0001193125-21-198663 | 10-Q | XBRL Viewer

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2021	Jun. 23, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Trading Symbol	VERA
Entity Registrant Name	Vera Therapeutics, Inc.
Entity Central Index Key	0001831828
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
Entity Filer Category	Non-accelerated Filer
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Class A common stock, $0.001 par value per share
Security Exchange Name	NASDAQ
Entity File Number	001-40407
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-2744449
Document Quarterly Report	true
Document Transition Report	false
Entity Address, Address Line One	170 Harbor Way, 3rd Floor
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	770-0077
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		20,968,376
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		309,238

Condensed Balance Sheet - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 49,505	$ 53,654
Restricted cash, current	50	50
Prepaid expenses and other current assets	1,977	557
Total current assets	51,532	54,261
Restricted cash, noncurrent	293	293
Total assets	51,825	54,554
Current liabilities:
Accounts payable	1,440	909
Restructuring liability, current	515	962
Accrued expenses and other current liabilities	1,798	535
Total current liabilities	3,753	2,406
Restructuring liability, noncurrent	1,526	1,634
Accrued and other noncurrent liabilities	286	286
Total liabilities	5,565	4,326
Commitments and contingencies (Note 10)
Redeemable convertible preferred stock, $0.001 par value; 182,772,372 shares authorized, issued and outstanding as of March 31, 2021 and December 31, 2020	139,576	139,576
Stockholders' deficit
Additional paid-in capital	2,845	2,099
Accumulated deficit	(96,161)	(91,447)
Total stockholders' deficit	(93,316)	(89,348)
Total liabilities, redeemable convertible preferred stock, and stockholders' deficit	51,825	54,554
Common Class A [Member]
Stockholders' deficit
Common Stock	0	0
Common Class B Non Voting [Member]
Stockholders' deficit
Common Stock	$ 0	$ 0

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Temporary equity par or stated value per share	$ 0.001	$ 0.001
Temporary equity shares authorized	182,772,372	182,772,372
Temporary equity shares issued	182,772,372	182,772,372
Temporary equity shares outstanding	182,772,372	182,772,372
Common Class A [Member]
Common stock, Par value	$ 0.001	$ 0.001
Common stock, Shares authorized	273,986,920	273,986,920
Common stock, Shares issued	468,979	468,979
Common stock, Shares outstanding	355,296	355,296
Common Class B [Member]
Common stock, Par value	$ 0.001	$ 0.001
Common stock, Shares authorized	21,593,607	21,593,607
Common stock, Shares issued	0	0
Common stock, Shares outstanding	0	0

Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating expenses:
Research and development	$ 2,932	$ 1,439
General and administrative	1,784	1,032
Total operating expenses	4,716	2,471
Loss from operations	(4,716)	(2,471)
Other income (expense):
Interest income	2	6
Interest expense		(24)
Gain on issuance of convertible notes		62
Change in fair value of convertible notes		(47)
Total other income (expense)	2	(3)
Net loss and comprehensive loss	$ (4,714)	$ (2,474)
Net loss per share attributable to common stockholders, basic and diluted	$ (12.23)	$ (7.79)
Weighted-average common shares outstanding, basic and diluted	385,401	317,693

Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Redeemable Convertible Preferred Stock [Member]
Beginning Balance, Temporary Equity, shares at Dec. 31, 2019					14,015,773
Beginning Balance, Temporary Equity Value at Dec. 31, 2019					$ 40,095
Beginning balance, shares at Dec. 31, 2019		322,007
Beginning Balance, Value at Dec. 31, 2019	$ (36,548)		$ 1,486	$ (38,034)
Issuance of Class A common stock upon exercise of options	15		15
Issuance of Class A common stock upon exercise of options, shares		2,491
Stock-based compensation	61		61
Net loss	(2,474)			(2,474)
Ending Balance, shares at Mar. 31, 2020		324,498
Ending Balance, Value at Mar. 31, 2020	$ (38,946)		1,562	(40,508)
Ending Balance, Temporary Equity at Mar. 31, 2020					14,015,773
Ending Balance, Temporary Equity Value at Mar. 31, 2020					$ 40,095
Beginning Balance, Temporary Equity, shares at Dec. 31, 2020	182,772,372				182,772,372
Beginning Balance, Temporary Equity Value at Dec. 31, 2020					$ 139,576
Beginning balance, shares at Dec. 31, 2020		355,296
Beginning Balance, Value at Dec. 31, 2020	$ (89,348)		2,099	(91,447)
Issuance of Class A common stock upon exercise of options	$ 342		342
Issuance of Class A common stock upon exercise of options, shares	275,353	113,683
Stock-based compensation	$ 404		404
Net loss	(4,714)			(4,714)
Ending Balance, shares at Mar. 31, 2021		468,979
Ending Balance, Value at Mar. 31, 2021	$ (93,316)		$ 2,845	$ (96,161)
Ending Balance, Temporary Equity at Mar. 31, 2021	182,772,372				182,772,372
Ending Balance, Temporary Equity Value at Mar. 31, 2021					$ 139,576

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net loss	$ (4,714)	$ (2,474)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, amortization and accretion	35	108
Stock-based compensation	404	61
Restructuring payments	(590)	(29)
Non-cash interest expense on convertible notes		14
Issuance costs for convertible notes		18
Gain on issuance of convertible notes		(62)
Change in fair value of convertible notes		47
Changes in operating assets and liabilities:
Prepaid expense and other current assets	(127)	(112)
Accounts payable	(198)	3
Accrued and other current liabilities	1,069	114
Other liabilities		7
Net cash used in operating activities	(4,121)	(2,305)
Cash flows from investing activities
Purchase of property and equipment		(52)
Net cash used in investing activities		(52)
Cash flows from financing activities
Proceeds from exercise of stock options	342	15
Proceeds from issuance of convertible notes		5,000
Payment of deferred offering costs	(369)
Payment on capital lease obligations	(1)	(48)
Net cash (used in) provided by financing activities	(28)	4,967
Net (decrease) increase in cash and cash equivalents and restricted cash	(4,149)	2,610
Cash, cash equivalents and restricted cash, beginning of period	53,997	3,558
Cash, cash equivalents and restricted cash, end of period	49,848	6,168
Supplemental disclosure of cash flow information
Cash paid for interest		10
Deferred offering costs included in accounts payable	729
Deferred offering costs included in accrued and other current liabilities	195
Cash and cash equivalents [Member]
Cash flows from financing activities
Cash, cash equivalents and restricted cash, end of period	49,505	5,805
Restricted cash [Member]
Cash flows from financing activities
Cash, cash equivalents and restricted cash, end of period	$ 343	$ 363

Organization and Description of the Business

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of the Business

1. ORGANIZATION AND DESCRIPTION OF THE BUSINESS

Description of Business

Vera Therapeutics, Inc., (the “Company”) is a clinical stage biotechnology company focused on developing and commercializing transformative treatments for patients with serious immunological diseases. The Company is headquartered in South San Francisco, California and was incorporated in May 2016 in Delaware. In 2017, the Company acquired all of the outstanding shares of PNA Innovations, Inc. (“PNAi”), which was based in Woburn, Massachusetts.

Reverse Stock Split

On May 7, 2021, the Company filed a certificate of amendment to its fourth amended and restated certificate of incorporation to effect a 11.5869-for-one reverse stock split of its issued and outstanding Class A common stock. Adjustments corresponding to the reverse stock split were made to the ratio at which the Company’s redeemable convertible preferred stock will convert into Class A common stock. Accordingly, all share and per share amounts related to Class A common stock, stock options and restricted stock awards for all periods presented in the accompanying unaudited condensed financial statements and notes thereto have been retroactively adjusted, where applicable to reflect the reverse stock split.

Initial Public Offering

On May 13, 2021, the Company’s registration statement on Form

S-1

for its initial public offering (the “IPO”) was declared effective by the Securities and Exchange Commission (the “SEC”), and the shares of its Class A common stock commenced trading on the Nasdaq Global Select Market on May 14, 2021. The IPO closed on May 18, 2021, pursuant to which the Company issued and sold

4,350,000

shares of its Class A common stock at a public offering price of

11.00

per share. On May 20, 2021, the Company issued 652,500 shares of its Class A common stock to the underwriters of the IPO pursuant to the exercise of the underwriters’ option to purchase additional shares. The Company received total net proceeds of approximately $48,400 from the IPO, after deducting underwriting discounts and commissions of $3,852, and offering costs of approximately $2,800, of which $1,294 was incurred as of March 31,2021. Prior to the completion of the IPO, all shares of redeemable convertible preferred stock then outstanding were converted into 15,464,776 shares of Class A common stock and 309,238 shares of Class B common stock. The unaudited condensed financial statements as of March 31, 2021, including share and per share amounts, do not include proceeds from or shares issued in the IPO as it occurred after March 31, 2021.

