japan. HONEDRA® was the recipient of orphan drug designation in March 2021 from the U.S. Food and Drug Administration (“FDA”) for Buerger's disease; and •CLBS201, the subject of a study designed to assess the safety and efficacy of CD34+ cell therapy as a treatment for patients with chronic kidney disease related to type 2 diabetes (diabetic kidney disease or “DKD”). •On April 26, 2022, the Company and Cend Therapeutics, Inc., a Delaware corporation (“Cend”), entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”), pursuant to which, among other matters, and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, a wholly-owned subsidiary of Caladrius will merge with and into Cend, with Cend surviving as a wholly-owned subsidiary of the Company (the “Merger”), subject to the terms of the Merger Agreement and stockholder approval of the transaction. Under the exchange ratio formula, as of immediately after the Merger, the former Cend stockholders are expected to own approximately 50% of the outstanding shares of Caladrius Common Stock and the Company’s stockholders as of immediately prior to the Merger are expected to own approximately 50% of the outstanding shares of Caladrius Common Stock. The actual allocation will be subject to adjustment based on our net cash balance at the time of closing and the amount of any transaction expenses of Cend in excess of $250 thousand at the time of closing. Ischemic Repair (CD34+ Cell Technology) The CD34+ cell was discovered as a result of the deliberate search for a cell capable of stimulating the development and/or repair of blood vessels. All tissues in the body maintain their function by replacing cells over time. In addition to the maintenance function, the body must also be capable of building new blood vessels after injury. A CD34+ cell is an endothelial progenitor cell that has the ability to stimulate new blood vessel formation at the level of the microvasculature. No other native cell discovered to date has demonstrated this same capability. The Company's proprietary cell technology using autologous (a patient’s own naturally occurring) CD34+ cells has led to the development of therapeutic product candidates designed to address diseases and conditions caused by ischemia. Ischemia occurs when the supply of oxygenated blood to healthy tissue is restricted or reduced. Through the administration of CD34+ cells, Caladrius seeks to promote the development and formation of new microvasculature and thereby increase blood flow to the impacted area. The Company believes that a number of conditions caused by underlying ischemic injury can be improved through its CD34+ cell technology including but not limited to Buerger's disease, CLI, CMD, and DKD. XOWNA® for Treatment of Coronary Microvascular Dysfunction In 2017, with the assistance of a $1.9 million grant from the National Institutes of Health (Award Number R44HL135889), the Company initiated its program for XOWNA® for the treatment of CMD, a disease that afflicts as many as 1.6 million patients in the United States alone, with no current targeted treatment options. That study, the ESCaPE-CMD Trial, was a Phase 2a proof-of-concept, open label study that enrolled patients at the Mayo Clinic in Rochester, MN and Cedars-Sinai Medical Center in Los Angeles, CA. Those data showed a positive therapeutic effect with a statistically significant improvement in angina frequency, coronary flow reserve, Canadian Cardiovascular Society Angina Class and Seattle Angina Questionnaire scores, as well as an acceptable safety profile. The full data set from that study was presented at the SCAI 2020 Scientific Sessions Virtual Conference on May 14, 2020 by Dr. Timothy Henry, FACC, of the Christ Hospital in Cincinnati, Ohio. In December 2020, the Company commenced enrollment in its Phase 2b FREEDOM Trial of XOWNA®, a double-blind, randomized, placebo-controlled clinical trial designed to further evaluate the efficacy and safety of intracoronary artery delivery of autologous CD34+ cells in subjects with CMD and without obstructive coronary artery disease and was expected to complete enrollment in approximately 12 months. While early enrollment proceeded to plan with the first patient treated in January 2021, the impact of the COVID-19 pandemic contributed to a general slowing of enrollment, including supply chain disruptions affecting the availability of qualified catheters used in the diagnosis of CMD and/or administration of XOWNA® as well as with a contrast agent typically used in many catheter laboratories. Protocol amendments to the initial FREEDOM Trial protocol, as agreed to by the FDA, were implemented with the goal of enhancing breadth and speed of subject enrollment. In May 2022, the Company announced that enrollment in the FREEDOM Trial had been suspended and that it intends to conduct an interim analysis of the data from not less than the first 20 patients enrolled using the 6-month follow-up data to evaluate the efficacy and safety of XOWNA® in subjects with CMD and corroborate the ESCaPE-CMD study results. The interim analysis is expected to be completed in the third quarter of 2022, and the next steps in development of XOWNA® will subsequently be determined after appropriate regulatory and business review, expected to be announced prior to year-end 2022. HONEDRA® for Treatment of Critical Limb Ischemia The Company's randomized, open-label, registration-eligible study of HONEDRA® in Japan for the treatment of CLI and Buerger's disease has, to date, demonstrated positive trends in both safety and efficacy. The HONEDRA® study's enrollment, however, has been significantly curtailed by the COVID-19 pandemic's impact in Japan, including the States of Emergency in Japan that have persisted for much of 2020, 2021, and 