0000950170-22-004701 | 10-K | XBRL Viewer

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Condensed Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net loss	$ (32,609)	$ (53,413)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, amortization and accretion	176	251
Impairment loss on property and equipment and intangible asset		1,185
Stock-based compensation	3,012	331
Issuance of Series C redeemable convertible preferred stock for license		13,121
Payment for MAU868 asset purchase	5,000
Restructuring payments	(999)	(2,423)
Non-cash interest expense on convertible notes		134
Issuance costs for convertible notes		23
Gain on issuance of convertible notes		(63)
Gain on sale of PNAi technology	(2,691)
Change in fair value of convertible notes		1,076
Change in fair value of non-marketable equity securities	892
Changes in operating assets and liabilities:
Prepaid expense and other current assets	(2,306)	(135)
Other assets	(51)	59
Accounts payable	475	567
Accrued and other current liabilities	5,393	110
Other liabilities		(478)
Net cash used in operating activities	(23,708)	(34,809)
Cash flows from investing activities
Proceeds from sale of PNAi technology	796
Payment for MAU868 asset purchase	(5,000)
Purchase of property and equipment		(99)
Proceeds from the sale of property and equipment		57
Net cash provided by (used in) investing activities	(4,204)	(42)
Cash flows from financing activities
Proceeds from exercise of stock options	550	230
Proceeds from Issuance of Series C Redeemable Convertible Preferred Stock		80,000
Payment of issuance costs related to issuance of redeemable convertible preferred stock		(389)
Proceeds from issuance of convertible notes		5,602
Proceeds from issuance of Class A common stock upon initial public offering, net of underwriting discounts and commissions	51,176
Proceeds from borrowings, net of costs	4,921
Payment of offering costs related to initial public offering	(2,765)
Payment of issuance costs related to convertible promissory notes		(23)
Payment on capital lease obligations		(130)
Net cash provided by financing activities	53,882	85,290
Net increase (decrease) in cash and cash equivalents and restricted cash	25,970	50,439
Cash, cash equivalents and restricted cash, beginning of year	53,997	3,558
Cash, cash equivalents and restricted cash, end of year	79,967	53,997
Supplemental disclosure of cash flow information
Cash paid for interest	17	32
Issuance of Series C redeemable convertible preferred stock for license		13,121
Issuance of Series C redeemable convertible preferred stock upon extinguishment of convertible notes		5,736
Receivable on Exercise of Stock Options		52
Reclassification of redeemable convertible preferred stock into common stock upon initial public offering	139,576
Non-marketable equity securities received as partial proceeds from sale of PNAi technology	1,759
Lease assignment	136
Liability assumed in connection with MAU868 asset purchase	2,000
Cash and cash equivalents [Member]
Cash flows from financing activities
Cash, cash equivalents and restricted cash, beginning of year	53,654
Cash, cash equivalents and restricted cash, end of year	79,674	53,654
Restricted cash [Member]
Cash flows from financing activities
Cash, cash equivalents and restricted cash, beginning of year	343
Cash, cash equivalents and restricted cash, end of year	$ 293	$ 343

Restructuring and Related Activities - Summary of Activity Related to the Restructuring Liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost And Reserve [Line Items]
Beginning balance	$ 2,596
Accretion	145
Provision	28
Cash payments	(999)	$ (2,423)
Lease assignment to NeuBase	136
Ending balance	1,634	2,596
Lease Related Exit Cost
Restructuring Cost And Reserve [Line Items]
Beginning balance	2,584
Accretion	145
Provision	28
Cash payments	(987)
Lease assignment to NeuBase	136
Ending balance	1,634	2,584
Employee Severance
Restructuring Cost And Reserve [Line Items]
Beginning balance	12
Cash payments	$ (12)
Ending balance		$ 12

Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Series C Redeemable Convertible Preferred Stock [Member]
Net of issuance costs	$ 389

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying 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 financial reporting. The U.S. dollar is the Company’s functional and reporting currency.
Emerging Growth Company Status	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 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	Use of Estimates The preparation of the Company’s 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 financial statements and the reported amounts of expenses during the reporting period. Management estimates that affect the reported amounts of assets and liabilities include 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 Deferred offering costs consisting of legal, accounting and filing fees relating to the IPO are capitalized. The deferred offering costs were offset against the Company’s IPO proceeds upon the closing of the IPO.
Concentrations of Credit Risk and Other Risks and Uncertainties	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	Impact of the COVID-19 Pandemic The COVID-19 pandemic continues to 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 mostly working remotely. The Company will continue to actively monitor the 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	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 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, which is classified within current and non-current assets on the balance sheets.
Comprehensive Loss	Comprehensive Loss Comprehensive loss consists of net loss and other gains and losses affecting redeemable convertible preferred stock and stockholders’ equity (deficit) that, under GAAP, are excluded from net loss. The Company has no items of other comprehensive loss for the year ended December 31, 2021 and 2020. As such, net loss equals comprehensive loss.
Research and Development Costs	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. Where contingent milestone payments are due to third parties under license or other agreements, the milestone payment obligations are recognized as expense when achievement of the contingent milestone is probable, which is generally upon achievement of the milestone.
Research Contract Costs And Accruals	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. These expenses and accrued liabilities are adjusted as actual expenses become known. 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	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’ equity (deficit), as the redemption of such stock is not solely under the control of the Company.
Stock-Based Compensation	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. Prior to the completion of our initial public offering, the fair value of the shares of common stock underlying the stock options was 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	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred income taxes are recorded for temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities. Deferred tax assets and liabilities reflect tax rates expected to be in effect for the years in which the differences are expected to be reversed. A valuation allowance is provided if it is more likely than not that some or all of the deferred tax assets will not be realized.
Net Loss Per Share Attributable to Common Stockholders	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 were 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, did not and 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	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 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	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 was recorded to interest expense during the periods in which the convertible notes were outstanding.
Fair Value Measurements	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. The carrying amount of debt approximates fair value due to its variable interest rate. 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. The Company’s non-marketable equity securities (Note 5) are measured at fair value using an option pricing valuation methodology. The option pricing methodology relies on risk-neutral valuation which calculates the value of an asset by discounting the expected value of its future payoffs at the risk-free rate of return. The fair value of the non-marketable equity securities is derived from quoted prices for similar instruments and observable inputs in active markets. This approach results in the classification of these securities as Level 2 of the fair value hierarchy. There were no transfers between Levels 1, 2, or 3 for any of the periods presented. As of December 31, 2021 and 2020, the Company held $73.8 million and $52.3 million, respectively, in money market funds with no unrealized gains or losses.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes, related to simplifying the accounting for income taxes. The guidance eliminates certain exceptions from Accounting Standards Codification (ASC) 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The guidance also clarifies and simplifies other aspects of the accounting for income taxes. The guidance became effective for the Company beginning on the first quarter of 2021 on a prospective basis. The Company adopted this standard on January 1, 2021, and it did not have a material impact on the Company's financial statements or related disclosures. In June 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 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 financial statements
Recently Issued Accounting Pronouncements	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 adopted the prospective approach as of January 1, 2022. Additionally, the Company intends to use 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 also has elected the practical expedient to not separate lease and non-lease components for all leases. The Company has substantially completed its evaluation of the effect that the adoption of this guidance will have on its financial statements. In connection with the adoption of the new guidance, the Company expects to recognize lease liabilities of approximately $9.0 million and right-of-use assets of approximately $7.0 million for operating leases, with immaterial impact to its statements of operations and cash flows. 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 March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In response to concerns about structural risks of the cessation of London Interbank Offered Rate (LIBOR), the amendments in this ASU provide optional guidance for a limited time to ease the potential burden in accounting for (or recognizing the effect of) reference rate reform on financial reporting. The amendments in this ASU provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by this amendment do not apply to contract modifications made and hedge relationships entered into or evaluated after December 31, 2022. The amendments in this ASU are elective and are effective for all entities as of March 12, 2020 through December 31, 2022. The Company continues to evaluate contractual arrangements that reference LIBOR. 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 and related disclosures.
Non-Marketable Equity Securities	The Company reports the restricted equity securities as non-marketable equity securities on the balance sheet, and determines current or non-current classification based on the expected duration of the restriction.

