Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2022shares | |
Cover [Abstract] | |
Entity Registrant Name | SINGULAR GENOMICS SYSTEMS, INC. |
Entity Central Index Key | 0001850906 |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Mar. 31, 2022 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Trading Symbol | OMIC |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 70,585,264 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q1 |
Entity File Number | 001-40443 |
Entity Tax Identification Number | 81-2948451 |
Entity Address, Address Line One | 3010 Science Park Road |
Entity Address, City or Town | San Diego |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 92121 |
City Area Code | 858 |
Local Phone Number | 333-7830 |
Title of 12(b) Security | Common Stock, $0.0001 par value per share |
Security Exchange Name | NASDAQ |
Entity Incorporation, State or Country Code | DE |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 188,572 | $ 201,049 |
Short-term investments | 127,402 | 138,174 |
Inventory | 6,329 | 3,011 |
Prepaid expenses and other current assets | 3,486 | 5,526 |
Total current assets | 325,789 | 347,760 |
Right-of-use lease assets | 5,749 | 0 |
Property and equipment, net | 6,714 | 6,072 |
Restricted cash | 1,734 | 687 |
Other noncurrent assets | 2,125 | 1,129 |
Total assets | 342,111 | 355,648 |
Current liabilities: | ||
Accounts payable | 3,525 | 2,348 |
Accrued expenses | 2,911 | 4,278 |
Lease liabilities, current | 2,646 | 0 |
Other current liabilities | 0 | 118 |
Total current liabilities | 9,082 | 6,744 |
Long-term debt, net of issuance costs | 9,941 | 9,904 |
Lease liabilities, non current | 3,878 | 0 |
Other noncurrent liabilities | 1,728 | 2,827 |
Total liabilities | 24,629 | 19,475 |
Commitments and contingencies (Note 9) | ||
Stockholders' equity: | ||
Common stock, $0.0001 par value; 400,000,000 and 60,272,685 shares authorized, 70,509,463 and 72,438,742 of shares outstanding at March 31, 2022 and December 31, 2021, respectively | 7 | 7 |
Additional paid-in capital | 492,144 | 488,200 |
Accumulated other comprehensive loss | (767) | (138) |
Accumulated deficit | (173,902) | (151,896) |
Total stockholders' equity | 317,482 | 336,173 |
Total liabilities and stockholders' equity | 342,111 | 355,648 |
Series A Common Stock Equivalent Convertible Preferred Stock [Member] | ||
Stockholders' equity: | ||
Series A Common Stock Equivalent Convertible Preferred Stock, $0.0001 par value; 7,000 shares authorized, 2,500 and 0 of shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | $ 0 | $ 0 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Temporary equity, shares authorized | 39,020,122 | |
Common stock, par value per share | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares outstanding | 70,509,463 | 72,438,742 |
Series A Common Stock Equivalent Convertible Preferred Stock [Member] | ||
Temporary equity, par value per share | $ 0.0001 | $ 0.0001 |
Temporary equity, shares authorized | 7,000 | 7,000 |
Temporary equity, shares issued | 2,500 | 0 |
Temporary equity, shares outstanding | 2,500 | 0 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating expenses: | ||
Research and development | $ 10,645 | $ 6,608 |
Selling, General and Administrative | 11,375 | 3,654 |
Total operating expenses | 22,020 | 10,262 |
Loss from operations | (22,020) | (10,262) |
Other income (expense): | ||
Interest income | 156 | 131 |
Interest expense | (142) | (188) |
Change in fair value of convertible promissory notes | 0 | (11,400) |
Change in fair value of warrant liability | 0 | (2,202) |
Net loss | $ (22,006) | $ (23,921) |
Basic and diluted net loss per share | $ (0.31) | $ (2.05) |
Weighted-average shares used in computing net loss per share, basic and diluted | 71,011,041 | 11,652,998 |
Condensed Statements of Compreh
Condensed Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Net loss | $ (22,006) | $ (23,921) |
Other comprehensive loss: | ||
Unrealized loss on available-for-sale securities | (629) | (49) |
Comprehensive loss | $ (22,635) | $ (23,970) |
Condensed Statements of Preferr
Condensed Statements of Preferred Stock and Stockholders' Equity/(Deficit) (Unaudited) - USD ($) $ in Thousands | Total | Series Seed Convertible Preferred Stock [Member] | Series A Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Gain (Loss) | Accumulated Deficit [Member] |
Temporary equity, Balance at Dec. 31, 2020 | $ 4,486 | $ 19,908 | $ 44,790 | ||||||
Temporary equity, Balance (in shares) at Dec. 31, 2020 | 6,520,790 | 12,932,429 | 19,373,169 | ||||||
Balance at Dec. 31, 2020 | $ (51,555) | $ 1 | $ 1,552 | $ 17 | $ (53,125) | ||||
Balance (in shares) at Dec. 31, 2020 | 10,816,937 | ||||||||
Vesting of common stock issued for early exercise of stock options | 92 | 92 | |||||||
Vesting of common stock issued for early exercise of stock options (in shares) | 151,343 | ||||||||
Issuance of common stock in connection with exercise of stock options | 995 | 995 | |||||||
Issuance of common stock in connection with exercise of stock options (in shares) | 1,855,904 | ||||||||
Stock-based compensation | 1,096 | 1,096 | |||||||
Unrealized gain (loss) on available- for-sale marketable securities | (49) | (49) | |||||||
Net loss | (23,921) | (23,921) | |||||||
Temporary equity, Balance at Mar. 31, 2021 | $ 4,486 | $ 19,908 | $ 44,790 | ||||||
Temporary equity, Balance (in shares) at Mar. 31, 2021 | 6,520,790 | 12,932,429 | 19,373,169 | ||||||
Balance at Mar. 31, 2021 | (73,342) | $ 1 | 3,735 | (32) | (77,046) | ||||
Balance (in shares) at Mar. 31, 2021 | 12,824,184 | ||||||||
Temporary equity, Balance (in shares) at Dec. 31, 2021 | 0 | ||||||||
Balance at Dec. 31, 2021 | $ 336,173 | $ 7 | 488,200 | (138) | (151,896) | ||||
Balance (in shares) at Dec. 31, 2021 | 72,438,742 | ||||||||
Exchange of common stock for Series A Common Stock Equivalent (in shares) | 38,826,388 | 6,520,790 | (2,500,000) | 2,500 | |||||
Vesting of common stock issued for early exercise of stock options | $ 344 | 344 | |||||||
Vesting of common stock issued for early exercise of stock options (in shares) | 505,322 | ||||||||
Issuance of common stock in connection with exercise of stock options | $ 34 | 34 | |||||||
Issuance of common stock in connection with exercise of stock options (in shares) | 65,399 | 65,399 | |||||||
Stock-based compensation | $ 3,566 | 3,566 | |||||||
Unrealized gain (loss) on available- for-sale marketable securities | (629) | (629) | |||||||
Net loss | (22,006) | (22,006) | |||||||
Temporary equity, Balance (in shares) at Mar. 31, 2022 | 2,500 | ||||||||
Balance at Mar. 31, 2022 | $ 317,482 | $ 7 | $ 492,144 | $ (767) | $ (173,902) | ||||
Balance (in shares) at Mar. 31, 2022 | 70,509,463 | 2,500 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating activities | ||
Net loss | $ (22,006) | $ (23,921) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation | 461 | 211 |
Stock-based compensation | 3,566 | 1,096 |
Change in fair value of convertible promissory notes | 0 | 11,400 |
Change in fair value of warrant liability | 0 | 2,202 |
Amortization of premium on short -term investments | 1,174 | 72 |
Amortization of right-of-use lease assets | 641 | 0 |
Accretion of debt issuance costs | 37 | 78 |
Changes in operating assets and liabilities: | ||
Inventory | (3,318) | 0 |
Prepaid expenses and other assets | 1,648 | (264) |
Other noncurrent assets | (1,111) | (804) |
Accounts payable | 1,013 | 144 |
Accrued expenses | (1,367) | 585 |
Other current liabilities | 0 | (58) |
Lease liabilities | (550) | 0 |
Other noncurrent liabilities | (27) | 74 |
Net cash used in operating activities | (19,839) | (9,185) |
Investing activities | ||
Purchases of short-term investments | (35,193) | (101,608) |
Sales of short-term investments | 10,334 | 8,838 |
Maturities of shot-term investments | 34,184 | 2,816 |
Purchases of property and equipment | (939) | (507) |
Net cash (used) in / provided by investing activities | 8,386 | (90,461) |
Financing activities | ||
Proceeds from issuance of common stock, net of repurchases | 23 | 2,984 |
Proceeds from issuance of convertible promisorry notes | 0 | 130,500 |
Net cash provided by financing activities | 23 | 133,484 |
Increase in cash and cash equivalents and restricted cash | (11,430) | 33,838 |
Cash and cash equivalents and restricted cash, beginning of year | 201,736 | 12,170 |
Cash and cash equivalents and restricted cash, end of year | 190,306 | 46,008 |
Supplemental disclosure for cash activities | ||
Interest paid | 105 | 148 |
Supplemental disclosure for non-cash activities | ||
Initial lease liability recognized upon adoption of ASC 842 | 7,074 | 0 |
Vesting of restricted stock | 344 | 92 |
Deferred offering costs in accrued expenses | 0 | 804 |
Purchase of property plant and equipment included in accounts payable | $ 164 | $ 86 |
Business
Business | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business And Basis of Presentation | 1. Business Description of Business Singular Genomics Systems, Inc. (the “Company”) is a life science technology company that is leveraging novel, next-generation sequencing (“NGS”) and multiomics technologies to empower researchers and clinicians. The Company developed a unique and proprietary NGS technology, which is referred to as its Sequencing Engine. The Sequencing Engine is the foundational platform technology that forms the basis of the Company’s products in development as well as its core product tenets: power, speed, flexibility and accuracy. The Company is developing two products that are purpose-built to target applications in which these core product tenets matter most. The first product, the G4, targets the NGS market. The G4 is a benchtop next-generation sequencer designed to produce fast and accurate genetic sequencing results. The integrated purpose-built kits that run on the G4 address specific applications in the oncology and immune profiling markets. The second product in development, the PX, combines single-cell analysis, spatial analysis, genomics and proteomics in one integrated instrument to offer a versatile multiomics solution. The Company was incorporated in the state of Delaware in June 2016 and has its principal operations in San Diego, California. Initial Public Offering On June 1, 2021, the Company closed its initial public offering (“ IPO”) in which it sold 11,730,000 shares of common stock (which included 1,530,000 shares that were sold pursuant to the full exercise of the IPO underwriters’ option to purchase additional shares) at a public offering price of $ 22.00 per share. The Company received net proceeds of approximately $ 237.2 million after deducting offering costs, underwriting discounts and commissions of $ 20.9 million. Concurrent with the closing of the IPO: • 38,826,388 outstanding shares of convertible preferred stock converted into an equivalent number of shares of common stock; • outstanding principal and interest amount of convertible promissory notes (the “2021 Convertible Notes”) converted into 7,531,777 shares of common stock; and • a warrant to purchase 129,156 shares of convertible preferred stock (the “SVB Warrant”) was automatically adjusted to become a warrant to purchase an equivalent number of shares of common stock. Liquidity and Capital Resources The Company has incurred net losses since inception and, as of March 31, 2022 and December 31, 2021, had an accumulated deficit of $ 173.9 million and $ 151.9 million , respectively. The Company has a limited operating history, and the revenue and income potential of the Company’s business are unproven. From incorporation in June 2016 through March 31, 2022, substantially all of the Company’s operations have been funded by the sales of equity securities and issuances of debt. As of March 31, 2022, the Company had cash, cash equivalents and short-term investments of $ 316.0 million . The Company believes that its cash, cash equivalents and short-term investments as of March 31, 2022 are sufficient to fund its operations for at least 12 months from the issuance date of the accompanying unaudited condensed financial statements . |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Use of Estimates The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and disclosures required by GAAP for annual financial statements have been omitted. In the opinion of management, all adjustments, consisting of normal recurring adjustments considered necessary for fair presentation, have been included. Interim financial results are not necessarily indicative of results anticipated for the full year. The preparation of the Company’s unaudited condensed financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s unaudited condensed financial statements and accompanying notes. