0001785530-22-000021 | 10-Q | XBRL Viewer | Werewolf Therapeutics INC

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Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2022	May 06, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-40366
Entity Registrant Name	WEREWOLF THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3523180
Entity Address, Address Line One	1030 Massachusetts Avenue
Entity Address, Address Line Two	Suite 210
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02138
City Area Code	617
Local Phone Number	952‑0555(Former name, former address and former fiscal year, if changed since last report)
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	HOWL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		27,654,248
Entity Central Index Key	0001785530
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 143,711	$ 157,531
Prepaid expenses and other current assets	1,725	3,537
Total current assets	145,436	161,068
Property and equipment, net	6,141	2,913
Restricted cash	1,208	1,208
Operating lease right of use asset	11,204	13,412
Other non-current assets	642	649
Total assets	164,631	179,250
Current liabilities:
Accounts payable	1,381	2,037
Accrued expenses and other current liabilities	8,189	8,765
Operating lease liability, current	1,458	1,072
Total current liabilities	11,028	11,874
Operating lease liability, net of current portion	14,285	14,589
Total liabilities	25,313	26,463
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value, 5,000 shares authorized at March 31, 2022 and December 31, 2021; no shares issued or outstanding as of March 31, 2022 or December 31, 2021	0	0
Common stock, $0.0001 par value, 200,000 shares authorized as of March 31, 2022 and December 31, 2021; 27,654 and 27,608 shares issued as of March 31, 2022 and December 31, 2021, respectively; 27,420 and 27,313 shares outstanding as of March 31, 2022 and December 31, 2021, respectively	2	2
Additional paid-in capital	407,554	405,680
Accumulated deficit	(268,238)	(252,895)
Total stockholders’ equity	139,318	152,787
Total liabilities and stockholders’ equity	$ 164,631	$ 179,250

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Preferred stock par value (usd per share)	$ 0.0001	$ 0.0001
Preferred stock authorized (shares)	5,000,000
Preferred stock issued (shares)	0	0
Preferred stock outstanding (shares)	0	0
Common stock par value (usd per share)	$ 0.0001	$ 0.0001
Common stock authorized (shares)	200,000,000
Common stock issued (shares)	27,654,000	27,608,000
Common stock outstanding (shares)	27,420,000	27,313,000

Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating expenses:
Research and development	$ 10,945	$ 4,817
General and administrative	4,421	2,635
Total operating expenses	15,366	7,452
Operating loss	(15,366)	(7,452)
Other income:
Interest income, net	23	17
Total other income	23	17
Net loss	(15,343)	(7,435)
Accretion of redeemable convertible preferred stock to redemption value	0	(95,016)
Net loss attributable to common stockholders	(15,343)	(102,451)
Net loss attributable to common stockholders	$ (15,343)	$ (102,451)
Net loss per share attributable to common stockholders, basic and diluted
Net (loss) per share attributable to common stockholders, basic (usd per share)	$ (0.56)	$ (83.36)
Net (loss) per share attributable to common stockholders, diluted (usd per share)	$ (0.56)	$ (83.36)
Weighted-average common shares outstanding, basic and diluted
Weighted average common shares outstanding, basic (shares)	27,393	1,229
Weighted average common shares outstanding, diluted (shares)	27,393	1,229