Liquidity

Since inception, the Company has been primarily performing research and development activities, establishing and maintaining its intellectual property, hiring personnel and raising capital to support and expand these operations. The Company has incurred recurring net operating losses since its inception and had an accumulated deficit of $96,161 as of March 31, 2021. The Company had cash and cash equivalents of $49,505 as of March 31, 2021, and has not generated positive cash flow from operations. The Company has funded its operations primarily through the issuance of common stock, redeemable convertible preferred stock and convertible notes.

Management believes that the net proceeds from the IPO, together with cash and cash equivalents as of March 31, 2021, will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the issuance date of these unaudited condensed financial statements. While the Company believes that its current cash and cash equivalents are adequate to meet its needs for the next 12 months, the Company will need to raise additional capital in order to achieve its longer-term business objectives.

Basis of Presentation and Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies

2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. The U.S. dollar is the Company’s functional and reporting currency.

Unaudited Interim Condensed Financial Statements

The accompanying condensed balance sheet as of March 31, 2021, and condensed statements of operations and comprehensive loss, condensed statements of cash flows, and condensed statements of redeemable convertible preferred stock and stockholders’ deficit for the three months ended March 31, 2021 and 2020, are unaudited. The balance sheet as of December 31, 2020 was derived from the audited financial statements as of and for the year ended December 31, 2020. The unaudited condensed financial statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2020, and in the opinion of management, reflect all adjustments consisting solely of normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of March 31, 2021, and the condensed results of its operations and its cash flows for the three months ended March 31, 2021 and 2020. The financial data and other information disclosed in these notes related to the three months ended March 31, 2021 and 2020 are also unaudited. The condensed results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the full year ending December 31, 2021 or any other period. These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto for the year ended December 31, 2020 included in the Company’s final prospectus dated May 13, 2021 for the IPO filed with the SEC on May 17, 2021 pursuant to Rule 424(b)(4) relating to the Company’s Registration Statement on Form

S-1,

as amended (File

No. 333-255492).

Emerging Growth Company Status

The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with certain new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (1) is no longer an emerging growth company or (2) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these unaudited condensed financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

Use of Estimates

The preparation of the Company’s unaudited condensed financial statements 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 unaudited condensed financial statements and the reported amounts of expenses during the reporting period. Management estimates that affect the reported amounts of assets and liabilities include useful lives of fixed and intangible assets, the accrual of research and development expenses, restructuring liabilities, fair value of common stock and stock-based compensation expense, and the valuation allowance for deferred tax assets. The Company evaluates and adjusts its estimates and assumptions on an ongoing basis using historical experience and other factors. Actual results could differ materially from those estimates.

Deferred Offering Costs

Deferred offering costs consisting of legal, accounting and filing fees relating to the IPO are capitalized. The deferred offering costs will be offset against offering proceeds in the period in which the offering is completed.

Concentrations of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains bank deposits in a federally insured financial institution and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institution holding its cash and cash equivalents to the extent recorded in the balance sheet. The Company has not experienced any losses on its deposits of cash and cash equivalents.

The Company’s future results of operations involve a number of other risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s current and potential future product candidates, uncertainty of market acceptance of the Company’s product candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals or sole-source suppliers.

The Company’s product candidates require approvals from the U.S. Food and Drug Administration and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed, or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company.

Impact of the

COVID-19

Pandemic

The

COVID-19

pandemic continues to rapidly evolve. The extent of the impact of the

COVID-19

pandemic on the Company’s business, operations and development timelines and plans remains uncertain, and will depend on certain developments, including the duration and spread of the outbreak and its impact on the Company’s development activities, planned clinical trial enrollment, future trial sites, contract research organizations, third-party manufacturers, and other third parties with whom the Company does business, as well as its impact on regulatory authorities and the Company’s key scientific and management personnel. The ultimate impact of the

COVID-19

pandemic or a similar health epidemic is highly uncertain and subject to change. To the extent possible, the Company is conducting business as usual, with necessary or advisable modifications to employee travel and with the Company’s employees working remotely. The Company will continue to actively monitor the rapidly evolving situation related to the

COVID-19

pandemic and may take further actions that alter the Company’s operations, including those that may be required by federal, state or local authorities, or that the Company determines are in the best interests of its employees and other third parties with whom the Company does business. At this point, the extent to which the

COVID-19

pandemic may affect the Company’s business, operations and development timelines and plans, including the resulting impact on expenditures and capital needs, remains uncertain.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash equivalents consist of money market funds and are stated at fair value.

Restricted Cash

Restricted cash represents cash held by a financial institution as collateral for a letter of credit securing its operating lease for office and laboratory space and as collateral for a credit card, which are classified within current and

non-current

assets on the condensed balance sheets.

Comprehensive Loss

Comprehensive loss consists of net loss and other gains and losses affecting redeemable convertible preferred stock and stockholders’ deficit that, under U.S. GAAP, are excluded from net loss. The Company has no items of other comprehensive loss for the three months ended March 31, 2021 and 2020. As such, net loss equals comprehensive loss.

Research and Development Costs

Research and development costs are expensed as incurred and consist primarily of employees’ salaries and related benefits, including stock-based compensation and termination expenses for employees engaged in research and development efforts, allocated overhead including rent, depreciation, information technology and utilities, contracted services, license fees, and external expenses to conduct and support the Company’s operations that are directly attributable to the Company’s research and development efforts. Payments made to third parties under these arrangements in advance of the performance of the related services by the third parties are recorded as prepaid expenses until the services are rendered.

Costs incurred in obtaining technology licenses including upfront and milestone payments incurred under the Company’s licensing agreements are recorded as expense in the period in which they are incurred, provided that the licensed technology, method or process has no alternative future uses other than for the Company’s research and development activities.

Research Contract Costs and Accruals

The Company enters into various research and development and other agreements with commercial firms, researchers, and others for provisions of goods and services from time to time. These agreements are generally cancellable, and the related costs are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research and development costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies or clinical trials, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ materially from the Company’s estimates.

Redeemable Convertible Preferred Stock

The Company records all shares of redeemable convertible preferred stock at their respective fair values on the dates of issuance, net of issuance costs. The carrying value of the Company’s redeemable convertible preferred stock is adjusted to reflect dividends if and when declared by the Company’s board of directors. No dividends have been declared by the board of directors since inception. The Company classifies its redeemable convertible preferred stock separate from total stockholders’ deficit, as the redemption of such stock is not solely under the control of the Company.

Stock-Based Compensation

The Company recognizes compensation expense based on estimated fair values for all stock-based payment awards made to the Company’s employees, nonemployee directors and consultants that are expected to vest. The valuation of stock option awards is determined at the date of grant using the Black-Scholes option pricing model. The Black-Scholes option pricing model requires the Company to make assumptions and judgements about the inputs used in the calculations, such as the fair value of the common stock, expected term, expected volatility of the Company’s common stock, risk-free interest rate and expected dividend yield. The valuation of restricted stock awards is measured by the fair value of the Company’s common stock on the date of the grant.

For all stock options granted, the Company calculated the expected term using the simplified method (derived from the average midpoint between the weighted average vesting period and the contractual term of the award) for “plain vanilla” stock option awards, as the Company has limited historical information to develop expectations about future exercise patterns and post vesting employment termination behavior. The estimate of expected volatility is based on comparative companies’ volatility. The risk-free rate is based on the yield available on United States Treasury

zero-coupon

issues corresponding to the expected term of the award. The Company records forfeitures when they occur.

The fair value of the shares of common stock underlying the stock options has historically been determined by the board of directors with the assistance of management and input from an independent third-party valuation firm, as there was no public market for the common stock. The board of directors determined the fair value of the Company’s common stock by considering a number of objective and subjective factors, including the valuation of comparable companies, sales of redeemable convertible preferred stock, the Company’s operating and financial performance, the lack of liquidity of common stock, and general and industry specific economic outlook, amongst other factors.

The Company records compensation expense for service-based awards on a straight-line basis over the requisite service period, which is generally the vesting period of the award. The amount of stock-based compensation expense recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest.

Income Taxes

The Company did not record an income tax provision for the three months ended March 31, 2021 and 2020, as net operating losses have been incurred since inception. The net deferred tax assets generated from net operating losses are fully offset by a valuation allowance.

