Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 15, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-40606 | ||
Entity Registrant Name | SERA PROGNOSTICS, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 26-1911522 | ||
Entity Address, Address Line One | 2749 East Parleys Way | ||
Entity Address, Address Line Two | Suite 200 | ||
Entity Address, City or Town | Salt Lake City | ||
Entity Address, State or Province | UT | ||
Entity Address, Postal Zip Code | 84109 | ||
City Area Code | 801 | ||
Local Phone Number | 990-0520 | ||
Title of 12(b) Security | Class A Common Stock, $0.0001 par value per share | ||
Trading Symbol | SERA | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 91.7 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement relating to its 2024 annual meeting of stockholders (the “Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2023. | ||
Entity Central Index Key | 0001534969 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Class A common stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 31,457,902 | ||
Class B common stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 967,759 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor Information [Abstract] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | Salt Lake City, Utah |
Balance Sheets (unaudited)
Balance Sheets (unaudited) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 3,880 | $ 29,878 |
Marketable securities | 45,199 | 52,826 |
Accounts receivable | 160 | 113 |
Other receivables | 11,310 | 6,000 |
Prepaid expenses and other current assets | 795 | 1,308 |
Total current assets | 61,344 | 90,125 |
Property and equipment, net | 1,999 | 3,059 |
Long-term marketable securities | 30,841 | 21,329 |
Other assets | 1,257 | 1,816 |
Total assets | 95,441 | 116,329 |
Current liabilities: | ||
Accounts payable | 1,046 | 1,548 |
Accrued and other current liabilities | 2,722 | 4,444 |
Finance lease obligation, current portion | 440 | 464 |
Deferred revenue | 20,235 | 9,082 |
Total current liabilities | 24,443 | 15,538 |
Finance lease obligation, net of current portion | 196 | 626 |
Operating lease obligation, net of current portion | 644 | 1,222 |
Total liabilities | 25,283 | 17,386 |
Commitments and Contingencies | ||
Stockholders' equity: | ||
Common stock, $0.0001 par value; 150,000,000 Class A shares authorized; 30,736,513 and 29,612,687 Class A shares issued and outstanding as of December 31, 2023 and 2022, respectively; 1,500,000 Class B shares authorized; 1,405,259 Class B shares issued as of December 31, 2023 and 2022; 967,759 and 1,405,259 Class B shares outstanding as of December 31, 2023 and 2022, respectively. | 3 | 3 |
Additional paid-in capital | 317,066 | 310,575 |
Accumulated other comprehensive loss | (15) | (981) |
Accumulated deficit | (246,896) | (210,654) |
Total stockholders' equity | 70,158 | 98,943 |
Total liabilities and stockholders' equity | $ 95,441 | $ 116,329 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Class A common stock | ||
Common stock, par value (in usd per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 30,736,513 | 29,612,687 |
Common stock, shares outstanding (in shares) | 30,736,513 | 29,612,687 |
Class B common stock | ||
Common stock, par value (in usd per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 1,500,000 | 1,500,000 |
Common stock, shares issued (in shares) | 1,405,259 | 1,405,259 |
Common stock, shares outstanding (in shares) | 967,759 | 1,405,259 |
Statements of Operations and Co
Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||
Revenue | $ 306 | $ 268 |
Operating expenses: | ||
Cost of revenue | 210 | 193 |
Research and development | 15,225 | 14,244 |
Selling and marketing | 8,349 | 14,699 |
General and administrative | 16,343 | 16,784 |
Total operating expenses | 40,127 | 45,920 |
Loss from operations | (39,821) | (45,652) |
Interest expense | (55) | (61) |
Other income, net | 3,634 | 1,527 |
Net loss | $ (36,242) | $ (44,186) |
Net loss per share, diluted (in usd per share) | $ (1.16) | $ (1.43) |
Net loss per share, basic (in usd per share) | $ (1.16) | $ (1.43) |
Weighted-average shares of common stock outstanding, diluted (in shares) | 31,200,652 | 30,943,426 |
Weighted-average shares of common stock outstanding, basic (in shares) | 31,200,652 | 30,943,426 |
Other comprehensive income (loss): | ||
Unrealized gain (loss) on available-for-sale debt securities | $ 966 | $ (798) |
Total other comprehensive income (loss) | 966 | (798) |
Comprehensive loss | $ (35,276) | $ (44,984) |
Statements of Convertible Prefe
Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock (Class A and B) | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Balance at the beginning (in shares) at Dec. 31, 2021 | 30,774,126 | ||||
Balance at the beginning at Dec. 31, 2021 | $ 138,564 | $ 3 | $ 305,212 | $ (183) | $ (166,468) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 243,820 | ||||
Issuance of common stock upon exercise of stock options | 308 | 308 | |||
Stock-based compensation expense | 5,055 | 5,055 | |||
Other comprehensive loss | (798) | (798) | |||
Net loss | (44,186) | (44,186) | |||
Balance at the ending (in shares) at Dec. 31, 2022 | 31,017,946 | ||||
Balance at the ending at Dec. 31, 2022 | $ 98,943 | $ 3 | 310,575 | (981) | (210,654) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 593,091 | 593,091 | |||
Issuance of common stock upon exercise of stock options | $ 1,095 | 1,095 | |||
Stock Issued During Period, Value, Employee Stock Purchase Plan | 123 | 123 | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 93,235 | ||||
Stock-based compensation expense | 5,273 | 5,273 | |||
Other comprehensive loss | 966 | 966 | |||
Net loss | (36,242) | (36,242) | |||
Balance at the ending (in shares) at Dec. 31, 2023 | 31,704,272 | ||||
Balance at the ending at Dec. 31, 2023 | $ 70,158 | $ 3 | $ 317,066 | $ (15) | $ (246,896) |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (36,242) | $ (44,186) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 900 | 756 |
Stock-based compensation | 5,273 | 5,055 |
Operating Lease, Right-of-Use Asset, Amortization Expense | 526 | 462 |
Non-cash interest expense | 0 | 12 |
Non-cash investment income, net | (1,182) | (239) |
Other | 18 | (22) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (47) | (86) |
Other receivables | (5,310) | (2,884) |
Prepaid expenses and other assets | 465 | 718 |
Accounts payable | (442) | 352 |
Accrued and other current liabilities | (2,301) | (514) |
Deferred revenue | 11,154 | 5,966 |
Net cash used in operating activities | (27,188) | (34,610) |
Cash flows from investing activities | ||
Purchases of marketable securities | (54,143) | (48,073) |
Proceeds from maturities and sales of marketable securities | 54,398 | 54,399 |
Purchases of property and equipment | (128) | (791) |
Proceeds from Sale of Property, Plant, and Equipment | 311 | 16 |
Net cash provided by investing activities | 438 | 5,551 |
Cash flows from financing activities | ||
Proceeds from exercise of stock options | 1,095 | 308 |
Proceeds, Issuance of Shares, Share-Based Payment Arrangement, Excluding Option Exercised | 123 | 0 |
Finance Lease, Principal Payments | (466) | (303) |
Net cash provided by financing activities | 752 | 5 |
Net decrease in cash and cash equivalents | (25,998) | (29,054) |
Cash and cash equivalents at beginning of period | 29,878 | 58,932 |
Cash and cash equivalents at end of period | 3,880 | 29,878 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest | 55 | 48 |
Supplemental disclosure of non-cash investing and financing information | ||
Purchases of property and equipment in accounts payable and accruals | $ 20 | $ 0 |
Description of Business and Fin
Description of Business and Financial Condition | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Financial Condition | Description of Business and Financial Condition Sera Prognostics, Inc. (the “Company”) is a women’s health company utilizing its proprietary proteomics and bioinformatics platform to discover, develop, and commercialize biomarker tests with an initial focus on improving pregnancy outcomes. The Company was incorporated in the State of Delaware on January 17, 2008 and its operations are located in Salt Lake City, Utah, including a Clinical Laboratory Improvement Amendments (“CLIA”)-certified laboratory. Since its inception, the Company’s activities have consisted of performing research and development, conducting clinical studies for its pipeline products and services, acquiring product rights, raising capital, establishing facilities, and organizing commercial operations to market the PreTRM test. Liquidity and Capital Resources The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company has incurred net losses and negative cash flows from operations since inception and had an accumulated deficit of $246.9 million as of December 31, 2023. The Company’s management expects the Company to incur significant additional operating losses and negative cash flows for the foreseeable future, principally as a result of the Company’s activities relating to the PreTRM test and the Company’s other pipeline products and services, including clinical and preclinical trials and anticipated research and development activities as well as commercialization activities. There can be no assurance that the Company will eventually achieve significant revenues or profitability to sustain operations, or if achieved, can sustain either on a continuing basis. If the Company is unable to achieve significant revenues or raise additional funds, when needed, it may not be able to continue the development or commercialization of its products and services and could be required to delay, scale back, or abandon some or all of its operations. No assurance can be given that the Company will be successful in raising the required capital on reasonable terms and at the required times, or at all. Any additional equity financing, if available to the Company, may not be available on favorable terms and may be dilutive to current stockholders, and any debt financing, if available, may involve restrictive covenants and dilutive financing instruments. The Company’s future operations are highly dependent on a combination of factors, including (i) the commercialization and market acceptance of the PreTRM test and the successful development, commercial launch, marketing, and distribution of other pipeline products and services; (ii) the success of scientific and clinical studies and other research and development programs that support current and future products and services; (iii) the development of competitive products by other biotechnology and laboratory companies; (iv) the Company’s ability to manage growth of the organization; (v) the Company’s ability to protect its intellectual property, technology, and products; and, ultimately (vi) the timely and successful completion of any additional financing. The principal sources of the Company’s working capital to date have been the proceeds from the sale and issuance of convertible preferred stock and convertible notes, bank loans, and the sale and issuance of Class A common stock in an initial public offering (“IPO”), which was completed in July 2021. As of December 31, 2023, the Company had aggregate cash, cash equivalents, and available-for-sale securities of approximately $79.9 million. See Note 3—Cash, Cash Equivalents and Marketable Securities. The Company evaluated that its existing financial resources are sufficient to continue operating activities at least 12 months from the issuance date of these financial statements. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative U.S. GAAP included in the Accounting Standards Codification (“ASC”), and Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company evaluates these estimates on an ongoing basis. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ materially from those estimates. The Company’s financial statements as of and for the year ended December 31, 2023 reflect the Company’s estimates of the impact of the current macroeconomic environment, including the impact of inflation and higher interest rates. The extent to which these conditions will directly or indirectly impact the Company’s business, results of operations, and financial condition is uncertain. The Company is not aware of any specific event or circumstance that would require an update to its estimates, judgments, and assumptions or a revision of the carrying value of the Company’s assets or liabilities as of the date of this filing. Cash and cash equivalents The Company considers all highly liquid financial instruments with maturities of 90 days or less at the date of purchase to be cash equivalents. The carrying amounts reported in the balance sheets for cash and cash equivalents are valued at cost, which approximates their fair value. As of December 31, 2023 and 2022, cash and cash equivalents consisted of cash, money market funds, and commercial paper. Cash and cash equivalents are stated at fair value. Marketable Securities The Company has classified its marketable securities, all of which are debt securities, as available-for-sale securities. These securities are carried at estimated fair value. Available-for-sale debt securities with an estimated fair value below the amortized cost basis are assessed to determine what amount of that difference, if any, is attributable to expected credit losses. An allowance for credit losses on available-for-sale debt securities is recognized as a charge in other income, net on the Company’s statements of operations and comprehensive loss, and any remaining unrealized losses, net of the related tax effect, are included in accumulated other comprehensive loss in stockholders’ equity until realized. Gains and losses on marketable security transactions are reported on the specific-identification method. Concentration of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and marketable securities. The Company maintains bank deposits in accounts at federally insured financial institutions and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institution holding its cash to the extent recorded in the balance