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Sensei Biotherapeutics (SNSE)

Document and Entity Information

Document and Entity Information - shares6 Months Ended
Jun. 30, 2021Jul. 31, 2021
Cover [Abstract]
Document Type10-Q
Amendment Flagfalse
Document Period End DateJun. 30,
2021
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ2
Entity Registrant NameSensei Biotherapeutics, Inc.
Entity Central Index Key0001829802
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Current Fiscal Year End Date--12-31
Entity Filer CategoryNon-accelerated Filer
Entity Common Stock, Shares Outstanding30,588,495
Entity Shell Companyfalse
Entity Small Businesstrue
Entity Emerging Growth Companytrue
Entity Ex Transition Periodfalse
Title of 12(b) SecurityCommon Stock, $0.0001 par value per share
Trading SymbolSNSE
Security Exchange NameNASDAQ
Entity File Number001-39980
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number83-1863385
Entity Address, Address Line One1405 Research Blvd
Entity Address, Address Line TwoSuite 125
Entity Address, City or TownRockville
Entity Address, State or ProvinceMD
Entity Address, Postal Zip Code20850
City Area Code240
Local Phone Number243-8000
Document Quarterly Reporttrue
Document Transition Reportfalse

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Current assets:
Cash and cash equivalents $ 15,599 $ 16,596
Marketable securities146,899
Deferred offering costs2,105
Prepaid expenses2,643 1,375
Other current assets472
Total current assets165,613 20,076
Property and equipment, net2,111 1,266
Deposits86
Total assets167,724 21,428
Current liabilities:
Accounts payable and accrued liabilities2,828 3,882
Other liabilities1,095 948
Total current liabilities3,923 4,830
Debt567 567
Other non-current liabilities109 138
Total liabilities4,599 5,535
Commitments and contingencies (Note 8)
Stockholders’ equity (deficit):
Common stock, $0.0001 par value; 1,230,000,000 shares authorized as of June 30, 2021, 30,588,495 shares and 1,875,422 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively3
Additional paid-in capital293,378 55,969
Accumulated deficit(130,155)(112,412)
Accumulated other comprehensive loss(101)
Total stockholders’ equity (deficit)163,125 (56,443)
Total liabilities, convertible preferred stock and stockholders’ equity (deficit) $ 167,724 21,428
Convertible Preferred Stock Series AA
Temporary Equity
Convertible preferred stock61,411
Convertible Preferred Stock Series BB
Temporary Equity
Convertible preferred stock $ 10,925

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / sharesJun. 30, 2021Dec. 31, 2020
Statement Of Financial Position [Abstract]
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized1,230,000,000 1,230,000,000
Common stock, shares issued30,588,495 1,875,422
Common stock, shares outstanding30,588,495 1,875,422

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Operating expenses:
Research and development $ 5,898 $ 2,858 $ 9,263 $ 5,053
General and administrative3,886 1,311 8,490 3,219
Alvaxa IPR&D738 738
Total operating expenses9,784 4,907 17,753 9,010
Loss from operations(9,784)(4,907)(17,753)(9,010)
Other income (expense):
Interest income188 188
Interest expense, including $0 and $645 with related parties in the three months and six months ended June 30, 2021 and 2020, respectively(147)(3)(150)(1,632)
Fair value adjustments on embedded debt derivatives, including $0 and $575 with related parties in the three months and six months ended June 30, 2021 and 2020, respectively995
Loss on fixed asset disposition(28)(28)
Gain on debt extinguishment45
Net loss(9,771)(4,910)(17,743)(9,602)
Cumulative dividends on convertible preferred stock(104)
Net loss attributable to common stockholders $ (9,771) $ (4,910) $ (17,743) $ (9,706)
Net loss per common share, basic and diluted $ (0.32) $ (3.02) $ (0.72) $ (6.87)
Weighted-average number of shares used in computing net loss per common share, basic and diluted30,588,495 1,625,011 24,778,949 1,413,062
Comprehensive loss:
Net loss $ (9,771) $ (4,910) $ (17,743) $ (9,602)
Other comprehensive items:
Unrealized loss on marketable securities(101)(101)
Total other comprehensive loss(101)(101)
Total comprehensive loss $ (9,872) $ (4,910) $ (17,844) $ (9,602)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (Parenthetical) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Income Statement [Abstract]
Interest expense, related party $ 0 $ 645 $ 0 $ 645
Fair value adjustments on embedded debt derivative with related parties $ 0 $ 575 $ 0 $ 575

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK, COMMON STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) $ in ThousandsTotalConvertible Preferred Stock (Series A-F)Convertible Preferred Stock Series AAConvertible Preferred Stock Series BBCommon StockAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2019 $ (68,662) $ 23,650 $ (92,312)
Temporary equity, Beginning balance, shares at Dec. 31, 201915,257,663
Temporary equity, Beginning balance at Dec. 31, 2019 $ 47,545
Beginning balance, shares at Dec. 31, 2019369,491
Stock-based compensation expense194 194
Conversion of preferred stock into common stock47,545 47,545
Temporary equity, Conversion of preferred stock into common stock, shares(15,257,663)
Temporary equity, Conversion of preferred stock into common stock $ (47,545)
Conversion of preferred stock into common stock, shares627,871
Conversion of common stock into series AA preferred stock(17,274)(17,274)
Temporary equity, Conversion of common stock into series AA preferred stock210,310,025
Temporary equity, Conversion of common stock into series AA preferred stock, shares $ 17,274
Conversion of common stock into series AA preferred stock, shares(148,732)
Preferred stock issued in exchange for note redemption $ 15,456
Preferred stock issued in exchange for note redemption, shares188,173,050
Issuance of preferred stock $ 10,567
Issuance of preferred stock, shares128,655,262
Issuance of common stock warrants, shares634,118
Net loss(4,692)(4,692)
Ending balance at Mar. 31, 2020(42,889)54,115 (97,004)
Temporary equity, Ending balance, shares at Mar. 31, 2020527,138,337
Temporary equity, Ending balance at Mar. 31, 2020 $ 43,297
Ending balance, shares at Mar. 31, 20201,482,748
Beginning balance at Dec. 31, 2019(68,662)23,650 (92,312)
Temporary equity, Beginning balance, shares at Dec. 31, 201915,257,663
Temporary equity, Beginning balance at Dec. 31, 2019 $ 47,545
Beginning balance, shares at Dec. 31, 2019369,491
Net loss(9,602)
Ending balance at Jun. 30, 2020(47,095)54,819 (101,914)
Temporary equity, Ending balance, shares at Jun. 30, 2020527,138,337
Temporary equity, Ending balance at Jun. 30, 2020 $ 43,297
Ending balance, shares at Jun. 30, 20201,787,124
Beginning balance at Mar. 31, 2020(42,889)54,115 (97,004)
Temporary equity, Beginning balance, shares at Mar. 31, 2020527,138,337
Temporary equity, Beginning balance at Mar. 31, 2020 $ 43,297
Beginning balance, shares at Mar. 31, 20201,482,748
Stock-based compensation expense163 163
Issuance of common stock related to Alvaxa acquisition541 541
Issuance of common stock related to Alvaxa acquisition, shares304,376
Net loss(4,910)(4,910)
Ending balance at Jun. 30, 2020(47,095)54,819 (101,914)
Temporary equity, Ending balance, shares at Jun. 30, 2020527,138,337
Temporary equity, Ending balance at Jun. 30, 2020 $ 43,297
Ending balance, shares at Jun. 30, 20201,787,124
Beginning balance at Dec. 31, 2020(56,443)55,969 (112,412)
Temporary equity, Beginning balance, shares at Dec. 31, 2020747,683,172 52,680,306
Temporary equity, Beginning balance at Dec. 31, 2020 $ 61,411 $ 10,925
Beginning balance, shares at Dec. 31, 20201,875,422
Stock-based compensation expense1,349 1,349
Conversion of preferred stock into common stock95,828 $ 2 95,826
Temporary equity, Conversion of preferred stock into common stock, shares(747,683,172)(165,956,208)
Temporary equity, Conversion of preferred stock into common stock $ (61,411) $ (34,416)
Conversion of preferred stock into common stock, shares19,034,069
Issuance of preferred stock $ 23,491
Issuance of preferred stock, shares113,275,902
Issuance of common stock, net of issuance costs138,489 $ 1 138,488
Issuance of common stock, net of issuance costs, shares8,030,295
Issuance of common stock warrants1 1
Issuance of common stock warrants, shares1,648,709
Net loss(7,972)(7,972)
Ending balance at Mar. 31, 2021171,252 $ 3 291,633 (120,384)
Ending balance, shares at Mar. 31, 202130,588,495
Beginning balance at Dec. 31, 2020(56,443)55,969 (112,412)
Temporary equity, Beginning balance, shares at Dec. 31, 2020747,683,172 52,680,306
Temporary equity, Beginning balance at Dec. 31, 2020 $ 61,411 $ 10,925
Beginning balance, shares at Dec. 31, 20201,875,422
Unrealized loss on marketable securities(101)
Net loss(17,743)
Ending balance at Jun. 30, 2021163,125 $ 3 293,379 (130,155) $ (101)
Ending balance, shares at Jun. 30, 202130,588,495
Beginning balance at Mar. 31, 2021171,252 $ 3 291,633 (120,384)
Beginning balance, shares at Mar. 31, 202130,588,495
Stock-based compensation expense1,745 1,745
Unrealized loss on marketable securities(101)(101)
Net loss(9,771)(9,771)
Ending balance at Jun. 30, 2021 $ 163,125 $ 3 $ 293,379 $ (130,155) $ (101)
Ending balance, shares at Jun. 30, 202130,588,495