2022. Due to the significant and continued operational and financial burden incurred as a result of these COVID-19 delays, coupled with the unpredictability of the timing of site enrollment re-initiation, Caladrius suspended further enrollment in the fourth quarter of 2021. Following study suspension, the Company completed all protocol-defined patient observations and is preparing the clinical study report. HONEDRA® is now in the pre-consultation phase of the registration process with the Pharmaceuticals and Medical Devices Agency (“PMDA”) in Japan. Data from the follow-up of all patients completed in the registration-eligible clinical trial in Japan has been compiled and is expected to be reviewed by PMDA during the third quarter of 2022 after which the PMDA is expected to provide important perspective to be considered in preparation for the formal consultation meetings which precede the Japanese new drug application. The Company is focusing its efforts on consummating a partnership for the product in Japan. Such a partnership may become the basis for the completion of development and registration of HONEDRA® in Japan. This may include the completion of enrollment of the four-remaining no-option CLI subjects stipulated in the original protocol, if necessary, and/or exploration of the possibility of submitting the existing data to Japan's PMDA under Japan's regenerative medicine regulations, which allow for conditional approval of innovative regenerative medicine products. Despite receipt of orphan designation from FDA in March 2021 in the U.S. for CLBS12 as a potential treatment for Buerger's disease, based on a response from the FDA in October 2021 regarding a development plan for U.S. registration the Company decided not to pursue U.S. development in Buerger's disease at this time. CLBS201 for Treatment of Diabetic Kidney Disease Progressive kidney failure is associated with attrition of the microcirculation of the kidney. Pre-clinical studies in kidney disease and injury models have demonstrated that protection or replenishment of the microcirculation results in improved kidney function. Based on these observations, the Company elected to move forward with a Phase 1b, open-label, proof-of-concept trial evaluating CLBS201 dosed via intra-renal artery injections in subjects with DKD. This protocol includes six subjects in total with the first two subjects sequentially dosed and followed for a two-week safety observation period. Clearance by the independent Data Safety Monitoring Board (“DSMB”) overseeing the study then permitted the treatment of the next four patients, with all patients being followed for safety and therapeutic effect. A read-out of data will occur after at the six-month follow-up visit for all patients. A key criterion for continued development of CLBS201 will be its ability to demonstrate a therapeutic effect that will make it competitive in the field of DKD treatment, i.e., kidney function regeneration, as indicated by increased glomerular filtration rate. The Company treated the first patient in the CLBS201 proof-of-concept study in April 2022 and completed treatment for all six subjects during the third quarter of 2022. Top-line data is anticipated from all subjects by the first quarter of 2023. Additional Out-licensing Opportunities The Company's broad intellectual property portfolio of cell therapy assets includes notable programs available for out-licensing in order to continue their clinical development. The Company's current long-term strategy focuses on advancing its therapies through development with the ultimate objective of obtaining market authorizations and entering commercialization, either alone or with partners, to provide treatment options to patients suffering from life-threatening medical conditions. The Company believes that it is well-positioned to realize potentially meaningful value increases within its own proprietary pipeline if it is successful in advancing its product candidates to their next significant development milestones. Cend Merger Agreement On April 26, 2022, the Company and Cend entered into the Merger Agreement. Consummation of the Merger is subject to certain closing conditions, including, among other things, approval by the stockholders of the Company and Cend and the Company’s satisfaction of a minimum net cash threshold at closing, expected to be approximately $64.9 million assuming a closing at the end of the third quarter of 2022, and as described further in the Merger Agreement. The Merger Agreement contains certain termination rights for both the Company and Cend, and further provides that, upon termination of the Merger Agreement under specified circumstances, the Company may be required to pay Cend a termination fee of $1.0 million, Cend may be required to pay the Company a termination fee of $4.0 million, or in some circumstances reimburse the other party’s expenses up to a maximum of $1.0 million. At the effective time of the Merger, the Company’s Board of Directors is expected to consist of nine members, four of whom will be designated by the Company, four of whom will be designated by Cend and one member who will be mutually agreed between the Company and Cend. Stock Purchase Agreement In order to provide Cend with capital for its development programs prior to the closing of the Merger, the Company and Cend entered into a Series D Preferred Stock Purchase Agreement (the “Purchase Agreement”), pursuant to which the Company purchased from Cend 1,135,628 shares of Series D Preferred Stock, $0.00001 par value per share (the “Series D Preferred Stock”), of Cend at a purchase price per share equal to $8.8057 per share (the “Series D Original Issue Price”), or approximately $10 million in the aggregate. The Series D