0001785530-22-000031 | 10-Q | XBRL Viewer | Werewolf Therapeutics INC

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Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2022	Aug. 05, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	200 Talcott Ave
Entity Address, Address Line Two	2nd Floor
Entity Address, City or Town	Watertown
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02472
City Area Code	617
Local Phone Number	952‑05551030 Massachusetts Avenue, Suite 210, Cambridge, Massachusetts 02138(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	Yes
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		29,529,425
Entity Central Index Key	0001785530
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 145,712	$ 157,531
Prepaid expenses and other current assets	6,233	3,537
Other receivables	2,220	0
Total current assets	154,165	161,068
Property and equipment, net	9,031	2,913
Restricted cash	1,208	1,208
Operating lease right of use asset	9,070	13,412
Other non-current assets	1,855	649
Total assets	175,329	179,250
Current liabilities:
Accounts payable	2,590	2,037
Accrued expenses and other current liabilities	14,090	8,765
Operating lease liability, current	1,871	1,072
Deferred revenue, current	11,817	0
Total current liabilities	30,368	11,874
Operating lease liability, net of current portion	13,675	14,589
Deferred revenue, net of current portion	1,254	0
Other liabilities	191	0
Total liabilities	45,488	26,463
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value, 5,000 shares authorized at June 30, 2022 and December 31, 2021; no shares issued or outstanding as of June 30, 2022 or December 31, 2021	0	0
Common stock, $0.0001 par value, 200,000 shares authorized as of June 30, 2022 and December 31, 2021; 28,456 and 27,608 shares issued as of June 30, 2022 and December 31, 2021, respectively; 28,278 and 27,313 shares outstanding as of June 30, 2022 and December 31, 2021, respectively	2	2
Additional paid-in capital	412,671	405,680
Accumulated deficit	(282,832)	(252,895)
Total stockholders’ equity	129,841	152,787
Total liabilities and stockholders’ equity	$ 175,329	$ 179,250

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares	Jun. 30, 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)	28,456,000	27,608,000
Common stock outstanding (shares)	28,278,000	27,313,000

Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue:
Collaboration revenue	$ 4,148	$ 0	$ 4,148	$ 0
Operating expenses:
Research and development	13,887	7,265	24,832	12,082
General and administrative	5,233	3,691	9,654	6,326
Total operating expenses	19,120	10,956	34,486	18,408
Operating loss	(14,972)	(10,956)	(30,338)	(18,408)
Other income:
Other income (expense), net	281	(16)	265	(32)
Interest income	97	51	136	84
Total other income	378	35	401	52
Net loss	(14,594)	(10,921)	(29,937)	(18,356)
Accretion of redeemable convertible preferred stock to redemption value	0	(56,926)	0	(151,942)
Net loss attributable to common stockholders	(14,594)	(67,847)	(29,937)	(170,298)
Net loss attributable to common stockholders	$ (14,594)	$ (67,847)	$ (29,937)	$ (170,298)
Net loss per share attributable to common stockholders, basic and diluted
Net (loss) per share attributable to common stockholders, basic (usd per share)	$ (0.53)	$ (3.82)	$ (1.09)	$ (17.86)
Net (loss) per share attributable to common stockholders, diluted (usd per share)	$ (0.53)	$ (3.82)	$ (1.09)	$ (17.86)
Weighted-average common shares outstanding, basic and diluted
Weighted average common shares outstanding, basic (shares)	27,517	17,750	27,455	9,535
Weighted average common shares outstanding, diluted (shares)	27,517	17,750	27,455	9,535

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]
Accretion of redeemable convertible preferred stock to redemption value	(95,016)				(560)	(94,456)
Stock-based compensation expense	539				539
Exercise of common stock options (shares)				14
Stock option exercises	21				21
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, 2020		80,247	78,222
Redeemable convertible preferred stock outstanding, beginning balance at Dec. 31, 2020		$ 69,012	$ 72,070
Redeemable convertible preferred stock outstanding, ending balance (shares) at Jun. 30, 2021		0	0
Redeemable convertible preferred stock outstanding, ending balance at Jun. 30, 2021		$ 0	$ 0
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]
Net income (loss)	(18,356)
Stockholders' equity, ending balance (shares) at Jun. 30, 2021				27,568
Stockholders' equity, ending balance at Jun. 30, 2021	181,556			$ 2	402,822	(221,268)
Redeemable convertible preferred stock outstanding, beginning balance (shares) at Mar. 31, 2021		80,247	78,222
Redeemable convertible preferred stock outstanding, beginning balance at Mar. 31, 2021		$ 118,765	$ 117,333
Increase (Decrease) in Temporary Equity [Roll Forward]
Accretion of redeemable convertible preferred stock to redemption value		$ 29,619	$ 27,307
Conversion of redeemable convertible preferred stock to common stock upon closing of initial public offering (shares)		(80,247)	(78,222)	18,280
Conversion of redeemable convertible preferred stock to common stock upon closing of initial public offering	293,024	$ (148,384)	$ (144,640)		293,024
Redeemable convertible preferred stock outstanding, ending balance (shares) at Jun. 30, 2021		0	0
Redeemable convertible preferred stock outstanding, ending balance at Jun. 30, 2021		$ 0	$ 0
Stockholders' equity, beginning balance (shares) at Mar. 31, 2021				1,760
Stockholders' equity, beginning balance at Mar. 31, 2021	(153,754)			$ 2	0	(153,756)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of redeemable convertible preferred stock to redemption value	56,926				335	56,591
Issuance of common stock from at the market offering, net of issuance costs (shares)				7,500
Issuance of common stock from at the market offering, net of issuance costs	109,221				109,221
Stock-based compensation expense	781				781
Exercise of common stock options (shares)				28
Stock option exercises	131				131
Net income (loss)	(10,921)					(10,921)
Stockholders' equity, ending balance (shares) at Jun. 30, 2021				27,568
Stockholders' equity, ending balance at Jun. 30, 2021	181,556			$ 2	402,822	(221,268)
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
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)
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 Jun. 30, 2022		0	0
Redeemable convertible preferred stock outstanding, ending balance at Jun. 30, 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]
Exercise of common stock options (shares)	47
Net income (loss)	$ (29,937)
Stockholders' equity, ending balance (shares) at Jun. 30, 2022				28,456
Stockholders' equity, ending balance at Jun. 30, 2022	129,841			$ 2	412,671	(282,832)
Redeemable convertible preferred stock outstanding, beginning balance (shares) at Mar. 31, 2022		0	0
Redeemable convertible preferred stock outstanding, beginning balance at Mar. 31, 2022		$ 0	$ 0
Redeemable convertible preferred stock outstanding, ending balance (shares) at Jun. 30, 2022		0	0
Redeemable convertible preferred stock outstanding, ending balance at Jun. 30, 2022		$ 0	$ 0
Stockholders' equity, beginning balance (shares) at Mar. 31, 2022				27,654
Stockholders' equity, beginning balance at Mar. 31, 2022	139,318			$ 2	407,554	(268,238)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from at the market offering, net of issuance costs (shares)				801
Issuance of common stock from at the market offering, net of issuance costs	3,339				3,339
Stock-based compensation expense	1,777				1,777
Exercise of common stock options (shares)				1
Stock option exercises	1				1
Net income (loss)	(14,594)					(14,594)
Stockholders' equity, ending balance (shares) at Jun. 30, 2022				28,456
Stockholders' equity, ending balance at Jun. 30, 2022	$ 129,841			$ 2	$ 412,671	$ (282,832)

