Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 09, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | AMLX | |
Entity Registrant Name | Amylyx Pharmaceuticals, Inc. | |
Entity Central Index Key | 0001658551 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-41199 | |
Entity Tax Identification Number | 46-4600503 | |
Entity Address, Address Line One | 43 Thorndike St. | |
Entity Address, City or Town | Cambridge | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02141 | |
City Area Code | 617 | |
Local Phone Number | 682-0917 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 58,533,226 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 110,403 | $ 50,191 |
Short-term investments | 144,802 | 45,927 |
Prepaid expenses and other current assets | 10,283 | 5,392 |
Deferred offering costs | 3,441 | |
Total current assets | 265,488 | 104,951 |
Property and equipment, net | 1,290 | 474 |
Restricted cash | 419 | 189 |
Operating lease right-of-use assets | 6,785 | |
Other assets | 456 | |
Total assets | 274,438 | 105,614 |
Current liabilities: | ||
Accounts payable | 10,045 | 4,372 |
Accrued expenses and other current liabilities | 16,256 | 13,024 |
Operating lease liabilities, current portion | 1,405 | |
Total current liabilities | 27,706 | 17,396 |
Operating lease liabilities, net of current portion | 5,786 | |
Deferred rent | 35 | |
Total liabilities | 33,492 | 17,431 |
Commitments and contingencies (Note 13) | ||
Redeemable convertible preferred stock | 239,351 | |
Stockholders’ equity (deficit): | ||
Preferred stock, $0.0001 par value; 10,000,000 and 0 shares authorized as of March 31, 2022 and December 31, 2021, respectively; 0 shares issued or outstanding as of March 31, 2022 and December 31, 2021 | ||
Common stock, $0.0001 par value; 300,000,000 authorized and 57,864,186 issued and outstanding as of March 31, 2022; 35,000,000 shares authorized and 7,020,487 shares issued and outstanding as of December 31, 2021 | 6 | 1 |
Additional paid-in capital | 444,784 | 4,667 |
Accumulated deficit | (203,693) | (155,845) |
Accumulated other comprehensive (loss) income | (151) | 9 |
Total stockholders’ equity (deficit) | 240,946 | (151,168) |
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | $ 274,438 | 105,614 |
Series A Redeemable Convertible Preferred Share | ||
Current liabilities: | ||
Redeemable convertible preferred stock | 7,675 | |
Series B Redeemable Convertible Preferred Shares | ||
Current liabilities: | ||
Redeemable convertible preferred stock | 64,387 | |
Series C-1 Redeemable Convertible Preferred Shares | ||
Current liabilities: | ||
Redeemable convertible preferred stock | 134,791 | |
Series C-2 Redeemable Convertible Preferred Shares | ||
Current liabilities: | ||
Redeemable convertible preferred stock | $ 32,498 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Temporary equity, shares authorized | 37,710,624 | |
Temporary equity, shares issued | 37,107,459 | |
Temporary equity, shares outstanding | 0 | 37,107,459 |
Preferred stock par value | $ 0.0001 | $ 0.0001 |
Preferred stock shares authorized | 10,000,000 | 0 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Common stock, stated par value per share | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 300,000,000 | 56,500,000 |
Common stock, shares, issued | 57,864,186 | 7,020,487 |
Common stock, shares, outstanding | 57,864,186 | 7,020,487 |
Series A Redeemable Convertible Preferred Share | ||
Temporary equity, par value | $ 0.0001 | $ 0.0001 |
Temporary equity, shares authorized | 0 | 6,289,609 |
Temporary equity, shares issued | 0 | 6,289,609 |
Temporary equity, shares outstanding | 0 | 6,289,609 |
Series B Redeemable Convertible Preferred Shares | ||
Temporary equity, par value | $ 0.0001 | $ 0.0001 |
Temporary equity, shares authorized | 0 | 15,100,000 |
Temporary equity, shares issued | 0 | 14,496,835 |
Temporary equity, shares outstanding | 0 | 14,496,835 |
Series C-1 Redeemable Convertible Preferred Shares | ||
Temporary equity, par value | $ 0.0001 | $ 0.0001 |
Temporary equity, shares authorized | 0 | 13,150,430 |
Temporary equity, shares issued | 0 | 13,150,430 |
Temporary equity, shares outstanding | 0 | 13,150,430 |
Series C-2 Redeemable Convertible Preferred Shares | ||
Temporary equity, par value | $ 0.0001 | $ 0.0001 |
Temporary equity, shares authorized | 0 | 3,170,585 |
Temporary equity, shares issued | 0 | 3,170,585 |
Temporary equity, shares outstanding | 0 | 3,170,585 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating expenses: | ||
Research and development | $ 21,464 | $ 6,864 |
General and administrative | 26,350 | 6,004 |
Total operating expenses | 47,814 | 12,868 |
Loss from operations | (47,814) | (12,868) |
Other income (expense), net: | ||
Interest income | 131 | 2 |
Change in fair value of convertible notes | (1,918) | |
Other (expense) income, net | (19) | 261 |
Total other income (expense), net | 112 | (1,655) |
Loss before income taxes | (47,702) | (14,523) |
Provision for income taxes | 146 | |
Net loss | $ (47,848) | $ (14,523) |
Net loss per share attributable to common stockholders —basic and diluted | $ (0.93) | $ (2.33) |
Weighted-average shares used in computing net loss per share attributable to common stockholders—basic and diluted | 51,604,310 | 6,234,637 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (47,848) | $ (14,523) |
Other comprehensive loss: | ||
Foreign currency translation adjustment | (68) | |
Net unrealized loss on investments held | (92) | |
Other comprehensive loss | (160) | |
Comprehensive loss | $ (48,008) | $ (14,523) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Series A Redeemable Convertible Preferred Share | Series B Redeemable Convertible Preferred Shares | Series C-1 Redeemable Convertible Preferred Shares | Series C-2 Redeemable Convertible Preferred Shares | Preferred StockSeries A Redeemable Convertible Preferred Share | Preferred StockSeries B Redeemable Convertible Preferred Shares | Preferred StockSeries C-1 Redeemable Convertible Preferred Shares | Preferred StockSeries C-2 Redeemable Convertible Preferred Shares | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Beginning Balance at Dec. 31, 2020 | $ (66,725) | $ 1 | $ 1,188 | $ (67,914) | |||||||||
Beginning Balance, Shares at Dec. 31, 2020 | 6,289,609 | 14,496,835 | |||||||||||
Beginning Balance at Dec. 31, 2020 | $ 7,675 | $ 64,387 | |||||||||||
Beginning Balance, Shares at Dec. 31, 2020 | 6,137,206 | ||||||||||||
Issuance of common stock upon exercise of stock options | 31 | 31 | |||||||||||
Issuance of common stock upon exercise of stock options, Shares | 290,032 | ||||||||||||
Stock-based compensation expense | 586 | 586 | |||||||||||
Net loss | (14,523) | (14,523) | |||||||||||
Ending Balance at Mar. 31, 2021 | (80,631) | $ 1 | 1,805 | (82,437) | |||||||||
Ending Balance, Shares at Mar. 31, 2021 | 6,289,609 | 14,496,835 | |||||||||||
Ending Balance at Mar. 31, 2021 | $ 7,675 | $ 64,387 | |||||||||||
Ending Balance, Shares at Mar. 31, 2021 | 6,427,238 | ||||||||||||
Beginning Balance at Dec. 31, 2021 | $ (151,168) | $ 1 | 4,667 | $ 9 | (155,845) | ||||||||
Beginning Balance, Shares at Dec. 31, 2021 | 37,107,459 | 6,289,609 | 14,496,835 | 13,150,430 | 3,170,585 | 6,289,609 | 14,496,835 | 13,150,430 | 3,170,585 | ||||
Beginning Balance at Dec. 31, 2021 | $ 239,351 | $ 7,675 | $ 64,387 | $ 134,791 | $ 32,498 | $ 7,675 | $ 64,387 | $ 134,791 | $ 32,498 | ||||
Beginning Balance, Shares at Dec. 31, 2021 | 7,020,487 | 7,020,487 | |||||||||||
Conversion of preferred stock into common stock upon initial public offering | $ 239,351 | $ 4 | 239,347 | ||||||||||
Conversion of preferred stock into common stock upon initial public offering, Shares | 39,474,330 | ||||||||||||
Conversion of preferred stock into common stock upon initial public offering, Shares | (6,289,609) | (14,496,835) | (13,150,430) | (3,170,585) | |||||||||
Conversion of preferred stock into common stock upon initial public offering | $ (7,675) | $ (64,387) | $ (134,791) | $ (32,498) | |||||||||
Issuance of common stock upon initial public offering, net of issuance costs | 196,379 | $ 1 | 196,378 | ||||||||||
Issuance of common stock upon initial public offering, net of issuance costs, Shares | 11,369,369 | ||||||||||||
Stock-based compensation expense | 4,392 | 4,392 | |||||||||||
Other comprehensive loss | (160) | (160) | |||||||||||
Net loss | (47,848) | (47,848) | |||||||||||
Ending Balance at Mar. 31, 2022 | $ 240,946 | $ 6 | $ 444,784 | $ (151) | $ (203,693) | ||||||||
Ending Balance, Shares at Mar. 31, 2022 | 0 | 0 | 0 | 0 | 0 | ||||||||
Ending Balance, Shares at Mar. 31, 2022 | 57,864,186 | 57,864,186 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Common Stock | Initial Public Offering | |
Issuance costs | $ 19,639 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows used in operating activities: | ||
Net loss | $ (47,848) | $ (14,523) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 4,392 | 586 |
Depreciation expense | 35 | 10 |
Net amortization of premiums and discounts on investments | 2 | |
Change in fair value of convertible notes | 1,918 | |
Changes in operating assets and liabilities: | ||
Interest receivable | (1) | (2) |
Prepaid expenses and other current assets | (4,890) | (244) |
Operating lease right-of-use assets | 374 | |
Other assets | (456) | 102 |
Accounts payable | 5,020 | 177 |
Accrued expenses and deferred rent | 2,741 | (667) |
Operating lease liabilities | (3) | |
Net cash used in operating activities | (40,634) | (12,643) |
Cash flows used in investing activities: | ||
Purchases of property and equipment | (342) | (14) |
Purchases of investments | (123,880) | |
Proceeds from maturities of short-term investments | 24,911 | |
Net cash used in investing activities | (99,311) | (14) |
Cash flows from financing activities: | ||
Forgiveness of PPP loan | (263) | |
Proceeds from initial public offering | 200,897 | |
Initial public offering cost paid during the quarter | (442) | |
Proceeds from issuance of convertible notes—related parties | 14,272 | |
Proceeds from issuance of convertible notes | 11,887 | |
Proceeds from exercise of stock options | 31 | |
Net cash provided by financing activities | 200,455 | 25,927 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (68) | |
Net increase in cash, cash equivalents and restricted cash | 60,442 | 13,270 |
Cash, cash equivalents and restricted cash, beginning of period | 50,380 | 13,066 |
Cash, cash equivalents and restricted cash, end of period | 110,822 | 26,336 |
Supplemental disclosure of cash flow information: | ||
Unrealized loss on short-term investments | 92 | |
Purchases of property and equipment included in accounts payable | 509 | |
Right-of-use assets and liabilities upon ASC842 adoption | 2,201 | |
Right-of-use assets obtained in exchange for lease liabilities | 4,958 | |
Movement of deferred offering costs to equity | 2,474 | |
Initial public offering costs included in accounts payable and accrued expenses | 1,602 | $ 388 |
Conversion of preferred stock to common stock upon initial public offering | $ 239,351 |
Nature of the Business
