Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 05, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | GRAY | |
Entity Registrant Name | GRAYBUG VISION, INC. | |
Entity Central Index Key | 0001534133 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 21,517,682 | |
Entity File Number | 001-39538 | |
Entity Tax Identification Number | 45-2120079 | |
Entity Address, Address Line One | 203 Redwood Shores Parkway | |
Entity Address, Address Line Two | Suite 620 | |
Entity Address, City or Town | Redwood City | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94065 | |
City Area Code | 650 | |
Local Phone Number | 487-2800 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 13,872 | $ 13,364 |
Short-term investments | 36,817 | 50,306 |
Prepaid expenses and other current assets | 1,038 | 3,408 |
Total current assets | 51,727 | 67,078 |
Property and equipment, net | 1,911 | 1,981 |
Operating lease right-of-use asset | 384 | |
Prepaid expenses and other non-current assets | 29 | |
Total assets | 54,022 | 69,088 |
Current liabilities: | ||
Accounts payable | 1,014 | 527 |
Accrued research and development | 463 | 304 |
Operating lease liability, current | 398 | |
Other current liabilities | 2,455 | 3,226 |
Total current liabilities | 4,330 | 4,057 |
Deferred rent, long term portion | 8 | |
Total liabilities | 4,330 | 4,065 |
Commitments and contingencies (Note 5) | ||
Stockholders’ equity: | ||
Preferred stock | ||
Common stock | 2 | 2 |
Additional paid-in capital | 237,447 | 234,225 |
Accumulated deficit | (187,578) | (169,188) |
Accumulated other comprehensive loss | (179) | (16) |
Total stockholders’ equity | 49,692 | 65,023 |
Total liabilities and stockholders’ equity | $ 54,022 | $ 69,088 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating expenses: | ||||
Research and development | $ 4,058 | $ 4,166 | $ 10,115 | $ 10,614 |
General and administrative | 4,243 | 3,575 | 8,370 | 8,615 |
Total operating expenses | 8,301 | 7,741 | 18,485 | 19,229 |
Loss from operations | (8,301) | (7,741) | (18,485) | (19,229) |
Interest income | 60 | 33 | 95 | 72 |
Net loss | $ (8,241) | $ (7,708) | $ (18,390) | $ (19,157) |
Net loss per common share—basic | $ (0.38) | $ (0.36) | $ (0.86) | $ (0.91) |
Weighted-average number of shares outstanding used in computing net loss per common share—basic | 21,433,396 | 21,148,743 | 21,395,793 | 21,084,915 |
Net loss per common share—diluted | $ (0.38) | $ (0.36) | $ (0.86) | $ (0.91) |
Weighted-average number of shares outstanding used in computing net loss per common share—diluted | 21,433,396 | 21,148,743 | 21,395,793 | 21,084,915 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Net loss | $ (8,241) | $ (7,708) | $ (18,390) | $ (19,157) |
Unrealized (loss) gain on available-for-sale securities, net of tax | (3) | 6 | (163) | 10 |
Comprehensive loss | $ (8,244) | $ (7,702) | $ (18,553) | $ (19,147) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance at Dec. 31, 2020 | $ 94,786 | $ 2 | $ 228,155 | $ (133,367) | $ (4) |
Beginning Balance, Shares at Dec. 31, 2020 | 20,979,265 | ||||
Stock issued on exercise of stock options | 92 | 92 | |||
Stock issued on exercise of stock options, Shares | 76,679 | ||||
Stock-based compensation expense | 1,129 | 1,129 | |||
Net loss | (11,449) | (11,449) | |||
Unrealized (loss) gain on available-for-sale securities, net of tax | 4 | 4 | |||
Ending Balance at Mar. 31, 2021 | 84,562 | $ 2 | 229,376 | (144,816) | |