Preferred Stock ranks senior to Cend’s common stock and the other series of preferred stock with respect to rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of Cend. The Series D Preferred Stock has a liquidation preference equal to the Series D Original Issue Price plus an amount equal to any accrued and unpaid dividends to the date of payment and will participate with Cend’s common stockholders and other preferred stockholders thereafter on an as-converted basis. The Series D Preferred Stock shall vote with the common stock on an as-converted basis on any matters presented to the stockholders of Cend. Each share of Series D Preferred Stock is convertible, at the option of the holder thereof, into such number of shares of Cend common stock as is determined by dividing the Original Issue Price by the conversion price in effect at the time of conversion, which conversion price shall be the Original Issue Price as appropriately adjusted for stock splits, stock dividends, combinations, and subdivisions of Cend common stock, and as adjusted pursuant to a weighted-average antidilution adjustment. The Series D Preferred Stock will automatically convert into shares of Cend common stock upon the closing of a firm-commitment underwritten initial public offering implying a pre-equity offering value of at least $250 million, resulting in at least $50 million of gross proceeds to Cend. Collaboration Agreement In connection with such Purchase Agreement, Cend entered into a Collaboration Agreement (the “Collaboration Agreement”), pursuant to which the Company agreed to collaborate with Cend on certain developmental and clinical activities prior to the closing of the Merger. Pursuant to the Collaboration Agreement, the Company and Cend have formed a joint steering committee (the “Committee”) comprised of individuals from both entities. The Committee meets regularly and is responsible for monitoring ongoing studies and making recommendations for development activity and trial planning. Cend has agreed to pay each member of the Committee from the Company an hourly consulting fee for such service. As of June 30, 2022 the cumulative services provided under the agreement totaled $0.2 million. Coronavirus Considerations In December 2019, a novel strain of coronavirus (SARS-CoV-2), which causes COVID-19, was reported to have surfaced in China. In March 2020, the World Health Organization declared the outbreak of COVID-19 to be a pandemic, and the world's economies began to experience pronounced effects. Despite the FDA approval of multiple COVID-19 vaccines in late 2020, there remains uncertainty around the extent and duration of disruption and any future related financial impact cannot reasonably be estimated at this time. In response to the COVID-19 pandemic, the Company implemented a universal work from home policy as well as stringent social distancing and other hygiene policies for employees when they must be in the office. The Company's clinical study of HONEDRA® in Japan experienced significant delays in enrollment due to the States of Emergency in effect in Japan for most of 2020, 2021, and 2022 covering Tokyo and other regions in response to an increased number of COVID-19 infections. With the Company's expectation that COVID-19 in Japan will continue to impact negatively clinical site operations and enrollment of patients in the HONEDRA® clinical trial, it elected to suspend trial enrollment, seek a development partner and consult with the Japanese regulatory authorities regarding the submission of patient data already accrued. Caladrius' phase 2b FREEDOM Trial of XOWNA® in the U.S. has also experienced delays in enrolling patients as a result of COVID-19. While early enrollment proceeded to plan with the first patient treated in January 2021, the impact of the COVID-19 pandemic contributed to a general slowing of enrollment, including supply chain disruptions affecting the availability of qualified catheters used in the diagnosis of CMD and/or administration of XOWNA® as well as with a contrast agent typically used in many catheter laboratories. In May 2022, the Company announced that enrollment in the FREEDOM Trial had been suspended and that it intended to conduct an interim analysis of the data from not less than the first 20 patients enrolled using the 6-month follow-up data to evaluate the efficacy and safety of XOWNA® in subjects with CMD and corroborate the ESCaPE-CMD study results. Basis of Presentation The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the accompanying Consolidated Financial Statements of the Company and its subsidiaries, which are unaudited, include all normal and recurring adjustments considered necessary to present fairly the Company’s financial position as of June 30, 2022, and the results of its operations and its cash flows for the periods presented. The unaudited consolidated financial statements herein should be read together with the historical consolidated financial statements of the Company for the years ended December 31, 2021 and 2020 included in our 2021 Form 10-K. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Estimates also affect the reported amounts of expenses during the reporting period. The Company bases its estimates on historical experience and other assumptions believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. The Company makes critical estimates and assumptions in determining stock-based awards values. Accordingly, actual results could differ from those estimates and assumptions. Principles of Consolidation The Consolidated Financial Statements include the accounts of Caladrius Biosciences, Inc. and its wholly owned and majority owned subsidiaries and affiliates. All intercompany activities have been eliminated in consolidation.

