Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 06, 2021 | |
Document And Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Registrant Name | Talis Biomedical Corporation | |
Entity Central Index Key | 0001584751 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
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 Interactive Data Current | Yes | |
Entity File Number | 001-40047 | |
Entity Tax Identification Number | 46-3122255 | |
Entity Address, Address Line One | 230 Constitution Drive | |
Entity Address, City or Town | Menlo Park | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94025 | |
City Area Code | (650) | |
Local Phone Number | 433-3000 | |
Entity Incorporation State Country Code | DE | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Trading Symbol | TLIS | |
Security Exchange Name | NASDAQ | |
Entity Stock, Shares Outstanding | 55,554,597 | |
Common Stock | ||
Document And Entity Information [Line Items] | ||
Entity Stock, Shares Outstanding | 25,690,923 | |
Series 1 Convertible Preferred Stock | ||
Document And Entity Information [Line Items] | ||
Entity Stock, Shares Outstanding | 29,863,674 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 313,458,000 | $ 138,483,000 |
Restricted cash | 34,650,000 | 34,650,000 |
Grants receivable | 238,000 | |
Unbilled grants receivable | 117,000 | 233,000 |
Prepaid research and development expenses | 2,431,000 | 12,014,000 |
Prepaid expenses and other current assets | 3,209,000 | 3,106,000 |
Total current assets | 353,865,000 | 188,724,000 |
Property and equipment, net | 10,178,000 | 9,114,000 |
Operating lease right-of-use-assets | 13,747,000 | 567,000 |
Other long-term assets | 1,748,000 | |
Total assets | 379,538,000 | 198,405,000 |
Current liabilities: | ||
Accounts payable | 11,695,000 | 4,906,000 |
Accrued compensation | 5,291,000 | 2,738,000 |
Accrued liabilities | 54,761,000 | 7,694,000 |
Operating lease liabilities, current portion | 882,000 | 693,000 |
Total current liabilities | 72,629,000 | 16,031,000 |
Operating lease liabilities, long-term portion | 13,177,000 | |
Total liabilities | 85,806,000 | 16,031,000 |
Commitments and contingencies (Note 6) | ||
Convertible preferred stock | 290,945,000 | |
Stockholders’ equity (deficit): | ||
Common stock, $0.0001 par value; 200,000,000 and 230,000,000 shares authorized at June 30, 2021 and December 31, 2020, respectively; 25,690,373 and 2,126,254 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 2,000 | |
Additional paid-in capital | 591,597,000 | 64,335,000 |
Accumulated deficit | (297,870,000) | (172,906,000) |
Total stockholders’ equity (deficit) | 293,732,000 | (108,571,000) |
Total liabilities, convertible preferred stock and stockholders’ equity | 379,538,000 | $ 198,405,000 |
Series 1 Convertible Preferred Stock | ||
Stockholders’ equity (deficit): | ||
Convertible preferred stock | $ 3,000 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Convertible preferred stock, shares authorized | 229,296,908 | |
Convertible preferred stock, shares issued | 53,509,351 | |
Convertible preferred stock, shares outstanding | 53,509,351 | |
Convertible preferred stock, aggregate liquidation preference | $ 3,000 | $ 475,617,000 |
Convertible preferred stock, par value | $ 0.0001 | |
Convertible preferred stock, shares authorized | 170,000,000 | |
Convertible preferred stock, shares issued | 29,863,674 | |
Convertible preferred stock, shares outstanding | 29,863,674 | |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 230,000,000 |
Common stock, shares, issued | 25,690,373 | 2,126,254 |
Common stock, shares, outstanding | 25,690,373 | 2,126,254 |
Convertible Preferred Stock | ||
Convertible preferred stock, par value | $ 0.0001 | $ 0.0001 |
Convertible preferred stock, shares authorized | 0 | 229,296,908 |
Convertible preferred stock, shares issued | 0 | 53,509,351 |
Convertible preferred stock, shares outstanding | 0 | 53,509,351 |
Convertible preferred stock, aggregate liquidation preference | $ 0 | $ 475,617,000 |
Series 1 Convertible Preferred Stock | ||
Convertible preferred stock, shares authorized | 57,324,227 | |
Convertible preferred stock, aggregate liquidation preference | $ 3,000 | |
Convertible preferred stock, par value | $ 0.0001 | $ 0.0001 |
Convertible preferred stock, shares authorized | 60,000,000 | 57,324,227 |
Convertible preferred stock, shares issued | 29,863,674 | 0 |
Convertible preferred stock, shares outstanding | 29,863,674 | 0 |
Convertible preferred stock, aggregate liquidation preference | $ 3,000 | $ 0 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Grant revenue | $ 117 | $ 820 | $ 7,117 | $ 1,219 |
Operating expenses: | ||||
Research and development | 54,495 | 8,184 | 114,688 | 13,898 |
Selling, general and administrative | 9,983 | 2,660 | 17,310 | 4,740 |
Total operating expenses | 64,478 | 10,844 | 131,998 | 18,638 |
Loss from operations | (64,361) | (10,024) | (124,881) | (17,419) |
Other expense, net | (111) | (22) | (83) | (1) |
Net loss and comprehensive loss | $ (64,472) | $ (10,046) | $ (124,964) | $ (17,420) |
Net loss per share, basic and diluted | $ (2.51) | $ (4.75) | $ (6.44) | $ (8.23) |
Weighted average shares used in the calculation of net loss per share, basic and diluted | 25,648,151 | 2,116,623 | 19,414,066 | 2,116,437 |
Condensed Statements of Convert
Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Total | Convertible Preferred Stock | Series C-1 Convertible Preferred Stock | Series D-1 Convertible Preferred Stock | Series D-2 Convertible Preferred Stock | Series E-1 Convertible Preferred Stock | Series E-2 Convertible Preferred Stock | Series 1 Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance at Dec. 31, 2019 | $ (21,140,000) | $ 60,636,000 | $ (81,776,000) | ||||||||
Temporary Equity Balance, Shares at Dec. 31, 2019 | 37,871,430 | ||||||||||
Temporary Equity Balance at Dec. 31, 2019 | $ 42,755,000 | ||||||||||
Balance, Shares at Dec. 31, 2019 | 2,115,583 | ||||||||||
Issuance of Common Stock upon exercise of stock options | 5,000 | 5,000 | |||||||||
Issuance of Common Stock upon exercise of stock options, Shares | 483 | ||||||||||
Stock-based compensation expense | 681,000 | 681,000 | |||||||||
Net loss | (7,374,000) | (7,374,000) | |||||||||
Balance at Mar. 31, 2020 | (27,828,000) | 61,322,000 | (89,150,000) | ||||||||
Temporary Equity Balance, Shares at Mar. 31, 2020 | 37,871,430 | ||||||||||
Temporary Equity Balance at Mar. 31, 2020 | $ 42,755,000 | ||||||||||
Balance, Shares at Mar. 31, 2020 | 2,116,066 | ||||||||||
Balance at Dec. 31, 2019 | (21,140,000) | 60,636,000 | (81,776,000) | ||||||||
Temporary Equity Balance, Shares at Dec. 31, 2019 | 37,871,430 | ||||||||||
Temporary Equity Balance at Dec. 31, 2019 | $ 42,755,000 | ||||||||||
Balance, Shares at Dec. 31, 2019 | 2,115,583 | ||||||||||
Net loss | (17,420,000) | ||||||||||
Balance at Jun. 30, 2020 | (37,466,000) | 61,730,000 | (99,196,000) | ||||||||
Temporary Equity Balance, Shares at Jun. 30, 2020 | 36,914,762 | ||||||||||
Temporary Equity Balance at Jun. 30, 2020 | $ 154,289,000 | ||||||||||
Balance, Shares at Jun. 30, 2020 | 2,118,623 | ||||||||||
Balance at Mar. 31, 2020 | (27,828,000) | 61,322,000 | (89,150,000) | ||||||||
Temporary Equity Balance, Shares at Mar. 31, 2020 | 37,871,430 | ||||||||||
Temporary Equity Balance at Mar. 31, 2020 | $ 42,755,000 | ||||||||||
Balance, Shares at Mar. 31, 2020 | 2,116,066 | ||||||||||
Issuance of Common Stock upon exercise of stock options | 1,000 | 1,000 | |||||||||
Issuance of Common Stock upon exercise of stock options, Shares | 2,557 | ||||||||||
Proceeds from second tranche convertible preferred stock, net of issuance costs | $ 18,333,000 | $ 1,884,000 | $ 4,710,000 | ||||||||
Cancellation of third tranche convertible preferred stock, Shares | (9,314,766) | (955,666) | (2,387,171) | ||||||||
Issuance of convertible preferred stock, net of issuance costs | $ 3,831,000 | $ 82,776,000 | |||||||||
Issuance of convertible preferred stock, net of issuance costs, Shares | 513,746 | 11,187,189 | |||||||||
Stock-based compensation expense | 407,000 | 407,000 | |||||||||
Net loss | (10,046,000) | (10,046,000) | |||||||||
Balance at Jun. 30, 2020 | (37,466,000) | 61,730,000 | (99,196,000) | ||||||||
Temporary Equity Balance, Shares at Jun. 30, 2020 | 36,914,762 | ||||||||||
Temporary Equity Balance at Jun. 30, 2020 | $ 154,289,000 | ||||||||||
Balance, Shares at Jun. 30, 2020 | 2,118,623 | ||||||||||
Balance at Dec. 31, 2020 | $ (108,571,000) | 64,335,000 | (172,906,000) | ||||||||
Temporary Equity Balance, Shares at Dec. 31, 2020 | 53,509,351 | 53,509,351 | 13,404,197 | 1,437,178 | 10,372,452 | 2,289,899 | 11,187,189 | ||||
Temporary Equity Balance at Dec. 31, 2020 | $ 290,945,000 | $ 290,945,000 | $ 39,756,000 | $ 3,561,000 | $ 24,365,000 | $ 16,943,000 | $ 82,766,000 | ||||
Balance, Shares at Dec. 31, 2020 | 2,126,254 | 2,126,254 | |||||||||
Issuance of Common Stock upon exercise of stock options | $ 131,000 | 131,000 | |||||||||
Issuance of Common Stock upon exercise of stock options, Shares | 85,895 | ||||||||||
Issuance of Common Stock upon initial public offering, net of issuance costs of $21,349 | 232,548,000 | $ 2,000 | 232,546,000 | ||||||||
Issuance of Common Stock upon initial public offering, net of issuance costs, Shares | 15,870,000 | ||||||||||
Conversion of convertible preferred stock into common stock and Series 1 convertible preferred stock upon initial public offering | 290,945,000 | $ (290,945,000) | $ 3,000 | 290,942,000 | |||||||
Temporary Equity, Conversion of convertible preferred stock into common stock and Series 1 convertible preferred stock upon initial public offering, Shares | (53,509,351) | 29,863,674 | 7,555,432 | ||||||||
Stock-based compensation expense | 1,772,000 | 1,772,000 | |||||||||
Net loss | (60,492,000) | (60,492,000) | |||||||||
Balance at Mar. 31, 2021 | 356,333,000 | $ 3,000 | $ 2,000 | 589,726,000 | (233,398,000) | ||||||
Balance, Shares at Mar. 31, 2021 | 25,637,581 | ||||||||||
Balance, Shares at Dec. 31, 2020 | 0 | ||||||||||
Balance, Shares at Mar. 31, 2021 | 29,863,674 | ||||||||||
Balance at Dec. 31, 2020 | $ (108,571,000) | 64,335,000 | (172,906,000) | ||||||||
Temporary Equity Balance, Shares at Dec. 31, 2020 | 53,509,351 | 53,509,351 | 13,404,197 | 1,437,178 | 10,372,452 | 2,289,899 | 11,187,189 | ||||
Temporary Equity Balance at Dec. 31, 2020 | $ 290,945,000 | $ 290,945,000 | $ 39,756,000 | $ 3,561,000 | $ 24,365,000 | $ 16,943,000 | $ 82,766,000 | ||||
Balance, Shares at Dec. 31, 2020 | 2,126,254 | 2,126,254 | |||||||||
Issuance of Common Stock upon exercise of stock options, Shares | 138,687 | ||||||||||
Net loss | $ (124,964,000) | ||||||||||
Balance at Jun. 30, 2021 | $ 293,732,000 | $ 3,000 | $ 2,000 | 591,597,000 | (297,870,000) | ||||||
Temporary Equity Balance, Shares at Jun. 30, 2021 | 0 | ||||||||||
Balance, Shares at Jun. 30, 2021 | 25,690,373 | 25,690,373 | |||||||||
Balance, Shares at Dec. 31, 2020 | 0 | ||||||||||
Balance, Shares at Jun. 30, 2021 | 29,863,674 | 29,863,674 | |||||||||
Balance at Mar. 31, 2021 | $ 356,333,000 | $ 3,000 | $ 2,000 | 589,726,000 | (233,398,000) | ||||||
Balance, Shares at Mar. 31, 2021 | 25,637,581 | ||||||||||
Issuance of Common Stock upon exercise of stock options | 80,000 | 80,000 | |||||||||
Issuance of Common Stock upon exercise of stock options, Shares | 52,792 | ||||||||||
Stock-based compensation expense | 1,791,000 | 1,791,000 | |||||||||
Net loss | (64,472,000) | (64,472,000) | |||||||||
Balance at Jun. 30, 2021 | $ 293,732,000 | $ 3,000 | $ 2,000 | $ 591,597,000 | $ (297,870,000) | ||||||
Temporary Equity Balance, Shares at Jun. 30, 2021 | 0 | ||||||||||
Balance, Shares at Jun. 30, 2021 | 25,690,373 | 25,690,373 | |||||||||
Balance, Shares at Mar. 31, 2021 | 29,863,674 | ||||||||||
Balance, Shares at Jun. 30, 2021 | 29,863,674 | 29,863,674 |
Condensed Statements of Conve_2
Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) (Unaudited) $ in Thousands | 3 Months Ended |
Jun. 30, 2020USD ($) | |
Series C-1 Convertible Preferred Stock | |
Stock issuance costs | $ 24 |
Series D-1 Convertible Preferred Stock | |
Stock issuance costs | 3 |
Series D-2 Convertible Preferred Stock | |
Stock issuance costs | 6 |
Series E-1 Convertible Preferred Stock | |
Stock issuance costs | 48 |
Series E-2 Convertible Preferred Stock | |
Stock issuance costs | $ 233 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities | ||
Net loss | $ (124,964) | $ (17,420) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 3,563 | 1,088 |