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ (Deficit) Equity (unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Redeemable Convertible Preferred Stock Series A Redeemable Convertible Preferred Stock	Redeemable Convertible Preferred Stock Series B Redeemable Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Redeemable convertible preferred stock outstanding, beginning balance (shares) at Dec. 31, 2020		80,247	78,222
Redeemable convertible preferred stock outstanding, beginning balance at Dec. 31, 2020		$ 69,012	$ 72,070
Increase (Decrease) in Temporary Equity [Roll Forward]
Accretion of redeemable convertible preferred stock to redemption value		$ 49,753	$ 45,263
Redeemable convertible preferred stock outstanding, ending balance (shares) at Mar. 31, 2021		80,247	78,222
Redeemable convertible preferred stock outstanding, ending balance at Mar. 31, 2021		$ 118,765	$ 117,333
Stockholders' equity, beginning balance (shares) at Dec. 31, 2020				1,746
Stockholders' equity, beginning balance at Dec. 31, 2020	$ (51,863)			$ 2	$ 0	$ (51,865)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	539				539
Exercise of common stock options (shares)				14
Stock option exercises	21				21
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock	(95,016)				(560)	(94,456)
Net income (loss)	(7,435)					(7,435)
Stockholders' equity, ending balance (shares) at Mar. 31, 2021				1,760
Stockholders' equity, ending balance at Mar. 31, 2021	(153,754)			$ 2	0	(153,756)
Redeemable convertible preferred stock outstanding, beginning balance (shares) at Dec. 31, 2021		0	0
Redeemable convertible preferred stock outstanding, beginning balance at Dec. 31, 2021		$ 0	$ 0
Redeemable convertible preferred stock outstanding, ending balance (shares) at Mar. 31, 2022		0	0
Redeemable convertible preferred stock outstanding, ending balance at Mar. 31, 2022		$ 0	$ 0
Stockholders' equity, beginning balance (shares) at Dec. 31, 2021				27,608
Stockholders' equity, beginning balance at Dec. 31, 2021	152,787			$ 2	405,680	(252,895)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 1,745				1,745
Exercise of common stock options (shares)	46			46
Stock option exercises	$ 129				129
Net income (loss)	(15,343)					(15,343)
Stockholders' equity, ending balance (shares) at Mar. 31, 2022				27,654
Stockholders' equity, ending balance at Mar. 31, 2022	$ 139,318			$ 2	$ 407,554	$ (268,238)

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities:
Net income (loss)	$ (15,343)	$ (7,435)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	1,745	539
Depreciation expense	98	39
Non-cash lease expense	383	166
Changes in operating assets and liabilities:
Prepaid expenses and other assets	1,789	81
Accounts payable	(674)	724
Accrued expenses and other current liabilities	(2,031)	(1,331)
Right of use assets and operating lease liability	82	(159)
Other liabilities	0	50
Net cash used in operating activities	(13,951)	(7,326)
Investing activities:
Purchases of property and equipment	(28)	(13)
Net cash used in investing activities	(28)	(13)
Financing activities:
Deferred financing costs	0	(559)
Proceeds from stock option exercises	159	21
Net cash provided by (used in) financing activities	159	(538)
Net decrease in cash and cash equivalents	(13,820)	(7,877)
Cash, cash equivalents and restricted cash—beginning of period	158,830	92,777
Cash, cash equivalents and restricted cash—end of period	145,010	84,900
Non-cash investing and financing activities:
Non-cash accretion of Series A and Series B redeemable convertible preferred stock	0	95,016
Stock option exercise receivables in prepaid expenses and other current assets	(30)	0
Issuance costs in accounts payable and accrued expenses	0	560
Purchases of property and equipment in accounts payable and accrued expenses	$ 1,552	$ 130