Stock Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Apr. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value		$ 200
Stock-based compensation expense		$ 3,012	$ 331
Common Class A
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options, Granted		145,805	33,289
ESPP [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent		85.00%
Share Based Compensation Arrangement By Share Based Payment Award Minimum Employee Subscription Rate		1.00%
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate		15.00%
Common Stock Capital Shares Minimum Increase In Shares Reserved For Future Issuance		440,502
Percentage Of Shares Of Company Common Stock Outstanding For Increase In Shares Reserved For Issuance Under Stock Plan		1.00%
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period		0
Restricted Stock [Member] \| Common Class A
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based Compensation Arrangement By Share based Payment Award Restricted Shares Of Fully Issued And Outstanding Common Stock	49,636
Employee Stock Purchase Plan ESPP [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance				220,251
2021 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance				2,213,773
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		1,403,096
2017 and 2021 Amended Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 9.36	$ 2.24
2017 and 2021 Amended Equity Incentive Plan [Member] \| Unvested Stock Options And Restricted Stock Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		$ 11,800
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition		2 years 11 months 1 day
2017 and 2021 Amended Equity Incentive Plan [Member] \| Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, 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		$ 300

Related Party Transactions - Additional Information (Details) - Lessee Company Where Ceo of the Lessor Company is the Member of Board of Directors [Member] $ in Millions		12 Months Ended
	Dec. 07, 2018 ft²	Dec. 31, 2021	Dec. 31, 2020 USD ($)	Apr. 01, 2019 ft²
Defined Benefit Plan Disclosure [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 on account of excess amount collected from subtenant to be shared				50.00%
Operating lease rental expense sublease rentals \| $			$ 0.2

Note Payable (Table)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Notes Payable

Note payable consists of the following:


	Rate Type	Maturity	Effective Interest Rate	December 31, 2021
				(in thousands)
Collateralized note	Variable	2026	9.53%	$	5,000
Less: Debt issuance costs					(77	)
Net carrying amount of debt				$	4,923

Schedule Principal Installments Due

Principal installments due on the note subsequent to December 31, 2021 are as follows (in thousands):



2022	$	—
2023		—
2024		—
2025		—
2026		5,000
Total accrued expenses and other current liabilities	$	5,000

Neubase Asset Sale - Additional Information (Detail) - USD ($)		12 Months Ended
	Apr. 26, 2021	Dec. 31, 2021
Proceeds from sale of PNAi technology		$ 796,000
Gain (Loss) on Disposition of Assets		2,700,000
Neubase Therapeutics Inc [Member]
Investment owned number of shares placed in escrow account	162,260
Shares eligible for release from escrow		$ 54,070,000
Neubase Therapeutics Inc [Member] \| Investment In PNAI [Member]
Proceeds from sale of PNAi technology	$ 800,000
Disposal group including discontinued operations shares received for disposal	308,635
Investments owned market value	$ 1,800,000

Restructuring and Related Activities - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Nov. 30, 2020
Restructuring Cost And Reserve [Line Items]
Restructuring liability	$ 1,634	$ 2,596
Employee Severance And Other Employee Termination [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring liability			$ 300
Leased Facilities Abandoned [Member] \| Discounted Lease Related Restructuring Liability [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring liability			2,200
Equipment Abandoned [Member] \| Discounted Lease Related Restructuring Liability [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring liability			$ 800

Related Party Transactions

12 Months Ended

Dec. 31, 2021

Related Party Transactions

17. 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 year ended December 31, 2020, the Company recognized $0.2 million 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 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 (See Note 3 and Note 12).

Other Financial Statement Information - Schedule Of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Financial Statement Information [Abstract]
Prepaid insurance	$ 1,193	$ 27
Prepaid contract costs	320
Prepaid follow-on financing costs	275
Prepaid recruiting fees	253
Prepaid Rent	219
Prepaid audit fee	123
Deposits	57	86
Receivables from exercise of options		52
Other	423	392
Total prepaid expenses and other current assets	$ 2,863	$ 557

Net Loss Per Share Attributable To Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Summary of Dilutive Shares Excluded From Computation of Diluted Net Loss Per 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).


	Year Ended December 31,
	2021		2020
Redeemable convertible preferred stock		—		15,774,014
Class A common stock options issued and outstanding		2,924,521		1,855,507
Unvested restricted stock awards		—		41,363
Total		2,924,521		17,670,884

Other Financial Statement Information

12 Months Ended

Dec. 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 (in thousands).


	December 31,
	2021		2020
Prepaid insurance	$	1,193	$	27
Prepaid contract costs		320		—
Prepaid follow-on financing costs		275		—
Prepaid recruiting fees		253		—
Prepaid rent		219		—
Prepaid audit fees		123		—
Deposits		57		86
Receivables from exercise of options		—		52
Other		423		392
Total prepaid expenses and other current assets	$	2,863	$	557

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands).


	December 31,
	2021		2020
Accrued development milestone	$	2,000	$	—
Accrued payroll		1,458		405
Related party payable		1,022		—
Accrued legal fees		457		—
Accrued research and development contract costs		364		—
Accrued consulting fees		341		—
Accrued expenses and other		286		130
Total accrued expenses and other current liabilities	$	5,928	$	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 12).

Redeemable Convertible Preferred Stock - Summary of Redeemable Convertible Preferred Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Temporary Equity [Line Items]
Temporary equity shares authorized	0	182,772,372
Temporary equity shares issued	0	182,772,372
Temporary equity shares outstanding	0	182,772,372
Redeemable Noncontrolling Interest Equity Preferred Carrying Amount	$ 0	$ 139,576
Temporary Equity, Liquidation Preference		$ 139,338
Series Seed [Member]
Temporary Equity [Line Items]
Temporary equity original issuance price		$ 1.01
Temporary equity shares authorized		1,010,456
Temporary equity shares issued		1,010,456
Temporary equity shares outstanding		1,010,456
Redeemable Noncontrolling Interest Equity Preferred Carrying Amount		$ 1,789
Temporary Equity, Liquidation Preference		$ 1,020
Series Seed-1 [Member]
Temporary Equity [Line Items]
Temporary equity original issuance price		$ 1.92
Temporary equity shares authorized		1,787,640
Temporary equity shares issued		1,787,640
Temporary equity shares outstanding		1,787,640
Redeemable Noncontrolling Interest Equity Preferred Carrying Amount		$ 3,718
Temporary Equity, Liquidation Preference		$ 3,430
Series A [Member]
Temporary Equity [Line Items]
Temporary equity original issuance price		$ 2.15
Temporary equity shares authorized		6,120,111
Temporary equity shares issued		6,120,111
Temporary equity shares outstanding		6,120,111
Redeemable Noncontrolling Interest Equity Preferred Carrying Amount		$ 12,851
Temporary Equity, Liquidation Preference		$ 13,136
Series B [Member]
Temporary Equity [Line Items]
Temporary equity original issuance price		$ 4.29
Temporary equity shares authorized		5,097,566
Temporary equity shares issued		5,097,566
Temporary equity shares outstanding		5,097,566
Redeemable Noncontrolling Interest Equity Preferred Carrying Amount		$ 21,737
Temporary Equity, Liquidation Preference		$ 21,882
Series C [Member]
Temporary Equity [Line Items]
Temporary equity original issuance price		$ 0.59
Temporary equity shares authorized		168,756,599
Temporary equity shares issued		168,756,599
Temporary equity shares outstanding		168,756,599
Redeemable Noncontrolling Interest Equity Preferred Carrying Amount		$ 99,481
Temporary Equity, Liquidation Preference		$ 99,870

Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Redeemable Convertible Preferred Stock [Member]	Common Class A [Member]	Common Class A [Member] Common Stock [Member]	Common Class B [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 Series C redeemable convertible preferred stock, net of issuance cost of $389				$ 79,611
Issuance of Series C redeemable convertible preferred stock, net of issuance cost of $389, shares				135,180,800
Issuance of Series C redeemable convertible preferred stock upon extinguishment of convertible notes	5,736			$ 6,749
Issuance of Series C redeemable convertible preferred stock for license upon extinguishment of convertible notes				11,404,246
Issuance of Series C redeemable convertible preferred stock for license	13,121			$ 13,121
Issuance of Series C redeemable convertible preferred stock for license, share				22,171,553
Issuance of Class A common stock upon exercise of options	282	282
Issuance of Class A common stock upon exercise of options, shares					33,289
Stock-based compensation	331	331
Net loss	(53,413)		(53,413)
Ending Balance, shares at Dec. 31, 2020					355,296
Ending Balance, Value at Dec. 31, 2020	$ (89,348)	2,099	(91,447)
Ending Balance, Temporary Equity , shares at Dec. 31, 2020	182,772,372			182,772,372
Ending Balance, Temporary Equity Value at Dec. 31, 2020				$ 139,576
Stock shares issued during the period value	$ 48,411	48,406			$ 5
Stock shares issued during the period new issues shares					5,002,500
Conversion of preferred stock into common stock	139,576	139,560		$ (139,576)	$ 16
Conversion of preferred stock into common stock, Shares				(182,772,372)	15,464,775		309,238
Issuance of Class A common stock upon exercise of options	550	550
Issuance of Class A common stock upon exercise of options, shares					145,805
Stock-based compensation	3,012	3,012
Net loss	(32,609)		(32,609)
Ending Balance, shares at Dec. 31, 2021					20,968,376		309,238
Ending Balance, Value at Dec. 31, 2021	$ 69,592	$ 193,627	$ (124,056)			$ 21
Ending Balance, Temporary Equity , shares at Dec. 31, 2021	0

Restructuring and Related Activities (Tables)

12 Months Ended

Dec. 31, 2021

Restructuring And Related Activities [Abstract]

Summary of Activity Related To The Restructuring Liabilities

The activity related to the restructuring liabilities for the year ended December 31, 2021, is as follows (in thousands).


	Lease - related exit costs			Employee termination			Total
Balance as of December 31, 2020	$	2,584		$	12		$	2,596
Accretion		145			—			145
Provision		28			—			28
Cash payments		(987	)		(12	)		(999	)
Lease assignment to NeuBase		(136	)		—			(136	)
Balance as of December 31, 2021	$	1,634		$	—		$	1,634

Employee Benefit Plans - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021 USD ($)
Compensation And Retirement Disclosure [Abstract]
Employer contributions	$ 0

Other Financial Statement Information (Tables)

12 Months Ended

Dec. 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 (in thousands).


	December 31,
	2021		2020
Prepaid insurance	$	1,193	$	27
Prepaid contract costs		320		—
Prepaid follow-on financing costs		275		—
Prepaid recruiting fees		253		—
Prepaid rent		219		—
Prepaid audit fees		123		—
Deposits		57		86
Receivables from exercise of options		—		52
Other		423		392
Total prepaid expenses and other current assets	$	2,863	$	557

Schedule Of Accrued Expenses And Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands).


	December 31,
	2021		2020
Accrued development milestone	$	2,000	$	—
Accrued payroll		1,458		405
Related party payable		1,022		—
Accrued legal fees		457		—
Accrued research and development contract costs		364		—
Accrued consulting fees		341		—
Accrued expenses and other		286		130
Total accrued expenses and other current liabilities	$	5,928	$	535

Net Loss Per Share Attributable To Common Stockholders

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Loss Per Share Attributable To Common Stockholders

16. NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS


	Year Ended December 31,
	2021		2020
Redeemable convertible preferred stock		—		15,774,014
Class A common stock options issued and outstanding		2,924,521		1,855,507
Unvested restricted stock awards		—		41,363
Total		2,924,521		17,670,884

Note Payable - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Line of Credit Facility [Line Items]
Carrying amount of debt outstanding	$ 5,000,000		$ 0
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Revolving credit facility with borrowing capacity	50,000,000.0
Initial borrowing capacity	$ 5,000,000.0
Additional borrowing capacity		$ 45,000,000.0
Debt facility payments description	The debt facility provides for at least 48-months of interest-only payments, which may be extended to 60 months
Prepayment of the loan	5.00%
Extended maturity date	7.00%
Revolving Credit Facility [Member] \| LIBOR [Member]
Line of Credit Facility [Line Items]
Floating interest rate	8.25%

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Line Items]
Right-of-use asset	$ 7,000,000.0
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Noncurrent
Operating Lease, Liability	$ 9,000,000.0
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	us-gaap:OtherLiabilitiesNoncurrent
Money Market Funds [Member]
Accounting Policies [Line Items]
Money market funds	$ 73,800,000	$ 52,300,000
Gain loss on securities unrealized	$ 0	$ 0

License and Collaborations

12 Months Ended

Dec. 31, 2021

Licenses And Collaborations [Abstract]

License and Collaborations

12. LICENSES AND COLLABORATIONS

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 $13.1 million in the aggregate.

In December 2020, the Company paid Ares $25.0 million 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 $176.5 million upon the achievement of specified BLA filing or regulatory approval milestones and up to $515.0 million upon the achievement of specified commercial milestones.

The non-refundable license issue fee of $13.1 million and milestone payments of $25.0 million 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 recorded related party expense of $1.7 million to Ares for these services during the year ended December 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.

Amplyx Pharmaceuticals Inc.

In December 2021, the Company entered into an asset purchase agreement (the Amplyx Agreement) with Amplyx Pharmaceuticals Inc. (Amplyx), a wholly owned subsidiary of Pfizer. Pursuant to the terms of the Amplyx Agreement, the Company paid $5.0 million to Amplyx to purchase assets relating to an anti-BKV monoclonal antibody referred to as MAU868 for the treatment of BKV infection pursuant to a License Agreement between Amplyx and Novartis International Pharmaceutical AG (Novartis"). In addition, the Company has recognized a $2.0 million contingent milestone obligation that is probable of achievement as an assumed liability related to the asset purchase.

The transaction was treated as an asset acquisition as the assets acquired did not meet the definition of a business. ASC 805-10-55 states that if substantially all the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not considered a business. Since the gross assets acquired are concentrated on a single identifiable asset, MAU868, the transaction was accounted for as an asset acquisition. In accordance with accounting guidance, costs incurred in obtaining technology licenses are charged to research and development expense if the technology licensed has not reached technological feasibility and has no alternative future use. The assets purchased from Amplyx require substantial completion of research and development, regulatory and marketing approval efforts in order to reach technological feasibility. Accordingly, the acquisition cost of $7.0 million was recorded as research and development expense in the statement of operations for the year ended December 31, 2021.

In connection with the Amplyx asset purchase, Amplyx assigned the Exclusive License Agreement between Amplyx and Novartis (the Novartis License) and Manufacturing and Supply Agreements to the Company. Under the Novartis License Agreement, the Company has exclusive worldwide rights from Novartis to develop, manufacture and commercialize MAU868. The Company will be solely responsible for all research, development, regulatory, manufacturing and commercialization activities of MAU868.

Under the Amplyx Agreement, the Company is obligated to make future milestone payments to Amplyx and Novartis totaling up to approximately $76.0 million, contingent upon the achievement of various clinical development and regulatory milestones. Of this total, the Company has recognized $2.0 million of future milestone payments to Novartis as assumed liabilities upon acquisition. In the event that MAU868 is commercialized, the Company is obligated to pay to Amplyx and Novartis royalties based on net sales by country and by product.

Income Taxes - Schedule of Reconciliation of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Valuation Allowance [Line Items]
Tax on U.S. statutory rate on income before income taxes	$ (6,847)	$ (11,217)
State Taxes	(5,405)	1
Tax credits		122
Other	248	109
Provision for income taxes	1	1
Federal
Valuation Allowance [Line Items]
Valuation allowance	6,600	10,986
State
Valuation Allowance [Line Items]
Valuation allowance	$ 5,405

- Definition

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

+ References + Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying 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 financial reporting. The U.S. dollar is the Company’s functional and reporting currency.

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 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 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 financial statements and the reported amounts of expenses during the reporting period. Management estimates that affect the reported amounts of assets and liabilities include 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 were offset against the Company’s IPO proceeds upon the closing of the IPO.

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 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 mostly working remotely. The Company will continue to actively monitor the 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, which is classified within current and non-current assets on the balance sheets.

Comprehensive Loss

Comprehensive loss consists of net loss and other gains and losses affecting redeemable convertible preferred stock and stockholders’ equity (deficit) that, under GAAP, are excluded from net loss. The Company has no items of other comprehensive loss for the year ended December 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. Where contingent milestone payments are due to third parties under license or other agreements, the milestone payment obligations are recognized as expense when achievement of the contingent milestone is probable, which is generally upon achievement of the milestone.

