Kineta (KANT) 10-Q 12 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 05, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity File Number	001-37695
Entity Registrant Name	YUMANITY THERAPEUTICS, INC.
Entity Central Index Key	0001445283
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	YMTX
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-8436652
Document Quarterly Report	true
Document Transition Report	false
Entity Address, Address Line One	40 Guest Street
Entity Address, Address Line Two	Suite 4410
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02135
City Area Code	617
Local Phone Number	409-5300
Entity Common Stock, Shares Outstanding		10,842,945

Condensed Consolidated Balance

Condensed Consolidated Balance sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 16,060	$ 35,102
Marketable securities	1,400	1,399
Accounts receivable	0	5,000
Prepaid expenses and other current assets	2,957	1,207
Total current assets	20,417	42,708
Property and equipment, net	182	387
Operating lease right-of-use assets	10,082	18,543
Deposits		366
Restricted cash	878	928
Total assets	31,559	62,932
Current liabilities:
Accounts payable	2,080	1,839
Accrued expenses and other current liabilities	2,872	4,846
Current portion of long-term debt	0	5,805
Operating lease liabilities	604	5,064
Current portion of finance lease obligation	0	48
Short-term borrowings	1,152	0
Deferred revenue	4,038	5,061
Total current liabilities	10,746	22,663
Long-term debt, net of discount and current portion	0	7,357
Operating lease liabilities, net of current portion	9,110	9,415
Total liabilities	19,856	39,435
Commitments and contingencies (Note 11)
Stockholders' equity/(deficit):
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	0	0
Common stock, $0.001 par value; 125,000,000 shares authorized; 10,846,740 shares and 10,644,714 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	11	11
Additional paid-in capital	212,386	210,799
Accumulated deficit	(200,694)	(187,313)
Total stockholders' equity	11,703	23,497
Total liabilities and stockholders' equity	$ 31,559	$ 62,932

Condensed Consolidated Balanc_2

Condensed Consolidated Balance sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Preferred Stock, Par Value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	125,000,000	125,000,000
Common stock, shares issued	10,846,740	10,644,714
Common stock, shares outstanding	10,846,740	10,644,714

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Collaboration revenue	$ 1,023	$ 3,532
Operating expenses:
Research and development	4,896	6,779
General and administrative	4,825	6,052
Impairment loss	3,901	0
Total operating expenses	13,622	12,831
Loss from operations	(12,599)	(9,299)
Other income (expense):
Interest Expense	(210)	(488)
Interest income and other income (expense), net	(372)	(29)
(Loss) gain on debt extinguishment	(200)	1,134
Total other income (expense), net	(782)	617
Net loss	(13,381)	(8,682)
Net loss applicable to common shareholders	$ (13,381)	$ (8,682)
Net loss per share, basic and diluted	$ (1.24)	$ (0.85)
Weighted average common shares outstanding, basic and diluted	10,752,686	10,193,328

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (13,381)	$ (8,682)
Other comprehensive loss:
Unrealized gains on marketable securities, net of tax of $0	0	0
Comprehensive loss	$ (13,381)	$ (8,682)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Unrealized gain on marketable securities, net of tax	$ 0	$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Preferred Units and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Gain (Loss) [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2020	$ 56,207	$ 10	$ 204,007		$ (147,810)
Beginning balance, shares at Dec. 31, 2020		10,193,831
Stock/equity-based compensation expense	1,407		1,407
Net loss	(8,682)				(8,682)
Ending balance at Mar. 31, 2021	48,932	$ 10	205,414		(8,682)
Ending balance, shares at Mar. 31, 2021		10,193,831
Beginning balance at Dec. 31, 2021	23,497	$ 11	210,799		(187,313)
Beginning balance, shares at Dec. 31, 2021		10,644,714
Vesting of restricted stock unit, shares		17,624
Stock/equity-based compensation expense	1,204		1,204
Forfeiture of restricted stock awards, Shares		(31,930)
Issuance of common stock, net of issuance costs, shares		216,332
Issuance of common stock, net of issuance costs	383		383
Net loss	(13,381)				(13,381)
Ending balance at Mar. 31, 2022	$ 11,703	$ 11	$ 212,386		$ (200,694)
Ending balance, shares at Mar. 31, 2022		10,846,740

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (13,381)	$ (8,682)
Adjustments to reconcile net loss to net cash used in operating activities:
Net amortization of premiums (accretion of discounts) on marketable securities	(1)	(4)
Depreciation and amortization expense	66	200
Non-cash lease expense	4,560	1,247
Stock/equity-based compensation expense	1,204	1,407
Other non-cash expense		48
Non-cash interest expense	36	155
Loss (gain) on debt extinguishment	200	(1,134)
Loss on impairment of lease	3,901
Loss (gain) on sale of property and equipment	192	(2)
Changes in operating assets and liabilities:
Accounts receivable	(5,000)
Prepaid expenses and other current assets	(1,771)	(1,374)
Deposits	366
Operating lease liabilities	(4,765)	(1,053)
Accounts payable	241	(5,437)
Accrued expenses and other current liabilities	(2,654)	(4,127)
Deferred revenue	(1,023)	(3,532)
Net cash used in operating activities	(7,829)	(22,288)
Cash flows from investing activities:
Purchases of marketable securities		(9,869)
Proceeds from sales and maturities of marketable securities		3,600
Purchases of property and equipment	(53)	(6)
Net cash used in investing activities	(53)	(6,275)
Cash flows from financing activities:
Proceeds from issuance of common stock	383
Proceeds from issuance of short-term borrowings	1,742
Payments of principal portion of long-term debt	(929)
Payments of final payoff of long term debt	(11,803)
Payments of debt issuance costs related to long-term debt		(72)
Payments of short-term borrowings	(590)
Payments of finance lease obligations	(13)	(70)
Net cash used in financing activities	(11,210)	(142)
Net decrease in cash, cash equivalents and restricted cash	(19,092)	(28,705)
Cash, cash equivalents and restricted cash at beginning of period	36,030	82,885
Cash, cash equivalents and restricted cash at end of period	16,938	54,180
Supplemental cash flow information:
Cash paid for interest	$ 393	$ 328