Description of Business, Organization, and Liquidity	3 Months Ended
Description of Business, Organization, and Liquidity	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business, Organization, and Liquidity	Nature of Business Werewolf Therapeutics, Inc. (“Werewolf” or the “Company”) was incorporated in the state of Delaware in October 2017. The Company is an innovative biopharmaceutical company pioneering the development of therapeutics engineered to stimulate the body’s immune system for the treatment of cancer. The Company’s headquarters are located in Cambridge, Massachusetts. Since inception, the Company has devoted substantially all of its time and efforts to performing research and development activities, raising capital and recruiting management and technical staff to support these operations. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, technical risks associated with the successful research, development and manufacturing of product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Current and future programs will require significant research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. The Company had cash and cash equivalents of $143.7 million at March 31, 2022. The Company expects that its cash and cash equivalents will enable it to fund its operating expenses and capital expenditure requirements for at least twelve months from the filing date of this Quarterly Report. However, additional funding will be necessary beyond this point to fund future preclinical and clinical activities. The Company expects to finance its future cash needs through a combination of equity or debt financings, collaboration agreements, strategic alliances and licensing arrangements.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements as of March 31, 2022 and December 31, 2021, and for the three months ended March 31, 2022 and 2021, have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) and generally accepted accounting principles in the United States of America (“GAAP”) as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”) for condensed consolidated financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these condensed consolidated financial statements reflect all normal recurring adjustments which are necessary for a fair presentation of the Company’s financial position and results of its operations, as of and for the periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC (the “Annual Report”). The information presented in the condensed consolidated financial statements and related notes as of March 31, 2022, and for the three months ended March 31, 2022 and 2021, is unaudited. The December 31, 2021 condensed consolidated balance sheet included herein was derived from the audited financial statements as of that date, but does not include all disclosures, including notes, required by GAAP for complete financial statements. Interim results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022, or any future period. The accompanying condensed consolidated financial statements include the accounts of Werewolf Therapeutics, Inc. and its wholly-owned subsidiary, Werewolf Therapeutics Mass Securities, Inc. All intercompany transactions and balances have been eliminated in consolidation. Summary of Significant Accounting Policies The significant accounting policies and estimates used in the preparation of the condensed consolidated financial statements are described in the Company’s audited financial statements as of and for the year ended December 31, 2021, and the notes thereto, which are included in the Annual Report. There have been no material changes in the Company’s significant accounting policies during the three months ended March 31, 2022. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, the Company’s management evaluates its estimates which include, but are not limited to, the fair values of common stock and redeemable convertible preferred stock, and the fair value of the preferred stock tranche rights. Actual results could differ from those estimates. Recent Accounting Pronouncements Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s condensed consolidated financial statements upon adoption. Subsequent Events The Company has evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Other than as described in these financial statements, the Company did not identify any subsequent events that would have required adjustment to or disclosure in the financial statements.

Financial Instruments and Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

Fair value is an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is determined based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect certain market assumptions. As a basis for considering such assumptions, GAAP establishes a three-tier value hierarchy, which prioritizes the inputs used to develop the assumptions and for measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets for identical assets; (Level 2) inputs other than the quoted prices in active markets that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value.

The Company measures the fair value of money market funds based on quoted prices in active markets for identical securities.

The carrying amounts reflected in the condensed consolidated balance sheets for cash, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair values, due to their short-term nature.

Assets measured at fair value on a recurring basis as of March 31, 2022 were as follows (in thousands):


	Quoted Price in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Money market funds	$	143,711	$	—	$	—	$	143,711
Total assets	$	143,711	$	—	$	—	$	143,711

Assets measured at fair value on a recurring basis as of December 31, 2021 were as follows (in thousands):


	Quoted Price in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Money market funds	$	157,531	$	—	$	—	$	157,531
Total assets	$	157,531	$	—	$	—	$	157,531

There were no changes in valuation techniques during the three months ended March 31, 2022. There were no liabilities measured at fair value on a recurring basis as of March 31, 2022 or December 31, 2021.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Restricted Cash	3 Months Ended
Restricted Cash	Mar. 31, 2022
Cash and Cash Equivalents [Abstract]
Restricted Cash	Restricted CashThe Company maintained restricted cash of $1.3 million at each of March 31, 2022 and December 31, 2021. At each of March 31, 2022 and December 31, 2021, $0.1 million of the Company’s restricted cash balance is included within “Prepaid expenses and other current assets” in the accompanying condensed consolidated balance sheets. These amounts are comprised solely of letters of credit required pursuant to the Company’s leased office spaces.

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities as of March 31, 2022 and December 31, 2021 were comprised as follows (in thousands):


	March 31, 2022		December 31, 2021
Manufacturing	$	2,700	$	3,427
Contract research	1,940		2,542
Leasehold improvements	1,455		—
Employee compensation and benefits	1,148		2,200
Professional fees	816		433
Other	130		163
Total accrued expenses and other current liabilities	$	8,189	$	8,765

Common and Preferred Stock

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Common and Preferred Stock

Common Stock

The Company is authorized to issue 200.0 million shares of common stock. Common stockholders are entitled to dividends if and when declared by the Company’s board of directors. As of March 31, 2022, no dividends on common stock had been declared by the Company.