Depreciation and amortization | 410 | 378 |
Non-cash lease expense | 528 | 278 |
Changes in operating assets and liabilities: | ||
Unbilled grants receivable | 116 | 1,213 |
Grants receivable | 238 | |
Prepaid expenses and other current assets | (103) | 119 |
Prepaid research and development | 9,583 | (3,422) |
Other long-term assets | (981) | (249) |
Accounts payable | 6,633 | 4,012 |
Accrued expenses and other liabilities | 49,428 | (3,141) |
Lease liabilities | (346) | (391) |
Net cash used in operating activities | (55,895) | (17,535) |
Investing activities | ||
Purchase of property and equipment | (1,120) | (337) |
Net cash used in investing activities | (1,120) | (337) |
Financing activities | ||
Proceeds from initial public offering, net of issuance costs | 232,546 | |
Proceeds from stock option exercises | 211 | 6 |
Proceeds from the issuance of preferred stock, net of issuance costs | 111,534 | |
Net cash provided by financing activities | 232,757 | 111,540 |
Net increase in cash, cash equivalents and restricted cash | 175,742 | 93,668 |
Cash, cash equivalents and restricted cash at beginning of period | 173,133 | 21,604 |
Cash, cash equivalents and restricted cash at end of period | 348,875 | 115,272 |
Supplemental disclosure of noncash investing and financing activities | ||
Property and equipment purchases included in accounts payable and accrued expenses | 354 | 301 |
Right-of-use assets obtained in exchange for operating lease liabilities | 13,499 | 743 |
Remeasurement of operating lease right-of-use asset for lease modification | $ 208 | $ 417 |
Condensed Statements of Cash _2
Condensed Statements of Cash Flows (Parenthetical) $ in Thousands | Jun. 30, 2021USD ($) |
Statement Of Cash Flows [Abstract] | |
Cash and cash equivalents | $ 313,458 |
Restricted cash | 34,650 |
Restricted cash equivalent - other long-term assets | 767 |
Total cash, cash equivalents and restricted cash | $ 348,875 |
Organization and Nature of Busi
Organization and Nature of Business | 6 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Nature of Business | 1. Organization and nature of business Talis Biomedical Corporation (the Company) is a molecular diagnostic company focused on transforming diagnostic testing through innovative molecular diagnostic products that enable customers to deploy accurate, reliable, low cost and rapid point-of-care testing for infectious diseases and other conditions. The Company was incorporated in 2013 under the general laws of the State of Delaware and is based in Menlo Park, California (CA) and Chicago, Illinois (IL). Initial Public Offering and Reverse Stock Split In February 2021, the Company amended and restated its amended and restated certificate of incorporation to effect a 1-for-1.43 In February 2021, the Company completed an initial public offering (IPO) in which the Company issued and sold 13,800,000 shares of common stock at a public offering price of $16.00 per share, with an additional 2,070,000 shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares. The aggregate proceeds received by the Company from the IPO was $232.5 million after deducting underwriting discounts, commissions and offering expenses of approximately $21.3 million. Upon the closing of the IPO, convertible preferred stock held by Baker Bros. Advisors LP, a related party, and its affiliates, were converted into 29,863,674 Series 1 convertible preferred stock. The remaining outstanding convertible preferred stock were converted into 7,555,432 shares of common stock. Liquidity The Company has incurred significant losses and negative cash flows since inception, including net losses of $125.0 million for the six months ended June 30, 2021. As of June 30, 2021, the Company had unrestricted cash and cash equivalents of $313.5 million and $35.4 million of restricted cash. In July 2021, the Company paid to contract manufacturing organization and was relieved of the releasing $34.7 million of collateral Management expects to continue to incur additional substantial losses in the foreseeable future as a result of the Company’s research and development activities. The Company’s activities are subject to significant risks and uncertainties, including failing to secure additional funding to continue to operationalize the Company’s current technology and to advance the development of its products. The Company expects its existing unrestricted cash and cash equivalents as of June 30, 2021 will be sufficient to fund its operations through at least one year from the date these condensed financial statements are issued. The Company expects to finance its future operations with its existing restricted and unrestricted cash and through strategic financing opportunities that could include, but are not limited to, future offerings of its equity, grant agreements, or the incurrence of debt. However, there is no guarantee that any of these strategic or financing opportunities will be executed or realized on favorable terms, if at all, and some could be dilutive to existing stockholders. The Company’s ability to raise additional capital through either the issuance of equity or debt, is dependent on a number of factors including, but not limited to, the demand for the Company, which itself is subject to a number of development and business risks and uncertainties, as well as the uncertainty that the Company would be able to raise such additional capital at a price or on terms that are favorable to the Company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of significant accounting policies Basis of presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting The condensed balance sheet presented as of December 31, 2020, has been derived from the audited financial statements as of that date. The condensed financial statements and notes are presented do not contain all information that is included in the annual financial statements and notes thereto of the Company. The condensed financial statements and notes included in this report should be read in conjunction with the financial statements and notes included in the Company’s 2020 Annual Report on Form 10-K filed with the SEC. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates form the basis for judgments the Company makes about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company bases its estimates and judgments on historical experience and on various other assumptions that the Company believes are reasonable under the circumstances. These estimates are based on management’s knowledge about current events and expectations about actions the Company may undertake in the future. Significant estimates include, but are not limited to, recovery of long-lived assets, stock-based compensation expense, research and development accruals, the measurement of right-of-use assets and lease liabilities, uncertain tax positions, and the fair value of common stock prior to the Company’s IPO. Actual results could vary from the amounts derived from management’s estimates and assumptions. Reclassifications The accompanying condensed balance sheet as of June 30, 2021 and December 31, 2020 reflects the Company’s reclassification of accrued compensation out of accrued expenses and other liabilities to conform with current year presentation. Cash and cash equivalents The Company considers cash equivalents to be highly liquid investments with an original maturity at purchase of three months or less. These cash equivalents include holdings in money market funds that are invested in U.S. Treasury obligations which are stated at fair value. Prior to April 1, 2021, the Company only carried cash on its condensed balance sheets. Deferred initial public offering costs The Company capitalizes certain direct incremental legal, consulting, banking, and accounting fees primarily relating to the Company’s IPO. After consummation of the IPO, which closed on February 17, 2021, these costs were recorded in stockholders' equity as a reduction of additional paid-in capital. As of December 31, 2020, the Company recorded deferred offering costs of $2.4 million recorded within other current assets on the balance sheet. Restricted cash Restricted cash consists of cash that serves as collateral for the Company’s standby letters of credit (see Note 6). Any cash that is legally restricted from use is classified as restricted cash. If the purpose of restricted cash relates to acquiring a long-term asset, liquidating a long-term liability, or is otherwise unavailable for a period longer than one year from the balance sheet date, the restricted cash is classified as a long-term asset, otherwise, restricted cash is included in current assets in the balance sheet. Concentration of credit risk and other risks and uncertainties Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, and grant receivables. The Company’s cash is deposited in accounts at large financial institutions and its cash equivalents are primarily held in prime and United States government money market funds. The Company believes it is not exposed to significant credit risk due to the financial strength of the depository institutions in which the cash is held and government grant funded nature of the Company’s grant receivables. The Company is subject to risks common to companies in the diagnostics industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals, and protection of intellectual property rights. In December 2019, a novel strain of coronavirus, which causes the disease known as COVID-19, was reported to have surfaced in Wuhan, China. Since then, COVID-19 coronavirus has spread globally. In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. The COVID-19 pandemic has and may continue to impact the Company’s third-party manufacturers and suppliers, which could disrupt its supply chain or the availability or cost of materials. The effects of the public health directives and the Company’s work-from-home policies may negatively impact productivity, disrupt its business and delay clinical programs and timelines and future clinical trials, the magnitude of which will depend, in part, on the length and severity of the restrictions and other limitations on the Company’s ability to conduct business in the ordinary course. These and similar, and perhaps more severe, disruptions in the Company’s operations could negatively impact business, results of operations and financial condition, including its ability to obtain financing. To date, the Company has not incurred impairment losses in the carrying values of its assets as a result of the pandemic and is not aware of any specific related event or circumstance that would require the Company to revise its estimates reflected in these condensed financial statements. The Company has developed its COVID-19 test in direct response to the pandemic and has been awarded a contract from the NIH for Phase 2 of its Rapid Acceleration of Diagnostics (RADx) initiative. These developments may mitigate risks that could affect the Company’s ability to complete its clinical trials in a timely manner, delay the initiation and/or enrollment of any future clinical trials, disrupt regulatory activities or have other adverse effects on its business and operations. The Company cannot be certain what the overall impact of the COVID-19 pandemic will be on its business and prospects. The extent to which the COVID-19 pandemic will further directly or indirectly impact its business, results of operations, financial condition and liquidity, including planned and future clinical trials and research and development costs, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19, the actions taken to contain or treat it, and the duration and intensity of the related effects. In addition, the Company could see some limitations on employee resources that would otherwise be focused on its operation, including but not limited to sickness of employees or their families, the desire of employees to avoid contact with large groups of people, and increased reliance on working from home. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s business, financial condition, results of operations and prospects may be adversely affected. Income taxes On March 11, 2021, the President signed the American Rescue Plan Act of 2021 (ARPA) into law. ARPA includes several provisions, such as measures that extend and expand the employee retention credit, previously enacted under the Coronavirus Aid, Relief and Economic Security Act (CARES Act), through December 31, 2021. The enactment of ARPA did not have a material impact on our condensed financial statements. Research and development costs Research and development costs are expensed as incurred. Research and development expenses include certain payroll and personnel expenses, laboratory supplies, consulting costs, external contract research and development expenses, allocated overhead and facility occupancy costs. Costs to develop the Company’s technologies, including software, are recorded as research and development expense except for costs that meet the criteria to be capitalized as internal-use software costs. The Company does not capitalize pre-launch inventory costs until future commercialization is considered probable and the future economic benefit is expected to be realized. Capitalizing pre-launch inventory costs will not occur prior to obtaining an Emergency Use Authorization (EUA) or other U.S Food and Drug Administration (FDA) marketing authorization unless the regulatory review process has progressed to a point that objective and persuasive evidence of regulatory approval is sufficiently probable, and future economic benefit can be asserted. The Company records such costs as research and development expenses, or if used in marketing evaluations records such costs as selling, general and administrative expenses. In 2020, the Company began developing production lines to automate the production of its Talis One cartridges for the COVID-19 assay with the intention to scale-up its manufacturing capabilities to meet the high demand expected in response to the COVID-19 pandemic. Approximately $92.8 million of the high capacity production equipment acquired as part of the Company’s effort to scale-up its manufacturing capacity, is highly specialized for the manufacturing of the Company’s Talis One cartridges and was determined not to have an alternative future use, of which $51.9 million had been incurred in the six months ended June 30, 2021. All materials, equipment, and external consulting costs associated with developing aspects of the production line that do not have an alternative future use are expensed as research and development costs until regulatory approval is obtained. Materials, equipment, and external consulting costs associated with developing aspects of the production line that are deemed to have an alternative future use are capitalized as property and equipment, assessed for impairment and depreciated over their related useful lives. These research and development costs, including expenditures for property and equipment with no alternative future use, are classified as operating cash outflows within the Company’s statements of cash flows. The Company makes estimates of its accrued expenses as of each balance sheet date in its financial statements based on facts and circumstances at that time. The Company periodically confirms the accuracy of its estimates with the service providers and makes adjustments if necessary. Although the Company does not expect its estimates to be materially different from amounts actually incurred, the Company’s understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in reporting amounts that are too high or too low in any particular period. To date, there have not been any material adjustments to the Company’s prior estimates of accrued research and development expenses. Convertible preferred stock The Company records convertible preferred stock at fair value on the dates of issuance, net of issuance costs. The Company has classified its historical convertible preferred stock, which are redeemable, as temporary equity in the accompanying balance sheets due to terms that allow for redemption of the shares into the Company’s common stock. The Company has classified Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock as permanent equity in the accompanying condensed balance sheets, as they meet the criteria for permanent equity classification and the liquidation value is de minimis. The Company also evaluates the features of its convertible preferred stock to determine if the features require bifurcation from the underlying shares by evaluating if they are clearly and closely related to the underlying shares and if they do, or do not, meet the definition of a derivative. Net loss per share Basic net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding during the period, without consideration of potential dilutive securities. The convertible preferred stock are participating securities but because they do not have the obligation to share in the loss of the Company, are excluded from the calculation of basic earnings per share. Stock options, convertible preferred stock, and shares estimated to be purchased under the Company’s employee stock purchase plan (ESPP) are considered potentially dilutive common stock. The Company computes diluted net loss per share after giving consideration to all potentially dilutive common stock outstanding during the period, determined using the treasury-stock and if-converted methods, except where the effect of including such securities would be antidilutive. For the three and six month period ended June 30, 2021 and 2020, the Company reported a net loss. The potentially dilutive common stock would have been anti-dilutive and therefore basic and diluted loss per share attributable to common stockholders were the same. Comprehensive loss Comprehensive loss is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The Company did not have any other comprehensive income or loss for either period presented, and therefore comprehensive loss was the same as the Company’s net loss. New accounting pronouncements Recently adopted accounting standards In August 2020, the FASB issued Accounting Standards Update No. 2020-06 (ASU 2020-06) Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) Accounting standards issued but not yet adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses In May 2021, the FASB issued ASU 2021-04, Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 3. Fair value measurement The Company determine the fair value of an asset or liability based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction between market participants at the measurement date. The identification of market participant assumptions provides a basis for determining what inputs are to be used for pricing each asset or liability. A fair value hierarchy has been established which gives precedence to fair value measurements calculated using observable inputs over those using unobservable inputs. This hierarchy prioritizes the inputs into three broad levels as follows: • • Level 2: Other significant observable inputs (including quoted prices in active markets for similar instruments) • Level 3: Significant unobservable inputs (including assumptions in determining the fair value of certain investments) Financial assets carried at fair value and measured on a recurring basis as of June 30, 2021 are classified in the hierarchy as follows (in thousands): June 30, 2021 Level 1 Level 2 Level 3 Total Assets: Cash equivalents (money market funds) $ 275,018 $ — $ — $ 275,018 Total assets measured at fair value $ 275,018 $ — $ — $ 275,018 There were no assets or liabilities measured at fair value as of December 31, 2020. There were no transfers of assets or liabilities between Level 1, Level 2, and Level 3 categories of the fair value hierarchy during the six months ended June 30, 2021. Cash equivalents consistent of funds held in money market accounts that are valued using quoted prices in active markets for identical instruments. |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2021 | |
Accrued Liabilities Current [Abstract] | |
Balance Sheet Components | 4. Balance sheet components Accrued liabilities Accrued liabilities consisted of the following (in thousands): June 30, December 31, 2021 2020 Accrued research and development costs $ 53,664 $ 6,360 Professional fees 388 608 Other liabilities 709 726 $ 54,761 $ 7,694 Due to the delayed submission of the Company’s EUA for the Talis One system for COVID-19, the Company determined that certain components procured, or expected to be procured, and other costs for the Talis One system will be in excess of expected demand or usage. Although the Company will be taking steps to minimize the adverse impact on the Company’s business, based on information available as of June 30, 2021, the Company had accrued $3.6 million within accrued research and development costs on the condensed balance sheet and within research and development expenses on the condensed statement of operations and comprehensive loss for modifying one of the agreements with its suppliers. |
Grant Revenue and Receivables
Grant Revenue and Receivables | 6 Months Ended |
Jun. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Grant Revenue and Receivables | 5. Grant revenue and receivables NIH Rapid Acceleration of Diagnostics - Advanced Technology Platforms (RADx) Initiative contracts During the six months ended June 30, 2021, the Company recognized as revenue, and received, $7.0 million in relation to the RADx initiative. The Company received $1.2 million relating to completing the second stage of the contract and $5.8 million relating to completing the third stage of the contract during the six months ended June 30, 2021. There were no unbilled receivables recorded for this contract as of June 30, 2021 or December 31, 2020. NIH grant During the six months ended June 30, 2021, the Company recognized $0.1 million of revenue related to efforts incurred under its NIH grant for Diagnostics via Rapid Enrichment, Identification, and Phenotypic Antibiotic Susceptibility Testing of Pathogens from Blood project. This amount was included in unbilled receivables as of June 30, 2021. During the six months ended June 30, 2020, the Company recognized $0.3 million, $0.6 million and $0.3 million of grant revenue related to efforts incurred under its RADx, NIH and CARB-X grants, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and contingencies Operating leases In January 2021 the Company entered a new operating lease for laboratory and office space in Chicago, IL. The Company received access to the premises and the lease commenced in May 2021. As of June 30, 2021, the Company had recorded a right-of-use asset and lease liability of $13.2 million. The lease is classified as an operating lease and will continue for an initial term of 11 years, with options to extend the term for two successive five-year In January 2021, the Company entered a new operating lease for office space in Redwood City, CA. As of June 30, 2021, the Company did not have access to the space, concluded that the leasehold improvements were lessor owned and determined that the lease had not yet commenced for accounting purposes. The lease will continue for an initial term of 10.5 years, with options to extend the term for two successive five-year % per annum. The Company has included $1.0 million of security deposit to secure the lease within other long-term assets on the condensed balance sheet. The components of the lease costs and supplemental cash flow information relating to the Company’s leases were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, Lease Costs 2021 2021 Operating lease costs $ 478 $ 648 Variable lease costs 35 52 Total operating lease costs $ 513 $ 700 Cash Flows Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 261 $ 466 Weighted-average remaining lease terms and discount rates were as follows: June 30, 2021 Weighted-average remaining lease term 10.4 years Weighted-average discount rate 5.1 % The undiscounted future lease payments for operating leases as of June 30, 2021 were as follows (in thousands): (in thousands) Operating Leases 2021 (remainder) $ 579 2022 1,125 2023 1,644 2024 1,684 2025 1,724 2026 and thereafter 12,102 Total future minimum lease payments 18,858 Less: imputed interest (4,799 ) Present value of operating lease liabilities 14,059 Less: current portion of lease liabilities (882 ) Noncurrent portion of lease liabilities $ 13,177 Standby letter of credit Between June 2020 and August 2020, the Company executed and amended a $33.0 million standby LOC with JPMorgan Chase (JPMC) as terms of collateral that were required by one of the Company’s contract manufacturing organizations. The Company is required to