0000950170-22-003577 | 10-K | XBRL Viewer

Foreign Currency Transaction Gains or Losses

Basis of Presentation

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification ("ASC") or an Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”).

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amount of expenses during the reporting period. Actual results could differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies in developing the estimates and assumptions that are used in the preparation of the consolidated financial statements. Management must apply significant judgment in this process. Management’s estimation process often may yield a range of potentially reasonable estimates and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: estimating the fair value of the Company’s common stock (prior to the IPO); accrued expenses and related research and development expenses.

Segments

Operating segments are defined as components of an enterprise for which separate and discrete information is available for evaluation by the chief operating decision-maker in deciding how to allocate resources and assess performance. The Company has one operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on an aggregate basis for the purpose of allocating resources.

Transactions denominated in foreign currencies are recorded in U.S. dollars on the date of those transactions. Adjustments arising from foreign currency transactions between the purchase and the settlement dates are reflected in the consolidated statement of operations and comprehensive loss as a component of other income.

Cash and Cash Equivalents

The Company considers highly-liquid investments purchased with an original maturity date of ninety days or less from the date of purchase to be cash equivalents. Cash and cash equivalents include cash held in banks and amounts held in money market funds. Cash equivalents are stated at cost, which approximates market value.

Investments

Investments represent excess cash balances held in marketable debt securities and are classified as available-for-sale. Investments with maturities beyond one year may be classified as short-term based on their highly liquid nature and because such securities represent an investment of cash that is available for current operations.

Available-for-sale investments are reported at fair value at each balance sheet date. Changes in the market value of available-for-sale investments, excluding other-than-temporary impairments, are reflected as other comprehensive income, a component of stockholders’ equity. Realized gains and losses are determined using the specific identification method and are included in other income in our consolidated statements of operations and comprehensive loss.

Investments are evaluated for other-than-temporary impairment at the end of each reporting period. Impairment is evaluated considering numerous factors, and their relative significance varies depending on the situation. Factors considered include whether a decline in fair value below the amortized cost basis is due to credit-related factors or non-credit-related factors, the financial condition and near-term prospects of the issuer, and the Company's intent and ability to hold the investment to allow for an anticipated recovery in fair value. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded to other income (expense) and a new cost basis in the investment is established.

Deferred Offering Costs

The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with in-process equity issuances as deferred offering costs until such equity issuances are consummated. After consummation of the equity issuance, these costs are recorded as a reduction in the capitalized amount associated with the equity issuance. During the year ended December 31, 2020, the Company incurred $1.6 million in deferred offering costs that are included in other assets on the consolidated balance sheet.

Restricted Cash

The Company had $2.4 million and $1.6 million of restricted cash in the form of a letter of credit related to a lease at December 31, 2021 and 2020, respectively.

Comprehensive loss

Comprehensive loss includes net loss, as well as other changes in stockholders’ equity (deficit) that result from transactions and economic events other than those with stockholders. The Company’s comprehensive loss was equal to net loss for the years ended December 31, 2021 and 2020 .

Preferred Stock

The Company applies the guidance enumerated in FASB ASC Topic 480, Distinguishing Liabilities from Equity (“ASC 480”), when determining the classification and measurement of its preferred stock. Preferred stock subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. The Company classifies conditionally redeemable preferred stock (if any), which includes preferred stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control, as temporary equity.

Concentrations of Credit Risk

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash equivalents and investments. The Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company deposits its cash in financial institutions that it believes have high credit quality and has not experienced any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

The Company’s investments consist of money market funds and marketable debt securities, including corporate bonds and U.S. Treasury securities. The Company’s investments may include commercial paper and other debt securities of U.S. government agencies, corporate entities, and banks. The Company’s investment policy limits instruments to investment grade securities with high credit quality issuers with the objective to preserve capital and to maintain liquidity until the funds can be used in business operations.

Fair Value Measurements

Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

•

Level 1—Quoted prices in active markets for identical assets or liabilities.

•

Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

•

Level 3—Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Financial instruments consist of cash and cash equivalents, restricted cash, accounts payable and accrued expenses. These financial instruments are stated at their respective historical carrying values which approximate fair value due to their short-term nature.

Property and Equipment, Net

Property and equipment, net is recorded at cost less accumulated depreciation. Depreciation expense is recorded using the straight-line method over the estimated useful life of the related asset, which are as follows:


	Estimated Useful Life
Computer equipment	3 years
Furniture and equipment	5 years
Laboratory equipment	5 years
Leasehold improvements	Shorter of remaining lease term or useful life

Purchased assets that are not yet in service are recorded to construction-in-process and no depreciation expense is recorded. Once they are placed in service, they are reclassified to the appropriate asset class. When assets are retired or otherwise disposed of, the assets and related accumulated depreciation are eliminated from the accounts and any resulting gain or loss is reflected in the Company’s consolidated statements of operation and comprehensive loss. Expenditures for maintenance and repairs are expensed as incurred.

Impairment of Long-Lived Assets

Long-lived assets consist of property and equipment. The Company continually evaluates whether events or circumstances have occurred that indicate that the estimated remaining useful life of its long-lived assets may warrant revision or that the carrying value of these assets may not be recoverable. If circumstances require that a long-lived asset or asset group be tested for impairment, the Company first compares the estimated undiscounted future cash flows expected to result from the use or disposition of that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment loss would be recognized to the extent the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market prices and third-party independent appraisals, as considered necessary.

Leases

At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease. Leases with a term greater than one year are recognized on the consolidated balance sheet as a right-of-use (“ROU”) asset and current and non-current lease liabilities, as applicable. The Company has made an accounting policy election, known as the short-term lease recognition exemption, which allows the Company to not recognize ROU assets and lease liabilities that arise from short-term leases (12 months or less); The Company has applied this election to all classes of underlying assets. The Company typically only includes an initial lease term in its assessment of a lease arrangement. Options to renew or options to cancel a lease are not included in the Company’s assessment unless there is reasonable certainty that the Company will renew or will not cancel, respectively. The Company monitors its material leases on a quarterly basis.

Operating lease liabilities and their corresponding ROU assets are recorded based on the present value of future lease payments over the expected remaining lease term. Lease cost for operating leases is recognized on a straight-line basis over the lease term as an operating expense. Certain adjustments to the ROU asset may be required for items such as lease prepayments or incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment.

The Company has elected to account for the lease and non-lease components together for office, laboratory, and manufacturing real estate leases.

Research and Development

Research and development expenses include costs directly attributable to the conduct of the Company’s research and development programs.

Expenditures relating to research and development are expensed in the period incurred. Nonrefundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made. The cost of materials for a research and development activity that have an alternative future use is capitalized when the materials are acquired and recognized as expense as consumed. The costs of materials that were acquired for a particular research and development activity and have no alternative future use are expensed in the period acquired.

Costs incurred in obtaining licenses are recognized as research and development expense as incurred if the license has no alternative use.

Accrued Research and Development Expenses

The Company has entered into various research and development related contracts, including contracts with third-party contract research organizations and contract manufacturing organizations. These agreements are cancelable, and related payments are recognized as research and development expenses as incurred. The Company records accrued liabilities for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes the progress of the studies, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. To date, the Company’s historical accrual estimates have not been materially different from the actual costs.

Stock-Based Compensation Expense

The Company accounts for stock-based compensation under the provisions of ASC 718-10, Compensation—Stock Compensation (“ASC 718-10”), which requires all share-based payments to employees, non-employees and directors, including grants of stock options and restricted stock, to be recognized in the consolidated statements of operations and comprehensive loss based on their fair values on the date of grant over the requisite service period, which is generally the vesting period of the respective award. Forfeitures are accounted for as they occur. Generally, the Company issues awards with only service-based vesting conditions and records the expense for these awards using the ratable method. The Company classifies stock-based compensation expense in the same manner in which the award recipient’s payroll or service provider’s costs are classified. Share-based payments that contain performance conditions are recognized when such conditions are probable of being achieved.

The fair value of each restricted common stock award is estimated on the date of grant based on the fair value of the Company’s common stock on that same date.

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model, which requires inputs based on certain subjective assumptions, including the following:

•

Fair Value of Common Stock—See the discussion below.

•

Expected Term—The expected term represents the period that the stock-based awards are expected to be outstanding. The Company uses the simplified method to determine the expected term, which is based on the average of the time-to-vesting and the contractual life of the options.

•

Expected Volatility—Because the Company does not have sufficient trading history for its common stock as of December 31, 2021 , the expected volatility was estimated based on the average volatility for comparable publicly traded biotechnology companies over a period equal to the expected term of the stock option grants. The comparable companies were chosen based on the similar size, stage in life cycle or area of specialty. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available.