The Company had reserved shares of common stock for issuance as follows (in thousands):


	As of March 31,	As of December 31,
	2022	2021
Options issued and outstanding	4,133	3,266
Warrants issued and outstanding	59	59
Total	4,192	3,325

Preferred Stock

The Company is authorized to issue 5.0 million shares of undesignated preferred stock in one or more series. As of March 31, 2022, no shares of preferred stock were issued or outstanding.

- 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

Stock-based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-based Compensation

2017 Stock Incentive Plan

In December 2017, the Company adopted the 2017 Stock Incentive Plan (the “2017 Plan”), as amended and restated, under which it could grant incentive stock options (“ISOs”), non-qualified stock options, restricted stock awards (“RSAs”), restricted stock units (“RSUs”), stock appreciation rights and other stock-based awards to eligible employees, officers, directors and consultants. The terms of stock options and RSAs, including vesting requirements, are determined by the board of directors, subject to the provisions of the 2017 Plan.

2021 Stock Incentive Plan

In April 2021, the board of directors adopted and the Company’s stockholders approved the 2021 Stock Incentive Plan (the “2021 Plan”), which became effective immediately prior to the effectiveness of the Company’s initial public offering (“IPO”). As a result of the adoption of the 2021 Plan, no further awards will be made under the 2017 Plan.

The 2021 Plan provides for the grant of ISOs, non-qualified stock options, RSAs, RSUs, stock appreciation rights and other stock-based awards. The Company’s employees, officers, directors, consultants and advisors are eligible to receive awards under the 2021 Plan. The terms of awards, including vesting requirements, are determined by the board of directors, subject to the provisions of the 2021 Plan.

The Company initially registered 3,352,725 shares of common stock under the 2021 Plan, pursuant to a Registration Statement on Form S-8 filed with the SEC on April 30, 2021, which was comprised of (i) 2,843,116 shares of common stock reserved for issuance under the 2021 Plan, (ii) 31,884 shares of common stock originally reserved for issuance under the 2017 Plan that became available for issuance under the 2021 Plan upon the completion of the IPO, and (iii) 477,725 shares of unvested restricted stock subject to repurchase by us that may become issuable under the 2021 Stock Incentive Plan following such repurchase. The 2021 Plan also provides that an additional number of shares will be added annually to the shares authorized for issuance under the 2021 Plan on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2022 and continuing until, and including, the fiscal year ended December 31, 2031. The number of shares added each year will be equal to the lesser of (i) 5% of the number of outstanding common stock on such date and (ii) such amount as determined by the board of directors. Effective January 1, 2022, 1,380,397 additional shares were automatically added to the shares reserved for issuance under the 2021 Plan pursuant to this evergreen provision.

As of March 31, 2022, there were 2,406,657 shares available for future issuance under the 2021 Plan.

2021 Employee Stock Purchase Plan

In April 2021, the board of directors adopted and the Company’s stockholders approved the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which became effective immediately prior to the effectiveness of the IPO. The Company initially reserved 244,000 shares of common stock for future issuance under the 2021 ESPP. The 2021 ESPP provides that an additional number of shares will automatically be added to the shares reserved for issuance on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2022 and continuing for each fiscal year until, and including, the fiscal year ending on December 31, 2032. The number of shares added each year will be equal to the lowest of (i) 488,000 shares of common stock, (ii) 1% of the number of shares of outstanding common stock on such date, and (iii) such amount as determined by the board of directors. The company had not initiated any offering periods under the 2021 ESPP as of March 31, 2022, and no shares were added on January 1, 2022, pursuant to the evergreen provision.

Stock-Based Compensation Expense

Total stock-based compensation expense recognized in the condensed consolidated statements of operations for the three months ended March 31, 2022 and 2021 was as follows (in thousands):


	Three Months Ended March 31,
	2022		2021
Research and development	$	781	$	140
General and administrative	964		399
Total stock-based compensation	$	1,745	$	539

Restricted Stock Activity

The Company may, at its discretion, repurchase unvested shares of restricted stock issued pursuant to the 2017 Plan at the initial purchase price if the employees or non-employees terminate their service relationship with the Company. The shares are recorded in stockholders’ equity as they vest.