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may significantly differ from these estimates and assumptions. For the year ended December 31, 2021, significant estimates and assumptions include the fair value of the 2021 Convertible Notes, the fair value of the liability for the SVB Warrant, the fair value of the Company’s preferred and common stock and stock-based compensation. After December 31, 2021, significant estimates and assumptions include stock-based compensation and the value of lease liabilities and right-of-use lease assets. Summary of Significant Accounting Policies During the three months ended March 31, 2022, other than the policies described below, there were no changes to the Company’s significant accounting policies as described in Note 2 to the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets (in thousands): March 31, December 31, Cash and cash equivalents $ 188,572 $ 201,049 Restricted cash 1,734 687 Total $ 190,306 $ 201,736 Short-term Investments Short-term investments primarily consisted of corporate debt securities, asset-backed securities and treasury securities. The Company’s investments in securities are classified as current as they are available for use in current operations. The following tables summarize the short-term investments held at March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 Amortized Gross Estimated U.S. treasury securities $ 6,486 $ ( 3 ) $ 6,483 Asset-backed securities 10,770 ( 47 ) 10,723 Corporate debt securities 110,913 ( 717 ) 110,196 Total $ 128,169 $ ( 767 ) $ 127,402 December 31, 2021 Amortized Gross Estimated Asset-backed securities $ 21,172 $ ( 25 ) $ 21,147 Corporate debt securities 117,140 ( 113 ) 117,027 Total $ 138,312 $ ( 138 ) $ 138,174 The following table summarizes contractual maturities of available-for-sale securities held at March 31, 2022 and December 31, 2021 (in thousands): March 31, December 31, Estimated Estimated Due within one year $ 99,110 $ 94,085 After one but within five years 28,292 44,089 Total $ 127,402 $ 138,174 The Company determined there was no other-than-temporary impairment of any of its investments. Inventory Inventory includes raw materials, which are goods to be consumed directly or indirectly in production, work in process, which are goods in the course of production, and finished goods, which are goods awaiting sale. Inventory is recorded at the lower of cost or net realizable value. Costs are based on standard costs that are adjusted regularly to reflect current conditions so that at the balance-sheet date standard costs reasonably approximate costs under a first-in, first-out basis. Standard costs include acquisition and production costs. Raw materials include inventories that may be used in research and development activities, and such items are expensed as consumed or capitalized as property and equipment and depreciated. Inventory in the prior year’s financial statements have been reclassified to conform to the current presentation on the condensed balance sheets and condensed statements of cash flows. No subtotals in the prior year financial statements were impacted as a result. Leases The Company adopted Accounting Standards Codification (“ASC”) Topic 842, Leases (“ASC 842”), effective January 1, 2022. ASC 842 requires the Company to recognize on the balance sheet lease liabilities and corresponding right-of-use (“ROU”) lease assets for its operating leases where the Company is the lessee. The initial impact of the adoption is discussed below in the section titled “Recent Accounting Pronouncements—Adopted.” The Company determines if an arrangement is or contains a lease at contract inception. Lease liabilities represent the Company’s obligation to make payments under its operating leases. ROU lease assets represent the Company’s right to use assets under its operating leases. The Company determines the value of lease liabilities and ROU lease assets on a lease-by-lease basis. A lease liability is recognized at the commencement date of an operating lease based on the present value of the future lease payments over the expected lease term. A corresponding ROU lease asset is recognized at the commencement date of an operating lease based on the value of the lease liability, adjusted for any lease incentives received, any initial direct costs incurred and any lease payments made at or before the lease commencement date. The Company made a policy election to not recognize lease liabilities and ROU lease assets for operating leases with an expected lease term of twelve months or less. The Company calculates the present value of lease payments using the discount rate implicit in the lease, unless that rate cannot be readily determined. In that case, the Company uses its incremental borrowing rate based on information available at the date of lease commencement. The incremental borrowing rate is the estimated rate of interest that the Company would pay to borrow, on a collateralized basis, an amount equal to the lease payments over the expected lease term. After lease commencement, the Company measures its operating leases as follows: (i) the lease liability based on the present value of the remaining lease payments using the incremental borrowing rate determined at lease commencement; and (ii) the ROU lease asset based on the remeasured lease liability, adjusted for any unamortized lease incentives received, any unamortized initial direct costs and the cumulative difference between lease expense and amounts paid under the lease. Lease expense is recognized on a straight-line basis over the expected lease term. Any lease incentives received and any initial direct costs are amortized on a straight-line basis over the expected lease term. Variable lease payments such as those related to property taxes, insurance and common area maintenance are recognized as expense when incurred. Recent Accounting Pronouncements—Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (“ASU 2016-02”), codified as ASC 842. ASC 842 requires the Company to recognize on the balance sheet lease liabilities and corresponding ROU lease assets for its operating leases where the Company is the lessee. The Company adopted this standard effective January 1, 2021 using the modified retrospective method by applying the new standard to all leases existing as of January 1, 2022 and not restating any prior comparative periods. The Company elected the practical expedients to carry forward its historical lease classification, not reassess whether any expired or existing contracts are or contain leases and not reassess initial direct costs for existing leases. On January 1, 2022, the Company recorded operating lease liabilities of $ 7.1 million, ROU lease assets of $ 6.4 million, and derecognized deferred rent of $ 0.7 million. The additional disclosures required by the standard have been included in the section above titled “Leases” and in Note 9. Prior comparative periods have not been adjusted and continue to be reported under ASC 840. Recent Accounting Pronouncements—Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments–Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. ASU 2016-13 is effective for the Company’s annual periods beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial statements and related disclosures. 3. Fair Value Measurements For accounting purposes, fair value is defined as an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly. Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. When quoted market prices are available in active markets, the fair value of assets and liabilities is estimated within Level 1 of the valuation hierarchy. If quoted prices are not available, then fair values are estimated by using pricing models, quoted prices of assets and liabilities with similar characteristics, or discounted cash flows, within Level 2 of the valuation hierarchy. In cases where Level 1 or Level 2 inputs are not available, the fair values are estimated by using inputs within Level 3 of the hierarchy. None of the Company’s assets or liabilities are recorded at fair value on a recurring basis other than cash, cash equivalents and short-term investments. No transfers between levels occurred during the periods presented. The fair value of short-term investments is based on market prices quoted on the last day of the fiscal period or other observable market inputs. The following tables summarize the Company’s assets measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 Level 1 Level 2 Level 3 Total Cash $ 20,800 $ - $ - $ 20,800 Money market funds 167,772 - - 167,772 U.S. treasury securities 6,483 6,483 Asset-backed securities - 10,723 - 10,723 Corporate debt securities - 110,196 - 110,196 Total $ 195,055 $ 120,919 $ - $ 315,974 December 31, 2021 Level 1 Level 2 Level 3 Total Cash $ 26,037 $ - $ - $ 26,037 Money market funds 175,012 - - 175,012 Asset-backed securities - 21,147 - 21,147 Corporate debt securities - 117,027 - 117,027 Total $ 201,049 $ 138,174 $ - $ 339,223 4. Inventory Inventory consisted of the following (in thousands): March 31, December 31 2022 2021 Raw materials $ 5,034 $ 2,565 Work in process 1,295 446 Total inventory $ 6,329 $ 3,011 5. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): March 31, December 31 2022 2021 Prepaid expenses $ 2,289 $ 3,715 Interest receivable 694 1,050 Current deposits 503 761 Total prepaid expenses and other current assets $ 3,486 $ 5,526 6 . Property and Equipment, Net Property and equipment, net, consisted of the following (in thousands): March 31, December 31, Useful Life 2022 2021 Equipment 5 years $ 5,279 $ 4,433 Computers and software 3 years 2,309 2,136 Leasehold improvements 5 years or less 1,111 1,041 Furniture and fixtures 5 years or less 83 75 Construction in progress N/A 580 574 Total property and equipment, gross 9,362 8,259 Less: accumulated depreciation ( 2,648 ) ( 2,187 ) Total property and equipment, net $ 6,714 $ 6,072 7 . Accrued Expenses Accrued expenses consisted of the following (in thousands): March 31, December 31, 2022 2021 Accrued compensation and other employee benefits $ 2,180 $ 3,516 Accrued professional services 281 200 Accrued research and development expenses 39 41 Accrued other expenses 411 521 Total accrued expenses $ 2,911 $ 4,278 8 . Long-term Debt Silicon Valley Bank Loan In November 2019, the Company entered into a loan and security agreement with Silicon Valley Bank (“SVB”) pursuant to which SVB agreed to lend to the Company up to $ 15.0 million in a series of term loans (the “2019 SVB Loan”). Contemporaneously, the Company borrowed $ 2.5 million in the first of three draw-downs available under the 2019 SVB Loan. In March 2020, the Company borrowed an additional $ 7.5 million as a second draw. The 2019 SVB Loan was to mature on September 1, 2023 and bore interest at an annual rate equal to the greater of (i) 0.65 % above the prime rate or (ii) 5.90 %. Payment on the 2019 SVB Loan was for interest only through September 30, 2021. In addition, a final payment equal to the original principal amount of each advance multiplied by 5.50 % was to be due on the maturity date. In connection with the 2019 SVB Loan, SVB entered into the SVB Warrant agreement with the Company to purchase shares of Series B convertible preferred stock at an exercise price of $ 2.3228 per share (see section titled “SVB Warrant” below). On September 30, 2021, the Company refinanced its 2019 SVB Loan. In connection with the refinancing, the Company entered into an Amended and Restated Loan and Security Agreement (the “Amended Agreement” or “2021 SVB Loan”, together with the 2019 SVB Loan, the “SVB Loans”) with SVB. The Amended Agreement provides for term loans in an aggregate principal amount of up to $ 35.5 million to be delivered in three tranches. The tranches consist of: (i) a term loan advance to the Company in an aggregate principal amount of $ 10.5 million on the loan closing date (the “First Tranche”); (ii) an additional term loan advance available to the Company through September 30, 2022 in an aggregate principal amount of $ 15.0 million; and (iii) subject to SVB’s approval, a right of the Company to request that SVB make an additional term loan advance in an aggregate principal amount of $ 10.0 million. The proceeds from the First Tranche were used to repay in full the existing indebtedness under the 2019 SVB Loan. The 2021 SVB Loan matures on September 1, 2026 and bears interest at an annual rate equal to the greater of (i) 0.75 % plus the prime rate as reported in The Wall Street Journal and (ii) 4.00 %. As of March 31, 2022 , the SVB Loan bears interest at an annual rate of 4.25 %. The 2021 SVB Loan has an initial interest-only period of 36 months. In addition, a final payment (the “Final Payment Fee”) equal to the original principal amount of each advance multiplied by 4.00 % will be due on the maturity date. The Final Payment Fee is recorded in other noncurrent liabilities on the balance sheet. As of March 31, 2022, the SVB Loan is recorded as noncurrent. The Amended Agreement was accounted for as a debt modification, rather than an extinguishment, based on a comparison of the present value of the cash flows under the terms of the debt immediately before and after the amendment, which resulted in a change of such cash flows of less than 10%. Unamortized debt issuance costs as of the date of modification and incremental issuance costs incurred in connection with the Amended Agreement will be amortized to interest expense using the effective interest method over the repayment term. As of March 31, 2022 and December 31, 2021 , the debt issuance costs related to the SVB Loans were $ 0.6 million. Debt issuance costs include the initial fair value of the SVB Warrant. The debt issuance costs are amortized to interest expense over the term of the loan using the effective interest method. The SVB Loans and unamortized discount balances as of March 31, 2022 and December 31, 2021 are shown below (in thousands): March 31, December 31, 2022 2021 Long-term debt $ 10,500 $ 10,500 Less: issuance costs ( 559 ) ( 596 ) Total long-term debt, net of issuance costs 9,941 9,904 Future minimum payments of outstanding principal and interest under the 2021 SVB Loan are as follows: As of March 31, 2022 2022 (nine months remaining) $ 340 2023 452 2024 2,194 2025 5,523 2026 and thereafter 3,976 Total future minimum payments 12,486 Less: interest, Final Payment fee ( 1,986 ) Long-term debt 10,500 Less: issuance costs ( 559 ) Long-term debt, net of issuance costs $ 9,941 The Company is subject to customary affirmative and restrictive covenants under the Amended Agreement. The Company’s obligations under the Amended Agreement are secured by a first priority security interest in substantially all of the Company’s current and future assets, other than intellectual property. The Company has agreed not to encumber its intellectual property assets, except as permitted by the Amended Agreement. The Amended Agreement provides for events of default customary for term loan facilities of this type, including but not limited to: non-payment; breaches or defaults in the performance of covenants or representations and warranties; bankruptcy and other insolvency events of the Company; and the occurrence of a material adverse change as defined in the Amended Agreement. After the occurrence of an event of default, SVB may, among other remedies, accelerate payment of all obligations. As of March 31, 2022 and December 31, 2021, the Company was in compliance with all covenants under the Amended Agreement and there had been no events of default. SVB Warrant In November 2019, simultaneously with the first draw-down under its 2019 SVB Loan, SVB entered into a warrant agreement with the Company to purchase 32,289 shares of Series B convertible preferred stock of the Company at an exercise price of $ 2.3228 per share (as amended, the “SVB Warrant”). In March 2020, in connection with the Company’s second draw-down under the 2019 SVB Loan, the SVB Warrant was amended to increase the number of shares of Series B convertible preferred stock of the Company by 96,867 , to a total of 129,156 shares. In connection with the completion of the Company’s IPO, in accordance with the original terms the warrant instrument, the SVB Warrant was automatically adjusted into a warrant to purchase an equivalent number of shares of common stock. In June 2021, after the IPO, SVB net exercised the SVB Warrant into 117,088 shares of common stock of the Company, and the SVB Warrant is no longer outstanding as of March 31, 2022. The fair value of the SVB Warrant liability was remeasured at each financial reporting period with any changes in fair value recognized as other income (expense) in the statements of operations. The fair value for the warrant liability for the SVB Warrant was based on the Black-Scholes option pricing valuation model using significant inputs not observable in the market and was thus classified within Level 3 of the fair value hierarchy. The change in fair value of the warrant for the three months ended March 31, 2022 and 2021 was $ 0 and $ 2.2 million, respectively, and recorded as “Change in fair value of warrant liability” in the statements of operations. When, in connection with the IPO, the SVB Warrant was automatically adjusted into a warrant to purchase an equivalent number of shares of common stock, the warrant liability was reclassified from current liabilities to equity as the warrant met the definition of an equity instrument. Additionally, at that time, the Company recorded the final valuation of the warrant liability for the SVB Warrant. The assumptions used in determining the fair value of the SVB Warrant liability are described in Note 3 to the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. 