•

Risk-Free Interest Rate—The risk-free interest rate is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of the awards.

•

Dividend Yield—The Company has never paid dividends on its common stock and has no plans to pay dividends on its common stock. Therefore, the Company used an expected dividend yield of zero.

The Company began to use the closing common stock price as reported on the Nasdaq Global Select Market exchange as the fair value of common stock on the date of a grant subsequent to its IPO. Prior to the Company's IPO the estimated fair value of common stock was determined by the Company’s board of directors as of the date of each

option grant, with input from management, considering third-party valuations of its common stock as well as the Company’s board of directors’ assessment of additional objective and subjective factors that it believed were relevant and which may have changed from the date of the most recent third-party valuation through the date of the grant. These objective and subjective factors include: (i) prices paid for the Company’s redeemable convertible preferred stock, and the rights, preferences, and privileges of the Company’s redeemable convertible preferred stock and common stock; (ii) the Company’s stage of development; (iii) the fact that the grants of stock-based awards related to illiquid securities in a private company; and (iv) the likelihood of achieving a liquidity event for the common stock underlying the stock-based awards, such as an initial public offering or sale of the Company, given prevailing market conditions. These third-party valuations were performed in accordance with the guidance outlined in the American Institute of Certified Public Accountants’ Accounting and Valuation Guide, Valuation of Privately Held Company Equity Securities Issued as Compensation. Each valuation methodology includes estimates and assumptions that require the Company’s judgment. The methodology utilized to estimate the fair value of the Company’s common stock was the option-pricing method (“OPM”) to back-solve the estimated value of the Company’s equity and corresponding value of the Company’s common stock.

Income Taxes

The Company accounts for income taxes using the asset and liability approach. Deferred tax assets and liabilities represent future tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of assets and liabilities and for loss carryforwards using enacted tax rates expected to be in effect in the years in which the differences reverse. A valuation allowance is established to reduce deferred tax assets to the amounts expected to be realized. The Company also recognizes a tax benefit from uncertain tax positions only if it is “more likely than not” that the position is sustainable based on its technical merits. The Company accounts for interest or penalties related to uncertain tax positions as part of its provision for income taxes. To date, the Company has not incurred interest and penalties related to uncertain tax positions. Should such costs be incurred, they would be classified as a component of provision for income taxes.

Net Loss Per Share

Net loss attributable to common stockholders is equal to the net loss for the period, as adjusted for cumulative dividends on redeemable convertible preferred stock, for the respective period.

Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the reporting period, without consideration for potentially dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and potentially dilutive securities outstanding during the period determined using the treasury-stock and if-converted methods. For purposes of the diluted net loss per share attributable to common stockholders calculation, redeemable convertible preferred stock, restricted stock and stock options considered to be potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to common stockholders because their effect would be anti-dilutive and therefore, basic and diluted net loss per share attributable to common stockholders were the same for all reporting periods presented.

Recent Accounting Pronouncements and Recently Adopted Accounting Pronouncements

Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s consolidated financial statements upon adoption. Under the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition of an emerging growth company and has elected to take advantage of the extended transition period for complying with certain new or revised accounting standards pursuant to Section 107(b) of the JOBS Act. As noted below, certain new or revised accounting standards were early adopted.

Recently Adopted Accounting Pronouncements

In 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which introduces a number of amendments that are designed to simplify the application of accounting for income taxes. Such amendments include removing certain exceptions for intraperiod tax allocation, interim reporting when a year-to-date loss exceeds the anticipated loss, reflecting the effect of an enacted change in tax laws or rates in the annual effective tax rate and recognition of deferred taxes related to

outside basis differences for ownership changes in investments. ASU 2019-12 also provides clarification related to when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction. In addition, ASU 2019-12 provides guidance on the recognition of a franchise tax (or similar tax) that is partially based on income as an income-based tax and accounting for any incremental amount incurred as a non-income-based tax. The Company adopted ASU 2019-12 effective January 1, 2021, and the adoption did not have a material impact on its consolidated financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which has been subsequently amended by ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11 and ASU 2020-03 (“ASU 2016-13”). This standard significantly changes the impairment model for most financial assets and certain other instruments and will require immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, which will generally result in earlier recognition of allowances for credit losses on loans and other financial instruments. The Company does not expect that this standard will have a material impact to the Company’s consolidated financial statements and plans to adopt this standard on January 1, 2022.

Investments - Summary of Amortized Cost and Estimated Fair Value of Investments by Contractual Maturity (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Schedule Of Available For Sale Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	$ 87,668
Fair Value	87,668
Maturing in One Year or Less \| Corporate Debt
Schedule Of Available For Sale Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	7,603
Fair Value	7,603
Maturing in One Year or Less \| U.S. Treasuries
Schedule Of Available For Sale Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	30,119
Fair Value	30,119
Maturing after One Year through Five Years \| Corporate Debt
Schedule Of Available For Sale Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	5,006
Fair Value	5,006
Maturing after One Year through Five Years \| U.S. Treasuries
Schedule Of Available For Sale Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	44,940
Fair Value	$ 44,940

Nature of the Business - Additional Information (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Feb. 09, 2021 USD ($) $ / shares shares	Jan. 29, 2021	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 $ / shares shares
Nature Of Business [Line Items]
Net proceeds from issuance of IPO \| $			$ 189,198
Common stock, shares authorized			400,000,000	420,000,000
Common stock, par value \| $ / shares			$ 0.0001	$ 0.0001
Preferred stock, shares authorized			10,000,000	0
Preferred stock, par value \| $ / shares			$ 0.0001	$ 0.0001
Common Stock
Nature Of Business [Line Items]
Common stock shares sold			11,302,219
Net proceeds from issuance of IPO \| $	$ 186,300
Common stock shares issued for conversion of redeemable convertible preferred stock	24,924,501		24,924,501
Stockholders' equity, reverse stock split			13.6-for-1 reverse stock split
Stockholders' equity, stock split, conversion ratio		0.0735
IPO \| Common Stock
Nature Of Business [Line Items]
Common stock shares sold	11,302,219
Public offering price per share \| $ / shares	$ 18.00

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

Use of Estimates

Segments

Foreign Currency Transaction Gains or Losses

Cash and Cash Equivalents

Investments

Deferred Offering Costs

Restricted Cash

The Company had $2.4 million and $1.6 million of restricted cash in the form of a letter of credit related to a lease at December 31, 2021 and 2020, respectively.

Comprehensive loss

Preferred Stock

Concentrations of Credit Risk

Fair Value Measurements

•

Level 1—Quoted prices in active markets for identical assets or liabilities.

•

Property and Equipment, Net


	Estimated Useful Life
Computer equipment	3 years
Furniture and equipment	5 years
Laboratory equipment	5 years
Leasehold improvements	Shorter of remaining lease term or useful life

Impairment of Long-Lived Assets

Leases

The Company has elected to account for the lease and non-lease components together for office, laboratory, and manufacturing real estate leases.

Research and Development

Research and development expenses include costs directly attributable to the conduct of the Company’s research and development programs.

Costs incurred in obtaining licenses are recognized as research and development expense as incurred if the license has no alternative use.

Accrued Research and Development Expenses

Stock-Based Compensation Expense

The fair value of each restricted common stock award is estimated on the date of grant based on the fair value of the Company’s common stock on that same date.

•

Fair Value of Common Stock—See the discussion below.

•

Risk-Free Interest Rate—The risk-free interest rate is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of the awards.

•

Dividend Yield—The Company has never paid dividends on its common stock and has no plans to pay dividends on its common stock. Therefore, the Company used an expected dividend yield of zero.

Income Taxes

Net Loss Per Share

Net loss attributable to common stockholders is equal to the net loss for the period, as adjusted for cumulative dividends on redeemable convertible preferred stock, for the respective period.