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ (Deficit) Equity (unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Issuance costs	$ 314	$ 2,379

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating activities:
Net income (loss)	$ (29,937)	$ (18,356)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	3,522	1,320
Depreciation expense	283	101
Non-cash lease expense	961	336
Change in fair value of derivative liability	262	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(2,726)	(2,691)
Other receivables	(2,220)	0
Other non-current assets	(1,206)	0
Accounts payable	132	1,864
Accrued expenses and other current liabilities	3,528	(1)
Deferred revenue	13,071	0
Right of use assets and operating lease liability	(115)	(328)
Other liabilities	191	(31)
Net cash used in operating activities	(14,254)	(17,786)
Investing activities:
Purchases of property and equipment	(1,139)	(124)
Net cash used in investing activities	(1,139)	(124)
Financing activities:
Proceeds from at the market offering of common stock	3,653	0
Proceeds from initial public offering of common stock	0	111,600
Payment of equity issuance costs	(239)	(2,087)
Proceeds from stock option exercises	160	152
Net cash provided by financing activities	3,574	109,665
Net (decrease) increase in cash and cash equivalents	(11,819)	91,755
Cash, cash equivalents and restricted cash—beginning of period	158,830	92,777
Cash, cash equivalents and restricted cash—end of period	147,011	184,532
Non-cash investing and financing activities:
Purchases of property and equipment in accounts payable and accrued expenses	1,881	15
Issuance costs in accounts payable and accrued expenses	75	318
Stock option exercise receivables in prepaid expenses and other current assets	(30)	0
Non-cash accretion of Series A and Series B redeemable convertible preferred stock	$ 0	$ 151,942

Description of Business, Organization, and Liquidity	6 Months Ended
Description of Business, Organization, and Liquidity	Jun. 30, 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 Watertown, 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 $145.7 million at June 30, 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	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 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 June 30, 2022 and December 31, 2021, and for the three and six months ended June 30, 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 June 30, 2022, and for the three and six months ended June 30, 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 and six months ended June 30, 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 six months ended June 30, 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 the fair value of the success payment liability. 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. The Company did not identify any subsequent events that would have required adjustment to or disclosure in the financial statements.

Jazz Collaboration Agreement

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Jazz Collaboration Agreement

Jazz Collaboration and License Agreement

In April 2022, the Company entered into an exclusive global 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 is 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 a non-refundable upfront cash payment of $15.0 million in April 2022.

Milestones and Royalties

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.

Accounting Analysis under ASC 606

Identification of the Contract(s)

The Company assessed the Collaboration Agreement and concluded that it represents a contract with a customer within the scope of ASC Topic 606, Revenue from Contracts with Customers.

Identification of Promises and Performance Obligations

The Company has concluded that the exclusive license to its intellectual property, WTX-613, and the non-exclusive corresponding “know-how” are not capable of being distinct from the other promises within the contract, and as such, the Company has determined that the license and “know-how” combined with the other research and development services and supply represent a single combined performance obligation.

Determination of Transaction Price

The overall transaction price as of the inception of the contract was determined to be $32.3 million, which is comprised of the nonrefundable upfront payment of $15.0 million and the estimated costs for research services of $17.3 million. Outside of the estimated costs for research services, there is no other variable consideration included in the transaction price at inception. The Company used the most likely amount method to estimate variable consideration and estimated that the most likely amount for each potential development and regulatory milestone payment under this agreement is zero, as achievement of those milestones is uncertain and highly susceptible to factors outside the Company’s control. Accordingly, all such milestone payments were excluded from the transaction price. Management will reevaluate the transaction price at the end of each reporting period and as uncertain events are resolved or other changes in circumstances occur, will adjust the transaction price as necessary. Sales based royalties, including milestones based on the level of sales, were also excluded from the transaction price, as the license is deemed to be the predominant item to which the royalties relate. The company will recognize such revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied).

The upfront payment of $15.0 million was recorded as deferred revenue and, along with payments related to the Company’s conduct of research services under the Collaboration Agreement, will be recognized as revenue over approximately 3.7 years using an input-based measurement of actual costs incurred as a percentage of the estimated total costs expected to be incurred over the expected term of conduct of the research services. The Company believes this input-based method to recognize revenue best reflects the transfer of value to Jazz.

Recognition of Revenue

For the six months ended June 30, 2022, using the cost-to-cost input method, which best depicts the research services performed for the customer, the Company recognized $4.1 million of revenue related to the Collaboration Agreement, of which $1.9 million related to the upfront payment and $2.2 million related to costs incurred for research services. As of June 30, 2022, there is $11.8 million and $1.3 million of current and long-term deferred revenue, respectively, related to the Collaboration Agreement. All costs associated with the Collaboration Agreement are recorded in research and development expense in the condensed consolidated statements of operations.

The following table presents changes in the Company’s contract liabilities during the six months ended June 30, 2022 (in thousands):


	Balance as of						Balance as of
	December 31, 2021		Additions		Reductions		June 30, 2022
Contract liabilities:
Deferred revenue	$	—	$	15,000	$	(1,929)	$	13,071
Totals	$	—	$	15,000	$	(1,929)	$	13,071

As of June 30, 2022, the Company had not received any milestone or royalty payments under the Collaboration Agreement.