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands6 Months Ended
Jun. 30, 2021Jun. 30, 2020
Operating activities
Net loss $ (17,743) $ (9,602)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense3,095 357
Depreciation and amortization220 75
Accretion on debt1,578
Accretion on marketable securities145
Fair value adjustments on embedded debt derivatives(995)
Interest on capital lease5 6
Issuance of common stock for Alvaxa acquisition541
Loss on fixed asset disposition28
Gain on debt extinguishment(45)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets(1,740)(829)
Deposits86 (36)
Accounts payable and accrued liabilities(1,148)47
Accrued interest50
Other liabilities238 (374)
Net cash used in operating activities(16,814)(9,227)
Investing activities
Purchases of property and equipment(1,103)(54)
Purchases of short-term investments(147,145)
Alvaxa IPR&D acquisition(197)
Net cash used in investing activities(148,248)(251)
Financing activities
Proceeds from the PPP loan567
Proceeds from the exercise of common stock warrants and options1
Capital lease payments(21)(21)
Proceeds from issuance of common stock upon initial public offering, net of issuance costs140,594
Net cash provided by financing activities164,065 11,113
Net (decrease) increase in cash and cash equivalents(997)1,635
Cash and cash equivalents at beginning of period16,596 251
Cash and cash equivalents at end of period15,599 1,886
Supplemental disclosure of noncash financing and investing information:
Property and equipment additions included in accounts payable and accrued liabilities56 777
Issuance costs included in accounts payable and accrued liabilities534
Interest on financing5 6
Convertible preferred stock issued in exchange for note redemption15,456
Conversion of Series A, B, C, D, E, F Convertible Preferred Stock into Common Stock
Supplemental disclosure of noncash financing and investing information:
Conversion of stock47,545
Conversion of Series AA and BB Convertible Preferred Stock into Common Stock
Supplemental disclosure of noncash financing and investing information:
Conversion of stock95,826
Conversion of Common Stock into Series AA Convertible Preferred Stock
Supplemental disclosure of noncash financing and investing information:
Conversion of stock17,274
Series AA Convertible Preferred Stock
Financing activities
Proceeds on the issuance of convertible preferred stock $ 10,567
Series BB Convertible Preferred Stock
Financing activities
Proceeds on the issuance of convertible preferred stock $ 23,491

Organization and Operations

Organization and Operations6 Months Ended
Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
ORGANIZATION AND OPERATIONS1. ORGANIZATION AND OPERATIONS Business Sensei Biotherapeutics, Inc. (the “Company” or “Sensei”) is a biopharmaceutical company that was incorporated in 1999 as a Maryland corporation until incorporated in Delaware on December 1, 2017. The Company is engaged in the discovery development and delivery of next generation immunotherapies with an initial focus on treatments for cancer. Liquidity and capital resources Since its inception, the Company has devoted substantially all of its resources to advancing development of its portfolio of programs, establishing and protecting its intellectual property, conducting research and development activities, organizing and staffing the Company, business planning, raising capital and providing general and administrative support for these operations. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, technical risks associated with the successful research, development and manufacturing of product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Current and future programs will require significant research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. Since its inception, the Company has incurred substantial losses and had a net loss of $17.7 million for the six months ended June 30, 2021. As of June 30, 2021, the Company had an accumulated deficit of $130.2 million. The Company expects to generate operating losses and negative operating cash flows for the foreseeable future. In February 2021, the Company completed its initial public offering (“IPO”), in which the Company issued and sold 8,030,295 shares of its common stock at a public offering price of $19.00 per share, for aggregate gross proceeds of $152.6 million. The Company received $138.5 million in net proceeds after deducting underwriting discounts and estimated offering expenses payable by the Company. The Company expects that its cash, cash equivalents and marketable securities, as of June 30, 2021 of $162.5 million will be sufficient to fund its operations for at least the next twelve months from the date of issuance of these financial statements. The Company will need additional financing to support its continuing operations and pursue its growth strategy. Until such time as the Company can generate significant revenue from product sales, if ever, it expects to finance its operations through a combination of equity offerings, debt financings, collaborations, strategic alliances and licensing arrangements. The Company may be unable to raise additional funds or enter into such other agreements when needed on favorable terms or at all. The inability to raise capital as and when needed would have a negative impact on the Company’s financial condition and its ability to pursue its business strategy. The Company will need to generate significant revenue to achieve profitability, and it may never do so. Reverse stock split On January 29, 2021, the Company effected a reverse stock split of the Company’s common stock on a 48-for-1 basis (the “Reverse Stock Split”). In connection with the Reverse Stock Split, the conversion ratio for the Company’s Series AA and Series BB convertible preferred stock was proportionately adjusted such that the common stock issuable upon conversion of such preferred stock was decreased in proportion to the Reverse Stock Split. Accordingly, all common stock share and per share amounts, as well as all preferred stock conversion ratios, for all periods presented in these financial statements have been retroactively adjusted, to reflect this reverse stock split and adjustment of the Series AA and BB convertible preferred stock conversion ratios.