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

Stockholders' Equity - Additional Information (Details)	12 Months Ended
Stockholders' Equity - Additional Information (Details)	Dec. 31, 2021 USD ($) Vote $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Equity [Abstract]
Preferred stock, shares authorized	10,000,000	0
Preferred stock, par value \| $ / shares	$ 0.0001	$ 0.0001
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	400,000,000	420,000,000
Common stock, par value \| $ / shares	$ 0.0001	$ 0.0001
Common Stock, Voting Rights	Each share of common stock entitles the holder to one vote
Number of common stock voting rights \| Vote	1
Dividends declared \| $	$ 0	$ 0
Dividends paid \| $	$ 0	$ 0

CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Series A-1 Redeemable Convertible Preferred Stock	Series A-2 Redeemable Convertible Preferred Stock	Series B Redeemable Convertible Preferred Stock
Beginning Balance at Dec. 31, 2019	$ (17,429)		$ 458	$ (17,887)
Beginning Balance, Shares at Dec. 31, 2019		119,936
Beginning Balance at Dec. 31, 2019					$ 2	$ 25,067
Beginning Balance, Shares at Dec. 31, 2019					20,000,000	62,819,866
Issuance of redeemable convertible preferred stock						$ 17,719	$ 64,548
Issuance of redeemable convertible preferred stock, Shares						44,375,000	124,519,220
Issuance of common stock upon exercise of stock options	359	$ 1	358
Issuance of common stock upon exercise of stock options, Shares		385,138
Stock-based compensation expense	1,342		1,342
Net loss	(43,337)			(43,337)
Ending Balance at Dec. 31, 2020	$ (59,065)	$ 1	2,158	(61,224)
Ending Balance, Shares at Dec. 31, 2020	505,074	505,074
Ending Balance at Dec. 31, 2020	$ 107,336				$ 2	$ 42,786	$ 64,548
Ending Balance, Shares at Dec. 31, 2020	251,714,086				20,000,000	107,194,866	124,519,220
Issuance of redeemable convertible preferred stock							$ 45,375
Issuance of redeemable convertible preferred stock, Shares							87,259,605
Conversion of redeemable convertible preferred stock into common stock upon closing of initial public offering					$ (2)	$ (42,786)	$ (109,923)
Conversion of redeemable convertible preferred stock into common stock upon closing of initial public offering, Shares					(20,000,000)	(107,194,866)	(211,778,825)
Conversion of redeemable convertible preferred stock into common stock upon closing of initial public offering	$ 152,711	$ 2	152,709
Conversion of redeemable convertible preferred stock into common stock upon closing of initial public offering, Shares		24,924,501
Issuance of common shares upon closing of initial public offering, net of offering costs and underwriter fees of $17,132	186,308	$ 1	186,307
Issuance of common shares upon closing of initial public offering, net of offering costs and underwriter fees, Shares		11,302,219
Issuance of common stock upon vesting and exercise of stock options	894		894
Issuance of common stock upon vesting and exercise of stock options, Shares		442,947
Stock-based compensation expense	4,314		4,314
Net loss	(68,899)			(68,899)
Ending Balance at Dec. 31, 2021	$ 216,263	$ 4	$ 346,382	$ (130,123)
Ending Balance, Shares at Dec. 31, 2021	37,174,741	37,174,741
Ending Balance, Shares at Dec. 31, 2021					0	0	0

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of the Company’s basic and diluted net loss per share for the years ended December 31, 2021 and 2020:


	Year Ended December 31,
(in thousands, except share and per share amounts)	2021			2020
Numerator:
Net loss	$	(68,899	)	$	(43,337	)
Cumulative dividends on redeemable convertible preferred stock		(1,228	)		(5,925	)
Net loss attributable to common stockholders	$	(70,127	)	$	(49,262	)
Denominator:
Weighted-average number of common shares outstanding, basic and diluted		33,433,214			213,658
Net loss per share attributable to common stockholders, basic and diluted	$	(2.10	)	$	(230.57	)

Potential Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share

The Company’s potentially dilutive securities were redeemable convertible preferred stock and stock options. Based on the amounts outstanding at December 31, 2021 and 2020, the Company excluded the following potential common shares from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect:


	As of December 31,
	2021		2020
Series A-1 redeemable convertible preferred stock		—		1,470,588
Series A-2 redeemable convertible preferred stock		—		7,881,965
Series B redeemable convertible preferred stock		—		9,155,810
Options to purchase common stock		5,086,792		5,084,679

Leases - Summary of Other Lease Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$ 2,559	$ 703
Right-of-use assets obtained in exchange for lease obligations	$ 35	$ 17,899

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis:


	December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total

Cash equivalents
Money market funds	$	95,339	$	—	$	—	$	95,339
Investments
Corporate bonds		—		12,609		—		12,609
U.S. Treasuries		—		75,059		—		75,059
Total investments		—		87,668		—		87,668
Restricted cash equivalents
Money market funds		2,413		—		—		2,413
Total	$	97,752	$	87,668	$	—	$	185,420

	December 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total

Money market funds	$	41,036	$	—	$	—	$	41,036
Total	$	41,036	$	—	$	—	$	41,036

Net Loss Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

15. Net Loss Per Share

The following table sets forth the computation of the Company’s basic and diluted net loss per share for the years ended December 31, 2021 and 2020:


	Year Ended December 31,
(in thousands, except share and per share amounts)	2021			2020
Numerator:
Net loss	$	(68,899	)	$	(43,337	)
Cumulative dividends on redeemable convertible preferred stock		(1,228	)		(5,925	)
Net loss attributable to common stockholders	$	(70,127	)	$	(49,262	)
Denominator:
Weighted-average number of common shares outstanding, basic and diluted		33,433,214			213,658
Net loss per share attributable to common stockholders, basic and diluted	$	(2.10	)	$	(230.57	)


	As of December 31,
	2021		2020
Series A-1 redeemable convertible preferred stock		—		1,470,588
Series A-2 redeemable convertible preferred stock		—		7,881,965
Series B redeemable convertible preferred stock		—		9,155,810
Options to purchase common stock		5,086,792		5,084,679

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Employee-related and other expenses	$ 4,178	$ 2,727
Research and development expenses	797	1,924
Professional fees	743	1,097
License and milestone fees		450
Other	617	62
Total accrued expenses	$ 6,335	$ 6,260

Summary of Significant Accounting Policies - Estimated Useful Life of Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2021
Computer Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	3 years
Furniture and Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	5 years
Laboratory Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	5 years
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	Shorter of remaining lease term or useful life

Significant Agreements

12 Months Ended

Dec. 31, 2021

Significant Agreements [Abstract]

Significant Agreements

11. Significant Agreements

The Company has agreements with third parties in the normal course of business under which it has obtained licenses for certain developed technologies.

Columbia License Agreement

In April 2016 (and amended in February 2019 and November 2021), the Company entered into an exclusive license agreement (the “Columbia Agreement”) with The Trustees of Columbia University in the City of New York (“Columbia”). Under the Columbia Agreement, the Company has exclusively licensed the worldwide rights to key patents, technical information, and use of materials from Columbia.

The Company is required to pay Columbia an annual license fee in the low five digits. The Company is also obligated to make milestone payments to Columbia of up to an aggregate of $0.2 million upon the achievement of certain clinical milestones and milestone payments to Columbia of up to an aggregate of $6.3 million for certain regulatory and commercial milestones for the first three products. In addition, the Company is required to pay Columbia escalating low single digits royalties on cumulative annual net sales of licensed products. As of December 31, 2021, and 2020, the Company had no obligation and $0.1 million due, respectively, in milestone payments and this amount is included within accrued expenses balance on the consolidated balance sheet.

National Institutes of Health License Agreement

In October 2020, the Company entered into a patent license agreement (the “Patent License”) with the U.S. Department of Health and Human Services, as represented by National Cancer Institute (“NCI”) of the National Institutes of Health. Pursuant to the terms of the Patent License, the Company paid NCI a license issue fee in the aggregate amount of $0.4 million. The terms of the Patent License also require the Company to pay NCI de minimis minimum annual royalties, which royalties are creditable against earned royalties on sales of licensed products or licensed processes. The Company must also pay NCI tiered royalties on net sales of licensed products at rates in the low single digits. The Company is also required to pay NCI one-time milestone payments upon successful completion of specified clinical and regulatory milestones relating to the licensed products. The aggregate potential

milestone payments are $8.0 million. In addition, the Company is required to pay NCI one-time milestone payments following aggregate net sales of licensed products at certain net sales up to $2.0 billion. The aggregate potential amount of these milestone payments is $6.0 million. To the extent the Company enters into a sublicensing agreement relating to a licensed product, the Company is required to pay NCI a percentage of the non-royalty based consideration received from a sublicensee, with specified exclusions, which percentage ranges from the low single digits to low double digits. The Company is also required to reimburse NCI for its past patent expenses for the licensed patent rights, as well as the Company’s pro rata share of future patent expenses, in each case, in connection with NCI’s prosecution or maintenance of the licensed patent rights.

Income Taxes - Schedule of Reconciliation of Federal Statutory Income Rate to Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal income tax rate	21.00%	21.00%
State income tax benefit	6.00%	6.00%
Permanent items	(0.30%)
Research tax credits	4.10%	5.80%
Other	(0.30%)	(0.20%)
Valuation allowance	(30.50%)	(32.60%)

Nature of the Business

12 Months Ended

Dec. 31, 2021

Nature of the Business

1. Nature of the Business

Vor Biopharma Inc. (the “Company”) is a clinical-stage cell and genome engineering company that combines a novel patient engineering approach with targeted therapies to provide a single company solution for patients suffering from hematological malignancies. The Company’s proprietary platform leverages its expertise in hematopoietic stem cell (“HSC”) biology, genome engineering and targeted therapy development to genetically modify HSCs to remove surface targets expressed by cancer cells. The Company is headquartered in Cambridge, Massachusetts. The Company was incorporated on December 30, 2015.