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. These expenses and accrued liabilities are adjusted as actual expenses become known. 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’ equity (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.

Prior to the completion of our initial public offering, the fair value of the shares of common stock underlying the stock options was 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

Income taxes are accounted for under the asset and liability method. Deferred income taxes are recorded for temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities. Deferred tax assets and liabilities reflect tax rates expected to be in effect for the years in which the differences are expected to be reversed. A valuation allowance is provided if it is more likely than not that some or all of the deferred tax assets will not be realized.

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 were 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, did not and 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 was recorded to interest expense during the periods in which the convertible notes were outstanding.

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. The carrying amount of debt approximates fair value due to its variable interest rate.

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.

The Company’s non-marketable equity securities (Note 5) are measured at fair value using an option pricing valuation methodology. The option pricing methodology relies on risk-neutral valuation which calculates the value of an asset by discounting the expected value of its future payoffs at the risk-free rate of return. The fair value of the non-marketable equity securities is derived from quoted prices for similar instruments and observable inputs in active markets. This approach results in the classification of these securities as Level 2 of the fair value hierarchy.

There were no transfers between Levels 1, 2, or 3 for any of the periods presented. As of December 31, 2021 and 2020, the Company held $73.8 million and $52.3 million, 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 Standard Update (ASU) No. 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes, related to simplifying the accounting for income taxes. The guidance eliminates certain exceptions from Accounting Standards Codification (ASC) 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The guidance also clarifies and simplifies other aspects of the accounting for income taxes. The guidance became effective for the Company beginning on the first quarter of 2021 on a prospective basis. The Company adopted this

standard on January 1, 2021, and it did not have a material impact on the Company's financial statements or related disclosures.

In June 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 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 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 adopted the prospective approach as of January 1, 2022. Additionally, the Company intends to use 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 also has elected the practical expedient to not separate lease and non-lease components for all leases. The Company has substantially completed its evaluation of the effect that the adoption of this guidance will have on its financial statements. In connection with the adoption of the new guidance, the Company expects to recognize lease liabilities of approximately $9.0 million and right-of-use assets of approximately $7.0 million for operating leases, with immaterial impact to its statements of operations and cash flows.

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 March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In response to concerns about structural risks of the cessation of London Interbank Offered Rate (LIBOR), the amendments in this ASU provide optional guidance for a limited time to ease the potential burden in accounting for (or recognizing the effect of) reference rate reform on financial reporting. The amendments in this ASU provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by this amendment do not apply to contract modifications made and hedge relationships entered into or evaluated after December 31, 2022. The amendments in this ASU are elective and are effective for all entities as of March 12, 2020 through December 31, 2022. The Company continues to evaluate contractual arrangements that reference LIBOR.

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 and related disclosures.

Subsequent Event

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Event

18. SUBSEQUENT EVENT

On February 14, 2022, the Company completed a follow-on public offering pursuant to which the Company issued and sold 5,742,026 shares of its Class A common stock at an offering price of $15.00 per share, including 748,959 shares of Class A common stock to underwriters to exercise the underwriters' option to purchase additional shares. On February 9, 2022, the Company's registration statement on Form S-1 for a public offering was declared effective by the SEC. The Company received total net proceeds of approximately $80.2 million, after deducting underwriting discounts and commissions of $5.2 million, and offering costs of approximately $0.8 million, of which $0.3 million was incurred as of December 31, 2021.

Stock Compensation - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Expected volatility, Minimum	75.40%	86.10%
Expected volatility, Maximum	76.80%	92.50%
Risk-free rate, Minimum	0.60%	0.41%
Risk-free rate, Maximum	1.30%	1.67%
Minimum [Member]
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Expected term (in years)	5 years 6 months	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	6 years 1 month 6 days

Stock Compensation (Table)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

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

Stock option activity under the 2017 EIP and 2021 EIP was as follows:


	NUMBER OF OPTIONS			WEIGHTED- AVERAGE EXERCISE PRICE PER SHARE		WEIGHTED- AVERAGE REMAINING CONTRACTUAL LIFE (YEARS)		AGGREGATE INTRINSIC VALUE (000s)
Outstanding as of December 31, 2020		1,855,507		$	2.99		9.79	$	8
Granted		1,217,914			9.36
Exercised		(145,805	)		3.77
Cancelled and forfeited		(3,095	)		9.39
Outstanding as of December 31, 2021		2,924,521			5.62		9.11	$	61,712
Options exercisable as of December 31, 2021		467,621			3.01		8.91	$	11,089
Vested and expected to vest as of December 31, 2021		2,924,521		$	5.62		9.11	$	61,712

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

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 year ended December 31, 2021 and 2020 (in thousands).


	Year Ended December 31,
	2021		2020
Research and development	$	915	$	4
General and administrative		2,097		327
Total stock-based compensation expense	$	3,012	$	331


	Year Ended December 31,
	2021		2020
Employees	$	2,605	$	321
Nonemployees		407		10
Total stock-based compensation expense	$	3,012	$	331

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

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


	Year Ended December 31,
	2021	2020
Expected term (in years)	5.5 – 6.1	5.5 – 6.1
Expected volatility	75.4% – 76.8%	86.1% – 92.5%
Risk-free rate	0.6% – 1.3%	0.41% – 1.67%
Dividend yield	—	—

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 year ended December 31, 2021.


	NUMBER OF SHARES
Unvested as of December 31, 2020		41,363
Vested		(41,363	)
Unvested as of December 31, 2021		—

Common Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Common Class A
Class Of Stock [Line Items]
Common stock, shares authorized	500,000,000	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	14,600,000	21,593,607
Common stock par or stated value per share	$ 0.001	$ 0.001
Cash dividends	$ 0

Convertible Notes

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Convertible Notes

7. 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 $5.0 million 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 $0.6 million 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 $0.1 million, 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 8) 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.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Stock Compensation

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Compensation

10. STOCK COMPENSATION

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 2,213,773 shares of Class A common stock for future issuance under the ESPP and 2021 EIP, respectively.

The Company may not grant any additional awards under the 2017 Equity Incentive Plan (2017 EIP). The 2017 EIP will continue to govern outstanding equity awards granted thereunder. As of December 31, 2021, there were 1,403,096 shares available for issuance under the 2021 EIP.

2017 EIP and 2021 EIP

Stock option activity under the 2017 EIP and 2021 EIP was as follows:


	NUMBER OF OPTIONS			WEIGHTED- AVERAGE EXERCISE PRICE PER SHARE		WEIGHTED- AVERAGE REMAINING CONTRACTUAL LIFE (YEARS)		AGGREGATE INTRINSIC VALUE (000s)
Outstanding as of December 31, 2020		1,855,507		$	2.99		9.79	$	8
Granted		1,217,914			9.36
Exercised		(145,805	)		3.77
Cancelled and forfeited		(3,095	)		9.39
Outstanding as of December 31, 2021		2,924,521			5.62		9.11	$	61,712
Options exercisable as of December 31, 2021		467,621			3.01		8.91	$	11,089
Vested and expected to vest as of December 31, 2021		2,924,521		$	5.62		9.11	$	61,712

The aggregate intrinsic value of stock options exercised during the year ended December 31, 2021 was $0.2 million. The weighted-average grant date fair value of options granted during the year ended twelve months ended December 31, 2021 and 2020, was $9.36 per share and $2.24 per share, respectively.

ESPP

The ESPP enables eligible employees to purchase shares of the Company's common stock at the end of each offering period at a price equal to 85% of the fair market value of the shares on the first trading day or the last trading day of the offering period, whichever is lower. Eligible employees generally include all employees. Share purchases are funded through payroll deductions of at least 1% and up to 15% of an employee's eligible compensation for each payroll period. The number of shares reserved for issuance under the ESPP increase automatically on the first day of each fiscal year, beginning on January 1, 2022, by a number equal to the lesser of

440,502 shares, 1% of the total number of shares of the Company's capital stock (including all classes of the Company's common stock) outstanding on the last day of the calendar month prior to the date of the increase, or such lower number of shares (including no shares) approved by the Company's board of directors. As of December 31, 2021, no shares have been issued pursuant to the ESPP. The ESPP generally provides for six-month consecutive offering periods beginning on September 14, 2021. The ESPP is a compensatory plan as defined by the authoritative guidance for stock compensation. As such, stock-based compensation expense has been recorded for the year ended December 31, 2021.