maintain a cash balance of $34.7 million as collateral for the LOC for the term of the contract, which is for a period less than one year from the balance sheet date. The collateral for the LOC is classified as restricted cash on the condensed balance sheets as of June 30, 2021. In July 2021, the Company paid $29.6 million to the contract manufacturing organization and was relieved of the LOC, releasing all $34.7 million of collateral held by JPMC (see Note 11). In conjunction with the Chicago laboratory lease entered into in January 2021, the Company is required to hold an additional LOC in the amount of $0.8 million to secure this lease through its expiration. The Company is required to maintain a cash balance of $0.8 million as collateral for the LOC, which is classified in other long-term assets on the condensed balance sheet as of June 30, 2021 because it is unavailable for a period longer than one year from the balance sheet date. Neither LOC had been drawn upon through June 30, 2021. Indemnification agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, customers and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. The Company also provides indemnifications to directors and officers of the Company to the maximum extent permitted under applicable Delaware law. The maximum potential amount of future payments that the Company could be required to make under these indemnification agreements is, in many cases, unlimited. The Company has not incurred any material costs as a result of such indemnifications and is not currently aware of any indemnification claims. Unconditional purchase obligations In the normal course of business, the Company enters into various firm purchase commitments. As of June 30, 2021, these commitments total approximately $64.1 million in aggregate and are primarily related to the build out of manufacturing capacity of $2.2 million and purchase of certain inventory related items of $61.9 million, all of which are expected to be incurred in 2021. |
Convertible Preferred Stock and
Convertible Preferred Stock and Stockholders' Equity (Deficit) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Convertible Preferred Stock and Stockholders' Equity (Deficit) | 7. Convertible preferred stock and stockholders’ equity (deficit) Amended and Restated Certificate of Incorporation Immediately prior to the closing of the Company’s IPO in February 2021, the Company’s Board of Directors approved and the Company filed its Amended and Restated Certificate of Incorporation, which authorized the issuance of up to 170,000,000 of convertible preferred stock with a par value of $0.0001 per share, of which 60,000,000 shares have been designated as Series 1 convertible preferred stock and 60,000,000 shares have been designated Series 2 non-voting convertible preferred stock. Convertible preferred stock The Company had an aggregate 53,509,351 shares of convertible preferred stock issued and outstanding as of December 31, 2020. Upon the closing of the IPO, 42,705,056 affiliated convertible preferred stock with a carrying value of $225.4 million were converted into 29,863,674 Series 1 convertible preferred stock. The remaining 10,804,295 outstanding convertible preferred stock were converted into 7,555,432 shares of common stock. As of June 30, 2021, there were no shares of Series 2 non-voting convertible The Company’s convertible preferred stock consisted of the following (in thousands, except share amounts): June 30, 2021 Preferred authorized Preferred shares issued and outstanding Carrying Value Liquidation Preference Common shares issuable upon conversion Series 1 convertible preferred stock 60,000,000 29,863,674 $ 225,383 $ 3 29,863,674 Series 2 non-voting convertible preferred stock 60,000,000 — — — — Undesignated 50,000,000 — — — — 170,000,000 29,863,674 $ 225,383 $ 3 29,863,674 December 31, 2020 Preferred authorized Preferred shares issued and outstanding Carrying Value Liquidation Preference Common shares issuable upon conversion Series C-1 convertible preferred stock 13,404,197 13,404,197 $ 39,756 $ 105,041 9,373,556 Series C-2 convertible preferred stock 13,404,197 — — — — Series D-1 convertible preferred stock 11,809,630 1,437,178 3,561 5,631 1,005,013 Series D-2 convertible preferred stock 11,809,630 10,372,452 24,365 40,641 7,253,461 Series E-1 convertible preferred stock 13,477,088 2,289,899 16,943 24,319 1,601,316 Series E-2 convertible preferred stock 13,477,088 11,187,189 82,766 118,808 7,823,208 Series F-1 convertible preferred stock 18,633,312 4,859,897 38,496 59,420 3,398,514 Series F-2 convertible preferred stock 18,633,312 9,958,539 85,058 121,758 6,964,012 Series 1 convertible preferred stock 57,324,227 — — — — Series 2 non-voting convertible preferred stock 57,324,227 — — — — 229,296,908 53,509,351 $ 290,945 $ 475,617 37,419,080 The Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock have various rights, privileges and features. The Company determined Voting The holders of our Series 1 convertible preferred stock are entitled to one vote per share. Holders of shares of our common stock and Series 1 convertible preferred stock will vote together as a single class on all matters (including the election of directors) submitted to a vote of stockholders, subject to the limitations described above. The Series 1 convertible preferred stock does not have cumulative voting rights. Holders of our Series 2 convertible preferred stock have no voting rights except as required by law or as set forth in our amended and restated certificate of incorporation. Conversion The Series 1 convertible preferred stock is convertible, at the election of the holder, into Series 2 convertible preferred stock on a one-for-one basis at any time following the third anniversary of the closing of the IPO. Shares of Series 1 convertible preferred stock automatically convert to common stock on a one-for-one basis at any time at the discretion of the holder, or upon any sale or transfer of such shares of Series 1 convertible preferred stock. Conversion of the Series 2 convertible preferred stock is prohibited if the holder exceeds a specified threshold of voting security ownership. The Series 2 convertible preferred stock is convertible into common stock on a one-for-one basis, subject to adjustment for events such as stock splits, combinations and the like; provided that such holder shall not be entitled to convert the Series 2 convertible preferred in excess of that number of convertible preferred stock which upon giving effect or immediately prior to such conversion would cause the holder to exceed 4.99% ownership or voting power individually or in aggregate with its affiliated holders. The 4.99% can be increased to up to 19.99% by the holders of such shares with 61 days’ notice to the Company. Dividends The Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock have the right to receive dividends first or simultaneously with payment of dividends on common stock. Liquidation preference In the event of any liquidation or dissolution of the company, holders of the Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock are entitled to receive $0.0001 per share prior to the payment of any amount to any holders of our capital stock ranking junior to the Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock and thereafter shall participate on an as-if-converted-to-common-stock basis. Protective provisions Consent of the holders of a majority of the voting rights of the outstanding Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock is required for any amendment or change of the rights, preferences, privileges, or powers of, or the restrictions provided for the benefit of, the Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock. Registration rights In March 2021, the Company entered into a registration rights agreement (the Registration Rights Agreement) with Baker Brothers Life Sciences, L.P. and 667, L.P. (the Baker Funds), holders of the Company’s Series 1 convertible preferred stock and related parties. The obligations of the Company regarding such registration rights include, but are not limited to, file a registration statement with the SEC for the registration of registrable securities, reasonable efforts to cause such registration statement to become effective, keep such registration statement effective for up to 30 days, prepare and file amendments and supplements to such registration statement and the prospectus used in connection with such registration statement, and notify each selling holder, promptly after the Company receives notice thereof, of the time when such registration statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed. The terms of the registration rights provide for the payment of certain expenses related to the registration of the shares, including a capped reimbursement of legal fees of a single special counsel for the holders of the shares, but do not impose any obligations for the Company to pay additional consideration to the holders in case a registration statement is not declared effective. Under the Registration Rights Agreement, the Baker Funds also have the right to one underwritten offering per calendar year, but no more than two underwritten offerings or block trades in any twelve month period, to effect the sale or distribution of their registrable securities, subject to specified exceptions, conditions and limitations. The Registration Rights Agreement also includes customary indemnification obligations in connection with registrations conducted pursuant to the Registration Rights Agreement. Common stock The Company’s February 2021 Amended and Restated Certificate of Incorporation authorized the issuance of up 200,000,000 shares of common stock, each having a par value of $0.0001 and entitled to one vote per share. In February 2021, the Company issued and sold 15,870,000 shares of the Company’s common stock including 2,070,000 shares pursuant to the full exercise of the underwriter’ option to purchase additional shares, at a public offering price of $16.00 per share, for aggregate net proceeds of $232.5 million after deducting underwriting discounts, commissions and offering expenses The Company has reserved the following shares of common stock for future issuances: As of June 30, 2021 Shares reserved for conversion of outstanding Series 1 convertible preferred stock 29,863,674 Shares reserved for options to purchase Common Stock under the 2013 Equity Incentive Plan 7,233,974 Shares reserved for options to purchase Common Stock under the 2021 Equity Incentive Plan 640,160 Shares reserved for issuance under the 2021 Equity Incentive Plan 4,966,770 Shares reserved for issuance under the 2021 Employee Stock Purchase Plan 550,000 Total 43,254,578 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 8. Stock-based compensation 2013 Equity Incentive Plan The 2013 Equity Incentive Plan (2013 Plan) provides the Board the discretion to grant stock options and other equity-based awards to employees, directors, and consultants of the Company. The Board administers the 2013 Plan and has discretion to delegate some or all of the administration of the 2013 Plan to a committee or committees or an officer. To date, the Company has only granted Incentive Stock Options (ISOs) and Non-statutory Stock Options (NSOs) to employees, consultants, and directors. Following the completion of the Company’s IPO no additional shares will be granted under the 2013 Plan. However, the 2013 Plan will continue to govern outstanding equity awards granted thereunder. To the extent outstanding options granted under the 2013 Plan are cancelled, forfeited or otherwise terminated without being exercised and would otherwise have been returned to the share reserve under the 2013 Plan, the number of shares underlying such awards will be available for future grant under the 2021 Equity Incentive Plan 2021 Equity Incentive Plan In February 2021, the Company’s Board of Directors adopted our 2021 Equity Incentive Plan (2021 Plan), and our stockholders approved our 2021 Plan. Our 2021 Plan is a successor to and continuation of our 2013 Plan. To date, the Company has only granted Incentive Stock Options (ISOs) and Non-statutory Stock Options (NSOs) to employees and directors. Therefore, the below discussion is limited to the terms applicable to ISOs and NSOs (collectively, stock options or options). As of June 30, 2021, there were 5,606,930 shares of common stock reserved by the Company for grant under the 2021 Plan and an aggregate of 4,966,770 shares of common stock remained available for future grants. 