Initial Public Offering

On February 9, 2021, the Company completed an initial public offering (“IPO”) of its common stock. At the closing of the IPO, the Company sold 11,302,219 shares of its common stock, at a public offering price of $18.00 per share. The Company received net proceeds of $186.3 million from the IPO, after deducting underwriters’ discounts and commissions and other offering expenses paid by the Company.

Upon closing of the IPO, all shares of the Company’s Series A-1, A-2 and B redeemable convertible preferred stock then outstanding automatically converted into an aggregate of 24,924,501 shares of common stock. Upon conversion of the redeemable convertible preferred stock, the Company reclassified the carrying value of the redeemable convertible preferred stock to common stock and additional paid-in capital.

In connection with the IPO, the Company filed an amended and restated certificate of incorporation that amended and restated the Company’s certificate of incorporation in its entirety to, among other things, authorize the Company to issue up to 400,000,000 shares of common stock, $0.0001 par value per share, and 10,000,000 shares of preferred stock, $0.0001 par value per share, all of which shares of preferred stock are undesignated and the rights and preferences of such preferred stock may be established by the Company’s board of directors from time to time.

Reverse Stock Split

On January 29, 2021, the Company effected a 13.6-for-1 reverse stock split of the Company’s common stock. All shares, stock options, and per share information in the consolidated financial statements were previously adjusted to reflect the reverse stock split. There was no change in the par value and authorized number of shares of the Company’s common stock.

Risks and Uncertainties

The Company is subject to a number of risks common to development stage companies in the biotechnology industry, including, but not limited to, risks of failure of preclinical studies and clinical trials, dependence on key personnel, protection of proprietary technology, reliance on third party organizations, risks of obtaining regulatory approval for any product candidate that it may develop, development by competitors of technological innovations, compliance with government regulations, the impact of the COVID-19 pandemic, including impacts related to the variants of the virus, and the need to obtain additional financing.

The Company anticipates that it will continue to incur significant operating losses for the next several years as it continues to develop its product candidates. The Company believes that its existing cash, cash equivalents and investments at December 31, 2021 will be sufficient to allow the Company to fund its current operations through at least a period of one year after the date the financial statements are issued.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Estimated Useful Life of Property and Equipment


	Estimated Useful Life
Computer equipment	3 years
Furniture and equipment	5 years
Laboratory equipment	5 years
Leasehold improvements	Shorter of remaining lease term or useful life

Leases - Summary of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease cost	$ 3,017	$ 1,780
Short-term lease cost	52	309
Variable lease cost	1,099	235
Total lease cost	$ 4,168	$ 2,324

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Weighted-Average Assumptions Used Principally in Determining Fair Value of Options Granted

The weighted-average assumptions used principally in determining the fair value of options granted were as follows:


	Year Ended December 31,
	2021			2020
Fair value of common stock	$	23.63		$	4.29
Expected term (in years)		6.0			6.0
Expected volatility		78.4	%		77.3	%
Risk-free interest rate		0.9	%		0.4	%
Dividend yield		—			—

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity for the year ended December 31, 2021:


	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2020		5,084,679		$	3.79		9.42	$	32,086
Granted		730,884		$	19.46
Vested and exercised		(442,947	)	$	2.02
Forfeited		(285,698	)	$	4.10
Expired		(126	)	$	18.00
Outstanding at December 31, 2021		5,086,792		$	6.17		8.00	$	38,000
Exercisable at December 31, 2021		1,669,852		$	4.15		7.49	$	14,384

Summary of Stock-Based Compensation Expense

Stock-based compensation expense was allocated as follows:


	Year Ended December 31,
(in thousands)	2021		2020
Research and development	$	2,281	$	665
General and administrative		2,034		677
Total stock-based compensation expense	$	4,315	$	1,342

Stock-Based Compensation - Summary of Weighted-Average Assumptions Used Principally in Determining Fair Value of Options Granted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value of common stock	$ 13.14	$ 2.19
Dividend yield	0.00%
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value of common stock	$ 23.63	$ 4.29
Expected term (in years)	6 years	6 years
Expected volatility	78.40%	77.30%
Risk-free interest rate	0.90%	0.40%
Dividend yield	0.00%	0.00%

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

6. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	December 31,		December 31,
(in thousands)	2021		2020
Employee-related and other expenses	$	4,178	$	2,727
Research and development expenses		797		1,924
Professional fees		743		1,097
License and milestone fees		—		450
Other		617		62
Total accrued expenses	$	6,335	$	6,260

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

9. Stock-Based Compensation

Stock Incentive Plans

In December 2015, the Company’s board of directors adopted and approved the 2015 Stock Incentive Plan (as amended to date, the “2015 Plan”). The 2015 Plan provided for the granting of incentive stock options, non-statutory stock options, restricted stock awards and other stock-based awards to eligible employees, officers, directors, consultants and advisors as determined by the Company’s board of directors.

In October 2020, the Company granted an option to purchase 294,117 shares of its common stock to an advisor outside of the 2015 Plan, with a strike price of $28.29 per share. Such grant was made outside of the 2015 Plan but is subject to the terms and conditions of such plan.

In February 2021, the Company’s board of directors adopted and stockholders approved the 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan became effective on February 5, 2021, following which no further grants were or will be made under the 2015 Plan. The 2021 Plan provides for the grant of stock options, non-statutory stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, performance stock awards and other forms of stock compensation to our employees, consultants and directors.

The number of shares of our common stock reserved for issuance under our 2021 Plan will automatically increase on January 1 of each year through January 1, 2031, by 4.0% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year. Any grants that expire or are canceled, terminated,

forfeited, or fail to vest are allowed to be reissued under 2021 Plan. As of December 31, 2021, the Company had 2,643,187 shares of its common stock available for future issuance under the 2021 Plan.

Stock Options

The Company’s stock options generally vest over 48 months with 25% vesting after one year followed by ratable monthly vesting over three years and have a contractual term of 10 years. The weighted-average assumptions used principally in determining the fair value of options granted were as follows:


	Year Ended December 31,
	2021			2020
Fair value of common stock	$	23.63		$	4.29
Expected term (in years)		6.0			6.0
Expected volatility		78.4	%		77.3	%
Risk-free interest rate		0.9	%		0.4	%
Dividend yield		—			—

The following table summarizes the Company’s stock option activity for the year ended December 31, 2021:


	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2020		5,084,679		$	3.79		9.42	$	32,086
Granted		730,884		$	19.46
Vested and exercised		(442,947	)	$	2.02
Forfeited		(285,698	)	$	4.10
Expired		(126	)	$	18.00
Outstanding at December 31, 2021		5,086,792		$	6.17		8.00	$	38,000
Exercisable at December 31, 2021		1,669,852		$	4.15		7.49	$	14,384

The aggregate intrinsic value of options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the common stock as of the respective date.

The weighted-average grant-date fair value of stock options granted during the years ended December 31, 2021 and 2020 was $13.14 and $2.19 per share, respectively. As of December 31, 2021, total unrecognized compensation expense related to stock options was $13.1 million which is expected to be recognized over a weighted-average period of 2.51 years. The intrinsic value of stock options exercised was $3.1 million for the year ended December 31, 2021.

During the year ended December 31, 2020, options for 159,197 shares with a weighted-average exercise price of $2.59 and a weighted-average grant date fair value of $1.90 were exercised but unvested at the time of exercise. As of December 31, 2021 and 2020, options for 200,687 and 388,157 shares with weighted average exercise prices of $1.90 and $1.86 were exercised and unvested, respectively. The underlying proceeds from the unvested exercises of $0.4 million and $0.7 million is recorded in other current liabilities as of December 31, 2021 and 2020, on the consolidated balance sheet.