Summary of Significant Accounti

Summary of Significant Accounting Policies6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The Company has prepared the accompanying condensed consolidated financial statements in conformity with generally accepted accounting principles in the United States (“US GAAP”). The condensed consolidated financial statements include those accounts of the Company and its subsidiaries after elimination of all intercompany accounts and transactions. Unaudited interim financial information The condensed consolidated financial statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted from these condensed consolidated financial statements, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K. The results for any interim period are not necessarily indicative of results for any future period. Use of Estimates The preparation of condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting periods presented. Estimates are used for, but are not limited to, depreciation of equipment, the Company’s enterprise value, fair value of financial instruments, the Company’s ability to continue as a going concern and contingencies. Actual results may differ from those estimates. Cash and cash equivalents The Company classifies deposits in banks, money market funds and cash invested temporarily in various instruments with maturities of three months or less at the time of purchase as cash and cash equivalents. At June 30, 2021, cash and cash equivalents included cash on deposit at commercial banks and a money market fund that invests in U.S. Government securities. Marketable securities Investments consist of marketable securities with original maturities greater than 90 days. The Company has classified its investments with maturities beyond one year as short-term, based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The Company considers its investment portfolio of marketable securities to be available-for-sale. Accordingly, these investments are recorded at fair value (level 2). Unrealized gains and losses are reported as the accumulated other comprehensive items in stockholders’ equity. Amortization and accretion of premiums and discounts are recorded in other income (expense). Realized gains or losses on debt securities are included in interest income or interest expense, respectively. Recently Issued Accounting Standards Updates In February 2016, the FASB issued Accounting Standards Updates (“ASU”) No. 2016-02, Leases (Topic 842) In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement Topic 820 significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. The Company adopted ASU No. 2018-13 on January 1, 2020 and it did not have a material effect on the condensed consolidated financial statements and related disclosures. In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes

Marketable Securities

Marketable Securities6 Months Ended
Jun. 30, 2021
Investments Debt And Equity Securities [Abstract]
MARKETABLE SECURITIES3. MARKETABLE SECURITIES Marketable securities consist of the following (in thousands):
Amortized Cost
Unrealized Gains
Unrealized Losses
Fair Value
Commercial paper
$
59,955
$
3
$
(8
)
$
59,950
Corporate bonds
86,045
-
(91
)
85,954
U.S. Government agencies
1,000
-
(5
)
995
Total
$
147,000
$
3
$
(104
)
$
146,899
As of June 30, 2021, all marketable securities held by the Company had remaining contractual maturities of one year or less, except for corporate bonds and U.S. government agencies securities with a fair value of $65.4 million that had maturities of one to three years. As of June 30, 2021, $91 thousand and $13 thousand of unrealized losses are associated with marketable securities with contractual maturities of one year or less and more than one year, respectively. There were no impairments of the Company’s assets measured and carried at fair value during the six months ended June 30, 2021.

Property and Equipment, Net

Property and Equipment, Net6 Months Ended
Jun. 30, 2021
Property Plant And Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET4. PROPERTY AND EQUIPMENT, NET Property and equipment, net consist of the following (in thousands):
June 30, 2021
December 31, 2020
Office equipment and furniture
$
385
$
94
Research equipment
2,470
1,767
Total property and equipment
2,855
1,861
Less accumulated depreciation and amortization
(744
)
(595
)
Property and equipment, net
$
2,111
$
1,266
Depreciation and amortization expense for the three months ended June 30, 2021 and 2020 was $122 thousand and $52 thousand, respectively, and for the six months ended June 30, 2021 and 2020 was $220 thousand and $75 thousand, respectively.

Other Current Liabilities

Other Current Liabilities6 Months Ended
Jun. 30, 2021
Other Liabilities Disclosure [Abstract]
OTHER CURRENT LIABILITIES5. Other current liabilities Other current liabilities consist of the following (in thousands):
June 31, 2021
December 31, 2020
Compensation and benefits
$
1,095
$
916
Other
-
32
Total other current liabilities
$
1,095
$
948

Debt

Debt6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]
DEBT6. Debt In May 2020, the Company received $567 thousand in loan funding from the Paycheck Protection Program (“PPP”) pursuant to the Coronavirus Aid, Relief, and Economic Security Act, as amended by the Flexibility Act, and administered by the Small Business Administration. The unsecured loan (the “PPP Loan”) is with Silicon Valley Bank. Under the terms of the PPP Loan, interest accrues on the outstanding principal at a rate of 1.0% per annum. The Company has applied for forgiveness and the application is currently under review. To the extent the PPP Loan amount is not forgiven the Company will make equal monthly payments of principal and interest, beginning after determination of forgiveness by the lender.

Fair Value Measurements

Fair Value Measurements6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS7. FAIR VALUE MEASUREMENTS The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands):
Fair value measurements at June 30, 2021
Level 1
Level 2
Level 3
Total
Assets:
Cash equivalents
Money market funds
$
13,868
$
-
$
-
$
13,868
Investments:
Commercial paper
-
59,950
-
59,950
Corporate bonds
-
85,954
-
85,954
U.S. Government agencies
-
995
-
995
Total
$
13,868
$
146,899
$
-
$
160,767
When developing fair value estimates, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. When available, the Company uses quoted market prices to measure fair value. The valuation technique used to measure fair value for the Company's Level 1 and Level 2 assets is a market approach, using prices and other relevant information generated by market transactions involving identical or comparable assets. If market prices are not available, the fair value measurement is based on models that use primarily market-based parameters including yield curves, volatilities, credit ratings and currency rates. In certain cases where market rate assumptions are not available, the Company is required to make judgments about assumptions market participants would use to estimate the fair value of a financial instrument. The Company’s embedded debt derivatives during 2020 are measured at fair value using a probability-weighted discounted cash flow valuation methodology. The determination of the fair value of embedded debt derivatives includes inputs not observable in the market and as such, represents a Level 3 measurement. The methodology utilized requires inputs based on certain subjective assumptions, including probabilities of debt settlement scenarios and a discount rate. This approach results in the classification of these embedded debt derivatives as Level 3 of the fair value hierarchy. The assumptions utilized to value the embedded debt derivatives during the six months ended June 30, 2020 prior to the settlement of such instruments included the actual outcome of the underling debt host contract, whether it was settled on a qualified financing prior to the contractual maturity date or settlement at the contractual maturity date. For the six months ended June 30, 2020, the Company recognized $1.0 million of income in the condensed consolidated statement of operations as other income—fair value adjustments on embedded debt derivatives. The fair value of the embedded debt derivate was zero as of June 30, 2020. The following table provides a reconciliation of embedded debt derivatives measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands):
Amount
Balance at December 31, 2019
$
3,920
Change in fair value
(995
)
Settlement
(2,925
)
Balance at June 30, 2020
$