Net Loss Per Share Attributable to Common Stockholders

Net loss per share of common stock is computed using the

two-class

method required for multiple classes of common stock and participating securities based upon their respective rights to receive dividends as if all income for the period has been distributed. The rights, including the liquidation and dividend rights and sharing of losses, of the Class A and Class B common stock are identical, other than voting rights. As the liquidation and dividend rights and sharing of losses are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share attributed to common stockholders is therefore the same for Class A and Class B common stock on an individual or combined basis.

The Company’s participating securities include the Company’s redeemable convertible preferred stock, as the holders are entitled to receive noncumulative dividends on a pari passu basis in the event that a dividend is paid on common stock. The Company also considers any shares issued on the early exercise of stock options subject to repurchase to be participating securities because holders of such shares have

non-forfeitable

dividend rights in the event a dividend is paid on common stock. The holders of redeemable convertible preferred stock, as well as the holders of early exercised shares subject to repurchase, do not have a contractual obligation to share in losses of the Company, and therefore during periods of loss there is no allocation required under the

two-class

method.

Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, adjusted for outstanding shares that are subject to repurchase.

Diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period using the treasury stock method or the

if-converted

method based on the nature of such securities. For periods in which the Company reports net losses, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, because potentially dilutive shares are not assumed to have been issued if their effect is anti-dilutive.

Leases

The Company leases office and laboratory space under operating leases and laboratory equipment under capital leases. Leases for which the Company assumes substantially all risks and rewards incidental to ownership of the leased assets are classified as capital leases. The leased assets and the corresponding lease liabilities (net of interest charges) are recognized on the balance sheet as property and equipment, based on the cost of the equipment, and borrowings, respectively, at the inception of the related lease. Each lease payment is apportioned between the reduction of the outstanding lease liability and the related interest expense. The interest expense is recorded on a basis that reflects a constant periodic rate of interest on the outstanding finance lease liability.

Leases for which substantially all risks and rewards incidental to ownership are retained by the lessors are classified as operating leases. Payments made under operating leases (net of any incentive received from the lessors) are recorded on a straight-line basis over the period of the lease.

Restructuring Costs

Restructuring costs primarily consist of contract termination costs related to leases and employee termination costs. The Company recognizes restructuring charges when the liability has been incurred. Key assumptions in determining the restructuring costs include the terms and payments that may be negotiated to terminate certain contractual obligations, cease use date of leased property and equipment, and the timing of employees leaving the Company.

Accretion expenses related to restructuring costs are included in general and administrative expenses.

Fair Value Option

The convertible notes issued in 2020, for which the Company elected the fair value option, are accounted for at fair value on a recurring basis with changes in fair value recognized in the statement of operations and comprehensive loss. Interest accrued on the convertible notes is recorded to interest expense.

Fair Value Measurements

Fair value is defined as the exchange price to sell an asset or transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Fair value should be based on the assumptions market participants would use when pricing the asset or liability. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date.

Fair value measurements are classified and disclosed in one of the following three categories:

Level 1 – Quoted unadjusted prices for identical instruments in active markets.

Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all observable inputs and significant value drivers are observable in active markets.

Level 3 – Model derived valuations in which one or more significant inputs or significant value drivers are unobservable, including assumptions developed by the Company.

The carrying amounts of the Company’s cash and cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair value due to their short-term nature.

Money market funds are highly liquid investments that are actively traded. The pricing information for the Company’s money market funds are readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 of the fair value hierarchy. There were no transfers between Levels 1, 2, or 3 for any of the periods presented. As of March 31, 2021 and December 31, 2020, the Company held $48,303 and $52,301, respectively, in money market funds with no unrealized gains or losses.

Recently Adopted Accounting Pronouncements

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

2019-12,

Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.

The standard simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company adopted this standard as of January 1, 2021. The adoption of this standard did not have a material impact on its unaudited condensed financial statements.

On June 20, 2018, the FASB issued ASU

No. 2018-07,

Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting

, to reduce cost and complexity and to improve financial reporting for share-based payments issued to nonemployees (for example, service providers, external legal counsel, suppliers, etc.). This includes allowing for the measurement of awards at the grant date and recognition of awards with performance conditions when those conditions are probable, both of which are earlier than under current guidance for nonemployee awards. The Company adopted this standard as of January 1, 2020 on a retrospective basis. The adoption of this standard did not have a material impact on its unaudited condensed financial statements.

In August 2018, the FASB issued ASU

No. 2018-13,

Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement

, which amends ASC 820, Fair Value Measurement. This standard modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The Company adopted this standard as of January 1, 2020 on a retrospective basis. The adoption of this standard did not have a material impact on its unaudited condensed financial statements.

Recently Issued Accounting Pronouncements

In February 2016, the FASB issued ASU

No. 2016-02,

Leases (Topic 842)

, subsequently amended by ASU

2018-10,

ASU

2018-11,

ASU

2018-20,

ASU

2019-01

and ASU

2019-10,

which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessors and lessees of a contract. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a

right-of-use

asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification on the balance sheets. Leases with a term of 12 months or less may be accounted for similar to existing guidance for operating leases today. The Company intends to utilize the modified retrospective approach to adopt this standard effective January 1, 2022. Additionally, the Company intends to utilize the package of available practical expedients, which allows it to (i) not reassess whether any expired or existing contracts are or contain leases; (ii) not reassess the lease classification for expired or existing leases; and (iii) not reassess the treatment of initial direct costs for any existing leases. The Company is currently evaluating the impact this standard will have on its financial statements and related disclosures.

In June 2016, the FASB issued ASU

2016-13,

Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

. The objective of the standard is to provide information about expected credit losses on financial instruments at each reporting date and to change how other-than temporary impairments on investment securities are recorded. The guidance is effective for the Company beginning on January 1, 2023, with early adoption permitted. The Company is currently evaluating the impact the standard may have on its financial statements and related disclosures.

In August 2020, the FASB issued ASU

No. 2020-06,

Debt—Debt with Conversion and Other Options (Subtopic

470-20)

and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic

815-40)

. This standard simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC

470-20

that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock. ASU

2020-06

is effective for the Company for annual reporting periods, and interim reporting periods within those annual periods, beginning after December 15, 2023, and early adoption is permitted. The Company is currently evaluating the impact this standard will have on its financial statements.

Other Financial Statement Information

3 Months Ended

Mar. 31, 2021

Other Financial Statement Information [Abstract]

Other Financial Statement Information

3. OTHER FINANCIAL STATEMENT INFORMATION

Prepaid Expense and Other Current Assets

Prepaid expenses and other current assets consist of the following.


	March 31, 2021		December 31, 2020
Prepaid expenses	$	535	$	336
Deferred stock offering costs		1,294		—
Deposits		67		86
Receivables on exercise of options		—		52
Other		81		83

Total prepaid expenses and other current assets	$	1,977	$	557

Accrued and Other Current Liabilities

Accrued and other current liabilities consist of the following.


	March 31, 2021		December 31, 2020
Accrued contract costs	$	729	$	—
Accrued payroll		444		405
Related party payable		299		—
Accrued expense and other		326		130

Total accrued expenses and other current liabilities	$	1,798	$	535

Related party payable represents amounts due to Ares Trading S.A. (“Ares”), an affiliate of Merck KGaA, Darmstadt, Germany, related to manufacturing technology and

know-how

transfer services performed for atacicept pursuant to the license agreement between the Company and Ares (see Note 9).

Convertible Notes

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Convertible Notes

4. CONVERTIBLE NOTES

In March 2020, the Company issued convertible notes to certain existing investors of the Company for cash. The principal amount of the convertible notes was $5,000 in the aggregate with a fixed accrued interest rate of 4% per annum. The convertible notes were either due on or after December 31, 2020 or upon a change of control of the Company, unless earlier converted. No principal or interest was payable prior to maturity as the convertible notes and any accrued interest would automatically convert upon a qualified financing event at a conversion price equal to 85% of the price per share of the qualified financing. Holders also had the option to convert their notes to shares of Series B redeemable convertible stock at a conversion price equal to $4.2926 per share on the maturity date or upon a change of control of the Company, if no qualified financing occurred prior to such date.

Due to certain embedded features within the convertible notes, the Company elected to account for the convertible notes under the fair value option.

In April and May 2020, the Company issued additional convertible notes to certain existing investors of the Company for cash. The principal amount of the convertible notes was $602 in the aggregate with the same terms as the convertible notes issued in March 2020.