Nature of the Business | 3 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of the Business | 1. Nature of the Business Amylyx Pharmaceuticals, Inc., together with its wholly owned subsidiaries (“Amylyx” or the “Company”) was incorporated under the laws of the State of Delaware on January 10, 2014 and headquartered in Cambridge, Massachusetts. The Company is a clinical stage biotechnology company with a goal to improve the quality and length of life of patients suffering from neurodegenerative disease. The Company is pursuing commercialization of its asset, AMX0035, which it believes is the first drug candidate to show both a functional and survival benefit in a large-scale clinical trial of patients with amyotrophic lateral sclerosis, or ALS. The Company believes AMX0035 has the potential to be a foundational therapy, meaning that it could be used alone or in conjunction with other therapies to change the treatment paradigm across a broad range of neurodegenerative diseases. The Company has designed AMX0035 to target two key pathways of neuron death, specifically endoplasmic reticulum, or ER, stress and mitochondrial dysfunction. The Company is focused on the development of and potential commercialization of AMX0035 for ALS globally. In addition, the Company is developing AMX0035 for other neurodegenerative diseases by leveraging its unique knowledge and relationships in the neurodegenerative space. In January 2022, the Company completed an initial public offering (the “IPO”), in which the Company issued and sold 11,369,369 shares of its common stock at a price of $ 19.00 per share. After deducting underwriting discounts and commissions and estimated offering expenses, the Company received net proceeds of approximately $ 196.4 million. Upon the completion of the initial public offering, all of the Company’s outstanding shares of preferred stock were converted into shares of its common stock. Risks and Uncertainties The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, the outcome of clinical trials, potential difficulties with or delays in timing with respect to the regulatory approval processes of the U.S. Food and Drug Administration (“FDA”), Health Canada, the European Medicines Agency and other comparable foreign authorities, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, ability to secure additional capital to fund operations, and risks associated with the ongoing COVID-19 global pandemic, including potential delays associated with the Company’s ongoing and anticipated trials. The COVID-19 pandemic may have an adverse impact on the Company’s operations, supply chains and distribution systems or those of its contractors, and increase expenses, including as a result of impacts associated with preventive and precautionary measures that are being taken, such as restrictions on travel and border crossings. The Company and its contractors may experience disruptions in supply of items that are essential for its research and development activities, including, for example, raw materials and bulk drug substances that the Company imports from Europe and Canada used in the manufacturing of AMX0035, and any future product candidates. In addition, the continued spread of COVID-19 has disrupted global healthcare and healthcare regulatory systems which could divert healthcare resources away from, or materially delay, U.S. Food and Drug Administration (“FDA”) approval and approval by other health authorities worldwide with respect to AMX0035 and any future product candidates. Furthermore, the Company’s clinical trials may be negatively affected by the ongoing COVID-19 outbreak. Site initiation, patient enrollment and patient follow-up visits may be delayed, for example, due to prioritization of hospital resources toward the COVID-19 outbreak, travel restrictions, the inability to access sites for initiation and monitoring, and difficulties recruiting or retaining patients in the Company’s ongoing and planned clinical trials. There can be no assurance that the Company will be able to successfully complete the development of, or receive regulatory approval for, any products developed, and if approved, that any products will be commercially viable. Any products resulting from the Company’s current research and development efforts will require significant additional research and development, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts will require significant amounts of additional capital, adequate personnel, infrastructure, and extensive compliance reporting capabilities. The Company has not generated any revenues from the sale of any products to date. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. Going Concern In accordance with Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40) , the Company has evaluated whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the unaudited consolidated financial statements are issued. Since its inception, the Company has devoted substantially all of its efforts to research and development activities, including recruiting management and technical staff, raising capital, producing materials for non-clinical and clinical studies, and building infrastructure to support such activities. Expenses have primarily been for research and development and related general and administrative costs. The Company has generated revenues through five grants from ALS Association, ALS Finding a Cure Foundation, Cure Alzheimer’s Fund, Alzheimer’s Drug Discovery Foundation and Alzheimer’s Association (collectively, the “Grantors”). In addition to money received from its grants, the Company has also financed its operations through the issuance of redeemable convertible preferred stock and convertible notes (see Notes 8 and 7, respectively). In addition, the Company has financed its operation pursuant to the loan under the Paycheck Protection Program, or the PPP, of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act (the “PPP Loan”) as administered by the SBA (See Note 7). In January 2022, the Company completed the initial public offering of its common stock. The accompanying condensed consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has incurred recurring losses and negative cash flows from operations since inception. As of March 31, 2022, the Company had an accumulated deficit of $ 203.7 million . The Company expects its operating losses and negative operating cash flows to continue into the foreseeable future as it continues to build capabilities and develop AMX0035, and any future product candidates. The Company expects that its cash, cash equivalents and short-term investments as of March 31, 2022 will enable the Company to fund its ongoing operating expenses and capital expenditure requirements for at least the twelve-month period following the issuance of these condensed consolidated financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2021 and the notes thereto, which are included in the Company’s most recent Annual Report on Form 10-K. Since the date of those consolidated financial statements, there have been no material changes to its significant accounting policies, with the exception of significant accounting policies related to the adoption of FASB ASC Topic 842, Leases , effective January 1, 2022, as described below. Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements are unaudited and have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and ASU of the Financial Accounting Standards Board (“FASB”). Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of expenses during the reporting period. Actual results could differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies in developing the estimates and assumptions that are used in the preparation of the financial statements. Management must apply significant judgment in this process. Management’s estimation process often may yield a range of potentially reasonable estimates and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: determining the fair value of the Company’s common stock prior to the Company’s initial public offering in January 2022; determining the fair value of convertible notes; accrued expenses; stock option valuations; valuation allowance for deferred tax assets and research and development expenses. Recently Adopted Accounting Pronouncements Effective January 1, 2022, the Company adopted the requirements under the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) 842, Leases (“ASC 842”) using the cumulative effect adjustment transition option. Comparative periods have not been restated. This standard requires entities that lease assets to recognize the assets and liabilities for the rights and obligations created by those leases on the balance sheet. The Company elected the available package of practical expedients which allows it to not reassess previous accounting conclusions around whether arrangements are or contain leases, the classification of its leases, and the treatment of initial direct costs. The Company has made an accounting policy election to keep leases with an initial term of 12 months or less off of the balance sheet. ASC 842 was issued in order to increase transparency and comparability of financial reporting related to leasing arrangements. The main difference between previous U.S. GAAP (“ASC 840”) and ASC 842 is the recognition of right-of-use lease assets and lease liabilities by lessees for those leases that were classified as operating leases under ASC 840. At January 1, 2022, the Company recorded right-of-use assets of $ 2.2 million and operating lease liabilities of $ 2.2 million. Adoption of the standard did not have a material impact on the consolidated statements of operations. For additional information regarding how the Company is accounting for leases under ASC 842, refer to Note 5, Leases. New Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The provisions of ASU 2016-13 modify the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology and require a consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. ASU 2016-13 requires a cumulative effect adjustment to the consolidated balance sheet as of the beginning of the first reporting period in which the guidance is effective. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates , which defers the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for all entities except Securities and Exchange Commission filers that are not smaller reporting companies. ASU 2016-13 will be effective for the Company beginning January 1, 2023. The Company intends to adopt the ASU when it becomes effective. The Company is currently evaluating the impact of this ASU and does not expect that adoption of this standard will have a material impact on its condensed consolidated financial statements and related disclosures. |
Short-Term Investments
Short-Term Investments | 3 Months Ended |