2021 Convertible Notes In February 2021, the Company sold and issued approximately $ 130.5 million aggregate principal of 2021 Convertible Notes in a private placement transaction. Of this amount, $ 48.5 million was to certain investors affiliated with members of the Company’s board of directors. The 2021 Convertible Notes accrued 6 % interest per annum. The Company elected as of the issuance date to account for the 2021 Convertible Notes at fair value. Management believes that the fair value option better reflected the underlying economics of the 2021 Convertible Notes, which contained multiple embedded derivatives. Under the fair value election, changes in fair value are reported as “Change in fair value of convertible promissory notes” in the statements of operations in each reporting period after the issuance through the conversion of the 2021 Convertible Notes. The Company measured the fair value of the 2021 Convertible Notes using the probability weighted “as-converted” plus Black-Scholes option pricing model based on inputs such as the probability of IPO vs. non-IPO scenarios, fair value of the common stock price, discount yield, risk-free rate, equity volatility, expected term, number of converted shares and price negotiation adjustment for the calibration. In connection with the IPO, the 2021 Convertible Notes converted into 7,531,777 shares of the Company’s common stock. Based on the terms of the agreement, the 2021 Convertible Notes converted at a 20 % discount to the public offering price in the IPO. At the time of the conversion, the Company recorded a final fair value adjustment of the 2021 Convertible Notes using the Company’s common stock price at the IPO. The assumptions used in determining the fair value of the 2021 Convertible Notes are described in Note 3 to the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. 9 . Commitments and Contingencies Columbia License Agreement and Sponsored Research Agreement In 2016, the Company entered into an Exclusive License Agreement (the “License Agreement”) with The Trustees of Columbia University (“Columbia”). Under the License Agreement, the Company acquired the exclusive right to use certain patents, materials and information. The License Agreement includes a number of diligence obligations that requires the Company to use commercially reasonable efforts to research, discover, develop and market Patent Products and/or Other Products (as defined in the License Agreement) by certain dates. Under the License Agreement, the Company pays an annual license fee that increases each year, until it reaches a low six-digit fee for the fifth year, and for each subsequent year, for so long as the License Agreement remains in force. The license fee was immaterial for all periods presented. For any products within the scope of the License Agreement that the Company commercializes, the Company is required to pay royalties ranging from low to mid-single digits on net sales of Patent Products and low single-digit royalty rates on net sales of Other Products. The Company can credit the yearly annual license fee against any yearly royalty fees payable to Columbia. Additionally, if the Company receives any income in connection with any sublicenses, the Company must pay Columbia a high single-digit percentage of that income. Finally, the License Agreement provides for payments to Columbia based on the Company's achievement of certain development and commercialization milestones, which could total up to $ 3.9 million over the life of the License Agreement. During the three months ended March 31, 2022 , the Company paid $ 0.1 million to Columbia pursuant to the terms of the License Agreement. In addition to the License Agreement, the Company entered into a sponsored research agreement to fund a research program with Columbia. The program ended in 2019. Operating Leases Overview of Operating Leases In November 2017, the Company entered into a non-cancelable operating lease in La Jolla, California, that expires upon commencement of the New HQ Lease, as defined below, which is estimated in May 2022. The lease includes certain rent escalations and additional charges for common area maintenance and other costs. The Company gained access to the leased space and began recognizing rent expense under this lease in February 2018. In December 2019, the Company entered into a 5-year lease agreement for additional office space in San Diego, California. The lease includes certain rent escalations and additional charges for common area maintenance and other costs. The Company gained access to the leased space and began recognizing rent expense under this lease in January 2020. In June 2020, the Company entered into a sublease agreement for an additional office space in San Diego, California. The sublease includes certain rent escalations and additional charges for common area maintenance and other costs. The Company gained access to the leased space and began recognizing rent expense under this sublease in July 2020. This sublease expired in December 2021, and the Company leases the space directly from the landlord. In June 2020, the Company entered into a 10-year lease agreement with ARE-SD Region No. 27, LLC (the “Landlord”) for new office and laboratory space in San Diego, California (“New HQ Lease”), with a target commencement date in May 2022. If the Landlord does not deliver the premises within 120 days of the target commencement date for any reason other than force majeure delays or delays by the Company, the Company may terminate the lease and neither the Landlord nor the Company will have any further rights, duties or obligations under the New HQ Lease. The Landlord shall make available to the Company for use within 12 months after the commencement date a tenant improvement allowance (“TI Allowance”), which the Company will repay to the Landlord as additional rent over the base term and shall accrue interest at a rate of 8 % per annum. Upon commencement, the contractual base rent will be charged, subject to partial rent abatement, annual base rent adjustments, the Company’s share of operating expenses and additional rent for the TI Allowance actually disbursed by the Landlord. In April 2021, the Company entered into a 62-month lease agreement for additional office and manufacturing space in San Diego, California. The lease includes certain rent escalations and additional charges for common area maintenance and other costs. The Company gained access to the leased space in June 2021 and began recognizing rent expense under this lease at that time. In April 2021, the Company amended its current lease for office space in San Diego, California. The lease amendment includes extension of the current lease expiration date by 24-months subsequent to commencement of the New HQ Lease, expansion of the existing premises for additional space and certain rent escalations. In January 2022, the Company entered into a Lease Agreement (the “OAS Lease”) with an affiliate of Alexandria Real Estate Equities, Inc. (“ARE”) to lease two buildings (“Building 3” and “Building 4”) to be constructed in connection with One Alexandria Square in La Jolla, California. The two buildings are comprised of office and manufacturing space and are intended to serve as the Company’s future headquarters. The term of the OAS Lease will commence when ARE’s work for Building 3 is substantially complete, which is expected to be November 1, 2024 (the “Commencement Date”). The Company’s obligation to pay rent for Building 3 will begin approximately seven months following the Commencement Date. The Company’s obligation to pay rent for Building 4 will begin 12 months following the Commencement Date, subject to the substantial completion of ARE’s work on Building 4. The Company has an option to accelerate the construction and delivery of Building 4 to be the same date as the Commencement Date for Building 3 and will receive 12 months of base rent abatement on Building 4 if it exercises this option. The initial term of the OAS Lease is 144 months following the Commencement Date. The Company has the one-time option to extend the term of the OAS Lease by 60 months upon prior notice to ARE. The annual base rent under the OAS Lease is initially based on $ 64.80 per square foot per year, or approximately $ 7.3 million per year for Building 3 and $ 6.0 million per year for Building 4, subject to annual increases of 3 % and certain other adjustments, and includes tenant improvement and warm shell allowances. Maximum tenant improvement and warm shell allowances total approximately $ 33 million. The Company will also pay for an estimated $ 24 million of certain tenant improvements plus 7 % interest per year amortized in equal monthly payments over the term of the OAS Lease. At the time of entering into the OAS Lease, the Company paid ARE $ 1.1 million as prepayment for rent and, as a security deposit, provided ARE with a $ 1.1 million standby letter of credit. Accounting for Operating Leases On January 1, 2022, the Company adopted ASC 842 (see Note 2). As of January 1, 2022, the remaining weighted-average lease term was 2.9 years and the weighted-average incremental borrowing rate used to determine the operating lease liabilities was 3.6 %. Cash payments included in the measurement of lease liabilities totaled $ 7.5 million. As of March 31, 2022 , the remaining weighted-average lease term was 2.7 years and the weighted-average incremental borrowing rate used to determine the operating lease liabilities was 3.6 %. Cash payments included in the measurement of lease liabilities totaled $ 6.8 million During the three months ended March 31, 2022, the Company incurred $ 1.1 million of lease costs, of which less than $0.1 million is related to the Company’s short-term lease and $ 0.3 million is related to variable lease payments, which are primarily comprised of common area maintenance and $0.7 million related to straight-line operating lease cost. The Company recorded straight-line operating lease costs of $ 0.3 million for the three months ended March 31, 2021. As of March 31, 2022, future minimum payments under the Company’s non-cancelable operating leases that have commenced are as follows (in thousands): 2022 (nine months remaining) $ 1,987 2023 2,817 2024 1,328 2025 438 2026 and thereafter 277 Future non-cancelable minimum lease payments 6,847 Less: discount ( 323 ) Total lease liabilities 6,524 Less: current portion 2,646 Lease liabilities, noncurrent $ 3,878 The total undiscounted future minimum lease payments associated with the New HQ Lease and OAS Lease are approximately $ 230.9 million and are not included in the table above. The Company did not recognized lease liabilities or corresponding ROU lease assets for these leases as their lease terms had not yet commenced as of March 31, 2022. Future minimum payments under all of the Company’s non-cancelable operating leases, including those that have not yet commenced, are as follows: 2022 (nine months remaining) $ 3,919 2023 6,892 2024 6,394 2025 10,914 2026 and thereafter 210,058 Total $ 238,177 Indemnification As permitted under Delaware law and in accordance with the Company’s bylaws, the Company indemnifies its officers and directors for certain events or occurrences while the officers or directors are or were serving in such capacity. The Company is also party to indemnification agreements with its officers and directors. The Company considers the fair value of the indemnification rights and agreements as minimal. Accordingly, the Company has not recorded any liabilities for these indemnification rights and agreements as of March 31, 2022. Other Contingencies We are not currently a party to any material legal proceedings. From time to time, we may become involved in legal proceedings arising in the ordinary course of our business. Regardless of outcome, litigation can have an adverse impact on us due to defense and settle |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements For accounting purposes, fair value is defined as an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly. Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. When quoted market prices are available in active markets, the fair value of assets and liabilities is estimated within Level 1 of the valuation hierarchy. If quoted prices are not available, then fair values are estimated by using pricing models, quoted prices of assets and liabilities with similar characteristics, or discounted cash flows, within Level 2 of the valuation hierarchy. In cases where Level 1 or Level 2 inputs are not available, the fair values are estimated by using inputs within Level 3 of the hierarchy. None of the Company’s assets or liabilities are recorded at fair value on a recurring basis other than cash, cash equivalents and short-term investments. No transfers between levels occurred during the periods presented. The fair value of short-term investments is based on market prices quoted on the last day of the fiscal period or other observable market inputs. The following tables summarize the Company’s assets measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 Level 1 Level 2 Level 3 Total Cash $ 20,800 $ - $ - $ 20,800 Money market funds 167,772 - - 167,772 U.S. treasury securities 6,483 6,483 Asset-backed securities - 10,723 - 10,723 Corporate debt securities - 110,196 - 110,196 Total $ 195,055 $ 120,919 $ - $ 315,974 December 31, 2021 Level 1 Level 2 Level 3 Total Cash $ 26,037 $ - $ - $ 26,037 Money market funds 175,012 - - 175,012 Asset-backed securities - 21,147 - 21,147 Corporate debt securities - 117,027 - 117,027 Total $ 201,049 $ 138,174 $ - $ 339,223 |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory | 4. Inventory Inventory consisted of the following (in thousands): March 31, December 31 2022 2021 Raw materials $ 5,034 $ 2,565 Work in process 1,295 446 Total inventory $ 6,329 $ 3,011 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 3 Months Ended |