Nature of Business and Basis of

Nature of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	1. Nature of Business and Basis of Presentation Yumanity Therapeutics, Inc. (together with its wholly owned subsidiaries, the “Company” or “Yumanity”) is a clinical stage biopharmaceutical company engaged in the research and development of treatments for neurodegenerative diseases caused by protein misfolding. The Company is subject to risks similar to those of other early clinical stage companies in the biopharmaceutical industry, including dependence on key individuals, the need to develop commercially viable products, competition from other companies, many of whom are larger and better capitalized, the impact of the ongoing COVID-19 pandemic and the need to obtain adequate additional financing to fund the development of its product candidates. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be maintained, that any product candidates developed will obtain required regulatory approval or that any approved products will be commercially viable. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from the sale of its products. Exploration of Strategic Alternatives and Restructuring In February 2022, the Company announced that it is exploring strategic alternatives to enhance shareholder value and engaged H.C. Wainwright as its exclusive financial advisor to assist in this process. No timetable has been established for the completion of this process, and the Company does not expect to disclose developments unless and until the Board of Directors has concluded that disclosure is appropriate or required. In February the Company also began implementation of a strategic restructuring with the objective of preserving capital. As part of the restructuring, it has eliminated approximately 60 % of its workforce and has taken other actions, including reducing its office and laboratory space, to reduce expenditures (see Note 5). Clinical and Regulatory Update In January 2022, the FDA placed a partial clinical hold on the Company's future multidose clinical trials of YTX-7739 in the United States. The FDA has not halted all clinical programming and is permitting the Company's proposed single dose formulation clinical trial to proceed. The Company anticipates working closely with the FDA to try to adequately address their concerns. While the Company works to address the FDA’s concerns, it has paused its planned clinical study of YTX-7739 in glioblastoma multiforme patients and the exploration of additional indications. Merger with Proteostasis Therapeutics, Inc. On December 22, 2020, Proteostasis Therapeutics, Inc. (“Proteostasis” or “PTI”) completed its previously announced merger transaction with Yumanity, Inc. (formerly Yumanity Therapeutics, Inc.) in accordance with the terms of the Agreement and Plan of Merger and Reorganization, dated as of August 22, 2020, as amended on November 6, 2020 (the “Merger Agreement”), by and among Pangolin Merger Sub, Inc., a wholly-owned subsidiary of Proteostasis (“Merger Sub”), Yumanity Holdings, LLC (“Holdings”) and Yumanity, Inc., pursuant to which Merger Sub merged with and into Yumanity, Inc., with Yumanity, Inc. surviving as a wholly owned subsidiary of Proteostasis (the “Merger”). Immediately following the Merger, Proteostasis changed its name to “Yumanity Therapeutics, Inc.” Basis of presentation The Company’s condensed 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”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Unless otherwise noted, all references to common stock share and per share amounts have also been adjusted to reflect the Exchange Ratio. Going concern The Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the original issuance date of the condensed consolidated financial statements. Since its inception, the Company has funded its operations primarily with equity and debt including proceeds from the Merger. The Company has incurred recurring losses and negative cash flows from operations since inception, including net losses of $ 13.4 million for the three months ended March 31, 2022. In addition, as of March 31, 2022, the Company had an accumulated deficit of $ 200.7 million. The Company expects to continue to generate operating losses for the foreseeable future, although at reduced expected levels as a result of restructuring actions taken in the three months ended March 31, 2022. As of the issuance date of the condensed consolidated financial statements for the three months ended March 31, 2022 the Company expects that its cash, cash equivalents and marketable securities will not be sufficient to fund its operating expenses and capital expenditure requirements for a period of twelve months from the issuance of the condensed consolidated financial statements. These factors raise substantial doubt about the Company's ability to continue as a going concern. The Company is currently evaluating strategic alternatives including an acquisition, merger, reverse merger, other business combination, sales of assets, licensing or other strategic transactions involving the Company. There is no assurance that the Company will be successful in executing such transaction or obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all. If the Company is unable to obtain additional funding or enter into strategic alternatives, the Company will be forced to further delay, reduce or eliminate its research and development programs or initiate steps to cease operations. The accompanying financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities or any other adjustments that might result from the outcome of this uncertainty. Impact of the COVID-19 pandemic The COVID-19 pandemic, which began in December 2019 and has spread worldwide, has caused many governments to implement measures to slow the spread of the outbreak. The outbreak and government measures taken in response have had a significant impact, both direct and indirect, on businesses and commerce, as worker shortages have occurred, supply chains have been disrupted, and facilities and production have been suspended. The future progression of the pandemic and its effects on the Company’s business and operations are uncertain. The COVID-19 pandemic is ongoing and may affect the Company’s ability to initiate and complete preclinical studies, delay its clinical trial or future clinical trials, disrupt regulatory activities, or have other adverse effects on its business and operations. The pandemic has already caused significant disruptions in the financial markets, and may continue to cause such disruptions, which could impact the Company’s ability to raise additional funds to support its operations. Moreover, the pandemic has significantly impacted economies worldwide and could result in adverse effects on the Company’s business and operations. Clinical trial sites in many countries, including those in which the Company operates, have incurred delays due to COVID-19. Certain of the sites in the YTX-7739 Phase 1b clinical trial incurred delays due to COVID-19 that resulted in a delay in the results from that study. There continues to be a risk of additional delays to the Company’s clinical programs. To date, the Company has not incurred impairment losses in the carrying values of its assets as a result of the pandemic and it is not aware of any specific related event or circumstance that would require it to revise its estimates reflected in these condensed consolidated financial statements. The extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including current and future clinical trials and research and development costs, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19, the actions taken to contain or treat it, and the duration and intensity of the related effects. At-the-Market Offering Program In April 2021, the Company entered into a sales agreement (the "Prior Sales Agreement") with Jefferies LLC (“Jefferies”) with respect to an at-the-market (“ATM”) offering program under which it could have issued and sold, from time-to-time at its sole discretion, shares of its common stock, in an aggregate offering amount of up to $ 60.0 million. In December 2021, the Company terminated the Prior Sales Agreement and entered into a new sales agreement with Jefferies with respect to an ATM offering under which it may issue and sell, from time-to-time and at its sole discretion, shares of its common stock, in an aggregate offering amount of up to $ 60.0 million (the “New Sales Agreement”). Jefferies acts as the Company's sales agent and will use commercially reasonable efforts to sell shares of common stock from time-to-time, based upon instruction by the Company. The Company will pay Jefferies up to 3 % of the gross proceeds from any common stock sold through the New Sales Agreement. The Company sold 216,332 shares of common stock under the New Sales Agreement during the three months ended March 31, 2022 for aggregate net proceeds to the Company of approximately $ 0.4 million, after deducting sales commissions. As of March 31, 2022 , $ 59.6 million of common stock remained available for future issuance under the New Sales Agreement, although these amounts may be limited as the Company will be subject to the general instructions of Form S-3 known as the "baby shelf rules." Under these instructions, the amount of funds the Company can raise through primary public offerings of securities in any 12-month period using its registration statement on Form S-3 is limited to one-third of the aggregate market value of the shares of its common stock held by non-affiliates of the Company. Therefore, the Company will be limited in the amount of proceeds it is able to raise by selling shares of its common stock using its Form S-3 until such time as its public float exceeds $ 75 million.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Unaudited Interim Financial Information The condensed consolidated balance sheet as of December 31, 2021 was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). The accompanying condensed consolidated financial statements, as of March 31, 2022 and for the three months ended March 31, 2022, are unaudited and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 24, 2022. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s condensed consolidated financial position as of March 31, 2022 and condensed consolidated results of operations and cash flows for the three months ended March 31, 2022 and 2021 have been made. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2022. Summary of Significant Accounting Policies The Company’s significant accounting policies, which are disclosed in the audited financial statements for the year ended December 31, 2021 and the notes thereto, are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on March 24, 2022. There were no changes to significant accounting policies during the three months ended March 31, 2022 . Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, revenue recognition, the accrual of research and development expenses prior to the Merger and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts, and experience. Actual results may differ from those estimates or assumptions. Restricted cash Amounts included in restricted cash represent amounts pledged as collateral for Company credit cards as part of the terms of the “New Loan” and for its office and laboratory space lease. These amounts are classified as restricted cash (non-current) in the Company’s condensed consolidated balance sheet. In December 2020, in connection with the Merger, the Company acquired Proteostasis’ restricted cash pledged as collateral for its office and laboratory space lease and amended its loan and security agreement to establish an escrow account in the amount of its Paycheck Protection Program loan. After forgiveness of the PPP Loan, in April 2021 the escrowed cash was released and reclassified into cash and cash equivalents. The cash pledged as collateral is classified as restricted cash (non-current) in the Company’s condensed consolidated balance sheet as of March 31, 2022. As of March 31, 2022 and 2021, the cash and restricted cash of $ 16.9 million and $ 54.2 million, respectively, presented in the condensed consolidated statements of cash flows included cash and cash equivalents of $ 16.1 million and $ 52.1 million, respectively, and restricted cash of $ 0.9 million and $ 0.9 million, respectively. 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 and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s cash equivalents and marketable securities are carried at fair value, determined according to the fair value hierarchy described above (see Note 3). The carrying values of the Company’s accounts payable and accrued expenses approximate their fair values due to the short-term nature of these liabilities. The carrying value of the Company’s long-term debt under its loan and security agreement approximates its fair value due to its variable interest rate.

Fair Value Measurements and Mar

Fair Value Measurements and Marketable Securities	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements and Marketable Securities	3. Fair Value Measurements and Marketable Securities The following tables present the Company’s fair value hierarchy for its assets and liabilities, which are measured at fair value on a recurring basis (in thousands): Fair Value Measurements at March 31, 2022 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 15,437 $ — $ — $ 15,437 Marketable securities: Commercial paper — 1,400 — 1,400 $ 15,437 $ 1,400 $ — $ 16,837 Fair Value Measurements at December 31, 2021 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 34,136 $ — $ — $ 34,136 Marketable securities: Commercial paper — 1,399 — 1,399 $ 34,136 $ 1,399 $ — $ 35,535 Marketable securities were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy. Marketable securities by security type consisted of the following (in thousands): March 31, 2022 Amortized Gross Gross Fair Commercial paper $ 1,400 $ — $ — $ 1,400 $ 1,400 $ — $ — $ 1,400 December 31, 2021 Amortized Gross Gross Fair Commercial paper $ 1,399 $ — $ — $ 1,399 $ 1,399 $ — $ — $ 1,399 The Company’s marketable securities are due within one year .

