Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 11, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Registrant Name | Acumen Pharmaceuticals, Inc. | |
Entity Central Index Key | 0001576885 | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
Entity File Number | 001-40551 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 36-4108129 | |
Entity Address, Address Line One | 427 Park St. | |
Entity Address, City or Town | Charlottesville | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 22902 | |
City Area Code | 434 | |
Local Phone Number | 297-1000 | |
Title of 12(b) Security | Common stock, par value $0.0001 per share | |
Trading Symbol | ABOS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 40,503,124 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 111,067 | $ 122,162 |
Marketable securities, short-term | 78,844 | 72,075 |
Prepaid expenses and other current assets | 1,142 | 4,424 |
Total current assets | 191,053 | 198,661 |
Marketable securities, long-term | 20,001 | 31,619 |
Property and equipment, net | 113 | 36 |
Deferred offering costs | 238 | |
Right-of-use asset | 167 | |
Other assets | 106 | 14 |
Total assets | 211,678 | 230,330 |
Current liabilities | ||
Accounts payable | 1,710 | 1,088 |
Accrued expenses and other current liabilities | 3,282 | 4,059 |
Operating lease liability, current portion | 142 | |
Total current liabilities | 5,134 | 5,147 |
Operating lease liability, net of current portion | 25 | |
Total liabilities | 5,159 | 5,147 |
Commitments and contingencies (Note 9) | ||
Stockholders' equity | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized and no shares issued and outstanding as of June 30, 2022 and December 31, 2021 | ||
Common stock, $0.0001 par value; 300,000,000 shares authorized and [40,473,270] and 40,473,270 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | 4 | 4 |
Additional paid-in capital | 354,331 | 352,981 |
Accumulated deficit | (146,851) | (127,571) |
Accumulated other comprehensive loss | (965) | (231) |
Total stockholders' equity | 206,519 | 225,183 |
Total liabilities and stockholders' equity | $ 211,678 | $ 230,330 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Preferred stock, par or stated value per share | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock Par Value | $ 0.0001 | $ 0.0001 |
Common Shares Authorized | 300,000,000 | 300,000,000 |
Common Shares Issued | 40,501,258 | 40,473,270 |
Common Shares Outstanding | 40,501,258 | 40,473,270 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating expenses | ||||
Research and development | $ 7,321 | $ 2,254 | $ 13,306 | $ 4,832 |
General and administrative | 3,090 | 1,187 | 6,312 | 2,402 |
Total operating expenses | 10,411 | 3,441 | 19,618 | 7,234 |
Loss from operations | (10,411) | (3,441) | (19,618) | (7,234) |
Other income (expense) | ||||
Interest income, net | 260 | 4 | 337 | 8 |
Change in fair value of preferred stock tranche rights liability and preferred stock warrant liability | (57,940) | (81,157) | ||
Other income, net | 0 | 19 | 1 | 28 |
Total other income (expense) | 260 | (57,917) | 338 | (81,121) |
Net loss | (10,151) | (61,358) | (19,280) | (88,355) |
Other comprehensive loss | ||||
Unrealized loss on marketable securities | (151) | (734) | ||
Comprehensive loss | $ (10,302) | $ (61,358) | $ (20,014) | $ (88,355) |
Net loss per common share, basic | $ (0.25) | $ (141.93) | $ (0.48) | $ (207.52) |
Net loss per common share, diluted | $ (0.25) | $ (141.93) | $ (0.48) | $ (207.52) |
Weighted-average shares outstanding, basic | 40,497,087 | 432,325 | 40,485,244 | 425,761 |
Weighted-average shares outstanding, diluted | 40,497,087 | 432,325 | 40,485,244 | 425,761 |
Condensed Statements of Changes
Condensed Statements of Changes in Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Series A Convertible Preferred Stock [Member] | Series A-1 Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss |
Opening balance at Dec. 31, 2020 | $ 1,067 | $ 16,333 | $ 39,253 | |||||
Opening balance at Dec. 31, 2020 | $ (18,591) | $ 0 | $ 8,374 | $ (26,965) | ||||
Opening balance (Shares) at Dec. 31, 2020 | 477,297 | 7,537,879 | 11,862,043 | 419,124 | ||||
Stock-based compensation | 253 | 253 | 0 | |||||
Issuance of milestone shares for cash, net of issuance costs | $ 30,031 | |||||||
Issuance of milestone shares for cash, net of issuance costs (Shares) | 7,908,027 | |||||||
Exercise of preferred stock warrant | $ 1,250 | |||||||
Exercise of preferred stock warrant (shares) | 447,426 | |||||||
Reclassification of preferred stock tranche rights liability upon issuance of milestone shares | $ 81,190 | |||||||
Reclassification of warrant liability upon exercise of preferred stock warrant | 5,380 | $ 5,380 | ||||||
Exercise of common stock warrants | 614 | 614 | ||||||
Exercise of common stock warrants (Shares) | 137,446 | |||||||
Net loss | (88,355) | (88,355) | ||||||
Closing balance at Jun. 30, 2021 | $ 1,067 | $ 22,963 | $ 150,474 | |||||
Closing balance at Jun. 30, 2021 | (106,079) | $ 0 | 9,241 | (115,320) | ||||
Closing balance (Shares) at Jun. 30, 2021 | 477,297 | 7,985,305 | 19,770,070 | 556,570 | ||||
Opening balance at Mar. 31, 2021 | $ 1,067 | $ 16,333 | $ 39,253 | |||||
Opening balance at Mar. 31, 2021 | (45,462) | $ 0 | 8,500 | (53,962) | ||||
Opening balance (Shares) at Mar. 31, 2021 | 477,297 | 7,537,879 | 11,862,043 | 419,124 | ||||
Stock-based compensation | 127 | 127 | 0 | |||||
Issuance of milestone shares for cash, net of issuance costs | $ 30,031 | |||||||
Issuance of milestone shares for cash, net of issuance costs (Shares) | 7,908,027 | |||||||
Exercise of preferred stock warrant | $ 1,250 | |||||||
Exercise of preferred stock warrant (shares) | 447,426 | |||||||
Reclassification of preferred stock tranche rights liability upon issuance of milestone shares | $ 81,190 | |||||||
Reclassification of warrant liability upon exercise of preferred stock warrant | $ 5,380 | |||||||
Exercise of common stock warrants | 614 | 614 | ||||||
Exercise of common stock warrants (Shares) | 137,446 | |||||||
Net loss | (61,358) | (61,358) | ||||||
Closing balance at Jun. 30, 2021 | $ 1,067 | $ 22,963 | $ 150,474 | |||||
Closing balance at Jun. 30, 2021 | (106,079) | $ 0 | 9,241 | (115,320) | ||||
Closing balance (Shares) at Jun. 30, 2021 | 477,297 | 7,985,305 | 19,770,070 | 556,570 | ||||
Opening balance at Dec. 31, 2021 | 225,183 | $ 4 | 352,981 | (127,571) | $ (231) | |||
Opening balance (Shares) at Dec. 31, 2021 | 40,473,270 | |||||||
Unrealized loss on marketable securities | (734) | (734) | ||||||
Stock options exercised for cash | $ 17 | 17 | ||||||
Stock options exercised for cash, Shares | 29,982 | 23,242 | ||||||
Cashless stock options exercise (shares) | 4,746 | |||||||
Stock-based compensation | $ 1,333 | $ 0 | 1,333 | |||||
Net loss | (19,280) | (19,280) | ||||||
Closing balance at Jun. 30, 2022 | 206,519 | $ 4 | 354,331 | (146,851) | (965) | |||
Closing balance (Shares) at Jun. 30, 2022 | 40,501,258 | |||||||
Opening balance at Mar. 31, 2022 | 216,089 | $ 4 | 353,599 | (136,700) | (814) | |||
Opening balance (Shares) at Mar. 31, 2022 | 40,473,270 | |||||||
Unrealized loss on marketable securities | (151) | (151) | ||||||
Stock options exercised for cash | 17 | 17 | ||||||
Stock options exercised for cash, Shares | 23,242 | |||||||