Financial Instruments and Fair Value Measurements

6 Months Ended

Jun. 30, 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’s financial instruments that are measured at fair value on a recurring basis consist of cash equivalents and a success payment liability pursuant to an amended and restated loan and security agreement (the “Loan Agreement”) with Pacific Western Bank (“PWB”) (see Note 9, Term Loan).

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 and liabilities measured at fair value on a recurring basis as of June 30, 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	$	145,712	$	—	$	—	$	145,712
Total assets	$	145,712	$	—	$	—	$	145,712
Liabilities
Success payment liability	$	—	$	—	$	863	$	863
Total liabilities	$	—	$	—	$	863	$	863

Assets and liabilities 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
Liabilities
Success payment liability	$	—	$	—	$	—	$	—
Total liabilities	$	—	$	—	$	—	$	—

There were no changes in valuation techniques during the three or six months ended June 30, 2022. There were no liabilities measured at fair value on a recurring basis as of December 31, 2021.

Success Payment Liability

The Company is obligated to pay to PWB a one-time success payment upon the occurrence of the Company achieving certain conditions defined in the Loan Agreement. The maximum aggregate success payment that could be payable by the Company is $1.6 million.

The following table reconciles the change in fair value of the success payment liability during the six months ended June 30, 2022 based on Level 3 inputs (in thousands):


	Six Months Ended June 30, 2022
Balance at December 31, 2021	$	—
Additions	1,125
Change in fair value	(262)
Balance at June 30, 2022	$	863

The success payment liability is stated at fair value and is considered Level 3 because its fair value measurement is based, in part, on significant inputs not observed in the market. The Company models the value of the liability based on several key variables, including probability of event occurrence and timing of event occurrence.

The fair value of the success payment liability was determined using a probability weighted expected return method, in which the probability and timing of potential future events is considered in order to estimate the fair value of the success payment liability as of each valuation date. Management determined the fair value of the success payment liability as of June 30, 2022 using the following significant unobservable inputs:


	June 30, 2022
Probability of Success Fee Event	80	%
Expected term (in years)	0.83 - 1.25
Discount rate	6.7	%

The Company remeasured the liability at fair value with a corresponding decrease of $0.3 million recorded to other income (expense), net for the six months ended June 30, 2022.

- 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	6 Months Ended
Restricted Cash	Jun. 30, 2022
Cash and Cash Equivalents [Abstract]
Restricted Cash	Restricted CashThe Company maintained restricted cash of $1.3 million at each of June 30, 2022 and December 31, 2021. At each of June 30, 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

6 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities as of June 30, 2022 and December 31, 2021 were comprised as follows (in thousands):


	June 30, 2022		December 31, 2021
Manufacturing	$	5,452	$	3,427
Contract research	2,258		2,542
Employee compensation and benefits	1,938		2,200
Professional fees	1,855		433
Leasehold improvements	1,295		—
Success payment liability	863		—
Other	429		163
Total accrued expenses and other current liabilities	$	14,090	$	8,765

Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

The Company’s leases are as follows:

•An April 2019 operating lease for approximately 9,949 square feet of office and laboratory space which commenced in April 2019 and terminates in March 2024. The lease is subject to fixed-rate rent escalations and provided for a term extension option, which was not reasonably certain of exercise. In May 2022, the Company entered into a sublease agreement with Crossbow Therapeutics, Inc. (“Crossbow”), to sublease the entirety of this space. The annual rent for the subleased premises will be approximately $1.1 million in the first year and $1.0 million in the second year, which is greater than the annual rent paid by the Company to the landlord for the leased premises. Crossbow is obligated to pay all real estate taxes and costs related to the subleased premises, including cost of operations, maintenance, repair, replacement, and property management.

•A March 2021 short-term lease for approximately 7,500 square feet of office and laboratory space which commenced in April 2021 and terminated in May 2022. The Company did not recognize an operating lease right of use asset or a lease liability upon lease commencement. Rent expense for the Company’s short-term lease was recognized as incurred.

•A June 2021 operating lease for approximately 25,778 square feet of office and laboratory space, which the Company occupied in May 2022, and terminates in May 2030. The lease is subject to fixed-rate rent escalations and provided for $5.7 million in tenant improvements and a term extension option, which was not reasonably certain of exercise. The Company provided the landlord with a security deposit in the form of a letter of credit in the amount of $1.0 million upon signing, which is included in restricted cash as of June 30, 2022.

Accounting Analysis for operating leases under ASC Topic 842, Leases:

•Expected lease term: The expected lease term includes noncancelable lease periods and, when applicable, periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option, as well as periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option.

•Incremental borrowing rate: As the discount rates in the Company’s lease are not implicit, management estimated the incremental borrowing rate based on the rate of interest the Company would have to pay to borrow a similar amount on a collateralized basis over a similar term.

•Lease and non-lease components: The Company is required to pay fees for operating expenses in addition to monthly base rent for certain operating leases (non-lease components). The Company has elected the practical expedient which allows non-lease components to be combined with lease components for all asset classes. Variable non-lease components are not included within the lease right-of-use asset and lease liability on the consolidated balance sheet, and instead are reflected as expense in the period they are paid.

The following table summarizes lease costs for the three and six months ended June 30, 2022 and 2021 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Operating lease costs	$	633	$	219	$	1,316	$	438
Variable lease costs	183		99		281		199
Short-term lease costs	91		137		228		137
Sublease income	(68)		—		(68)		—
Total	$	839	$	455	$	1,757	$	774

The following table summarizes the lease term and discount rate for operating leases as of June 30, 2022 and December 31, 2021:


	June 30, 2022		December 31, 2021
Weighted-average remaining lease term (years)	7.4		7.6
Weighted-average discount rate	8.1	%	8.1	%

As of June 30, 2022, the future minimum lease payments due under the Company’s leases are as follows (in thousands):


	Amount
2022	$	1,453
2023	3,133
2024	2,505
2025	2,337
2026	2,403
Thereafter	8,730
Total remaining minimum rental payments	20,561
Less: effect of discounting	(5,015)
Total lease liability	$	15,546