Mar. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Short-Term Investments | 3. SHORT-TERM INVESTMENTS Short-term investments, which are classified as available-for-sale, consisted of the following: Balance at March 31, 2022: Amortized Unrealized Fair (in thousands) Treasury notes $ 12,054 $ ( 15 ) $ 12,039 Treasury bills 47,923 ( 21 ) 47,902 Commercial paper 63,725 ( 1 ) 63,724 Corporate debt securities 21,196 ( 59 ) 21,137 Total short-term investments $ 144,898 $ ( 96 ) $ 144,802 Balance at December 31, 2021: Amortized Unrealized Fair (in thousands) Commercial paper $ 33,979 $ ( 1 ) $ 33,978 Corporate debt securities 11,953 ( 4 ) 11,949 Total short-term investments $ 45,932 $ ( 5 ) $ 45,927 As of March 31, 2022 and December 31, 2021 , all investments had contractual maturities within one year . |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4 . FAIR VALUE MEASUREMENTS The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values: March 31, 2022 Level 1 Level 2 Level 3 Total (in thousands) Assets: Money market funds $ 89,694 $ — $ — $ 89,694 Short-term investments: Treasury notes 12,039 — — 12,039 Treasury bills 47,902 — — 47,902 Commercial paper — 63,724 — 63,724 Corporate debt securities — 21,137 — 21,137 Restricted cash 419 — — 419 Total financial assets $ 150,054 $ 84,861 $ — $ 234,915 December 31, 2021 Level 1 Level 2 Level 3 Total (in thousands) Assets: Money market funds $ 49,271 $ — $ — $ 49,271 Short-term investments: Commercial paper — 33,978 — 33,978 Corporate debt securities — 11,949 — 11,949 Restricted cash 189 — — 189 Total financial assets $ 49,460 $ 45,927 $ — $ 95,387 The Company classifies its money market funds, treasury bills and treasury notes as Level 1 assets under the fair value hierarchy, as these assets have been valued using quoted market prices in active markets without any valuation adjustment. The Company classifies its commercial paper and corporate debt securities as Level 2 assets under the fair value hierarchy, as these assets have been valued using information obtained through a third-party pricing service at each balance sheet date, using observable market inputs that may include trade information, broker or dealer quotes, bids, offers, or a combination of these data sources. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | 5. Leases The Company adopted ASC 842 on January 1, 2022. ASC 842 allows the Company to elect a package of practical expedients, which include: (i) an entity need not reassess whether any expired or existing contracts are or contain leases; (ii) an entity need not reassess the lease classification for any expired or existing leases; and (iii) an entity need not reassess any initial direct costs for any existing leases. Another practical expedient allows the Company to use hindsight in determining the lease term when considering lessee options to extend or terminate the lease and to purchase the underlying asset. The Company has elected to utilize this package of practical expedients and has not elected the hindsight methodology in its implementation of ASC 842. The Company leases its office facilities under non-cancelable operating leases that expire at various dates through October 2026. The Company entered into a new office space lease at 121 First Street in Cambridge, Massachusetts on January 10, 2022, for 36 months , with an option to extend the lease for 3 years . The Company initially recognized a ROU asset of $ 5.0 million and a lease liability of $ 5.0 million upon commencement. Components of lease expense required by ASC 842 are presented below for the three months ended March 31, 2022. Three Months Ended March 31, 2022 (in thousands) Lease cost Operating lease cost $ 504 Total lease cost $ 504 Lease liabilities are measured by calculating the present value of remaining lease payments under the lease arrangement. Since the rates implicit in our leases are not readily determinable, we use estimated incremental borrowing rates in determining the discount rate used to calculate the present value of remaining lease payments. The incremental borrowing rate is the rate of interest that we would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments over a similar term equal to the lease term in a similar economic environment. The incremental borrowing rate is based on the information available at commencement date. As we have no recent external borrowings, the incremental borrowing is a hypothetical rate based on our understanding of what our credit rating would be and adjusted to reflect a collateralized borrowing. The Company’s leases contain renewal options that can extend the lease for additional years. Because the Company is not reasonably certain to exercise these renewal options, they are not considered in determining the lease terms, and associated potential additional payments are excluded from lease payments. The Company has elected to account for each lease component and its associated non-lease components as a single lease component and has allocated all of the contract consideration across lease components only. The Company has existing net leases in which the non-lease components (e.g. common area maintenance) are paid separately from rent based on actual costs incurred and therefore are not included in the operating lease right-of-use assets and lease liabilities and are reflected as an expense in the period incurred. The following table summarizes the presentation in the Company’s consolidated balance sheet of its operating leases (in thousands): As of Assets Operating lease right-of-use assets $ 6,785 Liabilities Operating lease right-of-use liabilities, current $ 1,405 Operating lease right-of-use liabilities, net of current portion 5,786 Total operating lease liabilities $ 7,191 During the three months ended March 31, 2022, the Company made cash payments of $ 0.1 million for operating leases. Future minimum lease payments under non-cancelable leases as of March 31, 2022, were as detailed below (in thousands): As of 2022 (remaining 9 months) $ 1,284 2023 2,417 2024 2,478 2025 1,586 2026 476 Total undiscounted lease payments 8,241 Less: imputed interest ( 1,050 ) Total operating lease liabilities $ 7,191 As of March 31, 2022, the weighted average remaining lease term was 3.7 years and the weighted average incremental borrowing rate used to determine the operating lease right-of-use assets was 7.3 % . ASC 840 Disclosures Future minimum lease payments under non-cancelable leases as of December 31, 2021, were as detailed below (in thousands): As of 2022 $ 532 2023 541 2024 555 2025 563 2026 476 Total operating lease liabilities $ 2,667 |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2022 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 6. Accrued Expenses Accrued expenses consisted of the following: March 31, December 31, (in thousands) External research and development $ 5,905 $ 5,666 Payroll and employee related expenses 3,581 4,280 Accrued consulting and other professional fees 6,331 2,820 Other accrued expenses 439 258 Total accrued expenses $ 16,256 $ 13,024 |
Convertible Notes
Convertible Notes | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Convertible Notes | 7. CONVERTIBLE NOTES Issuance of the 2021 Notes (the “2021 Notes”) In January 2021, the Company issued, in aggregate, $ 27.3 million in convertible notes (“2021 Notes”) to certain investors, including related parties, of which proceeds of $ 1.2 million were received in advance of issuance of the 2021 Notes in December 2020 and the remaining proceeds of $ 26.1 million were received in January and February 2021. The 2021 Notes were to mature on June 30, 2022 and carried both automatic and optional conversion features. The 2021 Notes were secured and carried an interest rate of 3 %. The Company recorded the $1.2 million of proceeds received in December 2020 as proceeds received in advance of issuance of 2021 Notes in the consolidated balance sheet as of December 31, 2020, as the subscription agreement and commitment to issue the 2021 Notes was not effective until January 2021. The 2021 Notes contained the following features: Automatic Conversion Features —The 2021 Notes were to automatically convert into conversion shares (“Conversion Shares”) upon (i) an initial public offering, (ii) any transaction in which the Company merges with, consolidates with or enters into other similar transaction with a Special Purpose acquisition Corp (“SPAC”), resulting in some or all of its shares being registered for sale under applicable securities laws and listed for trading on a national or foreign exchange (“De-SPAC transaction”), (iii) the acquisition of the Company by another person or entity by means of any transaction in which holders of the outstanding voting securities of the Company immediately before such transaction held less than 50 % of the voting securities of the Company or the surviving corporation after such transaction or a sale of all or substantially all of the assets of the Company but excluding De-SPAC transaction, initial public offering, and the occurrence of equity financing in which the Company sold shares of its preferred stock for new money and which was neither an initial public offering or a Qualified Financing (“Change of Control”) and (iv) the closing of a sale of an equity transaction in which the Company sold shares with an aggregate gross proceeds of at least $ 10.0 million (“Qualified Financing”). In the event of a Change of Control, De-SPAC transaction, or an initial public offering, the Conversion Shares would be common stock of the Company. In the event of a Qualified Financing, the Conversion Shares would be shares of preferred stock issued in such transaction. Optional Conversion Feature —The holders of the 2021 Notes had the option to elect to convert their notes into Conversion Shares at the Conversion Price upon the occurrence of an equity financing in which the Company sold shares of its preferred stock for new money and which was neither an initial public offering or a Qualified Financing (“Non-Qualified Financing” and together with the initial public offering, De-SPAC transaction, Change of Control, and the Qualified Financing, collectively, the “Conversion Events”). In the event of a Non-Qualified Financing, the Conversion Shares would be the class of equity shares issued in such transaction. The 2021 Notes would be deemed to have converted into the Conversion Shares if no election was made by the holders of the 2021 Notes. Conversion Price —Upon the occurrence of an initial public offering, the 2021 Notes would convert into shares of common stock at the conversion price equal to the lesser of (i) 85 % of the price at which the Company offered each share of common stock in the initial public offering without deducting any amount for discounts, commissions, fees, or other costs and (ii) $ 600.0 million divided by the fully diluted capital. Upon the occurrence of a De-SPAC transaction, the 2021 Notes would convert into shares of common stock at the conversion price equal to the lesser of (i) 85 % of the common stock price in the De-SPAC transaction, which would be determined by dividing (x) the total consideration to be paid to common stockholders upon a De-SPAC transaction less the principal amount of the 2021 Notes including accrued and unpaid interest by (y) the common stock issued and outstanding immediately prior to the De-SPAC transaction and that would be exchanged as a result of the De-SPAC transaction including common stock that would be issued upon the exercise of stock options immediately before the Change of Control transaction but excluding the common stock issuable upon conversion of the 2021 Notes and (ii) $ 600.0 million divided by the fully diluted capital. Upon the occurrence of a Change of Control, the 2021 Notes would convert into shares of common stock at the conversion price equal to the lesser of (i) 85 % of the common stock price in the Change of Control, which would be determined by dividing (x) the total consideration to be paid to common stockholders upon a Change of Control less the principal amount of the 2021 Notes including accrued and unpaid interest by (y) the common stock issued and outstanding immediately prior to the Change of Control and that would be exchanged upon a Change of Control including common stock that would be issued upon the exercise of stock options before the Change of Control but excluding the common stock issuable upon conversion of the 2021 Notes and (ii) $ 600.0 million divided by the fully diluted capital. Upon a Qualified Financing, the 2021 Notes would convert into shares of preferred stock issued in the Non-Qualified Financing at the conversion price equal to the lesser of (i) 85 % of the lowest price at which the Company sold shares of its stock in the Qualified Financing and (ii) $ 600.0 million divided by the fully diluted capital. Repayment —Each holder of the 2021 Notes had the option to elect to receive a payment in the amount equal to the principal amount plus accrued and unpaid interests upon a Change of Control. If a Change of Control occurred and no election was made by the holder, the principal amount and accrued and unpaid interest