In October 2020, the outstanding principal and accrued interest of $134, were automatically converted into 11,404,246 shares of the Company’s Series C redeemable convertible preferred stock in connection with the closing of the Company’s Series C redeemable convertible preferred stock financing (see Note 5) at a conversion price of $0.5030 per share, which was 85% of the $0.5918 original issuance price of the Series C redeemable convertible preferred stock.

Redeemable Convertible Preferred Stock

3 Months Ended

Mar. 31, 2021

Temporary Equity [Abstract]

Redeemable Convertible Preferred Stock

5. REDEEMABLE CONVERTIBLE PREFERRED STOCK

As of March 31, 2021, the Company’s redeemable convertible preferred stock consisted of the following balances (in thousands, except per share amounts).


	ISSUE PRICE PER SHARE		SHARES AUTHORIZED		SHARES ISSUED AND OUTSTANDING		CARRYING VALUE		AGGREGATE LIQUIDATION PREFERENCE
Series Seed	$	1.01		1,010,456		1,010,456	$	1,789	$	1,020
Series Seed-1		1.92		1,787,640		1,787,640		3,718		3,430
Series A		2.15		6,120,111		6,120,111		12,851		13,136
Series B		4.29		5,097,566		5,097,566		21,737		21,882
Series C		0.59		168,756,599		168,756,599		99,481		99,870

Total				182,772,372		182,772,372	$	139,576	$	139,338

In October 2020, the Company issued 135,180,800 shares of Series C redeemable convertible preferred stock for a purchase price of $0.5918 per share, payable in cash. Gross proceeds to the Company were $80,000. The Series C redeemable convertible preferred stock financing triggered the automatic conversion of the Company’s outstanding convertible notes into 11,404,246 shares of Series C redeemable convertible preferred stock based on price of $0.5030 per share (85% of the $0.5918 original issuance price of the Series C redeemable convertible preferred stock). In addition, the Company issued 22,171,553 shares of Series C redeemable convertible preferred stock to Ares as the initial payment for the Company’s license of atacicept from Ares (see Note 9).

Common Stock

3 Months Ended

Mar. 31, 2021

Stockholders' Equity Note [Abstract]

Common Stock

6. COMMON STOCK

As of March 31, 2021, the Company’s certificate of incorporation, as amended and restated, authorized the Company to issue 273,986,920 shares of Class A common stock and 21,593,607 shares of Class B common stock, each with a par value of $0.001 per share. Each share of Class A common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Class B common stock is

non-voting.

The holders of Class A common stock, voting exclusively and as a separate class, have the exclusive right to vote for the election of one director of the Company. Class A common stockholders and holders of Class B common stock are entitled to receive dividends, as may be declared by the board of directors. Through March 31, 2021, no cash dividends had been declared or paid.

Stock Compensation

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock Compensation

7. STOCK COMPENSATION

2017 Equity Incentive Plan

In 2017, the Company’s board of directors adopted the Vera Therapeutics, Inc. 2017 Equity Incentive Plan, which provides for the grant of qualified stock options, nonqualified stock options and other awards, including restricted stock awards, to the Company’s employees, directors, and consultants to purchase up to

286,578 shares of the Company’s Class A common stock. The grants of stock options and restricted stock awards generally vest either (i) over a four-year period, with 25% vesting on the first anniversary of the grant date and on a ratable monthly basis thereafter for the following three years, or (ii) on a ratable monthly basis over a three-year period and expire ten years from the date of grant. Certain awards provide for accelerated vesting upon a change of control, as defined in the 2017 Equity Incentive Plan.

In 2020, the Company’s board of directors voted to amend the 2017 Equity Incentive Plan to increase the aggregate authorized number of Class A common stock to be

3,052,169 shares. No other changes were made to the 2017 Equity Incentive Plan. As of March 31, 2021, there were 876,429 shares available for future grant under the 2017 Equity Incentive Plan.

Stock-Based Compensation Expense

The following tables summarize the stock-based compensation expense for stock options and restricted stock awards granted to employees and nonemployees that was recorded in the Company’s statements of operations and comprehensive loss for the three months ended March 31, 2021 and 2020.


	THREE MONTHS ENDED MARCH 31,
		2021		2020

Research and development	$	60	$	3
General and administrative		344		58

Total stock-based compensation expense	$	404	$	61


	THREE MONTHS ENDED MARCH 31,
		2021		2020

Employees	$	399	$	59
Nonemployees		5		2

Total stock-based compensation expense	$	404	$	61

As of March 31, 2021, the Company had $4,998 of unrecognized stock-based compensation expense related to unvested stock options and restricted stock awards, which is expected to be recognized over a weighted-average period of approximately 1.8 years, respectively.

The fair value of stock options granted during the three months ended March 31, 2021 and 2020, was estimated using the Black-Scholes option pricing model based on the following weighted average assumptions.


	THREE MONTHS ENDED MARCH 31,
	2021	2020
Expected term (in years)	6.0 – 6.1	5.5 – 5.8
Expected volatility	76.3% – 76.4%	74.0% – 74.2%
Risk-free rate	0.6% – 0.8%	1.5% – 1.7 %
Dividend yield	—	—

The following table summarizes the Company’s option activity for the three months ended March 31, 2021.


	NUMBER OF OPTIONS			WEIGHTED- AVERAGE EXERCISE PRICE PER SHARE		WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE (YEARS)		AGGREGATE INTRINSIC VALUE (000s)
Balance – December 31, 2020		1,855,507		$	2.99		9.79	$	8
Granted		275,353			3.92
Exercised		(113,683	)		3.01
Cancelled and forfeited		(1,654	)		9.39
Balance – March 31, 2021		2,015,523			3.14		9.60	$	9,104

Options exercisable – March 31, 2021		63,177			5.12		5.74	$	180

Unvested and expected to vest –March 31, 2021		1,952,346		$	3.08		9.72	$	8,924

The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2021 was $527. The weighted average grant date fair value of options granted during the three months ended March 31, 2021 was $3.53 per share. The weighted average grant date fair value of options vested during the three months ended March 31, 2021 was $2.60 per share.

Restricted Stock Awards

In October 2020, in conjunction with the Series C redeemable convertible preferred stock issuance, the Company restricted 49,636 shares of fully issued and outstanding Class A common stock held by the Company’s Chief Executive Officer and founder. The restriction allows the Company to repurchase shares that have not vested. The vesting term of restricted stock is one year. The grant date fair value of the restricted shares was $6.37.

The following table summarizes the activity for the Company’s restricted stock for the three months ended March 31, 2021.


	NUMBER OF SHARES
Unvested as of December 31, 2020		41,363
Vested		(12,408	)

Unvested as of March 31, 2021		28,955

For each of the three months ended March 31, 2021 and 2020, the Company recognized $79 and $0, respectively, of stock-based compensation expense related to restricted stock awards that vested during the periods.

Employee Benefit Plans

3 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

Employee Benefit Plans

8. EMPLOYEE BENEFIT PLANS

The Company sponsors a qualified 401(k) defined contribution plan covering eligible employees. Participants may contribute a portion of their annual compensation limited to a maximum annual amount set by the Internal Revenue Service. There were no employer contributions under this plan for the three months ended March 31, 2021.

Licenses and Collaborations

3 Months Ended

Mar. 31, 2021

Licenses And Collaborations [Abstract]

Licenses and Collaborations

9. LICENSES AND COLLABORATIONS

Yale University

In 2017, PNAi entered into a collaborative research agreement (the “Yale CRA”) and license agreement (the “Yale License Agreement”) with Yale University, which were assigned to the Company upon the closing of the acquisition of PNAi by the Company in 2017. The purpose of the agreements was to fund the Yale University research program in the field of

nanoparticle-sized

nucleic acid mimics and peptide nucleic acids as gene editing therapeutics in return for an exclusive license to certain related patent rights owned by Yale University and the option to license any patents discovered or generated under the terms of the collaborative research agreement.

The Yale CRA required funding the labs of collaborators with $1,500 per year for a minimum of two years. The Yale CRA expired in 2019. No payments were made to Yale University pursuant to the Yale CRA during the year ended December 31, 2019, with no future obligation under this commitment.

As consideration for the Yale License Agreement, PNAi paid an initial fee of $37 and had the option to issue 5% of the company’s common stock on a fully diluted, as converted basis. If the shares were not issued, the agreement could be terminated at Yale University’s option. After the completion of the merger with PNAi, the Company exercised the option and issued 264,301 shares of common stock to Yale University with a fair value of $100. Under the Yale License Agreement, the Company reimbursed Yale University for patent related expenses. The Company reimbursed Yale University $45 for patent related expenses for the year ended December 31, 2019. The Company and Yale agreed to terminate the Yale License Agreement in 2020 and there are no future payment obligations under the Yale License Agreement.