Stock-Based Compensation Expense


	Year Ended December 31,
	2021		2020
Research and development	$	915	$	4
General and administrative		2,097		327
Total stock-based compensation expense	$	3,012	$	331


	Year Ended December 31,
	2021		2020
Employees	$	2,605	$	321
Nonemployees		407		10
Total stock-based compensation expense	$	3,012	$	331

As of December 31, 2021, the Company had $11.8 million 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 2.92 years.


	Year Ended December 31,
	2021	2020
Expected term (in years)	5.5 – 6.1	5.5 – 6.1
Expected volatility	75.4% – 76.8%	86.1% – 92.5%
Risk-free rate	0.6% – 1.3%	0.41% – 1.67%
Dividend yield	—	—

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 year ended December 31, 2021.


	NUMBER OF SHARES
Unvested as of December 31, 2020		41,363
Vested		(41,363	)
Unvested as of December 31, 2021		—

For the year ended December 31, 2021, the Company recognized $0.3 million of stock-based compensation expense related to restricted stock awards that vested during the period.

Non-Marketable Equity Securities (Tables)

12 Months Ended

Dec. 31, 2021

Investments Debt And Equity Securities [Abstract]

Summary of Carrying Value of the Non-marketable Equity Securities

The carrying value of the non-marketable equity securities as of December 31, 2021, is summarized below (in thousands).


Initial cost as of April 26, 2021	$	1,759
Change in fair value		(892	)
Balance as of December 31, 2021	$	867

Non-Marketable Equity Securities

12 Months Ended

Dec. 31, 2021

Investments Debt And Equity Securities [Abstract]

Non-Marketable Equity Securities

5. NON-MARKETABLE EQUITY SECURITIES

The Company has an investment in NeuBase common stock with restrictions on the sale or transfer of the shares. Fair value is determined using alternative pricing sources and models utilizing market observable inputs. The Company reports the restricted equity securities as non-marketable equity securities on the balance sheet, and determines current or non-current classification based on the expected duration of the restriction.

The Company recorded a net unrealized loss of $0.9 million in other expense for the year ended December 31, 2021. The carrying value is measured as the total initial cost, less the cumulative net unrealized loss. The carrying value of the non-marketable equity securities as of December 31, 2021, is summarized below (in thousands).


Initial cost as of April 26, 2021	$	1,759
Change in fair value		(892	)
Balance as of December 31, 2021	$	867

Note Payable

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Note Payable

6. NOTE PAYABLE

Note payable consists of the following:


	Rate Type	Maturity	Effective Interest Rate	December 31, 2021
				(in thousands)
Collateralized note	Variable	2026	9.53%	$	5,000
Less: Debt issuance costs					(77	)
Net carrying amount of debt				$	4,923

The carrying amount of debt approximates fair value due to its variable interest rate. The Company did not have any outstanding debt as of December 31, 2020.

In December 2021, the Company entered into a loan and security agreement (the Loan Agreement) for a non-revolving credit facility with borrowing capacity of up to $50.0 million. An initial $5.0 million (the Loan) was funded in December 2021, and an additional $45.0 million will be available in minimum draws of $5.0 million, at the Company’s option through the end of 2022. The Loan matures in December 2026, which may be extended by 12 months subject to certain clinical data milestones. The debt facility provides for at least 48-months of interest-only payments, which may be extended to 60 months if the final maturity date is extended. Initially, the Loan bears interest at 8.25%, with a floating interest rate tied to LIBOR. The Company is permitted to prepay the loan, subject to certain conditions. Upon the maturity date or prepayment of the Loan, the Company is required to make a final payment equal to 5.0% (or 7.0% if the maturity date is extended) of the aggregate principal amount of the Loan. The Loan Agreement contains a subjective acceleration clause in the case of an event of default. If such a matter occurs and is continuing, the lender may legally demand the outstanding principal and interest immediately due and payable. There are no financial covenants associated with the credit facility and the Loan is secured by the Company’s assets.

Principal installments due on the note subsequent to December 31, 2021 are as follows (in thousands):



2022	$	—
2023		—
2024		—
2025		—
2026		5,000
Total accrued expenses and other current liabilities	$	5,000

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 79,674	$ 53,654
Restricted cash, current	0	50
Prepaid expenses and other current assets, current	2,863	557
Total current assets	82,537	54,261
Restricted cash, noncurrent	293	293
Prepaid expenses and other current assets, noncurrent	51	0
Non-marketable equity securities	867	0
Total assets	83,748	54,554
Current liabilities:
Accounts payable	1,385	909
Restructuring liability, current	377	962
Accrued expenses and other current liabilities	5,928	535
Total current liabilities	7,690	2,406
Long-term Debt	4,923	0
Restructuring liability, noncurrent	1,257	1,634
Accrued and other noncurrent liabilities	286	286
Total liabilities	14,156	4,326
Commitments and contingencies (Note 14)
Redeemable convertible preferred stock, $0.001 par value; 0 and 182,772,372 shares authorized, issued and outstanding as of December 31, 2021 and December 31, 2020, respectively	0	139,576
Stockholders’ equity (deficit)
Preferred stock, $0.001 par value; 10,000,000 and 0 shares authorized as of December 31, 2021 and 2020, respectively; no shares issued and outstanding as of December 31, 2021 and December 31, 2020	0	0
Additional paid-in capital	193,627	2,099
Accumulated deficit	(124,056)	(91,447)
Total stockholders’ equity (deficit)	69,592	(89,348)
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit)	83,748	54,554
Common Class A [Member]
Stockholders’ equity (deficit)
Common Stock	21	0
Common Class B Non Voting [Member]
Stockholders’ equity (deficit)
Common Stock	$ 0	$ 0

Stock Compensation - Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Share-based Payment Arrangement, Expense	$ 3,012	$ 331
Employees [Member]
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Share-based Payment Arrangement, Expense	2,605	321
Nonemployees [Member]
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Share-based Payment Arrangement, Expense	407	10
Research and Development [Member]
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Share-based Payment Arrangement, Expense	915	4
General and Administrative [Member]
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Share-based Payment Arrangement, Expense	$ 2,097	$ 327

Stock Compensation - Summary of Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity (Details) - Restricted Stock [Member]	12 Months Ended
	Dec. 31, 2021 shares
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Unvested as of December 31, 2020	41,363
Vested	(41,363)
Unvested as of December 31, 2021	0

Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Assets, Net [Abstract]
Federal and state NOL carryforward	$ 17,469	$ 9,681
Research and other credits	2,671	2,652
Fixed assets	15	25
Reserves and accruals	947	554
Stock based compensation	535	119
Other intangibles	12,589	8,019
Other DTA	266
Total gross DTA	34,492	21,050
Less: valuation allowance	(34,492)	(21,050)
Total deferred tax assets	0	0
Deferred tax liabilities	0	0
Net deferred tax assets	$ 0	$ 0

Commitments and Contingencies - Additional Information (Details) - PNAI [Member] $ in Thousands		12 Months Ended
	Nov. 30, 2021 USD ($) ft²	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Nov. 30, 2020 USD ($)	Aug. 30, 2018 ft²	Apr. 30, 2018 USD ($)	Jan. 31, 2018	Apr. 30, 2015 ft²
Other Commitments [Line Items]
Operating lease minimum future commitments				$ 9,300
Operating lease, rent expense		$ 24,000	$ 2,100
Research And Laboratory Equipment [Member]
Other Commitments [Line Items]
Operating lease, rent expense		0	$ 300
Office and Laboratory Space at Woborn Massauchets [Member]
Other Commitments [Line Items]
Area of real estate availed on lease \| ft²	4,900				24,606			3,800
Operating lease term	36 months				84 months			39 months
Letters of credit outstanding						$ 300
Operating lease renewal term							3 years
Operating lease minimum future commitments		$ 9,300		$ 7,925
Percentage of increase in rent annually	3.00%
Base rent	$ 300

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Temporary equity par or stated value per share	$ 0.001	$ 0.001
Temporary equity shares authorized	0	182,772,372
Temporary equity shares issued	0	182,772,372
Temporary equity shares outstanding	0	182,772,372
Preferred stock par or stated value per share	$ 0.001	$ 0.001
Preferred stock shares authorized	10,000,000	0
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0
Common Class A [Member]
Common stock, Par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	273,986,920
Common stock, Shares issued	20,968,376	355,296
Common stock, Shares outstanding	20,968,376	355,296
Common Class B [Member]
Common stock, Par value	$ 0.001	$ 0.001
Common stock, shares authorized	14,600,000	21,593,607
Common stock, Shares issued	309,238	0
Common stock, Shares outstanding	309,238	0

Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating expenses:
Research and development	$ 22,484	$ 45,206
General and administrative	11,918	4,039
Restructuring Charges	0	2,996
Total operating expenses	34,402	52,241
Loss from operations	(34,402)	(52,241)
Other income (expense):
Interest income	15	8
Interest expense	(20)	(166)
Gain on issuance of convertible notes		63
Change in fair value of convertible notes		(1,076)
Change in fair value of non-marketable equity securities	(892)
Gain on sale of PNAi technology	2,691
Total other income (expense)	1,794	(1,171)
Loss before provision for income taxes	(32,608)	(53,412)
Provision for income taxes	(1)	(1)
Net loss and comprehensive loss	$ (32,609)	$ (53,413)
Net loss per share attributable to common stockholders, basic and diluted	$ (2.43)	$ (166.93)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	13,435,706	319,963

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2021
Compensation And Retirement Disclosure [Abstract]
Employee Benefit Plans	11. 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 year ended December 31, 2021.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Non-Marketable Equity Securities - Summary of Carrying Value of the Non-marketable Equity Securities (Detail) - USD ($) $ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021
Investments Debt And Equity Securities [Abstract]
Initial cost as of April 26, 2021	$ 1,759
Change in fair value	(892)	$ (892)
Balance as of December 31, 2021	$ 867	$ 867

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

13. INCOME TAXES

For financial reporting purposes, income (loss) before provision for income taxes, includes the following components (in thousands):


	December 31,
	2021			2020
Domestic	$	(32,608	)	$	(53,412	)
Foreign		—			—
Loss before income taxes	$	(32,608	)	$	(53,412	)

Provision for Income Taxes

The provision for income taxes consisted of the following (in thousands).


	December 31,
	2021		2020
Current:
Federal	$	—	$	—
State		1		1
Total current		1		1
Total deferred		—		—
Provision for income taxes	$	1	$	1

A reconciliation of the provision for income taxes computed using the U.S. statutory federal income tax rate compared to the income tax provision included in the statement of operations and comprehensive loss is as follows (in thousands).


	December 31,
	2021			2020
Tax on U.S. statutory rate on income before income taxes	$	(6,847	)	$	(11,217	)
State taxes		(5,405	)		1
State valuation allowance		5,405			—
Federal valuation allowance		6,600			10,986
Tax credits		—			122
Other		248			109
Provision for income taxes	$	1		$	1

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are determined based on the differences between financial reporting and income tax bases of assets and liabilities, as well as net operating loss carryforwards and are measured using the enacted tax rates and laws in effect when the differences are expected to reverse. The significant components of the Company’s net deferred tax assets and liabilities are as follows (in thousands).


	December 31,
	2021			2020
Deferred tax assets:
Federal and state NOL carryforward	$	17,469		$	9,681
Research and other credits		2,671			2,652
Fixed assets		15			25
Reserves and accruals		947			554
Stock based compensation		535			119
Other intangibles		12,589			8,019
Other DTA		266			—
Total gross DTA		34,492			21,050
Less: valuation allowance		(34,492	)		(21,050	)
Total deferred tax assets		—			—
Deferred tax liabilities		—			—
Net deferred tax assets	$	—		$	—

As of December 31, 2021, the Company has federal and state net operating loss carryforwards of $67.8 million and $35.7 million, respectively, of which $0.1 million of federal net operating loss carryforwards and $0.3 million of state net operating carryforwards will begin expiring in the year 2032 and 2036, respectively, if not utilized. The Company also has $57.6 million of federal net operating loss carryforwards as of December 31, 2021 that does not expire as a result of recent tax law changes. The Company has $2.4 million and $0.9 million of federal and state research and development tax credit carryforwards, which will begin to expire in the year of 2037 and 2032, respectively.

Utilization of the federal and state net operating loss and tax credit carryforwards may be subject to a substantial annual limitation due to the “change in ownership” provisions of the Internal Revenue Code of 1986. The annual limitation may result in the expiration of net operating losses and credits before utilization. The Company has not performed an analysis to determine if such ownership changes have occurred. An analysis will be performed prior to recognizing the benefits of any losses or credits in the financial statements.

Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. Based on the weight of all evidence including a history of operating losses, management has determined that it is not more likely than not that the net deferred tax assets will be realized. A valuation allowance of $34.5 million and $21.1 million for the year ended December 31, 2021 and 2020 has been established to offset the deferred tax assets as realization of such assets is uncertain.

Uncertain Tax Benefits

The Company has the following activity relating to the gross amount of unrecognized tax benefits (in thousands):


	Year Ended December 31,
	2021			2020
Beginning balance	$	663		$	651
Additions based on tax positions related to prior year		—			19
Decreases based on tax positions related to prior year		(97	)		(120	)
Additions based on tax positions related to current year		102			113
Ending balance	$	668		$	663

None of these uncertain tax positions will impact the Company's effective tax rate if assessed. The Company's policy is to classify interest and penalties associated with unrecognized tax benefits as income tax expense. The Company had no interest or penalty accruals associated with uncertain tax benefits in its balance sheet and statement of operations for the years ended December 31, 2021 and 2020. The Company files income tax returns in the U.S. and California. The Company is not currently under examination by any major tax jurisdictions nor has it been in the past. Because of net operating losses and research credit carryovers, substantially all of our tax years remain open to examination. Although it is reasonably possible that certain unrecognized tax benefits may increase or decrease within the next 12 months due to tax examination changes, settlement activities, expirations of statute of limitations, or the impact on recognition and measurement considerations related to the results of published tax cases or other similar activities, the Company does not anticipate any significant changes to unrecognized tax benefits over the next 12 months.

The Company accounts for income taxes in accordance with authoritative accounting guidance which states the impact of an uncertain income tax position is recognized at the largest amount that is “more likely than not” to be sustained upon audit by the relevant taxing authority. An uncertain tax position will not be recognized if it has less than a 50% likelihood of being sustained. As of December 31, 2021 and 2020, the Company had no material unrecognized tax benefits. No significant interest or penalties were recorded during the years ended December 31, 2021 and 2020.

- Definition

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

+ References

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+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 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 December 31, 2021, are as follows (in thousands).


	Operating Leases (1)		Sublease Income
2022	$	2,669	$	1,901
2023		2,755		1,964
2024		2,818		2,029
2025		1,954		1,569
Total payments	$	10,196	$	7,463

(1)

Future minimum lease payments include repayment of outstanding restructuring liabilities.

Other Financial Statement Information - Schedule Of Accrued Expenses And Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Financial Statement Information [Abstract]
Accrued development milestone	$ 2,000
Accrued payroll	1,458	$ 405
Related party payable	1,022
Accrued Legal fees	457
Accrued consulting fees	364
Accrued research and development contract costs	341
Accrued expenses and other	286	130
Total accrued expenses and other current liabilities	$ 5,928	$ 535

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).

+ References

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+ Details

Note Payable - Schedule of Notes Payable (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Collateralized note , variable	Variable
Collateralized debt instrument maturity date.	2026
Collateralized note , Effective interest rate	9.53%
Collateralized note ,Amount	$ 5,000
Less: Debt issuance costs	77
Net carrying amount of debt	$ 4,923	$ 0

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Redeemable Convertible Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	May 31, 2021	Oct. 31, 2020
Common Stock [Member] \| Covertible Preferred Stock [Member]
Temporary Equity [Line Items]
Conversion of preferred stock into common stock, Shares	15,774,014
Series C [Member]
Temporary Equity [Line Items]
Number of redeemable convertible preferred stock shares issued		22,171,553
Temporary equity purchase price per share		$ 0.5918
Proceeds from redeemable convertible preferred stock		$ 80.0
Series C [Member] \| Convertible Notes [Member]
Temporary Equity [Line Items]
Temporary equity purchase price per share		$ 0.5918
Debt instrument converted shares issued		11,404,246
Debt instrument convertible price per share		$ 0.5030
Debt conversion convertible instrument percent		85.00%

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

14. COMMITMENTS AND CONTINGENCIES

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


	Operating Leases (1)		Sublease Income
2022	$	2,669	$	1,901
2023		2,755		1,964
2024		2,818		2,029
2025		1,954		1,569
Total payments	$	10,196	$	7,463

(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. This lease expired in July 2021.