There were no

Commitments and Contingencies

Commitments and Contingencies6 Months Ended
Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES8. COMMITMENTS AND CONTINGENCIES Operating Lease As of June 30, 2021, the Company leases office facilities and other equipment under operating leases, which expire at various dates through 2027. Lease expense for the three months ended June 30, 2021 and 2020 was $272 thousand and $356 thousand, respectively, and for the six months ended June 30, 2021 and 2020 was $506 thousand and $660 thousand, respectively. The following table presents the future annual minimum payments required under noncancellable operating leases at June 30, 2021 (in thousands):
Remainder of 2021
$
680
2022
1,584
2023
1,605
2024
1,640
2025
1,688
2026
1,414
2027
59
Total operating lease obligations
$
8,670
As agreements Capital Lease In June 2021 the Company terminated its leases for research equipment. License Agreements In the normal course of business, the Company enters into licensing agreements with various parties to obtain the right to make, use, and sell licensed products currently in development. Litigation The Company records estimated losses from loss contingencies, such as a loss arising from a litigation, when it determines that it is probable a liability has been incurred and the amount of loss can be reasonably estimated. Litigation is subject to many factors that are difficult to predict so that there can be no assurance, in the event of a material unfavorable result in one or more claims, the Company will not incur material costs. During 2017, the Company became actively involved in a matter pending in the Ontario (Canada) Superior Court of Justice which names, among multiple other defendants, the Company and two former officers of the Company. The claims pending in this matter allege breach of contract by the Company and seek declaratory and other relief, including monetary damages from the Company, and the individual defendants, including the Company’s former officers. The claims by such plaintiffs were originally made in a lawsuit filed in Ontario during October 2011, but was not pursued by such plaintiffs in any material manner until 2017. The Company believes that there is no merit to the claims alleged against the Company and its former officers, including no alleged breach of contract by the Company, and intends to vigorously defend against the claims pertaining to the Company and its former officers. At the present stage of the suit, management believes the outcome in this matter is not likely to have any material impact on the Company’s results, cash flows, or financial position. Coronavirus pandemic On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the “COVID-19 outbreak”) and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak continues to evolve as of the date of these financial statements. As such, it is uncertain as to the full magnitude that the pandemic will have on the Company’s financial condition, liquidity, and future results of operations. Management is actively monitoring the global situation on its financial condition, liquidity, operations, suppliers, industry, and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, the Company is not able to estimate the effects of the COVID-19 outbreak on its results of operations, financial condition, or liquidity. Although the Company cannot estimate the length or gravity of the impact of the COVID-19 outbreak at this time, if the pandemic continues, it may have a material adverse effect on the Company’s results of future operations, financial position, and liquidity in 2021.

Equity

Equity6 Months Ended
Jun. 30, 2021
Equity [Abstract]
EQUITY9. Equity Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are not entitled to receive dividends, unless declared by the board of directors. Series BB Convertible Preferred Stock Issuance In January 2021, the Company issued and sold 113,275,902 shares of Series BB convertible preferred stock at $0.207383 per share in exchange for $23.5 million in gross proceeds. Initial Public Offering In February 2021, the Company completed its IPO in which the Company issued and sold 8,030,295 shares of its common stock, including 1,030,243 shares pursuant to the partial exercise of the underwriters’ option to purchase additional shares, at a public offering price of $19.00 per share, for aggregate gross proceeds of $152.6 million. The Company received approximately $138.5 million in net proceeds after deducting underwriting discounts and estimated offering expenses payable by the Company. Upon closing of the IPO on February 8, 2021, all of the Company’s outstanding preferred stock converted into an aggregate of 19,034,069 shares of common stock. On February 8, 2021, in connection with the IPO, the Company filed an Amended and Restated Certificate of Incorporation (the “Amended Certificate”) with the Secretary of State of the State of Delaware. The Amended Certificate, among other things: (i) authorized 250,000,000 shares of common stock; (ii) eliminated all references to the previously existing series of preferred stock; and (iii) authorized 10,000,000 shares of undesignated preferred stock that may be issued from time to time by the Company’s board of directors in one or more series. Common Stock Warrants The following is a summary of the common stock warrant activity related to common stock warrants issued in conjunction with equity and debt fundraising events for the six months ended June 30, 2021:
Number of Common Stock Warrants
Weighted- Average Exercise Price
Weighted- Average Remaining Contractual Term (in years)
Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2020
412,262
$
9.60
6.71
$
1,380
Granted
1,648,709
$
0.01
Exercised
(1,648,709
)
$
(0.01
)
Expired

Outstanding at June 30, 2021
412,262
$
9.60
6.22
$
2,265

Stock-Based Compensation

Stock-Based Compensation6 Months Ended
Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
STOCK-BASED COMPENSATION10. STOCK-BASED COMPENSATION 2018 Equity Incentive Plan The Company’s 2018 Stock Incentive Plan (the “2018 Plan”), provided for the Company to grant qualified incentive options, nonqualified options, stock grants and other stock-based awards to employees and non-employees to purchase the Company’s common stock. Upon the effectiveness of the 2021 Plan (as defined below), no further issuances will be made under the 2018 Plan. 2021 Stock Option and Incentive Plan The 2021 Equity Incentive Plan (the “2021 Plan”) was approved by the board of directors on January 27, 2021, and the Company’s stockholders on January 28, 2021 and became effective on the execution of the underwriting agreement related to the IPO. The 2021 Plan provides for the grant of incentive stock options to employees, including employees of any parent or subsidiary corporations, and for the grant of nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other forms of stock awards to employees, directors, and consultants, including employees and consultants of the Company’s affiliates. The number of shares initially reserved for issuance under the 2021 Plan was 5,000,000, which will automatically increase on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to 4.0% of the total number of shares of the Company’s capital stock outstanding on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by the board of directors. 2021 Employee Stock Purchase Plan The 2021 Employee Stock Purchase Plan (the “2021 ESPP”) was approved by the Company’s board of directors on January 27, 2021, and became effective on the execution of the underwriting agreement related to the IPO. A total of 333,333 shares of common stock were initially reserved for issuance under this plan, which will automatically increase on January 1 of each calendar year, beginning on January 1, 2022 through January 1, 2031, by 1.0% of the total shares of common stock outstanding on December 31st of the preceding calendar year, or the Evergreen Measurement Date; provided, that the number of shares added to the share reserve will be reduced automatically to the extent necessary to avoid causing the share reserve to exceed a number of shares equal to 1.0% of the shares of common stock outstanding on the applicable Evergreen Measurement Date and the board of directors may act prior to the first day of any calendar year to provide that there will be no January 1 increase in the share reserve for such calendar year or that the increase in the share reserve for such calendar year will be a lesser number of shares of the Company’s common stock than would otherwise occur. Stock Options During 2021, the Company granted options to purchase shares of common stock to employees, consultants, and nonexecutive directors pursuant to the 2018 Plan and 2021 Plan, respectively. The Company uses the Black-Scholes option-pricing model to estimate the fair value of the stock options on the grant dates at a weighted average fair value of $12.95. The following is a summary of the stock option award activity during the six months ended June 30, 2021:
Number of Stock Options
Weighted- Average Exercise Price
Weighted- Average Remaining Contractual Term (in years)
Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2020
1,947,123
$
5.70
9.56
$
10,284
Granted
1,529,492
$
16.97
Exercised

$

Forfeited
(262,498
)
$
(6.13
)
Expired

$

Outstanding at June 30, 2021
3,214,117
$
11.02
9.29
$
13,648
Exercisable at June 30, 2021
607,865
$
12.66
8.88
$
4,490
Options expected to vest as of June 30, 2021
2,606,252
$
10.64
9.43
$
9,158
The total fair value of options vested during the six months ended June 30, 2021 was $1.7 million. At June 30, 2021, there was approximately $21.0 million of unrecognized stock-based compensation expense associated with the stock options, which is expected to be recognized over a weighted-average period of 3.36 years. Common Stock Warrants The following is a summary of the employee-issued common stock warrant activity during the six months ended June 30, 2021:
Number of Common Stock Warrants
Weighted- Average Exercise Price
Weighted- Average Remaining Contractual Term (in years)
Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2020
57,212
$
7.62
3.64
$
98
Granted

$

Exercised

$

Expired

$

Outstanding and exercisable at June 30, 2021
57,212
$
7.62
3.14
$
226
As of June 30, 2021 there was no unrecognized stock-based compensation expense associated with the common stock warrants. For the six months ended June 30, 2021, the Company utilized the Black-Scholes option-pricing model for estimating the fair value of the stock options granted. The following table presents the assumptions and the Company’s methodology for developing each of the assumptions used:
Six Months Ended June 30,
2021
Volatility
90.55%-98.04%
Expected life (years)
5.52-6.08
Risk-free interest rate
0.5%–1.1%
Dividend rate
—%

Volatility—The Company estimates the expected volatility of its common stock at the date of grant based on the historical volatility of comparable public companies over the expected term.