2021 Employee Stock Purchase Plan (ESPP) In February 2021, the Company’s Board of Directors adopted our ESPP, and our stockholders approved our ESPP. The price at which stock is purchased under the ESPP is equal to 85% of the fair market value of the Company's common stock on the first or the last day of the offering period, whichever is lower. Generally, each offering under the ESPP will be for a period of six months as determined by the Company's Board of Directors. Employees may invest up to 15% of their qualifying gross compensation through payroll deductions. In no event may an employee purchase more than 4,750 shares of common stock during any six-month offering period. As of June 30, 2021, there were 550,000 shares of common stock available for issuance under the ESPP and no shares issued under the ESPP. The ESPP is a compensatory plan as defined by the authoritative guidance for stock compensation; therefore, stock-based compensation expense of $0.3 million related to the ESPP has been recorded during the six months ended June 30, 2021. Stock option activity A summary of stock option activity during the six months ended June 30, 2021 is as follows: Number of Units Outstanding Weighted Average Strike Price per Unit Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2020 7,737,095 $ 4.22 9.3 $ 16,374 Granted 640,160 $ 13.90 Exercised (138,687 ) $ 1.50 Forfeited/Expired (364,434 ) $ 4.18 Outstanding at June 30, 2021 7,874,134 $ 5.06 8.9 $ 48,993 Exercisable at June 30, 2021 1,413,820 $ 1.89 8.1 $ 12,949 Nonvested at June 30, 2021 6,460,314 $ 5.75 9.1 $ 36,044 As of June 30, 2021, the total unrecognized stock-based compensation related to stock options, excluding the stock option granted to the Company’s Chief Executive Officer (CEO) with the performance condition (discussed further below), was $20.4 million, which is expected be recognized over a weighted-average period of approximately 2.9 years . During 2020, the Chief Executive Officer of the Company received stock options for the purchase of 241,958 shares of common stock that vest upon the first sale by the Company of a regulatory authorized product. As of June 30, 2021, there was $1.4 million of unrecognized compensation expense related to these stock options as the achievement of the performance condition was not yet deemed probable. Stock-based compensation expense The following table summarizes the components of stock-based compensation expense recorded in the Company’s statement of operations and comprehensive loss (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 558 $ 163 $ 1,181 $ 462 Selling, general and administrative 1,233 244 2,382 626 Total stock-based compensation $ 1,791 $ 407 $ 3,563 $ 1,088 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 9. Related-party transactions Research and development consulting services agreement The Company has a service agreement with a major stockholder, director and member of its Scientific Advisory Board, under which, the individual is compensated for providing the Company with research and development consulting services. Under the agreement, the Company has made payments of less than $ 0.1 million for services rendered during each of the six months ended June 3 0 , 20 21 and 2020 . Financing activity During the six months ended June 30, 2021, the company received proceeds of $ 106.2 Registration rights In March 2021, the Company entered into a registration rights agreement (the Registration Rights Agreement) with Baker Brothers Life Sciences, L.P. and 667, L.P. (the Baker Funds), holders of our Series 1 convertible preferred stock and related parties (see Note 7). |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 10. Net loss per share Net loss per share The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except for share and per share data): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Numerator: Net loss - basic and diluted $ (64,472 ) $ (10,046 ) $ (124,964 ) $ (17,420 ) Denominator: Weighted-average number of shares of common stock outstanding - basic and diluted 25,648,151 2,116,623 19,414,066 2,116,437 Net loss per share - basic and diluted $ (2.51 ) $ (4.75 ) $ (6.44 ) $ (8.23 ) Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. The Company’s Series 1 convertible preferred stock are participating securities but because they do not have the obligation to share in the loss of the Company, they are excluded from the calculation of basic net loss per share As of June 30, 2021 2020 Convertible preferred stock — 36,914,762 Series 1 convertible preferred stock 29,863,674 — Options to purchase Common Stock 7,874,134 5,421,804 Shares estimated to be purchased under 2021 ESPP 77,727 — Total 37,815,535 42,336,566 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. Subsequent events In July 2021, the Company made a payment of $29.6 million to one of the Company’s contract manufacturing organizations in connection with the purchase of certain instrument components. The Company’s $33.0 million standby letter of credit that was required to be held as collateral by the contract manufacturing organization was concurrently terminated, releasing $34.7 million of collateral. All of the $29.6 million was included in accrued liabilities as of June 30, 2021. In July 20 1, the amended extend to October 31, 2021 decreas the payment . $4.0 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting The condensed balance sheet presented as of December 31, 2020, has been derived from the audited financial statements as of that date. The condensed financial statements and notes are presented do not contain all information that is included in the annual financial statements and notes thereto of the Company. The condensed financial statements and notes included in this report should be read in conjunction with the financial statements and notes included in the Company’s 2020 Annual Report on Form 10-K filed with the SEC. |
Use of Estimates | Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates form the basis for judgments the Company makes about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company bases its estimates and judgments on historical experience and on various other assumptions that the Company believes are reasonable under the circumstances. These estimates are based on management’s knowledge about current events and expectations about actions the Company may undertake in the future. Significant estimates include, but are not limited to, recovery of long-lived assets, stock-based compensation expense, research and development accruals, the measurement of right-of-use assets and lease liabilities, uncertain tax positions, and the fair value of common stock prior to the Company’s IPO. Actual results could vary from the amounts derived from management’s estimates and assumptions. |
Reclassifications | Reclassifications The accompanying condensed balance sheet as of June 30, 2021 and December 31, 2020 reflects the Company’s reclassification of accrued compensation out of accrued expenses and other liabilities to conform with current year presentation. |
Cash and Cash Equivalents | Cash and cash equivalents The Company considers cash equivalents to be highly liquid investments with an original maturity at purchase of three months or less. These cash equivalents include holdings in money market funds that are invested in U.S. Treasury obligations which are stated at fair value. Prior to April 1, 2021, the Company only carried cash on its condensed balance sheets. |
Deferred Initial Public Offering Costs | Deferred initial public offering costs The Company capitalizes certain direct incremental legal, consulting, banking, and accounting fees primarily relating to the Company’s IPO. After consummation of the IPO, which closed on February 17, 2021, these costs were recorded in stockholders' equity as a reduction of additional paid-in capital. As of December 31, 2020, the Company recorded deferred offering costs of $2.4 million recorded within other current assets on the balance sheet. |
Restricted Cash | Restricted cash Restricted cash consists of cash that serves as collateral for the Company’s standby letters of credit (see Note 6). Any cash that is legally restricted from use is classified as restricted cash. If the purpose of restricted cash relates to acquiring a long-term asset, liquidating a long-term liability, or is otherwise unavailable for a period longer than one year from the balance sheet date, the restricted cash is classified as a long-term asset, otherwise, restricted cash is included in current assets in the balance sheet. |
Concentration of Credit Risk and Other Risks and Uncertainties | Concentration of credit risk and other risks and uncertainties Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, and grant receivables. The Company’s cash is deposited in accounts at large financial institutions and its cash equivalents are primarily held in prime and United States government money market funds. The Company believes it is not exposed to significant credit risk due to the financial strength of the depository institutions in which the cash is held and government grant funded nature of the Company’s grant receivables. The Company is subject to risks common to companies in the diagnostics industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals, and protection of intellectual property rights. In December 2019, a novel strain of coronavirus, which causes the disease known as COVID-19, was reported to have surfaced in Wuhan, China. Since then, COVID-19 coronavirus has spread globally. In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. The COVID-19 pandemic has and may continue to impact the Company’s third-party manufacturers and suppliers, which could disrupt its supply chain or the availability or cost of materials. The effects of the public health directives and the Company’s work-from-home policies may negatively impact productivity, disrupt its business and delay clinical programs and timelines and future clinical trials, the magnitude of which will depend, in part, on the length and severity of the restrictions and other limitations on the Company’s ability to conduct business in the ordinary course. These and similar, and perhaps more severe, disruptions in the Company’s operations could negatively impact business, results of operations and financial condition, including its ability to obtain financing. To date, the Company has not incurred impairment losses in the carrying values of its assets as a result of the pandemic and is not aware of any specific related event or circumstance that would require the Company to revise its estimates reflected in these condensed financial statements. The Company has developed its COVID-19 test in direct response to the pandemic and has been awarded a contract from the NIH for Phase 2 of its Rapid Acceleration of Diagnostics (RADx) initiative. These developments may mitigate risks that could affect the Company’s ability to complete its clinical trials in a timely manner, delay the initiation and/or enrollment of any future clinical trials, disrupt regulatory activities or have other adverse effects on its business and operations. The Company cannot be certain what the overall impact of the COVID-19 pandemic will be on its business and prospects. The extent to which the COVID-19 pandemic will further directly or indirectly impact its business, results of operations, financial condition and liquidity, including planned and future clinical trials and research and development costs, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19, the actions taken to contain or treat it, and the duration and intensity of the related effects. In addition, the Company could see some limitations on employee resources that would otherwise be focused on its operation, including but not limited to sickness of employees or their families, the desire of employees to avoid contact with large groups of people, and increased reliance on working from home. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s business, financial condition, results of operations and prospects may be adversely affected. |