Cashless stock options exercise (shares) | 4,746 | |||||||
Stock-based compensation | 715 | $ 0 | 715 | |||||
Net loss | (10,151) | (10,151) | ||||||
Closing balance at Jun. 30, 2022 | $ 206,519 | $ 4 | $ 354,331 | $ (146,851) | $ (965) | |||
Closing balance (Shares) at Jun. 30, 2022 | 40,501,258 |
Condensed Statements of Chang_2
Condensed Statements of Changes in Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Series B Convertible Preferred Stock [Member] | ||
Stock issuance Costs | $ 16 | $ 16 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (19,280) | $ (88,355) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 10 | |
Change in fair value of preferred stock tranche rights liability and preferred stock warrant liability | 81,157 | |
Stock-based compensation expense | 1,333 | 253 |
Amortization of premiums and accretion of discounts on marketable securities, net | 384 | |
Amortization of right-of-use asset | 66 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 3,282 | (1,108) |
Other assets | (92) | (13) |
Accounts payable | 580 | 741 |
Operating lease liability | (66) | |
Accrued expenses and other current liabilities | (984) | 691 |
Net cash used in operating activities | (14,767) | (6,634) |
Cash flows from investing activities | ||
Purchases of marketable securities | (12,129) | |
Proceeds from maturities and sales of marketable securities | 15,860 | |
Purchases of property and equipment | (45) | (6) |
Net cash provided by (used in) investing activities | 3,686 | (6) |
Cash flows from financing activities | ||
Proceeds from issuance of Series B milestone shares, net of issuance costs | 30,031 | |
Payments for deferred offering costs | (31) | (220) |
Proceeds from the exercise of stock options | 17 | |
Net cash provided by (used in) financing activities | (14) | 31,675 |
Net change in cash and cash equivalents | (11,095) | 25,035 |
Cash and cash equivalents at the beginning of the period | 122,162 | 43,777 |
Cash and cash equivalents at the end of the period | 111,067 | 68,812 |
Supplemental disclosure of cash flow information | ||
Cash paid for income taxes | 0 | 0 |
Cash paid for interest | 0 | 0 |
Supplemental disclosure of noncash investing and financing activities | ||
Right-of-use assets obtained in exchange for operating lease liabilities | 233 | |
Deferred offering costs in accrued expenses and other current liabilities | 207 | 497 |
Purchases of property and equipment in accounts payable | 42 | 0 |
Reclassification of preferred stock tranche rights liability upon share issuance | 0 | 81,190 |
Reclassification of warrant liability upon exercise of preferred stock warrant | 5,380 | |
Deferred offering costs in accounts payable | $ 0 | 1,635 |
Series A -1 Convertible Preferred Stock Warrant Liability [Member] | ||
Cash flows from financing activities | ||
Proceeds from exercise of warrants | 1,250 | |
Common Stock Warrants [Member] | ||
Cash flows from financing activities | ||
Proceeds from exercise of warrants | $ 614 |
Description of Organization and
Description of Organization and Business Operations | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Organization and Business Operations | NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Acumen Pharmaceuticals, Inc. (“Acumen” or the “Company”) was incorporated in 1996 in the state of Delaware. Acumen is a clinical-stage biopharmaceutical company developing a novel disease-modifying approach to target what the Company believes to be a key underlying cause of Alzheimer’s disease (“AD”). Acumen’s sole drug candidate, ACU193, is a humanized monoclonal antibody which selectively targets amyloid-beta oligomers. The Company is subject to the uncertainty of whether the Company’s intellectual property will develop into successful commercial products. June 2021 Reverse Stock Split The Company’s Board of Directors (“Board”) approved a reverse split of shares of the Company’s common stock and convertible preferred stock on a 1-for-1.49 basis Initial Public Offering On July 6, 2021, the Company issued 9,999,999 shares of common stock in an initial public offering (“IPO”), and on July 8, 2021, the Company issued an additional 1,499,999 shares of common stock that were purchased by the underwriters pursuant to the underwriters’ option to purchase additional shares at the public offering price less underwriting discounts and commissions. The price to the public for each share was $16.00. The aggregate net proceeds from the Company’s IPO, after underwriting discounts and commissions and other offering expenses of $15.4 million, were $168.6 million. On July 6, 2021, in connection with the closing of the IPO, 477,297 shares of Series A, 7,985,305 shares of Series A-1, As a result of the IPO, the underwriters’ exercise of their option, the conversions of the Series A, A-1 Liquidity and Capital Resources The Company has incurred operating losses since inception and expects to continue to incur significant operating losses for the foreseeable future and may never become profitable. As of June 30, 2022 and December 31, 2021, the Company had an accumulated deficit of $146.9 million and $127.6 million, respectively, and working capital of $185.9 million and $193.5 million, respectively. Management believes the Company has sufficient cash to continue operating activities for beyond 12 months from issuance of these condensed financial statements. Future capital requirements will depend upon many factors, including the timing and extent of spending on research and development and market acceptance of the Company’s products. The Company may need to obtain additional financing to complete clinical trials and launch and commercialize any product candidates for which it receives regulatory approval. Until such time, if ever, the Company can generate revenue sufficient to achieve profitability, the Company expects to finance its operations through a combination of equity offerings, debt financings, collaborations, strategic alliances and licensing arrangements. There can be no assurance that such financing will be available on terms acceptable to the Company, or at all. To the extent that the Company raises additional capital through the sale of equity or convertible debt securities, the ownership interest of its stockholders will be diluted, and the terms of these securities may include liquidation of other preferences that adversely affect the rights of common stockholders. Debt financing and preferred equity financing, if available, may involve agreements that include covenants limiting or restricting the Company’s ability to take specific actions, such as incurring additional debt, making acquisitions or capital expenditures or declaring dividends. If the Company is unable to maintain sufficient financial resources, its business, financial condition and results of operations will be materially and adversely affected. The Company may be required to delay, limit, reduce or terminate its product discovery and development activities or future commercialization efforts. The Company initiated a Phase 1 clinical trial of ACU193 in 2021, which the Company named “INTERCEPT-AD.” the INTERCEPT-AD trial coronavirus (“COVID-19”) pandemic, the COVID-19 pandemic the COVID-19 pandemic, |
Basis of Presentation, Summary