sheet. The Company has not experienced any losses on its deposits of cash. The Company’s cash equivalents consist of money market funds and investment grade commercial paper. Marketable securities consist of investments in U.S. government securities, U.S. federal agency securities, investment grade commercial paper, and investment grade corporate securities. The Company’s investment portfolio in corporate debt securities is highly liquid and diversified among individual issuers. The Company did not experience any credit losses related to its investment portfolio for the years ended December 31, 2023 and 2022. Property and Equipment Property and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the shorter of estimated useful lives of the assets or the respective lease term. The estimated useful life of each asset category is as follows: Computer equipment 3 years Software 3 years Machinery and equipment 5 years Furniture and fixtures 5 years Leasehold improvements Shorter of useful life or remaining lease term Amortization expense of assets acquired through finance leases is included in depreciation and amortization expense in the accompanying statements of operations and comprehensive loss. Costs of repairs and maintenance that do not extend the useful life or improve the related assets are expensed as incurred. Costs of major replacements or improvements are capitalized. When assets are sold, or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any gain or loss is included in operating expense. Leases The Company’s operating lease relates to office and laboratory space at its headquarters. The Company’s finance leases are for certain equipment related to the Company’s information technology infrastructure and laboratory operations. The Company determines if an arrangement is a lease at inception. The Company has elected not to separate lease components from non-lease components for all classes of leased assets except for building leases. The Company elected to treat leases with lease terms of 12 months or less as short-term leases. No right-of-use assets or lease liabilities are recognized for short-term leases. For leases with a lease term greater than 12 months, right-of-use assets and lease liabilities are recognized on the balance sheets at the commencement date based on the present value of the remaining lease payments and includes only payments that are fixed and determinable at commencement. The Company’s lease terms may include options to extend or terminate when it is reasonably certain that the Company will exercise such options. To date, the rates implicit in the Company’s finance leases have been determinable, and the Company uses those rates to calculate the present value of its finance lease liabilities. The implicit rate in the Company’s operating lease is not readily determinable. As such, the Company uses its incremental borrowing rate to calculate the present value of its operating lease liabilities. Operating lease costs are recognized on a straight-line basis over the lease terms. Finance lease assets are amortized on a straight-line basis over the shorter of the estimated useful lives of the assets or the lease terms. Deferred Revenue The Company recognizes deferred revenue in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). Deferred revenue is recognized when a customer pays consideration, or the Company has a right to an amount of consideration that is unconditional before the Company transfers the good or service to the customer. The Company’s deferred revenue balance as of December 31, 2023 and 2022 relates to certain contractual minimum payments received by the Company as part of its commercial collaboration agreements. Deferred revenue is recognized as revenue when the Company delivers PreTRM test results to customers pursuant to its commercial collaboration agreements. Revenue Recognition Revenue is generated from the sale of PreTRM tests. The Company recognizes revenue based on accounting standards applied to determine the measurement of revenue and timing of when it is recognized. The Company applies the following five-step approach as set forth under ASC 606: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company applies the five-step model when it is probable that the Company will collect the consideration it is entitled to in exchange for fulfilling its performance obligation. The Company recognizes revenue upon delivery of test results, which it considers to be the only performance obligation, and allocates all of the transaction price to this performance obligation. In determining the transaction price, which is an estimate of the amount of variable consideration expected to be received, the Company uses the expected value method under ASC 606. The Company considers all reasonably available information to identify various possible consideration amounts and considers the probability of the variable consideration for each scenario. The Company’s estimate of transaction price does not include any estimated amount of variable consideration that is constrained. Significant judgments are required in determining the estimates for each transaction. These estimates include many assumptions, any of which, if incorrect, could result in significant differences between the estimated price and the amount ultimately collected for any given transaction. The Company applies this method consistently to portfolios of similar contracts when estimating the effect of any uncertainty on the amount of variable consideration to which it will be entitled. In the aggregate, across the numerous transactions within each portfolio, these differences can lead to material variances between estimated and actual revenue in any given period. The estimate of revenue is necessarily founded on assumptions of payer behavior such as changes in payer mix, payer collections, current customer contractual requirements, and experience with ultimate collection from third-party payers and patients. Each of these aspects of payer behavior (and various others) can change significantly from quarter to quarter, and the Company currently has limited experience with historical payment patterns. Each of these contributes to the potential variability between estimated transaction price and actual consideration received as discussed above, which is expected to be more pronounced early in the process of commercializing a diagnostic test. The Company makes its best efforts to continually refine its estimates of expected consideration as the Company gains additional experience with collections and historical payment patterns. Accordingly, the Company may update its estimate of the amount of revenue to be recognized for previously delivered tests. Cost of Revenue Cost of revenue reflects the aggregate costs incurred in delivering the proteomic testing results to clinicians and includes expenses for third-party specimen collection and shipping costs, as well as the Company’s lab personnel, materials and supplies, equipment and infrastructure expenses associated with clinical testing, and allocated overhead including rent and equipment depreciation. Costs associated with performing the Company’s tests are recorded as the tests are processed regardless of whether and when revenue is recognized with respect to such tests. Research and Development Expenses The Company expenses all research and development costs as they are incurred. Research and development expenses consist primarily of personnel costs, stock-based compensation charges, clinical trial costs, and third-party contracted services associated with research and development. The Company recognizes expense associated with third-party contracted services based on the completion of activities as specified in the applicable contracts. Costs incurred under contracts with clinical sites are generally accrued as patient encounters occur, consistent with the terms outlined in the associated contract. Upon termination of contracts with third parties, the Company’s obligations are limited to costs incurred or committed to date. As a result, accrued research and development expenses represent the estimated contractual liability to third parties at the reported period. Stock-based Compensation The Company recognizes stock-based compensation for all stock-based awards in accordance with ASC 718, C ompensation-Stock Compensation , which requires an entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The fair value of restricted stock units granted under the Company’s equity incentive plans is measured based on the grant-date fair value of the Company’s Class A common stock. The fair value of stock options granted under the Company’s equity incentive plans is estimated using the Black-Scholes option pricing model. Input assumptions used in calculating the fair value of stock options represent management’s estimates and involve inherent uncertainties and the application of management’s judgment. These input assumptions include the expected term of the awards, the expected common stock price volatility over the term of the awards, risk-free interest rates, and the expected dividend yield. The fair value of the Company’s Class A common stock is determined by using the closing price per share of the Company’s Class A common stock as reported on Nasdaq. The Company uses the simplified calculation of expected life since the Company does not have sufficient historical exercise data to estimate the expected term. Volatility is based on an average of the historical volatility of the Company’s common stock and the volatilities of the common stock of select comparable publicly-traded entities with characteristics similar to those of the Company. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. Forfeitures are estimated at the time of grant based on the Company’s historical experience and are adjusted as necessary. The fair value of equity awards is recognized as compensation cost on a straight-line basis by the Company over the participant’s requisite service period, which is the award’s vesting period. All stock-based compensation costs are classified in the statements of operations and comprehensive loss based upon the underlying participant’s role within the Company. Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that it believes these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, it recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying statements of operations and comprehensive loss. Any accrued interest and penalties related to uncertain tax positions will be reflected as a liability in the balance sheets. Retirement Savings Plan The Company sponsors a safe harbor 401(k) plan that covers all of the Company’s eligible employees. The plan allows employees to make contributions up to a specified percentage of their compensation, subject to statutory limitations. The Company makes safe harbor matching contributions equal to 100% of the first 3% of a plan participant’s eligible compensation, plus 50% of the next 2% of a plan participant’s eligible compensation. The Company may also make an additional discretionary match or profit sharing contribution to the plan. The Company recorded expense related to its 401(k) plan of $0.6 million for the years ended December 31, 2023 and 2022. Segments The Company operates as one operating segment, which is developing and commercializing its medical diagnostic products and services. The Company’s chief operating decision maker, its chief executive officer, reviews financial information on an aggregate basis for making decisions regarding resource allocation and assessing performance. Comprehensive Loss Comprehensive loss consists of net loss and other gains and losses affecting stockholders’ equity that, under U.S. GAAP, are excluded from net loss. For the years ended December 31, 2023 and 2022, comprehensive loss includes unrealized gains (losses) on the Company’s available-for-sale debt securities. Net Loss per Share Basic net loss per share is calculated by dividing net loss by the weighted-average number of shares of common stock outstanding for the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, stock options and warrants to purchase common stock are considered to be potentially dilutive securities. For periods in which the Company reports a net loss, all potentially dilutive shares are anti-dilutive and are therefore excluded from the calculation of diluted net loss per share. The Company has two classes of common stock and calculates net loss per share using the two-class method. The rights, including the liquidation and dividend rights, of the holders of the Company’s Class A and Class B common stock are identical, except with respect to voting and conversion. The undistributed earnings for each period are allocated based on the contractual participation rights of the Class A and Class B common shares as if the earnings for the period had been distributed. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis and the resulting amount per share for Class A and Class B common stock was the same for the years ended December 31, 2023 and 2022. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which is intended to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid by jurisdiction. The ASU is effective for public business entities’ annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance on its financial statements. In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segments Disclosures. While ASU 2023-07 requires incremental disclosures, it does not change how an entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine reportable segments. This ASU is effective for all public business entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt the changes to the segment reporting guidance on a retrospective basis. The Company is currently evaluating the impact of adopting this guidance on its financial statements. Early adoption is permitted; however, the Company is not early adopting the standard. Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it is (a) no longer an emerging growth company or (b) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. |
Cash, Cash Equivalents and Mark