The following table summarizes restricted stock award activity during the three months ended March 31, 2022 (in thousands, except per share amounts):


	Shares/Units	Weighted-Average Grant Date Fair Value Per Share
Unvested at December 31, 2021	295	$	1.35
Granted	—	$	—
Vested	(61)	$	1.33
Forfeited	—	$	—
Unvested at March 31, 2022	234	$	1.36

As of March 31, 2022, there was unrecognized stock-based compensation expense related to unvested restricted stock awards of $0.3 million, which the Company expects to recognize over a weighted-average period of approximately 1.1 years.

The aggregate fair value of restricted stock awards that vested during the three months ended March 31, 2022 and 2021, based upon the fair values of the stock underlying the restricted stock awards on the day of vesting, was $0.5 million and $0.3 million, respectively.

Stock Option Activity

The fair value of stock options granted during the three months ended March 31, 2022 and 2021 was calculated on the date of grant using the following weighted-average assumptions:


	Three Months Ended March 31,
	2022		2021
Risk-free interest rate	1.6	%	0.8	%
Expected term (in years)	6.0		6.0
Dividend yield	—	%	—	%
Expected volatility	76.0	%	79.8	%

Using the Black-Scholes option pricing model, the weighted-average grant date fair value of stock options granted during the three months ended March 31, 2022 and 2021 was $7.54 and $4.23 per share, respectively.

The following table summarizes stock option activity during the three months ended March 31, 2022 (in thousands, except per share amounts):


	Options Outstanding
	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (in years)
Outstanding at December 31, 2021	3,266	$	8.24	9.02
Granted	928	$	11.34
Exercised	(46)	$	2.83
Cancelled	(15)	$	7.69
Outstanding at March 31, 2022	4,133	$	9.00	9.00
Exercisable at March 31, 2022	818	$	5.73	8.65

The aggregate intrinsic fair value of stock options exercised during the three months ended March 31, 2022 and 2021 was $0.3 million and $0.1 million, respectively.

As of March 31, 2022, there was unrecognized stock-based compensation expense related to unvested stock options of $20.0 million, which the Company expects to recognize over a weighted-average period of approximately 2.9 years.

Net (Loss) Income Attributable to Common Stockholders per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net (Loss) Income Attributable to Common Stockholders per Share

Net Loss Attributable to Common Stockholders per Share

For purposes of the diluted net loss attributable to common stockholders per share calculation, redeemable convertible preferred stock, outstanding stock options, unvested restricted stock awards and warrants to purchase common stock are considered to be potentially dilutive securities, however the following weighted-average amounts were excluded from the calculation of diluted net loss attributable to common stockholders per share because their effect would be anti-dilutive (in thousands):


	March 31,
	2022	2021
Redeemable convertible preferred stock (as converted)	—	18,280
Outstanding stock options	4,133	2,401
Unvested restricted common stock	234	498
Warrants to purchase common stock	59	59
Total	4,426	21,238