Mar. 31, 2022 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid Expenses and Other Current Assets | 5. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): March 31, December 31 2022 2021 Prepaid expenses $ 2,289 $ 3,715 Interest receivable 694 1,050 Current deposits 503 761 Total prepaid expenses and other current assets $ 3,486 $ 5,526 |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | . Property and Equipment, Net Property and equipment, net, consisted of the following (in thousands): March 31, December 31, Useful Life 2022 2021 Equipment 5 years $ 5,279 $ 4,433 Computers and software 3 years 2,309 2,136 Leasehold improvements 5 years or less 1,111 1,041 Furniture and fixtures 5 years or less 83 75 Construction in progress N/A 580 574 Total property and equipment, gross 9,362 8,259 Less: accumulated depreciation ( 2,648 ) ( 2,187 ) Total property and equipment, net $ 6,714 $ 6,072 |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2022 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Expenses | . Accrued Expenses Accrued expenses consisted of the following (in thousands): March 31, December 31, 2022 2021 Accrued compensation and other employee benefits $ 2,180 $ 3,516 Accrued professional services 281 200 Accrued research and development expenses 39 41 Accrued other expenses 411 521 Total accrued expenses $ 2,911 $ 4,278 |
Long-term Debt
Long-term Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-term Debt | . Long-term Debt Silicon Valley Bank Loan In November 2019, the Company entered into a loan and security agreement with Silicon Valley Bank (“SVB”) pursuant to which SVB agreed to lend to the Company up to $ 15.0 million in a series of term loans (the “2019 SVB Loan”). Contemporaneously, the Company borrowed $ 2.5 million in the first of three draw-downs available under the 2019 SVB Loan. In March 2020, the Company borrowed an additional $ 7.5 million as a second draw. The 2019 SVB Loan was to mature on September 1, 2023 and bore interest at an annual rate equal to the greater of (i) 0.65 % above the prime rate or (ii) 5.90 %. Payment on the 2019 SVB Loan was for interest only through September 30, 2021. In addition, a final payment equal to the original principal amount of each advance multiplied by 5.50 % was to be due on the maturity date. In connection with the 2019 SVB Loan, SVB entered into the SVB Warrant agreement with the Company to purchase shares of Series B convertible preferred stock at an exercise price of $ 2.3228 per share (see section titled “SVB Warrant” below). On September 30, 2021, the Company refinanced its 2019 SVB Loan. In connection with the refinancing, the Company entered into an Amended and Restated Loan and Security Agreement (the “Amended Agreement” or “2021 SVB Loan”, together with the 2019 SVB Loan, the “SVB Loans”) with SVB. The Amended Agreement provides for term loans in an aggregate principal amount of up to $ 35.5 million to be delivered in three tranches. The tranches consist of: (i) a term loan advance to the Company in an aggregate principal amount of $ 10.5 million on the loan closing date (the “First Tranche”); (ii) an additional term loan advance available to the Company through September 30, 2022 in an aggregate principal amount of $ 15.0 million; and (iii) subject to SVB’s approval, a right of the Company to request that SVB make an additional term loan advance in an aggregate principal amount of $ 10.0 million. The proceeds from the First Tranche were used to repay in full the existing indebtedness under the 2019 SVB Loan. The 2021 SVB Loan matures on September 1, 2026 and bears interest at an annual rate equal to the greater of (i) 0.75 % plus the prime rate as reported in The Wall Street Journal and (ii) 4.00 %. As of March 31, 2022 , the SVB Loan bears interest at an annual rate of 4.25 %. The 2021 SVB Loan has an initial interest-only period of 36 months. In addition, a final payment (the “Final Payment Fee”) equal to the original principal amount of each advance multiplied by 4.00 % will be due on the maturity date. The Final Payment Fee is recorded in other noncurrent liabilities on the balance sheet. As of March 31, 2022, the SVB Loan is recorded as noncurrent. The Amended Agreement was accounted for as a debt modification, rather than an extinguishment, based on a comparison of the present value of the cash flows under the terms of the debt immediately before and after the amendment, which resulted in a change of such cash flows of less than 10%. Unamortized debt issuance costs as of the date of modification and incremental issuance costs incurred in connection with the Amended Agreement will be amortized to interest expense using the effective interest method over the repayment term. As of March 31, 2022 and December 31, 2021 , the debt issuance costs related to the SVB Loans were $ 0.6 million. Debt issuance costs include the initial fair value of the SVB Warrant. The debt issuance costs are amortized to interest expense over the term of the loan using the effective interest method. The SVB Loans and unamortized discount balances as of March 31, 2022 and December 31, 2021 are shown below (in thousands): March 31, December 31, 2022 2021 Long-term debt $ 10,500 $ 10,500 Less: issuance costs ( 559 ) ( 596 ) Total long-term debt, net of issuance costs 9,941 9,904 Future minimum payments of outstanding principal and interest under the 2021 SVB Loan are as follows: As of March 31, 2022 2022 (nine months remaining) $ 340 2023 452 2024 2,194 2025 5,523 2026 and thereafter 3,976 Total future minimum payments 12,486 Less: interest, Final Payment fee ( 1,986 ) Long-term debt 10,500 Less: issuance costs ( 559 ) Long-term debt, net of issuance costs $ 9,941 The Company is subject to customary affirmative and restrictive covenants under the Amended Agreement. The Company’s obligations under the Amended Agreement are secured by a first priority security interest in substantially all of the Company’s current and future assets, other than intellectual property. The Company has agreed not to encumber its intellectual property assets, except as permitted by the Amended Agreement. The Amended Agreement provides for events of default customary for term loan facilities of this type, including but not limited to: non-payment; breaches or defaults in the performance of covenants or representations and warranties; bankruptcy and other insolvency events of the Company; and the occurrence of a material adverse change as defined in the Amended Agreement. After the occurrence of an event of default, SVB may, among other remedies, accelerate payment of all obligations. As of March 31, 2022 and December 31, 2021, the Company was in compliance with all covenants under the Amended Agreement and there had been no events of default. SVB Warrant In November 2019, simultaneously with the first draw-down under its 2019 SVB Loan, SVB entered into a warrant agreement with the Company to purchase 32,289 shares of Series B convertible preferred stock of the Company at an exercise price of $ 2.3228 per share (as amended, the “SVB Warrant”). In March 2020, in connection with the Company’s second draw-down under the 2019 SVB Loan, the SVB Warrant was amended to increase the number of shares of Series B convertible preferred stock of the Company by 96,867 , to a total of 129,156 shares. In connection with the completion of the Company’s IPO, in accordance with the original terms the warrant instrument, the SVB Warrant was automatically adjusted into a warrant to purchase an equivalent number of shares of common stock. In June 2021, after the IPO, SVB net exercised the SVB Warrant into 117,088 shares of common stock of the Company, and the SVB Warrant is no longer outstanding as of March 31, 2022. The fair value of the SVB Warrant liability was remeasured at each financial reporting period with any changes in fair value recognized as other income (expense) in the statements of operations. The fair value for the warrant liability for the SVB Warrant was based on the Black-Scholes option pricing valuation model using significant inputs not observable in the market and was thus classified within Level 3 of the fair value hierarchy. The change in fair value of the warrant for the three months ended March 31, 2022 and 2021 was $ 0 and $ 2.2 million, respectively, and recorded as “Change in fair value of warrant liability” in the statements of operations. When, in connection with the IPO, the SVB Warrant was automatically adjusted into a warrant to purchase an equivalent number of shares of common stock, the warrant liability was reclassified from current liabilities to equity as the warrant met the definition of an equity instrument. Additionally, at that time, the Company recorded the final valuation of the warrant liability for the SVB Warrant. The assumptions used in determining the fair value of the SVB Warrant liability are described in Note 3 to the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. 2021 Convertible Notes In February 2021, the Company sold and issued approximately $ 130.5 million aggregate principal of 2021 Convertible Notes in a private placement transaction. Of this amount, $ 48.5 million was to certain investors affiliated with members of the Company’s board of directors. The 2021 Convertible Notes accrued 6 % interest per annum. The Company elected as of the issuance date to account for the 2021 Convertible Notes at fair value. Management believes that the fair value option better reflected the underlying economics of the 2021 Convertible Notes, which contained multiple embedded derivatives. Under the fair value election, changes in fair value are reported as “Change in fair value of convertible promissory notes” in the statements of operations in each reporting period after the issuance through the conversion of the 2021 Convertible Notes. The Company measured the fair value of the 2021 Convertible Notes using the probability weighted “as-converted” plus Black-Scholes option pricing model based on inputs such as the probability of IPO vs. non-IPO scenarios, fair value of the common stock price, discount yield, risk-free rate, equity volatility, expected term, number of converted shares and price negotiation adjustment for the calibration. In connection with the IPO, the 2021 Convertible Notes converted into 7,531,777 shares of the Company’s common stock. Based on the terms of the agreement, the 2021 Convertible Notes converted at a 20 % discount to the public offering price in the IPO. At the time of the conversion, the Company recorded a final fair value adjustment of the 2021 Convertible Notes using the Company’s common stock price at the IPO. The assumptions used in determining the fair value of the 2021 Convertible Notes are described in Note 3 to the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9 . Commitments and Contingencies Columbia License Agreement and Sponsored Research Agreement In 2016, the Company entered into an Exclusive License Agreement (the “License Agreement”) with The Trustees of Columbia University (“Columbia”). Under the License Agreement, the Company acquired the exclusive right to use certain patents, materials and information. The License Agreement includes a number of diligence obligations that requires the Company to use commercially reasonable efforts to research, discover, develop and market Patent Products and/or Other Products (as defined in the License Agreement) by certain dates. Under the License Agreement, the Company pays an annual license fee that increases each year, until it reaches a low six-digit fee for the fifth year, and for each subsequent year, for so long as the License Agreement remains in force. The license fee was immaterial for all periods presented. For any products within the scope of the License Agreement that the Company commercializes, the Company is required to pay royalties ranging from low to mid-single digits on net sales of Patent Products and low single-digit royalty rates on net sales of Other Products. The Company can credit the yearly annual license fee against any yearly royalty fees payable to Columbia. Additionally, if the Company receives any income in connection with any sublicenses, the Company must pay Columbia a high single-digit percentage of that income. Finally, the License Agreement provides for payments to Columbia based on the Company's achievement of certain development and commercialization milestones, which could total up to $ 3.9 million over the life of the License Agreement. During the three months ended March 31, 2022 , the Company paid $ 0.1 million to Columbia pursuant to the terms of the License Agreement. In addition to the License Agreement, the Company entered into a sponsored research agreement to fund a research program with Columbia. The program ended in 2019. Operating Leases Overview of Operating Leases In November 2017, the Company entered into a non-cancelable operating lease in La Jolla, California, that expires upon commencement of the New HQ Lease, as defined below, which is estimated in May 2022. The lease includes certain rent escalations and additional charges for common area maintenance and other costs. The Company gained access to the leased space and began recognizing rent expense under this lease in February 2018. In December 2019, the Company entered into a 5-year lease agreement for additional office space in San Diego, California. The lease includes certain rent escalations and additional charges for common area maintenance and other costs. The Company gained access to the leased space and began recognizing rent expense under this lease in January 2020. In June 2020, the Company entered into a sublease agreement for an additional office space in San Diego, California. The sublease includes certain rent escalations and additional charges for common area maintenance and other costs. The Company gained access to the leased space and began recognizing rent expense under this sublease in July 2020. This sublease expired in December 2021, and the Company leases the space directly from the landlord. In June 2020, the Company entered into a 10-year lease agreement with ARE-SD Region No. 27, LLC (the “Landlord”) for new office and laboratory space in San Diego, California (“New HQ Lease”), with a target commencement date in May 2022. If the Landlord does not deliver the premises within 120 days of the target commencement date for any reason other than force majeure delays or delays by the Company, the Company may terminate the lease and neither the Landlord nor the Company will have any further rights, duties or obligations under the New HQ Lease. The Landlord shall make available to the Company for use within 12 months after the commencement date a tenant improvement allowance (“TI Allowance”), which the Company will repay to the Landlord as additional rent over the base