Collaboration Agreement

Collaboration Agreement	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaboration Agreement	4. Collaboration Agreement In June 2020, the Company entered into an exclusive license and research collaboration agreement (the “Collaboration Agreement”) with Merck Sharp & Dohme Corp. (“Merck”) to support the research, development and commercialization of products for the treatment of amyotrophic lateral sclerosis (ALS) and frontotemporal lobar dementia (FTLD). Pursuant to the Collaboration Agreement, the Company granted Merck an exclusive, worldwide license with the right to grant and authorize sublicenses, under certain intellectual property rights related to two certain undisclosed targets in connection with the Company’s ALS and FTLD programs to make, have made, use, import, offer to sell and sell compounds and products covered by such intellectual property rights. In the event that the exploitation of such compound or product would infringe during the term of the Merck Collaboration Agreement a claim of an issued patent controlled by Yumanity, Yumanity also granted Merck a non-exclusive, sublicensable, royalty-free license under such issued patent to exploit such compound and product. Under the terms of the Collaboration Agreement, the Company and Merck are each responsible to perform certain research activities in accordance with a mutually agreed upon research plan. Upon the completion of certain stages of the research plan, Merck will elect to either advance and make certain contractual option payments or terminate the applicable research program. If Merck elects not to advance a research program, such program terminates and the rights granted to Merck in the program revert to the Company. Following completion of the research program, Merck is responsible for the development and commercialization of the compounds developed pursuant to the research program and any product containing such compounds. Under the terms of the Collaboration Agreement, the Company received an upfront payment totaling $ 15.0 million in July 2020 and is eligible to receive up to $ 280.0 million upon achievement of specified research and development milestones, and up to $ 250.0 million upon achievement of specified sales-based milestones as well as a tiered, mid-single digit royalty on net sales of licensed products, subject to customary reductions. Unless terminated earlier, the Collaboration Agreement will continue in full force and effect until one or more products has received marketing authorization and, thereafter, until expiration of all royalty obligations under the Collaboration Agreement. The Company or Merck may terminate the Collaboration Agreement upon an uncured material breach by the other party or insolvency of the other party. Merck may also terminate the Merck Collaboration Agreement for any reason upon certain notice to the Company. Merck also participated in the Company’s Class C preferred units financing in June 2020 with terms consistent with those of other investors that purchased Class C preferred units in June 2020. The Class C preferred units were issued at a price of $ 4.0008 per unit, which was determined to be fair value based on the same price paid by other investors that purchased Class C preferred units in the financing. The equity investment was considered to be distinct from the Collaboration Agreement. The Company assessed the promised goods and services to determine if they are distinct. Based on this assessment, the Company determined that Merck cannot benefit from the promised goods and services separately from the others as they are highly interrelated and therefore not distinct. Accordingly, the promised goods and services represent one combined performance obligation and the entire transaction price was allocated to that single combined performance obligation. The performance obligation is being satisfied over the research term as the Company performs the research and development activities through the first substantive option period, and participates in a Joint Steering Committee to oversee research and development activities. Accordingly, the upfront payment of $ 15.0 million was recorded as deferred revenue and will be recognized as revenue as the performance obligation is satisfied. The Company recognizes revenue using the cost-to-cost method, which it believes best depicts the transfer of control to the customer. Under the cost-to-cost method, the extent of progress towards completion is measured based on the ratio of actual costs incurred to the total estimated costs expected upon satisfying the identified performance obligation. Under this method, revenue is recorded as a percentage of the estimated transaction price based on the extent of progress towards completion. For the three months ended March 31, 2022 , the Company recorded less than $ 0.1 million of collaboration revenue related to the Collaboration Agreement associated with providing the Initial Phase research and development services. At contract inception, the potential milestone payments that the Company is eligible to receive were excluded from the transaction price as they were fully constrained. At the end of each reporting period, the Company reevaluates the transaction price and as uncertain events are resolved or other changes in circumstances occur, and if necessary, the Company will adjust its estimate of the transaction price. Any additions to the transaction price would be reflected in the period as a cumulative revenue catch-up. At the inception of the arrangement, the Company evaluated the options held by Merck to either advance or terminate the applicable research program to determine if they provided Merck with any material rights. The Company concluded that the options were not issued at a significant and incremental discount, and therefore do not provide Merck with a material right. As such, these options were excluded as performance obligations and will be accounted for if and when they occur. In November 2021, the Company delivered one of two data packages associated with the Initial Phase of the research and development services. On December 17, 2021, Merck notified the Company that Merck has accepted the first data package for one program from their research collaboration with the Company relating to ALS and FTLD, and that Merck has elected to continue the research collaboration. Achievement of this milestone triggered a $ 5.0 million milestone payment due from Merck. Upon Merck electing to advance the research program into the second phase (the "Second Phase"), the Company assessed whether the promised goods and services for the Second Phase are distinct. Based on the facts and circumstances, including but not limited to key differences between the Initial Phase research plan and the Second Phase research plans, including experiments performed and personnel utilized, the Company determined that the Second Phase represents a separate contract with its own performance obligation. The Second Phase performance obligation is being satisfied over the Second Phase research term as the Company performs the research and development activities through the second substantive option period and participates in a Joint Steering Committee to oversee research and development activities. Accordingly, the option payment of $ 5.0 million was recorded to deferred revenue at December 31, 2021 and during the three months ended March 31, 2022 the Company recognized $ 1.0 million of collaboration revenue related to the Collaboration Agreement as the Second Phase performance obligation is satisfied. The Company recognizes the Second Phase revenue using the cost-to-cost method, which it believes best depicts the transfer of control to the customer. The Company assessed the Collaboration Agreement to determine whether a significant financing component exists and concluded that a significant financing component does not exist.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	5. Accrued Expenses and Other Current Liabilities Accrued expenses consisted of the following (in thousands): March 31, December 31, 2022 2021 Accrued employee compensation and benefits $ 733 $ 1,763 Accrued external research and development expenses 1,198 1,633 Accrued professional fees 525 901 Other 416 549 $ 2,872 $ 4,846 In January 2022, the Company approved a restructuring plan following a review of its operations, cost structure and growth opportunities (the “Restructuring”). The Company recorded a charge of $ 1.0 million in the first quarter of 2022 as a result of the Restructuring, which consisted of one-time termination benefits for employee severance, benefits and related costs, which are expected to result in cash expenditures and will be paid out by December 31, 2022. Th e following table summarizes the changes in the Company’s accrued restructuring balance, which are included in Accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheet: (In thousands) Total Balance at December 31, 2021 $ — Restructuring costs, personnel related 985 Cash paid for restructuring costs $ ( 330 ) Balance at March 31, 2022 $ 655

Short-term borrowings

Short-term borrowings	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Short-term borrowings	6. Short-term borrowings As of March 31, 2022, the Company had short-term borrowings of $ 1.2 million consisting of a Commercial Insurance Premium Finance and Security nine-month repayment 2.93 % and a maturity of September 22, 2022 . Collateral under the Finance and Security Agreement includes the right,

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	. Debt Long-term debt consisted of the following (in thousands): March 31, December 31, 2022 2021 Principal amount of long-term debt $ — $ 12,733 Less: Current portion of long-term debt — ( 5,805 ) Long-term debt, net of current portion — 6,928 Debt discount, net of accretion — ( 217 ) Accrued end-of-term payment — 646 Long-term debt, net of discount and current portion $ — $ 7,357 The Company entered into a loan and security agreement with Hercules Capital, Inc. (the “Lender”) in December 2019 (the “Term Loan”), pursuant to which 12.7 million in outstanding principal borrowings as of December 31, 2021. On February 25, 2022, the Company repaid to the Lender a payoff amount of $ 12.8 million and terminated the Term Loan, provided that the Company continues to be bound by certain indemnification obligations 0.2 million and included payment of approximately $ 0.9 million consisting of end of term costs of 5.25 % of the $ 15.0 million amount drawn under the Term Loan and $ 0.1 million as outlined below, as well as an interest/non-use fee of less than $ 0.1 million. 0.3 million became due upon repayment of the loan. On December 22, 2020, the Company entered into an Unconditional Secured Guaranty and Pledge Agreement (the “Guaranty”) with the Lender as a condition to the Lender’s consent to the Merger under the Term Loan between Yumanity, Inc. as borrower and the Lender. Immediately prior to the Merger, Yumanity, Inc. entered into a Fourth Amendment and Consent to Loan and Security Agreement dated as of December 22, 2020 with the Lender (the “Loan Amendment”). The Guaranty provides for the Company’s guaranty of Yumanity Inc.’s obligations under the Loan Agreement and provides the Lender a security interest in all of Company’s assets other than intellectual property as collateral. The Loan Amendment provides for the Lender’s consent to the Merger and to the creation and funding of a Silicon Valley Bank Paycheck Protection Program escrow account to hold funds in connection with Yumanity’s outstanding Paycheck Protection Program loan amounts for which Yumanity has submitted a forgiveness application. The Loan Amendment also amends the definition of “Change in Control” to include the situations in which the Company no longer controls Yumanity, Inc. The remaining terms and conditions of the Loan Agreement generally continue in the form existing prior to the Loan Amendment. On March 29, 2021, the Term Loan was amended again to allow for the creation of a new foreign subsidiary, as well as changing certain covenants related to the financial operations of said subsidiary. The subsidiary was formed on April 23, 2021. On April 13, 2021, the Term Loan was amended to reduce the end of term cost of $ 0.3 million to $ 0.1 million upon repayment of the loan. In April 2020, prior to entering into the Merger Agreement with PTI in August 2020, the Company issued a Promissory Note to Silicon Valley Bank, pursuant to which it received loan proceeds of $ 1.1 million (the “Loan”) provided under the PPP established under the CARES Act and guaranteed by the U.S. Small Business Administration. On April 3, 2021, the Company was notified by Silicon Valley Bank that the Loan forgiveness application was accepted by the Small Business Association as of March 30, 2021. Accordingly, the Company has recognized $ 1.1 million in income for debt extinguishment.