Ares Trading S.A.

In October 2020, the Company entered into a license agreement with Ares (the “Ares Agreement”), pursuant to which the Company obtained an exclusive worldwide license to certain patents and related

know-how

to research, develop, manufacture, use and commercialize therapeutic products containing atacicept, a recombinant fusion protein used to inhibit B cell growth and differentiation, which could potentially treat some autoimmune diseases.

As consideration for the Ares Agreement, the Company issued to Ares a

non-refundable

license issue fee of 22,171,553 shares of Series C redeemable convertible preferred stock resulting in Ares becoming a related party to the Company. The Series C redeemable convertible preferred stock had a deemed issuance price of $0.5918 per share, or $13,121 in the aggregate.

In December 2020, the Company paid Ares $25,000 in milestone payments upon delivery and initiation of the transfer of specified information and materials. The Company is obligated to pay Ares aggregate milestone payments of up to $176,500 upon the achievement of specified BLA filing or regulatory approval milestones and up to $515,000 upon the achievement of specified commercial milestones.

The

non-refundable

license issue fee of $13,121 and milestone payments of $25,000 were recorded to research and development expense.

Ares is performing manufacturing technology and

know-how

transfer to the Company over a period not to exceed two years from the effective date of the Ares Agreement. The Company accrued $299 due to Ares for these services during the three months ended March 31, 2021.

Commencing on the first commercial sale of licensed products, the Company is obligated to pay Ares tiered royalties of low double-digit to

mid-teen

percentages on annual net sales of the licensed products covered by the license. The Company is obligated to pay royalties on a licensed

product-by-

licensed product and

country-by-country

basis from the first commercial sale of a product in a country until the latest of (i) 15 years after the first commercial sale of such licensed product in such country; (ii) the expiration of the last valid claim of a licensed patent that covers such licensed product in, or its use, importation or manufacture with respect to, such country; and (iii) expiration of all applicable regulatory exclusivity periods, including data exclusivity, in such country with respect to such product. If the Company were to sublicense its rights under the Ares Agreement, the Company is obligated to pay Ares a percentage ranging from the mid single-digit to the low double-digits of specified sublicensing income received.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10. COMMITMENTS AND CONTINGENCIES

The aggregate future minimum lease payments for operating leases as of March 31, 2021 are as follows (in thousands).


Year ending December 31,	Operating Leases (1)		Sublease Income
2021 (remaining 9 months)	$	1,900	$	(1,387	)
2022		2,399		(1,908	)
2023		2,458		(1,971	)
2024		2,538		(2,036	)
2025		1,937		(1,552	)

Total payments	$	11,232	$	(8,854	)

(1) Future minimum lease payments include repayment of outstanding restructuring liabilities

Facilities Leases

In April 2015, PNAi entered a lease for approximately 3,800 square feet of office and laboratory space for a term of 39 months in Woburn, Massachusetts. In January 2018, the Company elected to renew this lease for three years, beginning in August 2018. In connection with the lease, the Company maintains a letter of credit issued to the lessor in the amount of $50, which is secured by restricted cash that is classified as noncurrent based on the term of the underlying lease.

In April 2018, the Company entered into a lease for approximately 24,606 square feet of office and life science research space, which commenced on October 1, 2018, when the Company obtained control of the rented space for a term of 84

months in South San Francisco, California (“the South San Francisco Lease”). In connection with the South San Francisco Lease, the Company maintains a letter of credit issued to the lessor in the amount of

$293, which is secured by restricted cash that is classified as noncurrent based on the term of the underlying lease.

The Company’s total future minimum commitment due pursuant to the South San Francisco Lease is $11,046 as of March 31, 2021. In November 2020, the Company entered into a

non-cancellable

sublease agreement for the facility, under the terms of which the Company is entitled to receive $8,854 in sublease payments over the term of the sublease, which ends concurrently with the original lease in September 2025. As tenant, the Company remains responsible for the $11,046 minimum lease commitment on the facilities.

The Company recorded rent expense totaling $535 for the three months ended March 31, 2020. No rent expense was recorded during the three months ended March 31, 2021.

Equipment Lease

The Company has certain leases on research and laboratory equipment with total future minimum commitments of $141 as of March 31, 2021. The Company recorded rent expense totaling $128 for the three months ended March 31, 2020. No rent expense was recorded during the three months ended March 31, 2021.

Restructuring and Related Activities

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities

11. RESTRUCTURING AND RELATED ACTIVITIES

During the year ended December 31, 2019, the Company completely vacated its leased facilities in Woburn, Massachusetts. In connection with vacating the leased spaces, the Company recorded a discounted lease-related restructuring liability, which was calculated as the present value of the estimated future facility costs for which the Company would obtain no future economic benefit over the term of the lease, reduced for actual or estimated sublease rentals.

In July 2020, the Company initiated a restructuring plan to reduce operating expense as a result of the disposal of PNAi technology. The restructuring plan included reducing the number of employees, vacating leased facilities, and ceasing use of leased equipment.

As a result of this restructuring plan, the Company completely vacated its leased facilities in South San Francisco, California, which was subleased to a third party in November 2020, and returned certain leased equipment to the lessor. The Company recorded a discounted lease-related restructuring liability of $2,228 and $768 for the abandonment of the leased facilities and equipment, which was calculated as the present value of the estimated future lease costs for which the Company would obtain with no future economic benefit over the term of the leases. In addition, the Company recognized restructuring liability of $321 related to severance and other employee termination costs related to the reduction in the number of employees. The Company expects this restructuring plan to be completed in 2021.

The activity related to the restructuring liabilities for the three months ended March 31, 2021, is as follows.


	Lease -related exit costs			Employee termination			Total
Balance as of December 31, 2020		2,584			12			2,596
Accretion		35			—			35
Cash payments		(578	)		(12	)		(590	)

Balance as of March 31, 2021		$2,041		$	—			$ 2,041

Net Loss Per Common Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Net Loss Per Common Share

12. NET LOSS PER COMMON SHARE

The following outstanding potentially dilutive shares were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive (on an

as-converted

basis).


	THREE MONTHS ENDED MARCH 31,
	2021		2020
Redeemable convertible preferred stock		15,774,014		1,209,599
Class A common stock options issued and outstanding		2,015,523		181,157
Unvested restricted stock awards		28,955		4,137

Total		17,818,492		1,394,893

Related Party Transactions

3 Months Ended

Mar. 31, 2021

Related Party Transactions

13. RELATED PARTY TRANSACTIONS

In October 2018, the Company entered into a sublease agreement for a portion of its South San Francisco office space, the term for which commenced on December 7, 2018. The Chief Executive Officer of the sublessor is a member of the Company’s board of directors. The initial sublease was established for approximately 400 square feet of space. Prior to the initial expiration of the sublease in April 2019, the space was expanded to approximately 3,700 square feet with the term of the lease extended for an additional two years. The monthly rent charged by the Company to the subtenant is subject to escalating rent payments according to the terms of the Company’s lease agreement, and the subtenant is required to reimburse the Company for monthly facility operating expenses based on its proportionate share of total square footage pursuant to the lease. The Company’s lease agreement provides that 50% of any profit resulting from the excess of the amount collected from the subtenant less the sum of monthly rent, operating expenses and reimbursement of direct expenditures made by the Company in order to arrange and maintain the sublease is to be shared with the lessor. To date, no profit has been realized on the sublease arrangement as the monthly collections from the subtenant are equivalent to the Company’s cost of rent, operating expense and recovery of professional fees to arrange the sublease. In June 2020, the sublease agreement was terminated. During the three months ended March 31, 2020 the Company recognized $78 of sublease income under this agreement, which was recorded as a reduction to the Company’s rent expense.

In October 2020, the Company entered into the Ares Agreement with Ares, pursuant to which the Company obtained an exclusive worldwide license to certain patents and related

know-how

Subsequent Events

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

14. SUBSEQUENT EVENTS

Neubase Asset Sale

On January 27, 2021, the Company entered into an asset purchase agreement with Neubase Therapeutics, Inc. (“Neubase”), whereby the Company agreed to sell all assets relating to its investment in PNAi, including all inventory, machinery, intellectual property, goodwill and licenses, including the CMU License Agreement, and Neubase agreed to assume certain related liabilities. The sale of the Company’s investment in PNAi closed on April 26, 2021. The Company received $796 in cash and 308,635 shares of Neubase common stock, with a fair market value of $1,759

based on the closing price reported on the Nasdaq Capital Market on the date the sale closed. Of the total Neubase shares issued to the Company,

162,260 were placed in escrow to secure certain obligations under the agreement.