Accrued Liabilities

6 Months Ended

Jun. 30, 2022

Accrued Liabilities [Abstract]

Accrued Liabilities

Accrued liabilities as of June 30, 2022 and December 31, 2021 were as follows (in thousands):


	June 30, 2022		December 31, 2021
Salaries, employee benefits and related taxes	$	1,397	$	2,034
Operating lease liabilities — current	178		229

Other	685		326
Total	$	2,260	$	2,589

Income (Loss) Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Income (Loss) Per Share

Income (Loss) Per ShareFor the six months ended June 30, 2022 and 2021, the Company incurred net losses and therefore no common stock equivalents were utilized in the calculation of diluted loss per share as they are anti-dilutive. At June 30, 2022 and 2021, the Company excluded the following potentially dilutive securities (in thousands):


	June 30,
	2022	2021
Stock Options	2,612	1,005
Warrants	21,357	21,357

Restricted Stock Units	1,454	798

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 accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the accompanying Consolidated Financial Statements of the Company and its subsidiaries, which are unaudited, include all normal and recurring adjustments considered necessary to present fairly the Company’s financial position as of June 30, 2022, and the results of its operations and its cash flows for the periods presented. The unaudited consolidated financial statements herein should be read together with the historical consolidated financial statements of the Company for the years ended December 31, 2021 and 2020 included in our 2021 Form 10-K. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Estimates also affect the reported amounts of expenses during the reporting period. The Company bases its estimates on historical experience and other assumptions believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. The Company makes critical estimates and assumptions in determining stock-based awards values. Accordingly, actual results could differ from those estimates and assumptions.
Principles of Consolidation	Principles of ConsolidationThe Consolidated Financial Statements include the accounts of Caladrius Biosciences, Inc. and its wholly owned and majority owned subsidiaries and affiliates. All intercompany activities have been eliminated in consolidation
Concentration of Risks	Concentration of Risks The Company is subject to credit risk from its portfolio of cash, cash equivalents and marketable securities. Under its investment policy, the Company limits amounts invested in such securities by credit rating, maturity, industry group, investment type and issuer, except for securities issued by the U.S. government. Cash is held at major banks in the United States. Therefore, the Company is not exposed to any significant concentrations of credit risk from these financial instruments. The goals of the Company's investment policy, in order of priority, are as follows: safety and preservation of principal and diversification of risk, liquidity of investments sufficient to meet cash flow requirements, and a competitive after-tax rate of return.
Share-Based Compensation	Share-Based Compensation The Company expenses all share-based payment awards to employees, directors, and consultants, including grants of stock options, warrants, and restricted stock, over the requisite service period based on the grant date fair value of the awards. Consultant awards are remeasured each reporting period through vesting. For awards with performance-based vesting criteria, the Company estimates the probability of achievement of the performance criteria and recognizes compensation expense related to those awards expected to vest. The Company determines the fair value of option awards using the Black-Scholes option-pricing model which uses both historical and current market data to estimate the fair value. This method incorporates various assumptions such as the risk-free interest rate, expected volatility, expected dividend yield and expected life of the options or warrants. The fair value of the Company’s restricted stock and restricted stock units is based on the closing market price of the Company’s common stock on the date of grant. Investment in Cend Therapeutics Investments in which the Company has no significant influence (generally less than a 20% ownership interest) or does not have the ability to exercise significant influence are accounted for under the measurement alternative method pursuant to ASC 321, Investments — Equity Securities (“ASC 321”) as these investments do not have readily determinable fair values. Under the measurement alternative method, the Company records the investment at cost less impairment losses, if any, unless it identifies observable price changes in orderly transactions for the identical or a similar investment of the same issuer, in which case the Company will measure its investments at fair value as of the date that the observable transaction occurred. Such investments are presented as investments on the consolidated balance sheets and any impairment recognized related to these investments are presented in other income (expense), on the consolidated statements of operations (see Note 5, “Fair Value Measurements”).

Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accrued Liabilities [Abstract]
Salaries, employee benefits and related taxes	$ 1,397	$ 2,034
Operating lease liabilities — current	178	229
Other	685	326
Total accrued liabilities	$ 2,260	$ 2,589

Fair Value Measurements (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities - available for sale	$ 39,643	$ 70,323
Assets, fair value disclosure	49,643	70,323
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities - available for sale	0	0
Assets, fair value disclosure	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities - available for sale	39,643	70,323
Assets, fair value disclosure	39,643	70,323
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities - available for sale	0	0
Equity Securities, FV-NI, Current	10,000
Assets, fair value disclosure	$ 10,000	$ 0

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (6,626)	$ (5,682)	$ (10,852)	$ (13,745)
Available for sale securities - net unrealized gain (loss)	126	(4)	0	(4)
Total other comprehensive gain (loss)	126	(4)	0	(4)
Comprehensive loss attributable to Caladrius Biosciences, Inc. common stockholders	$ (6,500)	$ (5,686)	$ (10,852)	$ (13,749)

- Definition

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

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-Subparagraph (a)
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Available-for-Sale-Securities - Classification of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Abstract]
Cash equivalents	$ 30,045	$ 21,129
Marketable securities	39,643	70,323
Total	$ 69,688	$ 91,452

Available-for-Sale-Securities - Schedule of Available-for-Sale Securities Reconciliation (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Cost	$ 69,757	$ 91,522
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(69)	(70)
Estimated Fair Value	69,688	91,452
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Cost	26,966	53,135
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(66)	(65)
Estimated Fair Value	26,900	53,070
Commercial Paper
Debt Securities, Available-for-sale [Line Items]
Cost	2,978	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	2,978	0
Money market funds
Debt Securities, Available-for-sale [Line Items]
Cost	22,727	18,124
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	22,727	18,124
Municipal debt securities
Debt Securities, Available-for-sale [Line Items]
Cost	17,086	20,263
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(3)	(5)
Estimated Fair Value	$ 17,083	$ 20,258

Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Accrued Liabilities [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities as of June 30, 2022 and December 31, 2021 were as follows (in thousands):


	June 30, 2022		December 31, 2021
Salaries, employee benefits and related taxes	$	1,397	$	2,034
Operating lease liabilities — current	178		229

Other	685		326
Total	$	2,260	$	2,589

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating Expenses:
Research and development	$ 3,239	$ 4,329	$ 6,517	$ 9,405
General and administrative	3,481	2,818	6,823	5,828
Total operating expenses	6,720	7,147	13,340	15,233
Operating loss	(6,720)	(7,147)	(13,340)	(15,233)
Other income (expense):
Investment income, net	94	47	158	70
Other expense, net	0	(90)	(149)	(90)
Total other income (expense)	94	(43)	9	(20)
Net loss before benefit from income taxes and noncontrolling interests	(6,626)	(7,190)	(13,331)	(15,253)
Benefit from income taxes	0	(1,508)	(2,479)	(1,508)
Net loss attributable to Caladrius Biosciences, Inc. common stockholders	$ (6,626)	$ (5,682)	$ (10,852)	$ (13,745)
Basic and diluted loss per share
Caladrius Biosciences, Inc. common stockholders - basic (in usd per share)	$ (0.11)	$ (0.10)	$ (0.18)	$ (0.27)
Caladrius Biosciences, Inc. common stockholders - diluted (in usd per share)	$ (0.11)	$ (0.10)	$ (0.18)	$ (0.27)
Weighted average common shares outstanding
Basic shares	60,533	59,510	60,546	50,862
Diluted shares	60,533	59,510	60,546	50,862

Share-Based Compensation - Compensation Cost Not Yet Recognized (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 685
Expected weighted-average period in years of compensation cost to be recognized	1 year 6 months 21 days
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 319
Expected weighted-average period in years of compensation cost to be recognized	8 months 26 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 869
Expected weighted-average period in years of compensation cost to be recognized	2 years 14 days

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In assessing the realizability of deferred tax assets, including the net operating loss carryforwards (“NOLs”), the Company assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize its existing deferred tax assets. Based on its assessment, the Company has provided a full valuation allowance against its net deferred tax assets as their future utilization remains uncertain at this time. As of December 31, 2021 and 2020, the Company had approximately $281 million and $264 million, respectively of federal NOLs available to offset future taxable income expiring from 2030 through 2036. The Company performed an analysis and determined that they had an ownership change of greater than 50% over a 3-year testing period on January 25, 2021. As a result, $169 million of the $281 million of federal NOLs will expire unutilized. The Company wrote off that portion of the deferred tax asset and reduced the corresponding valuation allowance resulting in $112 million of remaining federal NOL. The write off of the deferred tax asset and the corresponding reduction in valuation allowance has no impact to the balance sheet or income statement. Losses incurred before the ownership change on January 25, 2021 will be subject to an annual limitation of $173k under Internal Revenue Code Section 382, while losses incurred after January 25, 2021 will not be subject to limitations. The Company may be able to utilize additional NOLs of approximately $1.1 million per year for the first five years after this ownership change as a result of the application of the Net Unrealized Built-in Gain rules. As of December 31, 2021 and 2020 the Company had state NOLs available in New Jersey of $97 million and $99 million, respectively, California of $70 million and $70 million, respectively, and New York City of $13 million and $13 million, respectively, to offset future taxable income expiring from 2031 through 2041. In accordance with Section 382 of the Internal Revenue code, the usage of the Company’s NOLs would be limited given the change in ownership. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period when those temporary differences become deductible. The Company applies the FASB’s provisions for uncertain tax positions. The Company utilizes the two-step process to determine the amount of recognized tax benefit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company recognizes interest and penalties associated with uncertain tax positions as a component of income tax expense. As of June 30, 2022, management does not believe the Company has any material uncertain tax positions that would require it to measure and reflect the potential lack of sustainability of a position on audit in its financial statements. The Company will continue to evaluate its uncertain tax positions in future periods to determine if measurement and recognition in its financial statements is necessary. The Company does not believe there will be any material changes in its unrecognized tax positions over the next year. For years prior to 2018, the federal statute of limitations is closed for assessing tax. The Company’s state tax returns remain open to examination for a period of three to four years from date of filing. In December 2021, the Company received preliminary approval from the New Jersey Economic Development Authority (“NJEDA”) to participate in the Technology Business Tax Certificate Transfer Program (the “Program”). The Program permits qualified companies to sell a percentage of their New Jersey net operating losses (“NJ NOLs”) to unrelated profitable corporations. On February 22, 2022, the Company received final approval from NJEDA to sell $2.5 million of its NJ NOLs related tax benefits (“NJ NOL Tax Benefits”), which was subsequently sold to a qualifying and approved buyer pursuant to the Program for net proceeds of $2.3 million. The gross proceeds of $2.5 million have been recorded as a benefit from income taxes and the loss on sale of NJ NOLs of $0.1 million recorded in other income (expense) in the consolidated financial statements.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://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 http://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 http://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 http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 270
-Section 50
-Paragraph 1
-URI http://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 http://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 http://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 http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Operating Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Operating Leases