Stock_Equity-Based Compensation

Stock/Equity-Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock/Equity-Based Compensation	. Stock/Equity-Based Compensation Restricted Stock Units (RSUs) On January 14, 2021, the Company’s compensation committee of the board approved payment to be made to Company employees through a grant of RSUs based on the February 1, 2021 closing share price of the Company’s common stock with a fair value of $ 2.2 million. The requisite service period for the awards ranges from one to four years (the vesting period). The Company recognized employee stock-based compensation expense for the RSU grant on a straight-line basis over the vesting period of the awards. During the three months ended March 31, 2022 , there were no RSUs granted and 51,570 were outstanding, and the Company recognized $ 0.1 million of stock-based compensation expense during the three months ended March 31, 2022. The following table summarizes the Company’s RSU activity for the three months ended March 31, 2022: RSUs Weighted Unvested balance at December 31, 2021 86,225 $ 17.89 Issued - $ — Vested ( 17,624 ) $ 17.89 Forfeited ( 17,031 ) $ 17.89 Unvested balance at March 31, 2022 51,570 $ 17.89 Restricted Stock Awards (RSAs) On November 22, 2021, the Company’s compensation committee of the board approved payment to be made to Company employees through a grant of RSAs based on the December 1, 2021 closing share price of the Company’s common stock with a fair value of $ 1.2 million. The requisite service period for the awards is one year (the vesting period). The Company recognized employee stock-based compensation expense for the RSA grant on a straight-line basis over the vesting period of the awards. During the three months ended March 31, 2022 , there were no RSAs granted and 208,966 outstanding, and the Company recognized $ 0.4 million stock-based compensation expense du ring the three months ended March 31, 2022. The following table summarizes the Company's RSA activity for the three months ended March 31, 2022: RSAs Weighted Unvested balance at December 31, 2021 305,663 $ 3.83 Issued - $ — Vested ( 64,767 ) $ 3.83 Forfeited ( 31,930 ) $ 3.83 Unvested balance at March 31, 2022 208,966 $ 3.83 Summary of plans Upon completion of the Merger, the Company assumed PTI’s 2016 Stock Option and Incentive Plan (the “2016 Plan”) and PTI’s 2016 Employee Stock Purchase Plan (the “2016 ESPP”). 2016 Stock Option and Incentive Plan On February 3, 2016, PTI’s stockholders approved the 2016 Plan, which became effective on February 9, 2016. The 2016 Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock units, restricted stock awards and other stock-based awards. The number of shares initially reserved for issuance under the 2016 Plan was 79,092 shares. The number of shares of common stock that may be issued under the 2016 Plan will automatically increase each January 1, beginning January 1, 2017, by the lesser of 3 % of the shares of the Company’s common stock outstanding on the immediately preceding December 31, or an amount determined by the Company’s board of directors or the compensation committee of the board of directors. The shares of common stock underlying any awards that are forfeited, canceled, repurchased, or are otherwise terminated by the Company under the 2016 Plan and the 2008 Equity Incentive Plan, as amended (the “2008 Plan”) will be added back to the shares of common stock available for issuance under the 2016 Plan. On January 1, 2022, an additional 319,341 shares were reserved for issuance under the 2016 Plan in accordance with the provisions of the 2016 Plan described above. Options granted under the 2016 Plan with service-based vesting conditions generally vest over four years and expire after ten years . As of March 31, 2022 the total number of shares of the Company’s common stock reserved for issuance under the 2016 Plan was 699,061 , of which 531,620 shares are available for future issuance under the 2016 Plan. 2016 Employee Stock Purchase Plan On February 3, 2016, PTI’s stockholders approved the 2016 ESPP, which became effective in connection with the completion of the PTI’s initial public offering. A total of 6,938 shares of common stock were initially reserved for issuance under the 2016 ESPP. In addition, the number of shares of common stock that may be issued under the 2016 ESPP will automatically increase each January 1, beginning January 1, 2017, by the lesser of (i) 6,938 shares of common stock, (ii) 1 % of the Company’s shares of common stock outstanding on the immediately preceding December 31, or (iii) an amount determined by the Company’s board of directors or the compensation committee of the board of directors. As of March 31, 2022, the total number of shares reserved under the 2016 ESPP was 48,564 shares. The number of shares reserved for issuance under the 2016 ESPP was increased by 6,938 shares effective as of January 1, 2021 in accordance with the provisions of the 2016 ESPP described above. Yumanity Therapeutics, Inc. Amended and Restated 2018 Stock Option and Grant Plan On December 4, 2018, the Company’s board of directors adopted the 2018 Unit Option and Grant Plan (the “2018 Plan”), which was approved by the Company’s members on December 5, 2018. The 2018 Plan provided for the Company to grant unit options, restricted unit awards and unrestricted unit awards to employees, directors and consultants of the Company. As part of the Yumanity Reorganization (as defined below) and the Merger, the 2018 Plan was amended and restated as the “Yumanity Therapeutics, Inc. Amended and Restated 2018 Stock Option and Grant Plan”. Each stock option outstanding under the 2018 Plan at the Effective Time of the Merger was automatically converted into a stock option exercisable for the same number of shares of Yumanity common stock, and then assumed by the Company, based on the Exchange Ratio and the exercise price per share of such outstanding stock option, as adjusted for the Exchange Ratio. The 2018 Plan is administered by the board of directors or, at the discretion of the board of directors, by a committee of the board of directors. The exercise prices, vesting and other restrictions are determined at the discretion of the board of directors, or its committee if so delegated. Options granted under the 2018 Plan with service-based vesting conditions generally vest over four years and expire after ten years . The total number of common shares that may be issued under the 2018 Plan is 1,527,210 as of March 31, 2022. Shares that are forfeited, canceled, reacquired by the Company prior to vesting, satisfied without the issuance of shares or otherwise terminated (other than by exercise) and units that are withheld upon the exercise of an option or settlement of an award to cover exercise price or tax withholding shall be added back to units available under the 2018 Plan. As of March 31, 2022 , 123,861 shares remain available for issuance under the 2018 Plan. Under each plan, the exercise price per option granted is not less than the fair market value of common stock as of the date of grant. 2021 Inducement Plan On June 2, 2021, the Board of Directors approved the adoption of the Company’s 2021 Inducement Plan (the “2021 Plan”), which is used exclusively for the grant of equity awards to individuals who were not previously employees of the Company (or following a bona fide period of non-employment), as an inducement material to such individual’s entering into employment with the Company, pursuant to Rule 416 under the Securities Act of 1933. During three months ended March 31, 2022 , the Company issued 17,000 options from the 2021 Plan to purchase common stock. As of March 31, 2022 , the total number of shares of the Company’s common stock that may be issued under the 2021 Plan is 400,000 shares of which 242,600 shares are available for future issuance under the 2021 Plan. Shares that are expired, forfeited, canceled or otherwise terminated without having been fully exercised will be available for future grant under the 2021 Plan. On April 13, 2021, Board of Directors approved the issuance of stock options to purchase 104,000 shares of its common stock. The stock options were issued outside of the Company’s 2021 Plan as an inducement material to the individual’s acceptance of an offer of employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). Option valuation The fair value of option grants is estimated using the Black-Scholes option-pricing model. Prior to the Merger, the Company was a private company and lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock/unit volatility based on the historical volatility of a publicly traded set of peer companies. The expected term of the Company’s options has been determined utilizing a midpoint convention estimate. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. Option activity The following table summarizes the Company’s option activity during three months ended March 31, 2022: Number Weighted Weighted Aggregate (in years) (in thousands) Outstanding as of December 31, 2021 1,779,174 $ 18.99 7.67 — Granted 17,000 $ 2.89 — — Exercised — — — — Forfeited ( 246,808 ) $ 14.60 — — Outstanding as of March 31, 2021 1,549,366 $ 19.30 7.46 — Vested and expected to vest as of March 31, 2021 1,549,366 $ 19.30 7.46 — The aggregate intrinsic value of options is calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. Stock/equity-based compensation The Company recorded stock/equity-based compensation expense related to common stock options and restricted stock units and restricted stock awards in the following expense categories in its condensed consolidated statements of operations (in thousands): Three Months Ended 2022 2021 Research and development expenses $ 101 $ 391 General and administrative expenses 1,103 1,016 $ 1,204 $ 1,407 As of March 31, 2022 , total unrecognized compensation cost related to unvested options and restricted common stock was $ 9.4 million, which is expected to be recognized over a weighted average period o f 2.55 years .