Expected life—The expected life is estimated as the contractual term.

Risk-free interest rate—The risk-free rate for periods within the estimated life of the stock award is based on the U.S. Treasury yield curve in effect at the time of grant.

Dividend rate—The assumed dividend yield is based upon the Company’s expectation of not paying dividends in the foreseeable future. Stock-based compensation expense was recorded in the following line items in the condensed consolidated statements of operations for the three and six months ended June 30, 2021 and 2020 (in thousands):
Three Months Ended June 30,
Six Months Ended June 30,
2021
2020
2021
2020
Research and development
$
639
$
51
$
1,148
$
102
General and administrative
1,106
112
1,946
255
Total stock-based compensation expense
$
1,745
$
163
$
3,094
$
357

Employee Retirement Plan

Employee Retirement Plan6 Months Ended
Jun. 30, 2021
Compensation And Retirement Disclosure [Abstract]
EMPLOYEE RETIREMENT PLAN11. EMPLOYEE RETIREMENT PLAN The Company maintains a defined contribution 401(k) profit-sharing plan (the “Plan”) for all employees. Under the Plan, participants may make voluntary contributions up to the maximum amount allowable by law. The Plan is based on employees’ salary deferral, and the Company matches employees’ contributions up to 4% of the employees’ base salary. Employees are 100% vested in the Company’s match contributions. During the three months ended June 30, 2021 and 2020, the Company accrued expense of $76 thousand and $26 thousand, respectively. During the six months ended June 30, 2021 and 2020, the Company accrued expenses of $105 thousand and $52 thousand, respectively.

Related-Party Transactions

Related-Party Transactions6 Months Ended
Jun. 30, 2021
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS12. RELATED-PARTY TRANSACTIONS Debt During March 2020, a principal owner of the Company purchased the 2019 Special Note directly from the original holder. Consulting Agreement During 2020, the Company entered into an agreement with a principal owner of the Company to provide consulting services to the Company in exchange for $1,500 thousand. Under the terms of the agreement, the Company recorded expense of $1,125 thousand in 2020, with the $1,500 thousand payment made in January 2021. The contract was completed and the remaining balance of $375 thousand under the agreement was recorded as an expense in January 2021.

Income Taxes

Income Taxes6 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES13. INCOME TAXES The Company recorded no provision for income taxes for the three and six months ended June 30, 2021 and 2020. Deferred tax assets and deferred tax liabilities are recognized based on temporary differences between the financial reporting and tax bases of assets and liabilities using statutory rates. Management of the Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets, which are comprised principally of net operating loss carryforwards and research and development credits. Under the applicable accounting standards, management has considered the Company’s history of losses and concluded that it is more likely than not that the Company will not recognize the benefits of federal and state deferred tax assets. Accordingly, a full valuation allowance has been established against the Company’s otherwise recognizable net deferred tax assets.

Net Loss Per Share

Net Loss Per Share6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]
NET LOSS PER SHARE14. NET LOSS PER SHARE Basic and diluted net loss per share attributable to common stockholders is calculated as follows (in thousands except share and per share amounts):
Three Months Ended June 30,
Six Months Ended June 30,
2021
2020
2021
2020
Net loss
$
(9,771
)
$
(4,910
)
$
(17,743
)
$
(9,602
)
Cumulative dividends on convertible preferred stock



(104
)
Net loss attributable to common stockholders
$
(9,771
)
$
(4,910
)
$
(17,743
)
$
(9,706
)
Net loss per share—basic and diluted
$
(0.32
)
$
(3.02
)
$
(0.72
)
$
(6.87
)
Weighted-average number of shares used in computing net loss per share—basic and diluted
30,588,495
1,625,011
24,778,949
1,413,062
The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive:
For the Six Months Ended
2021
2020
Convertible preferred stock

527,138,337
Stock options to purchase common stock
3,214,117
77,604
Warrants issued to employees and contractor to purchase common stock
57,212
57,420
Warrants issued related to convertible notes and other equity agreements
412,262
412,262

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Principles of ConsolidationBasis of Presentation and Principles of Consolidation The Company has prepared the accompanying condensed consolidated financial statements in conformity with generally accepted accounting principles in the United States (“US GAAP”). The condensed consolidated financial statements include those accounts of the Company and its subsidiaries after elimination of all intercompany accounts and transactions.
Unaudited interim financial informationUnaudited interim financial information The condensed consolidated financial statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted from these condensed consolidated financial statements, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K. The results for any interim period are not necessarily indicative of results for any future period.
Use of EstimatesUse of Estimates The preparation of condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting periods presented. Estimates are used for, but are not limited to, depreciation of equipment, the Company’s enterprise value, fair value of financial instruments, the Company’s ability to continue as a going concern and contingencies. Actual results may differ from those estimates.
Cash and Cash EquivalentsCash and cash equivalents The Company classifies deposits in banks, money market funds and cash invested temporarily in various instruments with maturities of three months or less at the time of purchase as cash and cash equivalents. At June 30, 2021, cash and cash equivalents included cash on deposit at commercial banks and a money market fund that invests in U.S. Government securities.
Marketable SecuritiesMarketable securities Investments consist of marketable securities with original maturities greater than 90 days. The Company has classified its investments with maturities beyond one year as short-term, based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The Company considers its investment portfolio of marketable securities to be available-for-sale. Accordingly, these investments are recorded at fair value (level 2). Unrealized gains and losses are reported as the accumulated other comprehensive items in stockholders’ equity. Amortization and accretion of premiums and discounts are recorded in other income (expense). Realized gains or losses on debt securities are included in interest income or interest expense, respectively.
Recently Issued Accounting Standards UpdatesRecently Issued Accounting Standards Updates In February 2016, the FASB issued Accounting Standards Updates (“ASU”) No. 2016-02, Leases (Topic 842) In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement Topic 820 significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. The Company adopted ASU No. 2018-13 on January 1, 2020 and it did not have a material effect on the condensed consolidated financial statements and related disclosures. In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes

Marketable Securities (Tables)

Marketable Securities (Tables)6 Months Ended
Jun. 30, 2021
Investments Debt And Equity Securities [Abstract]
Summary of Marketable SecuritiesMarketable securities consist of the following (in thousands):
Amortized Cost
Unrealized Gains
Unrealized Losses
Fair Value
Commercial paper
$
59,955
$
3
$
(8
)
$
59,950
Corporate bonds
86,045
-
(91
)
85,954
U.S. Government agencies
1,000
-
(5
)
995
Total
$
147,000
$
3
$
(104
)
$
146,899