Stock-Based Compensation

Stock-based compensation expense was allocated as follows:


	Year Ended December 31,
(in thousands)	2021		2020
Research and development	$	2,281	$	665
General and administrative		2,034		677
Total stock-based compensation expense	$	4,315	$	1,342

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following:


	December 31,			December 31,
(in thousands)	2021			2020
Furniture and equipment	$	108		$	40
Laboratory equipment		8,457			5,247
Leasehold improvements		55			—
Computer equipment		317			167
Property and equipment, gross		8,937			5,454
Accumulated depreciation		(2,084	)		(726	)
Property and equipment, net	$	6,853		$	4,728

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis:


	December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total

Cash equivalents
Money market funds	$	95,339	$	—	$	—	$	95,339
Investments
Corporate bonds		—		12,609		—		12,609
U.S. Treasuries		—		75,059		—		75,059
Total investments		—		87,668		—		87,668
Restricted cash equivalents
Money market funds		2,413		—		—		2,413
Total	$	97,752	$	87,668	$	—	$	185,420

	December 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total

Money market funds	$	41,036	$	—	$	—	$	41,036
Total	$	41,036	$	—	$	—	$	41,036

The fair value of the Company’s cash equivalents and restricted cash equivalents is based on quoted market prices in active markets with no valuation adjustment. The fair value of investments was determined based on observable market inputs. During the years ended December 31, 2021 and 2020, there were no transfers between levels.

Property, Plant and Equipment [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Property and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property and Equipment, Net

5. Property and Equipment, Net

Property and equipment, net consisted of the following:


	December 31,			December 31,
(in thousands)	2021			2020
Furniture and equipment	$	108		$	40
Laboratory equipment		8,457			5,247
Leasehold improvements		55			—
Computer equipment		317			167
Property and equipment, gross		8,937			5,454
Accumulated depreciation		(2,084	)		(726	)
Property and equipment, net	$	6,853		$	4,728

Depreciation expense for the years ended December 31, 2021 and 2020 was approximately $1.4 million and $0.6 million, respectively.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 119,801	$ 48,539
Investments	87,668
Prepaid expenses	4,836	467
Other current assets	2,094	100
Total current assets	214,399	49,106
Restricted cash equivalents	2,413	1,559
Property and equipment, net	6,853	4,728
Operating lease right-of-use assets	15,670	17,117
Other assets	3,255	3,398
Total assets	242,590	75,908
Current liabilities:
Accounts payable	1,545	2,361
Accrued expenses	6,335	6,260
Operating lease liability	1,839	863
Other current liabilities	434	723
Total current liabilities	10,153	10,207
Long-term liabilities:
Operating lease liabilities—non-current	16,174	17,430
Total liabilities	26,327	27,637
Redeemable convertible preferred stock		107,336
Stockholders’ equity (deficit):
Preferred stock, $0.0001 par value; 10,000,000 and 0 shares authorized as of December 31, 2021 and December 31, 2020, respectively; 0 shares issued and outstanding as of December 31, 2021 and December 31, 2020
Common stock, $0.0001 par value; 400,000,000 and 420,000,000 shares authorized as of December 31, 2021 and December 31, 2020, respectively; 37,375,428 and 893,231 shares issued and 37,174,741 and 505,074 outstanding as of December 31, 2021 and December 31, 2020, respectively	4	1
Additional paid-in capital	346,382	2,158
Accumulated deficit	(130,123)	(61,224)
Total stockholders' equity (deficit)	216,263	(59,065)
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)	$ 242,590	75,908
Series A-1 Redeemable Convertible Preferred Stock
Long-term liabilities:
Redeemable convertible preferred stock		2
Series A-2 Redeemable Convertible Preferred Stock
Long-term liabilities:
Redeemable convertible preferred stock		42,786
Series B Redeemable Convertible Preferred Stock
Long-term liabilities:
Redeemable convertible preferred stock		$ 64,548

Leases - Additional Information (Details) $ in Millions		12 Months Ended
Leases - Additional Information (Details) $ in Millions	Jun. 15, 2021 USD ($) ft²	Dec. 31, 2019
Standby Letters of Credit
Lessee Lease Description [Line Items]
Increase in irrevocable line of credit facility	$ 2.4
First Lease Amendment
Lessee Lease Description [Line Items]
Additional space leased \| ft²	10,262
Aggregate total fixed rent payments	$ 8.2
Operating lease, commencement period	first quarter of 2022
Second Lease Amendment
Lessee Lease Description [Line Items]
Additional space leased \| ft²	30,175
Aggregate total fixed rent payments	$ 21.9
Operating lease estimated to commence period	second quarter of 2022
Cambridgepark Lease
Lessee Lease Description [Line Items]
Lease term		10 years
Lessee, Operating Lease, Existence of Option to Extend [true false]		false
Minimum \| First Lease Amendment
Lessee Lease Description [Line Items]
Increase in annual fixed rental payments	$ 0.9
Minimum \| Second Lease Amendment
Lessee Lease Description [Line Items]
Increase in annual fixed rental payments	1.2
Maximum \| First Lease Amendment
Lessee Lease Description [Line Items]
Increase in annual fixed rental payments	1.1
Maximum \| Second Lease Amendment
Lessee Lease Description [Line Items]
Increase in annual fixed rental payments	$ 3.0

Leases - Summary of Amounts Reported in Consolidated Balance Sheets and Weight-average Lease Term and Discount rate Information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Operating right-of-use assets	$ 15,670	$ 17,117
Liabilities
Operating lease liabilities, current	1,839	863
Operating lease liabilities, non-current	16,174	17,430
Total lease liabilities	$ 18,013	$ 18,293
Weighted Average Lease Term and Discount Rate
Weighted-average remaining lease term (years)	8 years 7 months 20 days	9 years 6 months 18 days
Weighted-average discount rate	9.40%	9.40%

Income Taxes - Schedule of Significant Components of Deferred tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Accrued expenses	$ 972	$ 659
Federal net operating loss carryforwards	25,060	11,515
State net operating loss carryforwards	6,913	3,113
Tax credits	5,675	2,851
Stock compensation	529	177
Amortization	191
Lease liability	4,675	4,941
Total deferred tax assets	44,015	23,256
Valuation allowance	(39,401)	(18,414)
Net total deferred tax assets	4,614	4,842
Deferred tax liabilities:
Lease right of use asset	(4,234)	(4,624)
Depreciation and amortization	(380)	(218)
Total deferred tax liabilities	(4,614)	(4,842)
Net deferred tax assets	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Redeemable convertible preferred stock, par value		$ 0.0001
Redeemable convertible preferred stock, shares authorized		338,973,691
Redeemable convertible preferred stock, shares issued		251,714,086
Redeemable convertible preferred stock, shares outstanding		251,714,086
Redeemable convertible preferred stock, liquidation preference		$ 111,628
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	400,000,000	420,000,000
Common stock, shares issued	37,375,428	893,231
Common stock, shares outstanding	37,174,741	505,074
Series A-1 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock, par value	$ 0.0001	$ 0.0001
Redeemable convertible preferred stock, shares authorized	0	20,000,000
Redeemable convertible preferred stock, shares issued	0	20,000,000
Redeemable convertible preferred stock, shares outstanding	0	20,000,000
Redeemable convertible preferred stock, liquidation preference		$ 4,000
Series A-2 Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock, par value	$ 0.0001	$ 0.0001
Redeemable convertible preferred stock, shares authorized	0	107,194,866
Redeemable convertible preferred stock, shares issued	0	107,194,866
Redeemable convertible preferred stock, shares outstanding	0	107,194,866
Redeemable convertible preferred stock, liquidation preference		$ 42,878
Series B Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock, par value	$ 0.0001	$ 0.0001
Redeemable convertible preferred stock, shares authorized	0	211,778,825
Redeemable convertible preferred stock, shares issued	0	124,519,220
Redeemable convertible preferred stock, shares outstanding	0	124,519,220
Redeemable convertible preferred stock, liquidation preference		$ 64,750

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating expenses:
Research and development	$ 47,529	$ 31,618
General and administrative	21,489	11,748
Total operating expenses	69,018	43,366
Loss from operations	(69,018)	(43,366)
Other income:
Interest income	119	29
Total other income	119	29
Net loss and comprehensive loss	(68,899)	(43,337)
Cumulative dividends on redeemable convertible preferred stock	(1,228)	(5,925)
Net loss attributable to common stockholders	$ (70,127)	$ (49,262)
Net loss per share attributable to common stockholders, basic and diluted	$ (2.10)	$ (230.57)
Weighted-average common shares outstanding, basic and diluted	33,433,214	213,658

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

10. Leases

Cambridgepark Lease

In December 2019, the Company entered into a lease agreement for its new corporate office and laboratory facility (the “Cambridgepark Lease”) in Cambridge, Massachusetts. The Cambridgepark Lease has a term of 10 years, beginning on the rent commencement date which is two months after the lease commencement date. There are no options to extend the lease. The lease commencement date, for accounting purposes, was deemed to be reached as of June 30, 2020.