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements | NOTE 2. BASIS OF PRESENTATION, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q S-X. A description of the Company’s significant accounting policies is included in the Company’s Annual Report. Other than as described below, there have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Company’s Annual Report. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements, as well as the reported amounts of expenses during the reporting periods. These estimates and assumptions are based on the Company’s historical experience, and on various other factors that management believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. Leases The Company accounts for its leases under Accounting Standards Codification (“ASC”) 842, Leases right-of-use right-of-use right-of-use right-of-use ASC 842 provides practical expedients for an entity’s ongoing accounting. In calculating right-of-use non-lease right-of-use Recently Adopted Accounting Pronouncements ASC 842 requires lessees to recognize the liabilities related to all leases, including operating leases, with a term greater than 12 months on the balance sheet and also requires lessees and lessors to disclose key information about their leasing transactions. The Company adopted this guidance on January 1, 2022, using the modified retrospective method and the Company elected the package of practical expedients upon transition, which retained the lease classification for leases that existed prior to the adoption of this guidance. The Company recorded both a right-of-use In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes 2019-12”), 2019-12 Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2022 | |
Marketable Securities [Abstract] | |
Marketable Securities | NOTE 3. MARKETABLE SECURITIES Marketable securities consisted of the following as of June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 Gross Unrealized Gross Unrealized Amortized Cost Gains Losses Fair Value Available-for-sale Commercial paper $ 43,984 $ — $ — $ 43,984 Corporate debt securities 15,033 — (206 ) 14,827 Asset-backed securities 8,039 — (31 ) 8,008 U.S. treasury securities 12,088 — (63 ) 12,025 Total available-for-sale 79,144 — (300 ) 78,844 Available-for-sale Corporate debt securities 5,662 — (184 ) 5,478 Asset-backed securities 3,010 — (116 ) 2,894 U.S. treasury securities 11,994 — (365 ) 11,629 Total available-for-sale 20,666 — (665 ) 20,001 Total available-for-sale $ 99,810 $ — $ (965 ) $ 98,845 December 31, 2021 Gross Unrealized Gross Unrealized Amortized Cost Gains Losses Fair Value Available-for-sale Commercial paper $ 47,939 $ — $ — $ 47,939 Corporate debt securities 7,992 — (11 ) 7,981 Asset-backed securities 16,177 — (22 ) 16,155 Total available-for-sale 72,108 — (33 ) 72,075 Available-for-sale Corporate debt securities 16,816 — (103 ) 16,713 Asset-backed securities 3,013 — (25 ) 2,988 U.S. treasury securities 11,988 — (70 ) 11,918 Total available-for-sale 31,817 — (198 ) 31,619 Total available-for-sale $ 103,925 $ — $ (231 ) $ 103,694 As of June 30 , 2022 , the Company’s available-for-sale securities classified as short-term mature in one year or less and the Company’s available-for-sale securities classified as long-term mature between 12 to 15 months. All of the Company’s available-for-sale marketable securities in an unrealized loss position as of June 30 , 2022 were in a loss position for less than twelve months. Unrealized losses on available-for-sale securities as of June 30 , 2022 were not significant and were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities. Accordingly, no other-than-temporary impairment was recorded for the three and six months ended June 30 , 2022 . The Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 4. FAIR VALUE MEASUREMENTS The Company’s financial assets and liabilities subject to fair value measurement on a recurring basis and the level of inputs used for such measurements were as follows (in thousands): Fair value measurements at reporting date using Quoted Prices in Active Markets for Significant Other Identical Assets Observable Inputs Significant Unobservable Fair Value at (Level 1) (Level 2) Inputs (Level 3) June 30, 2022 Assets included in: Cash and cash equivalents Money market securities $ 110,067 $ — $ — $ 110,067 Marketable securities Commercial paper — 43,984 — 43,984 Corporate debt securities — 20,305 — 20,305 Asset-backed securities — 10,902 — 10,902 U.S. treasury securities — 23,654 — 23,654 Total fair value $ 110,067 $ 98,845 $ — $ 208,912 Fair value measurements at reporting date using Quoted Prices in Active Markets for Significant Other Identical Assets Observable Inputs Significant Unobservable Fair Value at (Level 1) (Level 2) Inputs (Level 3) December 31, 2021 Assets included in: Cash and cash equivalents Money market securities $ 121,162 $ — $ — $ 121,162 Marketable securities Commercial paper — 47,939 — 47,939 Corporate debt securities — 24,694 — 24,694 Asset-backed securities — 19,143 — 19,143 U.S. treasury securities — 11,918 — 11,918 Total fair value $ 121,162 $ 103,694 $ — $ 224,856 The carrying values reported in the Company’s condensed balance sheets for cash (excluding cash equivalents which are recorded at fair value on a recurring basis), accounts payable and accrued expenses are reasonable estimates of their fair values due to the short-term nature of these items. The fair value of the Company’s money market funds is determined using quoted market prices in active markets for identical assets. The fair value for the available-for-sale |
Supplemental Financial Informat
Supplemental Financial Information | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Financial Information [Abstract] | |
Supplemental Financial Information | NOTE 5. SUPPLEMENTAL FINANCIAL INFORMATION Prepaid expenses and other current assets consisted of the following (in thousands): June 30, 2022 December 31, 2021 Research and development service agreements $ 650 $ 2,591 Prepaid raw materials 141 83 Dues and subscriptions 125 96 Prepaid insurance 21 1,514 Other 205 140 Total prepaid expenses and other current assets $ 1,142 $ 4,424 Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, 2022 December 31, 2021 Research and development $ 2,031 $ 2,623 Bonuses and other employee liabilities 934 1,102 Legal 192 130 Professional fees 24 — Other 101 204 Total accrued expenses and other current liabilities $ 3,282 $ 4,059 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | NOTE 6. STOCKHOLDERS’ EQUITY Authorized Shares The total number of shares of all classes of capital stock authorized to be issued is 310,000,000, with 10,000,000 shares designated as preferred stock with a par value of $0.0001, and 300,000,000 shares designated as common stock with a par value of $0.0001. Common Stock As of June 30, 2022, the Company’s Amended and Restated Certificate of Incorporation authorized the issuance of 300,000,000 shares of common stock, $0.0001 par value per share. Each share of common stock is entitled to one voting right. Shelf Registration and At-The-Market On July 1, 2022, the Company filed a shelf registration statement on Form S-3 at-the-market (the “ATM”), which is included in the $200.0 million of securities that may be offered pursuant to the Registration Statement. Pursuant to the ATM, the Company of the gross