ANGN Angion Biomedica Corporation

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

For the fiscal year ended December 31, 2022

OR

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

Commission file number 001-04321

ANGION BIOMEDICA CORP

(Exact name of registrant as specified in its charter)

Delaware									11-3430072
(State or other jurisdiction of incorporation or organization)									(I.R.S. Employer Identification No.)
7-57 Wells Avenue, Newton, Massachusetts									02459
(Address of Principal Executive Offices)									(Zip Code)

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, par value $0.01			ANGN			The Nasdaq Global Select Market

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

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

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

Large accelerated filer			☐			Accelerated filer			☐
Non-accelerated filer			☒			Smaller reporting company			☒
						Emerging growth company			☒

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

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

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

PART I			Page
Item 1. Business			5
Item 1A. Risk Factors			12
Item 1B. Unresolved Staff Comments			26
Item 2. Properties			26
Item 3. Legal Proceedings			26
Item 4. Mine Safety Disclosures			26
PART II
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issue Purchases of Equity Securities			27
Item 6. [Reserved]			27
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations			27
Item 7A. Quantitative and Qualitative Disclosures			41
Item 8. Financial Statements and Supplementary Data			42
Item 9. Changes in and Disagreements with Accountants			74
Item 9A. Controls and Procedures			74
Item 9B. Other Information			75
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections			75
PART III
Item 10. Directors, Executive Officers and Corporate Governance			76
Item 11. Executive Compensation			82
Item 12. Security ownership of certain beneficial owners and management and related stockholder matters			88
Item 13. Certain Relationships and Related Transactions, and Director Independence			90
Item 14. Principal Accountant Fees			92
PART IV
Item 15. Exhibits			94
Item 16. Form 10-K Summary			96
Signature			97

In addition, statements such as “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Annual Report on Form 10-K, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

Our ROCK2 program includes a number of highly selective, oral small molecule inhibitors of ROCK2 developed internally as a potential treatment for fibrotic and other diseases. Over the past year, we conducted additional chemistry work resulting in additional libraries of ROCK(Rho-associated coiled-coil forming protein kinase)-targeting compounds with differing ratios of ROCK2 and ROCK1 selectivity ranging from 300-fold to 1,600-fold selectivity for ROCK2 versus ROCK1 with promising bioavailability.

mouse model of IPF, researchers found mice with either ROCK1 or ROCK2 genetically deleted were protected from bleomycin-induced IPF, indicating specifically targeting either ROCK isoform would be an effective therapeutic strategy against IPF. ROCK2 expression in vitro has also been associated with co-expression of fibrotic liver markers. Elevated ROCK2 levels are seen in cardiac hypertrophy, cardiac fibrosis and diastolic dysfunction. ROCK2 has also been shown to play a role in neurodegenerative disorders such as amyotrophic lateral sclerosis, Parkinson's disease and Alzheimer's disease. As a result, we believe a potent ROCK2 inhibitor should prevent disease progression in chronic fibrotic diseases and potentially be useful in a variety of other cardiac and neurodegenerative disorders.

Dual ROCK1/2 inhibitors can have problematic side effects including hypotension and increased vascular permeability. In an in vitro analysis measuring binding affinity for ROCK2 and ROCK1, our ROCK2 selective inhibitors show much stronger binding affinity for ROCK2 versus ROCK1. We believe high selectivity for ROCK2 could provide enhanced tolerability, potentially supporting long-term systemic use.

We have issued claims in the United States to solid forms of ANG-3777 which expires in 2040, and pending applications in Australia, Brazil, Canada, China, Israel, Japan, Korea, Mexico, New Zealand, Singapore, and the United States. Patents issuing from these applications will expire in 2040.