On June 15, 2021, the Company entered into the first lease amendment (“First Lease Amendment”) and the second lease amendment (“Second Lease Amendment” and, together with the First Lease Amendment, the “Lease Amendments”) with PPF Off 100 Cambridge Park Drive, LLC (the “Landlord”). The Lease Amendments amended the Cambridgepark Lease with the Landlord in Cambridge, Massachusetts to add additional leased space in the same building (the “Amended Cambridgepark Lease”).

The First Lease Amendment expanded the amount of space leased by the Company by an additional 10,262 square feet in exchange for aggregate total fixed rent payments of approximately $8.2 million with the annual fixed rental payments escalating from $0.9 million to $1.1 million during the term. The First Lease Amendment commenced during the first quarter of 2022.

The Second Lease Amendment expands the amount of space leased by the Company by an additional 30,175 square feet in exchange for aggregate total fixed rent payments of approximately $21.9 million with the annual fixed rental payments escalating from $1.2 million to $3.0 million during the term. The Second Lease Amendment’s term is expected to commence during the second quarter of 2022.

Payments associated with the Amended Cambridgepark Lease include fixed and variable payments. Variable payments relate to the Company’s share of the Landlord’s operating costs associated with the underlying assets and are recognized when the event on which those payments are assessed. The Amended Cambridgepark Lease does not contain a residual value guarantee. The Lease Amendments term end dates are coterminous with the Cambridgepark Lease.

In conjunction with the Amended Cambridgepark Lease, the Company was required to establish a $2.4 million irrevocable standby letter of credit for the benefit of the Landlord, which has been secured by money market investments and is presented as restricted cash equivalents.

The elements of lease expense were as follows:


	Year Ended December 31,
(in thousands)	2021		2020
Operating lease cost	$	3,017	$	1,780
Short-term lease cost		52		309
Variable lease cost		1,099		235
Total lease cost	$	4,168	$	2,324

Amounts reported in the consolidated balance sheets and the weight-average lease term and discount rate information were as follows:


(in thousands except weighted-average amounts)	December 31, 2021			December 31, 2020
Assets
Operating right-of-use assets	$	15,670		$	17,117
Liabilities
Operating lease liabilities, current	$	1,839		$	863
Operating lease liabilities, non-current	$	16,174		$	17,430
Total lease liabilities	$	18,013		$	18,293
Weighted Average Lease Term and Discount Rate
Weighted-average remaining lease term (years)	8.64			9.55
Weighted-average discount rate		9.4	%		9.4	%

The following table represents other lease activity:


	Year Ended December 31,
(in thousands)	2021		2020
Cash Flow Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	2,559	$	703
Right-of-use assets obtained in exchange for lease obligations	$	35	$	17,899

Future lease payments for noncancelable leases as of were as follows:


(in thousands)	December 31, 2021 (1)
2022	$	3,410
2023		2,718
2024		2,799
2025		2,883
2026		2,970
Thereafter		11,665
Total lease payments	$	26,445
Less: imputed interest		(8,432	)
Present value of lease liabilities	$	18,013

(1)

Excluded from the table above are a portion of the Company's lease payments associated with the Lease Amendments, as the space leased has not commenced for accounting purposes as of December 31, 2021. The commencement date is the date on which the asset is made available to the Company by the lessor.

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 8,937	$ 5,454
Accumulated depreciation	(2,084)	(726)
Property and equipment, net	6,853	4,728
Furniture and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	108	40
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	8,457	5,247
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	55
Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 317	$ 167

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

Legal Proceedings

The Company is not currently a party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or potential range of loss is probable and reasonably estimated under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company recognizes expenses for its costs related to its legal proceedings, as incurred.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Federal Statutory Income Rate to Effective Income Tax Rate

The following table reconciles the federal statutory income rate to the Company’s effective income tax rate:


	Year Ended December 31,
	2021	2020
Federal income tax rate	21.0 %	21.0 %
State income tax benefit	6.0 %	6.0 %
Permanent items	(0.3) %	—
Research tax credits	4.1 %	5.8 %
Other	(0.3) %	(0.2) %
Valuation allowance	(30.5) %	(32.6) %
Effective income tax rate	—	—

Schedule of Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities were as follows:


	December 31,
(in thousands)	2021			2020
Deferred tax assets:
Accrued expenses	$	972		$	659
Federal net operating loss carryforwards		25,060			11,515
State net operating loss carryforwards		6,913			3,113
Tax credits		5,675			2,851
Stock compensation		529			177
Amortization		191			—
Lease liability		4,675			4,941
Total deferred tax assets		44,015			23,256
Valuation allowance		(39,401	)		(18,414	)
Net total deferred tax assets	$	4,614		$	4,842
Deferred tax liabilities:
Lease right of use asset		(4,234	)		(4,624	)
Depreciation and amortization		(380	)		(218	)
Total deferred tax liabilities	$	(4,614	)	$	(4,842	)
Net deferred tax assets	$	—		$	—

Investments - Additional Information (Details)	Dec. 31, 2020 USD ($)
Investments, Debt and Equity Securities [Abstract]
Investments	$ 0

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1,434	$ 605

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Feb. 05, 2021	Oct. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted		294,117	730,884
Strike price		$ 28.29
Weighted-average grant-date fair value of stock options granted			$ 13.14	$ 2.19
Unrecognized compensation expense related to stock options			$ 13,100
Unrecognized share based compensation expense, recognition period			2 years 6 months 3 days
Intrinsic value of stock options exercised			$ 3,100
Number of shares exercised but unvested at the time of exercise				159,197
Weighted-average exercise price exercised but unvested at the time of exercise				$ 2.59
Weighted-average grant date fair value exercised but unvested at the time of exercise				$ 1.90
Number unvested options			200,687	388,157
Weighted average exercise price of options exercised and unvested			$ 1.90	$ 1.86
Outstanding liability for unvested shares			$ 434	$ 723
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rights description				vest over 48 months with 25% vesting after one year followed by ratable monthly vesting over three years
Vesting period			48 months
Contractual term			10 years
Weighted-average grant-date fair value of stock options granted			$ 23.63	$ 4.29
Tranche One \| Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			1 year
Vesting percentage			25.00%
Tranche Two \| Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			3 years
2015 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance	0
2021 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance			2,643,187
Shares reserved for issuance increase percentage of total number of shares of common stock outstanding	4.00%

Defined Contribution Benefit Plan

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Defined Contribution Benefit Plan

13. Defined Contribution Benefit Plan

The Company maintains a defined contribution plan under Section 401(k) (the “401(k) Plan”) of the Internal Revenue Code, as amended (the “Code”). The 401(k) Plan covers all employees who meet defined minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pretax basis, as well as Roth post tax deferrals. During 2021, the Company began to match 100% of compensation amounts deferred up to the first 1% of an employee's compensation plus 50% of compensation amounts deferred between 1% and 6% of an employee's compensation. All matching contributions are immediately vested. Expense recognized by the Company for matching contributions made in accordance with the 401(k) Plan was $0.6 million for the year ended December 31, 2021.

The entire disclosure for retirement benefits.

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Leases - Summary of Future Lease Payments for Noncancelable Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022	$ 3,410
2023	2,718
2024	2,799
2025	2,883
2026	2,970
Thereafter	11,665
Total lease payments	26,445
Less: imputed interest	(8,432)
Present value of lease liabilities	$ 18,013	$ 18,293

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

The Company accounts for income taxes under FASB ASC 740 (“ASC 740”). For the years ended December 31, 2021 and 2020, the Company did not record a current or deferred income tax expense or benefit. The following table reconciles the federal statutory income rate to the Company’s effective income tax rate:


	Year Ended December 31,
	2021	2020
Federal income tax rate	21.0 %	21.0 %
State income tax benefit	6.0 %	6.0 %
Permanent items	(0.3) %	—
Research tax credits	4.1 %	5.8 %
Other	(0.3) %	(0.2) %
Valuation allowance	(30.5) %	(32.6) %
Effective income tax rate	—	—

Deferred tax assets and liabilities reflect the net tax effects of net operating loss and tax credit carryforwards and temporary differences between the carrying amount of assets and liabilities for financial reporting and the

amounts used for tax purposes. Significant components of the Company’s deferred tax assets and liabilities were as follows:


	December 31,
(in thousands)	2021			2020
Deferred tax assets:
Accrued expenses	$	972		$	659
Federal net operating loss carryforwards		25,060			11,515
State net operating loss carryforwards		6,913			3,113
Tax credits		5,675			2,851
Stock compensation		529			177
Amortization		191			—
Lease liability		4,675			4,941
Total deferred tax assets		44,015			23,256
Valuation allowance		(39,401	)		(18,414	)
Net total deferred tax assets	$	4,614		$	4,842
Deferred tax liabilities:
Lease right of use asset		(4,234	)		(4,624	)
Depreciation and amortization		(380	)		(218	)
Total deferred tax liabilities	$	(4,614	)	$	(4,842	)
Net deferred tax assets	$	—		$	—

The Company has weighed the positive and negative evidence to assess the recoverability of its deferred tax assets. Realization of future tax benefits is dependent on many factors, including the Company’s ability to generate taxable income. After this assessment, the Company determined it was more likely than not that the Company will not realize the benefit of its deferred tax assets. As a result, the Company has provided a full valuation allowance against its net deferred tax assets. The valuation allowance for deferred tax assets as of December 31, 2021 and 2020 was $39.4 million and $18.4 million, respectively. For the years ended December 31, 2021 and 2020, the Company recorded an increase in the valuation allowance of $21.0 million and $14.1 million, respectively, primarily related to net operating losses and tax credits.