Net Loss per Share

Net Loss per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss per Share	9. Net Loss Per Share Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share amounts): Three Months Ended 2022 2021 Numerator: Net loss $ ( 13,381 ) $ ( 8,682 ) Denominator: Weighted average common shares 10,752,686 10,193,328 Net loss per share, basic and diluted $ ( 1.24 ) $ ( 0.85 ) The following common stock equivalents presented based on amounts outstanding at each period end, have been excluded from the calculation of diluted net loss per share because including them would have had an anti-dilutive impact: As of March 31, 2022 2021 Options to purchase common stock 1,549,366 1,436,644 Warrants to purchase common stock or shares 99,986 99,986 Unvested RSUs 51,570 116,425 1,700,922 1,653,055

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	10. Leases In February 2020, the Company entered into a license agreement with a third party for the use of office and laboratory space in Boston, Massachusetts, commencing in May 2020 (the “New Premises”). The Company determined that this license agreement qualified as a lease under ASC 842, Leases (“ASC 842”). The initial term of the license agreement is three years with the option to extend for a total of three one-year periods at fair-market rent at the time of each extension. In addition to use of office and laboratory space, the license fee includes various laboratory, office, and operational support services to be provided by the licensor. The initial monthly license fee escalates 3 % annually and totals approximately $ 12.0 million for the three-year term. Additionally, the licensee agreement for the New Premises requires the Company to pay for a non-exclusive, irrevocable license to use forty-two unreserved parking spaces adjacent to the New Premises at the prevailing monthly parking rate. On May 1, 2020 , the lease commencement date was met and the Company recorded an operating lease asset of $ 10.6 million and a corresponding lease liability of $ 10.2 million. On December 22, 2020, as part of the Merger, the Company acquired a lease for approximately 30,000 square feet of office and laboratory space (the “Merger Premises”) in Boston, Massachusetts. The lease commenced in January 2018 with rent payments commencing in April 2018. The initial term of the lease was ten years with the option to extend for an additional seven years at fair-market rent at the time of the extension. In addition to use of office and laboratory space, the Company is responsible for paying its allocable portion of building and laboratory operating expenses separately from rent, based on actual costs incurred. Remaining fixed lease payments at the time of the Merger were approximately $ 14.2 million. On December 22, 2020, the Company recorded an operating lease asset and corresponding lease liability of $ 10.2 million associated with this lease. The operating lease asset was increased by the value attributable to the below-market lease of $ 3.1 million and an allocated portion of the excess purchase price for the Merger of $ 1.9 million. On January 7, 2021 the Company entered into a sublease agreement (the “Sublease”) with Moma Therapeutics, Inc. (the “Subtenant”), whereby the Company subleased the entire Merger Premises to the Subtenant. The initial term of the Sublease commences on the date the Company receives consent to the Sublease from the landlord and shall continue until 18 months from the commencement date. The Sublease provides for the first monthly installment of rent to be paid by the Subtenant on the date of the Sublease. The Sublease provides for an initial annual base rent of $ 1,939,340 , which increases annually up to a maximum annual base rent of $ 1,997,520 . The Subtenant also is responsible for paying to the Company operating costs, annual tax costs and all utility costs attributable to the Premises during the term of the Sublease. Expense arising from the Merger Premises of $ 0.5 million for the three months ended March 31, 2022 and lease income from the Sublease of $ 0.5 million for the three months ended March 31, 2022 are classified in operating expense on a net basis. On February 28, 2022, the Company entered into two agreements that effectively amended the “New Premises” license agreement for laboratory space in Boston, Massachusetts. The first agreement terminated the existing license, due to expire in May of 2023, effective March 31, 2022. The second agreement, effective April 1, 2022, created a new license for approximately 20 percent of the space covered by the original license with an expiration date of December 31, 2022. The Company agreed to surrender to Licensor the full amount of both the security deposit and the last month’s license fee held by licensor pursuant to the agreement, totaling approximately $ 0.8 million, in consideration of the agreement to terminate the original license. The new license agreement decreases the monthly license fee amount from $ 0.4 million to $ 0.1 million. During the three months ended March 31, 2022, the Company determined a triggering event occurred related to a portion of its Merger Premises. As a result, the Company performed an impairment test. Based on a comparison of undiscounted cash flows to the right of use (“ROU”) asset, the Company determined that the asset was impaired, driven largely by the difference between the existing lease, contract terms and sublease income potential. This resulted in an impairment charge of $ 3.9 million, which reflects the excess of the ROU asset carrying value over its fair value. The Company also leased property and equipment under agreements that are accounted for as finance leases. As of March 31, 2022 the Company entered into an agreement for an early termination of the finance leases, which primarily consisted of laboratory equipment. The remaining finance lease liabilities settled was less than $ 0.1 million. The components of lease cost were as follows (in thousands): Three Months Ended 2022 2021 Operating lease cost $ 1,666 $ 1,666 Short-term lease cost — — Variable lease cost 206 77 Finance lease cost: Amortization of lease assets 8 67 Interest on lease liabilities 1 3 Total finance lease cost $ 9 $ 70 Supplemental disclosure of cash flow information related to leases was as follows (in thousands): Three Months Ended 2022 2021 Cash paid for amounts included in the measurement $ 1,514 $ 1,247 Cash paid for amounts included in the measurement $ 1 $ 3 Cash paid for amounts included in the measurement $ 13 $ 70 Operating lease liabilities arising from obtaining $ — $ — Finance lease liabilities arising from obtaining right- $ — $ — The weighted-average remaining lease term and discount rate were as follows: As of March 31, 2022 2021 Weighted-average remaining lease term (in years) used for: Operating leases 5.75 4.88 Finance leases — 1.25 Weighted-average discount rate used for: Operating leases 8.98 % 9.02 % Finance leases — 6.10 % Because the interest rates implicit in the license agreement and lease agreement assumed from PTI were not readily determinable, the Company’s incremental borrowing rate was used to calculate the present value of each. The present value of the Company’s finance leases was calculated using the rate implicit in the lease. There were no finance leases as of March 31, 2022. As of March 31, 2022, future annual lease payments under the Company’s real estate operating leases and equipment finance leases were as follows (in thousands): Year Operating Leases Lease Payments to be Received from Sublease Net Operating Lease Payments 2022 $ 1,999 $ ( 666 ) $ 1,333 2023 1,880 — $ 1,880 2024 1,931 — $ 1,931 2025 1,985 — $ 1,985 2026 2,039 — $ 2,039 Thereafter 2,800 — $ 2,800 Total future lease payments 12,634 ( 666 ) 11,968 Less: Imputed interest ( 2,920 ) — ( 2,920 ) Total lease liabilities $ 9,714 $ ( 666 ) $ 9,048 The following table presents lease assets and liabilities and their classification on the condensed consolidated balance sheet (in thousands): Leases Condensed Consolidated Balance Sheet Classification Amount Assets: Operating lease assets Operating lease right-of- use assets $ 10,082 Total leased assets $ 10,082 Liabilities: Current: Operating lease liabilities Operating lease liabilities $ 604 Non-current: Operating lease liabilities Operating lease liabilities, net of current portion 9,110 Total lease liabilities $ 9,714

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies License agreement The Company has a tangible property and patent license agreement with Whitehead Institute for Biomedical Research (“Whitehead”) entered into in 2016 and subsequently amended in 2016 and 2018, under which the Company obtained a certain exclusive and non-exclusive, royalty-bearing, sublicensable, worldwide license to make, sell and distribute products under certain patents owned by Whitehead for certain know-how related to specific neurodegenerative diseases. In consideration for the rights granted by the agreement, the Company paid a one-time license fee of less than $ 0.1 million and issued 300,000 common units valued at $ 0.8 million. The Company is required to pay annual maintenance fees of up to $ 0.1 million through the termination of the agreement. The Company is also required to pay up to an aggregate of approximately $ 1.9 million upon the achievement of certain developmental and regulatory milestones for the first two licensed products under its first indication. The Company is also required to pay additional milestone amounts for subsequent licensed products under its first or subsequent indications, but at a lower rate. The Company did not meet any milestones for the three months ended March 31, 2022 and the year ended December 31, 2021. The Company must also pay a royalty in the low single digits on future sales by the Company and a mid single to low double digit percentage of certain income received from sublicensees and certain partners. The license agreement remains in effect until the expiration of the last-to-expire patent licensed under the agreement. Whitehead may terminate the agreement upon the Company’s uncured material breach of the agreement, including failure to make required payments under the agreement or to achieve certain milestones, or if the Company becomes insolvent or bankrupt. The Company may terminate the license agreement at any time upon providing certain written notice to Whitehead. Contingent Value Rights Agreement In connection with the Merger, the Company entered into a Contingent Value Rights Agreement (the “CVR Agreement”) with Shareholder Representative Services LLC as representative of the PTI stockholders. The CVR Agreement entitled each holder of Company Common Stock as of immediately prior to the effective time of the Merger (the “Effective Time”) to receive certain net proceeds, if any, derived from the grant, sale or transfer of rights of the CF Assets ( the “CF Assets”) to any one of three specified counterparties completed during the 9 -month period after the Effective Time (with any potential payment obligations continuing until the 10-year anniversary of the closing of the Merger Agreement). The CVR agreement became effective at Closing of the Merger. Due to the fact that no CF Asset sale was completed by the nine-month anniversary of the Effective Time, the CVRs expired. No liability has been recorded at March 31, 2022 or previous periods associated with the CVRs. Indemnification agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, contract research organizations, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and its executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. The Company has not incurred any material costs as a result of such indemnifications and is not currently aware of any indemnification claims.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Unaudited Interim Financial Information	Unaudited Interim Financial Information The condensed consolidated balance sheet as of December 31, 2021 was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). The accompanying condensed consolidated financial statements, as of March 31, 2022 and for the three months ended March 31, 2022, are unaudited and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 24, 2022. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s condensed consolidated financial position as of March 31, 2022 and condensed consolidated results of operations and cash flows for the three months ended March 31, 2022 and 2021 have been made. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2022.
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company’s significant accounting policies, which are disclosed in the audited financial statements for the year ended December 31, 2021 and the notes thereto, are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on March 24, 2022. There were no changes to significant accounting policies during the three months ended March 31, 2022 .
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, revenue recognition, the accrual of research and development expenses prior to the Merger and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts, and experience. Actual results may differ from those estimates or assumptions.
Restricted Cash	Restricted cash Amounts included in restricted cash represent amounts pledged as collateral for Company credit cards as part of the terms of the “New Loan” and for its office and laboratory space lease. These amounts are classified as restricted cash (non-current) in the Company’s condensed consolidated balance sheet. In December 2020, in connection with the Merger, the Company acquired Proteostasis’ restricted cash pledged as collateral for its office and laboratory space lease and amended its loan and security agreement to establish an escrow account in the amount of its Paycheck Protection Program loan. After forgiveness of the PPP Loan, in April 2021 the escrowed cash was released and reclassified into cash and cash equivalents. The cash pledged as collateral is classified as restricted cash (non-current) in the Company’s condensed consolidated balance sheet as of March 31, 2022. As of March 31, 2022 and 2021, the cash and restricted cash of $ 16.9 million and $ 54.2 million, respectively, presented in the condensed consolidated statements of cash flows included cash and cash equivalents of $ 16.1 million and $ 52.1 million, respectively, and restricted cash of $ 0.9 million and $ 0.9 million, respectively.
Fair value measurements	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 and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s cash equivalents and marketable securities are carried at fair value, determined according to the fair value hierarchy described above (see Note 3). The carrying values of the Company’s accounts payable and accrued expenses approximate their fair values due to the short-term nature of these liabilities. The carrying value of the Company’s long-term debt under its loan and security agreement approximates its fair value due to its variable interest rate.