proceeds from the sale of any shares of common stock. The Company is not obligated to make any sales of shares of its common stock under the ATM. The Company has not sold any shares of its |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | NOTE 7. STOCK-BASED COMPENSATION 2021 Equity Incentive Plan The 2021 Equity Incentive Plan (the “2021 Plan”), which provides for the grant of incentive stock options to employees, and the grant of nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other forms of stock awards to employees, directors and consultants, became effective on June 30, 2021. The 2021 Plan is a successor to the Company’s Amended and Restated Stock Performance Plan that was adopted by the Board and stockholders on April 8, 2013 (as amended from time to time, most recently on November 20, 2020, the “2013 Plan”). Following the effectiveness of the 2021 Plan, no further grants may be made under the 2013 Plan; however, any outstanding equity awards granted under the 2013 Plan continue to be governed by the terms of the 2013 Plan. Initially, the maximum number of shares of the Company’s common stock that may be issued under the 2021 Plan was 7,698,282 shares, which is the sum of (1) 3,550,000 new shares, plus (2) 667,104 shares that remained available for issuance under the Company’s 2013 Plan at the time the 2021 Plan became effective, plus (3) any shares subject to outstanding stock options or other stock awards that were granted under the 2013 Plan that, on or after the 2021 Plan became effective, terminate or expire prior to exercise or settlement, are settled in cash, are forfeited or repurchased because of the failure to vest, or are reacquired or withheld to satisfy a tax withholding obligation or the purchase or exercise price in accordance with the terms of the 2013 Plan. In addition, the number of shares of the Company’s common stock reserved for issuance under the 2021 Plan will automatically increase on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to 5% of the total number of shares of the Company’s common stock outstanding on December 31 of the fiscal year before the date of each automatic increase, or a lesser number of shares determined by the Board prior to the applicable January 1. On January 1, 2022, the Board increased the number of shares of common stock reserved for issuance under the 2021 Plan by 2,023,663 shares. The maximum number of shares of the Company’s common stock that may be issued upon the exercise of incentive stock options under the 2021 Plan is 12,000,000. As of June 30, 2022, 9,721,945 shares were authorized for issuance under the 2021 Plan and 4,460,737 shares remained available for issuance under the 2021 Plan. Stock Options The Black-Scholes option-pricing model was used to estimate the fair value of stock options granted during the six months ended June 30, 2022 and 2021 with the following weighted average assumptions: Six Months Ended June 30, 2022 2021 Risk-free interest rate 1.71 - 3.38% 0.40% - 0.50% Expected term (in years) 5.8 - 6.1 5.3 - 6.3 Expected volatility 90% 90% Expected dividend yield 0% 0% The weighted average grant date fair value of options granted during the six months ended June 30, 2022 and 2021, was $3.58 per share and $1.34 per share, respectively. Prior to its IPO, the fair value of the Company’s common stock underlying the stock options was historically determined by the Board with assistance from management and, occasionally with input from an independent third-party valuation firm. For the year ended December 31, 2020, management engaged an independent third-party valuation firm to provide an estimate of the fair value of its common stock, which was utilized as an input to the Company’s Black-Scholes option pricing model for stock options awarded during the three months ended March 31, 2021. The December 31, 2020 fair value of common stock was determined considering a number of objective and subjective factors, including valuations of comparable companies, sales of convertible preferred stock, operating and financial performance, the lack of liquidity of the Company’s common stock and the general and industry specific economic outlook. The fair value of the Company’s common stock as of June 30, 2021 was estimated based upon the per share offering price of the Company’s common stock to the public in its IPO which closed on July 6, 2021. The June 30, 2021 fair value for the Company’s common stock was utilized as an input for options granted by the Company to its Board members on June 30, 2021, which was immediately prior to the IPO. As of June 30, 2021 and December 31, 2020, management estimated the fair value of a share of common stock to be $ and $ , respectively. Stock options granted after December 31, 2017 vest monthly over a range of 12 to 36 months or vest monthly over a total of 48 months following a one-year ten-year three ten-year The following table reflects summarized stock option activity: Weighted Average Remaining Weighted Average Contractual Life (in Aggregate Intrinsic Stock Options Exercise Price years) Value (in thousands) Outstanding at December 31, 2021 3,835,618 $ 2.51 Granted 1,455,550 $ 4.80 Exercised (29,982 ) $ 0.84 Forfeited (33,149 ) $ 2.11 Outstanding at June 30, 2022 5,228,037 $ 3.16 8.5 $ 12,500 Vested and exercisable at June 30, 2022 1,910,996 $ 1.67 7.4 $ 6,561 As of June 30, 2022, total unrecognized compensation costs related to unvested stock option awards granted was approximately $8.5 million, which the Company expects to recognize over a weighted-average period of approximately 3.0 years. The Company recorded stock-based compensation expense related to stock options in the following expense categories of its condensed statements of operations for the periods shown (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 General and administrative $ 510 $ 79 $ 962 $ 159 Research and development 205 48 371 94 Total stock-based compensation $ 715 $ 127 $ 1,333 $ 253 Employee Stock Purchase Plan The 2021 Employee Stock Purchase Plan (the “ESPP”), which permits employees to purchase shares of the Company’s common stock, became effective on June 30, 2021. A total of 375,000 shares of the Company’s common stock were initially reserved for sale under the ESPP. The number of shares of the Company’s common stock reserved for issuance will automatically increase on January 1 of each calendar year, beginning on January 1, 2022 through January 1, 2031, by the lesser of (1) 1% of the total number of shares of the Company’s common stock outstanding on the last day of the fiscal year before the date of the automatic increase, and (2) 800,000 shares; provided that before the date of any such increase, the Board may determine that such increase will be less than the amount set forth in clauses (1) and (2). On January 1, 2022, the Board increased the number of shares of common stock reserved for issuance under the ESPP by 404,732 shares. As of June 30, 2022, there are 779,732 shares authorized for issuance under the ESPP and there have been no purchases of shares under the ESPP. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases | NOTE 8. LEASES The Company has been subleasing space in Indiana since March 1, 2020. The Company executed a sublease for this space that was effective on February 1, 2021, and expires on August 30, 2023. The sublease does not provide the Company with any renewal options. The Company allows others to sublease a portion of the space from the Company for less than a one-year The following table summarizes quantitative information about the Company’s operating leases for the period indicated (in thousands): Three Months Ended Six Months Ended June 30, 2022 June 30, 2022 Operating leases Operating lease cost $ 38 $ 76 Less: sublease income (16 ) (32 ) Operating lease expense 22 44 Short-term lease rent expense 5 10 Total rent expense $ 27 $ 54 Supplemental information related to the Indiana lease was as follows (dollar amounts in thousands): Six Months Ended June 30, 2022 Operating cash flows from operating leases $ 76 Right-of-use $ 233 Weighted-average remaining lease term – operating leases (in years) 1.2 Weighted-average discount rate – operating leases 10.0 % As of June 30, 2022, the present value of maturities of the Company’s operating lease liabilities were as follows (in thousands): Remaining period ended December 31, 2022 $ 77 Year ended December 31, 2023 102 Total 179 Less: present value discount (12 ) Operating lease liabilities $ 167 The Company recognizes sublease income in other income (expense) on its condensed statements of operations and comprehensive loss. The Company expects to recognize approximately $15,000 in sublease income for the remainder of 2022. Prior to the adoption of ASC 842, and for the three and six months ended June 30, 2021, the Company recognized rent expense on a straight-line basis over the lease period and recorded deferred rent expense for rent expense incurred but not yet paid. During the three and six months ended June 30, 2021, the Company recognized total rent expense of approximately $40,000 and $67,000, respectively, and recognized sublease income of approximately $19,000 and $28,000, respectively. Disclosures related to periods prior to adoption of ASC 842 included approximate future minimum rental payments due under the Company’s leases as of December 31, 2021 as follows (in thousands): Year ended December 31, 2022 $ 153 Year ended December 31, 2023 102 Total $ 255 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 9. COMMITMENTS AND CONTINGENCIES The Company is not a party to any material legal proceedings and is not aware of any pending or threatened claims. From time to time, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of its business activities. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | NOTE 10. NET LOSS PER SHARE The Company computes loss per common share using the two-class The table below provides potentially dilutive securities not included in the calculation of the diluted net loss per common share because to do so would be anti- dilutive: Six Months Ended June 30, 2022 2021 Shares issuable upon exercise of stock options 5,228,037 3,664,601 Shares issuable upon conversion of Series A Preferred Stock — 477,297 Shares issuable upon conversion of Series A-1 — 7,985,305 Shares issuable upon conversion of Series B Preferred Stock — 19,770,070 Shares issuable upon exercise of common stock warrants — 248,247 Total 5,228,037 32,145,520 |
Basis of Presentation, Summary
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q S-X. A description of the Company’s significant accounting policies is included in the Company’s Annual Report. Other than as described below, there have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Company’s Annual Report. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements, as well as the reported amounts of expenses during the reporting periods. These estimates and assumptions are based on the Company’s historical experience, and on various other factors that management believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. |
Leases | Leases The Company accounts for its leases under Accounting Standards Codification (“ASC”) 842, Leases right-of-use right-of-use right-of-use right-of-use ASC 842 provides practical expedients for an entity’s ongoing accounting. In calculating right-of-use non-lease right-of-use |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements ASC 842 requires lessees to recognize the liabilities related to all leases, including operating leases, with a term greater than 12 months on the balance sheet and also requires lessees and lessors to disclose key information about their leasing transactions. The Company adopted this guidance on January 1, 2022, using the modified retrospective method and the Company elected the package of practical expedients upon transition, which retained the lease classification for leases that existed prior to the adoption of this guidance. The Company recorded both a right-of-use In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes 2019-12”), 2019-12 |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Marketable Securities [Abstract] | |
Summary of Marketable securities | Marketable securities consisted of the following as of June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 Gross Unrealized Gross Unrealized Amortized Cost Gains Losses Fair Value Available-for-sale Commercial paper $ 43,984 $ — $ — $ 43,984 Corporate debt securities 15,033 — (206 ) 14,827 Asset-backed securities 8,039 — (31 ) 8,008 U.S. treasury securities 12,088 — (63 ) 12,025 Total available-for-sale 79,144 — (300 ) 78,844 Available-for-sale Corporate debt securities 5,662 — (184 ) 5,478 Asset-backed securities 3,010 — (116 ) 2,894 U.S. treasury securities 11,994 — (365 ) 11,629 Total available-for-sale 20,666 — (665 ) 20,001 Total available-for-sale $ 99,810 $ — $ (965 ) $ 98,845 December 31, 2021 Gross Unrealized Gross Unrealized Amortized Cost Gains Losses Fair Value Available-for-sale Commercial paper $ 47,939 $ — $ — $ 47,939 Corporate debt securities 7,992 — (11 ) 7,981 Asset-backed securities 16,177 — (22 ) 16,155 Total available-for-sale 72,108 — (33 ) 72,075 Available-for-sale Corporate debt securities 16,816 — (103 ) 16,713 Asset-backed securities 3,013 — (25 ) 2,988 U.S. treasury securities 11,988 — (70 ) 11,918 Total available-for-sale 31,817 — (198 ) 31,619 Total available-for-sale $ 103,925 $ — $ (231 ) $ 103,694 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The Company’s financial assets and liabilities subject to fair value measurement on a recurring basis and the level of inputs used for such measurements were as follows (in thousands): Fair value measurements at reporting date using Quoted Prices in Active Markets for Significant Other Identical Assets Observable Inputs Significant Unobservable Fair Value at (Level 1) (Level 2) Inputs (Level 3) June 30, 2022 Assets included in: Cash and cash equivalents Money market securities $ 110,067 $ — $ — $ 110,067 Marketable securities Commercial paper — 43,984 — 43,984 Corporate debt securities — 20,305 — 20,305 Asset-backed securities — 10,902 — 10,902 U.S. treasury securities — 23,654 — 23,654 Total fair value $ 110,067 $ 98,845 $ — $ 208,912 Fair value measurements at reporting date using Quoted Prices in Active Markets for Significant Other Identical Assets Observable Inputs Significant Unobservable Fair Value at (Level 1) (Level 2) Inputs (Level 3) December 31, 2021 Assets included in: Cash and cash equivalents Money market securities $ 121,162 $ — $ — $ 