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Jazz Collaboration On April 6, 2022, the Company entered into a Collaboration and License Agreement (the “Collaboration Agreement”) with Jazz Pharmaceuticals Ireland Limited (“Jazz”) pursuant to which the Company granted Jazz certain licenses to develop and commercialize products containing the Company’s Interferon alpha (“IFNα”) INDUKINE™ molecule, WTX-613, as well as products containing certain isolated recombinant polypeptides comprising IFNα that meet specified criteria (each such product, a “Licensed Product”). Under the Collaboration Agreement, the Company will initially be responsible for certain pre-clinical development activities with respect to WTX-613 and other development activities specified in mutually agreed upon development plans. Jazz will generally reimburse the Company for the cost of such activities. Jazz will be responsible for all other development and commercialization activities conducted to exploit the Licensed Products, including submission of an investigational new drug application (“IND”) to the U.S. Food and Drug Administration (the “FDA”). Under the terms of the Collaboration Agreement, the Company received an upfront payment of $15.0 million in April 2022. The Company is eligible to receive up to $520.0 million in development and regulatory milestones, and up to $740.0 million in sales-based milestones for all Licensed Products. In addition, the Company is eligible to receive tiered mid-single digit royalties based on Jazz’s, and any of its affiliates’ and sublicensees’ annual net sales of Licensed Products, subject to reduction in specified circumstances. Pacific Western Bank Loan Facility On April 12, 2022 (the “Closing Date”), the Company entered into an Amended and Restated Loan and Security Agreement (the “Loan Agreement”) with Pacific Western Bank (“PWB”), which amended and restated in its entirety that certain Loan and Security Agreement dated May 29, 2020, as subsequently amended on December 22, 2020 and February 18, 2021, between the Company and PWB, which had expired on November 29, 2021 as a result of the Company’s decision not to draw down any term loans by such date. Under the terms of the Loan Agreement, PWB made available term loans in an aggregate principal amount of up to $40.0 million (the “Term Loans”), consisting of (i) a term loan in the aggregate principal amount of up to $20.0 million available at any time after the Closing Date until February 28, 2024, as extended to August 31, 2024 upon the satisfaction of certain conditions set forth in the Loan Agreement (such date, the “Amortization Date”), and (ii) a term loan in the aggregate principal amount of up to $20.0 million available at any time after the Closing Date until the Amortization Date upon the acceptance by the FDA of two IND submissions on or before March 31, 2023. As of May 10, 2022, the Term Loans remain undrawn.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	The accompanying condensed consolidated financial statements as of March 31, 2022 and December 31, 2021, and for the three months ended March 31, 2022 and 2021, have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) and generally accepted accounting principles in the United States of America (“GAAP”) as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”) for condensed consolidated financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these condensed consolidated financial statements reflect all normal recurring adjustments which are necessary for a fair presentation of the Company’s financial position and results of its operations, as of and for the periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC (the “Annual Report”).
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, the Company’s management evaluates its estimates which include, but are not limited to, the fair values of common stock and redeemable convertible preferred stock, and the fair value of the preferred stock tranche rights. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s condensed consolidated financial statements upon adoption.
Subsequent Events	Subsequent EventsThe Company has evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Other than as described in these financial statements, the Company did not identify any subsequent events that would have required adjustment to or disclosure in the financial statements

Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value on a Recurring Basis

Assets measured at fair value on a recurring basis as of March 31, 2022 were as follows (in thousands):


	Quoted Price in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Money market funds	$	143,711	$	—	$	—	$	143,711
Total assets	$	143,711	$	—	$	—	$	143,711

Assets measured at fair value on a recurring basis as of December 31, 2021 were as follows (in thousands):


	Quoted Price in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Money market funds	$	157,531	$	—	$	—	$	157,531
Total assets	$	157,531	$	—	$	—	$	157,531

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses and other current liabilities as of March 31, 2022 and December 31, 2021 were comprised as follows (in thousands):


	March 31, 2022		December 31, 2021
Manufacturing	$	2,700	$	3,427
Contract research	1,940		2,542
Leasehold improvements	1,455		—
Employee compensation and benefits	1,148		2,200
Professional fees	816		433
Other	130		163
Total accrued expenses and other current liabilities	$	8,189	$	8,765

Common and Preferred Stock (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Schedule of Common Stock Reserved for Issuance

The Company had reserved shares of common stock for issuance as follows (in thousands):


	As of March 31,	As of December 31,
	2022	2021
Options issued and outstanding	4,133	3,266
Warrants issued and outstanding	59	59
Total	4,192	3,325

Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-based Compensation Expense Recognized

Total stock-based compensation expense recognized in the condensed consolidated statements of operations for the three months ended March 31, 2022 and 2021 was as follows (in thousands):


	Three Months Ended March 31,
	2022		2021
Research and development	$	781	$	140
General and administrative	964		399
Total stock-based compensation	$	1,745	$	539

Restricted Stock Awards Activity

The following table summarizes restricted stock award activity during the three months ended March 31, 2022 (in thousands, except per share amounts):