In April 2018, the Company entered into the South San Francisco 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 connection with the South San Francisco Lease, the Company

maintains a letter of credit issued to the lessor in the amount of $0.3 million, 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 $9.3 million as of December 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 $7,925 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 $9.3 million minimum lease commitment on the facilities.

In November 2021, the Company entered a lease for approximately 4,900 square feet of office space for a term of 36 months in Brisbane, California. The base rent is approximately $0.3 million for the first year with scheduled annual 3% increases. The lease includes renewal options for the Company.

The Company recorded rent expense totaling $2.1 million and $24,000 for the years ended December 31, 2020 and 2021, respectively.

Equipment Lease

The Company had certain leases on research and laboratory equipment which were assigned to a certain third party as of December 31, 2021. The Company recorded equipment rent expense totaling $0.3 million for the year ended December 31, 2020. No equipment rent expense was recorded for the year ended December 31, 2021.

License and Collaborations - Additional Information (Detail) - USD ($)		12 Months Ended
	Oct. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
License And Collaborations [Line Items]
Stock shares issued during the period value		$ 48,411,000
Research and development		$ 22,484,000	$ 45,206,000
Series C [Member]
License And Collaborations [Line Items]
Temporary equity purchase price per share	$ 0.5918
Ares Agreement \| Ares Trading S A
License And Collaborations [Line Items]
Milestone payments paid			25,000,000.0
Payment for royalties on a licensed product, Term		2 years
Related party transaction, expenses from transactions with related party		$ 1,700,000
Ares Agreement \| Ares Trading S A \| Series C [Member]
License And Collaborations [Line Items]
Initial fee paid as consideration	22,171,553
Temporary equity purchase price per share	$ 0.5918
Temporary equity shares issued during the period value	$ 13,100,000
Ares Agreement \| Ares Trading S A \| Achievement Of Specified BLA Filing Or Regulatory Approval Milestones [Member]
License And Collaborations [Line Items]
Milestone payments payable			176,500,000
Ares Agreement \| Ares Trading S A \| Achievement Of Specified Commercial Milestones [Member]
License And Collaborations [Line Items]
Milestone payments payable				$ 515,000,000.0
Ares Agreement \| Ares Trading S A \| Research and Development [Member]
License And Collaborations [Line Items]
Non-refundable license issue fee			13,100,000
Milestone payments recorded to research and development expense			$ 25,000,000.0
Amplyx Agreement
License And Collaborations [Line Items]
Milestone payments payable		2,000,000.0
Acquisition cost		5,000.0
Research and development		7,000,000.0
Amplyx Agreement \| Amplyx and Novartis \| Achievement of Various Clinical Development and Regulatory Milestones [Member]
License And Collaborations [Line Items]
Milestone payments payable		76,000,000.0
Amplyx Agreement \| Amplyx and Novartis \| Achievement as Assumed Liabilities upon Acquisition [Member]
License And Collaborations [Line Items]
Milestone payments payable		$ 2,000,000.0

Restructuring and Related Activities

12 Months Ended

Dec. 31, 2021

Restructuring And Related Activities [Abstract]

Restructuring and Related Activities

15. 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 $2.2 million and $0.8 million 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 no future economic benefit over the term of the leases. In addition, the Company recognized restructuring liability of $0.3 million related to severance and other employee termination costs related to the reduction in the number of employees.

The activity related to the restructuring liabilities for the year ended December 31, 2021, is as follows (in thousands).


	Lease - related exit costs			Employee termination			Total
Balance as of December 31, 2020	$	2,584		$	12		$	2,596
Accretion		145			—			145
Provision		28			—			28
Cash payments		(987	)		(12	)		(999	)
Lease assignment to NeuBase		(136	)		—			(136	)
Balance as of December 31, 2021	$	1,634		$	—		$	1,634

Note Payable - Schedule Principal Installments Due (Detail) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2026	$ 5,000,000
Total accrued expenses and other current liabilities	$ 5,000,000	$ 0

Redeemable Convertible Preferred Stock

12 Months Ended

Dec. 31, 2021

Temporary Equity [Abstract]

Redeemable Convertible Preferred Stock

8. REDEEMABLE CONVERTIBLE PREFERRED STOCK

As of December 31, 2020, the Company’s redeemable convertible preferred stock consisted of the following balances.


	ISSUE PRICE PER SHARE		SHARES AUTHORIZED		SHARES ISSUED AND OUTSTANDING		CARRYING VALUE		AGGREGATE LIQUIDATION PREFERENCE
							(in thousands)		(in thousands)
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 $80.0 million. 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 12).

In May 2021, immediately prior to the completion of the IPO (see Note 1), all outstanding shares of redeemable convertible preferred stock were automatically converted into 15,774,014 shares of common stock.

Non-Marketable Equity Securities - Additional Information (Detail) - USD ($) $ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021
Marketable Securities [Line Items]
Equity Securities, FV-NI, Unrealized Gain (Loss)	$ (892)	$ (892)
Other Expense
Marketable Securities [Line Items]
Equity Securities, FV-NI, Unrealized Gain (Loss)		$ 900

Redeemable Convertible Preferred Stock (Table)

12 Months Ended

Dec. 31, 2021

Temporary Equity [Abstract]

Summary of Redeemable Convertible Preferred Stock

As of December 31, 2020, the Company’s redeemable convertible preferred stock consisted of the following balances.


	ISSUE PRICE PER SHARE		SHARES AUTHORIZED		SHARES ISSUED AND OUTSTANDING		CARRYING VALUE		AGGREGATE LIQUIDATION PREFERENCE
							(in thousands)		(in thousands)
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

Income Taxes - Summary of Activity Relating to Gross Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Uncertainties [Abstract]
Beginning balance	$ 663	$ 651
Additions based on tax positions related to prior year		19
Decreases based on tax positions related to prior year	(97)	(120)
Additions based on tax positions related to current year	102	113
Ending balance	$ 668	$ 663

Organization and Description of the Business - Additional Information (Detail) $ / shares in Units, $ in Thousands				1 Months Ended	12 Months Ended
	May 20, 2021 USD ($) shares	May 13, 2021 $ / shares shares	May 07, 2021	May 31, 2021 shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Stock split ratio			11.5869
Underwriting discounts and commissions \| $	$ 3,900
Offering costs \| $	2,800
Accumulated deficit \| $					$ 124,056	$ 91,447
Cash and cash equivalents \| $					$ 79,674	$ 53,654
Common Class A
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Stock shares issued during the period new issues shares \| shares					5,002,500
Common Class A \| Conversion Of Redeemable Preferred Stock Into Common Stock [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Conversion of redeemable convertible preferred stock to common stock \| shares				15,464,776
Common Class A \| IPO [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
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 \| Over-Allotment Option
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Stock shares issued during the period new issues shares \| shares	652,500
Common Class B [Member] \| Conversion Of Redeemable Preferred Stock Into Common Stock [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Conversion of redeemable convertible preferred stock to common stock \| shares				309,238

Commitments and Contingencies - Summary of Future Minimum Lease Payments For Operating Leases (Details)
$ in Thousands

Dec. 31, 2021

USD ($)

Commitments And Contingencies Disclosure [Abstract]

Operating Leases, 2021 (remaining 3 months)

$ 2,669

^[1]

Operating Leases 2022

2,755

^[1]

Operating Leases 2023

2,818

^[1]

Operating Leases 2024

1,954

^[1]

Operating Leases 2025

10,196

^[1]

Sublease Income, 2021 (remaining 6 months)

(1,901)

Sublease Income, 2022

(1,964)

Sublease Income, 2023

(2,029)

Sublease Income, 2024

(1,569)

Sublease Income, 2025

$ (7,463)

[1]	Future minimum lease payments include repayment of outstanding restructuring liabilities.

Neubase Asset Sale

12 Months Ended

Dec. 31, 2021

Neubase Asset Sale [Abstract]

Neubase Asset Sale

4. 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, 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 $0.8 million in cash and 308,635 shares of NeuBase common stock, with a fair market value of $1.8 million 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 asset purchase agreement. In

connection with the sale, the Company also assigned certain leases for research and laboratory equipment to NeuBase (see Note 14). The Company recognized a gain of $2.7 million on the sale of assets to NeuBase.