121,162 Marketable securities Commercial paper — 47,939 — 47,939 Corporate debt securities — 24,694 — 24,694 Asset-backed securities — 19,143 — 19,143 U.S. treasury securities — 11,918 — 11,918 Total fair value $ 121,162 $ 103,694 $ — $ 224,856 |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Financial Information [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): June 30, 2022 December 31, 2021 Research and development service agreements $ 650 $ 2,591 Prepaid raw materials 141 83 Dues and subscriptions 125 96 Prepaid insurance 21 1,514 Other 205 140 Total prepaid expenses and other current assets $ 1,142 $ 4,424 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, 2022 December 31, 2021 Research and development $ 2,031 $ 2,623 Bonuses and other employee liabilities 934 1,102 Legal 192 130 Professional fees 24 — Other 101 204 Total accrued expenses and other current liabilities $ 3,282 $ 4,059 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Assumptions Used for Valuation of Fair Value of Stock Options | The Black-Scholes option-pricing model was used to estimate the fair value of stock options granted during the six months ended June 30, 2022 and 2021 with the following weighted average assumptions: Six Months Ended June 30, 2022 2021 Risk-free interest rate 1.71 - 3.38% 0.40% - 0.50% Expected term (in years) 5.8 - 6.1 5.3 - 6.3 Expected volatility 90% 90% Expected dividend yield 0% 0% |
Summary of Stock Option Activity | The following table reflects summarized stock option activity: Weighted Average Remaining Weighted Average Contractual Life (in Aggregate Intrinsic Stock Options Exercise Price years) Value (in thousands) Outstanding at December 31, 2021 3,835,618 $ 2.51 Granted 1,455,550 $ 4.80 Exercised (29,982 ) $ 0.84 Forfeited (33,149 ) $ 2.11 Outstanding at June 30, 2022 5,228,037 $ 3.16 8.5 $ 12,500 Vested and exercisable at June 30, 2022 1,910,996 $ 1.67 7.4 $ 6,561 |
Summary of Share-Based Compensation Expense Related to Stock Options | The Company recorded stock-based compensation expense related to stock options in the following expense categories of its condensed statements of operations for the periods shown (in thousands): Three Months Ended Six Months Ended 2022 2021 2022 2021 General and administrative $ 510 $ 79 $ 962 $ 159 Research and development 205 48 371 94 Total stock-based compensation $ 715 $ 127 $ 1,333 $ 253 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Summary of Lease, Cost | The following table summarizes quantitative information about the Company’s operating leases for the period indicated (in thousands): Three Months Ended Six Months Ended June 30, 2022 June 30, 2022 Operating leases Operating lease cost $ 38 $ 76 Less: sublease income (16 ) (32 ) Operating lease expense 22 44 Short-term lease rent expense 5 10 Total rent expense $ 27 $ 54 |
Schedule Of Supplemental Information Related To Lease | Supplemental information related to the Indiana lease was as follows (dollar amounts in thousands): Six Months Ended June 30, 2022 Operating cash flows from operating leases $ 76 Right-of-use $ 233 Weighted-average remaining lease term – operating leases (in years) 1.2 Weighted-average discount rate – operating leases 10.0 % |
Summary of Lessee, Operating Lease, Liability, Maturity | As of June 30, 2022, the present value of maturities of the Company’s operating lease liabilities were as follows (in thousands): Remaining period ended December 31, 2022 $ 77 Year ended December 31, 2023 102 Total 179 Less: present value discount (12 ) Operating lease liabilities $ 167 |
Schedule of Future Minimum Rental Payments for Operating Leases | Disclosures related to periods prior to adoption of ASC 842 included approximate future minimum rental payments due under the Company’s leases as of December 31, 2021 as follows (in thousands): Year ended December 31, 2022 $ 153 Year ended December 31, 2023 102 Total $ 255 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Dilutive Securities Not Included in the Diluted Net Loss Per Common Share | The table below provides potentially dilutive securities not included in the calculation of the diluted net loss per common share because to do so would be anti- dilutive: Six Months Ended June 30, 2022 2021 Shares issuable upon exercise of stock options 5,228,037 3,664,601 Shares issuable upon conversion of Series A Preferred Stock — 477,297 Shares issuable upon conversion of Series A-1 — 7,985,305 Shares issuable upon conversion of Series B Preferred Stock — 19,770,070 Shares issuable upon exercise of common stock warrants — 248,247 Total 5,228,037 32,145,520 |
Description of Organization a_2
Description of Organization and Business Operations - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jul. 08, 2021 | Jul. 06, 2021 | Jun. 23, 2021 | Jun. 30, 2022 | Dec. 31, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Stockholders' equity, reverse stock split | 1-for-1.49 | ||||
Conversion of stock, shares converted | 477,297 | ||||
Accumulated deficit | $ (146,851) | $ (127,571) | |||
Working capital | $ 185,900 | $ 193,500 | |||
Total number of outstanding shares increased | 39,911,517 | ||||
Common Stock Warrants [Member] | Common Stock [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Number of securities called by warrants or rights | 178,847 | ||||
Series A-1 Convertible Preferred Stock [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Conversion of stock, shares converted | 7,985,305 | ||||
Series B Convertible Preferred Stock [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Conversion of stock, shares converted | 19,770,070 | ||||
IPO [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Sale of stock, number of shares issued in transaction | 9,999,999 | ||||
Underwriting shares | 1,499,999 | ||||
Sale of stock, price per share | $ 16 | ||||
Sale of stock, consideration received on transaction | $ 168,600 | ||||
underwriting discounts and commissions and other offering expenses | $ 15,400 |
Basis of Presentation, Summar_2
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jan. 01, 2022 |
Right-of-use asset | $ 167 | $ 200 |
Lease liability | $ 167 | $ 200 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) - Marketable Debt Securities [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2022 | |
Marketable Securities [Line Items] | |||
Available-for-sale securities classified as short-term maturity | one year or less | ||
Available-for-sale securities classified as long-term maturity | 12 to 15 months | ||
Other than temporary impairment losses, investments portion in other comprehensive loss net of tax available-for sale securities | $ 0 | $ 0 |
Marketable Securities - Summary
Marketable Securities - Summary of Marketable securities (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Marketable Debt Securities Short Term [Member] | ||
Marketable Securities [Line Items] | ||
Amortized cost, Short term | $ 79,144 | $ 72,108 |
Gross Unrealized Loss | (300) | (33) |
Fair value, Short Term | 78,844 | 72,075 |
Marketable Debt Securities Long Term [Member] | ||
Marketable Securities [Line Items] | ||
Gross Unrealized Loss | (665) | (198) |
Amortized cost, Long term | 20,666 | 31,817 |
Fair value, Long Term | 20,001 | 31,619 |
Marketable Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Gross Unrealized Loss | (965) | (231) |