Operating LeasesThe Company has operating leases for two offices with terms that expire in 2023 and 2025, respectively. The Company estimates its incremental borrowing rate at lease commencement to determine the present value of lease payments as most of the Company's leases do not provide an implicit rate of return. The Company recognizes lease expense on a straight-line basis over the lease term. For lease agreements entered into or reassessed after the adoption of Topic 842, the Company elected to account for non-lease components associated with its leases and lease components as a single lease component. Each of the Company's leases includes options for the Company to extend the lease term and/or sub-lease space in whole or in part.

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


	June 30, 2022		December 31, 2021
Right-of Use Assets:
Other assets	$	608	$	724
Total Right-of-Use Asset	$	608	$	724

Operating Lease Liabilities:
Accrued liabilities	$	178	$	229
Other long-term liabilities	383		485
Total Operating Lease Liabilities	$	561	$	714

As of June 30, 2022, the weighted average remaining lease term for our operating leases was 2.0 years, and the weighted average discount rate for our operating leases was 9.625%. Future minimum lease payments under the lease agreements as of June 30, 2022 were as follows (in thousands):


Years ended	Operating Leases


2022	103
2023	217
2024	190
2025	143
Total lease payments	653
Less: Amounts representing interest	(92)
Present value of lease liabilities	$	561

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 33,348	$ 24,647
Marketable securities	39,643	70,323
Prepaid and other current assets	1,956	1,212
Total current assets	74,947	96,182
Property and equipment, net	282	62
Other Investments	10,000	0
Other assets	648	764
Total assets	85,877	97,008
Liabilities
Accounts payable	1,097	1,934
Accrued liabilities	2,260	2,589
Total current liabilities	3,357	4,523
Other long-term liabilities	383	485
Total liabilities	3,740	5,008
Commitments and Contingencies
Stockholders' Equity
Preferred stock, authorized, 20,000,000 shares Series B convertible redeemable preferred stock liquidation value, 0.001 share of common stock, $0.01 par value; 825,000 shares designated; issued and outstanding, 10,000 shares at June 30, 2022 and December 31, 2021, respectively	0	0
Common stock, $0.001 par value, authorized 500,000,000 shares; issued 60,594,329 and 59,800,792 shares at June 30, 2022 and December 31, 2021, respectively; and outstanding, 60,583,249 and 59,789,712 shares at June 30, 2022 and December 31, 2021, respectively	61	60
Additional paid-in capital	546,976	545,988
Treasury stock, at cost; 11,080 shares at June 30, 2022 and December 31, 2021	(708)	(708)
Accumulated deficit	(463,868)	(453,016)
Accumulated other comprehensive loss	(70)	(70)
Total Caladrius Biosciences, Inc. stockholders' equity	82,391	92,254
Non-controlling interests	(254)	(254)
Total stockholders' equity	82,137	92,000
Total liabilities, non-controlling interests and stockholders' equity	$ 85,877	$ 97,008

Income Taxes (Details) - USD ($) $ in Thousands	Feb. 22, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Possible additional NOLs for five years resulting from Net Unrealized Built-in Gain rules		$ 1,100
Proceeds from sale of NOLs, gross	$ 2,500
Net proceeds from sale of NOLs	2,300
Loss on sale of NOLs	$ 100
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards, prior to write down		281,000
Net operating loss carryforwards		112,000	$ 264,000
Write down of NOLs set to expire unutilized		169,000
State \| New Jersey
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards		97,000	99,000
State \| California
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards		70,000	70,000
State \| New York
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards		$ 13,000	$ 13,000

Operating Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Finance Minimum Lease Payments
2022	$ 103
2023	217
2024	190
2025	143
Total lease payments	653
Less: Amounts representing interest	(92)
Present value of lease liabilities	$ 561	$ 714