As of December 31, 2021, there were 54,070 shares eligible for release from escrow. Per the terms of the agreement, the shares may be released from escrow upon the execution of a joint instruction letter.

Subsequent Event - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Feb. 14, 2022	Feb. 09, 2022	May 20, 2021	Dec. 31, 2021
Subsequent Event [Line Items]
Payments of offering costs				$ 2,765
Common Class A
Subsequent Event [Line Items]
Stock Issued During Period Shares New Issues				5,002,500
Payments of offering costs				$ 300
Common Class A \| Over-Allotment Option
Subsequent Event [Line Items]
Stock Issued During Period Shares New Issues			652,500
Subsequent Event
Subsequent Event [Line Items]
Sale Of Stock Consideration Received On Transaction		$ 80,200
Underwriting Discounts and Commissions		5,200
Payments of offering costs		$ 800
Subsequent Event \| Common Class A
Subsequent Event [Line Items]
Sale of Stock, Number of Shares Issued in Transaction	5,742,026
Sale Of Stock Price Per Share	$ 15.00
Subsequent Event \| Common Class A \| Over-Allotment Option
Subsequent Event [Line Items]
Stock Issued During Period Shares New Issues	748,959

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income (loss) Before Provision for Income Taxes

For financial reporting purposes, income (loss) before provision for income taxes, includes the following components (in thousands):


	December 31,
	2021			2020
Domestic	$	(32,608	)	$	(53,412	)
Foreign		—			—
Loss before income taxes	$	(32,608	)	$	(53,412	)

Schedule of Components of Provision for Income Taxes

The provision for income taxes consisted of the following (in thousands).


	December 31,
	2021		2020
Current:
Federal	$	—	$	—
State		1		1
Total current		1		1
Total deferred		—		—
Provision for income taxes	$	1	$	1

Schedule of reconciliation of the provision for income taxes


	December 31,
	2021			2020
Tax on U.S. statutory rate on income before income taxes	$	(6,847	)	$	(11,217	)
State taxes		(5,405	)		1
State valuation allowance		5,405			—
Federal valuation allowance		6,600			10,986
Tax credits		—			122
Other		248			109
Provision for income taxes	$	1		$	1

Summary of Deferred Tax Assets and Liabilities

The significant components of the Company’s net deferred tax assets and liabilities are as follows (in thousands).


	December 31,
	2021			2020
Deferred tax assets:
Federal and state NOL carryforward	$	17,469		$	9,681
Research and other credits		2,671			2,652
Fixed assets		15			25
Reserves and accruals		947			554
Stock based compensation		535			119
Other intangibles		12,589			8,019
Other DTA		266			—
Total gross DTA		34,492			21,050
Less: valuation allowance		(34,492	)		(21,050	)
Total deferred tax assets		—			—
Deferred tax liabilities		—			—
Net deferred tax assets	$	—		$	—

Summary of Activity Relating to Gross Amount of Unrecognized Tax Benefits

The Company has the following activity relating to the gross amount of unrecognized tax benefits (in thousands):


	Year Ended December 31,
	2021			2020
Beginning balance	$	663		$	651
Additions based on tax positions related to prior year		—			19
Decreases based on tax positions related to prior year		(97	)		(120	)
Additions based on tax positions related to current year		102			113
Ending balance	$	668		$	663

Convertible Notes - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Oct. 31, 2020	Dec. 31, 2020	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				$ 5.0
Debt instrument fixed interest rate percentage				4.00%
Convertible Notes [Member] \| Additional Convertible Notes Issued [Member]
Debt Instrument [Line Items]
Debt instrument Principal amount			$ 0.6
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	$ 0.1
Debt instrument converted shares issued	11,404,246
Temporary equity original issuance price	$ 0.5918

Stock Compensation - Summary of Share-based Compensation Arrangements by Share-based Payment Award (Details) - 2017 EIP And 2021 EIP [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Number of Options, Beginning	1,855,507
Number of options, Granted	1,217,914
Number of Options, Exercised	(145,805)
Number of Options, Cancelled and forfeited	(3,095)
Number of Options, Ending	2,924,521	1,855,507
Number of Options, Options exercisable	467,621
Number of Options, Vested and expected to vest	2,924,521
Weighted average exercise price Opening balance	$ 2.99
Weighted average exercise price, Granted	9.36
Weighted average exercise price, Exercised	3.77
Weighted average exercise price, Cancelled and forfeited	9.39
Weighted average exercise price Ending balance	5.62	$ 2.99
Weighted average exercise price, Options exercisable	3.01
Weighted average exercise price, Vested and expected to vest	$ 5.62
Weighted average remaining contractual term	9 years 1 month 9 days	9 years 9 months 14 days
Weighted average remaining contractual term, Options exercisable	8 years 10 months 28 days
Weighted average remaining contractual term, Vested and expected to vest	9 years 1 month 9 days
Intrinsic Value	$ 61,712	$ 8
Intrinsic Value, Options exercisable	11,089
Intrinsic Value, Vested and expected to vest	$ 61,712

Income Taxes - Schedule of Income (loss) Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Domestic	$ (32,608)	$ (53,412)
Foreign	0	0
Income/(loss) before income taxes	$ (32,608)	$ (53,412)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
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-Subparagraph (b)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 25
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 34,492,000	$ 21,050,000
Federal net operating loss carryforwards	57,600,000
Unrecognized Tax Benefits	668,000	663,000	$ 651,000
Income Tax Examination, Penalties and Interest Expense	0	0
Interest or penalty accruals associated with uncertain tax benefits	0	$ 0
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 67,800,000
Operating loss carryforwards expiration year	2032
Federal \| 2032
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 100,000
Federal \| Research
Operating Loss Carryforwards [Line Items]
Tax credit carryforward amount	2,400,000
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 35,700,000
Operating loss carryforwards expiration year	2036
State \| 2036
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 300,000
State \| Research
Operating Loss Carryforwards [Line Items]
Tax credit carryforward amount	$ 900,000

Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ 0	$ 0
State	1	1
Total current	1	1
Deferred:
Total deferred	0	0
Provision for income taxes	$ 1	$ 1

- Definition

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

+ References + Details

Organization and Description of the Business

12 Months Ended

Dec. 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 late-stage biotechnology company focused on developing and commercializing transformative treatments for patients with serious immunological diseases. The Company is headquartered in Brisbane, 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 converted 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 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 $48.4 million from the IPO, after deducting underwriting discounts and commissions of $3.9 million, and offering costs of $2.8 million. 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.

Liquidity

Since inception, the Company devoted substantially all of its resources to its research and development efforts, pre-clinical studies and clinical trials, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations. The Company has incurred recurring net operating losses since its inception and had an accumulated deficit of $124.1 million as of December 31, 2021. The Company had cash and cash equivalents of $79.7 million as of December 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 expects to continue to incur losses and negative cash flows from operations for at least the next several years.

Management believes that the Company’s cash and cash equivalents as of December 31, 2021, together with net proceeds from its follow-on public offering in February 2022 (see Note 18), will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months subsequent to the issuance date of these financial statements. The Company intends to raise additional capital through public or private equity offerings or debt financing or other capital sources, which may include strategic collaborations or other arrangements with third parties in order to achieve its long-term business objectives. If the Company fails to obtain necessary capital when needed on acceptable terms, or at all, it could force the Company to delay, limit, reduce or terminate its product development programs, commercialization efforts or other operations.

Net Loss Per Common Share - Summary of Dilutive Shares Excluded from Computation of Diluted Net Loss Per Share (Detail) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Redeemable convertible preferred stock	2,924,521	17,670,884
Redeemable Convertible Preferred Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Redeemable convertible preferred stock		15,774,014
Class A Common Stock Options Issued and Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Redeemable convertible preferred stock	2,924,521	1,855,507
Unvested Restricted Stock Awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Redeemable convertible preferred stock		41,363

Common Stock

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Common Stock

9. COMMON STOCK

As of December 31, 2021, the Company’s certificate of incorporation, as amended and restated, authorized the Company to issue 500,000,000 shares of Class A common stock and 14,600,000 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 December 31, 2021, no cash dividends have been declared or paid.

- Definition

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

+ References

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+ Details