Amortized Cost, Total | 99,810 | 103,925 |
Fair value, Total | 98,845 | 103,694 |
Commercial Paper [Member] | Marketable Debt Securities Short Term [Member] | ||
Marketable Securities [Line Items] | ||
Amortized cost, Short term | 43,984 | 47,939 |
Fair value, Short Term | 43,984 | 47,939 |
Corporate Debt Securities [Member] | Marketable Debt Securities Short Term [Member] | ||
Marketable Securities [Line Items] | ||
Amortized cost, Short term | 15,033 | 7,992 |
Gross Unrealized Loss | (206) | (11) |
Fair value, Short Term | 14,827 | 7,981 |
Corporate Debt Securities [Member] | Marketable Debt Securities Long Term [Member] | ||
Marketable Securities [Line Items] | ||
Gross Unrealized Loss | (184) | (103) |
Amortized cost, Long term | 5,662 | 16,816 |
Fair value, Long Term | 5,478 | 16,713 |
Asset-backed Securities [Member] | Marketable Debt Securities Short Term [Member] | ||
Marketable Securities [Line Items] | ||
Amortized cost, Short term | 8,039 | 16,177 |
Gross Unrealized Loss | (31) | (22) |
Fair value, Short Term | 8,008 | 16,155 |
Asset-backed Securities [Member] | Marketable Debt Securities Long Term [Member] | ||
Marketable Securities [Line Items] | ||
Gross Unrealized Loss | (116) | (25) |
Amortized cost, Long term | 3,010 | 3,013 |
Fair value, Long Term | 2,894 | 2,988 |
US Treasury Securities [Member] | Marketable Debt Securities Short Term [Member] | ||
Marketable Securities [Line Items] | ||
Amortized cost, Short term | 12,088 | |
Gross Unrealized Loss | (63) | |
Fair value, Short Term | 12,025 | |
US Treasury Securities [Member] | Marketable Debt Securities Long Term [Member] | ||
Marketable Securities [Line Items] | ||
Gross Unrealized Loss | (365) | (70) |
Amortized cost, Long term | 11,994 | 11,988 |
Fair value, Long Term | $ 11,629 | $ 11,918 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Marketable securities | ||
Total fair value | $ 208,912 | $ 224,856 |
Fair Value, Inputs, Level 1 [Member] | ||
Marketable securities | ||
Total fair value | 110,067 | 121,162 |
Fair Value, Inputs, Level 2 [Member] | ||
Marketable securities | ||
Total fair value | 98,845 | 103,694 |
Fair Value, Inputs, Level 3 [Member] | ||
Marketable securities | ||
Total fair value | 0 | 0 |
Money Market Securities [Member] | ||
Cash and cash equivalents | ||
Cash and Cash Equivalents, Fair Value Disclosure | 110,067 | 121,162 |
Money Market Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | ||
Cash and Cash Equivalents, Fair Value Disclosure | 110,067 | 121,162 |
Money Market Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Money Market Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Commercial Paper [Member] | ||
Marketable securities | ||
Investments, Fair Value Disclosure | 43,984 | 47,939 |
Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable securities | ||
Investments, Fair Value Disclosure | 0 | |
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Marketable securities | ||
Investments, Fair Value Disclosure | 43,984 | 47,939 |
Commercial Paper [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Marketable securities | ||
Investments, Fair Value Disclosure | 0 | |
Corporate Debt Securities [Member] | ||
Marketable securities | ||
Investments, Fair Value Disclosure | 20,305 | 24,694 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable securities | ||
Investments, Fair Value Disclosure | 0 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Marketable securities | ||
Investments, Fair Value Disclosure | 20,305 | 24,694 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Marketable securities | ||
Investments, Fair Value Disclosure | 0 | |
Asset-backed Securities [Member] | ||
Marketable securities | ||
Investments, Fair Value Disclosure | 10,902 | 19,143 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable securities | ||
Investments, Fair Value Disclosure | 0 | |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Marketable securities | ||
Investments, Fair Value Disclosure | 10,902 | 19,143 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Marketable securities | ||
Investments, Fair Value Disclosure | 0 | |
US Treasury Securities [Member] | ||
Marketable securities | ||
Investments, Fair Value Disclosure | 23,654 | 11,918 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable securities | ||
Investments, Fair Value Disclosure | 0 | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Marketable securities | ||
Investments, Fair Value Disclosure | 23,654 | $ 11,918 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Marketable securities | ||
Investments, Fair Value Disclosure | $ 0 |
Supplemental Financial Inform_3
Supplemental Financial Information - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure Of Prepaid Expenses And Other Current Assets [Line Items] | ||
Research and development service agreements | $ 650 | $ 2,591 |
Prepaid raw materials | 141 | 83 |
Dues and subscriptions | 125 | 96 |
Prepaid insurance | 21 | 1,514 |
Other | 205 | 140 |
Total prepaid expenses and other current assets | $ 1,142 | $ 4,424 |
Supplemental Financial Inform_4
Supplemental Financial Information - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of Accrued Expenses and Other Current Liabilities [Line Items] | ||
Research and development | $ 2,031 | $ 2,623 |
Bonuses and other employee liabilities | 934 | 1,102 |
Legal | 192 | 130 |
Professional fees | 24 | |
Other | 101 | 204 |
Total accrued expenses and other current liabilities | $ 3,282 | $ 4,059 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Jul. 01, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||
Common stock shares authorized | 300,000,000 | 300,000,000 | |
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 | |
Common stock shares voting rights | one | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |
Total shares authorized | 310,000,000 | ||
Preferred stock, par or stated value per share | $ 0.0001 | $ 0.0001 | |
Proceeds from Sale and Maturity of Marketable Securities | $ 15,860 | ||
Aggregate public offering price to offer and sell securities as per registration statement | $ 200,000 | ||
Sales Agreement [Member] | At the market offering program [Member] | Sales Agent [Member] | |||
Class of Stock [Line Items] | |||
Proceeds from Sale and Maturity of Marketable Securities | $ 200,000 | ||
Commission rate equal to the percentage of gross proceeds from sale of shares of common stock | 3% | ||
Aggregate offering price to issue and sell shares of common stock | $ 50,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Jan. 01, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Fair value of a share of common stock | $ 16 | $ 0.83 | |||
Share based compensation by share based payment arrangement vesting period | 48 months | ||||
Share based compensation by share based payment arrangement contractual term | 10 years | ||||
Share based compensation by share based payment arrangement unrecognized compensation costs non vested options | $ 8.5 | ||||
Share based compensation by share based payment arrangement unrecognized compensation costs weighted aveage period of recognition | 3 years | ||||
Weighted average grant date fair value of options granted | $ 3.58 | $ 1.34 | |||
Common stock shares authorized | 300,000,000 | 300,000,000 | |||