would be deemed to have automatically be converted into shares of the Company’s common stock of the Company immediately prior to the close of the Change of Control. The Company qualified for and elected to account for the 2021 Notes under the fair value option and, in doing so, bypassed the analysis of potential embedded derivative features. The Company believes that the fair value option better reflects the underlying economics of the 2021 Notes. As a result, the 2021 Notes were recorded at fair value upon issuance, which was determined to be equal to principal amounts of these notes of $ 27.3 million. At each financial reporting period, and immediately prior to conversion, the Company remeasured the fair value of the 2021 Notes. The change in fair value of the 2021 Notes from inception to March 31, 2021 totaled $ 1.9 million , which is recorded as change in fair value of convertible notes in the consolidated statement of operations for the three months ended March 31, 2021. Conversion of the 2021 Notes In July 2021, the Company consummated a financing transaction in which it issued shares of Series C-1 redeemable convertible preferred stock. The consummation of this financing transaction resulted in the automatic conversion of the 2021 Notes into shares of Series C-2 redeemable convertible preferred stock (together with the Series C-1 redeemable convertible preferred stock, the “Series C Preferred Stock”) pursuant to their original terms. The Series C Preferred Stock was determined to have a fair value of $ 10.265809 . Under the fair value option, the 2021 Notes were remeasured to fair value immediately prior to conversion at a price per share equal to the fair value of the Series C-1 redeemable convertible preferred stock. The Company recorded $ 5.2 million loss related to change in fair value of the 2021 Notes in its consolidated statement of operations for the year ended December 31, 2021. The 2021 Notes converted into 3,170,585 shares of Series C-2 redeemable convertible preferred stock at the effective conversion price of $ 8.725938 . There were no convertible notes outstanding as of March 31, 2022 or December 31, 2021. Convertible Notes—Related Parties There were no convertible notes issued to related parties that were outstanding as of March 31, 2022 or December 31, 2021 . In connection with the issuance of the 2021 Notes, the Company issued, in aggregate, $ 14.3 million of convertible notes to certain related parties. These notes were issued under the same terms and conditions as the 2021 Notes. Valuation of the 2021 Notes At the issuance date of the 2021 Notes, the Company determined that the fair value of the 2021 Notes approximated the principal amounts of the 2021 Notes as the transaction was deemed to be at arm’s length. Subsequent measurement of fair value of the 2021 Notes at each reporting period was estimated based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The Company used a scenario-based analysis to incorporate estimates and assumptions concerning the Company’s prospects and market indications into a model to estimate the value of the 2021 Notes. The most significant estimates and assumptions used as inputs were those concerning timing, probability of possible scenarios for conversion or settlement of the 2021 Notes and discount rates. The fair value of the 2021 Notes upon settlement in July 2021 was determined based on the fair value of the Series C-1 redeemable convertible preferred stock issued. This method was selected as the Company concluded that the contemporaneous financing transaction was an arm’s length transaction. The issuance of the Series C-1 redeemable convertible preferred stock was considered to be a Qualified Financing (see Note 8) pursuant to the original terms of the 2021 Notes. Accordingly, the fair value calculation for the 2021 Notes immediately before conversion considered both the fair value of the Series C-1 redeemable convertible preferred stock and the conversion price, which was 85 % of the fair value of the Series C-1 redeemable convertible preferred stock. The fair value of the 2021 Notes as of June 30, 2021 was determined to be the same as that on the settlement date in July 2021 based on management’s determination of no material changes to the assumptions underlying the determination of the fair value of the 2021 Notes. |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock | 3 Months Ended |
Mar. 31, 2022 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Convertible Preferred Stock | 8. Redeemable Convertible Preferred Stock On July 1, 2021, the Company amended its certificate of incorporation in which it authorized 13,150,430 shares of Series C-1 redeemable convertible preferred stock and 3,170,585 shares of Series C-2 redeemable convertible preferred stock. In July 2021, the Company consummated a financing transaction in which it issued 13,150,430 shares of Series C-1 redeemable convertible preferred stock. In connection with the issuance of these shares, the principal including accrued interest of the 2021 Notes totaling $ 27.7 million automatically converted into 3,170,585 shares of Series C-2 redeemable convertible preferred stock. The Company’s redeemable convertible preferred stock consisted of the following: December 31, 2021 (dollars in thousands) Preferred Preferred Shares Carrying Liquidation Common Stock Series A preferred stock 6,289,609 6,289,609 $ 7,675 $ 7,730 6,407,256 Series B preferred stock 15,100,000 14,496,835 $ 64,387 $ 246,070 16,746,059 Series C-1 preferred stock 13,150,430 13,150,430 $ 134,791 $ 135,000 13,150,430 Series C-2 preferred stock 3,170,585 3,170,585 $ 32,498 $ 27,666 3,170,585 37,710,624 37,107,459 $ 239,351 $ 416,466 39,474,330 As of December 31, 2021, the holders of the Series C Preferred Stock (together with the “Series A redeemable convertible preferred stock” and “Series B redeemable convertible preferred stock”, collectively, the “Preferred Stock”) have the following rights and preferences: Conversion— On June 18, 2020, in connection with the conversion of the 2017 Notes, the Company adjusted the conversion price for the Series A redeemable convertible preferred stock of $ 1.229073 per share to $ 1.2065 . The adjustment was made in accordance with the anti-dilution provisions in the certificate of incorporation then in effect immediately prior to the conversion of the 2017 Notes. The adjustment to the conversion price resulted in neither modification nor extinguishment of the Series A redeemable convertible preferred stock as the terms of the Series A redeemable convertible preferred stock were not amended. The adjustment to the conversion price resulted in additional 117,650 shares of common stock to be issued to holders of the Series A redeemable convertible preferred stock upon conversion of such shares into common stock. As of December 31, 2020, these additional shares of common stock were not issued and outstanding. In July 2021, in connection with the conversion of the 2021 Notes, the Company adjusted the conversion price for the Series B redeemable convertible preferred stock of $ 16.974077 per share to $ 14.6942 . The adjustment was made in accordance with the anti-dilution provisions in the certificate of incorporation then in effect immediately prior to the conversion of the 2021 Notes. The adjustment to the conversion price resulted in additional 2,249,224 shares of common stock into which Series B redeemable convertible preferred stock would be convertible. As of December 31, 2021, these additional shares were not issued and outstanding. Each share of Preferred Stock is convertible into an equivalent number of common stock, at any time, at the option of the holder. The initial conversion price for the Series C-1 redeemable convertible preferred stock and Series C-2 redeemable convertible preferred stock is the respective original issue prices. The conversion price for the Preferred Stock was subject to adjustments for stock splits, stock dividends, or similar recapitalization, and subject to adjustments in accordance with the anti-dilution provisions. The shares of Preferred Stock were to automatically convert into common stock of the Company immediately upon either (a) the closing of the sale of shares of common stock to the public in a firm commitment underwritten public offering pursuant to an effective registration statement under the Securities Act, resulting in at least $ 75.0 million of proceeds, net of the underwriting discount and commissions, to the Company (a “Qualified IPO”) or (b) the date and time, or the occurrence of an event, specified by vote or written consent of the holders of a majority of the then outstanding shares of Preferred Stock. Dividends —Dividends may be paid to the holders of the Series A redeemable convertible preferred stock. The holders the Series A redeemable convertible preferred stock are entitled to receive non-cumulative dividends at a rate per annum of $ 0.073744 per share when and if declared by the Board of Directors. The holders of the Series B redeemable convertible preferred stock were entitled to receive a non-cumulative dividend at the rate of 6 % per annum of the Series B original issue price per share when and if declared by the Board of Directors. As of December 31, 2021, no cash dividends were declared or paid. From and after the date of issuance of the Series C Preferred Stock, the Company was not to set, declare, pay or set aside unless holders of the Series C Preferred Stock then outstanding shall first receive, or simultaneously receive, dividends on each outstanding share of Series C Preferred Stock in an amount equal to (i) in the case of dividends being distributed to common stock or any class or series of capital stock that is convertible into common stock, the equivalent dividend on an as-converted basis or (ii) in the case of dividends being distributed on a series or class not convertible into common stock, an additional dividend equal to a dividend rate calculated based on the respective original issue price of the Series C Preferred Stock. The original issue prices per share for the Series C-1 redeemable convertible preferred stock and Series C-2 redeemable convertible preferred stock were $ 10.265809 and $ 8.725938 , respectively. Voting Rights — The holders of the Preferred Stock were entitled to vote on any matter presented to stockholders of the Company for consideration. Each holder of the Preferred Stock was entitled to cast the number of votes equal to the number of shares of common stock into which the shares of the Preferred Stock held by such holder were convertible on such date. Redemption— The Preferred Stock did not contain any mandatory redemption features. In accordance with FASB ASC Topic 480, Distinguishing Liabilities from Equity (ASC 480), preferred stock issued with redemption provisions that are outside of the control of the Company or that contain certain redemption rights in a deemed liquidation event is required to be presented outside of stockholders’ deficit on the face of the consolidated balance sheets. The Company classified the Preferred Stock outside of the stockholders’ deficit as mezzanine equity because in the event of certain deemed liquidation events, which included events such as a sale or merger, that were not solely within the control of the Company, the shares of the Preferred Stock would have become redeemable at the option of the holders. As of March 31, 2021, the Company did not adjust the carrying values of the Preferred Stock to the redemption values of such shares since a deemed liquidation event did not occur and the shares were not probable of becoming redeemable in the future as of the consolidated balance