As of December 31, 2021, the Company had gross U.S. federal net operating loss carryforwards of $119.3 million including $117.4 million that had an indefinite carryforward period and $1.9 million that were subject to expiration at various dates through 2037. As of December 31, 2021, the Company had state net operating loss carryforwards of $109.2 million which will expire at various dates through 2041. As of December 31, 2021, the Company had U.S. federal research and development tax credit carryforwards of $3.5 million which will expire at various dates through 2041 and state research and credit carryforwards of $2.8 million which will expire at various dates through 2036. The net operating loss and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities.

Net operating loss and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50%, as defined under Sections 382 and 383 of the Code, respectively, as well as similar state provisions. This could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the value of the Company immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The Company has not determined whether an ownership change has occurred and as such, the Company’s net operating losses may be limited. Any limitation may result in expiration of a portion of the net operating loss carryforwards or research development credit carryforwards before utilization.

The Company has not, as yet, conducted a study of research and development credit carryforwards. Such a study, once undertaken by the Company, may result in an adjustment to the research and development credit carryforwards. However, a full valuation allowance has been provided against the Company’s research and development credits and, if any adjustment is required, such adjustment would be offset by an adjustment to the valuation allowance. Thus, there would be no impact to the balance sheet or statement of operations if any adjustment is required.

As of December 31, 2021 and 2020, the Company did not have any unrecognized tax benefits. Any future interest and penalties related to income tax matters would be recognized in the provision for income tax. As of December 31, 2021 and 2020, the Company did not have a balance of accrued interest and penalties related to uncertain tax positions.

In March 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. The CARES Act includes provisions relating to several aspects of corporate income taxes. The CARES Act did not have a significant impact on the Company’s provision for income taxes.

The Company files income tax returns in the United States and various states. As of December 31, 2021 , there were no income tax examinations in progress.

The tax years 2018 through present remain open to examination by major taxing jurisdictions to which the Company is subject, which are primarily in the United States. In addition, tax years prior to 2018 resulted in losses and the Company also generated research and development tax credits during those years. Since carryforward attributes generated in these years may be utilized in future years, years prior to 2018 may still be adjusted upon examination by the Internal Revenue Service or state tax authorities if they have or will be used in a future period.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Redeemable Convertible Preferred Stock

Redeemable Convertible Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands						12 Months Ended
	Feb. 09, 2021	Jan. 08, 2021	Jun. 29, 2020	Feb. 05, 2020	Feb. 12, 2019	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares authorized							338,973,691
Redeemable convertible preferred stock, par value							$ 0.0001
Gross proceeds from stock issued						$ 45,375	$ 82,267
Common Stock
Class of Stock [Line Items]
Common stock shares issued for conversion of redeemable convertible preferred stock	24,924,501					24,924,501
Series A-1 Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares authorized						0	20,000,000
Redeemable convertible preferred stock, par value						$ 0.0001	$ 0.0001
Series A-2 Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares authorized						0	107,194,866
Redeemable convertible preferred stock, par value						$ 0.0001	$ 0.0001
Redeemable convertible preferred stock, issued and sold				44,375,000			44,375,000
Redeemable convertible preferred stock, price per share					$ 0.40
Additional stock issued					44,375,000
Gross proceeds from stock issued				$ 17,800
Series B Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares authorized						0	211,778,825
Redeemable convertible preferred stock, par value						$ 0.0001	$ 0.0001
Redeemable convertible preferred stock, issued and sold		87,259,605	124,519,220			87,259,605	124,519,220
Redeemable convertible preferred stock, price per share		$ 0.52	$ 0.52
Additional stock issued			87,259,605
Gross proceeds from stock issued		$ 45,400	$ 64,700

Redeemable Convertible Preferred Stock

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

7. Redeemable Convertible Preferred Stock

As of December 31, 2020, the authorized capital stock of the Company included 338,973,691 shares of $0.0001 par value preferred stock, of which 20,000,000 shares were designated as Series A-1 redeemable convertible preferred stock (“Series A-1”); 107,194,866 shares were designated as Series A-2 redeemable convertible preferred stock (“Series A-2”) and 211,778,825 shares were designated as Series B redeemable convertible preferred stock (“Series B”).

Series A-1 and Series A-2 Redeemable Convertible Preferred Stock

On February 12, 2019, the Company entered into the Series A-2 Preferred Stock Purchase Agreement. Included in the terms of the Series A-2 were tranche rights. The tranche rights obligated the investors in the Series A-2 to purchase, and the Company to sell, an additional 44,375,000 shares of Series A-2 at a purchase price of $0.40 per share upon achieving certain milestones related to the Company’s research platform (“Milestone Closing”). The number of shares and issuance price for the Milestone Closing were fixed at inception, and the timing for the closing was dependent on whether the Company met certain research and development milestones or if an earlier closing is voted by the Series A-2 holders. The Series A-2 tranche obligation is an embedded feature that does not net settle and therefore, it did not meet the definition of an embedded derivative.

On February 5, 2020, the Company issued and sold 44,375,000 shares of Series A-2 for total gross cash proceeds of $17.8 million related to the Milestone Closing.

Series B Redeemable Convertible Preferred Stock Closing

On June 29, 2020, the Company issued and sold 124,519,220 shares of its Series B redeemable convertible preferred stock at a per share price of $0.52 (“Original Purchase Price”) for total gross proceeds of $64.7 million. The stock purchase agreement provided for a second closing obligating the investors in the Series B redeemable convertible preferred stock to purchase, and the Company to sell, an additional 87,259,605 shares of Series B redeemable convertible preferred stock at a per share price of $0.52 upon the achievement of the second tranche milestone.

On January 8, 2021, upon achievement of the second tranche milestone, the Company issued and sold 87,259,605 shares of Series B redeemable convertible preferred stock at a price of $0.52 per share, for total gross and net proceeds of $45.4 million.

On February 9, 2021, the Company completed its IPO. Upon closing of the IPO, all shares of Series A-1, A-2 and B redeemable convertible preferred stock then outstanding automatically converted into 24,924,501 shares of common shares. Upon conversion of the redeemable convertible preferred stock, the Company reclassified the carrying value of the redeemable convertible preferred stock to common shares and additional paid-in capital.

As of December 31, 2020, redeemable convertible preferred stock consisted of the following:


(in thousands, except share amounts)	Preferred Stock Authorized		Preferred Stock Issued and Outstanding		Carrying Value		Liquidation Value		Cumulative Undeclared Dividends		Common Stock Issuable Upon Conversion
Series A-1 redeemable convertible preferred stock		20,000,000		20,000,000	$	2	$	4,000	$	—		1,470,588
Series A-2 redeemable convertible preferred stock		107,194,866		107,194,866		42,786		42,878		5,073		7,881,965
Series B redeemable convertible preferred stock		211,778,825		124,519,220		64,548		64,750		2,625		9,155,810
Total		338,973,691		251,714,086	$	107,336	$	111,628	$	7,698		18,508,363

Fair Value Measurements - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair value assets, level 1 to level 2 transfers amount	$ 0	$ 0
Fair value assets, level 2 to level 1 transfers amount	0	0
Fair value assets, transfers into level 3	0	0
Fair value assets, transfers out of level 3	$ 0	$ 0

Redeemable Convertible Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Redeemable Convertible Preferred Stock

As of December 31, 2020, redeemable convertible preferred stock consisted of the following:


(in thousands, except share amounts)	Preferred Stock Authorized		Preferred Stock Issued and Outstanding		Carrying Value		Liquidation Value		Cumulative Undeclared Dividends		Common Stock Issuable Upon Conversion
Series A-1 redeemable convertible preferred stock		20,000,000		20,000,000	$	2	$	4,000	$	—		1,470,588
Series A-2 redeemable convertible preferred stock		107,194,866		107,194,866		42,786		42,878		5,073		7,881,965
Series B redeemable convertible preferred stock		211,778,825		124,519,220		64,548		64,750		2,625		9,155,810
Total		338,973,691		251,714,086	$	107,336	$	111,628	$	7,698		18,508,363