▪completion of preclinical laboratory tests and animal studies, all performed in accordance with the FDA's Good Laboratory Practice (GLP) regulations;

▪submission to the FDA of an investigational new drug application (IND) which must become effective before human clinical studies may begin and must be updated annually or when significant changes are made;

▪approval by an independent institutional review board (IRB) representing each clinical site before a clinical study may be initiated;

▪performance of adequate and well-controlled human clinical trials in accordance with good clinical practice (GCP) regulations to establish the safety and efficacy of the product candidate for each proposed indication;

▪preparation of and submission to the FDA of a new drug application (NDA);

▪satisfactory completion of an FDA advisory committee review, if applicable;

▪a determination by the FDA within 60 days of its receipt of an NDA to file the application for review;

▪satisfactory completion of an FDA pre-approval inspection of the manufacturing facility(ies) where the product is manufactured to assess compliance with current good manufacturing practice (cGMP) regulations, and of selected clinical investigation sites to assess compliance with GCP; and

▪FDA review and approval of an NDA to permit commercial marketing of the product for its particular labeled uses in the United States.

Following announcement of the merger agreement with Elicio on January 17, 2023, and the filing of a Registration Statement on Form S-4 on February 13, 2023, a lawsuit was filed in the United States District Court for the Eastern District of New York on February 17, 2023 by a purported stockholder of Angion in connection with the proposed merger between Angion and Elicio. The lawsuit was captioned Klein v. Angion Biomedica Corp., et al., No. 1:23-cv-01313 (E.D.N.Y.). The Klein complaint named as defendants Angion, and the members of the Angion Board. The Klein complaint alleged claims for breaches of fiduciary duty against the members of the Angion Board, aiding and abetting breaches of fiduciary duty against Angion, violations of Section 14(a) of the Exchange Act and Rule 14a-9 promulgated thereunder against all defendants, and violations of Section 20(a) of the Exchange Act against the members of the Angion Board. The plaintiff contended that the registration statement on Form S-4 filed on February 13, 2023 omitted or misrepresented material information regarding the proposed merger between Angion and Elicio, rendering the registration statement false and misleading. The Klein complaint sought injunctive and declaratory relief, as well as damages. On February 21, 2023, the plaintiff filed a notice of voluntary dismissal of the Klein lawsuit. Although the plaintiffs voluntarily dismissed this case, litigation of this type is prevalent in mergers involving public companies, and other potential plaintiffs may file lawsuits challenging the Merger.

▪to maintain, expand and defend the scope of our intellectual property portfolio, including the amount and timing of any payments we may be required to make, or we may receive, in connection with the licensing, filing, prosecution, defense and enforcement of any patents or other intellectual property rights, and

▪the costs associated with being a public company, including our need to implement additional internal systems and infrastructure, including financial and reporting systems.

▪delays or difficulties in enrolling patients in our clinical trials;

▪delays or difficulties in clinical site initiation, including difficulties in recruiting clinical site investigators and clinical site staff;

▪diversion of healthcare resources away from the conduct of clinical trials, including the diversion of hospitals serving as our clinical trial sites and hospital staff supporting the conduct of our clinical trials;

▪interruption of key clinical trial activities, such as clinical trial site monitoring, due to limitations on travel imposed or recommended by federal or state governments, employers and others or interruption of clinical trial subject visits and study procedures, the occurrence of which could affect the integrity of clinical trial data;

▪risk that participants enrolled in our clinical trials will acquire COVID-19 while the clinical trial is ongoing, which could impact the results of the clinical trial, including by increasing the number of observed adverse events;

▪limitations in employee resources that would otherwise be focused on the conduct of our clinical trials, including because of sickness of employees or their families or the desire of employees to avoid contact with large groups of people;

▪delays in receiving authorizations from local regulatory authorities to initiate our planned clinical trials;

▪delays in clinical sites receiving the supplies and materials needed to conduct our clinical trials;

▪interruption in global shipping that may affect the transport of clinical trial materials, such as investigational drug product used in our clinical trials;

▪changes in local regulations as part of a response to the COVID-19 pandemic which may require us to change the ways in which our clinical trials are conducted, which may result in unexpected costs, or to discontinue the clinical trials altogether;

▪interruptions or delays in preclinical studies due to restricted or limited operations at our research and development laboratory facilities;

▪delays in necessary interactions with local regulators, ethics committees and other important agencies and contractors due to limitations in employee resources or forced furlough of government employees; and refusal of the FDA to accept data from clinical trials in affected geographies outside the United States.