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Total Caladrius Biosciences, Inc. Stockholders' Equity	Series B Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Treasury Stock	Non- Controlling Interest in Subsidiary
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock, shares outstanding			10,000
Common stock, beginning balance (in shares) at Dec. 31, 2020				19,389,000
Beginning balance at Dec. 31, 2020	$ 32,242	$ 32,496	$ 0	$ 19	$ 458,748	$ (13)	$ (425,550)	$ (708)	$ (254)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(13,745)	(13,745)					(13,745)
Unrealized loss on marketable securities	(4)	(4)				(4)
Share-based compensation (in shares)				273,000
Share-based compensation	683	683			683
Net proceeds from issuance of common stock and warrants (in shares)				39,860,000
Net proceeds from issuances of common stock	85,479	85,479		$ 41	85,438
Proceeds from option exercises (in shares)				7,000
Proceeds from option exercises	24	24			24
Preferred stock, ending balance (in shares) at Jun. 30, 2021			10,000
Common stock, ending balance (in shares) at Jun. 30, 2021				59,529,000
Ending balance at Jun. 30, 2021	104,679	104,933	$ 0	$ 60	544,893	(17)	(439,295)	(708)	(254)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock, shares outstanding			10,000
Common stock, beginning balance (in shares) at Mar. 31, 2021				59,510,000
Beginning balance at Mar. 31, 2021	110,014	110,268	$ 0	$ 60	544,601	(72)	(433,613)	(708)	(254)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(5,682)	(5,682)					(5,682)
Unrealized loss on marketable securities	55	55				55
Share-based compensation	270	270			270
Net proceeds from issuance of common stock and warrants (in shares)				19,000
Net proceeds from issuances of common stock	22	22		$ 0	22
Preferred stock, ending balance (in shares) at Jun. 30, 2021			10,000
Common stock, ending balance (in shares) at Jun. 30, 2021				59,529,000
Ending balance at Jun. 30, 2021	$ 104,679	104,933	$ 0	$ 60	544,893	(17)	(439,295)	(708)	(254)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock, shares outstanding			10,000
Preferred stock, shares outstanding	10,000		10,000
Common stock, beginning balance (in shares) at Dec. 31, 2021	59,789,712			59,801,000
Beginning balance at Dec. 31, 2021	$ 92,000	92,254	$ 0	$ 60	545,988	(70)	(453,016)	(708)	(254)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(10,852)	(10,852)					(10,852)
Share-based compensation (in shares)				728,000
Share-based compensation	960	960		$ 1	959
Net proceeds from issuance of common stock and warrants (in shares)				65,000
Net proceeds from issuances of common stock	$ 29	29		$ 0	29
Proceeds from option exercises (in shares)	0
Preferred stock, ending balance (in shares) at Jun. 30, 2022	10,000		10,000
Common stock, ending balance (in shares) at Jun. 30, 2022	60,583,249			60,594,000
Ending balance at Jun. 30, 2022	$ 82,137	82,391	$ 0	$ 61	546,976	(70)	(463,868)	(708)	(254)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock, shares outstanding			10,000
Common stock, beginning balance (in shares) at Mar. 31, 2022				60,544,000
Beginning balance at Mar. 31, 2022	88,241	88,495	$ 0	$ 61	546,580	(196)	(457,242)	(708)	(254)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(6,626)	(6,626)					(6,626)
Unrealized loss on marketable securities	126	126				126
Share-based compensation (in shares)				(15,000)
Share-based compensation	367	367			367
Net proceeds from issuance of common stock and warrants (in shares)				65,000
Net proceeds from issuances of common stock	$ 29	29			29
Preferred stock, ending balance (in shares) at Jun. 30, 2022	10,000		10,000
Common stock, ending balance (in shares) at Jun. 30, 2022	60,583,249			60,594,000
Ending balance at Jun. 30, 2022	$ 82,137	$ 82,391	$ 0	$ 61	$ 546,976	$ (70)	$ (463,868)	$ (708)	$ (254)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock, shares outstanding	10,000		10,000

Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

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

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

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


	June 30, 2022								December 31, 2021
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Marketable securities - available for sale	$	—	$	39,643	$	—	$	39,643	$	—	$	70,323	$	—	$	70,323
Investment in Cend Therapeutics	$	—	$	—	$	10,000	$	10,000	$	—	$	—	$	—	$	—
	$	—	$	39,643	$	10,000	$	49,643	$	—	$	70,323	$	—	$	70,323

- 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

Stockholders' Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Stockholders' Equity

Equity Issuances

Purchase Agreement

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

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

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

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

As of June 30, 2022, the Company had not made any sales of common stock to Lincoln Park under the Purchase Agreement other than the Initial Purchase. The agreement expired on April 1, 2022.

At The Market Offering Agreement

On June 4, 2021, the Company entered into an At The Market Offering Agreement (the “ATM Agreement”) with HCW, as sales agent, in connection with an “at the market offering” under which the Company from time to time may offer and sell shares of its common stock, having an aggregate offering price of up to $50.0 million. During the six months ended June 30, 2022 and since inception the Company had not issued any shares under the ATM Agreement. Having received a listing deficiency notice from Nasdaq on February 18, 2022 after the Company’s shares traded below $1.00 for 30 consecutive trading days, the Company will not be permitted to sell additional shares under the ATM Agreement until it re-establishes timely compliance. Compliance may be reestablished by various mechanisms, including stock price appreciation at or above $1.00 for a requisite period of time and reverse stock split.