Term Loan	6 Months Ended
Term Loan	Jun. 30, 2022
Debt Disclosure [Abstract]
Term Loan	Term Loan In April 2022, the Company entered into the Loan Agreement with PWB. Under the terms of the Loan Agreement, PWB made available a term loan in an aggregate principal amount of up to $20.0 million (“Tranche I Loan”) 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”). Based on the satisfaction of certain conditions defined in the Loan Agreement, PWB is also obligated to make available an additional term loan in the aggregate principal amount of up to $20.0 million (“Tranche II Loan”, or collectively with the Tranche I Loan, the “Term Loans”) available at any time after the closing date until the Amortization Date upon the acceptance by the U.S. Food and Drug Administration (the “FDA”) of two investigational new drug (“IND”) submissions on or before March 31, 2023. Although the Tranche I Loan was made available to the Company at the closing date, as of June 30, 2022, the Company has elected to defer making a draw. As of June 30, 2022, the Company had not drawn down any Term Loans and had no outstanding borrowings under the Loan Agreement. The Term Loans will bear interest on the outstanding daily balance at a floating annual rate equal to greater of: (i) 0.5% above the prime rate then in effect or (ii) 4.5%. If the prime rate changes throughout the term, the interest rate will be adjusted effective on the date of the prime rate change. All interest chargeable under the Loan Agreement is computed on a 360-day year for the actual number of days elapsed, with interest payable monthly. The Company is obligated to pay PWB a fee in the event of certain corporate transactions equal to either (i) the greater of (a) $0.2 million and (b) 2.0% of the amount drawn under the Term Loans, for a transaction occurring on or before March 31, 2023, or (ii) for any transaction occurring thereafter, the greater of (a) $0.4 million and (b) 4.0% of the amount drawn under the Term Loans (the “Success Fee”). The Success Fee will survive ten years from the date of payment of the Term Loans in full, such that, if the Loan Agreement is terminated prior to the payment of the Success Fee the Company will remain obligated to pay the Success Fee upon the occurrence of a Success Fee Event (as defined in the Loan Agreement) during such ten-year period. The Company determined that the Success Fee constitutes a freestanding financial instrument and should be accounted for as a liability in connection with ASC 815, Derivatives and Hedging. The Company determined that the fair value of the Success Fee upon the closing date of the Loan Agreement and then marked to market the fair value of the Success Fee as of June 30, 2022. All outstanding obligations under the Loan Agreement are secured by the Company’s personal property (exclusive of any intellectual property) and are subject to acceleration in the event of default. In the event of a late payment or default, the Company is obligated to pay a fee equal to 5.0% of such unpaid amounts. In connection with the Loan Agreement, the Company is required to comply with certain negative covenants, which among other things, restrict the Company from (i) incurring future debt or granting liens, (ii) effectuating a merger or consolidation with or into any other business organization, (iii) paying dividends or making certain other distributions, (iv) selling or otherwise transferring its assets, (v) making investments in any entities or instruments other than certain investments specified in the Loan Agreement and (vi) making capitalized expenditures in excess of 125% of the amount provided for in the annual budget approved by the board of directors. The Loan Agreement also contains standard affirmative covenants, including with respect to the issuance of audited consolidated financial statements, insurance, and maintenance of good standing and government compliance in our state of formation. On or before September 30, 2023, we are required to raise aggregate gross cash process of at least $50.0 million from the sale or issuance of our equity or from strategic partnerships or any similar transaction. From after receipt of those proceeds, we are required to maintain at all times at least $20.0 million of unrestricted cash in accounts with PWB. PWB has the right to accelerate all outstanding obligations of the Company under the Loan Agreement or terminate any remaining Term Loan commitments in the event of a material adverse effect on (i) the operations, business or financial condition of the Company, (ii) the Company’s ability to repay any portion of the Term Loans or perform any of its other obligations under the Loan Agreement, and (iii) the Company’s interest in, or the value, perfection or priority of PWB’s security interest in the collateral. As of June 30, 2022, the Company had $20.0 million available to draw on the Term Loans and had no outstanding principal. In connection with this agreement the Company recorded a total of $0.9 million as a success fee liability as of June 30, 2022, that is contingent upon the occurrence of future events and will be payable to PWB upon the occurrence of those events. The initial valuation of the success fee recorded in connection with the Loan Agreement was recorded as a deferred asset on the Company’s balance sheet until the Company draws down on the Term Loans. Upon drawdown of the Term Loans the value of the success fee will be reclassified as a discount to the term loan payable. The unamortized balance of the success fee will be charged to interest expense over the remainder of the borrowing term.

- 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
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+ Details

Common and Preferred Stock

6 Months Ended

Jun. 30, 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 June 30, 2022, no dividends on common stock had been declared by the Company.

On May 10, 2022, the Company entered into a Sales Agreement (the “Sales Agreement”) with SVB Securities LLC (“SVB”), pursuant to which the Company may offer and sell shares of its common stock with an aggregate offering price of up to $50.0 million (the “ATM Offering”). The Sales Agreement provides that SVB will be entitled to a sales commission equal to 3.0% of the gross sales price per share of all shares sold under the ATM Offering. As of June 30, 2022, the Company had sold an aggregate of 801,462 shares under the ATM Offering at an average price of $4.70 per share for net proceeds of $3.3 million after deducting sales commissions and offering expenses.

Preferred Stock

The Company is authorized to issue 5.0 million shares of undesignated preferred stock in one or more series. As of June 30, 2022, no shares of preferred stock were issued or outstanding.

Shares Reserved for Future Issuance

The Company had reserved shares of common stock for issuance as of June 30, 2022 and December 31, 2021 as follows (in thousands):


	As of June 30,	As of December 31,
	2022	2021
Shares reserved for exercises of outstanding stock options	4,383	3,266
Shares reserved for vesting of restricted stock units	236	—
Shares reserved for exercises of warrants	59	59
Shares reserved for future issuance under the 2021 Stock Incentive Plan	1,919	1,939
Total shares reserved for future issuance	6,597	5,264

- 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.