▪refusal of the FDA to accept data from clinical trials in affected geographies outside the United States.

The global pandemic of COVID-19 continues to evolve. The extent to which COVID-19 may impact our business and financial condition will depend on future developments, which are highly uncertain and cannot be predicted with confidence, such as the geographic spread of the disease and its variants, business closures or business disruptions and the effectiveness of actions taken in the United States and other countries to contain and treat the disease.

•a classified board of directors with three-year staggered terms, which may delay the ability of stockholders to change the membership of a majority of our board of directors;

•no cumulative voting in the election of directors, which limits the ability of minority stockholders to elect director candidates;

•the exclusive right of our board of directors to elect a director to fill a vacancy created by the expansion of the board of directors or the resignation, death or removal of a director, which prevents stockholders from being able to fill vacancies on our board of directors;

•the ability of our board of directors to authorize the issuance of shares of preferred stock and to determine the price and other terms of those shares, including preferences and voting rights, without stockholder approval, which could be used to significantly dilute the ownership of a hostile acquiror;

• the ability of our board of directors to alter our amended and restated bylaws without obtaining stockholder approval;

•the required approval of at least 66 2/3% of the shares entitled to vote at an election of directors to adopt, amend or repeal our amended and restated bylaws or repeal the provisions of our amended and restated certificate of incorporation regarding the election and removal of directors;

• a prohibition on stockholder action by written consent, which forces stockholder action to be taken at an annual or special meeting of our stockholders;

• the requirement that a special meeting of stockholders may be called only by our chief executive officer or president or chairperson of the board of directors or by the board of directors, which may delay the ability of our stockholders to force consideration of a proposal or to take action, including the removal of directors; and

From time to time, we may be involved in routine legal proceedings, as well as demands, claims and threatened litigation, which arise in the normal course of our business. In addition, following announcement of the merger agreement with Elicio on January 17, 2023, and the filing of a Registration Statement on Form S-4 on February 13, 2023, a lawsuit was filed in the United States District Court for the Eastern District of New York on February 17, 2023 by a purported stockholder of Angion in connection with the proposed merger between Angion and Elicio. The lawsuit was captioned Klein v. Angion Biomedica Corp., et al., No. 1:23-cv-01313 (E.D.N.Y.). The Klein complaint named as defendants Angion, and the members of the Angion Board. The Klein complaint alleged claims for breaches of fiduciary duty against the members of the Angion Board, aiding and abetting breaches of fiduciary duty against Angion, violations of Section 14(a) of the Exchange Act and Rule 14a-9 promulgated thereunder against all defendants, and violations of Section 20(a) of the Exchange Act against the members of the Angion Board. The plaintiff contended that the proposed merger between Angion and Elicio is unfair and undervalues Angion, and that the registration statement on Form S-4 filed on February 13, 2023 omitted or misrepresented material information regarding the proposed merger between Angion and Elicio, rendering the registration statement false and misleading. The Klein complaint sought injunctive and declaratory relief, as well as damages. On February 21, 2023, the plaintiff filed a notice of voluntary dismissal of the Klein lawsuit. Although the plaintiffs voluntarily dismissed this case, litigation of this type is prevalent in mergers involving public companies, and other potential plaintiffs may file lawsuits challenging the Merger.

The significant cut in the number of employees from the reduction in force announced on July 25, 2022 and the suspension of certain of our operations in deference to our 2022 Strategic Realignment impacted the use of our leased facilities. As of December 31, 2022, we were no longer conducting operations in our Newton, Massachusetts facility or our leased facility in Uniondale, New York, other than to store equipment. We determined that the right-of-use assets related to each facility were impaired. As a result, we recognized an impairment of $3.0 million related to the leases to write down the right-of-use assets to our fair value based on estimated future cash flows (see Note 10 to the consolidated financial statements included in this Annual Report on Form 10-K for additional information).