	Shares/Units	Weighted-Average Grant Date Fair Value Per Share
Unvested at December 31, 2021	295	$	1.35
Granted	—	$	—
Vested	(61)	$	1.33
Forfeited	—	$	—
Unvested at March 31, 2022	234	$	1.36

Weighted -average Valuation Assumptions

The fair value of stock options granted during the three months ended March 31, 2022 and 2021 was calculated on the date of grant using the following weighted-average assumptions:


	Three Months Ended March 31,
	2022		2021
Risk-free interest rate	1.6	%	0.8	%
Expected term (in years)	6.0		6.0
Dividend yield	—	%	—	%
Expected volatility	76.0	%	79.8	%

Summary of Stock Option Activity

The following table summarizes stock option activity during the three months ended March 31, 2022 (in thousands, except per share amounts):


	Options Outstanding
	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (in years)
Outstanding at December 31, 2021	3,266	$	8.24	9.02
Granted	928	$	11.34
Exercised	(46)	$	2.83
Cancelled	(15)	$	7.69
Outstanding at March 31, 2022	4,133	$	9.00	9.00
Exercisable at March 31, 2022	818	$	5.73	8.65

Net (Loss) Income Attributable to Common Stockholders per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of (Loss) Income per Share


	March 31,
	2022	2021
Redeemable convertible preferred stock (as converted)	—	18,280
Outstanding stock options	4,133	2,401
Unvested restricted common stock	234	498
Warrants to purchase common stock	59	59
Total	4,426	21,238

Description of Business, Organization, and Liquidity (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 143,711	$ 157,531

Financial Instruments and Fair Value Measurements (Details) - Recurring - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	$ 143,711,000	$ 157,531,000
Liabilities measured at fair value on recurring basis	0	0
Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money market funds	143,711,000	157,531,000
Quoted Price in Active Markets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	143,711,000	157,531,000
Quoted Price in Active Markets (Level 1) \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money market funds	143,711,000	157,531,000
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	0	0
Significant Other Observable Inputs (Level 2) \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money market funds	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	0	0
Significant Unobservable Inputs (Level 3) \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money market funds	$ 0	$ 0

Restricted Cash (Details) $ in Millions	Mar. 31, 2022 USD ($)
Cash and Cash Equivalents [Abstract]
Non-current restricted cash	$ 1.3
Restricted cash included in "Prepaid expenses and other current assets"	$ 0.1

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Manufacturing	$ 2,700	$ 3,427
Employee compensation and benefits	1,148	2,200
Leasehold improvements	1,455	0
Professional fees	816	433
Contract research	1,940	2,542
Other	130	163
Accrued expenses and other current liabilities	$ 8,189	$ 8,765

Common and Preferred Stock (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Common stock authorized (shares)	200,000,000
Common stock available for issuance (shares)	4,192,000	3,325,000
Preferred stock authorized (shares)	5,000,000
Preferred stock issued (shares)	0	0
Preferred stock outstanding (shares)	0	0
Dividends declared	$ 0
Options issued and outstanding
Class of Stock [Line Items]
Common stock available for issuance (shares)	4,133,000	3,266,000
Warrants issued and outstanding
Class of Stock [Line Items]
Common stock available for issuance (shares)	59,000	59,000

Stock-based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2021	Mar. 31, 2022	Mar. 31, 2021	Jan. 01, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock available for issuance (shares)		4,192,000			3,325,000
Weighted-average grant date fair value of awards (in usd per share)		$ 7.54	$ 4.23
Aggregate intrinsic fair value of options exercised		$ 0.3	$ 0.1
Share-based compensation expense not yet recognized		$ 20.0
2021 Stock Incentive Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Maximum number of shares to be added annually, as a percentage of outstanding shares (percent)	5.00%
2017 Stock Incentive Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock available for issuance (shares)		2,406,657
Common Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock authorized to be issued (shares)	3,352,725
Common Stock \| 2021 Stock Incentive Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock authorized to be issued (shares)	2,843,116			1,380,397
Common Stock \| 2017 Stock Incentive Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock authorized to be issued (shares)	31,884
Unvested restricted common stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense not yet recognized		$ 0.3
Share-based compensation not yet recognized, recognition period		1 year 1 month 6 days
Aggregate fair value of awards that vested		$ 0.5	$ 0.3
Unvested restricted common stock \| 2021 Stock Incentive Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock authorized to be issued (shares)	477,725
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation not yet recognized, recognition period		2 years 10 months 24 days
Employee stock \| 2021 Stock Employee Stock Purchase Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock authorized to be issued (shares)	244,000
Maximum number of shares to be added annually, as a percentage of outstanding shares (percent)	1.00%
Employee stock \| 2021 Stock Employee Stock Purchase Plan \| Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Maximum number of shares to be added annually, as a percentage of outstanding shares (shares)	488,000