term and shall accrue interest at a rate of 8 % per annum. Upon commencement, the contractual base rent will be charged, subject to partial rent abatement, annual base rent adjustments, the Company’s share of operating expenses and additional rent for the TI Allowance actually disbursed by the Landlord. In April 2021, the Company entered into a 62-month lease agreement for additional office and manufacturing space in San Diego, California. The lease includes certain rent escalations and additional charges for common area maintenance and other costs. The Company gained access to the leased space in June 2021 and began recognizing rent expense under this lease at that time. In April 2021, the Company amended its current lease for office space in San Diego, California. The lease amendment includes extension of the current lease expiration date by 24-months subsequent to commencement of the New HQ Lease, expansion of the existing premises for additional space and certain rent escalations. In January 2022, the Company entered into a Lease Agreement (the “OAS Lease”) with an affiliate of Alexandria Real Estate Equities, Inc. (“ARE”) to lease two buildings (“Building 3” and “Building 4”) to be constructed in connection with One Alexandria Square in La Jolla, California. The two buildings are comprised of office and manufacturing space and are intended to serve as the Company’s future headquarters. The term of the OAS Lease will commence when ARE’s work for Building 3 is substantially complete, which is expected to be November 1, 2024 (the “Commencement Date”). The Company’s obligation to pay rent for Building 3 will begin approximately seven months following the Commencement Date. The Company’s obligation to pay rent for Building 4 will begin 12 months following the Commencement Date, subject to the substantial completion of ARE’s work on Building 4. The Company has an option to accelerate the construction and delivery of Building 4 to be the same date as the Commencement Date for Building 3 and will receive 12 months of base rent abatement on Building 4 if it exercises this option. The initial term of the OAS Lease is 144 months following the Commencement Date. The Company has the one-time option to extend the term of the OAS Lease by 60 months upon prior notice to ARE. The annual base rent under the OAS Lease is initially based on $ 64.80 per square foot per year, or approximately $ 7.3 million per year for Building 3 and $ 6.0 million per year for Building 4, subject to annual increases of 3 % and certain other adjustments, and includes tenant improvement and warm shell allowances. Maximum tenant improvement and warm shell allowances total approximately $ 33 million. The Company will also pay for an estimated $ 24 million of certain tenant improvements plus 7 % interest per year amortized in equal monthly payments over the term of the OAS Lease. At the time of entering into the OAS Lease, the Company paid ARE $ 1.1 million as prepayment for rent and, as a security deposit, provided ARE with a $ 1.1 million standby letter of credit. Accounting for Operating Leases On January 1, 2022, the Company adopted ASC 842 (see Note 2). As of January 1, 2022, the remaining weighted-average lease term was 2.9 years and the weighted-average incremental borrowing rate used to determine the operating lease liabilities was 3.6 %. Cash payments included in the measurement of lease liabilities totaled $ 7.5 million. As of March 31, 2022 , the remaining weighted-average lease term was 2.7 years and the weighted-average incremental borrowing rate used to determine the operating lease liabilities was 3.6 %. Cash payments included in the measurement of lease liabilities totaled $ 6.8 million During the three months ended March 31, 2022, the Company incurred $ 1.1 million of lease costs, of which less than $0.1 million is related to the Company’s short-term lease and $ 0.3 million is related to variable lease payments, which are primarily comprised of common area maintenance and $0.7 million related to straight-line operating lease cost. The Company recorded straight-line operating lease costs of $ 0.3 million for the three months ended March 31, 2021. As of March 31, 2022, future minimum payments under the Company’s non-cancelable operating leases that have commenced are as follows (in thousands): 2022 (nine months remaining) $ 1,987 2023 2,817 2024 1,328 2025 438 2026 and thereafter 277 Future non-cancelable minimum lease payments 6,847 Less: discount ( 323 ) Total lease liabilities 6,524 Less: current portion 2,646 Lease liabilities, noncurrent $ 3,878 The total undiscounted future minimum lease payments associated with the New HQ Lease and OAS Lease are approximately $ 230.9 million and are not included in the table above. The Company did not recognized lease liabilities or corresponding ROU lease assets for these leases as their lease terms had not yet commenced as of March 31, 2022. Future minimum payments under all of the Company’s non-cancelable operating leases, including those that have not yet commenced, are as follows: 2022 (nine months remaining) $ 3,919 2023 6,892 2024 6,394 2025 10,914 2026 and thereafter 210,058 Total $ 238,177 Indemnification As permitted under Delaware law and in accordance with the Company’s bylaws, the Company indemnifies its officers and directors for certain events or occurrences while the officers or directors are or were serving in such capacity. The Company is also party to indemnification agreements with its officers and directors. The Company considers the fair value of the indemnification rights and agreements as minimal. Accordingly, the Company has not recorded any liabilities for these indemnification rights and agreements as of March 31, 2022. Other Contingencies We are not currently a party to any material legal proceedings. From time to time, we may become involved in legal proceedings arising in the ordinary course of our business. Regardless of outcome, litigation can have an adverse impact on us due to defense and settlement costs, diversion of management resources, negative publicity, reputational harm and other factors. |
Convertible Preferred Stock
Convertible Preferred Stock | 3 Months Ended |
Mar. 31, 2022 | |
Temporary Equity Disclosure [Abstract] | |
Convertible Preferred Stock | 10 . Preferred Stock Series A Common Stock Equivalent Convertible Preferred Stock In January 2022, the Company entered into an Exchange Agreement (the “Exchange Agreement”) with Deerfield Private Design Fund IV, L.P. (the “Deerfield Holder”), pursuant to which the Deerfield Holder exchanged an aggregate of 2,500,000 shares of the Company’s common stock held by the Deerfield Holder for 2,500 shares of a newly created class of non-voting preferred stock designated as Series A Common Stock Equivalent Convertible Preferred Stock. Additionally, in connection with the issuance of the Series A Common Stock Equivalent Convertible Preferred Stock, the Company filed a Certificate of Designation, Preferences and Rights of Series A Common Stock Equivalent Convertible Preferred Stock, par value $ 0.0001 per share, of the Company with the Secretary of State of the State of Delaware. Each outstanding share of Series A Common Stock Equivalent Convertible Preferred Stock is entitled to a de minimis liquidation preference of $ 0.0001 per share. The Series A Common Stock Equivalent Convertible Preferred Stock is convertible into 1,000 shares of common stock for each share of Series A Common Stock Equivalent Convertible Preferred Stock at the option of the holder. Additionally, the ability of a holder to convert non-voting Series A Common Stock Equivalent Convertible Preferred Stock into common stock is prohibited to the extent that, upon such conversion, such holder, its affiliates and other persons whose ownership of common stock would be aggregated with that of such holder for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, would exceed 4.9 % of the total number of shares of common stock then outstanding. The Company classifies Series A Common Stock Equivalent Convertible Preferred Stock as permanent equity on the balance sheet because it is not redeemable for cash or other assets of the Company and is not considered debt under ASC 480. There are no features of the Series A Common Stock Equivalent Convertible Preferred Stock that require bifurcation and separate accounting under ASC 815. Series A Common Stock Equivalent Convertible Preferred Stock is considered a participating security for purposes of calculating earnings per share under ASC 260 because it participates in dividends ratably on an as-converted basis with common stock. Pre-IPO Convertible Preferred Stock Prior to its conversion to common stock in connection with the Company’s IPO, the convertible preferred stock was classified as temporary, or mezzanine, equity on the accompanying condensed balance sheets since the shares contained certain redemption features that were not solely within the control of the Company. The Company had not previously accreted the convertible preferred stock to its redemption value since the shares were not redeemable and redemption was not deemed to be probable. In connection with the completion of the Company’s IPO, all of the outstanding shares of convertible preferred stock were automatically converted into 38,826,388 shares of the Company’s common stock. The convertible preferred stock outstanding prior to its conversion in the IPO was as follows: Shares Authorized Shares issued Issue Period Price per Share Aggregate Series Seed 6,520,790 6,520,790 2016 $ 0.6901 $ 4,500,000 Series A 12,932,429 12,932,429 2017 1.5465 20,000,000 Series B 19,566,903 19,373,169 2019 2.3228 45,000,000 Total 39,020,122 38,826,388 $ 69,500,000 |
Stock Incentive Plan
Stock Incentive Plan | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock Incentive Plan | . Stock Incentive Plan s 2021 and 2016 Equity Incentive Plans The Company’s Board of Directors and stockholders adopted and approved the Company’s 2021 Equity Incentive Plan (the “2021 Plan”) in May 2021. The 2021 Plan replaced the Company’s 2016 Equity Incentive Plan adopted in September 2016 (the “2016 Plan”); however, awards outstanding under the 2016 Plan will continue to be governed by their existing terms. The number of shares of the Company’s common stock that were initially available for issuance under the 2021 Plan equaled the sum of 7,500,000 shares plus 832,980 shares that were then available for issuance under the 2016 Plan. The 2021 Plan provides for the following types of awards: incentive and nonqualified stock options, stock appreciation rights, restricted shares and restricted stock units. The number of shares of common stock reserved for issuance under the 2021 Plan are increased automatically on the first business day of each fiscal year, commencing in 2022 and ending in 2031, by a number equal to the lesser of: (i) 5% of the shares of common stock outstanding on the last business day of the prior fiscal year; or (ii) the number of shares determined by the Company’s Board of Directors. In general, to the extent that any awards under the 2021 Plan are forfeited, terminated, expired or lapsed without the issuance of shares, or if the Company reacquires the shares subject to awards granted under the 2021 Plan, those shares will again become available for issuance under the 2021 Plan, as will shares applied to pay the exercise or purchase price of an award or to satisfy tax withholding obligations related to an award. Stock-based awards are governed by agreements between the Company and the recipients. Incentive stock options and nonqualified stock options may be granted under the 2021 Plan (and previously the 2016 Plan) at an exercise price of not less than 100 % of the fair market value of the Company’s common stock on the date of grant. The grant date is the date the terms of the award are formally approved by the Company’s Board of Directors or its designee. The following table summarizes stock option activity under the stock incentive plans since December 31, 2021: Number of Options Weighted- Weighted- Outstanding at December 31, 2021 5,322,314 $ 6.75 Exercisable at December 31, 2021 3,296,183 3.03 Granted 4,001,890 7.56 Exercised ( 65,399 ) 0.62 Canceled or forfeited ( 119,461 ) 17.83 Outstanding at March 31, 2022 9,139,344 7.00 9.01 Exercisable at March 31, 2022 3,365,635 3.08 7.81 The 2016 Plan allows for the early exercise of awards to plan participants subject to the right of repurchase by the Company at the lower of the original exercise price or fair market value for unvested awards. At March 31, 2022 and December 31, 2021 , the Company has a liability for the cash received from the early exercise of stock options in the amount of $ 1.3 and $ 1.7 million, respectively. The Company reduces the liability as the underlying shares vest in accordance with the vesting terms of the awards. As of March 31, 2022 and December 31, 2021 , there were 1,677,569 and 2,198,933 , respectively, of early exercised stock options that remain subject to the Company’s repurchase right. Employee Stock Purchase Plan In May 2021, the Company’s Board of Directors approved the 2021 Employee Stock Purchase Plan (the “ESPP”). A total of 730,000 shares of common stock was initially reserved for issuance under the ESPP. The price at which common stock is purchased by employees under the ESPP is equal to 85 % of the fair market value of the common stock on the first day of the offering period or purchase date, whichever is lower. During the three months ended March 31, 2022 , no shares of common stock were issued under the ESPP. Stock-based Compensation Summary The classification of stock-based compensation expense is summarized as follows (in thousands): Three Months Ended March 31, 2022 2021 Research and development $ 909 $ 225 Selling, general and administrative 2,657 871 Total stock-based compensation expense $ 3,566 $ 1,096 As of March 31, 2022, total unrecognized stock-based compensation expense was $ 44.3 million and is expected to be recognized over the weighted-average period of approximately 3.03 years. The following table shows the weighted-average assumptions used to compute the fair value of the awards granted to employees and nonemployees using the Black-Scholes option pricing model during the periods below: Three Months Ended March 31, Assumption 2022 2021 Expected volatility 56.87 % 82.50 % Expected term (years) 5.8 − 6.1 6.0 − 6.1 Expected dividend yield 0.00 % 0.00 % Risk-free interest rate 1.67 % 0.87 % Forfeiture rate 0.00 % 0.00 % Common stock reserved for future issuance consisted of the following as of March 31, 2022: Stock options issued and outstanding under all Plans 9,139,344 Authorized for future grants under the 2021 Plan 7,006,507 Authorized for future grants under the ESPP 1,394,991 Total as of March 31, 2022 17,540,842 |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Income Statement [Abstract] | |