▪personnel costs, including salaries, payroll taxes, employee benefits and stock-based compensation, for personnel in research and development functions;

▪costs associated with medical affairs activities;

▪fees paid to consultants, clinical testing sites and contract research organizations (CROs), including in connection with our preclinical studies and clinical trials, and other related clinical trial fees, such as for investigator grants, patient screening, laboratory work, clinical trial database management, clinical trial material management and statistical compilation, analysis and reporting;

▪contracted research and license agreement fees with no alternative future use;

▪costs related to acquiring, manufacturing and maintaining clinical trial materials and laboratory supplies;

▪depreciation of equipment and facilities;

▪legal expenses related to clinical trial agreements and material transfer agreements; and

▪costs related to preparation of regulatory submissions and compliance with regulatory requirements.

Restructuring and impairment expenses include costs associated with the significant cut in the number of employees from the reductions in force announced in January and July 2022 and our suspension of certain of our operations in deference to our 2022 Strategic Realignment impacted the use of our leased facilities. These costs consist of termination benefits to our former employees and impairment of the right-of-use assets for our leased facilities. See Note 10 in our consolidated financial statements included in this Annual Report on Form 10-K for more information on the restructuring expenses and long-lived asset impairments.

			Year Ended December 31,
			2022						2021						$ Change						% Change
			(In thousands, except percentages)
Revenue:
Contract revenue			$	2,301					$	27,506					$	(25,205)					(91.6)		%
Grant revenue			—						806						(806)						(100.0)		%
Total revenue			2,301						28,312						(26,011)						(91.9)		%
Operating expenses:
Cost of grant revenue			—						433						(433)						(100.0)		%
Research and development			18,100						48,698						(30,598)						(62.8)		%
General and administrative			14,637						18,488						(3,851)						(20.8)		%
Restructuring and impairment expenses			9,185						—						9,185						100.0		%
Total operating expenses			41,922						67,619						(25,697)						(38.0)		%
Loss from operations			(39,621)						(39,307)						(314)						0.8		%
Other income (expense), net			814						(15,266)						16,080						(105.3)		%
Net loss			$	(38,807)					$	(54,573)					$	15,766					(28.9)		%

_______________________

•our ability to complete the Merger or, if the Merger is not completed, identify and consummate another strategic transaction;

•the scope, progress, results and costs of researching and developing ANG-3070 or any other product candidates, and conducting preclinical studies and clinical trials;

•the outcome of ongoing and future clinical trials, including the Phase 2 clinical trial of ANG-3070 in patients with PPKD;

•whether we are able to take advantage of any FDA expedited development and approval programs for any of our product candidates;

•the extent to which COVID-19 may impact our business, including our clinical trials and financial condition;

•the outcome, costs and timing of seeking and obtaining and maintaining FDA and any foreign regulatory approvals;

•the number and characteristics of product candidates we pursue, including product candidates in preclinical development;

•the ability of our product candidates to progress through clinical development successfully;

•our need to expand our research and development activities, including to conduct additional clinical trials;

•market acceptance of our product candidates, including physician adoption, market access, pricing and reimbursement;

•the costs of acquiring, licensing or investing in businesses, products, product candidates and technologies;

•our ability to maintain, expand and defend the scope of our intellectual property portfolio, including the amount and timing of any payments potentially required to make, or that we may receive, in connection with the licensing, filing, prosecution, defense and enforcement of any patents or other intellectual property rights;

•our need and ability to hire additional personnel, including management, clinical development, medical and commercial personnel;

•the effect of competing technological, market developments and government policy;

•the costs associated with being a public company, including our need to implement additional internal systems and infrastructure, including financial and reporting systems;

•the costs associated with securing and establishing commercialization and manufacturing capabilities, as well as those associated with packaging, warehousing and distribution;

•the economic and other terms, timing of and success of our existing licensing arrangements and any collaboration, licensing or other arrangements into which we may enter in the future and timing and amount of payments thereunder; and

The following table sets forth a summary of our net cash flow activity for the years ended December 31, 2022 and 2021 (in thousands):

			Year Ended December 31,
			2022						2021
Net cash provided by (used in)
Operating activities			$	(38,390)					$	(52,643)
Investing activities			—						(382)
Financing activities			(60)						107,171
Effect of foreign currency on cash			181						3
Net (decrease) increase in cash			$	(38,269)					$	54,149

We concluded that our government grants are not within the scope of ASC 606 as they do not meet the definition of a contract with a customer. We have concluded that the grants meet the definition of a contribution and are non-reciprocal transactions, and have also concluded that Subtopic 958-605, Not-for-Profit-Entities-Revenue Recognition, does not apply, as we are a business entity and the grants are with governmental agencies.