Income Taxes | Income taxes On March 11, 2021, the President signed the American Rescue Plan Act of 2021 (ARPA) into law. ARPA includes several provisions, such as measures that extend and expand the employee retention credit, previously enacted under the Coronavirus Aid, Relief and Economic Security Act (CARES Act), through December 31, 2021. The enactment of ARPA did not have a material impact on our condensed financial statements. |
Research and Development Costs | Research and development costs Research and development costs are expensed as incurred. Research and development expenses include certain payroll and personnel expenses, laboratory supplies, consulting costs, external contract research and development expenses, allocated overhead and facility occupancy costs. Costs to develop the Company’s technologies, including software, are recorded as research and development expense except for costs that meet the criteria to be capitalized as internal-use software costs. The Company does not capitalize pre-launch inventory costs until future commercialization is considered probable and the future economic benefit is expected to be realized. Capitalizing pre-launch inventory costs will not occur prior to obtaining an Emergency Use Authorization (EUA) or other U.S Food and Drug Administration (FDA) marketing authorization unless the regulatory review process has progressed to a point that objective and persuasive evidence of regulatory approval is sufficiently probable, and future economic benefit can be asserted. The Company records such costs as research and development expenses, or if used in marketing evaluations records such costs as selling, general and administrative expenses. In 2020, the Company began developing production lines to automate the production of its Talis One cartridges for the COVID-19 assay with the intention to scale-up its manufacturing capabilities to meet the high demand expected in response to the COVID-19 pandemic. Approximately $92.8 million of the high capacity production equipment acquired as part of the Company’s effort to scale-up its manufacturing capacity, is highly specialized for the manufacturing of the Company’s Talis One cartridges and was determined not to have an alternative future use, of which $51.9 million had been incurred in the six months ended June 30, 2021. All materials, equipment, and external consulting costs associated with developing aspects of the production line that do not have an alternative future use are expensed as research and development costs until regulatory approval is obtained. Materials, equipment, and external consulting costs associated with developing aspects of the production line that are deemed to have an alternative future use are capitalized as property and equipment, assessed for impairment and depreciated over their related useful lives. These research and development costs, including expenditures for property and equipment with no alternative future use, are classified as operating cash outflows within the Company’s statements of cash flows. The Company makes estimates of its accrued expenses as of each balance sheet date in its financial statements based on facts and circumstances at that time. The Company periodically confirms the accuracy of its estimates with the service providers and makes adjustments if necessary. Although the Company does not expect its estimates to be materially different from amounts actually incurred, the Company’s understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in reporting amounts that are too high or too low in any particular period. To date, there have not been any material adjustments to the Company’s prior estimates of accrued research and development expenses. |
Convertible Preferred Stock | Convertible preferred stock The Company records convertible preferred stock at fair value on the dates of issuance, net of issuance costs. The Company has classified its historical convertible preferred stock, which are redeemable, as temporary equity in the accompanying balance sheets due to terms that allow for redemption of the shares into the Company’s common stock. The Company has classified Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock as permanent equity in the accompanying condensed balance sheets, as they meet the criteria for permanent equity classification and the liquidation value is de minimis. The Company also evaluates the features of its convertible preferred stock to determine if the features require bifurcation from the underlying shares by evaluating if they are clearly and closely related to the underlying shares and if they do, or do not, meet the definition of a derivative. |
Net Loss Per Share | Net loss per share Basic net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding during the period, without consideration of potential dilutive securities. The convertible preferred stock are participating securities but because they do not have the obligation to share in the loss of the Company, are excluded from the calculation of basic earnings per share. Stock options, convertible preferred stock, and shares estimated to be purchased under the Company’s employee stock purchase plan (ESPP) are considered potentially dilutive common stock. The Company computes diluted net loss per share after giving consideration to all potentially dilutive common stock outstanding during the period, determined using the treasury-stock and if-converted methods, except where the effect of including such securities would be antidilutive. For the three and six month period ended June 30, 2021 and 2020, the Company reported a net loss. The potentially dilutive common stock would have been anti-dilutive and therefore basic and diluted loss per share attributable to common stockholders were the same. |
Comprehensive Loss | Comprehensive loss Comprehensive loss is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The Company did not have any other comprehensive income or loss for either period presented, and therefore comprehensive loss was the same as the Company’s net loss. |
New Accounting Pronouncements | New accounting pronouncements Recently adopted accounting standards In August 2020, the FASB issued Accounting Standards Update No. 2020-06 (ASU 2020-06) Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) Accounting standards issued but not yet adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses In May 2021, the FASB issued ASU 2021-04, Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets Carried at Fair Value and Measured on Recurring Basis | Financial assets carried at fair value and measured on a recurring basis as of June 30, 2021 are classified in the hierarchy as follows (in thousands): June 30, 2021 Level 1 Level 2 Level 3 Total Assets: Cash equivalents (money market funds) $ 275,018 $ — $ — $ 275,018 Total assets measured at fair value $ 275,018 $ — $ — $ 275,018 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accrued Liabilities Current [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities Accrued liabilities consisted of the following (in thousands): June 30, December 31, 2021 2020 Accrued research and development costs $ 53,664 $ 6,360 Professional fees 388 608 Other liabilities 709 726 $ 54,761 $ 7,694 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Lease Costs and Supplemental Cash Flow Information | The components of the lease costs and supplemental cash flow information relating to the Company’s leases were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, Lease Costs 2021 2021 Operating lease costs $ 478 $ 648 Variable lease costs 35 52 Total operating lease costs $ 513 $ 700 Cash Flows Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 261 $ 466 |
Summary of Weighted Average Remaining Lease Terms and Discount Rates | Weighted-average remaining lease terms and discount rates were as follows: June 30, 2021 Weighted-average remaining lease term 10.4 years Weighted-average discount rate 5.1 % |
Schedule of Undiscounted Future Lease Payments | The undiscounted future lease payments for operating leases as of June 30, 2021 were as follows (in thousands): (in thousands) Operating Leases 2021 (remainder) $ 579 2022 1,125 2023 1,644 2024 1,684 2025 1,724 2026 and thereafter 12,102 Total future minimum lease payments 18,858 Less: imputed interest (4,799 ) Present value of operating lease liabilities 14,059 Less: current portion of lease liabilities (882 ) Noncurrent portion of lease liabilities $ 13,177 |
Convertible Preferred Stock a_2
Convertible Preferred Stock and Stockholders' Equity (Deficit) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of Convertible Preferred Stock | The Company’s convertible preferred stock consisted of the following (in thousands, except share amounts): June 30, 2021 Preferred authorized Preferred shares issued and outstanding Carrying Value Liquidation Preference Common shares issuable upon conversion Series 1 convertible preferred stock 60,000,000 29,863,674 $ 225,383 $ 3 29,863,674 Series 2 non-voting convertible preferred stock 60,000,000 — — — — Undesignated 50,000,000 — — — — 170,000,000 29,863,674 $ 225,383 $ 3 29,863,674 December 31, 2020 Preferred authorized Preferred shares issued and outstanding Carrying Value Liquidation Preference Common shares issuable upon conversion Series C-1 convertible preferred stock 13,404,197 13,404,197 $ 39,756 $ 105,041 9,373,556 Series C-2 convertible preferred stock 13,404,197 — — — — Series D-1 convertible preferred stock 11,809,630 1,437,178 3,561 5,631 1,005,013 Series D-2 convertible preferred stock 11,809,630 10,372,452 24,365 40,641 7,253,461 Series E-1 convertible preferred stock 13,477,088 2,289,899 16,943 24,319 1,601,316 Series E-2 convertible preferred stock 13,477,088 11,187,189 82,766 118,808 7,823,208 Series F-1 convertible preferred stock 18,633,312 4,859,897 38,496 59,420 3,398,514 Series F-2 convertible preferred stock 18,633,312 9,958,539 85,058 121,758 6,964,012 Series 1 convertible preferred stock 57,324,227 — — — — Series 2 non-voting convertible preferred stock 57,324,227 — — — — 229,296,908 53,509,351 $ 290,945 $ 475,617 37,419,080 |
Schedule of Common Stock Reserved for Future Instances | The Company has reserved the following shares of common stock for future issuances: As of June 30, 2021 Shares reserved for conversion of outstanding Series 1 convertible preferred stock 29,863,674 Shares reserved for options to purchase Common Stock under the 2013 Equity Incentive Plan 7,233,974 Shares reserved for options to purchase Common Stock under the 2021 Equity Incentive Plan 640,160 Shares reserved for issuance under the 2021 Equity Incentive Plan 4,966,770 Shares reserved for issuance under the 2021 Employee Stock Purchase Plan 550,000 Total 43,254,578 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | A summary of stock option activity during the six months ended June 30, 2021 is as follows: Number of Units Outstanding Weighted Average Strike Price per Unit Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2020 7,737,095 $ 4.22 9.3 $ 16,374 Granted 640,160 $ 13.90 Exercised (138,687 ) $ 1.50 Forfeited/Expired (364,434 ) $ 4.18 Outstanding at June 30, 2021 7,874,134 $ 5.06 8.9 $ 48,993 Exercisable at June 30, 2021 1,413,820 $ 1.89 8.1 $ 12,949 Nonvested at June 30, 2021 6,460,314 $ 5.75 9.1 $ 36,044 |
Components of Stock-based Compensation Expense | The following table summarizes the components of stock-based compensation expense recorded in the Company’s statement of operations and comprehensive loss (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Research and development $ 558 $ 163 $ 1,181 $ 462 Selling, general and administrative 1,233 244 2,382 626 Total stock-based compensation $ 1,791 $ 407 $ 3,563 $ 1,088 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except for share and per share data): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Numerator: Net loss - basic and diluted $ (64,472 ) $ (10,046 ) $ (124,964 ) $ (17,420 ) Denominator: Weighted-average number of shares of common stock outstanding - basic and diluted 25,648,151 2,116,623 19,414,066 2,116,437 Net loss per share - basic and diluted $ (2.51 ) $ (4.75 ) $ (6.44 ) $ (8.23 ) |
Schedule of Potentially Dilutive Securities Not Included in Diluted Per Share Calculations | Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. The Company’s Series 1 convertible preferred stock are participating securities but because they do not have the obligation to share in the loss of the Company, they are excluded from the calculation of basic net loss per share As of June 30, 2021 2020 Convertible preferred stock — 36,914,762 Series 1 convertible preferred stock 29,863,674 — Options to purchase Common Stock 7,874,134 5,421,804 Shares estimated to be purchased under 2021 ESPP 77,727 — Total 37,815,535 42,336,566 |