Net Loss Per Share | 12. Net Loss per Share The Company’s preferred stock were considered participating securities for purposes of calculating earnings per share because they had a right to participate in dividends with common stock. However, because the Company’s preferred stock do not have a contractual obligation to share in the losses of the Company on a basis that is objectively determinable, they were excluded from the calculation of basic net loss per share. The following common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect: March 31, 2022 2021 Employee stock options issued and outstanding 9,139,344 4,475,799 Series A Common Stock Equivalent Convertible Preferred Stock 2,500,000 - Common stock subject to the Company’s right of repurchase 1,677,569 3,212,190 SVB Warrant - 129,156 Series Seed convertible preferred stock - 6,520,790 Series A convertible preferred stock - 12,932,429 Series B convertible preferred stock - 19,373,169 Total 13,316,913 46,643,533 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Initial Public Offering | Initial Public Offering On June 1, 2021, the Company closed its initial public offering (“ IPO”) in which it sold 11,730,000 shares of common stock (which included 1,530,000 shares that were sold pursuant to the full exercise of the IPO underwriters’ option to purchase additional shares) at a public offering price of $ 22.00 per share. The Company received net proceeds of approximately $ 237.2 million after deducting offering costs, underwriting discounts and commissions of $ 20.9 million. Concurrent with the closing of the IPO: • 38,826,388 outstanding shares of convertible preferred stock converted into an equivalent number of shares of common stock; • outstanding principal and interest amount of convertible promissory notes (the “2021 Convertible Notes”) converted into 7,531,777 shares of common stock; and • a warrant to purchase 129,156 shares of convertible preferred stock (the “SVB Warrant”) was automatically adjusted to become a warrant to purchase an equivalent number of shares of common stock. |
Liquidity and Capital Resources | Liquidity and Capital Resources The Company has incurred net losses since inception and, as of March 31, 2022 and December 31, 2021, had an accumulated deficit of $ 173.9 million and $ 151.9 million , respectively. The Company has a limited operating history, and the revenue and income potential of the Company’s business are unproven. From incorporation in June 2016 through March 31, 2022, substantially all of the Company’s operations have been funded by the sales of equity securities and issuances of debt. As of March 31, 2022, the Company had cash, cash equivalents and short-term investments of $ 316.0 million . The Company believes that its cash, cash equivalents and short-term investments as of March 31, 2022 are sufficient to fund its operations for at least 12 months from the issuance date of the accompanying unaudited condensed financial statements . |
Basis of Presentation and Use of Estimates | Basis of Presentation and Use of Estimates The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and disclosures required by GAAP for annual financial statements have been omitted. In the opinion of management, all adjustments, consisting of normal recurring adjustments considered necessary for fair presentation, have been included. Interim financial results are not necessarily indicative of results anticipated for the full year. The preparation of the Company’s unaudited condensed financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s unaudited condensed financial statements and accompanying notes. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may significantly differ from these estimates and assumptions. For the year ended December 31, 2021, significant estimates and assumptions include the fair value of the 2021 Convertible Notes, the fair value of the liability for the SVB Warrant, the fair value of the Company’s preferred and common stock and stock-based compensation. After December 31, 2021, significant estimates and assumptions include stock-based compensation and the value of lease liabilities and right-of-use lease assets. |
Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets (in thousands): March 31, December 31, Cash and cash equivalents $ 188,572 $ 201,049 Restricted cash 1,734 687 Total $ 190,306 $ 201,736 |
Short-term Investments | Short-term Investments Short-term investments primarily consisted of corporate debt securities, asset-backed securities and treasury securities. The Company’s investments in securities are classified as current as they are available for use in current operations. The following tables summarize the short-term investments held at March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 Amortized Gross Estimated U.S. treasury securities $ 6,486 $ ( 3 ) $ 6,483 Asset-backed securities 10,770 ( 47 ) 10,723 Corporate debt securities 110,913 ( 717 ) 110,196 Total $ 128,169 $ ( 767 ) $ 127,402 December 31, 2021 Amortized Gross Estimated Asset-backed securities $ 21,172 $ ( 25 ) $ 21,147 Corporate debt securities 117,140 ( 113 ) 117,027 Total $ 138,312 $ ( 138 ) $ 138,174 The following table summarizes contractual maturities of available-for-sale securities held at March 31, 2022 and December 31, 2021 (in thousands): March 31, December 31, Estimated Estimated Due within one year $ 99,110 $ 94,085 After one but within five years 28,292 44,089 Total $ 127,402 $ 138,174 The Company determined there was no other-than-temporary impairment of any of its investments. |
Inventory | Inventory Inventory includes raw materials, which are goods to be consumed directly or indirectly in production, work in process, which are goods in the course of production, and finished goods, which are goods awaiting sale. Inventory is recorded at the lower of cost or net realizable value. Costs are based on standard costs that are adjusted regularly to reflect current conditions so that at the balance-sheet date standard costs reasonably approximate costs under a first-in, first-out basis. Standard costs include acquisition and production costs. Raw materials include inventories that may be used in research and development activities, and such items are expensed as consumed or capitalized as property and equipment and depreciated. Inventory in the prior year’s financial statements have been reclassified to conform to the current presentation on the condensed balance sheets and condensed statements of cash flows. No subtotals in the prior year financial statements were impacted as a result. |
Leases | Leases The Company adopted Accounting Standards Codification (“ASC”) Topic 842, Leases (“ASC 842”), effective January 1, 2022. ASC 842 requires the Company to recognize on the balance sheet lease liabilities and corresponding right-of-use (“ROU”) lease assets for its operating leases where the Company is the lessee. The initial impact of the adoption is discussed below in the section titled “Recent Accounting Pronouncements—Adopted.” The Company determines if an arrangement is or contains a lease at contract inception. Lease liabilities represent the Company’s obligation to make payments under its operating leases. ROU lease assets represent the Company’s right to use assets under its operating leases. The Company determines the value of lease liabilities and ROU lease assets on a lease-by-lease basis. A lease liability is recognized at the commencement date of an operating lease based on the present value of the future lease payments over the expected lease term. A corresponding ROU lease asset is recognized at the commencement date of an operating lease based on the value of the lease liability, adjusted for any lease incentives received, any initial direct costs incurred and any lease payments made at or before the lease commencement date. The Company made a policy election to not recognize lease liabilities and ROU lease assets for operating leases with an expected lease term of twelve months or less. The Company calculates the present value of lease payments using the discount rate implicit in the lease, unless that rate cannot be readily determined. In that case, the Company uses its incremental borrowing rate based on information available at the date of lease commencement. The incremental borrowing rate is the estimated rate of interest that the Company would pay to borrow, on a collateralized basis, an amount equal to the lease payments over the expected lease term. After lease commencement, the Company measures its operating leases as follows: (i) the lease liability based on the present value of the remaining lease payments using the incremental borrowing rate determined at lease commencement; and (ii) the ROU lease asset based on the remeasured lease liability, adjusted for any unamortized lease incentives received, any unamortized initial direct costs and the cumulative difference between lease expense and amounts paid under the lease. Lease expense is recognized on a straight-line basis over the expected lease term. Any lease incentives received and any initial direct costs are amortized on a straight-line basis over the expected lease term. Variable lease payments such as those related to property taxes, insurance and common area maintenance are recognized as expense when incurred. Recent Accounting Pronouncements—Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (“ASU 2016-02”), codified as ASC 842. ASC 842 requires the Company to recognize on the balance sheet lease liabilities and corresponding ROU lease assets for its operating leases where the Company is the lessee. The Company adopted this standard effective January 1, 2021 using the modified retrospective method by applying the new standard to all leases existing as of January 1, 2022 and not restating any prior comparative periods. The Company elected the practical expedients to carry forward its historical lease classification, not reassess whether any expired or existing contracts are or contain leases and not reassess initial direct costs for existing leases. On January 1, 2022, the Company recorded operating lease liabilities of $ 7.1 million, ROU lease assets of $ 6.4 million, and derecognized deferred rent of $ 0.7 million. The additional disclosures required by the standard have been included in the section above titled “Leases” and in Note 9. Prior comparative periods have not been adjusted and continue to be reported under ASC 840. Recent Accounting Pronouncements—Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments–Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. ASU 2016-13 is effective for the Company’s annual periods beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial statements and related disclosures. |
Segment Information | Recent Accounting Pronouncements—Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (“ASU 2016-02”), codified as ASC 842. ASC 842 requires the Company to recognize on the balance sheet lease liabilities and corresponding ROU lease assets for its operating leases where the Company is the lessee. The Company adopted this standard effective January 1, 2021 using the modified retrospective method by applying the new standard to all leases existing as of January 1, 2022 and not restating any prior comparative periods. The Company elected the practical expedients to carry forward its historical lease classification, not reassess whether any expired or existing contracts are or contain leases and not reassess initial direct costs for existing leases. On January 1, 2022, the Company recorded operating lease liabilities of $ 7.1 million, ROU lease assets of $ 6.4 million, and derecognized deferred rent of $ 0.7 million. The additional disclosures required by the standard have been included in the section above titled “Leases” and in Note 9. Prior comparative periods have not been adjusted and continue to be reported under ASC 840. |
Recent Accounting Pronouncements - Not Yet Adopted | Recent Accounting Pronouncements—Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments–Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. ASU 2016-13 is effective for the Company’s annual periods beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its financial statements and related disclosures. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Reconciliation of Cash and Cash Equivalents, and Restricted Cash Reported the Balance Sheet | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets (in thousands): March 31, December 31, Cash and cash equivalents $ 188,572 $ 201,049 Restricted cash 1,734 687 Total $ 190,306 $ 201,736 |
Schedule of Short-Term Investments Held | The following tables summarize the short-term investments held at March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 Amortized Gross Estimated U.S. treasury securities $ 6,486 $ ( 3 ) $ 6,483 Asset-backed securities 10,770 ( 47 ) 10,723 Corporate debt securities 110,913 ( 717 ) 110,196 Total $ 128,169 $ ( 767 ) $ 127,402 December 31, 2021 Amortized Gross Estimated Asset-backed securities $ 21,172 $ ( 25 ) $ 21,147 Corporate debt securities 117,140 ( 113 ) 117,027 Total $ 138,312 $ ( 138 ) $ 138,174 |
Schedule of Contractual Maturities of Available-for-Sale Debt Securities Held | The following table summarizes contractual maturities of available-for-sale securities held at March 31, 2022 and December 31, 2021 (in thousands): March 31, December 31, Estimated Estimated Due within one year $ 99,110 $ 94,085 After one but within five years 28,292 44,089 Total $ 127,402 $ 138,174 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | The following tables summarize the Company’s assets measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 Level 1 Level 2 Level 3 Total Cash $ 20,800 $ - $ - $ 20,800 Money market funds 167,772 - - 167,772 U.S. treasury securities 6,483 6,483 Asset-backed securities - 10,723 - 10,723 Corporate debt securities - 110,196 - 110,196 Total $ 195,055 $ 120,919 $ - $ 315,974 December 31, 2021 Level 1 Level 2 Level 3 Total Cash $ 26,037 $ - $ - $ 26,037 Money market funds 175,012 - - 175,012 Asset-backed securities - 21,147 - 21,147 Corporate debt securities - 117,027 - 117,027 Total $ 201,049 $ 138,174 $ - $ 339,223 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory consisted of the following (in thousands): March 31, December 31 2022 2021 Raw materials $ 5,034 $ 2,565 Work in process 1,295 446 Total inventory $ 6,329 $ 3,011 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Schedule of Prepaid expenses and other current assets | Prepaid expenses and other current assets consisted of the following (in thousands): March 31, December 31 2022 2021 Prepaid expenses $ 2,289 $ 3,715 Interest receivable 694 1,050 Current deposits 503 761 Total prepaid expenses and other current assets $ 3,486 $ 5,526 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net, consisted of the following (in thousands): March 31, December 31, Useful Life 2022 2021 Equipment 5 years $ 5,279 $ 4,433 Computers and software 3 years 2,309 2,136 Leasehold improvements 5 years or less 1,111 1,041 Furniture and fixtures 5 years or less 83 75 Construction in progress N/A 580 574 Total property and equipment, gross 9,362 8,259 Less: accumulated depreciation ( 2,648 ) ( 2,187 ) Total property and equipment, net $ 6,714 $ 6,072 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued expenses consisted of the following (in thousands): March 31, December 31, 2022 2021 Accrued compensation and other employee benefits $ 2,180 $ 3,516 Accrued professional services 281 200 Accrued research and development expenses 39 41 Accrued other expenses 411 521 Total accrued expenses $ 2,911 $ 4,278 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term debt and unamortized debt discount balances | The SVB Loans and unamortized discount balances as of March 31, 2022 and December 31, 2021 are shown below (in thousands): March 31, December 31, 2022 2021 Long-term debt $ 10,500 $ 10,500 Less: issuance costs ( 559 ) ( 596 ) Total long-term debt, net of issuance costs 9,941 9,904 |