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+ Details

Stock-based Compensation

6 Months Ended

Jun. 30, 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 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 June 30, 2022, there were 1,918,600 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 June 30, 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 and six months ended June 30, 2022 and 2021 was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	$	806	$	212	$	1,587	$	352
General and administrative	971		569		1,935		968
Total stock-based compensation	$	1,777	$	781	$	3,522	$	1,320

RSA 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 following table summarizes RSA activity during the six months ended June 30, 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	(117)	$	1.33
Forfeited	—	$	—
Unvested at June 30, 2022	178	$	1.36

As of June 30, 2022, there was unrecognized stock-based compensation expense related to unvested RSAs of $0.2 million, which the Company expects to recognize over a weighted-average period of approximately 0.9 years.

The aggregate fair value of RSAs that vested during the three months ended June 30, 2022 and 2021, based upon the fair values of the stock underlying the RSAs on the day of vesting, was $0.3 million and $0.8 million, respectively. The aggregate fair value of RSAs that vested during the six months ended June 30, 2022 and 2021, based upon the fair values of the stock underlying the RSAs on the day of vesting, was $0.8 million and $1.1 million, respectively.

RSU Activity

The Company has also granted RSUs to its employees under the 2021 Plan. The following table summarizes RSU activity during the six months ended June 30, 2022 (in thousands, except per share amounts):


	Shares/Units	Weighted-Average Grant Date Fair Value Per Share
Unvested at December 31, 2021	—	$	—
Granted	259	$	4.97
Vested	—	$	—
Forfeited	(23)	$	4.97
Unvested at June 30, 2022	236	$	4.97

As of June 30, 2022, there was unrecognized stock-based compensation expense related to unvested RSUs of $1.1 million, which the Company expects to recognize over a weighted-average period of approximately 1.94 years.

No RSUs vested during the three or six months ended June 30, 2022 or 2021.

Stock Option Activity

The fair value of stock options granted during the three and six months ended June 30, 2022 and 2021 was calculated on the date of grant using the following weighted-average assumptions:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Risk-free interest rate	3.0	%	1.1	%	1.9	%	1.0	%
Expected term (in years)	5.8		6.0		6.0		6.0
Dividend yield	—	%	—	%	—	%	—	%
Expected volatility	77.5	%	78.9	%	76.3	%	79.3	%

Using the Black-Scholes option pricing model, the weighted-average grant date fair value of stock options granted during the three months ended June 30, 2022 and 2021 was $2.48 and $10.80 per share, respectively. The weighted-average grant date fair value of stock options granted during the six months ended June 30, 2022 and 2021 was $6.25 and $8.15 per share, respectively.

The following table summarizes stock option activity during the six months ended June 30, 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	1,247	$	9.37
Exercised	(47)	$	2.81
Cancelled	(83)	$	7.25
Outstanding at June 30, 2022	4,383	$	8.64	8.78
Exercisable at June 30, 2022	1,165	$	7.40	8.29

The aggregate intrinsic fair value of stock options exercised during the three months ended June 30, 2022 and 2021 was less than $0.1 million and $0.2 million, respectively. The aggregate intrinsic fair value of stock options exercised during each of the six months ended June 30, 2022 and 2021 was $0.3 million.

As of June 30, 2022, there was unrecognized stock-based compensation expense related to unvested stock options of $18.8 million, which the Company expects to recognize over a weighted-average period of approximately 2.7 years.

Related Parties	6 Months Ended
Related Parties	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Parties	Related Parties In May 2022, the Company entered into a sublease agreement with Crossbow, for which entities affiliated with MPM Capital (“MPM Capital”) are also beneficial owners, to sublease the entirety of its office and laboratory space in Cambridge, Massachusetts. Luke Evnin, Ph.D., the chair of the Company’s board of directors, co-founded MPM Capital and serves as Managing Director of MPM Capital. Briggs Morrison, who serves on the Company’s board of directors, serves as Executive Partner of MPM Capital. The term of the sublease agreement commenced in June 2022 and ends in March 2024, with no option to extend (see Note 8, Leases). The Company received cash payments under its sublease of approximately $0.1 million during the six months ended June 30, 2022. In addition, the Company received $0.2 million from Crossbow in June 2022 as a security deposit that is included within “Other liabilities” in the accompanying condensed consolidated balance sheets as of June 30, 2022.

Net Loss Attributable to Common Stockholders per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Net Loss Attributable to Common Stockholders per Share

For purposes of the diluted net loss attributable to common stockholders per share calculation, outstanding stock options, unvested RSAs, unvested RSUs 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):


	June 30,
	2022	2021
Outstanding stock options	4,383	2,884
Unvested RSAs	178	436
Unvested RSUs	236	—
Warrants to purchase common stock	59	59
Total	4,856	3,379

Property and Equipment, Net

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net as of June 30, 2022 and December 31, 2021 was comprised as follows (in thousands):


	Estimated Useful Life (in years)	June 30, 2022		December 31, 2021
Laboratory equipment	5	$	923	$	839
Furniture and office equipment	5	248		9
Computer equipment	3	361		221
Leasehold improvements	Shorter of 7 years or remaining lease term	7,726		274
Construction in progress		447		1,961
Total property and equipment, gross		9,705		3,304
Less: accumulated depreciation		(674)		(391)
Total property and equipment, net		$	9,031	$	2,913

Depreciation expense for the six months ended June 30, 2022 and 2021 was $0.3 million and $0.1 million, respectively.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	The accompanying condensed consolidated financial statements as of June 30, 2022 and December 31, 2021, and for the three and six months ended June 30, 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 the fair value of the success payment liability. 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. The Company did not identify any subsequent events that would have required adjustment to or disclosure in the financial statements

Jazz Collaboration Agreement (Tables)

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Contract with Customer, Contract Asset, Contract Liability, and Receivable

The following table presents changes in the Company’s contract liabilities during the six months ended June 30, 2022 (in thousands):


	Balance as of						Balance as of
	December 31, 2021		Additions		Reductions		June 30, 2022
Contract liabilities:
Deferred revenue	$	—	$	15,000	$	(1,929)	$	13,071
Totals	$	—	$	15,000	$	(1,929)	$	13,071

Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of June 30, 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	$	145,712	$	—	$	—	$	145,712
Total assets	$	145,712	$	—	$	—	$	145,712
Liabilities
Success payment liability	$	—	$	—	$	863	$	863
Total liabilities	$	—	$	—	$	863	$	863

Assets and liabilities 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
Liabilities
Success payment liability	$	—	$	—	$	—	$	—
Total liabilities	$	—	$	—	$	—	$	—