Organization and Nature of Bu_2
Organization and Nature of Business - Additional Information (Details) $ / shares in Units, $ in Thousands | Feb. 17, 2021USD ($)$ / sharesshares | Jul. 31, 2021USD ($) | Feb. 28, 2021USD ($)shares | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($)shares | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Organization And Nature Of Business [Line Items] | ||||||||||
Reverse stock split | 1-for-1.43 | |||||||||
Reverse stock split, conversion ratio | 0.699 | |||||||||
Proceeds received from IPO | $ 232,500 | |||||||||
Net losses | $ 64,472 | $ 60,492 | $ 10,046 | $ 7,374 | $ 124,964 | $ 17,420 | ||||
Cash and cash equivalents | 313,458 | $ 115,272 | 313,458 | $ 115,272 | $ 138,483 | |||||
Restricted cash | $ 35,400 | $ 35,400 | ||||||||
Subsequent Event | ||||||||||
Organization And Nature Of Business [Line Items] | ||||||||||
Paid to contract manufacturing organization | $ 29,600 | |||||||||
Letter of Credit | Subsequent Event | ||||||||||
Organization And Nature Of Business [Line Items] | ||||||||||
Paid to contract manufacturing organization | 29,600 | |||||||||
Release of cash collateral for line of credit facility | $ 34,700 | |||||||||
IPO | Series 1 Convertible Preferred Stock | ||||||||||
Organization And Nature Of Business [Line Items] | ||||||||||
Preferred shares converted | shares | 29,863,674 | |||||||||
Common Stock | ||||||||||
Organization And Nature Of Business [Line Items] | ||||||||||
Common stock issued and sold | shares | 15,870,000 | 15,870,000 | ||||||||
Proceeds received from IPO | $ 232,500 | |||||||||
Stock issuance costs | $ 21,349 | |||||||||
Common Stock | IPO | ||||||||||
Organization And Nature Of Business [Line Items] | ||||||||||
Common stock issued and sold | shares | 13,800,000 | |||||||||
Shares issued, price per share | $ / shares | $ 16 | |||||||||
Stock issuance costs | $ 21,300 | |||||||||
Preferred shares converted | shares | 7,555,432 | |||||||||
Common Stock | Underwriter's Option | ||||||||||
Organization And Nature Of Business [Line Items] | ||||||||||
Common stock issued and sold | shares | 2,070,000 | 2,070,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Research and development | $ 54,495 | $ 8,184 | $ 114,688 | $ 13,898 | |
Change in accounting principle, accounting standards update, early adoption | true | true | |||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2021 | Jan. 1, 2021 | |||
Change in accounting principle, accounting standards update, immaterial effect | true | true | |||
Accounting Standards Update [Extensible List] | tlis:AccountingStandardsUpdate202006Member | ||||
High Capacity Production Equipment | Talis One Cartridges | COVID-19 | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Research and development | $ 51,900 | $ 92,800 | |||
IPO | Other Current Assets | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Deferred offering costs | $ 2,400 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Financial Assets Carried at Fair Value and Measured on Recurring Basis (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Total assets measured at fair value | $ 0 | |
Fair Value Measurements, Recurring | ||
Assets: | ||
Total assets measured at fair value | $ 275,018,000 | |
Fair Value Measurements, Recurring | Level 1 | ||
Assets: | ||
Total assets measured at fair value | 275,018,000 | |
Fair Value Measurements, Recurring | Money Market Funds | ||
Assets: | ||
Cash equivalents | 275,018,000 | |
Fair Value Measurements, Recurring | Money Market Funds | Level 1 | ||
Assets: | ||
Cash equivalents | $ 275,018,000 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Assets measured at fair value | $ 0 | |
Liabilities measured at fair value | $ 0 | |
Fair value, assets transfers from level 1 to level 2 | $ 0 | |
Fair value, liabilities transfers from level 1 to level 2 | 0 | |
Fair value, assets transfers from level 2 to level 1 | 0 | |
Fair value, liabilities transfers from level 2 to level 1 | 0 | |
Fair value, assets transfers into level 3 | 0 | |
Fair value, assets transfers out of level 3 | 0 | |
Fair value, Liabilities, transfers into level 3 | 0 | |
Fair value, Liabilities, transfers out of level 3 | $ 0 |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accrued Liabilities Current [Abstract] | ||
Accrued research and development costs | $ 53,664 | $ 6,360 |
Professional fees | 388 | 608 |
Other liabilities | 709 | 726 |
Total accrued liabilities | $ 54,761 | $ 7,694 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) $ in Millions | Jun. 30, 2021USD ($) |
Accrued Liabilities Current [Abstract] | |
Accrued research and development costs excess of expected | $ 3.6 |
Grant Revenue and Receivables -
Grant Revenue and Receivables - Additional Information (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
RAD Initiative Phase 2 | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue recognized and received | $ 7,000,000 | ||
Revenue received in completion of second stage | 1,200,000 | ||
Revenue received in completion of third stage | 5,800,000 | ||
Unbilled receivables | 0 | $ 0 | |
NIH | |||
Disaggregation Of Revenue [Line Items] | |||
Grant revenue recognized | $ 100,000 | $ 600,000 | |
RADx | |||
Disaggregation Of Revenue [Line Items] | |||
Grant revenue recognized | 300,000 | ||
CARB-X | |||
Disaggregation Of Revenue [Line Items] | |||
Grant revenue recognized | $ 300,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 1 Months Ended | ||||
Jul. 31, 2021USD ($) | Jan. 31, 2021USD ($)Option | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Aug. 31, 2020USD ($) | |
Commitments And Contingencies [Line Items] | |||||
Operating lease right-of-use-assets | $ 13,747,000 | $ 567,000 | |||
Operating lease liability | 14,059,000 | ||||
Line of credit facility | 33,000,000 | ||||
Unconditional purchase obligation | 64,100,000 | ||||
Build Out of Manufacturing Capacity | |||||
Commitments And Contingencies [Line Items] | |||||
Unconditional purchase obligation | 2,200,000 | ||||
Purchase of Certain Inventory Related Items | |||||
Commitments And Contingencies [Line Items] | |||||
Unconditional purchase obligation | 61,900,000 | ||||
Subsequent Event | |||||
Commitments And Contingencies [Line Items] | |||||
Paid to contract manufacturing organization | $ 29,600,000 | ||||
Standby Letters of Credit | JPMorgan Chase | |||||
Commitments And Contingencies [Line Items] | |||||
Line of credit facility | $ 33,000,000 | ||||
Cash collateral for LOC | $ 34,700,000 | ||||
Letter of Credit | |||||
Commitments And Contingencies [Line Items] | |||||
Cash collateral for LOC | $ 800,000 | ||||
Letter of Credit | Subsequent Event | |||||
Commitments And Contingencies [Line Items] | |||||
Paid to contract manufacturing organization | 29,600,000 | ||||
Release of cash collateral for line of credit facility | 34,700,000 | ||||
Letter of Credit | JPMorgan Chase | Subsequent Event | |||||
Commitments And Contingencies [Line Items] | |||||
Paid to contract manufacturing organization | 29,600,000 | ||||
Release of cash collateral for line of credit facility | $ 34,700,000 | ||||
Chicago, IL | Letter of Credit | |||||
Commitments And Contingencies [Line Items] | |||||
Line of credit facility | $ 800,000 | ||||
Laboratory and Office Space | Chicago, IL | |||||
Commitments And Contingencies [Line Items] | |||||
Operating lease commencement month and year | 2021-05 | ||||
Operating lease right-of-use-assets | 13,200,000 | ||||
Operating lease liability | $ 13,200,000 | ||||
Initial term of operating lease | 11 years | ||||
Existence of option to extend operating lease | true | ||||
Renewal term | 5 years | ||||
Annual minimum commitment | $ 1,700,000 | ||||
Fixed escalations percentage per annum | 2.50% | ||||
Number of options to extend Lease term | Option | 2 | ||||
Laboratory and Office Space | Redwood City, CA | |||||
Commitments And Contingencies [Line Items] | |||||
Initial term of operating lease | 10 years 6 months | ||||
Existence of option to extend operating lease | true | ||||
Renewal term | 5 years | ||||
Annual minimum commitment | $ 2,600,000 | ||||
Fixed escalations percentage per annum | 3.00% | ||||
Number of options to extend Lease term | Option | 2 | ||||
Security deposit | $ 1,000,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Lease Costs and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Lease Costs | ||
Operating lease costs | $ 478 | $ 648 |
Variable lease costs | 35 | 52 |
Total operating lease costs | 513 | 700 |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows used for operating leases | $ 261 | $ 466 |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Weighted-Average Remaining Lease Terms and Discount Rates (Details) | Jun. 30, 2021 |
Commitments And Contingencies Disclosure [Abstract] | |
Weighted-average remaining lease term | 10 years 4 months 24 days |
Weighted-average discount rate | 5.10% |
Commitments and Contingencies_4
Commitments and Contingencies - Schedule of Undiscounted Future Lease Payments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Commitments And Contingencies Disclosure [Abstract] | ||
2021 (remainder) | $ 579 | |
2022 | 1,125 | |
2023 | 1,644 | |
2024 | 1,684 | |
2025 | 1,724 | |
2026 and thereafter | 12,102 | |
Total future minimum lease payments | 18,858 | |
Less: imputed interest | (4,799) | |
Present value of operating lease liabilities | 14,059 | |
Less: current portion of lease liabilities | (882) | $ (693) |
Operating lease liabilities, long-term portion | $ 13,177 |
Convertible Preferred Stock a_3
Convertible Preferred Stock and Stockholders' Equity (Deficit) - Additional Information (Details) $ / shares in Units, $ in Millions | Feb. 17, 2021USD ($)shares | Feb. 28, 2021USD ($)$ / sharesshares | Mar. 31, 2021shares | Jun. 30, 2021$ / sharesshares | Dec. 31, 2020$ / sharesshares | Jun. 30, 2020shares | Mar. 31, 2020shares | Dec. 31, 2019shares |
Class Of Stock [Line Items] | ||||||||
Convertible preferred stock, shares authorized | 170,000,000 | |||||||
Convertible preferred stock, par value | $ / shares | $ 0.0001 | |||||||
Convertible preferred stock issued | 53,509,351 | |||||||
Convertible preferred stock outstanding | 53,509,351 | |||||||
Shares issued on conversion of convertible preferred shares | 29,863,674 | 37,419,080 | ||||||
Convertible preferred stock outstanding | 29,863,674 | |||||||
Common stock, shares authorized | 200,000,000 | 200,000,000 | 230,000,000 | |||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Common stock, voting rights | one vote per share | |||||||
Proceeds received from IPO | $ | $ 232.5 | |||||||
Common Stock | ||||||||
Class Of Stock [Line Items] | ||||||||
Shares issued on conversion of convertible preferred shares | 7,555,432 | |||||||
Common stock issued and sold | 15,870,000 | 15,870,000 | ||||||
Public offering price | $ / shares | $ 16 | |||||||
Proceeds received from IPO | $ | $ 232.5 | |||||||
Common Stock | IPO | ||||||||
Class Of Stock [Line Items] | ||||||||
Common stock issued and sold | 13,800,000 | |||||||
Common Stock | Underwriter's Option | ||||||||
Class Of Stock [Line Items] | ||||||||
Common stock issued and sold | 2,070,000 | 2,070,000 | ||||||
Series 1 Convertible Preferred Stock | ||||||||
Class Of Stock [Line Items] | ||||||||
Convertible preferred stock, shares authorized | 60,000,000 | 57,324,227 | ||||||
Convertible preferred stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | ||||||
Shares issued on conversion of convertible preferred shares | 29,863,674 | 29,863,674 | ||||||
Convertible preferred stock outstanding | 29,863,674 | 29,863,674 | 0 | |||||
Liquidation preference of convertible preferred stock | $ / shares | $ 0.0001 | |||||||
Series 1 Convertible Preferred Stock | Conversion Into Series2 Convertible Preferred Stock | ||||||||
Class Of Stock [Line Items] | ||||||||
Conversion ratio | 1 | |||||||
Series 1 Convertible Preferred Stock | Conversion Into Common Stock | ||||||||
Class Of Stock [Line Items] | ||||||||
Conversion ratio | 1 | |||||||
Series 2 Non-voting Convertible Preferred Stock | ||||||||
Class Of Stock [Line Items] | ||||||||
Convertible preferred stock, shares authorized | 60,000,000 | |||||||
Convertible preferred stock outstanding | 0 | |||||||
Liquidation preference of convertible preferred stock | $ / shares | $ 0.0001 | |||||||