Cash, Cash Equivalents and Marketable Securities | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Marketable Securities | Cash, Cash Equivalents and Marketable Securities The Company has classified its marketable securities as available-for-sale. The Company’s cash, cash equivalents and marketable securities by major security type as of December 31, 2023 and 2022 were as follows (in thousands): December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and cash equivalents: Cash $ 2,608 $ — $ — $ 2,608 Money market funds 1,272 — — 1,272 Total cash and cash equivalents 3,880 — — 3,880 Current marketable securities: Commercial paper 11,769 6 (2) 11,773 Corporate debt securities 1,155 — (2) 1,153 U.S. federal agency securities 19,644 — (102) 19,542 U.S. government securities 12,812 — (81) 12,731 Total current marketable securities 45,380 6 (187) 45,199 Long-term marketable securities: U.S. federal agency securities 9,406 27 (17) 9,416 U.S. government securities 4,388 3 (5) 4,386 Corporate debt securities 16,880 159 — 17,039 Total long-term marketable securities 30,674 189 (22) 30,841 Total cash, cash equivalents and marketable securities $ 79,934 $ 195 $ (209) $ 79,920 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and cash equivalents: Cash $ 913 $ — $ — $ 913 Money market funds 2,618 — — 2,618 Commercial paper 26,356 — (9) 26,347 Total cash and cash equivalents 29,887 — (9) 29,878 Current marketable securities: Commercial paper 15,219 2 (66) 15,155 Corporate debt securities 507 — (5) 502 U.S. federal agency securities 28,964 — (364) 28,600 U.S. government securities 8,702 — (133) 8,569 Total current marketable securities 53,392 2 (568) 52,826 Long-term marketable securities: U.S. federal agency securities 9,810 — (199) 9,611 U.S. government securities 10,770 — (208) 10,562 Corporate debt securities 1,156 — — 1,156 Total long-term marketable securities 21,736 — (407) 21,329 Total cash, cash equivalents and marketable securities $ 105,015 $ 2 $ (984) $ 104,033 The following tables summarize the Company’s available-for-sale debt securities and cash equivalents with unrealized losses as of December 31, 2023 and 2022, aggregated by major security type and the length of time that individual securities have been in a continuous loss position (in thousands): December 31, 2023 Less than 12 months 12 months or greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Commercial paper $ 5,453 $ (2) $ — $ — $ 5,453 $ (2) Corporate debt securities 1,153 (2) — — 1,153 (2) U.S. federal agency securities 15,308 (52) 8,751 (67) 24,059 (119) U.S. government securities 4,769 (13) 10,895 (73) 15,664 (86) Total $ 26,683 $ (69) $ 19,646 $ (140) $ 46,329 $ (209) December 31, 2022 Less than 12 months 12 months or greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Commercial paper $ 40,063 $ (75) $ — $ — $ 40,063 $ (75) Corporate debt securities 1,156 — 502 (5) 1,658 (5) U.S. federal agency securities 12,869 (228) 25,342 (335) 38,211 (563) U.S. government securities 10,562 (208) 8,569 (133) 19,131 (341) Total $ 64,650 $ (511) $ 34,413 $ (473) $ 99,063 $ (984) As of December 31, 2023 and 2022, the Company had not recorded any allowance for credit losses related to its available-for-sale securities. The Company attributes the declines in the fair value of its available-for-sale securities to normal market and interest rate fluctuations. The declines in fair value are not attributed to declines in credit quality. The Company does not intend to sell investments while they are in an unrealized loss position and does not believe that it is more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity. All of the Company’s investments mature in less than two years. The Company’s marketable securities classified by contractual maturities as of December 31, 2023 were as follows (in thousands): Amortized Cost Fair Value Due within one year $ 45,380 $ 45,199 Due after one year through five years 30,674 30,841 Total $ 76,054 $ 76,040 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment The following table presents the components of property and equipment, net, as of December 31, 2023 and 2022 (in thousands): December 31, 2023 2022 Laboratory equipment $ 5,734 $ 5,914 Computer equipment 1,054 1,230 Leasehold improvements 772 710 Software 1,141 1,141 Furniture and fixtures 320 320 Total property and equipment 9,021 9,315 Less accumulated depreciation and amortization (7,022) (6,256) Property and equipment, net $ 1,999 $ 3,059 Depreciation and amortization expense was $0.9 million and $0.8 million for the years ended December 31, 2023 and 2022, respectively. |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accrued and Other Current Liabilities | Accrued and Other Current Liabilities The following table presents the components of accrued and other current liabilities as of December 31, 2023 and 2022 (in thousands): December 31, 2023 2022 Accrued compensation $ 779 $ 2,290 Accrued vacation 365 430 Accrued 401(k) matching contributions 74 568 Operating lease liability, current portion 578 519 Other current liabilities 926 637 Total accrued and other current liabilities $ 2,722 $ 4,444 |
Other Income (Expense), net
Other Income (Expense), net | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other Income (Expense), net | Other Income, net The following table presents the components of other income, net, for the years ended December 31, 2023 and 2022 (in thousands): Year Ended 2023 2022 Interest income $ 1,640 $ 456 Investment income, net 1,994 1,071 Other income, net $ 3,634 $ 1,527 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements As of December 31, 2023 and 2022, the carrying amounts of the Company’s receivables, prepaid and other current assets, accounts payable, and accrued and other current liabilities approximate their fair values, principally due to the short-term nature of the assets and liabilities. The recorded values of the finance leases approximate fair value as the interest rates approximate market interest rates. Money market funds are highly liquid investments and are actively traded. The pricing information on money market funds is readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 of the fair value hierarchy. U.S. government agency bonds, U.S. government bonds, commercial paper, and corporate debt securities are measured at fair value using Level 2 inputs. The Company reviews trading activity and pricing for these investments as of each measurement date. The Company follows a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The three levels of the fair value hierarchy are as follows: Level 1 inputs are observable, quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date. Level 2 inputs are observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly or quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 inputs are unobservable inputs in which there is little or no market data, which require the Company to develop its own assumptions. The following table shows the Company’s assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands) as of December 31, 2023: Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 1,272 $ — $ — Marketable securities: Commercial paper — 11,773 — Corporate debt securities — 18,192 — U.S. federal agency securities — 28,958 — U.S. government securities — 17,117 — Total assets $ 1,272 $ 76,040 $ — The following table shows the Company’s assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands) as of December 31, 2022: Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 2,618 $ — $ — Commercial paper — 26,347 — Marketable securities: Commercial paper — 15,155 — Corporate debt securities — 1,658 — U.S. federal agency securities — 38,211 — U.S. government securities — 19,131 — Total assets $ 2,618 $ 100,502 $ — |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions In June 2019, the Company entered into a master services agreement with Carelon Research, a subsidiary of Elevance Health, Inc. (“Elevance Health”). This agreement covers a range of research projects, including Carelon Research’s role as a contract research organization for the P rematurity R isk Assessment Combined With Clinical I nterventions for Improving Neonatal outco ME s (“PRIME”) study. The Company paid fees related to this agreement of $4.0 million and $2.2 million for the years ended December 31, 2023 and 2022, respectively, which were recorded in research and development expenses in the Company’s statements of operations and comprehensive loss. In November 2020, the Company entered into a Laboratory Services Agreement with Elevance Health related to the PRIME study. This agreement provides a contracted rate for certain tests performed pursuant to the study. The Company recognized revenues related to this agreement of $61 thousand and $100 thousand for the years ended December 31, 2023 and 2022, respectively. In February 2021, the Company entered into a commercial collaboration agreement with Elevance Health and its affiliates (the “Commercial Collaboration Agreement”). The Commercial Collaboration Agreement provides defined payment within a defined period for use of the PreTRM test within Elevance Health’s network of covered members. Pursuant to the Commercial Collaboration Agreement, Elevance Health will purchase a certain minimum number of tests for each of the first three years of the term of the agreement. Additionally, Elevance Health agreed to pay a certain minimum amount per year for the first three years of the term of the Commercial Collaboration Agreement. The Company received $6.0 million during the year ended December 31, 2023, which amount related to the minimum payments for the year ended December 31, 2022. As of December 31, 2023, the Company recorded $11.2 million in other receivables related to the minimum payments for the year ended December 31, 2023, which was received in January 2024. Such minimum payments are initially recorded as deferred revenue. Deferred revenue is recognized as revenue when the Company delivers PreTRM test results to Elevance Health patients pursuant to the Commercial Collaboration Agreement. The Company also agreed to develop a sales, marketing, and customer service program, and to provide training and marketing to duly licensed physicians specializing in obstetrics and gynecology or family medicine, or licensed nurse midwives, at the reasonable request of Elevance Health. Elevance Health has been participating in the Company’s PRIME study and at the conclusion of the PRIME study, under the Commercial Collaboration Agreement, the parties agreed to use commercially reasonable efforts to enter into Elevance Health’s standard lab provider agreement. Unless earlier terminated due to breach, the Commercial Collaboration Agreement will remain in effect until the later of (a) the third anniversary of the effective date or (b) the date on which Elevance Health has purchased a fixed number of PreTRM tests as agreed by the parties. The Commercial Collaboration Agreement with Elevance Health is considered to be within the scope of ASC Topic 808, Collaborative Arrangements (“ASC 808”), as the parties are active participants and exposed to the risks and rewards of the collaborative activity. The Company determined the PreTRM tests to be a performance obligation for which Elevance Health is a customer and a unit of account within the scope of ASC 606. The associated transaction price is based on the contractual minimum number of tests and the agreed upon defined payment amount per test. The transaction price was allocated to this single performance obligation, which will be recognized upon delivery of test results expected to occur over the term of the agreement. All other items promised to Elevance Health are immaterial in the context of the Commercial Collaboration Agreement. There were no material revenues related to the Commercial Collaboration Agreement for the years ended December 31, 2023 and 2022. |
Capital Structure
Capital Structure | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Capital Structure | Capital Structure Common Stock The Company has two authorized classes of common stock, Class A and Class B. The rights of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote and shares of Class B common stock are non-voting. Each share of Class B common stock may be converted at any time to one share of Class A common stock at the option of its holder, subject to the ownership limitations provided for in the Company’s amended and restated certificate of incorporation. In September 2023, holders of Class B common stock converted 437,500 shares of Class B common stock to 437,500 shares of Class A common stock. The following shares of Class A common stock were reserved for future issuance: December 31, 2023 2022 Warrants to purchase Class A common stock 2,775,978 2,775,978 Options to purchase Class A common stock 7,251,663 8,428,441 Restricted stock units outstanding 2,692,459 — Class A common stock available for future grants under the 2021 Equity Incentive Plan 1,002,091 1,926,356 Class A common stock available for future grants under the 2021 Employee Stock Purchase Plan 801,668 598,777 Total 14,523,859 13,729,552 Preferred Stock The Company is authorized to issue up to 5,000,000 shares of preferred stock, par value $0.0001 per share. There were no preferred shares outstanding at December 31, 2023 and 2022. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Equity Incentive Plans In November 2011, the Company established the 2011 Employee, Director and Consultant Equity Incentive Plan (the “2011 Plan”) and reserved shares of the Company’s common stock for sale and issuance under the 2011 Plan. Options granted under the 2011 Plan generally vest over a four-year period and generally expire ten years from the date of grant. Options are exercisable only to the extent vested. The 2011 Plan terminated in November 2021, and accordingly, no additional shares are available for grant under the 2011 Plan. The 2011 Plan continues to govern outstanding awards granted under the 2011 Plan. The 2021 Equity Incentive Plan (the “2021 Plan”) was established in July 2021. The 2021 Plan provides for the grant of incentive and non-statutory stock options as well as other stock rights to employees, directors and consultants of the Company. Options generally vest over a four-year period, are exercisable only to the extent vested, and generally expire ten years from the date of grant. Restricted stock units (“RSUs”) generally vest over either a two-year or four-year period. The 2021 Plan includes provisions for annual automatic increases to the number of shares of Class A common stock reserved for issuance under the 2021 Plan. In addition, any shares that otherwise would be returned to the 2011 Plan as a result of the expiration or cancellation of stock options may be added to the 2021 Plan. As of December 31, 2023, there were 1,002,091 shares of the Company’s Class A common stock that were available for future grants under the 2021 Plan. The 2021 Employee Stock Purchase Plan (the “2021 ESPP”) was established in July 2021. The 2021 ESPP includes provisions for annual automatic increases to the number of shares of Class A common stock reserved for issuance under the 2021 ESPP. As of December 31, 2023, there were 801,668 shares of the Company’s Class A common stock that were available for future grants under the 2021 ESPP. Stock Options Unless otherwise noted, references to “options” in the subsequent disclosures, refers to the combined incentive and non-statutory stock options issued as employee and non-employee stock-based compensation, and authorized under the 2011 Plan and the 2021 Plan. The following table summarizes information about these options granted and outstanding: Number of Weighted- Weighted- Aggregate Intrinsic Value (In Thousands) Outstanding — December 31, 2022 8,428,441 $ 3.65 7.7 $ 115 Granted 991,866 3.49 Expired (14,430) 0.75 Cancelled (1,561,123) 4.25 Exercised (593,091) 1.85 Outstanding — December 31, 2023 7,251,663 $ 3.66 6.9 $ 20,014 Vested and expected to vest at December 31, 2023 7,120,916 $ 3.64 6.9 $ 19,763 Vested and exercisable at December 31, 2023 5,477,835 $ 3.28 6.5 $ 16,856 The weighted-average grant date fair value of options granted during the years ended December 31, 2023 and 2022 was $2.28 and $1.92 per share, respectively. The total aggregate intrinsic value of options exercised during the years ended December 31, 2023 and 2022 was $1.4 million and $0.5 million, respectively. The total fair value of options vested for the years ended December 31, 2023 and 2022 was $4.8 million and $5.8 million, respectively. The fair values calculated using the Black-Scholes option pricing model were estimated on each grant date using the following assumptions: Year Ended December 31, 2023 2022 Expected volatility 70.1% - 72.4% 63.7% - 69.1% Risk-free interest rate 3.7% - 4.2% 1.7% - 4.3% Expected term (in years) 5.3 - 7.0 5.3 - 7.0 Expected dividend yield — % — % RSUs The following table summarizes information about RSUs granted and outstanding under the 2021 Plan: Number of Awards Weighted-Average Grant Date Fair Value Outstanding — December 31, 2022 — $ — Granted 2,827,824 2.10 Forfeited (135,365) 3.76 Vested — — Outstanding — December 31, 2023 2,692,459 $ 2.01 Stock-Based Compensation Expense The following table presents the impact of stock-based compensation expense in the statements of operations for the periods indicated (in thousands): Year Ended 2023 2022 Research and development expense $ 1,574 $ 1,671 Sales and marketing expense 657 590 General and administrative expense 3,042 2,794 Total employee stock-based compensation $ 5,273 $ 5,055 The information about unrecognized stock-based compensation expense for outstanding unvested stock options and RSUs as of December 31, 2023 was as follows (in thousands, except years): Unrecognized Stock-Based Compensation Expense Weighted-Average Period of Recognition (in years) Stock Options $ 5,035 1.6 RSUs 3,942 2.7 Total unrecognized stock-based compensation expense $ 8,977 |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2023 | |
Warrants and Rights Note Disclosure [Abstract] | |
Warrants | Warrants All outstanding common stock warrants were exercisable immediately when granted. All outstanding common stock warrants are exercisable for shares of Class A common stock. The Company’s common stock warrants outstanding were as follows: Number of Warrants Outstanding as of: Exercise Price December 31, 2023 December 31, 2022 $ 5.20 3,473 3,473 9.03 1,032,404 1,032,404 10.84 1,009,795 1,009,795 12.38 8,083 8,083 20.77 722,223 722,223 2,775,978 2,775,978 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingences | Commitments and Contingencies Leases The Company is the lessee in all of its lease arrangements. The Company did not enter into any leases with related parties during the presented periods. The Company makes assumptions and judgments when assessing contracts for lease components, determining lease classifications, and calculating right-of-use asset and lease liability values. These assumptions and judgments may include the useful lives and fair values of the leased assets, the implicit rate underlying the Company’s leases, the Company’s incremental borrowing rate or the Company’s intent to exercise or not exercise options available in lease contracts. The following table shows right-of-use assets and lease liabilities, and the associated financial statement line items as of December 31, 2023 and 2022 (in thousands): December 31, Lease-Related Assets and Liabilities Financial Statement Line Items 2023 2022 Right-of-use assets: Operating leases Other assets $ 1,180 $ 1,707 Finance leases Property and equipment, net 1,008 1,317 Total right-of-use assets $ 2,188 $ 3,024 Lease liabilities: Operating leases Accrued and other current liabilities $ 578 $ 519 Operating lease obligation, net of current portion 644 1,222 Finance leases Finance lease obligation, current portion 440 464 Finance lease obligation, net of current portion 196 626 Total lease liabilities $ 1,858 $ 2,831 Lease costs and other information consisted of the following (in thousands, except terms and rates): Year Ended December 31, 2023 2022 Lease cost Finance lease cost: Amortization of right-of-use assets $ 312 $ 280 Interest on lease liabilities 55 61 Operating lease cost 636 504 Total lease cost $ 1,003 $ 845 Other information Finance leases: Operating cash outflows $ 55 $ 48 Financing cash outflows $ 466 $ 303 Right-of-use assets obtained in exchange for lease liabilities $ 18 $ 1,253 Weighted-average remaining lease term (in years) 1.4 2.3 Weighted-average discount rate 6.5% 6.4% Operating leases: Operating cash outflows $ 628 $ 609 Right-of-use assets obtained in exchange for lease liabilities $ — $ 2,169 Weighted-average remaining lease term (in years) 2.0 3.0 Weighted-average discount rate 7.5% 7.5% Future minimum lease payments for the Company’s leases as of December 31, 2023 were as follows (in thousands): Operating Leases Finance Leases Total 2024 $ 646 $ 467 $ 1,113 2025 666 197 863 2026 — 2 2 2027 and thereafter — — — Total minimum lease payments 1,312 666 1,978 Less: imputed interest (90) (30) (120) Present value of future lease payments 1,222 636 1,858 Less: current portion 578 440 1,018 Long-term portion $ 644 $ 196 $ 840 Operating Leases The Company leases a total of approximately 24,300 square feet of office and laboratory space under a single non-cancelable operating lease with a termination date of December 31, 2025 (as amended, the “Office Lease”). The Office Lease includes an early termination right which termination would occur under certain circumstances, as provided in the amended Office Lease, after July 1, 2024 if exercised. The Company is not currently reasonably certain it will exercise the termination right. The implicit rate provided in the Company’s operating lease is not readily determinable. As such, the Company uses its incremental borrowing rate to calculate the present value of its operating lease liabilities. Finance Leases The Company leases certain equipment related to its information technology infrastructure and laboratory operations. All of the Company’s current finance leases include bargain purchase options that the Company is reasonably certain to exercise. The Company has elected not to separate lease and non-lease components for its equipment leases. The rates implicit in the Company’s finance leases are determinable, and the Company uses those rates to calculate the present value of its finance lease liabilities. Indemnification The Company has agreed to indemnify its officers and directors for certain events or occurrences, while the officer or director is or was serving at the Company’s request in such capacity. The maximum amount of potential future indemnification is unlimited; however, the Company purchases director and officer insurance coverage that provides for corporate reimbursements of covered obligations that limits the Company’s exposure and enables it to recover a portion of potential future amounts paid. The Company is unable to reasonably estimate the maximum amount that could be payable under these arrangements since these obligations are not capped but are conditional to the unique facts and circumstances involved. Accordingly, the Company has no liabilities recorded for these agreements as of December 31, 2023 and 2022. The Company has never incurred costs to defend lawsuits or settle claims related to these indemnification agreements. Employee Agreements The Company has signed various employment agreements with key executives pursuant to which if their employment is terminated by the Company without cause or by the employees for good reason, or following a change of control of the Company, the employees are entitled to receive certain benefits, including severance payments, accelerated vesting of stock and stock options, and certain insurance benefits. Legal Matters The Company is not currently a party to any material litigation or other material legal proceedings. The Company may, from time to time, be involved in various legal proceedings arising from the normal course of business activities, and an unfavorable resolution of any of these matters could materially affect the Company’s future results of operations, cash flows, or financial position. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company has not recorded any income tax expense for the years ended December 31, 2023 and 2022 due to its history of operating losses. The provision for income taxes includes the following components for the years ended December 31, 2023 and 2022 (in thousands): Year Ended 2023 2022 Current: Federal $ — $ — State — — Total current benefit (provision) $ — $ — Deferred: Federal $ 8,178 $ 9,400 State 2,198 1,951 Change in valuation allowance (10,376) (11,351) Total deferred benefit (provision) $ — $ — Total income tax benefit (provision) $ — $ — The benefit (provision) for income taxes differs from the amount computed at federal statutory rates as follows (in thousands): Year Ended December 31, 2023 2022 Computed Federal income tax benefit (expense) at the statutory rate $ 7,602 21.00 % $ 9,278 21.00 % R&D credits 698 1.93 % 566 1.28 % Equity-based expenses (63) (0.17) % (325) (0.74) % State income taxes, net of federal benefit 1,783 4.92 % 1,771 4.01 % State net operating loss carryforward true up 154 0.42 % (8) (0.02) % Change in statutory rates 163 0.45 % 78 0.18 % Other 39 0.11 % (9) (0.02) % Valuation allowance (10,376) (28.66) % (11,351) (25.69) % Income tax benefit (provision) $ — — % $ — — % Significant components of the Company’s net deferred income tax assets (liabilities) are as follows (in thousands): December 31, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 53,072 $ 46,674 R&D credits 3,856 3,038 R&E expenses 5,219 2,644 Accruals and reserves 278 635 Equity-based compensation 2,440 1,496 Depreciation and amortization — 5 Lease liability 317 438 Other 7 3 Total deferred tax asset before allowance 65,189 54,933 Less: valuation allowance (64,879) (54,504) Total deferred tax asset 310 429 Deferred tax liabilities: Right-of-use asset (306) (429) Depreciation and amortization (4) — Net deferred tax assets $ — $ — Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. A significant piece of objective negative evidence evaluated is the cumulative loss incurred since inception. Such objective evidence limits the ability to consider other subjective evidence such as the Company’s projections for future growth. On the basis of this evaluation, a full valuation allowance of $64.9 million and $54.5 million has been recorded as of December 31, 2023 and 2022, respectively, as it is more likely than not that the deferred tax assets will not be realized. The valuation allowance increased by $10.4 million and $11.4 million for the years ended December 31, 2023 and 2022, respectively, and there is no tax benefit presented in the accompanying financial statements. The Company is subject to minimum taxes in several of the state jurisdictions where it files income tax returns. The amounts paid are immaterial and not presented above as a component of the current state tax provision. As of December 31, 2023, the Company had U.S. federal and state net operating loss carryforwards of approximately $211.6 million and $143.7 million, respectively. Of the federal amount, $141.3 million can be carried forward indefinitely, while the remainder begins to expire after 2028, if not utilized. The state amounts begin to expire at various dates after 2030. Because of the change of ownership provisions of the Tax Reform Act of 1986, use of a portion of the Company’s NOL and tax credit carryforwards may be limited in future periods. Further, a portion of the carryforwards may expire before being applied to reduce future income tax liabilities. There are currently no federal or state tax audits in progress. All prior tax years remain subject to examination by Federal and State of Utah authorities due to the existence of net operating loss carryforwards. The Company recognizes the tax benefit of an uncertain tax position only if it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities, based on technical merits. The reversal of the uncertain tax positions would not affect the Company’s effective tax rate to the extent that it continues to maintain a full valuation allowance against its deferred tax assets. As of December 31, 2023 and 2022, the Company did not record any material interest expense or penalties related to uncertain tax positions or the settlement of audits for prior periods. The Company does not expect a significant increase or decrease in its uncertain tax positions within the next 12 months. A reconciliation of the beginning and ending amount of uncertain tax positions (in thousands): Year Ended 2023 2022 Balance at the beginning of the year $ 2,025 $ 1,648 Gross increases—prior period 80 — Gross increases—current period 465 377 Balance at the end of the year $ 2,570 $ 2,025 |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net loss per share The Company calculates net loss per share of Class A and Class B common stock using the two-class method. For periods in which the Company reports a net loss, all potentially dilutive shares are anti-dilutive and are therefore excluded from the calculation of diluted net loss per share. For the years ended December 31, 2023 and 2022, the Company reported net losses and as such, basic and diluted net loss per share are the same. As the liquidation and dividend rights are identical for Class A and Class B common shares, the undistributed earnings are allocated on a proportionate basis and the resulting amount per share for Class A and Class B common stock was the same for the years ended December 31, 2023 and 2022. The Company excluded the following potentially dilutive securities, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because their impact would have been anti-dilutive: December 31, 2023 2022 Warrants to purchase Class A common stock 2,775,978 2,775,978 Options to purchase Class A common stock 7,251,663 8,428,441 Restricted stock units outstanding 2,692,459 — Total 12,720,100 11,204,419 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative U.S. GAAP included in the Accounting Standards Codification (“ASC”), and Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company evaluates these estimates on an ongoing basis. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ materially from those estimates. |
Cash and Cash Equivalents | Cash and cash equivalents |
Marketable Securities | Marketable Securities |
Concentration of Credit Risk | Concentration of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and marketable securities. The Company maintains bank deposits in accounts at federally insured financial institutions and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institution holding its cash to the extent recorded in the balance sheet. The Company has not experienced any losses on its deposits of cash. The Company’s cash equivalents consist of money market funds and investment grade commercial paper. Marketable securities consist of investments in U.S. government securities, U.S. federal agency securities, investment grade commercial paper, and investment grade corporate securities. The Company’s investment portfolio in corporate debt securities is highly liquid and diversified among individual issuers. The Company did not experience any credit losses related to its investment portfolio for the years ended December 31, 2023 and 2022. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the shorter of estimated useful lives of the assets or the respective lease term. The estimated useful life of each asset category is as follows: Computer equipment 3 years Software 3 years Machinery and equipment 5 years Furniture and fixtures 5 years Leasehold improvements Shorter of useful life or remaining lease term |
Leases | Leases The Company’s operating lease relates to office and laboratory space at its headquarters. The Company’s finance leases are for certain equipment related to the Company’s information technology infrastructure and laboratory operations. The Company determines if an arrangement is a lease at inception. The Company has elected not to separate lease components from non-lease components for all classes of leased assets except for building leases. The Company elected to treat leases with lease terms of 12 months or less as short-term leases. No right-of-use assets or lease liabilities are recognized for short-term leases. For leases with a lease term greater than 12 months, right-of-use assets and lease liabilities are recognized on the balance sheets at the commencement date based on the present value of the remaining lease payments and includes only payments that are fixed and determinable at commencement. The Company’s lease terms may include options to extend or terminate when it is reasonably certain that the Company will exercise such options. To date, the rates implicit in the Company’s finance leases have been determinable, and the Company uses those rates to calculate the present value of its finance lease liabilities. The implicit rate in the Company’s operating lease is not readily determinable. As such, the Company uses its incremental borrowing rate to calculate the present value of its operating lease liabilities. |
Revenue | Deferred Revenue The Company recognizes deferred revenue in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). Deferred revenue is recognized when a customer pays consideration, or the Company has a right to an amount of consideration that is unconditional before the Company transfers the good or service to the customer. The Company’s deferred revenue balance as of December 31, 2023 and 2022 relates to certain contractual minimum payments received by the Company as part of its commercial collaboration agreements. Deferred revenue is recognized as revenue when the Company delivers PreTRM test results to customers pursuant to its commercial collaboration agreements. Revenue Recognition Revenue is generated from the sale of PreTRM tests. The Company recognizes revenue based on accounting standards applied to determine the measurement of revenue and timing of when it is recognized. The Company applies the following five-step approach as set forth under ASC 606: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company applies the five-step model when it is probable that the Company will collect the consideration it is entitled to in exchange for fulfilling its performance obligation. The Company recognizes revenue upon delivery of test results, which it considers to be the only performance obligation, and allocates all of the transaction price to this performance obligation. In determining the transaction price, which is an estimate of the amount of variable consideration expected to be received, the Company uses the expected value method under ASC 606. The Company considers all reasonably available information to identify various possible consideration amounts and considers the probability of the variable consideration for each scenario. The Company’s estimate of transaction price does not include any estimated amount of variable consideration that is constrained. Significant judgments are required in determining the estimates for each transaction. These estimates include many assumptions, any of which, if incorrect, could result in significant differences between the estimated price and the amount ultimately collected for any given transaction. The Company applies this method consistently to portfolios of similar contracts when estimating the effect of any uncertainty on the amount of variable consideration to which it will be entitled. In the aggregate, across the numerous transactions within each portfolio, these differences can lead to material variances between estimated and actual revenue in any given period. The estimate of revenue is necessarily founded on assumptions of payer behavior such as changes in payer mix, payer collections, current customer contractual requirements, and experience with ultimate collection from third-party payers and patients. Each of these aspects of payer behavior (and various others) can change significantly from quarter to quarter, and the Company currently has limited experience with historical payment patterns. Each of these contributes to the potential variability between estimated transaction price and actual consideration received as discussed above, which is expected to be more pronounced early in the process of commercializing a diagnostic test. The Company makes its best efforts to continually refine its estimates of expected consideration as the Company gains additional experience with collections and historical payment patterns. Accordingly, the Company may update its estimate of the amount of revenue to be recognized for previously delivered tests. Cost of Revenue Cost of revenue reflects the aggregate costs incurred in delivering the proteomic testing results to clinicians and includes expenses for third-party specimen collection and shipping costs, as well as the Company’s lab personnel, materials and supplies, equipment and infrastructure expenses associated with clinical testing, and allocated overhead including rent and equipment depreciation. Costs associated with performing the Company’s tests are recorded as the tests are processed regardless of whether and when revenue is recognized with respect to such tests. |
Research and Development Expense | Research and Development Expenses The Company expenses all research and development costs as they are incurred. Research and development expenses consist primarily of personnel costs, stock-based compensation charges, clinical trial costs, and third-party contracted services associated with research and development. The Company recognizes expense associated with third-party contracted services based on the completion of activities as specified in the applicable contracts. Costs incurred under contracts with clinical sites are generally accrued as patient encounters occur, consistent with the terms outlined in the associated contract. Upon termination of contracts with third parties, the Company’s obligations are limited to costs incurred or committed to date. As a result, accrued research and development expenses represent the estimated contractual liability to third parties at the reported period. |
Share-based Compensation | Stock-based Compensation The Company recognizes stock-based compensation for all stock-based awards in accordance with ASC 718, C ompensation-Stock Compensation , which requires an entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The fair value of restricted stock units granted under the Company’s equity incentive plans is measured based on the grant-date fair value of the Company’s Class A common stock. The fair value of stock options granted under the Company’s equity incentive plans is estimated using the Black-Scholes option pricing model. Input assumptions used in calculating the fair value of stock options represent management’s estimates and involve inherent uncertainties and the application of management’s judgment. These input assumptions include the expected term of the awards, the expected common stock price volatility over the term of the awards, risk-free interest rates, and the expected dividend yield. The fair value of the Company’s Class A common stock is determined by using the closing price per share of the Company’s Class A common stock as reported on Nasdaq. The Company uses the simplified calculation of expected life since the Company does not have sufficient historical exercise data to estimate the expected term. Volatility is based on an average of the historical volatility of the Company’s common stock and the volatilities of the common stock of select comparable publicly-traded entities with characteristics similar to those of the Company. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. Forfeitures are estimated at the time of grant based on the Company’s historical experience and are adjusted as necessary. The fair value of equity awards is recognized as compensation cost on a straight-line basis by the Company over the participant’s requisite service period, which is the award’s vesting period. All stock-based compensation costs are classified in the statements of operations and comprehensive loss based upon the underlying participant’s role within the Company. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that it believes these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, it recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying statements of operations and comprehensive loss. Any accrued interest and penalties related to uncertain tax positions will be reflected as a liability in the balance sheets. |
Postemployment Benefit Plans, Policy | Retirement Savings Plan |
Segments | Segments The Company operates as one operating segment, which is developing and commercializing its medical diagnostic products and services. The Company’s chief operating decision maker, its chief executive officer, reviews financial information on an aggregate basis for making decisions regarding resource allocation and assessing performance. |
Comprehensive Loss | Comprehensive Loss |
Net Loss per Share | Net Loss per Share Basic net loss per share is calculated by dividing net loss by the weighted-average number of shares of common stock outstanding for the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, stock options and warrants to purchase common stock are considered to be potentially dilutive securities. For periods in which the Company reports a net loss, all potentially dilutive shares are anti-dilutive and are therefore excluded from the calculation of diluted net loss per share. |
Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which is intended to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid by jurisdiction. The ASU is effective for public business entities’ annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance on its financial statements. In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segments Disclosures. While ASU 2023-07 requires incremental disclosures, it does not change how an entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine reportable segments. This ASU is effective for all public business entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt the changes to the segment reporting guidance on a retrospective basis. The Company is currently evaluating the impact of adopting this guidance on its financial statements. Early adoption is permitted; however, the Company is not early adopting the standard. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Property and Equipment, Useful Life | The estimated useful life of each asset category is as follows: Computer equipment 3 years Software 3 years Machinery and equipment 5 years Furniture and fixtures 5 years Leasehold improvements Shorter of useful life or remaining lease term The following table presents the components of property and equipment, net, as of December 31, 2023 and 2022 (in thousands): December 31, 2023 2022 Laboratory equipment $ 5,734 $ 5,914 Computer equipment 1,054 1,230 Leasehold improvements 772 710 Software 1,141 1,141 Furniture and fixtures 320 320 Total property and equipment 9,021 9,315 Less accumulated depreciation and amortization (7,022) (6,256) Property and equipment, net $ 1,999 $ 3,059 |
Cash, Cash Equivalents and Ma_2
Cash, Cash Equivalents and Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash, Cash Equivalents and Marketable Securities by Major Security Type | The Company’s cash, cash equivalents and marketable securities by major security type as of December 31, 2023 and 2022 were as follows (in thousands): December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and cash equivalents: Cash $ 2,608 $ — $ — $ 2,608 Money market funds 1,272 — — 1,272 Total cash and cash equivalents 3,880 — — 3,880 Current marketable securities: Commercial paper 11,769 6 (2) 11,773 Corporate debt securities 1,155 — (2) 1,153 U.S. federal agency securities 19,644 — (102) 19,542 U.S. government securities 12,812 — (81) 12,731 Total current marketable securities 45,380 6 (187) 45,199 Long-term marketable securities: U.S. federal agency securities 9,406 27 (17) 9,416 U.S. government securities 4,388 3 (5) 4,386 Corporate debt securities 16,880 159 — 17,039 Total long-term marketable securities 30,674 189 (22) 30,841 Total cash, cash equivalents and marketable securities $ 79,934 $ 195 $ (209) $ 79,920 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and cash equivalents: Cash $ 913 $ — $ — $ 913 Money market funds 2,618 — — 2,618 Commercial paper 26,356 — (9) 26,347 Total cash and cash equivalents 29,887 — (9) 29,878 Current marketable securities: Commercial paper 15,219 2 (66) 15,155 Corporate debt securities 507 — (5) 502 U.S. federal agency securities 28,964 — (364) 28,600 U.S. government securities 8,702 — (133) 8,569 Total current marketable securities 53,392 2 (568) 52,826 Long-term marketable securities: U.S. federal agency securities 9,810 — (199) 9,611 U.S. government securities 10,770 — (208) 10,562 Corporate debt securities 1,156 — — 1,156 Total long-term marketable securities 21,736 — (407) 21,329 Total cash, cash equivalents and marketable securities $ 105,015 $ 2 $ (984) $ 104,033 |
Schedule of Marketable Securities and Cash Equivalents in Unrealized Loss Positions | The following tables summarize the Company’s available-for-sale debt securities and cash equivalents with unrealized losses as of December 31, 2023 and 2022, aggregated by major security type and the length of time that individual securities have been in a continuous loss position (in thousands): December 31, 2023 Less than 12 months 12 months or greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Commercial paper $ 5,453 $ (2) $ — $ — $ 5,453 $ (2) Corporate debt securities 1,153 (2) — — 1,153 (2) U.S. federal agency securities 15,308 (52) 8,751 (67) 24,059 (119) U.S. government securities 4,769 (13) 10,895 (73) 15,664 (86) Total $ 26,683 $ (69) $ 19,646 $ (140) $ 46,329 $ (209) December 31, 2022 Less than 12 months 12 months or greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Commercial paper $ 40,063 $ (75) $ — $ — $ 40,063 $ (75) Corporate debt securities 1,156 — 502 (5) 1,658 (5) U.S. federal agency securities 12,869 (228) 25,342 (335) 38,211 (563) U.S. government securities 10,562 (208) 8,569 (133) 19,131 (341) Total $ 64,650 $ (511) $ 34,413 $ (473) $ 99,063 $ (984) As of December 31, 2023 and 2022, the Company had not recorded any allowance for credit losses related to its available-for-sale securities. The Company attributes the declines in the fair value of its available-for-sale securities to normal market and interest rate fluctuations. The declines in fair value are not attributed to declines in credit quality. The Company does not intend to sell investments while they are in an unrealized loss position and does not believe that it is more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity. All of the Company’s investments mature in less than two years. |
Schedule of Marketable Securities Classified by Contractual Maturities | The Company’s marketable securities classified by contractual maturities as of December 31, 2023 were as follows (in thousands): Amortized Cost Fair Value Due within one year $ 45,380 $ 45,199 Due after one year through five years 30,674 30,841 Total $ 76,054 $ 76,040 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Components of Property and Equipment, Net | The estimated useful life of each asset category is as follows: Computer equipment 3 years Software 3 years Machinery and equipment 5 years Furniture and fixtures 5 years Leasehold improvements Shorter of useful life or remaining lease term The following table presents the components of property and equipment, net, as of December 31, 2023 and 2022 (in thousands): December 31, 2023 2022 Laboratory equipment $ 5,734 $ 5,914 Computer equipment 1,054 1,230 Leasehold improvements 772 710 Software 1,141 1,141 Furniture and fixtures 320 320 Total property and equipment 9,021 9,315 Less accumulated depreciation and amortization (7,022) (6,256) Property and equipment, net $ 1,999 $ 3,059 |
Accrued and Other Current Lia_2
Accrued and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Schedule of Components of Accrued and Other Current Liabilities | The following table presents the components of accrued and other current liabilities as of December 31, 2023 and 2022 (in thousands): December 31, 2023 2022 Accrued compensation $ 779 $ 2,290 Accrued vacation 365 430 Accrued 401(k) matching contributions 74 568 Operating lease liability, current portion 578 519 Other current liabilities 926 637 Total accrued and other current liabilities $ 2,722 $ 4,444 |
Other Income (Expense), net (Ta
Other Income (Expense), net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Components of Other Income (Expense), Net | The following table presents the components of other income, net, for the years ended December 31, 2023 and 2022 (in thousands): Year Ended 2023 2022 Interest income $ 1,640 $ 456 Investment income, net 1,994 1,071 Other income, net $ 3,634 $ 1,527 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets that are Measured at Fair Value on a Recurring basis | The following table shows the Company’s assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands) as of December 31, 2023: Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 1,272 $ — $ — Marketable securities: Commercial paper — 11,773 — Corporate debt securities — 18,192 — U.S. federal agency securities — 28,958 — U.S. government securities — 17,117 — Total assets $ 1,272 $ 76,040 $ — The following table shows the Company’s assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands) as of December 31, 2022: Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 2,618 $ — $ — Commercial paper — 26,347 — Marketable securities: Commercial paper — 15,155 — Corporate debt securities — 1,658 — U.S. federal agency securities — 38,211 — U.S. government securities — 19,131 — Total assets $ 2,618 $ 100,502 $ — |
Capital Structure (Tables)
Capital Structure (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Common Stock Reserved for Future Issuance | The following shares of Class A common stock were reserved for future issuance: December 31, 2023 2022 Warrants to purchase Class A common stock 2,775,978 2,775,978 Options to purchase Class A common stock 7,251,663 8,428,441 Restricted stock units outstanding 2,692,459 — Class A common stock available for future grants under the 2021 Equity Incentive Plan 1,002,091 1,926,356 Class A common stock available for future grants under the 2021 Employee Stock Purchase Plan 801,668 598,777 Total 14,523,859 13,729,552 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Options Granted and Outstanding | The following table summarizes information about these options granted and outstanding: Number of Weighted- Weighted- Aggregate Intrinsic Value (In Thousands) Outstanding — December 31, 2022 8,428,441 $ 3.65 7.7 $ 115 Granted 991,866 3.49 Expired (14,430) 0.75 Cancelled (1,561,123) 4.25 Exercised (593,091) 1.85 Outstanding — December 31, 2023 7,251,663 $ 3.66 6.9 $ 20,014 Vested and expected to vest at December 31, 2023 7,120,916 $ 3.64 6.9 $ 19,763 Vested and exercisable at December 31, 2023 5,477,835 $ 3.28 6.5 $ 16,856 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions Using the Black-Scholes Method | The fair values calculated using the Black-Scholes option pricing model were estimated on each grant date using the following assumptions: Year Ended December 31, 2023 2022 Expected volatility 70.1% - 72.4% 63.7% - 69.1% Risk-free interest rate 3.7% - 4.2% 1.7% - 4.3% Expected term (in years) 5.3 - 7.0 5.3 - 7.0 Expected dividend yield — % — % |
Schedule of Impact of Stock-based Compensation Expense in the Statements of Operations | The following table presents the impact of stock-based compensation expense in the statements of operations for the periods indicated (in thousands): Year Ended 2023 2022 Research and development expense $ 1,574 $ 1,671 Sales and marketing expense 657 590 General and administrative expense 3,042 2,794 Total employee stock-based compensation $ 5,273 $ 5,055 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | The following table summarizes information about RSUs granted and outstanding under the 2021 Plan: Number of Awards Weighted-Average Grant Date Fair Value Outstanding — December 31, 2022 — $ — Granted 2,827,824 2.10 Forfeited (135,365) 3.76 Vested — — Outstanding — December 31, 2023 2,692,459 $ 2.01 |
Share-Based Payment Arrangement, Nonvested Award, Cost | The information about unrecognized stock-based compensation expense for outstanding unvested stock options and RSUs as of December 31, 2023 was as follows (in thousands, except years): Unrecognized Stock-Based Compensation Expense Weighted-Average Period of Recognition (in years) Stock Options $ 5,035 1.6 RSUs 3,942 2.7 Total unrecognized stock-based compensation expense $ 8,977 |
Warrants (Tables)
Warrants (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Warrants and Rights Note Disclosure [Abstract] | |
Schedule of Warrants or Rights | The Company’s common stock warrants outstanding were as follows: Number of Warrants Outstanding as of: Exercise Price December 31, 2023 December 31, 2022 $ 5.20 3,473 3,473 9.03 1,032,404 1,032,404 10.84 1,009,795 1,009,795 12.38 8,083 8,083 20.77 722,223 722,223 2,775,978 2,775,978 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Leases In Statement of Financial Position | The following table shows right-of-use assets and lease liabilities, and the associated financial statement line items as of December 31, 2023 and 2022 (in thousands): December 31, Lease-Related Assets and Liabilities Financial Statement Line Items 2023 2022 Right-of-use assets: Operating leases Other assets $ 1,180 $ 1,707 Finance leases Property and equipment, net 1,008 1,317 Total right-of-use assets $ 2,188 $ 3,024 Lease liabilities: Operating leases Accrued and other current liabilities $ 578 $ 519 Operating lease obligation, net of current portion 644 1,222 Finance leases Finance lease obligation, current portion 440 464 Finance lease obligation, net of current portion 196 626 Total lease liabilities $ 1,858 $ 2,831 |
Schedule of Lease Cost and Other Information | Lease costs and other information consisted of the following (in thousands, except terms and rates): Year Ended December 31, 2023 2022 Lease cost Finance lease cost: Amortization of right-of-use assets $ 312 $ 280 Interest on lease liabilities 55 61 Operating lease cost 636 504 Total lease cost $ 1,003 $ 845 Other information Finance leases: Operating cash outflows $ 55 $ 48 Financing cash outflows $ 466 $ 303 Right-of-use assets obtained in exchange for lease liabilities $ 18 $ 1,253 Weighted-average remaining lease term (in years) 1.4 2.3 Weighted-average discount rate 6.5% 6.4% Operating leases: Operating cash outflows $ 628 $ 609 Right-of-use assets obtained in exchange for lease liabilities $ — $ 2,169 Weighted-average remaining lease term (in years) 2.0 3.0 Weighted-average discount rate 7.5% 7.5% |
Finance Lease, Liability, Fiscal Year Maturity | Future minimum lease payments for the Company’s leases as of December 31, 2023 were as follows (in thousands): Operating Leases Finance Leases Total 2024 $ 646 $ 467 $ 1,113 2025 666 197 863 2026 — 2 2 2027 and thereafter — — — Total minimum lease payments 1,312 666 1,978 Less: imputed interest (90) (30) (120) Present value of future lease payments 1,222 636 1,858 Less: current portion 578 440 1,018 Long-term portion $ 644 $ 196 $ 840 |