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table reconciles the change in fair value of the success payment liability during the six months ended June 30, 2022 based on Level 3 inputs (in thousands):


	Six Months Ended June 30, 2022
Balance at December 31, 2021	$	—
Additions	1,125
Change in fair value	(262)
Balance at June 30, 2022	$	863

Fair Value, Liabilities Measured on Recurring Basis

Management determined the fair value of the success payment liability as of June 30, 2022 using the following significant unobservable inputs:


	June 30, 2022
Probability of Success Fee Event	80	%
Expected term (in years)	0.83 - 1.25
Discount rate	6.7	%

- 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)

6 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses and other current liabilities as of June 30, 2022 and December 31, 2021 were comprised as follows (in thousands):


	June 30, 2022		December 31, 2021
Manufacturing	$	5,452	$	3,427
Contract research	2,258		2,542
Employee compensation and benefits	1,938		2,200
Professional fees	1,855		433
Leasehold improvements	1,295		—
Success payment liability	863		—
Other	429		163
Total accrued expenses and other current liabilities	$	14,090	$	8,765

Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Lease, Cost

The following table summarizes lease costs for the three and six months ended June 30, 2022 and 2021 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Operating lease costs	$	633	$	219	$	1,316	$	438
Variable lease costs	183		99		281		199
Short-term lease costs	91		137		228		137
Sublease income	(68)		—		(68)		—
Total	$	839	$	455	$	1,757	$	774

Lease Term And Discount Rate

The following table summarizes the lease term and discount rate for operating leases as of June 30, 2022 and December 31, 2021:


	June 30, 2022		December 31, 2021
Weighted-average remaining lease term (years)	7.4		7.6
Weighted-average discount rate	8.1	%	8.1	%

Lessee, Operating Lease, Liability, Maturity

As of June 30, 2022, the future minimum lease payments due under the Company’s leases are as follows (in thousands):


	Amount
2022	$	1,453
2023	3,133
2024	2,505
2025	2,337
2026	2,403
Thereafter	8,730
Total remaining minimum rental payments	20,561
Less: effect of discounting	(5,015)
Total lease liability	$	15,546

Common and Preferred Stock (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Schedule of Common Stock Reserved for Issuance

The Company had reserved shares of common stock for issuance as of June 30, 2022 and December 31, 2021 as follows (in thousands):


	As of June 30,	As of December 31,
	2022	2021
Shares reserved for exercises of outstanding stock options	4,383	3,266
Shares reserved for vesting of restricted stock units	236	—
Shares reserved for exercises of warrants	59	59
Shares reserved for future issuance under the 2021 Stock Incentive Plan	1,919	1,939
Total shares reserved for future issuance	6,597	5,264

Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2022 and 2021 was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	$	806	$	212	$	1,587	$	352
General and administrative	971		569		1,935		968
Total stock-based compensation	$	1,777	$	781	$	3,522	$	1,320

Restricted Stock Awards Activity

The following table summarizes RSA activity during the six months ended June 30, 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	(117)	$	1.33
Forfeited	—	$	—
Unvested at June 30, 2022	178	$	1.36

The following table summarizes RSU activity during the six months ended June 30, 2022 (in thousands, except per share amounts):


	Shares/Units	Weighted-Average Grant Date Fair Value Per Share
Unvested at December 31, 2021	—	$	—
Granted	259	$	4.97
Vested	—	$	—
Forfeited	(23)	$	4.97
Unvested at June 30, 2022	236	$	4.97

Weighted -average Valuation Assumptions

The fair value of stock options granted during the three and six months ended June 30, 2022 and 2021 was calculated on the date of grant using the following weighted-average assumptions:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Risk-free interest rate	3.0	%	1.1	%	1.9	%	1.0	%
Expected term (in years)	5.8		6.0		6.0		6.0
Dividend yield	—	%	—	%	—	%	—	%
Expected volatility	77.5	%	78.9	%	76.3	%	79.3	%

Summary of Stock Option Activity

The following table summarizes stock option activity during the six months ended June 30, 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	1,247	$	9.37
Exercised	(47)	$	2.81
Cancelled	(83)	$	7.25
Outstanding at June 30, 2022	4,383	$	8.64	8.78
Exercisable at June 30, 2022	1,165	$	7.40	8.29

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

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

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


	June 30,
	2022	2021
Outstanding stock options	4,383	2,884
Unvested RSAs	178	436
Unvested RSUs	236	—
Warrants to purchase common stock	59	59
Total	4,856	3,379

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property and equipment, net as of June 30, 2022 and December 31, 2021 was comprised as follows (in thousands):


	Estimated Useful Life (in years)	June 30, 2022		December 31, 2021
Laboratory equipment	5	$	923	$	839
Furniture and office equipment	5	248		9
Computer equipment	3	361		221
Leasehold improvements	Shorter of 7 years or remaining lease term	7,726		274
Construction in progress		447		1,961
Total property and equipment, gross		9,705		3,304
Less: accumulated depreciation		(674)		(391)
Total property and equipment, net		$	9,031	$	2,913

Description of Business, Organization, and Liquidity (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 145,712	$ 157,531

Jazz Collaboration Agreement - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Research and development		$ 13,887	$ 7,265	$ 24,832	$ 12,082
Collaboration revenue		4,148	$ 0	4,148	$ 0
Deferred revenue, current		11,817		11,817		$ 0
Deferred revenue, net of current portion		$ 1,254		1,254		$ 0
Jazz Collaboration Agreement
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Non-refundable upfront cash payment received	$ 15,000
Development and regulatory milestones (up to)	520,000
Sales-Based Milestones (up to)	740,000
Transaction price	32,300
Estimated future reimbursable costs	$ 17,300
Upfront payment				1,900
Research and development				$ 2,200

Jazz Collaboration Agreement - Contract with Customer, Contract Asset, Contract Liability, and Receivable (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Movement in Deferred Revenue [Roll Forward]
Deferred revenue, beginning balance	$ 0
Additions	15,000
Reductions	(1,929)
Deferred revenue, ending balance	$ 13,071