Convertible Preferred Stock | ||||||||
Class Of Stock [Line Items] | ||||||||
Convertible preferred stock issued | 0 | 53,509,351 | ||||||
Convertible preferred stock outstanding | 0 | 53,509,351 | 36,914,762 | 37,871,430 | 37,871,430 | |||
Shares issued on conversion of convertible preferred shares | 10,804,295 | |||||||
Convertible preferred shares carrying value, converted | $ | $ 225.4 | |||||||
Convertible Preferred Stock | IPO | ||||||||
Class Of Stock [Line Items] | ||||||||
Shares issued on conversion of convertible preferred shares | 42,705,056 | |||||||
Series Two Non Voting Preferred Stock | ||||||||
Class Of Stock [Line Items] | ||||||||
Conversion ratio | 1 | |||||||
Notice period | 61 days | |||||||
Series Two Non Voting Preferred Stock | Maximum | ||||||||
Class Of Stock [Line Items] | ||||||||
Percentage of number of issued and outstanding shares of common stock beneficially owned by holder | 4.99% | |||||||
Increase in percentage of number of issued and outstanding shares of common stock beneficially owned by holder | 19.99% |
Convertible Preferred Stock a_4
Convertible Preferred Stock and Stockholders' Equity (Deficit) - Schedule of Convertible Preferred Stock (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 | Feb. 28, 2021 | Dec. 31, 2020 |
Class Of Stock [Line Items] | ||||
Preferred authorized | 170,000,000 | |||
Preferred shares issued | 29,863,674 | |||
Preferred shares outstanding | 29,863,674 | |||
Carrying Value | $ 225,383,000 | |||
Carrying Value | $ 290,945,000 | |||
Liquidation Preference | $ 3,000 | $ 475,617,000 | ||
Common shares issuable upon conversion | 29,863,674 | 37,419,080 | ||
Preferred authorized | 229,296,908 | |||
Preferred shares issued | 53,509,351 | |||
Preferred shares outstanding | 53,509,351 | |||
Series 1 Convertible Preferred Stock | ||||
Class Of Stock [Line Items] | ||||
Preferred authorized | 60,000,000 | 57,324,227 | ||
Preferred shares issued | 29,863,674 | 0 | ||
Preferred shares outstanding | 29,863,674 | 29,863,674 | 0 | |
Carrying Value | $ 225,383,000 | |||
Liquidation Preference | $ 3,000 | |||
Common shares issuable upon conversion | 29,863,674 | 29,863,674 | ||
Preferred authorized | 57,324,227 | |||
Series 2 Non-voting Convertible Preferred Stock | ||||
Class Of Stock [Line Items] | ||||
Preferred authorized | 60,000,000 | |||
Preferred shares outstanding | 0 | |||
Preferred authorized | 57,324,227 | |||
Undesignated | ||||
Class Of Stock [Line Items] | ||||
Preferred authorized | 50,000,000 | |||
Series C-1 Convertible Preferred Stock | ||||
Class Of Stock [Line Items] | ||||
Carrying Value | $ 39,756,000 | |||
Liquidation Preference | $ 105,041,000 | |||
Common shares issuable upon conversion | 9,373,556 | |||
Preferred authorized | 13,404,197 | |||
Preferred shares issued | 13,404,197 | |||
Preferred shares outstanding | 13,404,197 | |||
Series C-2 Convertible Preferred Stock | ||||
Class Of Stock [Line Items] | ||||
Preferred authorized | 13,404,197 | |||
Series D-1 Convertible Preferred Stock | ||||
Class Of Stock [Line Items] | ||||
Carrying Value | $ 3,561,000 | |||
Liquidation Preference | $ 5,631,000 | |||
Common shares issuable upon conversion | 1,005,013 | |||
Preferred authorized | 11,809,630 | |||
Preferred shares issued | 1,437,178 | |||
Preferred shares outstanding | 1,437,178 | |||
Series D-2 Convertible Preferred Stock | ||||
Class Of Stock [Line Items] | ||||
Carrying Value | $ 24,365,000 | |||
Liquidation Preference | $ 40,641,000 | |||
Common shares issuable upon conversion | 7,253,461 | |||
Preferred authorized | 11,809,630 | |||
Preferred shares issued | 10,372,452 | |||
Preferred shares outstanding | 10,372,452 | |||
Series E-1 Convertible Preferred Stock | ||||
Class Of Stock [Line Items] | ||||
Carrying Value | $ 16,943,000 | |||
Liquidation Preference | $ 24,319,000 | |||
Common shares issuable upon conversion | 1,601,316 | |||
Preferred authorized | 13,477,088 | |||
Preferred shares issued | 2,289,899 | |||
Preferred shares outstanding | 2,289,899 | |||
Series E-2 Convertible Preferred Stock | ||||
Class Of Stock [Line Items] | ||||
Carrying Value | $ 82,766,000 | |||
Liquidation Preference | $ 118,808,000 | |||
Common shares issuable upon conversion | 7,823,208 | |||
Preferred authorized | 13,477,088 | |||
Preferred shares issued | 11,187,189 | |||
Preferred shares outstanding | 11,187,189 | |||
Series F-1 Convertible Preferred Stock | ||||
Class Of Stock [Line Items] | ||||
Carrying Value | $ 38,496,000 | |||
Liquidation Preference | $ 59,420,000 | |||
Common shares issuable upon conversion | 3,398,514 | |||
Preferred authorized | 18,633,312 | |||
Preferred shares issued | 4,859,897 | |||
Preferred shares outstanding | 4,859,897 | |||
Series F-2 Convertible Preferred Stock | ||||
Class Of Stock [Line Items] | ||||
Carrying Value | $ 85,058,000 | |||
Liquidation Preference | $ 121,758,000 | |||
Common shares issuable upon conversion | 6,964,012 | |||
Preferred authorized | 18,633,312 | |||
Preferred shares issued | 9,958,539 | |||
Preferred shares outstanding | 9,958,539 |
Convertible Preferred Stock a_5
Convertible Preferred Stock and Stockholders' Equity (Deficit) - Schedule of Common Stock Reserved for Future Instances (Details) | Jun. 30, 2021shares |
Class Of Stock [Line Items] | |
Shares reserved | 43,254,578 |
2013 Equity Incentive Plan | |
Class Of Stock [Line Items] | |
Shares reserved | 7,233,974 |
2021 Equity Incentive Plan | |
Class Of Stock [Line Items] | |
Shares reserved | 4,966,770 |
2021 Employee Stock Purchase Plan | |
Class Of Stock [Line Items] | |
Shares reserved | 550,000 |
Options | 2013 Equity Incentive Plan | |
Class Of Stock [Line Items] | |
Shares reserved | 7,233,974 |
Options | 2021 Equity Incentive Plan | |
Class Of Stock [Line Items] | |
Shares reserved | 5,606,930 |
Options to Purchase Common Stock | 2021 Equity Incentive Plan | |
Class Of Stock [Line Items] | |
Shares reserved | 640,160 |
Series 1 Convertible Preferred Stock | |
Class Of Stock [Line Items] | |
Shares reserved | 29,863,674 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for options to purchase common stock | 43,254,578 | 43,254,578 | |||
Stock-based compensation expense | $ 1,791 | $ 407 | $ 3,563 | $ 1,088 | |
Unrecognized compensation expense related to stock options | 1,400 | 1,400 | |||
Options | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unrecognized stock-based compensation expense related to stock option | $ 20,400 | $ 20,400 | |||
Expected weighted-average period for recognition of compensation expense related | 2 years 10 months 24 days | ||||
Performance | Chief Executive Officer | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares issued | 241,958 | ||||
2013 Equity Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for options to purchase common stock | 7,233,974 | 7,233,974 | |||
Common stock remained available for future grants | 0 | 0 | |||
2013 Equity Incentive Plan | Options | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for options to purchase common stock | 7,233,974 | 7,233,974 | |||
2021 Equity Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for options to purchase common stock | 4,966,770 | 4,966,770 | |||
Common stock remained available for future grants | 4,966,770 | 4,966,770 | |||
2021 Equity Incentive Plan | Options | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for options to purchase common stock | 5,606,930 | 5,606,930 | |||
2021 Employee Stock Purchase Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for options to purchase common stock | 550,000 | 550,000 | |||
Purchase price of common stock, as a percentage of fair market value | 85.00% | ||||
Maximum percentage of gross compensation to be invested by employees through payroll deductions | 15.00% | 15.00% | |||
Maximum number of shares an employee may purchase | 4,750 | ||||
Number of shares issued | 0 | ||||
Stock-based compensation expense | $ 300 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of Units Outstanding, Beginning Balance | shares | 7,737,095 | |
Number of Units, Granted | shares | 640,160 | |
Number of Units, Exercised | shares | (138,687) | |
Number of Units, Forfeited/Expired | shares | (364,434) | |
Number of Units Outstanding, Ending Balance | shares | 7,874,134 | 7,737,095 |
Number of Units, Exercisable | shares | 1,413,820 | |
Number of Units, Nonvested | shares | 6,460,314 | |
Number of Units Outstanding, Weighted Average Strike Price per Unit, Beginning Balance | $ / shares | $ 4.22 | |
Number of Units, Granted, Weighted Average Strike Price per Unit | $ / shares | 13.90 | |
Number of Units, Exercised, Weighted Average Strike Price per Unit | $ / shares | 1.50 | |
Number of Units, Forfeited/Expired, Weighted Average Strike Price per Unit | $ / shares | 4.18 | |
Number of Units Outstanding, Weighted Average Strike Price per Unit, Ending Balance | $ / shares | 5.06 | $ 4.22 |
Number of Units, Exercisable, Weighted Average Strike Price per Unit | $ / shares | 1.89 | |
Number of Units, Nonvested, Weighted Average Strike Price per Unit | $ / shares | $ 5.75 | |
Number of Units Outstanding, Weighted Average Remaining Contractual Term (in years) | 8 years 10 months 24 days | 9 years 3 months 18 days |
Number of Units, Exercisable, Weighted Average Remaining Contractual Term (in years) | 8 years 1 month 6 days | |
Number of Units, Nonvested, Weighted Average Remaining Contractual Term (in years) | 9 years 1 month 6 days | |
Number of Units Outstanding, Aggregate Intrinsic Value | $ | $ 48,993 | $ 16,374 |
Number of Units, Exercisable, Aggregate Intrinsic Value | $ | 12,949 | |
Number of Units, Nonvested, Aggregate Intrinsic Value | $ | $ 36,044 |
Stock-Based Compensation - Comp
Stock-Based Compensation - Components of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 1,791 | $ 407 | $ 3,563 | $ 1,088 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 558 | 163 | 1,181 | 462 |
Selling, General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 1,233 | $ 244 | $ 2,382 | $ 626 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Majority Shareholder, Baker Bros. Advisors LP and Two Members of Board of Director | ||
Related Party Transaction [Line Items] | ||
Proceeds from related parties in initial public offering | $ 106.2 | |
Maximum | Research And Development Consulting Services | ||
Related Party Transaction [Line Items] | ||
Payments to related party for services received | $ 0.1 | $ 0.1 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||||||
Net loss | $ (64,472) | $ (60,492) | $ (10,046) | $ (7,374) | $ (124,964) | $ (17,420) |
Denominator: | ||||||
Weighted average shares used in the calculation of net loss per share, basic and diluted | 25,648,151 | 2,116,623 | 19,414,066 | 2,116,437 | ||
Net loss per share, basic and diluted | $ (2.51) | $ (4.75) | $ (6.44) | $ (8.23) |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Potentially Dilutive Securities Not Included in Diluted Per Share Calculations (Details) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the computation of diluted net loss per share | 37,815,535 | 42,336,566 |
Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the computation of diluted net loss per share | 36,914,762 | |
Series 1 Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the computation of diluted net loss per share | 29,863,674 | |
Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the computation of diluted net loss per share | 7,874,134 | 5,421,804 |
Shares Estimated to be Purchased Under 2021 ESPP | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the computation of diluted net loss per share | 77,727 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended |
Jul. 31, 2021 | Jun. 30, 2021 | |
Subsequent Event [Line Items] | ||
Line of credit facility | $ 33 | |
RADx Initiative | ||
Subsequent Event [Line Items] | ||
Potential milestone payments | 7.9 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Payment to contract manufacturing organization | $ 29.6 | |
Subsequent Event | RADx Initiative | ||
Subsequent Event [Line Items] | ||
Potential milestone payments | 4 | |
Remaining available under the RADx contract | 4 | |
Accrued Liabilities | ||
Subsequent Event [Line Items] | ||
Payment to contract manufacturing organization | $ 29.6 | |
Letter of Credit | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Payment to contract manufacturing organization | 29.6 | |
Release of cash collateral for line of credit facility | $ 34.7 |