sheet dates. Liquidation— In the event of a liquidation, deemed liquidation, dissolution or winding up of the Company, holders of the Preferred Stock would have been entitled to be paid out of the assets of the Company that were available for distribution before any payment is made to the holders of common stock. The amount to paid would have been the greater of (i) respective original issue prices plus any dividends declared but unpaid or (ii) the amount that would have been payable had all shares of Preferred Stock been converted into common stock immediately before such event. If upon any such liquidation, deemed liquidation, dissolution or winding up of the Company, the assets of the Company available for distribution to its stockholders would have been insufficient to pay the holders of Preferred Stock the full amount to which they would have been entitled, the holders of Preferred Stock would have shared ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full. After the payment of all preferential amounts required to be paid to the holders of Preferred Stock, the remaining assets of the Company available for distribution to its stockholders would have been distributed among the holders of the shares of common stock on a pro rata basis based on the number of shares held by each such holder. In January 2022, upon the completion of the initial public offering, all of the Company's outstanding shares of preferred stock were converted into shares of its common stock. There were no redeemable convertible preferred stock outstanding as of March 31, 2022 . |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity (Deficit) | 9. Stockholders’ EQUITY (DEFICIT) Common Stock Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders provided, however, that, except as otherwise required by law, holders of common stock shall not be entitled to vote on any amendment to the Corporation’s Certificate of Incorporation that relates solely to the terms of one or more outstanding series of Preferred Stock if the holders of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to the Certificate of Incorporation or pursuant to the Delaware General Corporation Law. Common stockholders are entitled to receive dividends, as may be declared by the Company’s Board of Directors, if any, subject to the preferential dividend rights of the Preferred Stock. No dividends have been declared or paid during the three months ended March 31, 2022 and 2021. The Company had reserved shares of common stock for issuance in connection with the following: March 31, December 31, Common stock authorized 300,000,000 56,500,000 Common stock issued and outstanding 57,864,186 7,020,487 Common stock authorized and reserved for future issuances: Series A redeemable convertible preferred stock — 6,407,256 Series B redeemable convertible preferred stock — 16,746,059 Series C-1 redeemable convertible preferred stock — 13,150,430 Series C-2 redeemable convertible preferred stock — 3,170,585 Common stock reserved for the exercise of stock options 8,992,860 5,339,011 Common stock reserved for the unvested restricted stock units 596,709 — Common stock reserved for future issuance of share-based awards 3,395,390 1,444,492 Total common stock authorized and reserved for future issuance 12,984,959 46,257,833 Unreserved common stock available for future issuance 229,150,855 3,221,680 |
Stock Option and Grant Plan
Stock Option and Grant Plan | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Option and Grant Plan | 10. Stock Option and Grant Plan Stock Incentive Plan In January 2022, the Company’s board of directors adopted, and its stockholders approved the 2022 Stock option and Incentive Plan (the “2022 Plan”), which became effective on January 5, 2022, at which point no further grants would be made under the 2015 Stock Option and Restricted Stock Plan (the “2015 Plan”). Under the 2022 Plan, the Company may grant incentive stock options (“ISOs”), non-statutory stock options, stock appreciation rights, restricted stock units, restricted stock awards and other stock-based awards. As of March 31, 2022, there were 3,395,390 shares available for future issuance under the 2022 Plan. The options issued under the 2022 Plan expire after 10 years . Initially, subject to adjustment as provided in the 2022 Plan, the aggregate number of shares of the Company’s common stock available for issuance under the 2022 Plan is 7,650,000 . The number of shares of the Company’s common stock reserved for issuance under the 2022 Plan will automatically increase on January 1 of each year commencing January 1, 2023, by 5 % of the total number of shares of the Company’s common stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares as may be determined by the Company’s board of directors. The maximum number of shares that may be issued pursuant to the exercise of ISOs under the 2022 Plan is 7,650,000 . The maximum number of shares of the Company’s common stock subject to awards granted under the 2022 Plan or otherwise during a single calendar year to any nonemployee directors, taken together with any cash fees paid by the Company to such nonemployee director during the calendar year for serving on the Company’s board of directors, will not exceed $ 750,000 in total value, or, with respect to the calendar year in which a nonemployee director is first appointed or elected to the Company’s board of directors, $ 1,000,000 . All options and awards granted under the 2015 Plan consisted of the Company’s common stock. As of January 6, 2022, no additional stock awards have been or will be granted under the 2015 Plan. Although the 2015 Plan was terminated as to future awards in January 2022, it continues to govern the terms of options that remain outstanding under the 2015 Plan. General Option Information A summary of option activity for the three months ended March 31, 2022, is as follows: Number of Weighted- Weighted- Aggregate Outstanding at December 31, 2021 5,339,011 $ 5.54 8.7 $ 15,627 Granted 3,657,901 $ 19.55 Exercised — $ — Cancelled or forfeited ( 4,052 ) $ 6.88 Outstanding at March 31, 2022 8,992,860 $ 11.24 8.8 $ 39,190 Options exercisable as of March 31, 2022 1,772,463 $ 2.68 6.9 $ 18,020 Options unvested as of March 31, 2022 7,220,397 $ 13.34 9.2 $ 21,170 Weighted average grant-date fair value of options granted $ 14.56 The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock for those options that had exercise prices lower than the fair value of the Company’s common stock. The aggregate intrinsic value of options exercised during the three months ended March 31, 2022 and 2021 , was zero and $ 2.0 million , respectively. The total fair value of stock options vested during the three months ended March 31, 2022 and 2021 was $ 1.8 million and $ 0.2 million , respectively. Restricted Stock Unit Activity A summary of restricted stock unit activity for the three months ended March 31, 2022, is as follows: Number of shares Weighted Average Grant Date Fair Value Nonvested as of December 31, 2021 — $ — Granted 596,709 $ 19.77 Vested — — Forfeited — — Nonvested as of March 31, 2022 596,709 $ 19.77 Summary of Stock-Based Compensation Expense Stock-based compensation expense recorded in the condensed consolidated statements of comprehensive income for the three months ended March 31, 2022 and 2021, is as follows: Three Months Ended March 31, 2022 2021 (in thousands) Research and development $ 1,125 $ 203 General and administrative 3,267 383 Total stock-based compensation expense $ 4,392 $ 586 The following table summarizes stock-based compensation by type of award (in thousands): Three Months Ended March 31, 2022 2021 (in thousands) Stock options $ 3,908 $ 586 Restricted stock units 484 — Total stock-based compensation expense $ 4,392 $ 586 The following table summarizes unrecognized stock-based compensation expense as of March 31, 2022, by type of awards, and the weighted-average period over which that expense is expected to be recognized. The total unrecognized stock-based compensation expense will be adjusted for actual forfeitures as they occur. As of March 31, 2022 Unrecognized Expense Weighted-average Recognition Period (in thousands) (in years) Stock options $ 66,408 3.39 Restricted stock units $ 11,314 3.84 |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 11. NET LOSS PER SHARE Net Loss per Share Attributable to Common Stockholders— Because the Company reports a net loss attributable to common stockholders, basic and diluted net loss per share attributable to common stockholders are the same for both periods presented. All preferred stock, stock options and restricted stock units have been excluded from the computation of diluted weighted-average shares outstanding because such securities would have an antidilutive impact. The following common stock equivalents outstanding at each period end have been excluded from the calculation of diluted net loss per share because their inclusion would have been antidilutive: March 31, December 31, 2022 2021 Options to purchase common stock 8,992,860 5,339,011 Unvested restricted stock units 596,709 — Redeemable convertible preferred stock — 39,474,330 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 12. Related party transactions Convertible Notes In connection with the issuance of the 2021 Notes, the Company issued, in aggregate, $ 14.3 million of convertible promissory notes to Morningside Ventures Investments Limited, and certain members of the board of directors of the Company. Morningside Ventures Investments Limited is a 5 % significant stockholder and has appointed representatives to the board of directors of the Company. These notes were issued under the same terms and conditions as the 2021 Notes (see Note 7). Supplier Agreements In the ordinary course of business, the Company may purchase materials or supplies or services from entities that are associated with a party that meets the criteria of a related party of the Company. These transactions are reviewed quarterly and to date have not been material to the Company’s condensed consolidated financial statements. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies Lease Commitments The Company has two operating lease agreements for its office space. See Note 5, Leases , to these notes to condensed consolidated financial statements for additional information. Letter of Credit Restricted cash consists of cash serving of $ 0.2 million as collateral for a letter of credit issued for the Company’s office space, and $ 0.2 million as collateral for a corporate credit card program. As of March 31, 2022 and December 31, 2021, the Company’s restricted cash balance was $ 0.4 million and $ 0.2 million on its consolidated balance sheets, respectively. Legal Proceedings The Company is not currently a party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or potential range of loss is probable and reasonably estimated under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company recognizes expenses for its costs related to its legal proceedings, as incurred. Royalty Payments Between August 2016 and February 2019, the Company entered into agreements with the Grantors. Under the terms of the agreements, the Company was granted, in aggregate, $ 4.3 million. These grants were provided to the Company for the purpose of furthering the research and development of AMX0035 as a therapeutic benefit for ALS disease and Alzheimer’s diseases. Under the terms of the arrangements, the Company would receive a tranche of funds as it completes certain milestones. Pursuant to the terms of the grant agreements, the Company has certain payment obligations that are contingent upon future events such as the achievement of commercialization or the receipt of proceeds from a revenue generating transaction resulting from the projects for which the grants are used for. Pursuant to the terms of the respective grant agreements among the Company, ALS Association and ALS Finding a Cure, the Company will be required to make royalty payments to each Grantor in the total amount equal to 150 % of the grant received. The royalty payments will be achieved through a combination of the following payment methods: (i) an annual installment payment of 3 % of net sales of any products developed under the project for which the grant was used for and (ii) 3 % of cash proceeds resulting from revenue generating transaction under the project for which the grants are used for. Under the terms of the respective grant agreements among the Company, Alzheimer’s Drug Discovery Foundation, the Alzheimer’s Association, and Cure Alzheimer’s Fund, the Company will make royalty payments up to the maximum amount of $ 15.0 million to each Grantor (or $ 45.0 million in aggregate). The royalty payment will be made through a combination of the following payment methods: (i) 4 % of annual net sales of any product commercialized from the project for which the grant was used for and directly related to the treatment of the Alzheimer’s disease and (ii) 15 % of all royalties and cash proceeds resulting from revenue generating transactions associated with the projects for which the grants were used for under the grant agreements. As the achievement and timing of these future royalty payments were not probable or estimable, such amounts have not been included in the consolidated balance sheets as of March 31, 2022 and December 31, 2021 . |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events The Company has evaluated all subsequent events after March 31, 2022 and through the date of this filing, and there were no material subsequent events requiring disclosure. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements are unaudited and have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and ASU of the Financial Accounting Standards Board (“FASB”). |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of expenses during the reporting period. Actual results could differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies in developing the estimates and assumptions that are used in the preparation of the financial statements. Management must apply significant judgment in this process. Management’s estimation process often may yield a range of potentially reasonable estimates and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: determining the fair value of the Company’s common stock prior to the Company’s initial public offering in January 2022; determining the fair value of convertible notes; accrued expenses; stock option valuations; valuation allowance for deferred tax assets and research and development expenses. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Effective January 1, 2022, the Company adopted the requirements under the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) 842, Leases (“ASC 842”) using the cumulative effect adjustment transition option. Comparative periods have not been restated. This standard requires entities that lease assets to recognize the assets and liabilities for the rights and obligations created by those leases on the balance sheet. The Company elected the available package of practical expedients which allows it to not reassess previous accounting conclusions around whether arrangements are or contain leases, the classification of its leases, and the treatment of initial direct costs. The Company has made an accounting policy election to keep leases with an initial term of 12 months or less off of the balance sheet. ASC 842 was issued in order to increase transparency and comparability of financial reporting related to leasing arrangements. The main difference between previous U.S. GAAP (“ASC 840”) and ASC 842 is the recognition of right-of-use lease assets and lease liabilities by lessees for those leases that were classified as operating leases under ASC 840. At January 1, 2022, the Company recorded right-of-use assets of $ 2.2 million and operating lease liabilities of $ 2.2 million. Adoption of the standard did not have a material impact on the consolidated statements of operations. For additional information regarding how the Company is accounting for leases under ASC 842, refer to Note 5, Leases. |
New Accounting Pronouncements Not Yet Adopted | New Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The provisions of ASU 2016-13 modify the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology and require a consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. ASU 2016-13 requires a cumulative effect adjustment to the consolidated balance sheet as of the beginning of the first reporting period in which the guidance is effective. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates , which defers the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for all entities except Securities and Exchange Commission filers that are not smaller reporting companies. ASU 2016-13 will be effective for the Company beginning January 1, 2023. The Company intends to adopt the ASU when it becomes effective. The Company is currently evaluating the impact of this ASU and does not expect that adoption of this standard will have a material impact on its condensed consolidated financial statements and related disclosures. |
Short-Term Investments (Tables)
Short-Term Investments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Short-term Investments Classified as Available-for-sale | Short-term investments, which are classified as available-for-sale, consisted of the following: Balance at March 31, 2022: Amortized Unrealized Fair (in thousands) Treasury notes $ 12,054 $ ( 15 ) $ 12,039 Treasury bills 47,923 ( 21 ) 47,902 Commercial paper 63,725 ( 1 ) 63,724 Corporate debt securities 21,196 ( 59 ) 21,137 Total short-term investments $ 144,898 $ ( 96 ) $ 144,802 Balance at December 31, 2021: Amortized Unrealized Fair (in thousands) Commercial paper $ 33,979 $ ( 1 ) $ 33,978 Corporate debt securities 11,953 ( 4 ) 11,949 Total short-term investments $ 45,932 $ ( 5 ) $ 45,927 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values: March 31, 2022 Level 1 Level 2 Level 3 Total (in thousands) Assets: Money market funds $ 89,694 $ — $ — $ 89,694 Short-term investments: Treasury notes 12,039 — — 12,039 Treasury bills 47,902 — — 47,902 Commercial paper — 63,724 — 63,724 Corporate debt securities — 21,137 — 21,137 Restricted cash 419 — — 419 Total financial assets $ 150,054 $ 84,861 $ — $ 234,915 December 31, 2021 Level 1 Level 2 Level 3 Total (in thousands) Assets: Money market funds $ 49,271 $ — $ — $ 49,271 Short-term investments: Commercial paper — 33,978 — 33,978 Corporate debt securities — 11,949 — 11,949 Restricted cash 189 — — 189 Total financial assets $ 49,460 $ 45,927 $ — $ 95,387 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Components of Lease Expense | Components of lease expense required by ASC 842 are presented below for the three months ended March 31, 2022. Three Months Ended March 31, 2022 (in thousands) Lease cost Operating lease cost $ 504 Total lease cost $ 504 |
Summary of Consolidated Balance Sheet of Operating Leases | The following table summarizes the presentation in the Company’s consolidated balance sheet of its operating leases (in thousands): As of Assets Operating lease right-of-use assets $ 6,785 Liabilities Operating lease right-of-use liabilities, current $ 1,405 Operating lease right-of-use liabilities, net of current portion 5,786 Total operating lease liabilities $ 7,191 |
Summary of Future Minimum Lease Payments | Future minimum lease payments under non-cancelable leases as of March 31, 2022, were as detailed below (in thousands): As of 2022 (remaining 9 months) $ 1,284 2023 2,417 2024 2,478 2025 1,586 2026 476 Total undiscounted lease payments 8,241 Less: imputed interest ( 1,050 ) Total operating lease liabilities $ 7,191 Future minimum lease payments under non-cancelable leases as of December 31, 2021, were as detailed below (in thousands): As of 2022 $ 532 2023 541 2024 555 2025 563 2026 476 Total operating lease liabilities $ 2,667 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following: March 31, December 31, (in thousands) External research and development $ 5,905 $ 5,666 Payroll and employee related expenses 3,581 4,280 Accrued consulting and other professional fees 6,331 2,820 Other accrued expenses 439 258 Total accrued expenses $ 16,256 $ 13,024 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Temporary Equity Disclosure [Abstract] | |
Schedule of Redeemable Convertible Preferred Stock | The Company’s redeemable convertible preferred stock consisted of the following: December 31, 2021 (dollars in thousands) Preferred Preferred Shares Carrying Liquidation Common Stock Series A preferred stock 6,289,609 6,289,609 $ 7,675 $ 7,730 6,407,256 Series B preferred stock 15,100,000 14,496,835 $ 64,387 $ 246,070 16,746,059 Series C-1 preferred stock 13,150,430 13,150,430 $ 134,791 $ 135,000 13,150,430 Series C-2 preferred stock 3,170,585 3,170,585 $ 32,498 $ 27,666 3,170,585 37,710,624 37,107,459 $ 239,351 $ 416,466 39,474,330 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of common stock reserved for future issuance | The Company had reserved shares of common stock for issuance in connection with the following: March 31, December 31, Common stock authorized 300,000,000 56,500,000 Common stock issued and outstanding 57,864,186 7,020,487 Common stock authorized and reserved for future issuances: Series A redeemable convertible preferred stock — 6,407,256 Series B redeemable convertible preferred stock — 16,746,059 Series C-1 redeemable convertible preferred stock — 13,150,430 Series C-2 redeemable convertible preferred stock — 3,170,585 Common stock reserved for the exercise of stock options 8,992,860 5,339,011 Common stock reserved for the unvested restricted stock units 596,709 — Common stock reserved for future issuance of share-based awards 3,395,390 1,444,492 Total common stock authorized and reserved for future issuance 12,984,959 46,257,833 Unreserved common stock available for future issuance 229,150,855 3,221,680 |
Stock Option and Grant Plan (Ta
Stock Option and Grant Plan (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | A summary of option activity for the three months ended March 31, 2022, is as follows: Number of Weighted- Weighted- Aggregate Outstanding at December 31, 2021 5,339,011 $ 5.54 8.7 $ 15,627 Granted 3,657,901 $ 19.55 Exercised — $ — Cancelled or forfeited ( 4,052 ) $ 6.88 Outstanding at March 31, 2022 8,992,860 $ 11.24 8.8 $ 39,190 Options exercisable as of March 31, 2022 1,772,463 $ 2.68 6.9 $ 18,020 Options unvested as of March 31, 2022 7,220,397 $ 13.34 9.2 $ 21,170 Weighted average grant-date fair value of options granted $ 14.56 |
Summary of Restricted Stock Unit Activity | A summary of restricted stock unit activity for the three months ended March 31, 2022, is as follows: Number of shares Weighted Average Grant Date Fair Value Nonvested as of December 31, 2021 — $ — Granted 596,709 $ 19.77 Vested — — Forfeited — — Nonvested as of March 31, 2022 596,709 $ 19.77 |
Summary of Stock-Based Compensation | Stock-based compensation expense recorded in the condensed consolidated statements of comprehensive income for the three months ended March 31, 2022 and 2021, is as follows: Three Months Ended March 31, 2022 2021 (in thousands) Research and development $ 1,125 $ 203 General and administrative 3,267 383 Total stock-based compensation expense $ 4,392 $ 586 |