Financial Instruments and Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Success payment liability	$ 863	$ 0
Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	145,712	157,531
Success payment liability	863	0
Total liabilities	863	0
Money market funds \| Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money market funds	145,712	157,531
Quoted Price in Active Markets (Level 1) \| Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	145,712	157,531
Success payment liability	0	0
Total liabilities	0	0
Quoted Price in Active Markets (Level 1) \| Money market funds \| Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money market funds	145,712	157,531
Significant Other Observable Inputs (Level 2) \| Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	0	0
Success payment liability	0	0
Total liabilities	0	0
Significant Other Observable Inputs (Level 2) \| Money market funds \| Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money market funds	0	0
Significant Unobservable Inputs (Level 3) \| Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	0	0
Success payment liability	863	0
Total liabilities	863	0
Significant Unobservable Inputs (Level 3) \| Money market funds \| Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money market funds	$ 0	$ 0

Financial Instruments and Fair Value Measurements - Narrative (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Success payment liability	$ 863,000	$ 0
Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities measured at fair value on recurring basis		0
Success payment liability	863,000	$ 0
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Success payment liability	$ 1,600,000

Financial Instruments and Fair Value Measurements - Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Recurring $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Contract liabilities, beginning balance	$ 0
Contract liabilities, ending balance	863
Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Contract liabilities, beginning balance	0
Additions	1,125
Change in fair value	(262)
Contract liabilities, ending balance	$ 863

Financial Instruments and Fair Value Measurements - Unobservable Inputs (Details) - Recurring	Jun. 30, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Probability of Success Fee Event	0.80
Discount rate	0.067
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Expected term (in years)	9 months 29 days
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Expected term (in years)	1 year 3 months

Restricted Cash (Details) $ in Millions	Jun. 30, 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	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Manufacturing	$ 5,452	$ 3,427
Employee compensation and benefits	1,938	2,200
Leasehold improvements	1,295	0
Professional fees	1,855	433
Contract research	2,258	2,542
Success payment liability	863	0
Other	429	163
Accrued expenses and other current liabilities	$ 14,090	$ 8,765

Leases - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
Leases - Narrative (Details) $ in Thousands	Jun. 30, 2021 USD ($) ft²	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($) ft²	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($) ft²	May 01, 2024 USD ($)	May 01, 2023 USD ($)	Mar. 31, 2021 ft²	Apr. 30, 2019 ft²
Lessee, Lease, Description [Line Items]
Area of office and laboratory space \| ft²	25,778		25,778		25,778			7,500	9,949
Sublease income		$ 68	$ 0	$ 68	$ 0
Tenant improvements	$ 5,700
Security deposit	$ 1,000		$ 1,000		$ 1,000
Forecast
Lessee, Lease, Description [Line Items]
Sublease income						$ 1,000	$ 1,100

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease costs	$ 633	$ 219	$ 1,316	$ 438
Variable lease costs	183	99	281	199
Short-term lease costs	91	137	228	137
Sublease income	(68)	0	(68)	0
Total	$ 839	$ 455	$ 1,757	$ 774

Leases - Lease Term and Discount Rate (Details)	Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted-average remaining lease term (years)	7 years 4 months 24 days	7 years 7 months 6 days
Weighted-average discount rate	8.10%	8.10%

Leases - Lessee, Operating Lease Maturity (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Leases [Abstract]
2022	$ 1,453
2023	3,133
2024	2,505
2025	2,337
2026	2,403
Thereafter	8,730
Total remaining minimum rental payments	20,561
Less: effect of discounting	(5,015)
Total lease liability	$ 15,546

Term Loan (Details) - USD ($)	1 Months Ended	6 Months Ended
Term Loan (Details) - USD ($)	Apr. 30, 2022	Jun. 30, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Floating rate spread in effect (greater than) (percent)	4.50%
Proceeds from at the market offering of common stock		$ 3,653,000	$ 0
Debt instrument, conditional fee, liability		900,000
Prime Rate
Debt Instrument [Line Items]
Floating rate spread in effect (greater than) (percent)	0.50%
Term loan \| Period One
Debt Instrument [Line Items]
Delayed draw fee	$ 200,000
Success Fee (percent)	2.00%
Term loan \| Period Two
Debt Instrument [Line Items]
Delayed draw fee	$ 400,000
Success Fee (percent)	4.00%
Term loan \| Tranche I Loan
Debt Instrument [Line Items]
Term loan available	$ 20,000,000
Term loan \| Tranche II Loan
Debt Instrument [Line Items]
Term loan available	$ 20,000,000
Term loan \| Term Loans
Debt Instrument [Line Items]
Drawings on Term Loans		0
Outstanding borrowings		0
Default payment fee (percent)	5.00%
Maximum annual capital expenditures	1.25
Proceeds from at the market offering of common stock		50,000,000
Unrestricted cash		20,000,000
Capacity available to draw on the Term Loans		$ 20,000,000

Common and Preferred Stock - Narrative (Details)	6 Months Ended
Common and Preferred Stock - Narrative (Details)	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($)	May 10, 2022 USD ($)	Dec. 31, 2021 shares
Class of Stock [Line Items]
Common stock authorized (shares)	200,000,000
Dividends declared \| $	$ 0
Proceeds from at the market offering of common stock \| $	$ 3,653,000	$ 0
Preferred stock authorized (shares)	5,000,000
Preferred stock issued (shares)	0			0
Preferred stock outstanding (shares)	0			0
ATM Offering
Class of Stock [Line Items]
Sales commissions, percentage			0.030
Issuance of common stock from at the market offering, net of issuance costs (shares)	801,462
Price per share (in usd per share) \| $ / shares	$ 4.70
Proceeds from at the market offering of common stock \| $	$ 3,300,000
Maximum \| ATM Offering
Class of Stock [Line Items]
Common stock, amount authorized \| $			$ 50,000,000

Common and Preferred Stock - Schedule of Common Stock Reserved for Issuance (Details) - shares shares in Thousands	Jun. 30, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Common stock available for issuance (shares)	6,597	5,264
Shares reserved for exercises of outstanding stock options
Class of Stock [Line Items]
Common stock available for issuance (shares)	4,383	3,266
Shares reserved for vesting of restricted stock units
Class of Stock [Line Items]
Common stock available for issuance (shares)	236	0
Warrants to purchase common stock
Class of Stock [Line Items]
Common stock available for issuance (shares)	59	59
Shares reserved for future issuance under the 2021 Stock Incentive Plan
Class of Stock [Line Items]
Common stock available for issuance (shares)	1,919	1,939

