$TECX
Tectonic Therapeutic, Inc.

2023 Q4 Form 10-Q Financial Statement

#000095017023062131 Filed on November 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.237M $6.260M
YoY Change -26.45% -11.41%
% of Gross Profit
Research & Development $4.390M $14.83M
YoY Change -75.8% -6.85%
% of Gross Profit
Depreciation & Amortization -$3.000K $0.00
YoY Change -100.9% -100.0%
% of Gross Profit
Operating Expenses $9.627M $21.09M
YoY Change -61.88% -8.24%
Operating Profit -$22.93M
YoY Change -0.23%
Interest Expense $1.260M $1.410M
YoY Change 465.02% 8712.5%
% of Operating Profit
Other Income/Expense, Net -$945.0K $1.356M
YoY Change -523.77% 8375.0%
Pretax Income -$8.408M -$21.58M
YoY Change -66.41% -6.05%
Income Tax $377.0K $0.00
% Of Pretax Income
Net Earnings -$8.785M -$21.58M
YoY Change -64.91% -6.06%
Net Earnings / Revenue
Basic Earnings Per Share -$0.48
Diluted Earnings Per Share -$0.20 -$0.48
COMMON SHARES
Basic Shares Outstanding 44.57M 44.53M
Diluted Shares Outstanding 44.53M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $98.02M $105.8M
YoY Change 5.9% -8.77%
Cash & Equivalents $98.02M $105.8M
Short-Term Investments
Other Short-Term Assets $2.241M $805.0K
YoY Change 122.32% 5.23%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $100.3M $109.2M
YoY Change 0.3% -13.52%
LONG-TERM ASSETS
Property, Plant & Equipment $432.0K $0.00
YoY Change -85.07% -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $400.0K $40.00K
YoY Change 900.0% -2.44%
Total Long-Term Assets $832.0K $1.352M
YoY Change -79.15% -58.58%
TOTAL ASSETS
Total Short-Term Assets $100.3M $109.2M
Total Long-Term Assets $832.0K $1.352M
Total Assets $101.1M $110.5M
YoY Change -2.75% -14.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.00K $910.0K
YoY Change -92.97% -49.83%
Accrued Expenses $4.341M $5.002M
YoY Change -63.0% -65.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.354M $7.559M
YoY Change -51.55% -53.32%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $0.00 $100.0K
YoY Change 900.0%
Total Long-Term Liabilities $0.00 $100.0K
YoY Change -99.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.354M $7.559M
Total Long-Term Liabilities $0.00 $100.0K
Total Liabilities $6.354M $7.664M
YoY Change -77.77% -75.6%
SHAREHOLDERS EQUITY
Retained Earnings -$477.3M -$468.5M
YoY Change -2.48% 0.88%
Common Stock $572.0M $571.3M
YoY Change 1.28% 1.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $94.74M $102.9M
YoY Change
Total Liabilities & Shareholders Equity $101.1M $110.5M
YoY Change -2.75% -14.65%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$8.785M -$21.58M
YoY Change -64.91% -6.06%
Depreciation, Depletion And Amortization -$3.000K $0.00
YoY Change -100.9% -100.0%
Cash From Operating Activities -$8.031M -$20.22M
YoY Change -66.08% 23.18%
INVESTING ACTIVITIES
Capital Expenditures -$2.000K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $150.0K $1.190M
YoY Change
Cash From Investing Activities $150.0K $1.200M
YoY Change -1495.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 59.00K 180.0K
YoY Change 0.0% 200.0%
NET CHANGE
Cash From Operating Activities -8.031M -20.22M
Cash From Investing Activities 150.0K 1.200M
Cash From Financing Activities 59.00K 180.0K
Net Change In Cash -7.822M -18.84M
YoY Change -66.88% 14.59%
FREE CASH FLOW
Cash From Operating Activities -$8.031M -$20.22M
Capital Expenditures -$2.000K $0.00
Free Cash Flow -$8.029M -$20.22M
YoY Change -66.08% 23.83%