Stock-based Compensation - Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 1,745	$ 539
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	781	140
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 964	$ 399

Stock-based Compensation - Restricted Stock Award Activity (Details) - Unvested restricted common stock shares in Thousands	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Shares/Units
Unvested at beginning of period (shares) \| shares	295
Granted (shares) \| shares	0
Vested (shares) \| shares	(61)
Forfeited (shares) \| shares	0
Unvested at end of period (shares) \| shares	234
Weighted-Average Grant Date Fair Value Per Share
Weighted Average Grant Date Fair Value - Unvested at beginning of period (in usd per share) \| $ / shares	$ 1.35
Weighted Average Grant Date Fair Value - Granted (in usd per share) \| $ / shares	0
Weighted Average Grant Date Fair Value - Vested (in usd per share) \| $ / shares	1.33
Weighted Average Grant Date Fair Value - Forfeited (in usd per share) \| $ / shares	0
Weighted Average Grant Date Fair Value - Unvested at end of period (in usd per share) \| $ / shares	$ 1.36

Stock-based Compensation - Weighted Average Assumptions (Details) - Stock options	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Risk-free interest rate	1.60%	0.80%
Expected term (in years)	6 years	6 years
Dividend yield	0.00%	0.00%
Expected volatility	76.00%	79.80%

Stock-based Compensation - Stock Option Activity (Details) - $ / shares shares in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2022	Jun. 30, 2021
Number of Options
Outstanding at beginning of period (shares)	3,266
Granted (shares)	928
Exercised (shares)	(46)
Cancelled (shares)	(15)
Outstanding at end of period (shares)	4,133
Exercisable at end of period (shares)	818
Weighted-Average Exercise Price
Weighted-Average Exercise Price - Outstanding at beginning of period (in usd per share)	$ 8.24
Weighted-Average Exercise Price - Granted (in usd per share)	11.34
Weighted-Average Exercise Price - Exercised (in usd per share)	2.83
Weighted-Average Exercise Price - Cancelled (in usd per share)	7.69
Weighted-Average Exercise Price - Outstanding at end of period (in usd per share)	9.00
Weighted-Average Exercise Price - Exercisable at end of period (in usd per share)	$ 5.73
Weighted-Average Remaining Contractual Life (in years)
Weighted Average Remaining Contractual Life - Outstanding	9 years	9 years 7 days
Weighted Average Remaining Contractual Life - Exercisable	8 years 7 months 24 days

Net (Loss) Income Attributable to Common Stockholders per Share - Antidilutive Shares (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	4,426	21,238
Redeemable convertible preferred stock (as converted)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	18,280
Options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	4,133	2,401
Unvested restricted common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	234	498
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	59	59

Subsequent Events (Details) - Subsequent Event - USD ($) $ in Millions	Apr. 19, 2022	Apr. 06, 2022	Apr. 12, 2022
Term loan \| The Term Loans
Subsequent Event [Line Items]
Term loan available			$ 40.0
Term loan \| Term Loan A
Subsequent Event [Line Items]
Term loan available			20.0
Term loan \| Term Loan B
Subsequent Event [Line Items]
Term loan available			$ 20.0
Jazz Pharmaceuticals Ireland Limited
Subsequent Event [Line Items]
Upfront payment	$ 15.0
Jazz Pharmaceuticals Ireland Limited \| Maximum
Subsequent Event [Line Items]
Development and regulatory milestones		$ 520.0
Sales-based milestones		$ 740.0