2021 Employee Stock Purchase Plan and 2021 Equity Incentive Plan

In April 2021, the Company adopted the 2021 Employee Stock Purchase Plan (“ESPP”) and the 2021 Equity Incentive Plan (“2021 EIP”), each of which became effective in connection with the IPO. The Company has reserved

220,251

and 2,212,335 shares of common stock for future issuance under the ESPP and 2021 EIP, respectively.

Basis of Presentation and Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation

Unaudited Interim Condensed Financial Statements

S-1,

as amended (File

No. 333-255492).

Emerging Growth Company Status

Use of Estimates

Deferred Offering Costs

Concentrations of Credit Risk and Other Risks and Uncertainties

Impact of the COVID-19 Pandemic

Impact of the

COVID-19

Pandemic

The

COVID-19

pandemic continues to rapidly evolve. The extent of the impact of the

COVID-19

pandemic may affect the Company’s business, operations and development timelines and plans, including the resulting impact on expenditures and capital needs, remains uncertain.

Cash and Cash Equivalents

Restricted Cash

non-current

assets on the condensed balance sheets.

Comprehensive Loss

Research and Development Costs

Research Contract Costs and Accruals

Redeemable Convertible Preferred Stock

Stock-Based Compensation

zero-coupon

issues corresponding to the expected term of the award. The Company records forfeitures when they occur.

Income Taxes

Net Loss Per Share Attributable to Common Stockholders

Net loss per share of common stock is computed using the

two-class

non-forfeitable

two-class

method.

Diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period using the treasury stock method or the

if-converted

Leases

Restructuring Costs

Accretion expenses related to restructuring costs are included in general and administrative expenses.

Fair Value Option

Fair Value Measurements

Fair value measurements are classified and disclosed in one of the following three categories:

Level 1 – Quoted unadjusted prices for identical instruments in active markets.

Level 3 – Model derived valuations in which one or more significant inputs or significant value drivers are unobservable, including assumptions developed by the Company.

Recently Adopted Accounting Pronouncements

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

2019-12,

Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.

On June 20, 2018, the FASB issued ASU

No. 2018-07,

Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting

In August 2018, the FASB issued ASU

No. 2018-13,

Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement

Recently Issued Accounting Pronouncements

In February 2016, the FASB issued ASU

No. 2016-02,

Leases (Topic 842)

, subsequently amended by ASU

2018-10,

ASU

2018-11,

ASU

2018-20,

ASU

2019-01

and ASU

2019-10,

right-of-use

In June 2016, the FASB issued ASU

2016-13,

Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

In August 2020, the FASB issued ASU

No. 2020-06,

Debt—Debt with Conversion and Other Options (Subtopic

470-20)

and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic

815-40)

. This standard simplifies the accounting for convertible debt instruments and convertible preferred stock by removing the existing guidance in ASC

470-20

that requires entities to account for beneficial conversion features and cash conversion features in equity, separately from the host convertible debt or preferred stock. ASU

2020-06

Other Financial Statement Information (Tables)

3 Months Ended

Mar. 31, 2021

Other Financial Statement Information [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following.


	March 31, 2021		December 31, 2020
Prepaid expenses	$	535	$	336
Deferred stock offering costs		1,294		—
Deposits		67		86
Receivables on exercise of options		—		52
Other		81		83

Total prepaid expenses and other current assets	$	1,977	$	557

Schedule of Accrued and Other Current Liabilities

Accrued and other current liabilities consist of the following.


	March 31, 2021		December 31, 2020
Accrued contract costs	$	729	$	—
Accrued payroll		444		405
Related party payable		299		—
Accrued expense and other		326		130

Total accrued expenses and other current liabilities	$	1,798	$	535

Redeemable Convertible Preferred Stock (Tables)

3 Months Ended

Mar. 31, 2021

Temporary Equity [Abstract]

Summary of Redeemable Convertible Preferred Stock

As of March 31, 2021, the Company’s redeemable convertible preferred stock consisted of the following balances (in thousands, except per share amounts).


	ISSUE PRICE PER SHARE		SHARES AUTHORIZED		SHARES ISSUED AND OUTSTANDING		CARRYING VALUE		AGGREGATE LIQUIDATION PREFERENCE
Series Seed	$	1.01		1,010,456		1,010,456	$	1,789	$	1,020
Series Seed-1		1.92		1,787,640		1,787,640		3,718		3,430
Series A		2.15		6,120,111		6,120,111		12,851		13,136
Series B		4.29		5,097,566		5,097,566		21,737		21,882
Series C		0.59		168,756,599		168,756,599		99,481		99,870

Total				182,772,372		182,772,372	$	139,576	$	139,338

Stock Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount


	THREE MONTHS ENDED MARCH 31,
		2021		2020

Research and development	$	60	$	3
General and administrative		344		58

Total stock-based compensation expense	$	404	$	61


	THREE MONTHS ENDED MARCH 31,
		2021		2020

Employees	$	399	$	59
Nonemployees		5		2

Total stock-based compensation expense	$	404	$	61

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions


	THREE MONTHS ENDED MARCH 31,
	2021	2020
Expected term (in years)	6.0 – 6.1	5.5 – 5.8
Expected volatility	76.3% – 76.4%	74.0% – 74.2%
Risk-free rate	0.6% – 0.8%	1.5% – 1.7 %
Dividend yield	—	—

Summary of Share-based Compensation Arrangements by Share-based Payment Award

The following table summarizes the Company’s option activity for the three months ended March 31, 2021


	NUMBER OF OPTIONS			WEIGHTED- AVERAGE EXERCISE PRICE PER SHARE		WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE (YEARS)		AGGREGATE INTRINSIC VALUE (000s)
Balance – December 31, 2020		1,855,507		$	2.99		9.79	$	8
Granted		275,353			3.92
Exercised		(113,683	)		3.01
Cancelled and forfeited		(1,654	)		9.39
Balance – March 31, 2021		2,015,523			3.14		9.60	$	9,104

Options exercisable – March 31, 2021		63,177			5.12		5.74	$	180

Unvested and expected to vest –March 31, 2021		1,952,346		$	3.08		9.72	$	8,924

Summary of Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

The following table summarizes the activity for the Company’s restricted stock for the three months ended March 31, 2021.


	NUMBER OF SHARES
Unvested as of December 31, 2020		41,363
Vested		(12,408	)

Unvested as of March 31, 2021		28,955

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Summary of Future Minimum Lease Payments For Operating Leases

The aggregate future minimum lease payments for operating leases as of March 31, 2021 are as follows (in thousands).


Year ending December 31,	Operating Leases (1)		Sublease Income
2021 (remaining 9 months)	$	1,900	$	(1,387	)
2022		2,399		(1,908	)
2023		2,458		(1,971	)
2024		2,538		(2,036	)
2025		1,937		(1,552	)

Total payments	$	11,232	$	(8,854	)

(1) Future minimum lease payments include repayment of outstanding restructuring liabilities

Restructuring and Related Activities (Tables)

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Summary of Activity Related To The Restructuring Liabilities

The activity related to the restructuring liabilities for the three months ended March 31, 2021, is as follows.


	Lease -related exit costs			Employee termination			Total
Balance as of December 31, 2020		2,584			12			2,596
Accretion		35			—			35
Cash payments		(578	)		(12	)		(590	)

Balance as of March 31, 2021		$2,041		$	—			$ 2,041

Net Loss Per Common Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Summary of Dilutive Shares Excluded From Computation of Diluted Net Loss Per Share

as-converted

basis).