Fair Value Measurements and M_2

Fair Value Measurements and Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following tables present the Company’s fair value hierarchy for its assets and liabilities, which are measured at fair value on a recurring basis (in thousands): Fair Value Measurements at March 31, 2022 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 15,437 $ — $ — $ 15,437 Marketable securities: Commercial paper — 1,400 — 1,400 $ 15,437 $ 1,400 $ — $ 16,837 Fair Value Measurements at December 31, 2021 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 34,136 $ — $ — $ 34,136 Marketable securities: Commercial paper — 1,399 — 1,399 $ 34,136 $ 1,399 $ — $ 35,535
Summary of Marketable Securities	Marketable securities by security type consisted of the following (in thousands): March 31, 2022 Amortized Gross Gross Fair Commercial paper $ 1,400 $ — $ — $ 1,400 $ 1,400 $ — $ — $ 1,400 December 31, 2021 Amortized Gross Gross Fair Commercial paper $ 1,399 $ — $ — $ 1,399 $ 1,399 $ — $ — $ 1,399

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following (in thousands): March 31, December 31, 2022 2021 Accrued employee compensation and benefits $ 733 $ 1,763 Accrued external research and development expenses 1,198 1,633 Accrued professional fees 525 901 Other 416 549 $ 2,872 $ 4,846 In January 2022, the Company approved a restructuring plan following a review of its operations, cost structure and growth opportunities (the “Restructuring”). The Company recorded a charge of $ 1.0 million in the first quarter of 2022 as a result of the Restructuring, which consisted of one-time termination benefits for employee severance, benefits and related costs, which are expected to result in cash expenditures and will be paid out by December 31, 2022. Th e following table summarizes the changes in the Company’s accrued restructuring balance, which are included in Accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheet: (In thousands) Total Balance at December 31, 2021 $ — Restructuring costs, personnel related 985 Cash paid for restructuring costs $ ( 330 ) Balance at March 31, 2022 $ 655
Summary of restructuring balance accrued expenses and other current liabilities	Th e following table summarizes the changes in the Company’s accrued restructuring balance, which are included in Accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheet: (In thousands) Total Balance at December 31, 2021 $ — Restructuring costs, personnel related 985 Cash paid for restructuring costs $ ( 330 ) Balance at March 31, 2022 $ 655

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Summary of Long-term Debt	Long-term debt consisted of the following (in thousands): March 31, December 31, 2022 2021 Principal amount of long-term debt $ — $ 12,733 Less: Current portion of long-term debt — ( 5,805 ) Long-term debt, net of current portion — 6,928 Debt discount, net of accretion — ( 217 ) Accrued end-of-term payment — 646 Long-term debt, net of discount and current portion $ — $ 7,357

Stock_Equity-Based Compensati_2

Stock/Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Summary of Restricted Stock Unit Activity and Related Information	The following table summarizes the Company’s RSU activity for the three months ended March 31, 2022: RSUs Weighted Unvested balance at December 31, 2021 86,225 $ 17.89 Issued - $ — Vested ( 17,624 ) $ 17.89 Forfeited ( 17,031 ) $ 17.89 Unvested balance at March 31, 2022 51,570 $ 17.89
Summary of Restricted Stock Awards Activity	The following table summarizes the Company's RSA activity for the three months ended March 31, 2022: RSAs Weighted Unvested balance at December 31, 2021 305,663 $ 3.83 Issued - $ — Vested ( 64,767 ) $ 3.83 Forfeited ( 31,930 ) $ 3.83 Unvested balance at March 31, 2022 208,966 $ 3.83
Summary of Stock Option Activity	The following table summarizes the Company’s option activity during three months ended March 31, 2022: Number Weighted Weighted Aggregate (in years) (in thousands) Outstanding as of December 31, 2021 1,779,174 $ 18.99 7.67 — Granted 17,000 $ 2.89 — — Exercised — — — — Forfeited ( 246,808 ) $ 14.60 — — Outstanding as of March 31, 2021 1,549,366 $ 19.30 7.46 — Vested and expected to vest as of March 31, 2021 1,549,366 $ 19.30 7.46 —
Summary of Stock-based Compensation Expense, Including Shares Issued to Consultants for Services	The Company recorded stock/equity-based compensation expense related to common stock options and restricted stock units and restricted stock awards in the following expense categories in its condensed consolidated statements of operations (in thousands): Three Months Ended 2022 2021 Research and development expenses $ 101 $ 391 General and administrative expenses 1,103 1,016 $ 1,204 $ 1,407

Net Loss per Share (Tables)

Net Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss per Share	Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share amounts): Three Months Ended 2022 2021 Numerator: Net loss $ ( 13,381 ) $ ( 8,682 ) Denominator: Weighted average common shares 10,752,686 10,193,328 Net loss per share, basic and diluted $ ( 1.24 ) $ ( 0.85 )
Schedule of Antidilutive Securities Excluded from Computation of Diluted Weighted-average Shares Outstanding	The following common stock equivalents presented based on amounts outstanding at each period end, have been excluded from the calculation of diluted net loss per share because including them would have had an anti-dilutive impact: As of March 31, 2022 2021 Options to purchase common stock 1,549,366 1,436,644 Warrants to purchase common stock or shares 99,986 99,986 Unvested RSUs 51,570 116,425 1,700,922 1,653,055

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Lessee Disclosure [Abstract]
Elements of Lease Expense	The components of lease cost were as follows (in thousands): Three Months Ended 2022 2021 Operating lease cost $ 1,666 $ 1,666 Short-term lease cost — — Variable lease cost 206 77 Finance lease cost: Amortization of lease assets 8 67 Interest on lease liabilities 1 3 Total finance lease cost $ 9 $ 70
Summary of supplemental disclosure of cash flow information related to leases	Supplemental disclosure of cash flow information related to leases was as follows (in thousands): Three Months Ended 2022 2021 Cash paid for amounts included in the measurement $ 1,514 $ 1,247 Cash paid for amounts included in the measurement $ 1 $ 3 Cash paid for amounts included in the measurement $ 13 $ 70 Operating lease liabilities arising from obtaining $ — $ — Finance lease liabilities arising from obtaining right- $ — $ —
Schedule of weighted-average remaining lease term and discount rate	The weighted-average remaining lease term and discount rate were as follows: As of March 31, 2022 2021 Weighted-average remaining lease term (in years) used for: Operating leases 5.75 4.88 Finance leases — 1.25 Weighted-average discount rate used for: Operating leases 8.98 % 9.02 % Finance leases — 6.10 %
Summary of future annual operating lease payments	As of March 31, 2022, future annual lease payments under the Company’s real estate operating leases and equipment finance leases were as follows (in thousands): Year Operating Leases Lease Payments to be Received from Sublease Net Operating Lease Payments 2022 $ 1,999 $ ( 666 ) $ 1,333 2023 1,880 — $ 1,880 2024 1,931 — $ 1,931 2025 1,985 — $ 1,985 2026 2,039 — $ 2,039 Thereafter 2,800 — $ 2,800 Total future lease payments 12,634 ( 666 ) 11,968 Less: Imputed interest ( 2,920 ) — ( 2,920 ) Total lease liabilities $ 9,714 $ ( 666 ) $ 9,048
Summary of table presents lease assets and liabilities and their classification on the condensed consolidated balance sheet	The following table presents lease assets and liabilities and their classification on the condensed consolidated balance sheet (in thousands): Leases Condensed Consolidated Balance Sheet Classification Amount Assets: Operating lease assets Operating lease right-of- use assets $ 10,082 Total leased assets $ 10,082 Liabilities: Current: Operating lease liabilities Operating lease liabilities $ 604 Non-current: Operating lease liabilities Operating lease liabilities, net of current portion 9,110 Total lease liabilities $ 9,714