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)6 Months Ended
Jun. 30, 2021
Property Plant And Equipment [Abstract]
Summary of Property and Equipment, NetProperty and equipment, net consist of the following (in thousands):
June 30, 2021
December 31, 2020
Office equipment and furniture
$
385
$
94
Research equipment
2,470
1,767
Total property and equipment
2,855
1,861
Less accumulated depreciation and amortization
(744
)
(595
)
Property and equipment, net
$
2,111
$
1,266

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)6 Months Ended
Jun. 30, 2021
Other Liabilities Disclosure [Abstract]
Summary of Other Current LiabilitiesOther current liabilities consist of the following (in thousands):
June 31, 2021
December 31, 2020
Compensation and benefits
$
1,095
$
916
Other
-
32
Total other current liabilities
$
1,095
$
948

Fair Value Measurements (Tables

Fair Value Measurements (Tables)6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Financial Assets And Liabilities Measured at Fair Value on Recurring BasisThe following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands):
Fair value measurements at June 30, 2021
Level 1
Level 2
Level 3
Total
Assets:
Cash equivalents
Money market funds
$
13,868
$
-
$
-
$
13,868
Investments:
Commercial paper
-
59,950
-
59,950
Corporate bonds
-
85,954
-
85,954
U.S. Government agencies
-
995
-
995
Total
$
13,868
$
146,899
$
-
$
160,767
Schedule of Reconciliation of Embedded Debt Derivatives Measured Fair Value on Recurring BasisThe following table provides a reconciliation of embedded debt derivatives measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands):
Amount
Balance at December 31, 2019
$
3,920
Change in fair value
(995
)
Settlement
(2,925
)
Balance at June 30, 2020
$

Commitments and Contingencies (

Commitments and Contingencies (Tables)6 Months Ended
Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Schedule of Future Annual Minimum Payments Under Noncancellable Operating LeaseThe following table presents the future annual minimum payments required under noncancellable operating leases at June 30, 2021 (in thousands):
Remainder of 2021
$
680
2022
1,584
2023
1,605
2024
1,640
2025
1,688
2026
1,414
2027
59
Total operating lease obligations
$
8,670

Equity (Tables)

Equity (Tables)6 Months Ended
Jun. 30, 2021
Summary of Common Stock Warrant ActivityThe following is a summary of the employee-issued common stock warrant activity during the six months ended June 30, 2021:
Number of Common Stock Warrants
Weighted- Average Exercise Price
Weighted- Average Remaining Contractual Term (in years)
Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2020
57,212
$
7.62
3.64
$
98
Granted

$

Exercised

$

Expired

$

Outstanding and exercisable at June 30, 2021
57,212
$
7.62
3.14
$
226
Warrant | Equity and Debt Fundraising Events
Summary of Common Stock Warrant ActivityThe following is a summary of the common stock warrant activity related to common stock warrants issued in conjunction with equity and debt fundraising events for the six months ended June 30, 2021:
Number of Common Stock Warrants
Weighted- Average Exercise Price
Weighted- Average Remaining Contractual Term (in years)
Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2020
412,262
$
9.60
6.71
$
1,380
Granted
1,648,709
$
0.01
Exercised
(1,648,709
)
$
(0.01
)
Expired

Outstanding at June 30, 2021
412,262
$
9.60
6.22
$
2,265

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)6 Months Ended
Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock Option Award ActivityThe following is a summary of the stock option award activity during the six months ended June 30, 2021:
Number of Stock Options
Weighted- Average Exercise Price
Weighted- Average Remaining Contractual Term (in years)
Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2020
1,947,123
$
5.70
9.56
$
10,284
Granted
1,529,492
$
16.97
Exercised

$

Forfeited
(262,498
)
$
(6.13
)
Expired

$

Outstanding at June 30, 2021
3,214,117
$
11.02
9.29
$
13,648
Exercisable at June 30, 2021
607,865
$
12.66
8.88
$
4,490
Options expected to vest as of June 30, 2021
2,606,252
$
10.64
9.43
$
9,158
Summary of Common Stock Warrant ActivityThe following is a summary of the employee-issued common stock warrant activity during the six months ended June 30, 2021:
Number of Common Stock Warrants
Weighted- Average Exercise Price
Weighted- Average Remaining Contractual Term (in years)
Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2020
57,212
$
7.62
3.64
$
98
Granted

$

Exercised

$

Expired

$

Outstanding and exercisable at June 30, 2021
57,212
$
7.62
3.14
$
226
Summary of Fair Value Assumptions and MethodologyThe following table presents the assumptions and the Company’s methodology for developing each of the assumptions used:
Six Months Ended June 30,
2021
Volatility
90.55%-98.04%
Expected life (years)
5.52-6.08
Risk-free interest rate
0.5%–1.1%
Dividend rate
—%
Summary of Stock-Based Compensation ExpenseStock-based compensation expense was recorded in the following line items in the condensed consolidated statements of operations for the three and six months ended June 30, 2021 and 2020 (in thousands):
Three Months Ended June 30,
Six Months Ended June 30,
2021
2020
2021
2020
Research and development
$
639
$
51
$
1,148
$
102
General and administrative
1,106
112
1,946
255
Total stock-based compensation expense
$
1,745
$
163
$
3,094
$
357

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per ShareBasic and diluted net loss per share attributable to common stockholders is calculated as follows (in thousands except share and per share amounts):
Three Months Ended June 30,
Six Months Ended June 30,
2021
2020
2021
2020
Net loss
$
(9,771
)
$
(4,910
)
$
(17,743
)
$
(9,602
)
Cumulative dividends on convertible preferred stock



(104
)
Net loss attributable to common stockholders
$
(9,771
)
$
(4,910
)
$
(17,743
)
$
(9,706
)
Net loss per share—basic and diluted
$
(0.32
)
$
(3.02
)
$
(0.72
)
$
(6.87
)
Weighted-average number of shares used in computing net loss per share—basic and diluted
30,588,495
1,625,011
24,778,949
1,413,062
Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per ShareThe following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive:
For the Six Months Ended
2021
2020
Convertible preferred stock

527,138,337
Stock options to purchase common stock
3,214,117
77,604
Warrants issued to employees and contractor to purchase common stock
57,212
57,420
Warrants issued related to convertible notes and other equity agreements
412,262
412,262

Organization and Operations - A

Organization and Operations - Additional Information (Details) $ / shares in Units, $ in ThousandsJan. 29, 2021Feb. 28, 2021USD ($)$ / sharessharesJun. 30, 2021USD ($)Mar. 31, 2021USD ($)sharesJun. 30, 2020USD ($)Mar. 31, 2020USD ($)Jun. 30, 2021USD ($)Jun. 30, 2020USD ($)Dec. 31, 2020USD ($)
Subsidiary Sale Of Stock [Line Items]
Net loss $ (9,771) $ (7,972) $ (4,910) $ (4,692) $ (17,743) $ (9,602)
Accumulated deficit(130,155)(130,155) $ (112,412)
Cash, cash equivalents and marketable securities $ 162,500 $ 162,500
Reverse stock split descriptionOn January 29, 2021, the Company effected a reverse stock split of the Company’s common stock on a 48-for-1 basis (the “Reverse Stock Split”).
Reverse stock split conversion ratio0.020833
Common Stock
Subsidiary Sale Of Stock [Line Items]
Common stock shares issued and sold | shares8,030,295
IPO | Common Stock
Subsidiary Sale Of Stock [Line Items]
Common stock shares issued and sold | shares8,030,295
Share price per share | $ / shares $ 19
Proceeds from issuance initial public offering $ 152,600
Net proceeds after deducting underwriting discounts and estimated offering expenses $ 138,500