Lessee, Operating Lease, Liability, Maturity | Future minimum lease payments for the Company’s leases as of December 31, 2023 were as follows (in thousands): Operating Leases Finance Leases Total 2024 $ 646 $ 467 $ 1,113 2025 666 197 863 2026 — 2 2 2027 and thereafter — — — Total minimum lease payments 1,312 666 1,978 Less: imputed interest (90) (30) (120) Present value of future lease payments 1,222 636 1,858 Less: current portion 578 440 1,018 Long-term portion $ 644 $ 196 $ 840 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Benefit (Provision) | The provision for income taxes includes the following components for the years ended December 31, 2023 and 2022 (in thousands): Year Ended 2023 2022 Current: Federal $ — $ — State — — Total current benefit (provision) $ — $ — Deferred: Federal $ 8,178 $ 9,400 State 2,198 1,951 Change in valuation allowance (10,376) (11,351) Total deferred benefit (provision) $ — $ — Total income tax benefit (provision) $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation | The benefit (provision) for income taxes differs from the amount computed at federal statutory rates as follows (in thousands): Year Ended December 31, 2023 2022 Computed Federal income tax benefit (expense) at the statutory rate $ 7,602 21.00 % $ 9,278 21.00 % R&D credits 698 1.93 % 566 1.28 % Equity-based expenses (63) (0.17) % (325) (0.74) % State income taxes, net of federal benefit 1,783 4.92 % 1,771 4.01 % State net operating loss carryforward true up 154 0.42 % (8) (0.02) % Change in statutory rates 163 0.45 % 78 0.18 % Other 39 0.11 % (9) (0.02) % Valuation allowance (10,376) (28.66) % (11,351) (25.69) % Income tax benefit (provision) $ — — % $ — — % |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s net deferred income tax assets (liabilities) are as follows (in thousands): December 31, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 53,072 $ 46,674 R&D credits 3,856 3,038 R&E expenses 5,219 2,644 Accruals and reserves 278 635 Equity-based compensation 2,440 1,496 Depreciation and amortization — 5 Lease liability 317 438 Other 7 3 Total deferred tax asset before allowance 65,189 54,933 Less: valuation allowance (64,879) (54,504) Total deferred tax asset 310 429 Deferred tax liabilities: Right-of-use asset (306) (429) Depreciation and amortization (4) — Net deferred tax assets $ — $ — |
Schedule of Uncertain Tax Positions Roll Forward | A reconciliation of the beginning and ending amount of uncertain tax positions (in thousands): Year Ended 2023 2022 Balance at the beginning of the year $ 2,025 $ 1,648 Gross increases—prior period 80 — Gross increases—current period 465 377 Balance at the end of the year $ 2,570 $ 2,025 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Anti-dilutive Securities Excluded from the Computation of Earnings per Share | The Company excluded the following potentially dilutive securities, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because their impact would have been anti-dilutive: December 31, 2023 2022 Warrants to purchase Class A common stock 2,775,978 2,775,978 Options to purchase Class A common stock 7,251,663 8,428,441 Restricted stock units outstanding 2,692,459 — Total 12,720,100 11,204,419 |
Description of Business and F_2
Description of Business and Financial Condition (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ (246,896) | $ (210,654) |
Fair Value | $ 79,920 | $ 104,033 |
Significant Accounting Polici_3
Significant Accounting Policies - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | |
Defined Contribution Plan Disclosure [Line Items] | ||
Defined Contribution Plan, Cost | $ | $ 0.6 | $ 0.6 |
Number of operating segments | segment | 1 | |
Defined Contribution Plan, Employer Matching Contribution, Second Tier | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 2% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50% | |
Defined Contribution Plan, Employer Matching Contribution, First Tier | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100% |
Significant Accounting Polici_4
Significant Accounting Policies - Property and Equipment (Details) | Dec. 31, 2023 |
Computer equipment | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life | 3 years |
Software | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life | 3 years |
Machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life | 5 years |
Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, useful life | 5 years |
Cash, Cash Equivalents and Ma_3
Cash, Cash Equivalents and Marketable Securities - Cash, Cash Equivalents and Marketable Securities by Major Security Type (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 76,054 | |
Fair Value | 76,040 | |
Amortized Cost | 79,934 | $ 105,015 |
Gross Unrealized Gains | 195 | 2 |
Gross Unrealized Losses | (209) | (984) |
Fair Value | 79,920 | 104,033 |
Cash and cash equivalents: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,880 | 29,887 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | (9) |
Fair Value | 3,880 | 29,878 |
Cash and cash equivalents: | Cash | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,608 | 913 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 2,608 | 913 |
Cash and cash equivalents: | Money market funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,272 | 2,618 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 1,272 | 2,618 |
Cash and cash equivalents: | Commercial Paper [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 26,356 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (9) | |
Fair Value | 26,347 | |
Current marketable securities: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 45,380 | 53,392 |
Gross Unrealized Gains | 6 | 2 |
Gross Unrealized Losses | (187) | (568) |
Fair Value | 45,199 | 52,826 |
Current marketable securities: | Commercial Paper [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 11,769 | 15,219 |
Gross Unrealized Gains | 6 | 2 |
Gross Unrealized Losses | (2) | (66) |
Fair Value | 11,773 | 15,155 |
Current marketable securities: | U.S. federal agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 19,644 | 28,964 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (102) | (364) |
Fair Value | 19,542 | 28,600 |
Current marketable securities: | U.S. government securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 12,812 | 8,702 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (81) | (133) |
Fair Value | 12,731 | 8,569 |
Current marketable securities: | Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,155 | 507 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (2) | (5) |
Fair Value | 1,153 | 502 |
Long-term marketable securities: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 30,674 | 21,736 |
Gross Unrealized Gains | 189 | 0 |
Gross Unrealized Losses | (22) | (407) |
Fair Value | 30,841 | 21,329 |
Long-term marketable securities: | U.S. federal agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 9,406 | 9,810 |
Gross Unrealized Gains | 27 | 0 |
Gross Unrealized Losses | (17) | (199) |
Fair Value | 9,416 | 9,611 |
Long-term marketable securities: | U.S. government securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,388 | 10,770 |
Gross Unrealized Gains | 3 | 0 |
Gross Unrealized Losses | (5) | (208) |
Fair Value | 4,386 | 10,562 |
Long-term marketable securities: | Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 16,880 | 1,156 |
Gross Unrealized Gains | 159 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 17,039 | $ 1,156 |
Cash, Cash Equivalents and Ma_4
Cash, Cash Equivalents and Marketable Securities - Marketable Securities and Cash Equivalents in Unrealized Loss Positions (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Fair Value | $ 26,683 | $ 64,650 |
Unrealized Losses | 69 | 511 |
Fair Value | 19,646 | 34,413 |
Unrealized Losses | 140 | 473 |
Fair Value | 46,329 | 99,063 |
Unrealized Losses | 209 | 984 |
Commercial Paper [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Fair Value | 5,453 | 40,063 |
Unrealized Losses | 2 | 75 |
Fair Value | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 5,453 | 40,063 |
Unrealized Losses | 2 | 75 |
Corporate debt securities | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Fair Value | 1,153 | 1,156 |
Unrealized Losses | 2 | 0 |
Fair Value | 0 | 502 |
Unrealized Losses | 0 | 5 |
Fair Value | 1,153 | 1,658 |
Unrealized Losses | 2 | 5 |
U.S. federal agency securities | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Fair Value | 15,308 | 12,869 |
Unrealized Losses | 52 | 228 |
Fair Value | 8,751 | 25,342 |
Unrealized Losses | 67 | 335 |
Fair Value | 24,059 | 38,211 |
Unrealized Losses | 119 | 563 |
U.S. government securities | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Fair Value | 4,769 | 10,562 |
Unrealized Losses | 13 | 208 |
Fair Value | 10,895 | 8,569 |
Unrealized Losses | 73 | 133 |
Fair Value | 15,664 | 19,131 |
Unrealized Losses | $ 86 | $ 341 |
Cash, Cash Equivalents and Ma_5
Cash, Cash Equivalents and Marketable Securities - Narrative (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents [Abstract] | ||
Amortized Cost | $ 76,054,000 | |
Fair Value | 19,646,000 | $ 34,413,000 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 0 | $ 0 |
Cash, Cash Equivalents and Ma_6
Cash, Cash Equivalents and Marketable Securities - Marketable Securities Classified by Contractual Maturities (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Amortized Cost | |
Due within one year | $ 45,380 |
Due after one year through five years | 30,674 |
Amortized Cost | 76,054 |
Fair Value | |
Due within one year | 45,199 |
Due after one year through five years | 30,841 |
Fair Value | $ 76,040 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 9,021 | $ 9,315 |
Less accumulated depreciation and amortization | (7,022) | (6,256) |
Property and equipment, net | 1,999 | 3,059 |
Laboratory equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 5,734 | 5,914 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,054 | 1,230 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 772 | 710 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,141 | 1,141 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 320 | $ 320 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation and amortization | $ 900 | $ 756 |
Accrued and Other Current Lia_3
Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Accrued compensation | $ 779 | $ 2,290 |
Accrued vacation | 365 | 430 |
Accrued 401(k) matching contributions | 74 | 568 |
Operating lease liability, current portion | 578 | 519 |
Other current liabilities | 926 | 637 |
Total accrued and other current liabilities | $ 2,722 | $ 4,444 |
Other Income (Expense), net (De
Other Income (Expense), net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | ||
Interest income | $ 1,640 | $ 456 |
Investment income, net | 1,994 | 1,071 |
Other income, net | $ 3,634 | $ 1,527 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - shares | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of warrants outstanding (in shares) | 2,775,978 | 2,775,978 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets that are Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Marketable securities: | $ 76,040 | |
Level 1 | Recurring | ||
Assets: | ||
Total assets | 1,272 | $ 2,618 |
Level 1 | Recurring | Commercial Paper [Member] | ||
Assets: | ||
Marketable securities: | 0 | 0 |
Level 1 | Recurring | Corporate debt securities | ||
Assets: | ||
Marketable securities: | 0 | 0 |
Level 1 | Recurring | U.S. federal agency securities | ||
Assets: | ||
Marketable securities: | 0 | 0 |
Level 1 | Recurring | U.S. government securities | ||
Assets: | ||
Marketable securities: | 0 | 0 |
Level 1 | Recurring | Money market funds | ||
Assets: | ||
Cash and Cash Equivalents, Fair Value Disclosure | 1,272 | 2,618 |
Level 1 | Recurring | Commercial Paper [Member] | ||
Assets: | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | |
Level 2 | Recurring | ||
Assets: | ||
Total assets | 76,040 | 100,502 |
Level 2 | Recurring | Commercial Paper [Member] | ||
Assets: | ||
Marketable securities: | 11,773 | 15,155 |
Level 2 | Recurring | Corporate debt securities | ||
Assets: | ||
Marketable securities: | 18,192 | 1,658 |
Level 2 | Recurring | U.S. federal agency securities | ||
Assets: | ||
Marketable securities: | 28,958 | 38,211 |
Level 2 | Recurring | U.S. government securities | ||
Assets: | ||
Marketable securities: | 17,117 | 19,131 |
Level 2 | Recurring | Money market funds | ||
Assets: | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Level 2 | Recurring | Commercial Paper [Member] | ||
Assets: | ||
Cash and Cash Equivalents, Fair Value Disclosure | 26,347 | |
Level 3 | Recurring | ||
Assets: | ||
Total assets | 0 | 0 |
Level 3 | Recurring | Commercial Paper [Member] | ||
Assets: | ||
Marketable securities: | 0 | 0 |
Level 3 | Recurring | Corporate debt securities | ||
Assets: | ||
Marketable securities: | 0 | 0 |
Level 3 | Recurring | U.S. federal agency securities | ||
Assets: | ||
Marketable securities: | 0 | 0 |
Level 3 | Recurring | U.S. government securities | ||
Assets: | ||
Marketable securities: | 0 | 0 |
Level 3 | Recurring | Money market funds | ||
Assets: | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 0 | 0 |
Level 3 | Recurring | Commercial Paper [Member] | ||
Assets: | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 0 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Feb. 28, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Operating Expenses | $ 40,127 | $ 45,920 | |
Revenue | $ 306 | 268 | |
Common Stock, Shares Converted | 437,500 | ||
Investor | Master services agreement | Healthcore Inc | |||
Related Party Transaction [Line Items] | |||
Operating Expenses | $ 4,000 | 2,200 | |
Investor | Laboratory Services Agreement | Elevance Health, Inc | |||
Related Party Transaction [Line Items] | |||
Revenue | 61 | $ 100 | |
Investor | Commercial Collaboration Agreement | Elevance Health, Inc | |||
Related Party Transaction [Line Items] | |||
Term of agreement | 3 years | ||
Other receivables related to minimum payments | 11,200 | ||
Related Party Transaction, Cash Received From Related Party | $ 6,000 |
Capital Structure - Narrative (
Capital Structure - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2023 common_stock_class vote $ / shares shares | Dec. 31, 2022 $ / shares shares | |
Class of Stock [Line Items] | ||
Number of common stock classes authorized | common_stock_class | 2 | |
Common stock, conversion ratio | 1 | |
Common Stock, Shares Converted | 437,500 | |
Class A common stock | ||
Class of Stock [Line Items] | ||
Number of votes per share | vote | 1 | |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, par value (in usd per share) | $ / shares | $ 0.0001 | $ 0.0001 |
Common stock, shares issued (in shares) | 30,736,513 | 29,612,687 |
Common stock, shares outstanding (in shares) | 30,736,513 | 29,612,687 |
Class B common stock | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 1,500,000 | 1,500,000 |
Common stock, par value (in usd per share) | $ / shares | $ 0.0001 | $ 0.0001 |