	THREE MONTHS ENDED MARCH 31,
	2021		2020
Redeemable convertible preferred stock		15,774,014		1,209,599
Class A common stock options issued and outstanding		2,015,523		181,157
Unvested restricted stock awards		28,955		4,137

Total		17,818,492		1,394,893

Organization and Description of the Business - Additional Information (Detail) $ / shares in Units, $ in Thousands				1 Months Ended
	May 20, 2021 USD ($) shares	May 13, 2021 $ / shares shares	May 07, 2021	May 31, 2021 shares	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Accumulated deficit					$ 96,161	$ 91,447
Cash and cash equivalents					49,505	$ 53,654
Deferred offering costs					$ 1,294
Subsequent Event [Member]
Stock split ratio			11.5869
Underwriting discounts and commissions	$ 3,852
Offering costs	2,800
Common Class A [Member] \| Subsequent Event [Member] \| IPO [Member]
Stock shares issued during the period new issues shares \| shares		4,350,000
Sale of stock, price per share \| $ / shares		$ 11.00
Sale of stock net consideration received on the transaction	$ 48,400
Common Class A [Member] \| Subsequent Event [Member] \| Over-Allotment Option [Member]
Stock shares issued during the period new issues shares \| shares	652,500
Common Class A [Member] \| Subsequent Event [Member] \| Conversion Of Redeemable Preferred Stock Into Common Stock [Member]
Conversion of redeemable convertible preferred stock to common stock \| shares				15,464,776
Common Class B [Member] \| Subsequent Event [Member] \| Conversion Of Redeemable Preferred Stock Into Common Stock [Member]
Conversion of redeemable convertible preferred stock to common stock \| shares				309,238

Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Accounting Policies [Line Items]
Income tax provision	$ 0	$ 0
Money Market Funds [Member]
Accounting Policies [Line Items]
Money market funds	48,303		$ 52,301
Unrealized gains or losses on securities	$ 0		$ 0

- Definition

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

+ References + Details

Other Financial Statement Information - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other Financial Statement Information [Abstract]
Prepaid expenses	$ 535	$ 336
Deferred stock offering costs	1,294
Deposits		86
Receivables on exercise of options	67	52
Other	81	83
Prepaid expenses and other current assets	$ 1,977	$ 557

Other Financial Statement Information - Schedule of Accrued and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other Financial Statement Information [Abstract]
Accrued contract costs	$ 729
Accrued payroll	444	$ 405
Related party payable	299
Accrued expense and other	326	130
Total accrued expenses and other current liabilities	$ 1,798	$ 535

Convertible Notes - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	Oct. 31, 2020	Mar. 31, 2021	May 31, 2020	Mar. 31, 2020
Series C [Member]
Debt Instrument [Line Items]
Temporary equity original issuance price		$ 0.59
Convertible Notes [Member]
Debt Instrument [Line Items]
Debt instrument Principal amount				$ 5,000
Debt instrument fixed interest rate percentage				4.00%
Convertible Notes [Member] \| Additional Convertible Notes Issued [Member]
Debt Instrument [Line Items]
Debt instrument Principal amount			$ 602
Convertible Notes [Member] \| Series B redeemable convertible stock [Member]
Debt Instrument [Line Items]
Debt conversion convertible instrument percent				85.00%
Debt instrument convertible price per share				$ 4.2926
Convertible Notes [Member] \| Series C [Member]
Debt Instrument [Line Items]
Debt conversion convertible instrument percent	85.00%
Debt instrument convertible price per share	$ 0.5030
Debt outstanding converted instrument amount	$ 134
Debt instrument converted shares issued	11,404,246
Temporary equity original issuance price	$ 0.5918

Redeemable Convertible Preferred Stock - Summary of Redeemable Convertible Preferred Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Temporary Equity [Line Items]
Shares Authorized	182,772,372	182,772,372
Shares Issued	182,772,372	182,772,372
Shares Outstanding	182,772,372	182,772,372
Carrying Value	$ 139,576	$ 139,576
Aggregate Liquidation Preference	$ 139,338
Series Seed [Member]
Temporary Equity [Line Items]
Issue Price Per Share	$ 1.01
Shares Authorized	1,010,456
Shares Issued	1,010,456
Shares Outstanding	1,010,456
Carrying Value	$ 1,789
Aggregate Liquidation Preference	$ 1,020
Series Seed-1 [Member]
Temporary Equity [Line Items]
Issue Price Per Share	$ 1.92
Shares Authorized	1,787,640
Shares Issued	1,787,640
Shares Outstanding	1,787,640
Carrying Value	$ 3,718
Aggregate Liquidation Preference	$ 3,430
Series A [Member]
Temporary Equity [Line Items]
Issue Price Per Share	$ 2.15
Shares Authorized	6,120,111
Shares Issued	6,120,111
Shares Outstanding	6,120,111
Carrying Value	$ 12,851
Aggregate Liquidation Preference	$ 13,136
Series B [Member]
Temporary Equity [Line Items]
Issue Price Per Share	$ 4.29
Shares Authorized	5,097,566
Shares Issued	5,097,566
Shares Outstanding	5,097,566
Carrying Value	$ 21,737
Aggregate Liquidation Preference	$ 21,882
Series C [Member]
Temporary Equity [Line Items]
Issue Price Per Share	$ 0.59
Shares Authorized	168,756,599
Shares Issued	168,756,599
Shares Outstanding	168,756,599
Carrying Value	$ 99,481
Aggregate Liquidation Preference	$ 99,870

Redeemable Convertible Preferred Stock - Additional Information (Detail) - Series C [Member]	1 Months Ended
	Oct. 31, 2020 USD ($) $ / shares shares
Temporary Equity [Line Items]
Number of redeemable convertible preferred stock shares issued \| shares	135,180,800
Temporary equity purchase price per share \| $ / shares	$ 0.5918
Proceeds from redeemable convertible preferred stock \| $	$ 80,000
Ares [Member]
Temporary Equity [Line Items]
Number of redeemable convertible preferred stock shares issued \| shares	22,171,553
Convertible Notes [Member]
Temporary Equity [Line Items]
Temporary equity purchase price per share \| $ / shares	$ 0.5918
Debt conversion converted instrument shares issued \| shares	11,404,246
Debt instrument convertible price per share \| $ / shares	$ 0.5030
Debt conversion convertible instrument percent	85.00%

Common Stock - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Common Class A [Member]
Class of Stock [Line Items]
Common stock shares authorized	273,986,920	273,986,920
Common stock par or stated value per share	$ 0.001	$ 0.001
Common stock conversion basis	one
Cash dividends	$ 0
Common Class B [Member]
Class of Stock [Line Items]
Common stock shares authorized	21,593,607	21,593,607
Common stock par or stated value per share	$ 0.001	$ 0.001
Cash dividends	$ 0

Stock compensation - Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 404	$ 61
Employees [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	399	59
Nonemployees [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	5	2
Research and development [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	60	3
General and administrative [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 344	$ 58

Stock Compensation - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Detail)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Expected volatility, Minimum	76.30%	74.00%
Expected volatility, Maximum	76.40%	74.20%
Risk-free rate, Minimum	0.60%	1.50%
Risk-free rate, Maximum	0.80%	1.70%
Dividend yield	0.00%	0.00%
Minimum [Member]
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Expected term (in years)	6 years	5 years 6 months
Maximum [Member]
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Expected term (in years)	6 years 1 month 6 days	5 years 9 months 18 days

Stock Compensation - Summary of Share-based Compensation Arrangements by Share-based Payment Award (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options, Beginning	1,855,507
Number of options, Granted	275,353
Number of options, Exercised	(113,683)
Number of options, Cancelled and forfeited	(1,654)
Number of options, Ending	2,015,523	1,855,507
Number of options, Options exercisable	63,177
Number of options, Unvested and expected to vest	1,952,346
Weighted average exercise price, Opening balance	$ 2.99
Weighted average exercise price, Granted	3.92
Weighted average exercise price, Exercised	3.01
Weighted average exercise price, Cancelled and forfeited	9.39
Weighted average exercise price, Ending balance	3.14	$ 2.99
Weighted average exercise price, Option exercisable	5.12
Weighted average exercise price, Unvested and expected to vest	$ 3.08
Weighted average remaining contractual term	9 years 7 months 6 days	9 years 9 months 14 days
Weighted average remaining contractual term, Options exercisable	5 years 8 months 26 days
Weighted average remaining contractual term, Unvested and expected to vest	9 years 8 months 19 days
Intrinsic Value	$ 9,104	$ 8
Intrinsic Value, Options exercisable	180
Intrinsic Value, Unvested and expected to vest	$ 8,924

Stock Compensation - Summary of Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity (Detail) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested as of December 31, 2020	41,363
Vested	(12,408)
Unvested as of March 31, 2021	28,955