Facts In Submission

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CapitalExpendituresIncurredButNotYetPaid
0
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0
us-gaap Interest Paid Net
InterestPaidNet
831000
us-gaap Interest Paid Net
InterestPaidNet
1002000
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
105842000
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
115968000
CY2023Q3 us-gaap Restricted Cash
RestrictedCash
683000
CY2022Q3 us-gaap Restricted Cash
RestrictedCash
492000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
106525000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
116460000
us-gaap Nature Of Operations
NatureOfOperations
<p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. Nature of the Business</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">AVROBIO, Inc. (the “Company” or “AVROBIO”) is a gene therapy company which has been focused on developing potentially curative ex vivo lentiviral gene therapies to treat rare diseases following a single dose treatment regimen.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On July 12, 2023, following a comprehensive review of the Company’s business by its Board of Directors (the “Board”), the Company announced its intention to halt development of its programs and explore strategic alternatives focused on maximizing stockholder value, which may include, but are not limited to, an acquisition, a merger, business combination or divestiture. The decision was not related to any safety or medical issues or negative regulatory feedback related to the Company’s programs. See Note 13 for further discussion.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company is subject to risks and uncertainties including, should it resume development of its product candidates, risks and uncertainties common to early-stage companies in the biotechnology industry, including but not limited to, risks associated with completing preclinical studies and clinical trials, receiving regulatory approvals for product candidates, development by competitors of new biopharmaceutical products, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Should the Company resume development of its product candidates, significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization, would be required. These efforts would require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, should the Company resume development of its product candidates, it is uncertain when, if ever, the Company would realize revenue from product sales.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether there are conditions and 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 consolidated financial statements are issued.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company has devoted substantially all of its efforts to research and development, business planning, acquiring operating assets, seeking protection for its technology and product candidates, and raising capital. Since inception, the Company has had recurring losses and has funded its operations through sales of preferred stock and common stock, a term loan facility and the sale of the Company’s cystinosis gene therapy program (designated AVR-RD-04) and all other assets of the Company specifically related to this program. As of September 30, 2023, the Company had an accumulated deficit of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">468,490</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. The Company expects that its cash and cash equivalents of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">105,842</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> as of September 30, 2023 will be sufficient to fund current planned operations and capital expenditure requirements for at least the next twelve months from the filing date of this Quarterly Report on Form 10-Q with the Securities and Exchange Commission (“SEC”). However, the future viability of the Company is dependent on its ability to raise additional capital to finance its operations. The Company’s inability to raise capital as and when needed, should the Company resume development of its product candidates, could have a negative impact on its financial condition and ability to pursue its business strategies. There can be no assurance that the current operating plan will be achieved or that additional funding will be available on terms acceptable to the Company, or at all.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On May 19, 2023, the Company entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Novartis Pharma AG and Novartis Pharmaceuticals Corporation (collectively, “Novartis”), p</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">roviding for the sale of the Company’s cystinosis gene therapy program (designated AVR-RD-04) and all other assets of the Company specifically related to this program. The aggregate consideration to the Company consisted of a cash payment of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">87,500</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> upon closing of the transaction. The Company completed the Asset Sale on June 9, 2023 and recognized $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">83,736</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> as a gain on asset sale, net of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">3,764</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> transaction costs, in the condensed consolidated statement of operations and comprehensive income (loss) for the </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">nine months ended September 30, 2023. See Note 3 for further discussion.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In July 2023, the Board approved a reduction in the Company’s workforce by approximately </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">50</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% across different areas and functions in the Company (the “July 2023 Workforce Reduction”). The July 2023 Workforce Reduction was substantially completed by the end of July 2023. The Company informed affected employees in the July 2023 Workforce Reduction on July 12, 2023. Since the date of the July 2023 Workforce Reduction, the Company’s remaining employees have primarily focused on activities relating to halting further development of the Company’s programs, the pursuit of strategic alternatives, and the provision of services under the previously disclosed Separation Services Agreement between the Company and Novartis in connection with the sale to Novartis of the Company’s cystinosis gene therapy program. The Company’s remaining workforce was further reduced by </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">11</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> employees </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">in a workforce reduction implemented effective as of October 31, 2023 (the “October 2023 Workforce Reduction”). Affected employees</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">in </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">the July 2023 Workforce Reduction and October 2023 Workforce Reduction were offered separation benefits, including severance payments. See Note 13 for further discussion.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-468490000
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
105842000
CY2023Q2 avro Cash Payment Of Closing The Transaction
CashPaymentOfClosingTheTransaction
87500000
CY2023Q2 us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
83736000
us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
3764000
CY2023Q3 avro Reduction In Workforce Percentage
ReductionInWorkforcePercentage
0.50
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0;font-size:10pt;margin-top:8pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires that the Company make estimates and judgments that may affect the reported amounts of assets, liabilities and expenses and the related disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. On an ongoing basis, the Company evaluates its estimates, judgments and methodologies. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates. Changes in estimates are reflected in reported results in the period in which they become known.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Significant estimates relied upon in preparing the unaudited condensed consolidated financial statements include the determination of the fair value of share-based awards issued and the estimation of accrued research and development expenses.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023Q3 us-gaap Other Assets Current
OtherAssetsCurrent
805000
CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
1008000
CY2023Q3 avro Prepaid Compensation Benefits
PrepaidCompensationBenefits
6000
CY2022Q4 avro Prepaid Compensation Benefits
PrepaidCompensationBenefits
327000
CY2023Q3 avro Collaborative Agreement Expenses
CollaborativeAgreementExpenses
0
CY2022Q3 avro Collaborative Agreement Expenses
CollaborativeAgreementExpenses
590000
avro Collaborative Agreement Expenses
CollaborativeAgreementExpenses
1610000
avro Collaborative Agreement Expenses
CollaborativeAgreementExpenses
1970000
CY2023Q3 us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
83736000
us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
3764000