Summary of Stock-Based Compensation by Type of Award | The following table summarizes stock-based compensation by type of award (in thousands): Three Months Ended March 31, 2022 2021 (in thousands) Stock options $ 3,908 $ 586 Restricted stock units 484 — Total stock-based compensation expense $ 4,392 $ 586 |
Summary of Unrecognized Stock-Based Compensation Expense and Weighted-Average Recognition Period | The following table summarizes unrecognized stock-based compensation expense as of March 31, 2022, by type of awards, and the weighted-average period over which that expense is expected to be recognized. The total unrecognized stock-based compensation expense will be adjusted for actual forfeitures as they occur. As of March 31, 2022 Unrecognized Expense Weighted-average Recognition Period (in thousands) (in years) Stock options $ 66,408 3.39 Restricted stock units $ 11,314 3.84 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Shares Excluded from the Calculation of Diluted Net Loss Per Share | The following common stock equivalents outstanding at each period end have been excluded from the calculation of diluted net loss per share because their inclusion would have been antidilutive: March 31, December 31, 2022 2021 Options to purchase common stock 8,992,860 5,339,011 Unvested restricted stock units 596,709 — Redeemable convertible preferred stock — 39,474,330 |
Nature of the Business - Additi
Nature of the Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Subsidiary Sale Of Stock [Line Items] | |||
Date of incorporation | Jan. 10, 2014 | ||
Number of shares issued and sold | 11,369,369 | ||
Stock price | $ 19 | ||
Proceeds from initial public offering, net of issuance costs | $ 196,400 | ||
Accumulated deficit | $ 203,693 | $ 155,845 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Jan. 10, 2022 | Jan. 01, 2022 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 6,785 | $ 5,000 | |
Operating lease, liabilities | $ 7,191 | $ 5,000 | |
ASC 842 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 2,200 | ||
Operating lease, liabilities | $ 2,200 |
Short-Term Investments - Schedu
Short-Term Investments - Schedule of Short-term Investments Classified as Available-for-sale (Details) - Short-term Investments - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | $ 144,898 | $ 45,932 |
Unrealized Loss | (96) | (5) |
Fair Value | 144,802 | 45,927 |
Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 63,725 | 33,979 |
Unrealized Loss | (1) | (1) |
Fair Value | 63,724 | 33,978 |
Treasury Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 12,054 | |
Unrealized Loss | (15) | |
Fair Value | 12,039 | |
Treasury Bills | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 47,923 | |
Unrealized Loss | (21) | |
Fair Value | 47,902 | |
Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost Basis | 21,196 | 11,953 |
Unrealized Loss | (59) | (4) |
Fair Value | $ 21,137 | $ 11,949 |
Short-Term Investments - Additi
Short-Term Investments - Additional Information (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Investments Debt And Equity Securities [Abstract] | ||
Available-for-sale investments contractual maturity period | 1 year | 1 year |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value Measurements, Recurring - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | $ 234,915 | $ 95,387 |
Money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 89,694 | 49,271 |
Restricted cash | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 419 | 189 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 150,054 | 49,460 |
Level 1 | Money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 89,694 | 49,271 |
Level 1 | Restricted cash | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 419 | 189 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 84,861 | 45,927 |
Short-term Investments | Treasury Notes | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 12,039 | |
Short-term Investments | Treasury Bills | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 47,902 | |
Short-term Investments | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 63,724 | 33,978 |
Short-term Investments | Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 21,137 | 11,949 |
Short-term Investments | Level 1 | Treasury Notes | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 12,039 | |
Short-term Investments | Level 1 | Treasury Bills | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 47,902 | |
Short-term Investments | Level 2 | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 63,724 | 33,978 |
Short-term Investments | Level 2 | Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | $ 21,137 | $ 11,949 |
Leases- Additional Information
Leases- Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Jan. 10, 2022 | |
Leases [Abstract] | ||
Operating lease, description | The Company entered into a new office space lease at 121 First Street in Cambridge, Massachusetts on January 10, 2022, for 36 months, with an option to extend the lease for 3 years. | |
Operating lease, term of contract | 36 months | |
Operating lease, renewal term | 3 years | |
Operating lease right-of-use assets | $ 6,785 | $ 5,000 |
Operating lease liability | 7,191 | $ 5,000 |
Operating lease, cash payments | $ 100 | |
Weighted-average remaining lease term (years) | 3 years 8 months 12 days | |
Weighted average incremental borrowing rate | 7.30% |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 504 |
Total lease cost | $ 504 |
Leases - Summary of Consolidate
Leases - Summary of Consolidated Balance Sheet of Operating Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Jan. 10, 2022 |
Assets | ||
Operating lease right-of-use assets | $ 6,785 | $ 5,000 |
Liabilities | ||
Operating lease right-of-use liabilities, current | 1,405 | |
Operating lease liabilities, net of current portion | 5,786 | |
Total operating lease liabilities | $ 7,191 | $ 5,000 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Payments (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Jan. 10, 2022 | Dec. 31, 2021 |
Leases [Abstract] | |||
2022 (remaining 9 months) | $ 1,284 | ||
2023 | 2,417 | ||
2024 | 2,478 | ||
2025 | 1,586 | ||
2026 | 476 | ||
Total undiscounted lease payments | 8,241 | ||
Less: imputed interest | (1,050) | ||
Total operating lease liabilities | $ 7,191 | $ 5,000 | |
2022 | $ 532 | ||
2023 | 541 | ||
2024 | 555 | ||
2025 | 563 | ||
2026 | 476 | ||
Total operating lease liabilities | $ 2,667 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Payables And Accruals [Abstract] | ||
External research and development | $ 5,905 | $ 5,666 |
Payroll and employee related expenses | 3,581 | 4,280 |
Accrued consulting and other professional fees | 6,331 | 2,820 |
Other accrued expenses | 439 | 258 |
Total accrued expenses | $ 16,256 | $ 13,024 |
Convertible Notes - Additional
Convertible Notes - Additional Information (Details) - USD ($) | Jul. 31, 2021 | Jan. 31, 2021 | Dec. 31, 2020 | Feb. 28, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Debt Instrument [Line Items] | |||||||
Change in fair value of convertible notes | $ 1,918,000 | ||||||
Preferred Shares Issued | 37,107,459 | ||||||
Series C-2 Redeemable Convertible Preferred Shares | |||||||
Debt Instrument [Line Items] | |||||||
Preferred Shares Issued | 0 | 3,170,585 | |||||
2021 Notes | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate convertible notes issued | $ 27,300,000 | ||||||
Notes mature date | Jun. 30, 2022 | ||||||
Notes secured and carried interest rate | 3.00% | ||||||
Debt instrument, description | The Company recorded the $1.2 million of proceeds received in December 2020 as proceeds received in advance of issuance of 2021 Notes in the consolidated balance sheet as of December 31, 2020, as the subscription agreement and commitment to issue the 2021 Notes was not effective until January 2021. | ||||||
Percentage of price offered to each share of common stock | 85.00% | ||||||
Diluted capital dividend | $ 600,000,000 | ||||||
Change in fair value of convertible notes | $ 1,900,000 | ||||||
Debt instrument, inception date | Mar. 31, 2021 | ||||||
Convertible debt outstanding | $ 14,300,000 | $ 0 | $ 0 | ||||
Convertible notes payable to related party | $ 0 | $ 0 | |||||
Convertible notes settlement date | 2021-07 | ||||||
2021 Notes | Series C Preferred Stock | |||||||
Debt Instrument [Line Items] | |||||||
Preferred stock conversion price per share | $ 10.265809 | ||||||
2021 Notes | Series C-2 Redeemable Convertible Preferred Shares | |||||||
Debt Instrument [Line Items] | |||||||
Preferred stock conversion price per share | $ 8.725938 | ||||||
Change in fair value of convertible notes | $ 5,200,000 | ||||||
Preferred Shares Issued | 3,170,585 | ||||||
2021 Notes | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from sale of equity | $ 10,000,000 | ||||||
2021 Notes | Special Purpose acquisition Corp | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of voting securities | 50.00% | ||||||
2021 Notes in December 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds received in advance | $ 1,200,000 | ||||||
2021 Notes in January and February 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds received in advance | $ 26,100,000 |
Redeemable Convertible Prefer_3
Redeemable Convertible Preferred Stock - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2022 | Dec. 31, 2021 | Jul. 31, 2021 | Jul. 01, 2021 | Jun. 30, 2021 | Jun. 18, 2020 | Jun. 17, 2020 | |
Temporary Equity [Line Items] | |||||||
Temporary equity, shares issued | 37,107,459 | ||||||
Temporary equity, shares authorized | 37,710,624 | ||||||
Additional common stock issued to holders of redeemable convertible preferred stock | 39,474,330 | ||||||
Cash dividend declared or paid | $ 0 | ||||||
Preferred Shares Outstanding | 0 | 37,107,459 | |||||
Minimum | |||||||
Temporary Equity [Line Items] | |||||||
Proceeds from underwritten public offering net of underwriting discount and commissions | $ 75,000,000 | ||||||
Series A Redeemable Convertible Preferred Share | |||||||
Temporary Equity [Line Items] | |||||||
Temporary equity, shares issued | 0 | 6,289,609 | |||||
Temporary equity, shares authorized | 0 | 6,289,609 | |||||
Additional common stock issued to holders of redeemable convertible preferred stock | 6,407,256 | ||||||
Non-cumulative Dividends per share entitled to receive | $ 0.073744 | ||||||
Preferred Shares Outstanding | 0 | 6,289,609 | |||||
Series B Redeemable Convertible Preferred Shares | |||||||
Temporary Equity [Line Items] | |||||||
Temporary equity, shares issued | 0 | 14,496,835 | |||||
Temporary equity, shares authorized | 0 | 15,100,000 | |||||
Additional common stock issued to holders of redeemable convertible preferred stock | 16,746,059 | ||||||
Percentage of non-cumulative dividends entitled to receive | 6.00% | ||||||
Preferred Shares Outstanding | 0 | 14,496,835 | |||||
Series C-1 Redeemable Convertible Preferred Shares | |||||||
Temporary Equity [Line Items] | |||||||
Temporary equity, shares issued | 0 | 13,150,430 | 13,150,430 | ||||
Temporary equity issue price per share | $ 10.265809 | ||||||
Temporary equity, shares authorized | 0 | 13,150,430 | 13,150,430 | ||||
Additional common stock issued to holders of redeemable convertible preferred stock | 13,150,430 | ||||||
Preferred Shares Outstanding | 0 | 13,150,430 | |||||
Series C-2 Redeemable Convertible Preferred Shares | |||||||
Temporary Equity [Line Items] | |||||||
Temporary equity, shares issued | 0 | 3,170,585 | |||||
Temporary equity issue price per share | $ 8.725938 | ||||||
Temporary equity, shares authorized | 0 | 3,170,585 | 3,170,585 | ||||
Additional common stock issued to holders of redeemable convertible preferred stock | 3,170,585 | ||||||