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)Jun. 30, 2021
ASU 2018-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adoptedtrue
Change in accounting principle, accounting standards update, adoption dateJan. 1,
2020
Change in accounting principle, accounting standards update, immaterial effecttrue
ASU 2019-12
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adoptedtrue
Change in accounting principle, accounting standards update, adoption dateJan. 1,
2020
Change in accounting principle, accounting standards update, immaterial effecttrue

Marketable Securities - Summary

Marketable Securities - Summary of Marketable Securities (Details) $ in ThousandsJun. 30, 2021USD ($)
Marketable Securities [Line Items]
Fair Value $ 146,899
Marketable Securities
Marketable Securities [Line Items]
Amortized Cost147,000
Unrealized Gains3
Unrealized Losses(104)
Fair Value146,899
Marketable Securities | Commercial Paper
Marketable Securities [Line Items]
Amortized Cost59,955
Unrealized Gains3
Unrealized Losses(8)
Fair Value59,950
Marketable Securities | Corporate Bonds
Marketable Securities [Line Items]
Amortized Cost86,045
Unrealized Losses(91)
Fair Value85,954
Marketable Securities | U.S. Government Agencies
Marketable Securities [Line Items]
Amortized Cost1,000
Unrealized Losses(5)
Fair Value $ 995

Marketable Securities - Additio

Marketable Securities - Additional Information (Details) $ in Thousands6 Months Ended
Jun. 30, 2021USD ($)
Marketable Securities [Line Items]
Marketable securities, fair value $ 146,899
Impairment of investments0
Corporate Bonds and U.S. Government Agencies
Marketable Securities [Line Items]
Marketable securities, fair value65,400
Corporate Bonds
Marketable Securities [Line Items]
Marketable securities, unrealized loss position, fair value91
Commercial Paper and U.S. Government Agencies
Marketable Securities [Line Items]
Marketable securities, unrealized loss position, fair value $ 13
Minimum | Corporate Bonds and U.S. Government Agencies
Marketable Securities [Line Items]
Marketable securities remaining maturity term1 year
Minimum | Commercial Paper and U.S. Government Agencies
Marketable Securities [Line Items]
Marketable securities unrealized loss position, maturity term1 year
Maximum | Commercial Paper
Marketable Securities [Line Items]
Marketable securities remaining maturity term1 year
Maximum | Corporate Bonds and U.S. Government Agencies
Marketable Securities [Line Items]
Marketable securities remaining maturity term3 years
Maximum | Corporate Bonds
Marketable Securities [Line Items]
Marketable securities unrealized loss position, maturity term1 year

Property and Equipment, Net - S

Property and Equipment, Net - Summary of Property and Equipment, Net (Detail) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Property Plant And Equipment [Line Items]
Total property and equipment $ 2,855 $ 1,861
Less accumulated depreciation and amortization(744)(595)
Property and equipment, net2,111 1,266
Office Equipment and Furniture
Property Plant And Equipment [Line Items]
Total property and equipment385 94
Research Equipment
Property Plant And Equipment [Line Items]
Total property and equipment $ 2,470 $ 1,767

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Property Plant And Equipment [Abstract]
Depreciation and amortization expense $ 122 $ 52 $ 220 $ 75

Other Current Liabilities - Sum

Other Current Liabilities - Summary of Other Current Liabilities (Details) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Compensation and benefits $ 1,095 $ 916
Other32
Total other current liabilities $ 1,095 $ 948

Debt - Additional Information (

Debt - Additional Information (Details) - PPP Loan - USD ($) $ in Thousands6 Months Ended
Jun. 30, 2021May 31, 2020
Debt Instrument [Line Items]
Debt instrument, face amount $ 567
Debt instrument, interest rate1.00%
Debt instrument, frequency of periodic payment of principal and interestmonthly

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets And Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value Measurements Recurring Basis $ in ThousandsJun. 30, 2021USD ($)
Assets:
Total $ 160,767
Level 1
Assets:
Total13,868
Level 2
Assets:
Total146,899
Money Market Funds
Assets:
Cash equivalents fair value disclosure13,868
Money Market Funds | Level 1
Assets:
Cash equivalents fair value disclosure13,868
Commercial Paper
Assets:
Investments fair value disclosure59,950
Commercial Paper | Level 2
Assets:
Investments fair value disclosure59,950
Corporate Bonds
Assets:
Investments fair value disclosure85,954
Corporate Bonds | Level 2
Assets:
Investments fair value disclosure85,954
U.S. Government Agencies
Assets:
Investments fair value disclosure995
U.S. Government Agencies | Level 2
Assets:
Investments fair value disclosure $ 995

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value adjustments on embedded debt derivatives $ 995,000
Fair value of embedded derivative $ 0 0
Fair value, transfer of liabilities, from level 1 to level 2 $ 0 0 $ 0 0
Fair value, transfer of liabilities from level 2 to level 10 0 0 0
Fair value, transfer of assets into level 30 0 0 0
Fair value, transfer of assets out of level 30 0 0 0
Fair value, transfer of liabilities into level 30 0 0 0
Fair value, transfer of liabilities out of level 3 $ 0 $ 0 $ 0 0
Other income
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value adjustments on embedded debt derivatives $ 1,000,000

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Reconciliation of Embedded Debt Derivatives Measured Fair Value on Recurring Basis (Details) - Fair Value of Recurring - Level 3 $ in Thousands6 Months Ended
Jun. 30, 2020USD ($)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance at December 31, 2019 $ 3,920
Change in fair value(995)
Settlement $ (2,925)

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)3 Months Ended6 Months Ended12 Months Ended
Jun. 30, 2021USD ($)Jun. 30, 2020USD ($)Jun. 30, 2021USD ($)Jun. 30, 2020USD ($)Dec. 31, 2017USD ($)Officer
Commitments And Contingencies Disclosure [Abstract]
Lease expiration year2027
Operating lease, expense $ 272,000 $ 356,000 $ 506,000 $ 660,000
Letters of credit agreements outstanding amount $ 678,000 $ 678,000
Number of former officers | Officer2
Loss contingency allegations claims $ 0
Loss contingency, allegationsThe Company believes that there is no merit to the claims alleged against the Company and its former officers, including no alleged breach of contract by the Company, and intends to vigorously defend against the claims pertaining to the Company and its former officers.