Nature of Business and Basis _2

Nature of Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2021	Mar. 31, 2022	Mar. 31, 2021	Feb. 28, 2022	Dec. 31, 2021
Nature of Business [Line Items]
Accumulated deficit		$ (200,694)			$ (187,313)
Net loss		(13,381)	$ (8,682)
Workforce reduced				60.00%
Public Float, Increased		75,000
Proceeds from sale of common stock		383
At The Market Offering [Member] | New Sales Agreement With Jefferies Llc [Member]
Nature of Business [Line Items]
Common Stock, Value, Subscriptions		$ 59,600			$ 60,000
Percentage of commission on gross proceeds of common stock sold	3.00%
At The Market Offering [Member] | Prior Sales Agreement With Jefferies Llc [Member]
Nature of Business [Line Items]
Common Stock, Value, Subscriptions	$ 60,000
Sale of Stock, Number of Shares Issued		216,332
Sale Of Stock Consideration Received On Transaction, net		$ 400

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Accounting Policies [Abstract]
Restricted Cash and Cash Equivalents	$ 16,900		$ 54,200
Cash and cash equivalents	16,060	$ 35,102	52,100
Restricted Cash	$ 900		$ 900

Fair Value Measurements and M_3

Fair Value Measurements and Marketable Securities - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets:
Total assets	$ 16,837	$ 35,535
Commercial Paper [Member]
Assets:
Marketable securities	1,400	1,399
Money Market Funds [Member]
Assets:
Cash equivalents	15,437	34,136
Level 1 [Member]
Assets:
Total assets	15,437	34,136
Level 1 [Member] | Commercial Paper [Member]
Assets:
Marketable securities	0	0
Level 1 [Member] | Money Market Funds [Member]
Assets:
Cash equivalents	15,437	34,136
Level 2 [Member]
Assets:
Total assets	1,400	1,399
Level 2 [Member] | Commercial Paper [Member]
Assets:
Marketable securities	1,400	1,399
Level 2 [Member] | Money Market Funds [Member]
Assets:
Cash equivalents	0	0
Level 3 [Member]
Assets:
Total assets	0	0
Level 3 [Member] | Commercial Paper [Member]
Assets:
Marketable securities	0	0
Level 3 [Member] | Money Market Funds [Member]
Assets:
Cash equivalents	$ 0	$ 0

Fair Value Measurements and M_4

Fair Value Measurements and Marketable Securities - Summary of Marketable Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,400	$ 1,399
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	1,400	1,399
Commercial Paper [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,400	1,399
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	$ 1,400	$ 1,399

Fair Value Measurements and M_5

Fair Value Measurements and Marketable Securities - Additional Information (Detail)	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Marketable securities maturity year	1 year

Collaboration Agreement - Addit

Collaboration Agreement - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jul. 31, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 17, 2021	Jun. 30, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative arrangement		$ 1,023	$ 3,532
License And Research Collaboration Agreement | Merck
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payments received	$ 15,000
Collaborative arrangement, milestone payments receivable					$ 5,000
Deferred revenue additions	15,000	1,000		$ 5,000
License And Research Collaboration Agreement | Merck | Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from collaborative arrangement		$ 100
License And Research Collaboration Agreement | Merck | Class C Preferred Units
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock price per share						$ 4.0008
License And Research Collaboration Agreement | Merck | Research and Development | Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, milestone payments receivable	280,000
License And Research Collaboration Agreement | Merck | Sales Based | Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, milestone payments receivable	$ 250,000

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued employee compensation and benefits	$ 733	$ 1,763
Accrued external research and development expenses	1,198	1,633
Accrued professional fees	525	901
Other	416	549
Total accrued expenses	$ 2,872	$ 4,846

Accrued Expenses (Additional In

Accrued Expenses (Additional Information) (Details) $ in Millions	Mar. 31, 2022USD ($)
Payables and Accruals [Abstract]
One-time termination benefits for employee severance, benefits and related costs	$ 1

Accrued Expenses - Summary of r

Accrued Expenses - Summary of restructuring balance accrued expenses and other current liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Balance at December 31, 2021	$ 0
Restructuring costs, personnel related	985
Cash paid for restructuring costs	(330)
Balance at March 31, 2022	$ 655

Short-term borrowing (Additiona

Short-term borrowing (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Short-term Debt [Line Items]
Short-term borrowings	$ 1,152	$ 0
Finance and Security Agreement
Short-term Debt [Line Items]
Frequency of periodic payment	nine-month
Annual interest rate	2.93%
Debt maturity date	Sep. 22, 2022

Debt - Summary of Long-term Deb

Debt - Summary of Long-term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Long-term Debt, Unclassified [Abstract]
Principal amount of long-term debt	$ 0	$ 12,733
Less: Current portion of long-term debt	0	(5,805)
Debt Instrument Carrying Amount Noncurrent, Total	0	6,928
Debt discount, net of accretion	0	(217)
Accrued end-of-term payment	0	646
Long-term debt, net of discount and current portion	$ 0	$ 7,357

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($) $ in Thousands	Feb. 25, 2022	Apr. 13, 2021	Apr. 03, 2021	Apr. 30, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term non current					$ 0		$ 12,733
Gain (Loss) on extinguishment of debt					(200)	$ 1,134
Silicon Valley Bank [Member]
Debt Instrument [Line Items]
Gain (Loss) on extinguishment of debt			$ 1,100
Minimum [Member]
Debt Instrument [Line Items]
Repayment period		$ 100
Maximum [Member]
Debt Instrument [Line Items]
Repayment period		$ 300
New Loan
Debt Instrument [Line Items]
Long-term non current								$ 12,700
Accrued end-of-term payment	$ 900				$ 300
Gain (Loss) on extinguishment of debt	200
Repayment period	$ 12,800
End term cost of amount drawn under term loan in percent	5.25%
Amount drawn under term loan	$ 15,000
Additional amount drawn under term loan	100
New Loan | Maximum [Member]
Debt Instrument [Line Items]
Interest/non-use fee	$ 100
Paycheck Protection Program Loan
Debt Instrument [Line Items]
Proceeds from Paycheck Protection Program loan				$ 1,100

Stock_Equity-Based Compensati_3

Stock/Equity-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	Feb. 01, 2021	Jan. 12, 2021	Feb. 03, 2016	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Jan. 01, 2022	Apr. 13, 2021	Jan. 01, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of cost not yet recognized for nonvested award under share-based payment arrangement.				$ 9,400
Stock-based compensation				$ 1,204	$ 1,407
Weighted average remaining contractual term				7 years 5 months 15 days		7 years 8 months 1 day
Number of options outstanding, including both vested and non-vested options				2 years 6 months 18 days
Restricted Incentive Units RSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation				$ 100
Fair value of share options granted	$ 2,200
Units granted				0
Number of incentive units				51,570
Restricted Incentive Units Rsa [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation				$ 400
Fair value of share options granted		$ 1,200
Units granted				0
Number of incentive units				208,966
Board Of Directors Chairman [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock to be purchased								104,000
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized				1,527,210
Common stock available for future issuance				123,861
2018 Plan | Service Based [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, expiration period				10 years
Share-based payment award, vest period				4 years
2016 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance			79,092	699,061
Common stock available for future issuance				531,620
Common stock reserved for issuance, percentage of number of shares of common stock outstanding			3.00%
2016 Plan [Member] | Service Based [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, expiration period				10 years
Share-based payment award, vest period				4 years
2016 Plan [Member] | Additional [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for future issuance							319,341
2016 ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance			6,938	48,564
Common stock reserved for issuance, percentage of number of shares of common stock outstanding			1.00%
2016 ESPP [Member] | Additional [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance									6,938
2021 Stock Option And Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized				400,000
Common stock available for issuance				242,600
Stock option issued				17,000