Preferred Shares Outstanding | 0 | 3,170,585 | |||||
2021 Notes | Series C-2 Redeemable Convertible Preferred Shares | |||||||
Temporary Equity [Line Items] | |||||||
Temporary equity, shares issued | 3,170,585 | ||||||
Notes including accrued interest | $ 27,700,000 | ||||||
2017 Notes | Series A Redeemable Convertible Preferred Share | |||||||
Temporary Equity [Line Items] | |||||||
Temporary equity conversion price per share | $ 1.2065 | $ 1.229073 | |||||
Additional common stock issued to holders of redeemable convertible preferred stock | 117,650 | ||||||
2017 Notes | Series B Redeemable Convertible Preferred Shares | |||||||
Temporary Equity [Line Items] | |||||||
Temporary equity conversion price per share | $ 14.6942 | $ 16.974077 | |||||
Additional common stock issued to holders of redeemable convertible preferred stock | 2,249,224 |
Redeemable Convertible Prefer_4
Redeemable Convertible Preferred Stock - Schedule of Redeemable Convertible Preferred Stock (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Jul. 31, 2021 | Jul. 01, 2021 |
Temporary Equity [Line Items] | ||||
Preferred Shares Authorized | 37,710,624 | |||
Preferred Shares Issued | 37,107,459 | |||
Preferred Shares Outstanding | 0 | 37,107,459 | ||
Carrying Value | $ 239,351 | |||
Temporary equity, liquidation preference | $ 416,466 | |||
Common Stock Issuable Upon Conversion | 39,474,330 | |||
Series A Redeemable Convertible Preferred Share | ||||
Temporary Equity [Line Items] | ||||
Preferred Shares Authorized | 0 | 6,289,609 | ||
Preferred Shares Issued | 0 | 6,289,609 | ||
Preferred Shares Outstanding | 0 | 6,289,609 | ||
Carrying Value | $ 7,675 | |||
Temporary equity, liquidation preference | $ 7,730 | |||
Common Stock Issuable Upon Conversion | 6,407,256 | |||
Series B Redeemable Convertible Preferred Shares | ||||
Temporary Equity [Line Items] | ||||
Preferred Shares Authorized | 0 | 15,100,000 | ||
Preferred Shares Issued | 0 | 14,496,835 | ||
Preferred Shares Outstanding | 0 | 14,496,835 | ||
Carrying Value | $ 64,387 | |||
Temporary equity, liquidation preference | $ 246,070 | |||
Common Stock Issuable Upon Conversion | 16,746,059 | |||
Series C-1 Redeemable Convertible Preferred Shares | ||||
Temporary Equity [Line Items] | ||||
Preferred Shares Authorized | 0 | 13,150,430 | 13,150,430 | |
Preferred Shares Issued | 0 | 13,150,430 | 13,150,430 | |
Preferred Shares Outstanding | 0 | 13,150,430 | ||
Carrying Value | $ 134,791 | |||
Temporary equity, liquidation preference | $ 135,000 | |||
Common Stock Issuable Upon Conversion | 13,150,430 | |||
Series C-2 Redeemable Convertible Preferred Shares | ||||
Temporary Equity [Line Items] | ||||
Preferred Shares Authorized | 0 | 3,170,585 | 3,170,585 | |
Preferred Shares Issued | 0 | 3,170,585 | ||
Preferred Shares Outstanding | 0 | 3,170,585 | ||
Carrying Value | $ 32,498 | |||
Temporary equity, liquidation preference | $ 27,666 | |||
Common Stock Issuable Upon Conversion | 3,170,585 |
Stockholders' Equity (Deficit_2
Stockholders' Equity (Deficit) - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2022USD ($)Vote | Mar. 31, 2021USD ($) | |
Equity [Abstract] | ||
Voting rights | Vote | 1 | |
Dividends paid | $ 0 | $ 0 |
Dividends declared | $ 0 | $ 0 |
Stockholders' Equity (Deficit_3
Stockholders' Equity (Deficit) - Schedule of Common Stock Reserved for Future Issuance (Details) - shares | Mar. 31, 2022 | Dec. 31, 2021 |
Class Of Stock [Line Items] | ||
Common stock authorized | 300,000,000 | 56,500,000 |
Common stock issued and outstanding | 57,864,186 | 7,020,487 |
Total common stock authorized and reserved for future issuance | 12,984,959 | 46,257,833 |
Unreserved common stock available for future issuance | 229,150,855 | 3,221,680 |
Series A Redeemable Convertible Preferred Stock | ||
Class Of Stock [Line Items] | ||
Total common stock authorized and reserved for future issuance | 6,407,256 | |
Series B Redeemable Convertible Preferred Stock | ||
Class Of Stock [Line Items] | ||
Total common stock authorized and reserved for future issuance | 16,746,059 | |
Series C-1 Redeemable Convertible Preferred Stock | ||
Class Of Stock [Line Items] | ||
Total common stock authorized and reserved for future issuance | 13,150,430 | |
Series C-2 Redeemable Convertible Preferred Stock | ||
Class Of Stock [Line Items] | ||
Total common stock authorized and reserved for future issuance | 3,170,585 | |
Common Stock Reserved for the Exercise of Stock Options | ||
Class Of Stock [Line Items] | ||
Total common stock authorized and reserved for future issuance | 8,992,860 | 5,339,011 |
Common Stock Reserved for the Unvested Restricted Stock Units | ||
Class Of Stock [Line Items] | ||
Total common stock authorized and reserved for future issuance | 596,709 | |
Common Stock Reserved for Future Issuance of Share-based Awards | ||
Class Of Stock [Line Items] | ||
Total common stock authorized and reserved for future issuance | 3,395,390 | 1,444,492 |
Stock Option and Grant Plan - A
Stock Option and Grant Plan - Additional Information (Details) - USD ($) | Jan. 06, 2022 | Jan. 05, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Aggregate intrinsic value, options exercised | $ 0 | $ 2,000,000 | ||
Total fair value of stock options vested | $ 1,800,000 | $ 200,000 | ||
2015 Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares granted | 0 | 0 | ||
2022 Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares available for future issuance | 3,395,390 | |||
Options expiration period | 10 years | |||
Common stock available for issuance | 7,650,000 | |||
Percentage of increase in common stock reserved for issuance | 5.00% | |||
2022 Plan | Nonemployee Director | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Compensation to be paid | $ 750,000 | |||
2022 Plan | Board of Director | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Compensation to be paid | $ 1,000,000 | |||
2022 Plan | ISOs | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares available for future issuance | 7,650,000 |
Stock Option and Grant Plan - S
Stock Option and Grant Plan - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of Options, Outstanding | 5,339,011 | |
Number of Options, Granted | 3,657,901 | |
Number of Options, Cancelled or forfeited | (4,052) | |
Number of Options, Outstanding | 8,992,860 | 5,339,011 |
Number of Options, Options exercisable | 1,772,463 | |
Number of Options, Options unvested | 7,220,397 | |
Weighted average grant-date fair value of options granted during the period | $ 14.56 | |
Weighted-Average Exercise Price, Outstanding | 5.54 | |
Weighted-Average Exercise Price, Granted | 19.55 | |
Weighted-Average Exercise Price, Cancelled or forfeited | 6.88 | |
Weighted-Average Exercise Price, Outstanding | 11.24 | $ 5.54 |
Weighted-Average Exercise Price, Options exercisable | 2.68 | |
Weighted-Average Exercise Price, Options unvested | $ 13.34 | |
Weighted- Average Remaining Contractual Term (in years), Outstanding | 8 years 9 months 18 days | 8 years 8 months 12 days |
Weighted- Average Remaining Contractual Term (in years), Options exercisable | 6 years 10 months 24 days | |
Weighted- Average Remaining Contractual Term (in years), Options unvested | 9 years 2 months 12 days | |
Aggregate Intrinsic Value, Outstanding | $ 15,627 | |
Aggregate Intrinsic Value, Outstanding | 39,190 | $ 15,627 |
Aggregate Intrinsic Value, Options exercisable | 18,020 | |
Aggregate Intrinsic Value, Options unvested | $ 21,170 |
Stock Option and Grant Plan -_2
Stock Option and Grant Plan - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Unit | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of shares, Granted | shares | 596,709 |
Number of shares, Nonvested | shares | 596,709 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | $ 19.77 |
Weighted Average Grant Date Fair Value, Nonvested | $ / shares | $ 19.77 |
Stock Option and Grant Plan -_3
Stock Option and Grant Plan - Summary of Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 4,392 | $ 586 |
Research and Development | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | 1,125 | 203 |
General and Administrative | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 3,267 | $ 383 |
Stock Option and Grant Plan -_4
Stock Option and Grant Plan - Summary of Stock-Based Compensation by Type of Award (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 4,392 | $ 586 |
Stock Options | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | 3,908 | $ 586 |
Restricted Stock Units | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 484 |
Stock Option and Grant Plan -_5
Stock Option and Grant Plan - Summary of Unrecognized Stock-Based Compensation Expense and Weighted-Average Recognition Period (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Common Stock Reserved for the Exercise of Stock Options | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized Expense | $ 66,408 |
Weighted-average Recognition Period | 3 years 4 months 20 days |
Restricted Stock Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized Expense | $ 11,314 |
Weighted-average Recognition Period | 3 years 10 months 2 days |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Antidilutive Shares Excluded from the Calculation of Diluted Net Loss Per Share (Details) - shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Common Stock Reserved for the Exercise of Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from the calculation of net loss per share | 8,992,860 | 5,339,011 |
Common Stock Reserved for the Unvested Restricted Stock Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from the calculation of net loss per share | 596,709 | |
Redeemable Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from the calculation of net loss per share | 39,474,330 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - 2021 Notes - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Jan. 31, 2021 |
Related Party Transaction [Line Items] | |||
Convertible debt outstanding | $ 0 | $ 0 | $ 14,300,000 |
Morningside Ventures Investments Limited | Board of Director | |||
Related Party Transaction [Line Items] | |||
Convertible debt outstanding | $ 14,300,000 | ||
Percentage of stockholding | 5.00% |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Details) | 3 Months Ended | 31 Months Ended | |
Mar. 31, 2022USD ($)LeaseAgreement | Feb. 28, 2019USD ($) | Dec. 31, 2021USD ($) | |
Commitments And Contingencies [Line Items] | |||
Number of operating lease agreements | LeaseAgreement | 2 | ||
Restricted cash | $ 419,000 | $ 189,000 | |
Royalty Payments Agreements with Grantors | |||
Commitments And Contingencies [Line Items] | |||
Proceeds from grants | $ 4,300,000 | ||
Royalty Payments Agreements with Grantors | ALS Association and ALS Finding a Cure | |||
Commitments And Contingencies [Line Items] | |||
Percentage of grant received | 150.00% | ||
Percentage of net sales of products developed under projects | 3.00% | ||
Percentage of cash proceeds from revenue generating transaction | 3.00% | ||
Royalty Payments Agreements with Grantors | Alzheimer's Drug Discovery Foundation, the Alzheimer's Association, and Cure Alzheimer's Fund | |||
Commitments And Contingencies [Line Items] | |||
Maximum Royalty amount payable to each grantor | $ 15,000,000 | ||
Aggregate royalty amount payable to grantor | $ 45,000,000 | ||
Percentage of annual net sales of products commercialized from project | 4.00% | ||
Percentage of all royalties and cash proceeds from revenue generating transaction | 15.00% | ||
Collateral for Letter of Credit Issued | |||
Commitments And Contingencies [Line Items] | |||
Restricted cash | 200,000 | ||
Collateral for Corporate Credit Card Program | |||
Commitments And Contingencies [Line Items] | |||
Restricted cash | $ 200,000 |