			Page
Report of Independent Registered Public Accounting Firm (Moss Adams LLP, Seattle, Washington, PCAOB ID: 659)			43
Consolidated Balance Sheets			44
Consolidated Statements of Operations and Comprehensive Loss			45
Consolidated Statements of Stockholders' Equity (Deficit)			46
Consolidated Statements of Cash Flows			48
Notes to Consolidated Financial Statements			49

			December 31,
			2022						2021
ASSETS
Current assets
Cash and cash equivalents			$	50,487					$	88,756
Grants receivable			—						806
Prepaid expenses and other current assets			943						1,685
Total current assets			51,430						91,247
Property and equipment, net			273						451
Right of use assets			152						3,986
Investments in related parties			874						723
Other assets			61						106
Total assets			$	52,790					$	96,513
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable			$	2,720					$	4,710
Accrued expenses			2,569						3,219
Lease liability—current			994						894
Financing obligation—current			67						58
Deferred revenue—current			—						2,301
Warrant liability			19						114
Total current liabilities			6,369						11,296
Lease liability—noncurrent			2,481						3,475
Financing obligation—noncurrent			168						235
Total liabilities			9,018						15,006
Commitments and contingencies—Note 9
Stockholders' equity
Common stock, $0.01 par value per share; 300,000,000 authorized shares; 30,113,946 and 29,959,060 shares issued and outstanding as of December 31, 2022 and 2021, respectively			301						300
Additional paid-in capital			297,327						296,445
Accumulated other comprehensive income (loss)			86						(103)
Accumulated deficit			(253,942)						(215,135)
Total stockholders' equity			43,772						81,507
Total liabilities and stockholders' equity			$	52,790					$	96,513

			Year Ended December 31,
			2022						2021
Revenue:
Contract revenue			$	2,301					$	27,506
Grant revenue			—						806
Total revenue			2,301						28,312
Operating expenses:
Cost of grant revenue			—						433
Research and development			18,100						48,698
General and administrative			14,637						18,488
Restructuring and impairment expenses			9,185						—
Total operating expenses			41,922						67,619
Loss from operations			(39,621)						(39,307)
Other income (expense)
Change in fair value of warrant liability			95						(2,919)
Change in fair value of convertible notes			—						(7,469)
Change in fair value of Series C convertible preferred stock			—						(3,592)
Foreign exchange transaction loss			(237)						(245)
Gain upon debt extinguishment			—						905
Gain (loss) in equity method investment			151						(99)
Interest income (expense), net			805						(1,847)
Total other income (expense)			814						(15,266)
Net loss			(38,807)						(54,573)
Other comprehensive loss:
Foreign currency translation adjustment			189						230
Comprehensive loss			$	(38,618)					$	(54,343)
Net loss per common share, basic and diluted			$	(1.29)					$	(1.93)
Weighted average common shares outstanding, basic and diluted			30,040,703						28,244,825

						Common Stock												Treasury Stock												Additional Paid-in Capital						Accumulated Other Comprehensive Income (Loss)						Accumulated Deficit						Total Stockholders' Equity
						Shares						Amount						Shares						Amount
Balance as of December 31, 2021						29,959,060						$	300					—						$	—					$	296,445					$	(103)					$	(215,135)					$	81,507
Issuance of common stock upon net settlement of restricted stock units and performance stock units						154,886						1						—						—						(3)						—						—						(2)
Stock-based compensation						—						—						—						—						885						—						—						885
Foreign currency translation adjustment						—						—						—						—						—						189						—						189
Net loss						—						—						—						—						—						—						(38,807)						(38,807)
Balance as of December 31, 2022						$	30,113,946					301						—						$	—					$	297,327					$	86					$	(253,942)					$	43,772