Stock_Equity-Based Compensati_4

Stock/Equity-Based Compensation - Summary of Restricted Stock Unit Activity and Related Information (Detail) - $ / shares	3 Months Ended	9 Months Ended
	Mar. 31, 2022	Sep. 30, 2021
Restricted Incentive Units RSU [Member]
Number of Shares
Unvested balance at December 31, 2021	86,225
Issued
Vested	(17,624)
Forfeited	(17,031)
Unvested balance at March 31, 2022	51,570
Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2021	$ 17.89
Issued
Vested	17.89
Forfeited	17.89
Unvested balance at March 31, 2022	$ 17.89
Restricted Incentive Units RSA [Member]
Number of Shares
Unvested balance at December 31, 2021	305,663
Issued
Vested	(64,767)
Forfeited	(31,930)
Unvested balance at March 31, 2022	208,966
Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2021	$ 3.83
Issued
Vested	3.83
Forfeited	3.83
Unvested balance at March 31, 2022	$ 3.83

Stock_Equity-Based Compensati_5

Stock/Equity-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Number of Shares/Units
Outstanding at December 31, 2021	1,779,174
Granted	17,000
Exercised
Forfeited	(246,808)
Outstanding as of March 31, 2022	1,549,366	1,779,174
Vested and expected to vest as of March 31, 2022	1,549,366
Weighted Average Exercise Price
Outstanding as of December 31, 2021	$ 18.99
Granted	2.89
Exercised
Forfeited	14.60
Outstanding as of March 31, 2022	19.30	$ 18.99
Vested and expected to vest as of March 31, 2022	$ 19.30
Weighted Average Remaining Contractual Term, Outstanding	7 years 5 months 15 days	7 years 8 months 1 day
Weighted Average Remaining Contractual Term,Granted
Weighted Average Remaining Contractual Term,Exercised
Weighted Average Remaining Contractual Term,Forfeited
Vested and expected to vest as of March 31, 2021	7 years 5 months 15 days
Aggregate Intrinsic Value, Outstanding as of December 30, 2021
Aggregate Intrinsic Value,Granted
Aggregate Intrinsic Value,Exercised
Aggregate Intrinsic Value,Forfeited
Weighted Average Remaining Contractual Term,Forfeited
Aggregate Intrinsic Value, Vested and expected to vest at September 30, 2021

Stock_Equity-Based Compensati_6

Stock/Equity-Based Compensation - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Stock-based compensation expense	$ 1,204	$ 1,407
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Stock-based compensation expense	101	391
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Stock-based compensation expense	$ 1,103	$ 1,016

Net Loss per Share - Schedule o

Net Loss per Share - Schedule of Basic and Diluted Net Loss per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net loss	$ (13,381)	$ (8,682)
Denominator:
Weighted average common shares outstanding, basic and diluted	10,752,686	10,193,328
Net loss per share, basic and diluted	$ (1.24)	$ (0.85)

Net Loss per Share - Schedule_2

Net Loss per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Weighted-average Shares Outstanding (Detail) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities outstanding	1,700,922	1,653,055
Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities outstanding	1,549,366	1,436,644
Warrants to purchase common stock or shares convertible into common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities outstanding	99,986	99,986
Unvested Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities outstanding	51,570	116,425

Leases - Additional Information

Leases - Additional Information (Detail)	Feb. 28, 2022USD ($)	Jan. 07, 2021	Dec. 22, 2020USD ($)ft²	May 01, 2020USD ($)	Feb. 29, 2020USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Operating Lease, Right-of-Use Asset
Operating Lease, Right-of-Use Asset						$ 10,082,000		$ 18,543,000
License term					3 years
Remaining finance lease liabilities						666,000
Operating Lease, Impairment Loss						3,901,000
Security deposit and the last month's license fee	$ 800,000
Moma Therapeutics Inc [Member]
Operating Lease, Right-of-Use Asset
Lessee, operating sub lease, term of contract		18 months
Operating sub lease, cost						500,000
Sublease Income						$ 500,000
Old Premises Cambridge [Member]
Operating Lease, Right-of-Use Asset
Lease expiration date						May 1, 2020
New Premises Boston [Member]
Operating Lease, Right-of-Use Asset
Operating Lease, Right-of-Use Asset				$ 10,600,000
Increase (decrease) in operating lease liability				$ 10,200,000
Percentage of escalation of License fee					3.00%
Total Amount of License fee					$ 12,000,000
Merger Laboratory Boston [Member]
Operating Lease, Right-of-Use Asset
Operating lease, initial term						10 years
Operating lease, option to extend additional term						7 years
Operating Lease, Right-of-Use Asset			$ 10,200,000
Increase (decrease) in operating lease liability			$ 10,200,000
Number of Square Feet | ft²			30,000
Operating lease, payments			$ 14,200,000
Merger Laboratory Boston [Member] | Portion of Excess Merger Purchase Price [Member]
Operating Lease, Right-of-Use Asset
Operating Lease, Right-of-Use Asset			1,900,000
Merger Laboratory Boston [Member] | Value Attributable to Below Market Lease [Member]
Operating Lease, Right-of-Use Asset
Operating Lease, Right-of-Use Asset			$ 3,100,000
Maximum [Member]
Operating Lease, Right-of-Use Asset
Total Amount of License fee	400,000
Remaining finance lease liabilities						$ 100,000
Maximum [Member] | Moma Therapeutics Inc [Member]
Operating Lease, Right-of-Use Asset
Operating leases, rent expense, sublease rentals						1,997,520
Minimum [Member]
Operating Lease, Right-of-Use Asset
Total Amount of License fee	$ 100,000
Minimum [Member] | Moma Therapeutics Inc [Member]
Operating Lease, Right-of-Use Asset
Operating leases, rent expense, sublease rentals						$ 1,939,340

Leases - Summary of lease cost

Leases - Summary of lease cost (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lease cost
Operating lease cost	$ 1,666	$ 1,666
Short-term Lease Cost
Variable lease cost	206	77
Finance lease cost, amortization of lease assets	8	67
Finance lease cost, interest on lease liabilities	1	3
Total finance lease cost	$ 9	$ 70

Leases - Summary of supplementa

Leases - Summary of supplemental disclosure of cash flow information related to leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of Supplemental disclosure of cash flow information related to leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities (operating cash flows)	$ 1,514	$ 1,247
Cash paid for amounts included in the measurement of finance lease liabilities (operating cash flows)	1	3
Cash paid for amounts included in the measurement of finance lease liabilities (financing cash flows)	13	70
Operating lease liabilities arising from obtaining right-of-use assets
Finance lease liabilities arising from obtaining right-of-use assets

Leases - Schedule of weighted-a

Leases - Schedule of weighted-average remaining lease term and discount rate (Detail)	Mar. 31, 2022	Mar. 31, 2021
Schedule of weighted average remaining lease term and discount rate [Abstract]
Weighted-average remaining lease term (in years) used for Operating leases	5 years 9 months	4 years 10 months 17 days
Weighted-average remaining lease term (in years) used for Finance leases		1 year 3 months
Weighted-average discount rate for Operating leases	8.98%	9.02%
Weighted-average discount rate used for Finance leases		6.10%

Leases - Summary of future annu

Leases - Summary of future annual Operating lease payments (Detail) $ in Thousands	Mar. 31, 2022USD ($)
Operating Leases
2022	$ 1,999
2023	1,880
2024	1,931
2025	1,985
2026	2,039
Thereafter	2,800
Total future lease payments	12,634
Less: Imputed interest	(2,920)
Total lease liabilities	9,714
Finance Leases
2022	666
Total future lease payments	666
Less: Imputed interest	0
Total lease liabilities	666
Net Operating Lease Payments
2022	1,333
2023	1,880
2024	1,931
2025	1,985
2026	2,039
Thereafter	2,800
Total future lease payments	11,968
Less: Imputed interest	(2,920)
Total lease liabilities	$ 9,048

Leases - Summary of table pres

Leases - Summary of table presents lease assets and liabilities and their classification on the condensed consolidated balance sheet (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets:
Operating lease assets	$ 10,082	$ 18,543
Total leased assets	10,082
Current:
Operating lease liabilities	604	5,064
Non-current:
Operating lease liabilities	9,110	$ 9,415
Total lease liabilities	$ 9,714

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)shares
Long-term Purchase Commitment [Line Items]
Period of agreement	9 months
Contingent Value Rights Agreement [Member] | Shareholder Representative Series LLC [Member]
Long-term Purchase Commitment [Line Items]
Business combination contingent consideration agreement	$ 0
Whitehead Institute for Biomedical Research [Member]
Long-term Purchase Commitment [Line Items]
Common unit issued | shares	300,000
Common Unit, Issuance Value	$ 800
Whitehead Institute for Biomedical Research [Member] | Maximum [Member]
Long-term Purchase Commitment [Line Items]
Payment of license fees	100
Annual cost maintenance	100
Whitehead Institute for Biomedical Research [Member] | Maximum [Member] | Developmental and Regulatory [Member] | First Two Licensed Products [Member]
Long-term Purchase Commitment [Line Items]
Contractual Obligation	$ 1,900