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Future Annual Minimum Payments Under Noncancellable Operating Lease (Details) $ in ThousandsJun. 30, 2021USD ($)
Commitments And Contingencies Disclosure [Abstract]
Remainder of 2021 $ 680
20221,584
20231,605
20241,640
20251,688
20261,414
202759
Total operating lease obligations $ 8,670

Equity - Additional Information

Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in MillionsFeb. 08, 2021Feb. 28, 2021Jan. 31, 2021Jun. 30, 2021Dec. 31, 2020
Class Of Stock [Line Items]
Common stock, shares authorized1,230,000,000 1,230,000,000
IPO
Class Of Stock [Line Items]
Common stock shares issued and sold8,030,295
Partial exercise of the underwriters option to purchase additional shares1,030,243
Sale of Stock, Price Per Share $ 19
Aggregate gross proceeds from issuance of initial public offering $ 152.6
Net proceeds after deducting underwriting discounts $ 138.5
Outstanding preferred stock converted into aggregate shares of common stock19,034,069
Common stock, shares authorized250,000,000
Preferred stock, shares authorized10,000,000
Series BB Convertible Preferred Stock Issuance
Class Of Stock [Line Items]
Convertible preferred stock shares issued and sold113,275,902
Convertible preferred stock per share $ 0.207383
Proceeds on the issuance of convertible preferred stock $ 23.5

Equity - Summary of Common Stoc

Equity - Summary of Common Stock Warrant activity (Details) - USD ($) $ / shares in Units, $ in Thousands6 Months Ended12 Months Ended
Jun. 30, 2021Dec. 31, 2020
Class Of Stock [Line Items]
Number of Common Stock Warrants Outstanding, Beginning Balance57,212
Number of Common Stock Warrants Outstanding, Ending Balance57,212
Weighted-Average Exercise Price Outstanding, Beginning Balance $ 7.62
Weighted-Average Exercise Price Outstanding, Ending Balance $ 7.62
Weighted-Average Remaining Contractual Term, Outstanding3 years 7 months 20 days
Aggregate Intrinsic Value Outstanding $ 98
Warrant | Equity and Debt Fundraising Events
Class Of Stock [Line Items]
Number of Common Stock Warrants Outstanding, Beginning Balance412,262
Number of Common Stock Warrants, Granted1,648,709
Number of Common Stock Warrants, Exercised(1,648,709)
Number of Common Stock Warrants Outstanding, Ending Balance412,262 412,262
Weighted-Average Exercise Price Outstanding, Beginning Balance $ 9.60
Weighted Average Exercise Price, Granted0.01
Weighted Average Exercise Price, Exercised(0.01)
Weighted-Average Exercise Price Outstanding, Ending Balance $ 9.60 $ 9.60
Weighted-Average Remaining Contractual Term, Outstanding6 years 2 months 19 days6 years 8 months 15 days
Aggregate Intrinsic Value Outstanding $ 2,265 $ 1,380

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details)6 Months Ended
Jun. 30, 2021USD ($)$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant dates at weighted average fair value | $ / shares $ 16.97
Options vested | $ $ 1,700,000
Unrecognized stock-based compensation expense | $ $ 21,000,000
Weighted-average period3 years 4 months 9 days
Common Stock Warrants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense | $ $ 0
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for issuance | shares5,000,000
Number of capital stock outstanding percentage4.00%
Grant dates at weighted average fair value | $ / shares $ 12.95
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for issuance | shares333,333
Percentage of number of shares of capital stock outstanding on last day of preceding year1.00%
2018 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant dates at weighted average fair value | $ / shares $ 12.95

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands6 Months Ended12 Months Ended
Jun. 30, 2021Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Stock Options, Outstanding balance1,947,123
Number of Stock Options, Granted1,529,492
Number of Stock Options, Forfeited(262,498)
Number of Stock Options, Outstanding balance3,214,117 1,947,123
Number of Stock Options, Exercisable607,865
Number of Stock Options, Options expected to vest2,606,252
Weighted-Average Exercise Price, Outstanding balance $ 5.70
Grant dates at weighted average fair value16.97
Weighted-Average Exercise Price, Forfeited(6.13)
Weighted-Average Exercise Price,Outstanding balance11.02 $ 5.70
Weighted-Average Exercise Price, Exercisable12.66
Weighted-Average Exercise Price, Options expected to vest $ 10.64
Weighted-Average Remaining Contractual Term, Outstanding balance9 years 3 months 14 days9 years 6 months 21 days
Weighted-Average Remaining Contractual Term, Exercisable8 years 10 months 17 days
Weighted-Average Remaining Contractual Term, Options expected to vest9 years 5 months 4 days
Aggregate Intrinsic Value, Outstanding $ 13,648 $ 10,284
Aggregate Intrinsic Value, Exercisable4,490
Aggregate Intrinsic Value, Options expected to vest $ 9,158

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Employee-issued Common Stock Warrant Activity (Details) - USD ($) $ / shares in Units, $ in Thousands6 Months Ended12 Months Ended
Jun. 30, 2021Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Common Stock Warrants Outstanding, Beginning Balance57,212
Number of Common Stock Warrants Outstanding and Exercisable, Ending Balance57,212
Weighted-Average Exercise Price Outstanding, Beginning Balance $ 7.62
Weighted-Average Exercise Price Outstanding and Exercisable, Ending Balance $ 7.62
Weighted-Average Remaining Contractual Term Outstanding3 years 7 months 20 days
Weighted-Average Remaining Contractual Term Outstanding and Exercisable3 years 1 month 20 days
Aggregate Intrinsic Value Outstanding $ 98
Aggregate Intrinsic Value Outstanding and Exercisable $ 226

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Fair Value Assumptions and Methodology (Details)6 Months Ended
Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Volatility, Minimum90.55%
Volatility, Maximum98.04%
Risk-free interest rate, Minimum0.50%
Risk-free interest rate, Maximum1.10%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life (years)5 years 6 months 7 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life (years)6 years 29 days

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense $ 1,745 $ 163 $ 3,094 $ 357
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense639 51 1,148 102
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense $ 1,106 $ 112 $ 1,946 $ 255

Employee Retirement Plan - Addi

Employee Retirement Plan - Additional Information (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Company's matching contributions vesting percentage100.00%
Accrued expense $ 76 $ 26 $ 105 $ 52
Maximum
Defined Benefit Plan Disclosure [Line Items]
Percentage of company matching contributions of employee's base salary4.00%

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Details) - Consulting Agreement - USD ($) $ in Thousands1 Months Ended12 Months Ended
Jan. 31, 2021Dec. 31, 2020
Related Party Transaction [Line Items]
Consulting services fee $ 1,500
Consultation service fee payment $ 1,125
Payment for consulting services $ 1,500
Remaining consultation fee recorded as expense $ 375

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Income Tax Disclosure [Abstract]
Provision for income taxes $ 0 $ 0 $ 0 $ 0

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Mar. 31, 2021Jun. 30, 2020Mar. 31, 2020Jun. 30, 2021Jun. 30, 2020
Earnings Per Share [Abstract]
Net loss $ (9,771) $ (7,972) $ (4,910) $ (4,692) $ (17,743) $ (9,602)
Cumulative dividends on convertible preferred stock(104)
Net loss attributable to common stockholders $ (9,771) $ (4,910) $ (17,743) $ (9,706)
Net loss per common share, basic and diluted $ (0.32) $ (3.02) $ (0.72) $ (6.87)
Weighted-average number of shares used in computing net loss per common share, basic and diluted30,588,495 1,625,011 24,778,949 1,413,062

Net Loss Per Share - Potentiall

Net Loss Per Share - Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares6 Months Ended
Jun. 30, 2021Jun. 30, 2020
Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share527,138,337
Stock Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share3,214,117 77,604
Warrants Issued to Employees and Contractor to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share57,212 57,420
Warrants Issued Related to Convertible Notes and Other Equity Agreements
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share412,262 412,262