Common stock, shares issued (in shares) | 1,405,259 | 1,405,259 |
Common stock, shares outstanding (in shares) | 967,759 | 1,405,259 |
Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock outstanding (in shares) | 0 | 0 |
Preferred stock, authorized (in shares) | 5,000,000 | |
Preferred stock, par value (in usd per share) | $ / shares | $ 0.0001 |
Capital Structure - Common Stoc
Capital Structure - Common Stock (Details) - Class A common stock - shares | Dec. 31, 2023 | Dec. 31, 2022 |
Class of Stock [Line Items] | ||
Shares reserved for future issuance (in shares) | 14,523,859 | 13,729,552 |
Warrants to purchase Class A common stock | ||
Class of Stock [Line Items] | ||
Shares reserved for future issuance (in shares) | 2,775,978 | 2,775,978 |
Options to purchase Class A common stock | ||
Class of Stock [Line Items] | ||
Shares reserved for future issuance (in shares) | 7,251,663 | 8,428,441 |
Class A common stock available for future grants under the 2021 Equity Incentive Plan | ||
Class of Stock [Line Items] | ||
Shares reserved for future issuance (in shares) | 1,002,091 | 1,926,356 |
Class A common stock available for future grants under the 2021 Employee Stock Purchase Plan | ||
Class of Stock [Line Items] | ||
Shares reserved for future issuance (in shares) | 801,668 | 598,777 |
Restricted Stock Units (RSUs) | ||
Class of Stock [Line Items] | ||
Shares reserved for future issuance (in shares) | 2,692,459 | 0 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jul. 19, 2021 | Jul. 31, 2021 | Nov. 30, 2011 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted-average grant date fair value of options granted (in usd per share) | $ 2.28 | $ 1.92 | |||
Aggregate intrinsic value of options exercised | $ 1,400 | $ 500 | |||
Fair value of options vested | 4,800 | $ 5,800 | |||
Unamortized stock-based compensation cost | $ 5,035 | ||||
Unamortized stock-based compensation cost expected to be recognized over a weighted average period | 1 year 7 months 6 days | ||||
Class A common stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for future issuance (in shares) | 14,523,859 | 13,729,552 | |||
2011 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
Expiration term | 10 years | ||||
Shares available for grant | 0 | ||||
2021 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expiration term | 10 years | ||||
2021 Plan | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 2 years | ||||
2021 Plan | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
2021 Plan | Class A common stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for future issuance (in shares) | 1,002,091 | ||||
2021 ESPP | Class A common stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for future issuance (in shares) | 801,668 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Number of Shares Subject to Options Outstanding | ||
Outstanding at the beginning (in shares) | 8,428,441 | |
Granted (in shares) | 991,866 | |
Expired (in shares) | (14,430) | |
Cancelled (in shares) | (1,561,123) | |
Exercised (in shares) | (593,091) | |
Outstanding at the end (in shares) | 7,251,663 | 8,428,441 |
Number of shares subject to options outstanding, vested and expected to vest at the end (in shares) | 7,120,916 | |
Number of shares subject to options outstanding, vested and exercisable at the end | 5,477,835 | |
Weighted- Average Exercise Price Per Share | ||
Outstanding at the beginning (in usd per share) | $ 3.65 | |
Granted (in usd per share) | 3.49 | |
Expired (in usd per share) | 0.75 | |
Cancelled (in usd per share) | 4.25 | |
Exercised (in usd per share) | 1.85 | |
Outstanding at the end (in usd per share) | 3.66 | $ 3.65 |
Weighted average exercise price per share, vested and expected to vest at the end (in usd per share) | 3.64 | |
Weighted average exercise price per share, vested and exercisable at the end (in usd per share) | $ 3.28 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Weighted average remaining contractual life, outstanding | 6 years 10 months 24 days | 7 years 8 months 12 days |
Weighted average remaining contractual life, vested and expected to vest at the end | 6 years 10 months 24 days | |
Weighted average remaining contractual life, vested and exercisable at the end | 6 years 6 months | |
Aggregate intrinsic value, outstanding | $ 20,014 | $ 115 |
Aggregate intrinsic value, vested and expected to vest at the end | 19,763 | |
Aggregate intrinsic value, vested and exercisable at the end | $ 16,856 |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted-Average Assumptions (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 70.10% | 63.70% |
Expected volatility | 72.40% | 69.10% |
Risk-free interest rate | 3.70% | 1.70% |
Risk-free interest rate | 4.20% | 4.30% |
Expected dividend yield | $ 0 | $ 0 |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 5 years 3 months 18 days | 5 years 3 months 18 days |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 7 years | 7 years |
Stock-Based Compensation - Expe
Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total employee stock-based compensation | $ 5,273 | $ 5,055 |
Research and development expense | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total employee stock-based compensation | 1,574 | 1,671 |
Sales and marketing expense | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total employee stock-based compensation | 657 | 590 |
General and administrative expense | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total employee stock-based compensation | $ 3,042 | $ 2,794 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,692,459 | 0 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 2.01 | $ 0 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,827,824 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.10 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (135,365) | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 3.76 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 0 |
Stock-Based Compensation - Unre
Stock-Based Compensation - Unrecognized Cost (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unamortized stock-based compensation cost | $ 5,035 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 7 months 6 days |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 8,977 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 8 months 12 days |
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 3,942 |
Warrants - Common Stock Warrant
Warrants - Common Stock Warrants Outstanding (Details) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Class of Warrant or Right [Line Items] | ||
Number of warrants outstanding (in shares) | 2,775,978 | 2,775,978 |
5.2 | ||
Class of Warrant or Right [Line Items] | ||
Exercise price (in usd per share) | $ 5.20 | |
Number of warrants outstanding (in shares) | 3,473 | 3,473 |
9.03 | ||
Class of Warrant or Right [Line Items] | ||
Exercise price (in usd per share) | $ 9.03 | |
Number of warrants outstanding (in shares) | 1,032,404 | 1,032,404 |
10.84 | ||
Class of Warrant or Right [Line Items] | ||
Exercise price (in usd per share) | $ 10.84 | |
Number of warrants outstanding (in shares) | 1,009,795 | 1,009,795 |
12.38 | ||
Class of Warrant or Right [Line Items] | ||
Exercise price (in usd per share) | $ 12.38 | |
Number of warrants outstanding (in shares) | 8,083 | 8,083 |
20.77 | ||
Class of Warrant or Right [Line Items] | ||
Exercise price (in usd per share) | $ 20.77 | |
Number of warrants outstanding (in shares) | 722,223 | 722,223 |
Commitments and Contingencies -
Commitments and Contingencies - Leases in Financial Statement (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Right-of-use assets: | ||
Operating leases | $ 1,180 | $ 1,707 |
Finance leases | 1,008 | 1,317 |
Total right-of-use assets | 2,188 | 3,024 |
Lease liabilities: | ||
Operating leases | 578 | 519 |
Operating lease obligation, net of current portion | 644 | 1,222 |
Finance lease obligation, current portion | 440 | 464 |
Finance lease obligation, net of current portion | 196 | 626 |
Total lease liabilities | $ 1,858 | $ 2,831 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property and equipment, net | Property and equipment, net |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities and Other Liabilities | Accrued Liabilities and Other Liabilities |
Commitments and Contingencies_2
Commitments and Contingencies - Lease Cost and Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lease cost | ||
Amortization of right-of-use assets | $ 312 | $ 280 |
Interest on lease liabilities | 55 | 61 |
Operating lease cost | 636 | 504 |
Total lease cost | 1,003 | 845 |
Finance leases: | ||
Operating cash outflows | 55 | 48 |
Financing cash outflows | 466 | 303 |
Right-of-use assets obtained in exchange for lease liabilities | $ 18 | $ 1,253 |
Weighted-average remaining lease term (in years) | 1 year 4 months 24 days | 2 years 3 months 18 days |
Weighted-average discount rate | 650% | 640% |
Operating leases: | ||
Operating cash outflows | $ 628 | $ 609 |
Right-of-use assets obtained in exchange for lease liabilities | $ 0 | $ 2,169 |
Weighted-average remaining lease term (in years) | 2 years | 3 years |
Weighted-average discount rate | 750% | 750% |
Commitments and Contingencies_3
Commitments and Contingencies - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
2024 | $ 646 | |
2025 | 666 | |
2026 | 0 | |
2027 and thereafter | 0 | |
Total minimum lease payments | 1,312 | |
Less: imputed interest | (90) | |
Present value of future lease payments | 1,222 | |
Less: current portion | 578 | $ 519 |
Operating lease obligation, net of current portion | 644 | 1,222 |
Finance Leases | ||
2024 | 467 | |
2025 | 197 | |
2026 | 2 | |
2027 and thereafter | 0 | |
Total minimum lease payments | 666 | |
Less: imputed interest | (30) | |
Present value of future lease payments | 636 | |
Less: current portion | 440 | 464 |
Long-term portion | 196 | 626 |
Total | ||
2024 | 1,113 | |
2025 | 863 | |
2026 | 2 | |
2027 and thereafter | 0 | |
Total minimum lease payments | 1,978 | |
Less: imputed interest | (120) | |
Total lease liabilities | 1,858 | $ 2,831 |
Less: current portion | 1,018 | |
Long-term portion | $ 840 |
Commitments and Contingencies_4
Commitments and Contingencies - Narrative (Details) | Dec. 31, 2023 USD ($) ft² | Dec. 31, 2022 USD ($) |
Commitments And Contingencies [Line Items] | ||
Indemnification liability | $ | $ 0 | $ 0 |
Office and laboratory space | ||
Commitments And Contingencies [Line Items] | ||
Number of square feet under lease | ft² | 24,300 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Contingency [Line Items] | ||
Income tax expense | $ 0 | $ 0 |
Valuation allowance | 64,879,000 | 54,504,000 |
Increase in valuation allowance | 10,376,000 | $ 11,351,000 |
Operating loss carryforwards | 141,300,000 | |
U.S Federal | ||
Income Tax Contingency [Line Items] | ||
Operating loss carryforwards | 211,600,000 | |
State | ||
Income Tax Contingency [Line Items] | ||
Operating loss carryforwards | $ 143,700,000 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Provision (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Current: | ||
Federal | $ 0 | $ 0 |
State | 0 | 0 |
Total current benefit (provision) | 0 | 0 |
Deferred: | ||
Federal | 8,178,000 | 9,400,000 |
State | 2,198,000 | 1,951,000 |
Change in valuation allowance | (10,376,000) | (11,351,000) |
Total deferred benefit (provision) | 0 | 0 |
Total income tax benefit (provision) | $ 0 | $ 0 |
Income Taxes - Effective Tax Ra
Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||
Computed Federal income tax benefit (expense) at the statutory rate | $ 7,602,000 | $ 9,278,000 |
R&D credits | 698,000 | 566,000 |
Equity-based expenses | (63,000) | (325,000) |
State income taxes, net of federal benefit | 1,783,000 | 1,771,000 |
State net operating loss carryforward true up | 154,000 | (8,000) |
Change in statutory rates | 163,000 | 78,000 |
Other | 39,000 | (9,000) |
Valuation allowance | (10,376,000) | (11,351,000) |
Total income tax benefit (provision) | $ 0 | $ 0 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||
Computed Federal income tax benefit (expense) at the statutory rate | 21% | 21% |
R&D credits | 1.93% | 1.28% |
Equity-based expenses | (0.17%) | (0.74%) |
State income taxes, net of federal benefit | 4.92% | 4.01% |
State net operating loss carryforward true up | 0.42% | (0.02%) |
Change in statutory rates | 0.45% | 0.18% |
Other | 0.11% | (0.02%) |
Valuation allowance | (28.66%) | (25.69%) |
Income tax benefit (provision) | 0% | 0% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 53,072 | $ 46,674 |
Deferred Tax Assets, Tax Credit Carryforwards, Research | 3,856 | 3,038 |
R&D credits | 5,219 | 2,644 |
Accruals and reserves | 278 | 635 |
Equity-based compensation | 2,440 | 1,496 |
Depreciation and amortization | 0 | 5 |
Other | 7 | 3 |
Total deferred tax asset before allowance | 65,189 | 54,933 |
Less: valuation allowance | (64,879) | (54,504) |
Total deferred tax asset | 310 | 429 |
Deferred Tax Liabilities, Right Of Use Assets | 306 | 429 |
Right-of-use asset | (4) | 0 |
Deferred tax liabilities: | ||
Net deferred tax assets | 0 | 0 |
Deferred Tax Assets Lease Liabilities | $ 317 | $ 438 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Positions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at the beginning of the year | $ 2,025 | $ 1,648 |
Gross increases—prior period | 80 | 0 |
Gross increases—prior period | 465 | 377 |
Balance at the beginning of the year | $ 2,570 | $ 2,025 |
Net Loss Per Share - Anti-Dilut
Net Loss Per Share - Anti-Dilutive Securities Excluded from the Computation of Diluted Net Loss Per Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the computation of earnings per share (in shares) | 12,720,100 | 11,204,419 |
Warrants to purchase Class A common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the computation of earnings per share (in shares) | 2,775,978 | 2,775,978 |
Options to purchase Class A common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the computation of earnings per share (in shares) | 7,251,663 | 8,428,441 |
Restricted Stock Units (RSUs) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the computation of earnings per share (in shares) | 2,692,459 | 0 |