						Common Stock												Treasury Stock												Additional Paid-in Capital						Accumulated Other Comprehensive income (loss)						Accumulated Deficit						Total Stockholders' Equity
						Shares						Amount						Shares						Amount
Balance as of December 31, 2020						15,632,809						$	156					(316,088)						$	(1,846)					$	72,136					$	(333)					$	(160,562)					$	(90,449)
Issuance of common stock upon initial public offering, net of issuance costs, discount, and commissions of $9.3 million						5,750,000						58						—						—						82,657						—						—						82,715
Issuance of common stock upon Concurrent Private Placement, net of issuance costs of $0.7 million						1,562,500						16						—						—						24,234						—						—						24,250
Conversion of convertible preferred stock into common stock upon IPO						2,234,640						22						—						—						35,732						—						—						35,754
Conversion of convertible notes into common stock upon initial public offering						3,636,189						36						—						—						58,143						—						—						58,179
Conversion of convertible notes prior to IPO						33,978						—						—						—						460						—						—						460
Net exercise of warrants upon initial public offering						844,335						9						—						—						13,500						—						—						13,509
Fractional shares paid out related to the forward stock split						—						—						—						—						(10)						—						—						(10)
Exercise of broker warrants						47,188						—						—						—						—						—						—						—
Exercise of warrants						130,529						2						—						—						859						—						—						861
Exercise of stock options						152,939						1						—						—						979						—						—						980
Restricted stock units releases						414,896						4						—						—						14						—						—						18
Return of common stock to pay withholding taxes on restricted stock						—						—						(164,855)						(2,364)						(94)						—						—						(2,458)
Retirement of treasury stock						(480,943)						(4)						480,943						4,210						(4,206)						—						—						—
Stock-based compensation						—						—						—						—						12,041						—						—						12,041
Foreign currency translation adjustment						—						—						—						—						—						230						—						230
Net loss						—						—						—						—						—						—						(54,573)						(54,573)
Balance as of December 31, 2021						29,959,060						$	300					—						$	—					$	296,445					$	(103)					$	(215,135)					$	81,507

			Year Ended December 31,
			2022						2021
Cash flows from operating activities
Net loss			$	(38,807)					$	(54,573)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation			178						91
Amortization of right of use assets			813						710
Amortization of debt issuance costs			—						1,884
PPP Loan forgiveness			—						(905)
Stock-based compensation			885						12,041
Change in fair value of convertible notes			—						7,469
Change in fair value of Series C convertible preferred stock			—						3,592
Change in fair value of warrant liability			(95)						2,919
Impairment of leased assets			3,021						—
Losses from equity investment			(151)						96
Distribution from equity investment			—						3
Changes in operating assets and liabilities:
Grants receivable			806						(806)
Prepaid expenses and other current assets			806						4,016
Other assets			45						(106)
Accounts payable			(2,050)						(866)
Accrued expenses			(646)						11
Lease liabilities			(894)						(713)
Deferred revenue			(2,301)						(27,506)
Net cash used in operating activities			(38,390)						(52,643)
Cash flows from investing activities
Purchase of fixed assets			—						(382)
Net cash used in investing activities			—						(382)
Cash flows from financing activities
Net proceeds from issuance of common stock upon IPO and Concurrent Private Placement, net of discount, commissions and offering costs			—						107,487
Proceeds from financing obligation			—						302
Proceeds from RSU settlement, net of payment of taxes			(2)						18
Payment of financing obligation			(58)						(9)
Fractional share payments related to the forward stock split			—						(10)
Taxes paid related to net share settlement upon vesting of restricted stock awards			—						(2,458)
Exercise of warrants			—						861
Exercise of stock options			—						980
Net cash (used in) provided by financing activities			(60)						107,171
Effect of foreign currency on cash			181						3
Net (decrease) increase in cash and cash equivalents			(38,269)						54,149
Cash and cash equivalents at the beginning of the period			88,756						34,607
Cash and cash equivalents at the end of the period			$	50,487					$	88,756
Supplemental disclosure of cash flow information:
Cash paid for interest			$	—					$	7
Supplemental disclosure of noncash investing and financing activities:
Retirement of treasury stock			$	—					$	4,210
Conversion of convertible notes into common stock prior to IPO			$	—					$	460
Conversion of convertible notes to common stock			$	—					$	58,639
Conversion of Series C preferred stock to common stock upon IPO			$	—					$	35,754
Net exercise of warrants upon IPO			$	—					$	13,509
Right of use assets exchanged for operating lease liabilities			$	—					$	624
Fixed assets purchased in accrued expenses or accounts payable			$	—					$	4