Stock Options Granted Before December 31, 2017 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation by share based payment arrangement contractual term | 10 years | ||||
2013 Amended And Restated Stock Performance Plan [Member] | Stock Options Granted Before December 31, 2017 [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation by share based payment arrangement vesting period | 3 months | ||||
2013 Amended And Restated Stock Performance Plan [Member] | Stock Options Granted Before December 31, 2017 [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation by share based payment arrangement vesting period | 24 months | ||||
2021 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for future grant | 4,460,737 | 7,698,282 | |||
Share based compensation arrangement by share based payment award Cumulative annual increase in common stock shares reserved for issuance, percentage | 5% | ||||
Share based compensation arrangement by share based payment award number of shares authorized | 9,721,945 | ||||
2021 Equity Incentive Plan [Member] | New Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for future grant | 3,550,000 | ||||
2021 Equity Incentive Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum threshold common stock issuable on exercise of incentive stock options | 12,000,000 | ||||
Common stock, capital shares reserved for future issuance | 2,023,663 | ||||
Employee Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, capital shares reserved for future issuance | 404,732 | ||||
Share based compensation arrangement by share based payment award Cumulative annual increase in shares reserved for issuance, percentage | 1% | ||||
Share based compensation arrangement by share based payment award shares of common stock outstanding maximum cumulative annual increase | 800,000 | ||||
Stock issued during period shares employee stock purchase plans | 0 | ||||
Common stock shares authorized | 779,732 | ||||
Employee Stock Purchase Plan [Member] | Employee Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, capital shares reserved for future issuance | 375,000 | ||||
Two Thousand And Thirteen Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for future grant | 667,104 | ||||
2013 and 2021 Equity Incentive Plan [Member] | Stock Options Granted After December 31, 2017 [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation by share based payment arrangement vesting period | 12 months | ||||
2013 and 2021 Equity Incentive Plan [Member] | Stock Options Granted After December 31, 2017 [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation by share based payment arrangement vesting period | 36 months |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Assumptions Used for Valuation of Fair Value of Stock (Detail) - Black-Scholes Option-Pricing Model [Member] | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Expected volatility | 90% | 90% |
Expected dividend yield | 0% | 0% |
Minimum [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Risk-free interest rate, minimum | 1.71% | 0.40% |
Expected term in years | 5 years 9 months 18 days | 5 years 3 months 18 days |
Maximum [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Risk-free interest rate, maximum | 3.38% | 0.50% |
Expected term in years | 6 years 1 month 6 days | 6 years 3 months 18 days |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Stock Options | 3,835,618 |
Stock options granted, Stock Options | 1,455,550 |
Stock options exercised, Stock Options | (29,982) |
Stock options forfeited, Stock Options | (33,149) |
Ending balance, Stock Options | 5,228,037 |
Vested and exercisable, Stock Options | 1,910,996 |
Beginning balance, Weighted Average Exercise Price | $ 2.51 |
Options granted, Weighted Average Exercise Price | 4.8 |
Options Exercised, Weighted Average Exercise Price | 0.84 |
Options Forfeited, Weighted Average Exercise Price | 2.11 |
Ending balance, Weighted Average Exercise Price | 3.16 |
Vested and exercisable, Weighted Average Exercise Price | $ 1.67 |
Weighted Average Remaining Contractual Life (in years) | 8 years 6 months |
Vested and exercisable, Weighted Average Remaining Contractual Life (in years) | 7 years 4 months 24 days |
Ending balance, Aggregate Intrinsic Value | $ 12,500 |
Vested and exercisable, Aggregate Intrinsic Value | $ 6,561 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Share-Based Compensation Expense Related to Stock Options (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | $ 715 | $ 127 | $ 1,333 | $ 253 |
General and Administrative [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | 510 | 79 | 962 | 159 |
Research and Development [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | $ 205 | $ 48 | $ 371 | $ 94 |
Leases - Summary of Lease, Cost
Leases - Summary of Lease, Cost (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating leases | ||||
Operating lease cost | $ 38,000 | $ 76,000 | ||
Less: sublease income | (16,000) | $ (19,000) | (32,000) | $ (28,000) |
Operating lease expense | 22,000 | 44,000 | ||
Short-term lease rent expense | 5,000 | 10,000 | ||
Total rent expense | $ 27,000 | $ 40,000 | $ 54,000 | $ 67,000 |
Leases - Schedule Of Supplement
Leases - Schedule Of Supplemental Information Related To Lease (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Leases [Abstract] | |
Operating cash flows from operating leases | $ 76 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 233 |
Weighted-average remaining lease term – operating leases | 1 year 2 months 12 days |
Weighted-average discount rate – operating leases | 10% |
Leases - Summary of Lessee, Op
Leases - Summary of Lessee, Operating Lease, Liability, Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jan. 01, 2022 |
Leases [Abstract] | ||
Remaining Period Ended December 31, 2022 | $ 77 | |
Year Ended December 31, 2023 | 102 | |
Total | 179 | |
Less: present value discount | (12) | |
Operating lease liabilities | $ 167 | $ 200 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Rental Payments for Operating Leases (Detail) $ in Thousands | Dec. 31, 2021 USD ($) |
Leases [Abstract] | |
Year ended December 31, 2022 | $ 153 |
Year ended December 31, 2023 | 102 |
Total | $ 255 |
Lease - Additional Information
Lease - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Leases [Abstract] | ||||
Sublease income for the remainder of 2022 | $ 15,000 | $ 15,000 | ||
Sublease income | 16,000 | $ 19,000 | 32,000 | $ 28,000 |
Rent expense | $ 27,000 | $ 40,000 | $ 54,000 | $ 67,000 |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Dilutive Securities Not Included in the Diluted Net Loss Per Common Share (Detail) - shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Conversion of stock, shares converted | 5,228,037 | 32,145,520 |
Exercise of Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Conversion of stock, shares converted | 5,228,037 | 3,664,601 |
Series A Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Conversion of stock, shares converted | 0 | 477,297 |
Series A1 Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Conversion of stock, shares converted | 0 | 7,985,305 |
Series B Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Conversion of stock, shares converted | 0 | 19,770,070 |
Common stock warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Conversion of stock, shares converted | 0 | 248,247 |