Stock Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Oct. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2017	Dec. 31, 2020
Share Based Payment Arrangement [Line Items]
Stock-based compensation expense		$ 404	$ 61
2017 Equity Incentive Plan [Member]
Share Based Payment Arrangement [Line Items]
Share based compensation arrangement by share based payment award, Vesting period				4 years
Share based compensation arrangement by share based payment award, Expiration period				10 years
2017 Equity Incentive Plan [Member] \| Share-based Payment Arrangement, Tranche Three [Member]
Share Based Payment Arrangement [Line Items]
Share based compensation arrangement by share based payment award, Vesting percentage				25.00%
2017 Equity Incentive Plan [Member] \| Grants Of Stock Options And Restricted Stock Awards [Member]
Share Based Payment Arrangement [Line Items]
Share based compensation arrangement by share based payment award, Vesting period				3 years
2017 Amended Equity Incentive Plan [Member]
Share Based Payment Arrangement [Line Items]
Share based compensation arrangement by share based payment award, Options exercised in period, Total intrinsic value		$ 527
Share based compensation arrangement by share based payment award, Options granted in period, Weighted average grant date fair value		$ 3.53
Share based compensation arrangement by share based payment award, Options vested, Weighted average grant date fair value		$ 2.60
2017 Amended Equity Incentive Plan [Member] \| Unvested Stock Options And Restricted Stock Awards [Member]
Share Based Payment Arrangement [Line Items]
Share based compensation, Nonvested awards, Compensation cost not yet recognized Stock options and equity instruments other than options		$ 4,998
Share based compensation, Nonvested awards, Compensation cost not yet recognized period of recognition stock options and equity instruments other than options		1 year 9 months 18 days
Restricted Stock [Member] \| 2017 Amended Equity Incentive Plan [Member]
Share Based Payment Arrangement [Line Items]
Share based compensation arrangement by share based payment award, Vesting period	1 year
Share based compensation arrangement by share based payment award, Equity instruments other than options nonvested, Weighted average Grant date fair value	$ 6.37
Stock-based compensation expense		$ 79	$ 0
Common Class A [Member] \| 2017 Equity Incentive Plan [Member]
Share Based Payment Arrangement [Line Items]
Share based compensation arrangement by share based payment award, Number of shares authorized				286,578
Common Class A [Member] \| 2017 Amended Equity Incentive Plan [Member]
Share Based Payment Arrangement [Line Items]
Share based compensation arrangement by share based payment award, Number of shares authorized					3,052,169
Common stock capital, Shares reserved for future issuance		876,429
Common Class A [Member] \| Restricted Stock [Member]
Share Based Payment Arrangement [Line Items]
Share based compensation arrangement by share based payment award, Restricted shares of fully issued and outstanding common stock	49,636

Employee Benefit Plans - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021 USD ($)
Retirement Benefits [Abstract]
Employer contributions	$ 0

License and Collaborations - Additional Information (Detail) - USD ($)			3 Months Ended	12 Months Ended
	Oct. 31, 2020	Dec. 31, 2019	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Ares Agreement [Member] \| Ares Trading S A [Member]
License and Collaborations [Line Items]
Milestone payments paid				$ 25,000,000
Due to related parties			$ 299,000
Payment for royalties on a licensed product, Term			3 years
Ares Agreement [Member] \| Ares Trading S A [Member] \| Research and Development Expense [Member]
License and Collaborations [Line Items]
Non-refundable license issue fee				13,121,000
Milestone payments recorded to research and development expense				25,000,000
Ares Agreement [Member] \| Ares Trading S A [Member] \| Achievement Of Specified BLA Filing Or Regulatory Approval Milestones [Member]
License and Collaborations [Line Items]
Milestone payments payable				176,500,000
Ares Agreement [Member] \| Ares Trading S A [Member] \| Achievement Of Specified Commercial Milestones [Member]
License and Collaborations [Line Items]
Milestone payments payable				$ 515,000,000
Yale University [Member]
License and Collaborations [Line Items]
Stock shares issued during the period shares		264,301
Reimbursement for patent related expenses		$ 45,000
Yale University [Member] \| Portion at Fair Value Measurement [Member]
License and Collaborations [Line Items]
Stock shares issued during the period value					$ 100,000
PNAI [Member] \| Yale License Agreement [Member]
License and Collaborations [Line Items]
Initial fee paid as consideration		$ 37,000
PNAI [Member] \| Yale License Agreement [Member] \| Common Stock [Member]
License and Collaborations [Line Items]
Percentage of common stock issuable on a fully diluted and converted basis		5.00%			5.00%
Series C [Member]
License and Collaborations [Line Items]
Temporary equity issue price per share	$ 0.5918
Series C [Member] \| Ares Agreement [Member] \| Ares Trading S A [Member]
License and Collaborations [Line Items]
Temporary equity stock shares issued during the period shares	22,171,553
Temporary equity issue price per share	$ 0.5918
Temporary equity shares issued during the period value	$ 13,121

Commitments and Contingencies - Summary of Future Minimum Lease Payments for Operating Leases (Detail) $ in Thousands	Mar. 31, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating Leases, 2021 (remaining 9 months)	$ 1,900
Operating Leases 2022	2,399
Operating Leases 2023	2,458
Operating Leases 2024	2,538
Operating Leases 2025	1,937
Operating Leases, Total payments	11,232
Sublease Income, 2021 (remaining 9 months)	(1,387)
Sublease Income, 2022	(1,908)
Sublease Income, 2023	(1,971)
Sublease Income, 2024	(2,036)
Sublease Income, 2025	(1,552)
Sublease Income, Total payments	$ (8,854)

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Nov. 30, 2020 USD ($)	Aug. 31, 2018 USD ($)	Apr. 30, 2018 USD ($) ft²	Apr. 30, 2015 ft²
Other Commitments [Line Items]
Operating lease future minimum payments due	$ 11,232,000
Operating lease minimum future commitments	8,854,000
PNAI [Member]
Other Commitments [Line Items]
Operating lease minimum future commitments			$ 11,046,000
Operating lease, rent expense	0	$ 535,000
PNAI [Member] \| Research And Laboratory Equipment [Member]
Other Commitments [Line Items]
Operating lease future minimum payments due	141,000
Operating lease, rent expense	0	$ 128,000
Office and Laboratory Space at Woborn Massauchets [Member] \| PNAI [Member]
Other Commitments [Line Items]
Area of real estate availed on lease \| ft²					24,606	3,800
Operating lease term					84 months	39 months
Operating lease renewal term				3 years
Letters of credit outstanding				$ 50,000	$ 293,000
Operating lease future minimum payments due	$ 11,046,000
Operating lease minimum future commitments			$ 8,854

Restructuring and Related Activities - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Nov. 30, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring liability	$ 2,041	$ 2,596
Employee Severance And Other Employee Termination [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring liability			$ 321
Leased Facilities Abandoned [Member] \| Discounted Lease Related Restructuring Liability [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring liability			2,228
Equipment Abondoned [Member] \| Discounted Lease Related Restructuring Liability [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring liability			$ 768

Restructuring and Related Activities - Summary of Activity Related to the Restructuring Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
Beginning balance	$ 2,596
Accretion	35
Cash payments	(590)	$ (29)
Ending balance	2,041
Lease-related exit costs
Restructuring Cost and Reserve [Line Items]
Beginning balance	2,584
Accretion	35
Cash payments	(578)
Ending balance	2,041
Employee termination
Restructuring Cost and Reserve [Line Items]
Beginning balance	12
Cash payments	$ (12)

Net Loss Per Common Share - Summary of Dilutive Shares Excluded from Computation of Diluted Net Loss Per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	17,818,492	1,394,893
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	15,774,014	1,209,599
Class A common stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	2,015,523	181,157
Unvested restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	28,955	4,137

Related Party Transactions - Additional Information (Detail) - Lessee Company Where Ceo of the Lessor Company is the Member of Board of Directors [Member] $ in Thousands		3 Months Ended
	Dec. 07, 2018 ft²	Mar. 31, 2020 USD ($)	Apr. 01, 2019 ft²
Related Party Transaction [Line Items]
Area of space subleased	400
Revised area of space subleased			3,700
Sublease lease term extension		2 years
Percentage of profit arising on sublease due to excess amount collected from subtenant to be shared			50.00%
Operating lease rental expense sublease rentals \| $		$ 78

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - USD ($)	Apr. 26, 2021	Apr. 30, 2021
Neubase Therapeutics Inc [Member]
Subsequent Event [Line Items]
Investment owned number of shares placed in escrow account	162,260
Neubase Therapeutics Inc [Member] \| Investment In PNAI [Member]
Subsequent Event [Line Items]
Proceeds received from the disposal of business	$ 796,000
Disposal group including discontinued operations shares received for disposal	308,635
Investments owned market value	$ 1,759
Employee Stock Purchase Plan Two Thousand Twenty One [Member]
Subsequent Event [Line Items]
Common stock capital, Shares reserved for future issuance		220,251
Two Thousand and Twenty One Equity Incentive Plan [Member]
Subsequent Event [Line Items]
Common stock capital, Shares reserved for future issuance		2,212,335