Asset Classification						Estimated Useful Life
Equipment						5 years
Furniture and fixtures						3 years
Leasehold improvements						Shorter of useful life or lease term

Level 2:    Inputs are observable for the asset or liability either directly or through corroboration with observable market data.

The Company concluded that the Company's government grants are not within the scope of ASC Topic 606 as they do not meet the definition of a contract with a customer. The Company has concluded that the grants meet the definition of a contribution and are non-reciprocal transactions, and has also concluded that Subtopic 958-605, Not-for-Profit-Entities-Revenue Recognition, does not apply, as the Company is a business entity and the grants are with governmental agencies.

			Fair Value Measured at December 31, 2022
			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
Money market funds (1)			$	9,860					$	—					$	—					$	9,860
Total assets			$	9,860					$	—					$	—					$	9,860
Warrants liabilities			$	—					$	—					$	19					$	19
Total Liabilities			$	—					$	—					$	19					$	19

			Fair Value Measured at December 31, 2021
			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
Money market funds (1)			$	87,252					$	—					$	—					$	87,252
Total assets			$	87,252					$	—					$	—					$	87,252
Warrant liabilities			$	—					$	—					$	114					$	114
Total liabilities			$	—					$	—					$	114					$	114

			As of December 31, 2022						As of December 31, 2021
Balance, beginning of period			$	114					$	10,704
Net exercise of warrants			—						(13,509)
Change in fair value			(95)						2,919
Balance, end of period			$	19					$	114

			December 31,
			2022						2021
Strike price			$	7.60					$	7.60
Contractual term (years)			5.7						6.7
Volatility (annual)			112.4		%				124.0		%
Risk-free rate			4.3		%				1.4		%
Dividend yield (per share)			0.0		%				0.0		%

						December 31,
						2022						2021
Prepaid insurance						$	291					$	275
Security deposit						101						131
Angion Pty tax receivable						305						781
Other						246						498
Total prepaid and other current assets						$	943					$	1,685

						December 31,
						2022						2021
Equipment						$	866					$	866
Furniture and fixtures						34						34
Leasehold improvements						68						68
Total property and equipment						968						968
Less: accumulated depreciation						(695)						(517)
Property and equipment, net						$	273					$	451

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

			December 31,
			2022						2021
Accrued compensation			$	112					$	1,274
Accrued restructuring (Note 10)			1,572						—
Accrued direct research costs			774						1,196
Accrued operating expenses			111						749
Total accrued expenses			$	2,569					$	3,219

			Year Ended December 31,
			2022						2021
Risk-free interest rate			1.7%						0.7%
Expected dividend yield			—						—
Expected term in years			5.9						6.0
Expected volatility			70.8% - 72.5%						71.8% - 73.1%

			Number of Shares						Weighted Average Exercise Price						Weighted Average Remaining Contractual Life (in years)						Total Intrinsic Value (in thousands)
Outstanding as of December 31, 2021			4,230,162						$	8.92					7.8						$	—
Options granted			2,257,100						1.93
Options forfeited			(2,761,015)						6.73
Outstanding as of December 31, 2022			3,726,247						$	6.30					7.0						$	—
Options vested and exercisable			2,493,026						$	6.78					6.2						$	—

															Restricted Stock Units						Weighted Average Grant Date Fair Value Per Share
Outstanding at December 31, 2021															17,504						$	9.51
Vested															(1,458)						$	9.51
Outstanding at December 31, 2022															16,046						$	9.51

			Year Ended December 31,
			2022						2021
Research and development			$	(1,289)					$	5,898
General and administrative			2,174						6,143
Total			$	885					$	12,041

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