CY2023Q3 avro Fair Value Input Amount Transfer Between Levels
FairValueInputAmountTransferBetweenLevels
0
CY2023Q3 avro Prepaid Research And Development Costs Current
PrepaidResearchAndDevelopmentCostsCurrent
828000
CY2022Q4 avro Prepaid Research And Development Costs Current
PrepaidResearchAndDevelopmentCostsCurrent
4509000
CY2023Q3 us-gaap Prepaid Insurance
PrepaidInsurance
1221000
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
999000
CY2023Q3 avro Tax Incentive Refund Current
TaxIncentiveRefundCurrent
0
CY2022Q4 avro Tax Incentive Refund Current
TaxIncentiveRefundCurrent
269000
CY2023Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2860000
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
7112000
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6706000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6698000
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4421000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3804000
us-gaap Financing Receivable Reclassification To Held For Sale
FinancingReceivableReclassificationToHeldForSale
2285000
CY2022 us-gaap Financing Receivable Reclassification To Held For Sale
FinancingReceivableReclassificationToHeldForSale
0
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
0
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2894000
us-gaap Financing Receivable Reclassification To Held For Sale
FinancingReceivableReclassificationToHeldForSale
2285000
CY2022 us-gaap Financing Receivable Reclassification To Held For Sale
FinancingReceivableReclassificationToHeldForSale
0
us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
-902000
CY2022 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
0
CY2023Q3 avro Sales
Sales
1198000
CY2022Q4 avro Sales
Sales
0
us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
185000
CY2022 us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
0
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1198000
CY2023Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
283000
CY2022Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
283000
CY2023Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
400000
CY2022Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
0
CY2023Q3 avro Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
1479000
CY2022Q4 avro Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
6122000
CY2023Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2402000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4175000
CY2023Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1120000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1224000
CY2023Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
211000
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5002000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
11732000
CY2018Q3 avro Lease Expiration Month And Year
LeaseExpirationMonthAndYear
2020-10
CY2020Q2 avro Lease Expiration Month And Year
LeaseExpirationMonthAndYear
2022-04
CY2022Q1 avro Lease Expiration Month And Year
LeaseExpirationMonthAndYear
2023-04
CY2022Q1 avro Operating Lease Annual Increase In Rental Percentage
OperatingLeaseAnnualIncreaseInRentalPercentage
0.05
CY2023Q3 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
940000
CY2020Q2 avro Lease Expiration Month And Year
LeaseExpirationMonthAndYear
2025-06
avro Annual Lease Payments Description
AnnualLeasePaymentsDescription
The annual lease payments are fixed for years 1 and 2, and then subject to a 6.67% increase for years 3 through 5
CY2020Q2 avro Operating Lease Annual Increase In Rental Percentage
OperatingLeaseAnnualIncreaseInRentalPercentage
0.0667
CY2020Q2 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2025-06-29
CY2023Q3 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
483000
CY2023Q3 us-gaap Sublease Income
SubleaseIncome
23000
CY2023Q3 us-gaap Costs And Expenses
CostsAndExpenses
460000
CY2023Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
706000
CY2022Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
831000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
2088000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
2493000
CY2023Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
706000
CY2023Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
1033000
CY2023Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
69000
CY2023Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
0
CY2023Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
0
CY2023Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
0
CY2023Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
1808000
us-gaap Interest Expense Other
InterestExpenseOther
82000
us-gaap Accrual For Environmental Loss Contingencies Foreign Currency Translation Gain Loss
AccrualForEnvironmentalLossContingenciesForeignCurrencyTranslationGainLoss
26000
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1752000
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y9M18D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1559
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1051
CY2023Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
0
CY2022Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
482000
us-gaap Interest Expense Debt
InterestExpenseDebt
1917000
us-gaap Interest Expense Debt
InterestExpenseDebt
1280000
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q3 avro Undesignated Preferred Stock
UndesignatedPreferredStock
10000000
CY2022Q4 avro Undesignated Preferred Stock
UndesignatedPreferredStock
10000000
CY2023Q3 avro Undesignated Shares Of Preferred Stock Outstanding
UndesignatedSharesOfPreferredStockOutstanding
0
CY2022Q4 avro Undesignated Shares Of Preferred Stock Outstanding
UndesignatedSharesOfPreferredStockOutstanding
0
us-gaap Dividends Cash
DividendsCash
0
CY2023Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
18605093
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
19259640
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y11M15D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0382
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.018
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8336
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8022
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9423271
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.26
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y1M20D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
22000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
123501
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.09
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
223273
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.79
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
3401052
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
7.15
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5922447
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.43
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y3M25D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1068000
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3606590
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
10.16
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y9M25D
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
217000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
85000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.79
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.23
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.52
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.47
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.85
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.48
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.52
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.47
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.85
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
1367000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
7000
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2219000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2656000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6284000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9267000
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
6282000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y1M6D
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-21577000
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-21577000
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-22969000
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-22969000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
20942000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
20942000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-80856000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-80856000
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44527997
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43772990
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44234936
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43722129
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44527997
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43772990
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44425531
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43722129
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.48
us-gaap Restructuring Charges
RestructuringCharges
3685000

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