Stock-based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jan. 01, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock available for issuance (shares)		6,597,000		6,597,000			5,264,000
Weighted-average grant date fair value of awards (in usd per share)		$ 2.48	$ 10.80	$ 6.25	$ 8.15
Aggregate intrinsic fair value of options exercised		$ 0.1	$ 0.2	$ 0.3	$ 0.3
Share-based compensation expense not yet recognized		$ 18.8		$ 18.8
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)		1,918,600		1,918,600
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 RSAs \| 2017 Stock Incentive Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense not yet recognized		$ 0.2		$ 0.2
Share-based compensation not yet recognized, recognition period				10 months 24 days
Aggregate fair value of awards that vested		0.3	$ 0.8	$ 0.8	$ 1.1
Unvested RSAs \| 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 8 months 12 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
Shares reserved for vesting of restricted stock units \| 2021 Stock Incentive Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense not yet recognized		$ 1.1		$ 1.1
Share-based compensation not yet recognized, recognition period				1 year 11 months 8 days

Stock-based Compensation - Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 1,777	$ 781	$ 3,522	$ 1,320
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	806	212	1,587	352
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 971	$ 569	$ 1,935	$ 968

Stock-based Compensation - Restricted Stock Award Activity (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Unvested RSAs \| 2017 Stock Incentive Plan
Shares/Units
Unvested at beginning of period (shares) \| shares	295
Granted (shares) \| shares	0
Vested (shares) \| shares	(117)
Forfeited (shares) \| shares	0
Unvested at end of period (shares) \| shares	178
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
Unvested RSUs \| 2021 Stock Incentive Plan
Shares/Units
Unvested at beginning of period (shares) \| shares	0
Granted (shares) \| shares	259
Vested (shares) \| shares	0
Forfeited (shares) \| shares	(23)
Unvested at end of period (shares) \| shares	236
Weighted-Average Grant Date Fair Value Per Share
Weighted Average Grant Date Fair Value - Unvested at beginning of period (in usd per share) \| $ / shares	$ 0
Weighted Average Grant Date Fair Value - Granted (in usd per share) \| $ / shares	4.97
Weighted Average Grant Date Fair Value - Vested (in usd per share) \| $ / shares	0
Weighted Average Grant Date Fair Value - Forfeited (in usd per share) \| $ / shares	4.97
Weighted Average Grant Date Fair Value - Unvested at end of period (in usd per share) \| $ / shares	$ 4.97

Stock-based Compensation - Weighted Average Assumptions (Details) - Stock options	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Risk-free interest rate	3.00%	1.10%	1.90%	1.00%
Expected term (in years)	5 years 9 months 18 days	6 years	6 years	6 years
Dividend yield	0.00%	0.00%	0.00%	0.00%
Expected volatility	77.50%	78.90%	76.30%	79.30%

Stock-based Compensation - Stock Option Activity (Details) shares in Thousands	6 Months Ended	9 Months Ended
	Jun. 30, 2022 $ / shares shares	Sep. 30, 2021
Number of Options
Outstanding at beginning of period (shares) \| shares	3,266
Granted (shares) \| shares	1,247
Exercised (shares) \| shares	(47)
Cancelled (shares) \| shares	(83)
Outstanding at end of period (shares) \| shares	4,383
Exercisable at end of period (shares) \| shares	1,165
Weighted-Average Exercise Price
Weighted-Average Exercise Price - Outstanding at beginning of period (in usd per share) \| $ / shares	$ 8.24
Weighted-Average Exercise Price - Granted (in usd per share) \| $ / shares	9.37
Weighted-Average Exercise Price - Exercised (in usd per share) \| $ / shares	2.81
Weighted-Average Exercise Price - Cancelled (in usd per share) \| $ / shares	7.25
Weighted-Average Exercise Price - Outstanding at end of period (in usd per share) \| $ / shares	8.64
Weighted-Average Exercise Price - Exercisable at end of period (in usd per share) \| $ / shares	$ 7.40
Weighted-Average Remaining Contractual Life (in years)
Weighted Average Remaining Contractual Life - Outstanding	8 years 9 months 10 days	9 years 7 days
Weighted Average Remaining Contractual Life - Exercisable	8 years 3 months 14 days

Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Related Parties (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transactions [Abstract]
Sublease income	$ (68)	$ 0	$ (68)	$ 0
Security deposit liability	$ 200		$ 200

Net (Loss) Income Attributable to Common Stockholders per Share - Antidilutive Shares (Details) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (shares)	4,856,000	3,379,000
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (shares)	4,383,000	2,884,000
Unvested RSAs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (shares)	178,000	436,000
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (shares)	236,000	0
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (shares)	59,000	59,000

Property and Equipment, Net (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 9,705		$ 3,304
Less: accumulated depreciation	(674)		(391)
Total property and equipment, net	9,031		2,913
Depreciation expense	283	$ 101
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 447		1,961
Laboratory equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	5 years
Total property and equipment, gross	$ 923		839
Furniture and office equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	5 years
Total property and equipment, gross	$ 248		9
Computer equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Total property and equipment, gross	$ 361		221
Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	7 years
Total property and equipment, gross	$ 7,726		$ 274

Stock-based Compensation - Restricted Stock Award Activity (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Unvested RSAs \| 2017 Stock Incentive Plan
Shares/Units
Unvested at beginning of period (shares) \| shares	295
Granted (shares) \| shares	0
Vested (shares) \| shares	(117)
Forfeited (shares) \| shares	0
Unvested at end of period (shares) \| shares	178
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
Unvested RSUs \| 2021 Stock Incentive Plan
Shares/Units
Unvested at beginning of period (shares) \| shares	0
Granted (shares) \| shares	259
Vested (shares) \| shares	0
Forfeited (shares) \| shares	(23)
Unvested at end of period (shares) \| shares	236
Weighted-Average Grant Date Fair Value Per Share
Weighted Average Grant Date Fair Value - Unvested at beginning of period (in usd per share) \| $ / shares	$ 0
Weighted Average Grant Date Fair Value - Granted (in usd per share) \| $ / shares	4.97
Weighted Average Grant Date Fair Value - Vested (in usd per share) \| $ / shares	0
Weighted Average Grant Date Fair Value - Forfeited (in usd per share) \| $ / shares	4.97
Weighted Average Grant Date Fair Value - Unvested at end of period (in usd per share) \| $ / shares	$ 4.97