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Deferred tax assets valuation allowance	$ 39,401,000	$ 18,414,000
Change in deferred tax asset valuation allowance	$ 21,000,000.0	14,100,000
Considered period of ownership for annual limitation of net operating loss and tax credit carryforwards	3 years
Considered percentage of ownership for annual limitation of net operating loss and tax credit carryforwards	50.00%
Unrecognized tax benefits	$ 0	0
Accrued interest and penalties related to uncertain tax positions	$ 0	$ 0
Income tax examination, description	As of December 31, 2021 , there were no income tax examinations in progress
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 119,300,000
Net operating loss carryforwards not subject to expiration	117,400,000
Net operating loss carryforwards subject to expiration	$ 1,900,000
Net operating loss carryforwards expiration year	2037
Research and development tax credit carryforwards	$ 3,500,000
Tax credit carryforwards expiration year	2041
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 109,200,000
Net operating loss carryforwards expiration year	2041
Research and development tax credit carryforwards	$ 2,800,000
Tax credit carryforwards expiration year	2036

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) Segment	Dec. 31, 2020 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of operating segment \| Segment	1
Restricted cash	$ 2,413,000	$ 1,559,000
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2021
Change in accounting principle, accounting standards update, immaterial effect [true false]	true
Accounting standards update [Extensible list]	us-gaap:AccountingStandardsUpdate201912Member
Expected dividend yield	0.00%
Interest and penalties related to uncertain tax positions	$ 0
Other Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred offering costs		$ 1,600,000

Net Loss Per Share - Potential Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Series A-1 Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per share		1,470,588
Series A-2 Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per share		7,881,965
Series B Redeemable Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per share		9,155,810
Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per share	5,086,792	5,084,679

Investments

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Investments

3. Investments

The amortized cost and estimated fair value of investments, by contractual maturity are as follows:


	December 31, 2021
(in thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value

Maturing in one year or less
Corporate debt	$	7,603	$	—	$	—	$	7,603
U.S. Treasuries		30,119		—		—		30,119
Maturing after one year through five years
Corporate debt		5,006		—		—		5,006
U.S. Treasuries		44,940		—		—		44,940
Total	$	87,668	$	—	$	—	$	87,668

The Company held no investments at December 31, 2020.

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Summary of Lease Expense

The elements of lease expense were as follows:


	Year Ended December 31,
(in thousands)	2021		2020
Operating lease cost	$	3,017	$	1,780
Short-term lease cost		52		309
Variable lease cost		1,099		235
Total lease cost	$	4,168	$	2,324

Summary of Amounts Reported in Consolidated Balance Sheets and Weight-average Lease Term and Discount Rate Information

Amounts reported in the consolidated balance sheets and the weight-average lease term and discount rate information were as follows:


(in thousands except weighted-average amounts)	December 31, 2021			December 31, 2020
Assets
Operating right-of-use assets	$	15,670		$	17,117
Liabilities
Operating lease liabilities, current	$	1,839		$	863
Operating lease liabilities, non-current	$	16,174		$	17,430
Total lease liabilities	$	18,013		$	18,293
Weighted Average Lease Term and Discount Rate
Weighted-average remaining lease term (years)	8.64			9.55
Weighted-average discount rate		9.4	%		9.4	%

Summary of Other Lease Activity

The following table represents other lease activity:


	Year Ended December 31,
(in thousands)	2021		2020
Cash Flow Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	2,559	$	703
Right-of-use assets obtained in exchange for lease obligations	$	35	$	17,899

Summary of Future Lease Payments for Noncancelable Leases

Future lease payments for noncancelable leases as of were as follows:


(in thousands)	December 31, 2021 (1)
2022	$	3,410
2023		2,718
2024		2,799
2025		2,883
2026		2,970
Thereafter		11,665
Total lease payments	$	26,445
Less: imputed interest		(8,432	)
Present value of lease liabilities	$	18,013

(1)

Redeemable Convertible Preferred Stock - Schedule of Redeemable Convertible Preferred Stock (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Preferred Stock Authorized		338,973,691
Preferred Stock Issued		251,714,086
Preferred Stock Outstanding		251,714,086
Carrying Value		$ 107,336
Liquidation Value		111,628
Cumulative Undeclared Dividends		$ 7,698
Common Stock Issuable Upon Conversion		18,508,363
Series A-1 Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Preferred Stock Authorized	0	20,000,000
Preferred Stock Issued	0	20,000,000
Preferred Stock Outstanding	0	20,000,000	20,000,000
Carrying Value		$ 2	$ 2
Liquidation Value		$ 4,000
Common Stock Issuable Upon Conversion		1,470,588
Series A-2 Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Preferred Stock Authorized	0	107,194,866
Preferred Stock Issued	0	107,194,866
Preferred Stock Outstanding	0	107,194,866	62,819,866
Carrying Value		$ 42,786	$ 25,067
Liquidation Value		42,878
Cumulative Undeclared Dividends		$ 5,073
Common Stock Issuable Upon Conversion		7,881,965
Series B Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Preferred Stock Authorized	0	211,778,825
Preferred Stock Issued	0	124,519,220
Preferred Stock Outstanding	0	124,519,220
Carrying Value		$ 64,548
Liquidation Value		64,750
Cumulative Undeclared Dividends		$ 2,625
Common Stock Issuable Upon Conversion		9,155,810

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 4,315	$ 1,342
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	2,281	665
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 2,034	$ 677

Significant Agreements - Additional Information (Details) - USD ($)	Dec. 31, 2021	Nov. 30, 2021	Dec. 31, 2020	Oct. 31, 2020
Columbia License Agreement \| Accrued Expenses
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate potential milestone payments			$ 100,000
License fee obligated to pay	$ 0
Columbia License Agreement \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate potential milestone payments upon achievement of clinical milestones		$ 200,000
Aggregate potential milestone payments upon achievement of regulatory and commercial milestones		$ 6,300,000
National Institutes of Health License Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate potential milestone payments				$ 8,000,000.0
National Institutes of Health License Agreement \| Licensed Products
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate potential milestone payments				6,000,000.0
National Institutes of Health License Agreement \| Accrued Expenses
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License fee obligated to pay				400,000
National Institutes of Health License Agreement \| Maximum \| Licensed Products
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments on aggregate net sales				$ 2,000,000,000.0

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net loss	$ (68,899)	$ (43,337)
Cumulative dividends on redeemable convertible preferred stock	(1,228)	(5,925)
Net loss attributable to common stockholders	$ (70,127)	$ (49,262)
Denominator:
Weighted-average number of common shares outstanding, basic and diluted	33,433,214	213,658
Net loss per share attributable to common stockholders, basic and diluted	$ (2.10)	$ (230.57)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Defined Contribution Benefit Plan - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Retirement Benefits [Abstract]
Defined contribution benefit plan, matching percentage	100.00%
Defined contribution benefit plan, first percentage	1.00%
Defined contribution benefit plan, additional percentage	50.00%
Defined contribution benefit plan, minimum percentage of employee's compensation	1.00%
Defined contribution benefit plan, maximum percentage of employee's compensation	6.00%
Defined contribution benefit plan, matching contributions amount	$ 0.6

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 119,801	$ 48,539
Restricted cash equivalents	2,413	1,559
Total cash, cash equivalents and restricted cash equivalents as shown on the statements of cash flows	$ 122,214	$ 50,098	$ 8,025

Amount of cash equivalents restricted as to withdrawal or usage, classified as noncurrent. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.

+ References + Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders' Equity

8. Stockholders' Equity

Preferred Stock

The Company has authorized up to 10,000,000 shares of preferred stock, $0.0001 par value per share, for issuance. The preferred stock will have such rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges, and liquidation preferences, as shall be determined by the Company’s Board of Directors upon its issuance. At December 31, 2021, there were no shares of preferred stock outstanding.

Common Stock

As of December 31, 2021 and 2020, the Company’s authorized capital stock included 400,000,000 shares and 420,000,000 shares, respectively, of its $0.0001 par value common stock.

Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders provided, however, that, except as otherwise required by law, holders of common stock shall not be entitled to vote on any amendment to the Company’s Certificate of Incorporation, as amended (the “Certificate of Incorporation”), that relates solely to the terms of one or more outstanding series of preferred stock if the holders of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to the Certificate of Incorporation or pursuant to the Delaware General Corporation Law. Common stockholders are entitled to receive dividends, as may be declared by the Company’s board of directors, if any, subject to the preferential dividend rights of the preferred stock. No dividends have been declared or paid as of and for either of the years ended December 31, 2021 and 2020.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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