Summary of Future Minimum Principal Payments on Long-term Debt | Future minimum payments of outstanding principal and interest under the 2021 SVB Loan are as follows: As of March 31, 2022 2022 (nine months remaining) $ 340 2023 452 2024 2,194 2025 5,523 2026 and thereafter 3,976 Total future minimum payments 12,486 Less: interest, Final Payment fee ( 1,986 ) Long-term debt 10,500 Less: issuance costs ( 559 ) Long-term debt, net of issuance costs $ 9,941 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases | As of March 31, 2022, future minimum payments under the Company’s non-cancelable operating leases that have commenced are as follows (in thousands): 2022 (nine months remaining) $ 1,987 2023 2,817 2024 1,328 2025 438 2026 and thereafter 277 Future non-cancelable minimum lease payments 6,847 Less: discount ( 323 ) Total lease liabilities 6,524 Less: current portion 2,646 Lease liabilities, noncurrent $ 3,878 Future minimum payments under all of the Company’s non-cancelable operating leases, including those that have not yet commenced, are as follows: 2022 (nine months remaining) $ 3,919 2023 6,892 2024 6,394 2025 10,914 2026 and thereafter 210,058 Total $ 238,177 |
Convertible Preferred Stock (Ta
Convertible Preferred Stock (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Temporary Equity Disclosure [Abstract] | |
Schedule of Convertible Preferred Stock Outstanding Prior to Conversion in IPO | The convertible preferred stock outstanding prior to its conversion in the IPO was as follows: Shares Authorized Shares issued Issue Period Price per Share Aggregate Series Seed 6,520,790 6,520,790 2016 $ 0.6901 $ 4,500,000 Series A 12,932,429 12,932,429 2017 1.5465 20,000,000 Series B 19,566,903 19,373,169 2019 2.3228 45,000,000 Total 39,020,122 38,826,388 $ 69,500,000 |
Stock Incentive Plan (Tables)
Stock Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity | The following table summarizes stock option activity under the stock incentive plans since December 31, 2021: Number of Options Weighted- Weighted- Outstanding at December 31, 2021 5,322,314 $ 6.75 Exercisable at December 31, 2021 3,296,183 3.03 Granted 4,001,890 7.56 Exercised ( 65,399 ) 0.62 Canceled or forfeited ( 119,461 ) 17.83 Outstanding at March 31, 2022 9,139,344 7.00 9.01 Exercisable at March 31, 2022 3,365,635 3.08 7.81 |
Summary of Equity Based Compensation Expense | The classification of stock-based compensation expense is summarized as follows (in thousands): Three Months Ended March 31, 2022 2021 Research and development $ 909 $ 225 Selling, general and administrative 2,657 871 Total stock-based compensation expense $ 3,566 $ 1,096 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table shows the weighted-average assumptions used to compute the fair value of the awards granted to employees and nonemployees using the Black-Scholes option pricing model during the periods below: Three Months Ended March 31, Assumption 2022 2021 Expected volatility 56.87 % 82.50 % Expected term (years) 5.8 − 6.1 6.0 − 6.1 Expected dividend yield 0.00 % 0.00 % Risk-free interest rate 1.67 % 0.87 % Forfeiture rate 0.00 % 0.00 % |
Schedule of Common Stock Reserved for Future Issuance | Common stock reserved for future issuance consisted of the following as of March 31, 2022: Stock options issued and outstanding under all Plans 9,139,344 Authorized for future grants under the 2021 Plan 7,006,507 Authorized for future grants under the ESPP 1,394,991 Total as of March 31, 2022 17,540,842 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Income Statement [Abstract] | |
Schedule of Anti-dilutive Securities Excluded from Computation of Diluted Net Loss Per Share | The following common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect: March 31, 2022 2021 Employee stock options issued and outstanding 9,139,344 4,475,799 Series A Common Stock Equivalent Convertible Preferred Stock 2,500,000 - Common stock subject to the Company’s right of repurchase 1,677,569 3,212,190 SVB Warrant - 129,156 Series Seed convertible preferred stock - 6,520,790 Series A convertible preferred stock - 12,932,429 Series B convertible preferred stock - 19,373,169 Total 13,316,913 46,643,533 |
Business - Additional Informati
Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 01, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Jan. 31, 2022 | Dec. 31, 2021 |
Class Of Stock [Line Items] | |||||
Convertible Preferred Stock, Shares Issued upon Conversion | 38,826,388 | ||||
Accumulated deficit | $ (173,902) | $ (151,896) | |||
Net loss | (22,006) | $ (23,921) | |||
Cash Cash Equivalents And Short Term Investments | $ 316,000 | ||||
Period of operations sufficient to fund | 12 months | ||||
Convertible Preferred Stock | |||||
Class Of Stock [Line Items] | |||||
Convertible Preferred Stock, Shares Issued upon Conversion | 1,000 | ||||
IPO | |||||
Class Of Stock [Line Items] | |||||
Stock Issued During Period Shares New Issues | 11,730,000 | ||||
Shares Issued, Price Per Share | $ 22 | ||||
IPO | Convertible Debt | 2021 Notes | |||||
Class Of Stock [Line Items] | |||||
Conversion of convertible securities | 7,531,777 | ||||
IPO | Convertible Preferred Stock | |||||
Class Of Stock [Line Items] | |||||
Convertible Preferred Stock, Shares Issued upon Conversion | 38,826,388 | ||||
IPO | Convertible Preferred Stock | Common Stock | |||||
Class Of Stock [Line Items] | |||||
Outstanding warrant to purchase convertible preferred stock | 129,156 | ||||
Singular Genomics Systems | |||||
Class Of Stock [Line Items] | |||||
Proceeds from initial public offering, net of issuance costs | $ 237,200 | ||||
Payments for Underwriting Expense | $ 20,900 | ||||
Singular Genomics Systems | Over-Allotment Option | |||||
Class Of Stock [Line Items] | |||||
Stock Issued During Period Shares New Issues | 1,530,000 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | |
Property, plant and equipment, estimated useful lives | 5 years or less | ||
Operating Lease Future Minimum Payments, Total lease liabilities | $ 6,524 | $ 7,100 | |
ROU lease asset | $ 5,749 | 6,400 | $ 0 |
Derecognized deferred rent | $ 700 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Reconciliation of Cash, Cash equivalents, and Restricted Cash Reported within the Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 188,572 | $ 201,049 | ||
Restricted Cash and Cash Equivalents | 1,734 | 687 | ||
Total | $ 190,306 | $ 201,736 | $ 46,008 | $ 12,170 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Short-Term Investments Held (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Amortized Cost | $ 128,169 | $ 138,312 |
Gross Unrealized Gains (Losses) | (767) | (138) |
Estimated Fair Value | 127,402 | 138,174 |
U.S. treasury securities | ||
Amortized Cost | 6,486 | |
Gross Unrealized Gains (Losses) | (3) | |
Estimated Fair Value | 6,483 | |
Asset-Backed Securities | ||
Amortized Cost | 10,770 | 21,172 |
Gross Unrealized Gains (Losses) | (47) | (25) |
Estimated Fair Value | 10,723 | 21,147 |
Corporate Debt Securities | ||
Amortized Cost | 110,913 | 117,140 |
Gross Unrealized Gains (Losses) | (717) | (113) |
Estimated Fair Value | $ 110,196 | $ 117,027 |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Contractual Maturities of Available-for-Sale Debt Securities Held (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Estimated Fair Value, Due within one year | $ 99,110 | $ 94,085 |
Estimated Fair Value, After one but within five years | 28,292 | 44,089 |
Total | $ 127,402 | $ 138,174 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Total assets | $ 315,974 | $ 339,223 |
Cash | ||
Assets: | ||
Total assets | 20,800 | 26,037 |
Money market funds | ||
Assets: | ||
Total assets | 167,772 | 175,012 |
U.S. treasury securities | ||
Assets: | ||
Total assets | 6,483 | |
Asset-Backed Securities | ||
Assets: | ||
Total assets | 10,723 | 21,147 |
Corporate Debt Securities | ||
Assets: | ||
Total assets | 110,196 | 117,027 |
Level 1 | ||
Assets: | ||
Total assets | 195,055 | 201,049 |
Level 1 | Cash | ||
Assets: | ||
Total assets | 20,800 | 26,037 |
Level 1 | Money market funds | ||
Assets: | ||
Total assets | 167,772 | 175,012 |
Level 1 | U.S. treasury securities | ||
Assets: | ||
Total assets | 6,483 | |
Level 2 | ||
Assets: | ||
Total assets | 120,919 | 138,174 |
Level 2 | Asset-Backed Securities | ||
Assets: | ||
Total assets | 10,723 | 21,147 |
Level 2 | Corporate Debt Securities | ||
Assets: | ||
Total assets | $ 110,196 | $ 117,027 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of SVB Warrant Liability Measured at Fair Value and 2021 Convertible Notes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Change in fair value of warrant liability through conversion | $ 0 | $ 2,202 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Feb. 28, 2021 | Mar. 31, 2020 | |
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items] | ||||
Change in fair value of warrant liability | $ 0 | $ 2,202 | ||
Shares sold and issued, aggregate principal amount | 10,500 | |||
2021 Convertible Notes | ||||
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items] | ||||
Shares sold and issued, aggregate principal amount | $ 130,500 | |||
Debt instrument, interest per annum | 6.00% | |||
SVB Warrant | ||||
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items] | ||||
Change in fair value of warrant liability | 0 | $ 2,200 | ||
SVB Warrant | Series B Preferred Stock | Minimum [Member] | ||||
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items] | ||||
Warrant, number of shares | 96,867 | |||
SVB Warrant | Series B Preferred Stock | Maximum [Member] | ||||
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items] | ||||
Warrant, number of shares | 129,156 | |||
SVB Warrant | Common Stock | ||||
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items] | ||||
Warrants and Rights Outstanding | $ 0 | |||
SVB Warrant | Common Stock | IPO | ||||
Fair Value Disclosure Asset And Liability Not Measured At Fair Value [Line Items] | ||||
Warrant, number of shares | 117,088 |
Inventory - Schedule of Invento
Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 5,034 | $ 2,565 |
Work in process | 1,295 | 446 |
Inventory, Net, Total | $ 6,329 | $ 3,011 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Summary of Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid expenses | $ 2,289 | $ 3,715 |
Interest receivable | 694 | 1,050 |
Current deposits | 503 | 761 |
Total prepaid expenses and other current assets | $ 3,486 | $ 5,526 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Property Plant And Equipment [Line Items] | ||
Useful life | 5 years or less | |
Property and equipment | $ 9,362 | $ 8,259 |
Less: Accumulated depreciation | (2,648) | (2,187) |
Total property and equipment, net | $ 6,714 | 6,072 |
Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Useful life | 5 years | |
Property and equipment | $ 5,279 | 4,433 |
Computers and Software [Member] | ||
Property Plant And Equipment [Line Items] | ||
Useful life | 3 years | |
Property and equipment | $ 2,309 | 2,136 |
Furniture and Fixtures [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | $ 1,111 | 1,041 |
Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Useful life | 5 years or less | |
Property and equipment | $ 83 | 75 |
Construction in Progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Useful life | N/A | |
Property and equipment | $ 580 | $ 574 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Components of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued compensation and other employee benefits | $ 2,180 | $ 3,516 |
Accrued professional services | 281 | 200 |
Accrued research and development expenses | 39 | 41 |
Accrued other expenses | 411 | 521 |
Total accrued expenses | $ 2,911 | $ 4,278 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 30, 2019 | Sep. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2021 | Feb. 28, 2021 | Mar. 31, 2020 |
Debt Instrument [Line Items] | |||||||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 15,000 | $ 15,000 | |||||||
Additional borrowing amount | $ 10,500 | $ 10,500 | |||||||
Loan, maturity date | Sep. 1, 2023 | Sep. 1, 2026 | |||||||
Change in fair value of warrant liability | $ 0 | $ 2,202 | |||||||
Percentage of variable annual interest rate | 0.75% | 0.65% | |||||||
Interest rate due on maturity date | 4.00% | 5.50% | |||||||
Debt Issuance Costs, Net | $ 559 | $ 600 | |||||||
Debt instrument face amount | 10,500 | ||||||||
Silicon Valley Bank Warrant | |||||||||
Debt Instrument [Line Items] | |||||||||
Line Of Credit Facility Maximum Borrowing Capacity | 35,500 | 35,500 | |||||||
The SVB Warrant [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Change in fair value of warrant liability | 0 | $ 2,200 | |||||||
Series B Preferred Stock | The SVB Warrant [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Warrant, number of shares | 96,867 | ||||||||
Series B Preferred Stock | The SVB Warrant [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Warrant, number of shares | 129,156 | ||||||||
Common Stock | The SVB Warrant [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Warrants and Rights Outstanding | $ 0 | ||||||||
Common Stock | The SVB Warrant [Member] | IPO | |||||||||
Debt Instrument [Line Items] | |||||||||
Warrant, number of shares | 117,088 | ||||||||
Loan and Security agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 15,000 | $ 10,000 | $ 10,000 | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 2,500 | ||||||||