Stock Options and Warrants

The following table summarizes the activity for stock options and warrants for the six months ended June 30, 2022:


	Stock Options						Warrants
	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In Thousands)		Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In Thousands)
Outstanding at December 31, 2021	2,131,849	$	5.64	7.97	$	—	21,356,600	$	2.84	4.37	$	—

Changes during the period:
Granted	547,600	0.91					—	—
Exercised	—	—					—	—
Forfeited	(17,500)	1.62					—	—
Expired	(49,664)	27.37					—	—
Outstanding at June 30, 2022	2,612,285	$	4.26	7.63	$	—	21,356,600	$	2.84	3.88	$	—
Vested at June 30, 2022 or expected to vest in the future	2,574,724	$	4.31	7.61	$	—	21,356,600	$	2.84	3.88	$	—
Vested at June 30, 2022	1,388,935	$	6.92	6.24	$	—	21,356,600	$	2.84	3.88	$	—

Restricted Stock

During the six months ended June 30, 2022 and 2021, the Company issued restricted stock for services as follows ($ in thousands):


	Six Months Ended June 30,
	2022		2021
Number of restricted stock issued	1,061,175		300,450
Value of restricted stock issued	$	973	$	478

The vesting terms of restricted stock issuances are generally between one to four years.

Restricted Stock Units

During the six months ended June 30, 2022 and 2021, the Company issued restricted stock units for services as follows ($ in thousands, except share data):


	Six Months Ended June 30,
	2022		2021
Number of restricted stock units issued	1,379,860		458,245
Value of restricted stock units issued	$	1,265	$	729

The weighted average estimated fair value of restricted stock issued for services in the six months ended June 30, 2022 and 2021 was $0.92 and $1.59 per share, respectively. The fair value of the restricted stock units was determined using the Company’s closing stock price on the date of issuance. The vesting terms of restricted stock unit issuances are generally one year, or upon the achievement of performance-based milestones.

- Definition

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

+ References

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+ Details

Share-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement, Noncash Expense [Abstract]

Share-Based Compensation

We utilize share-based compensation in the form of stock options, restricted stock, and restricted stock units. The following table summarizes the components of share-based compensation expense for the three and six months ended June 30, 2022 and 2021 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	$	141	$	24	$	359	$	120
General and administrative	226		246		769		747
Total share-based compensation expense	$	367	$	270	$	1,128	$	867


	Stock Options		Restricted Stock Units		Restricted Stock
Unrecognized compensation cost	$	685	$	319	$	869
Expected weighted-average period in years of compensation cost to be recognized	1.56		0.74		2.04

Total fair value of shares vested and the weighted average estimated fair values of shares granted for the six months ended June 30, 2022 and 2021 were as follows (in thousands):


	Stock Options
	Six Months Ended June 30,
	2022		2021
Total fair value of shares vested	$	385	$	407
Weighted average estimated fair value of shares granted	$	0.61	$	1.08

Valuation Assumptions

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

Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, liquidation value	0.001	0.001
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares designated	825,000	825,000
Preferred stock, shares issued	10,000	10,000
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	60,594,329	59,800,792
Common stock, shares, outstanding	60,583,249	59,789,712
Treasury stock (shares)	11,080	11,080

Stockholders' Equity - Restricted Stock and Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued	1,061,175	300,450
Value of shares issued	$ 973	$ 478
Weighted average estimated fair value	$ 0.92	$ 1.59
Restricted Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting terms (years)	1 year
Restricted Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting terms (years)	4 years
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued	1,379,860	458,245
Value of shares issued	$ 1,265	$ 729
Vesting terms (years)	1 year

Income (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

At June 30, 2022 and 2021, the Company excluded the following potentially dilutive securities (in thousands):


	June 30,
	2022	2021
Stock Options	2,612	1,005
Warrants	21,357	21,357

Restricted Stock Units	1,454	798

Stockholders' Equity - Equity Issuances (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	6 Months Ended
	Mar. 31, 2019	Jun. 30, 2022	Jun. 04, 2021	Jun. 30, 2019
Lincoln Park Agreement
Class of Stock [Line Items]
Aggregate offering amount authorized per agreement				$ 26.0
Commitment shares issued as consideration per agreement (in shares)	181,510
Number of shares sold (in shares)	250,000
Price of shares sold (in dollars per share)				$ 4.00
Gross price for stock transaction	$ 1.0
Term of agreement (in months)	36 months
Number of shares allowable to direct for Regular Purchase (in shares)				100,000
Maximum obligation per directed purchase transaction for Regular Purchase				$ 2.5
Maximum shares allowed in Accelerated Purchase as percent of shares In Regular Purchase (percent)				300.00%
Maximum shares allowed in Accelerated Purchase as percent of shares traded during specified period (percent)				30.00%
Maximum beneficial ownership allowable per agreement (percent)				9.99%
ATM Agreement
Class of Stock [Line Items]
Aggregate offering amount authorized per agreement			$ 50.0
Stock issued (shares)		0