Interest rate during the period | 5.90% | 4.00% | |||||||
Loan and Security agreement | Silicon Valley Bank Warrant | |||||||||
Debt Instrument [Line Items] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.3228 | ||||||||
Additional borrowing amount | $ 7,500 | ||||||||
2021 Convertible Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument face amount | $ 130,500 | ||||||||
Debt instrument, interest per annum | 6.00% | ||||||||
2021 Convertible Notes | IPO | |||||||||
Debt Instrument [Line Items] | |||||||||
Percentage of per share price paid by new investors | 20.00% | ||||||||
Number Of Convertible Promissory Notes Converted To CommonStock | 7,531,777 | ||||||||
2021 Convertible Notes | Investor [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument face amount | $ 48,500 | ||||||||
2019 SVB Loan | Series B Convertible Preferred Stock | |||||||||
Debt Instrument [Line Items] | |||||||||
Warrant, number of shares | 32,289 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.3228 | ||||||||
2021 SVB Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, interest per annum | 4.25% | ||||||||
First Tranche | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 10,500 | $ 10,500 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt and Unamortized Debt Discount Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Total long-term debt | $ 10,500 | $ 10,500 |
Less: issuance costs | (559) | (596) |
Total long-term debt, net | 9,941 | 9,904 |
Long-term debt, net of current portion | $ 9,941 | $ 9,904 |
Long-Term Debt - Schedule of Fu
Long-Term Debt - Schedule of Future Minimum Principal and Interest Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
2022 (nine months remaining) | $ 340 | |
2023 | 452 | |
2024 | 2,194 | |
2025 | 5,523 | |
2026 and thereafter | 3,976 | |
Total future minimum payments | 12,486 | |
Less: interest, Issuance cost and Final Payment Fee | 1,986 | |
Debt Instrument, Face Amount | 10,500 | |
Debt Issuance Costs, Net, Total | 559 | $ 600 |
Total long-term debt, net | $ 9,941 | $ 9,904 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | |||||
Jan. 31, 2022USD ($)ft² | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Jan. 01, 2022USD ($) | Apr. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2019 | |
Commitment And Contingencies [Line Items] | |||||||
Net Rentable Area | ft² | 64.80 | ||||||
Initial lease term | 144 months | ||||||
Extended lease term | 60 months | ||||||
Annual increases percentage | 3.00% | ||||||
Maximum tenant improvement amount | $ 33,000 | ||||||
Estimated tenant improvements amount | $ 24 | ||||||
Improvements interest rate | 7.00% | ||||||
Prepayment for rent | $ 1,100 | ||||||
Security Deposit | 1,100 | ||||||
Remaining weighted-average lease term | 2 years 8 months 12 days | 2 years 10 months 24 days | |||||
Weighted-average incremental borrowing rate | 3.60% | 3.60% | |||||
Cash payments | $ 6,800 | $ 7,500 | |||||
Lease costs | 1,100 | ||||||
Short-term lease cost | 300 | ||||||
Operating lease cost | $ 300 | ||||||
Total undiscounted future minimum lease payments | $ 230,900 | ||||||
La Jolla California | |||||||
Commitment And Contingencies [Line Items] | |||||||
Lessee, Operating Lease, Term of Contract | 10 years | ||||||
Tenant Improvement Allowance Interest Accrual Rate | 8 | ||||||
Lessee, Operating Lease, Term of Contract | 10 years | ||||||
San Diego California | |||||||
Commitment And Contingencies [Line Items] | |||||||
Lessee, Operating Lease, Term of Contract | 62 months | 5 years | |||||
Lessee, Operating Lease, Term of Contract | 62 months | 5 years | |||||
Building 3 | |||||||
Commitment And Contingencies [Line Items] | |||||||
Operating Lease Rental Expense | 7,300 | ||||||
Building 4 | |||||||
Commitment And Contingencies [Line Items] | |||||||
Operating Lease Rental Expense | $ 6,000 | ||||||
License Agreement [Member] | |||||||
Commitment And Contingencies [Line Items] | |||||||
Development And Commercialization Milestones Payments | $ 3,900 | ||||||
Aggregate Amount Paid To The Terms Of The Agreement | $ 100 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Lease Future Minimum Payments, Remaining Period | $ 1,987 | ||
Operating Lease Future Minimum Payments, 2022 | 2,817 | ||
Operating Lease Future Minimum Payments, 2023 | 1,328 | ||
Operating Lease Future Minimum Payments, 2024 | 438 | ||
Operating Lease Future Minimum Payments, 2025 and Thereafter | 277 | ||
Operating Lease Future Minimum Payments, Total | 6,847 | ||
Less: discount | (323) | ||
Operating Lease, Liability, Total | 6,524 | $ 7,100 | |
Less: current portion, Operating Lease Future Minimum Payments | 2,646 | ||
Operating Lease Future Minimum Payments, Lease liabilities, noncurrent | $ 3,878 | $ 0 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of future minimum payments under non-cancelable operating leases yet not commenced (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Leases Future Minimum Payments Next Rolling Twelve Months, 2022 (nine months remaining) | $ 3,919 |
Operating Leases, Future Minimum Payments, Due in Rolling Year Two, 2023 | 6,892 |
Operating Leases, Future Minimum Payments, Due in Rolling Year Three, 2024 | 6,394 |
Operating Leases, Future Minimum Payments, Due in Rolling Year four, 2025 | 10,914 |
Operating Leases, Future Minimum Payments, Due in Rolling Year, 2026 and thereafter | 210,058 |
Future Minimum Payments Total | $ 238,177 |
Convertible Preferred Stock - S
Convertible Preferred Stock - Schedule of components of Preferred Stock (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($)$ / sharesshares | |
Temporary Equity [Line Items] | |
Temporary equity, shares authorized | 39,020,122 |
Temporary equity, shares issued | 38,826,388 |
Temporary equity, shares converted | 38,826,388 |
Aggregate liquidation preference | $ | $ 69,500,000 |
Series Seed | |
Temporary Equity [Line Items] | |
Temporary equity, shares authorized | 6,520,790 |
Temporary equity, shares issued | 6,520,790 |
Temporary equity, shares converted | 6,520,790 |
Issue Period | 2016 |
Price Per Share | $ / shares | $ 0.6901 |
Aggregate liquidation preference | $ | $ 4,500,000 |
Series A | |
Temporary Equity [Line Items] | |
Temporary equity, shares authorized | 12,932,429 |
Temporary equity, shares issued | 12,932,429 |
Temporary equity, shares converted | 12,932,429 |
Issue Period | 2017 |
Price Per Share | $ / shares | $ 1.5465 |
Aggregate liquidation preference | $ | $ 20,000,000 |
Series B | |
Temporary Equity [Line Items] | |
Temporary equity, shares authorized | 19,566,903 |
Temporary equity, shares issued | 19,373,169 |
Temporary equity, shares converted | 19,373,169 |
Issue Period | 2019 |
Price Per Share | $ / shares | $ 2.3228 |
Aggregate liquidation preference | $ | $ 45,000,000 |
Convertible Preferred Stock - A
Convertible Preferred Stock - Additional informations (Details) - $ / shares | 1 Months Ended | |
Jan. 31, 2022 | Mar. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Convertible Preferred Stock, Shares Issued upon Conversion | 38,826,388 | |
Preferred Stock, Liquidation Preference Per Share | $ 0.0001 | |
Percentage of amended shares of common stock | 4.90% | |
Series A Common Stock Equivalent Convertible Preferred Stock | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Convertible Preferred Stock, Shares Issued upon Conversion | 1,000 | |
Deerfield Holder [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Conversion of convertible securities | 2,500,000 | |
Deerfield Holder [Member] | Series A Common Stock Equivalent Convertible Preferred Stock | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Convertible Preferred Stock, Shares Issued upon Conversion | 2,500 | |
Deerfield Holder [Member] | Series A Convertible Preferred Stock | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Equity [Abstract] | ||
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, par value per share | $ 0.0001 | $ 0.0001 |
Common Stock - Schedule of Comm
Common Stock - Schedule of Common Stock Reserved for Future Issuance (Details) | Mar. 31, 2022shares |
Class of Stock [Line Items] | |
Common stock reserved for future issuance | 17,540,842 |
Stock Options Issued and Outstanding [Member] | |
Class of Stock [Line Items] | |
Common stock reserved for future issuance | 9,139,344 |
Authorized For Future Options Grants [Member] | |
Class of Stock [Line Items] | |
Common stock reserved for future issuance | 7,006,507 |
Authorized for issuance under the ESPP Plan [Member] | |
Class of Stock [Line Items] | |
Common stock reserved for future issuance | 1,394,991 |
Stock Incentive Plan - Addition
Stock Incentive Plan - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | May 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock reserved for future issuance | 17,540,842 | ||
Stock incentive plan description | The number of shares of common stock reserved for issuance under the 2021 Plan are increased automatically on the first business day of each fiscal year, commencing in 2022 and ending in 2031, by a number equal to the lesser of: (i) 5% of the shares of common stock outstanding on the last business day of the prior fiscal year; or (ii) the number of shares determined by the Company’s Board of Directors. | ||
Liability for cash received from early exercise of stock | $ 1.3 | $ 1.7 | |
Number of early exercise stock option remain subject to repurchase | 1,677,569 | 2,198,933 | |
Unrecognized stock-based compensation expense | $ 44.3 | ||
Stock Option [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock reserved for future issuance | 9,139,344 | ||
Cost not yet recognized, period for recognition | 3 years 10 days | ||
2021 Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock reserved for future issuance | 7,500,000 | ||
2021 Plan | Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Purchase Price of Common Stock Expressed As A Percentage | 100.00% | ||
2016 Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock reserved for future issuance | 832,980 | ||
2021 ESPP Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock reserved for future issuance | 730,000 | ||
Common stock, shares issued | 0 | ||
Purchase Price of Common Stock Expressed As A Percentage | 85.00% |
Stock Incentive Plan - Summary
Stock Incentive Plan - Summary of Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | |
Number of Options, Outstanding at December 31, 2021 | shares | 5,322,314 |
Number of Options, Exercisable at December 31, 2021 | shares | 3,296,183 |
Number of Options, Granted | shares | 4,001,890 |
Number of Options, Exercised | shares | (65,399) |
Number of Options, Cancelled / Forfeited | shares | (119,461) |
Number of Options, Outstanding at March 31, 2022 | shares | 9,139,344 |
Number of Options, Exercisable at March 31, 2022 | shares | 3,365,635 |
Weighted average exercise price (per share), Outstanding at December 31, 2021 | $ / shares | $ 6.75 |
Weighted average exercise price (per share), Exercisable at December 31, 2020 | $ / shares | 3.03 |
Weighted average exercise price (per share), Granted | $ / shares | 7.56 |
Weighted average exercise price (per share), Exercised | $ / shares | 0.62 |
Weighted average exercise price (per share), Cancelled / Forfeited | $ / shares | 17.83 |
Weighted average exercise price (per share), Outstanding at March 31, 2022 | $ / shares | 7 |
Weighted average exercise price (per share), Exercisable at March 31, 2022 | $ / shares | $ 3.08 |
Weighted average remaining contract term (in years), Outstanding | 9 years 3 days |
Weighted average remaining contract term (in years), Exercisable | 7 years 9 months 21 days |
Stock Incentive Plan - Summar_2
Stock Incentive Plan - Summary of Equity Based Compensation Expense (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 equity-based compensation expense | $ 3,566 | $ 1,096 |
Research and Development | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total equity-based compensation expense | 909 | 225 |
Selling, General and Administrative | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total equity-based compensation expense | $ 2,657 | $ 871 |
Stock Incentive Plan - Schedule
Stock Incentive Plan - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected volatility | 56.87% | 82.50% |
Expected dividend yield | 0.00% | 0.00% |
Risk-free interest rate | 1.67% | 0.87% |
Forfeiture rate | 0.00% | 0.00% |
Minimum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (years) | 5 years 9 months 18 days | 6 years |
Maximum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (years) | 6 years 1 month 6 days | 6 years 1 month 6 days |
Stock Incentive Plans - Common
Stock Incentive Plans - Common stock reserved for future issuance (Details) - shares | Mar. 31, 2022 | May 31, 2021 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 17,540,842 | |
Balance at September 30, 2021 | 17,540,842 | |
2021 Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 7,500,000 | |
Balance at September 30, 2021 | 7,500,000 | |
2021 ESPP Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 730,000 | |
Stock Options Issued and Outstanding [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 9,139,344 | |
Balance at September 30, 2021 | 9,139,344 | |
Authorized For Future Options Grants [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 7,006,507 | |
Balance at September 30, 2021 | 7,006,507 | |
Authorized for issuance under the ESPP Plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 1,394,991 | |
Balance at September 30, 2021 | 1,394,991 |
Net Loss Per Share - Schedule O
Net Loss Per Share - Schedule Of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net loss | $ (22,006) | $ (23,921) |
Weighted-average shares used in computing net loss per share, basic and diluted | 71,011,041 | 11,652,998 |
Net loss per share, basic and diluted | $ (0.31) | $ (2.05) |
Net Loss Per Share - Schedule_2
Net Loss Per Share - Schedule of Antidilutive Securities Excluded From Computation of Dilutied Net Loss Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount | 13,316,913 | 46,643,533 |
Employee stock options issued and outstanding | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount | 9,139,344 | 4,475,799 |
Series A Common Stock Equivalent Convertible Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount | 2,500,000 | 0 |
Common stock subject to the Company's right of repurchase | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount | 1,677,569 | 3,212,190 |
Series Seed Convertible Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount | 0 | 6,520,790 |
Series A Convertible Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount | 0 | 12,932,429 |
Series B Convertible Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount | 0 | 19,373,169 |
SVB Warrant | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive Securities Excluded From Computation Of Earnings Per Share Amount | 0 | 129,156 |