Ending Balance, Shares at Mar. 31, 2021 | 21,055,944 | ||||
Beginning Balance at Dec. 31, 2020 | 94,786 | $ 2 | 228,155 | (133,367) | (4) |
Beginning Balance, Shares at Dec. 31, 2020 | 20,979,265 | ||||
Net loss | (19,157) | ||||
Unrealized (loss) gain on available-for-sale securities, net of tax | 10 | ||||
Ending Balance at Jun. 30, 2021 | 78,667 | $ 2 | 231,183 | (152,524) | 6 |
Ending Balance, Shares at Jun. 30, 2021 | 21,284,676 | ||||
Beginning Balance at Mar. 31, 2021 | 84,562 | $ 2 | 229,376 | (144,816) | |
Beginning Balance, Shares at Mar. 31, 2021 | 21,055,944 | ||||
Stock issued on exercise of stock options | 495 | 495 | |||
Stock issued on exercise of stock options, Shares | 228,732 | ||||
Stock-based compensation expense | 1,312 | 1,312 | |||
Net loss | (7,708) | (7,708) | |||
Unrealized (loss) gain on available-for-sale securities, net of tax | 6 | 6 | |||
Ending Balance at Jun. 30, 2021 | 78,667 | $ 2 | 231,183 | (152,524) | 6 |
Ending Balance, Shares at Jun. 30, 2021 | 21,284,676 | ||||
Beginning Balance at Dec. 31, 2021 | 65,023 | $ 2 | 234,225 | (169,188) | (16) |
Beginning Balance, Shares at Dec. 31, 2021 | 21,357,773 | ||||
Stock-based compensation expense | 1,542 | 1,542 | |||
Net loss | (10,149) | (10,149) | |||
Unrealized (loss) gain on available-for-sale securities, net of tax | (160) | (160) | |||
Ending Balance at Mar. 31, 2022 | 56,256 | $ 2 | 235,767 | (179,337) | (176) |
Ending Balance, Shares at Mar. 31, 2022 | 21,357,773 | ||||
Beginning Balance at Dec. 31, 2021 | 65,023 | $ 2 | 234,225 | (169,188) | (16) |
Beginning Balance, Shares at Dec. 31, 2021 | 21,357,773 | ||||
Net loss | (18,390) | ||||
Unrealized (loss) gain on available-for-sale securities, net of tax | (163) | ||||
Ending Balance at Jun. 30, 2022 | 49,692 | $ 2 | 237,447 | (187,578) | (179) |
Ending Balance, Shares at Jun. 30, 2022 | 21,517,682 | ||||
Beginning Balance at Mar. 31, 2022 | 56,256 | $ 2 | 235,767 | (179,337) | (176) |
Beginning Balance, Shares at Mar. 31, 2022 | 21,357,773 | ||||
Stock-based compensation expense | 1,749 | 1,749 | |||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes | (69) | (69) | |||
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for employee taxes, Shares | 159,909 | ||||
Net loss | (8,241) | (8,241) | |||
Unrealized (loss) gain on available-for-sale securities, net of tax | (3) | (3) | |||
Ending Balance at Jun. 30, 2022 | $ 49,692 | $ 2 | $ 237,447 | $ (187,578) | $ (179) |
Ending Balance, Shares at Jun. 30, 2022 | 21,517,682 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities: | ||
Net loss | $ (18,390) | $ (19,157) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 3,291 | 2,441 |
Depreciation | 247 | 247 |
Noncash lease expense | 183 | |
Accretion of premium and discounts on short-term investments | (31) | 67 |
Acquired in-process research and development | 2,194 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current and non-current assets | 2,399 | 2,214 |
Accounts payable | 467 | (415) |
Accrued research and development | 159 | (960) |
Operating lease liability | (185) | |
Other current and non-current liabilities | (997) | (1,482) |
Net cash used in operating activities | (10,663) | (17,045) |
Investing activities: | ||
Purchases of property and equipment | (173) | (304) |
Purchases of investments | (16,393) | (58,126) |
Maturity of investments | 29,750 | 49,334 |
Acquisition of in-process research and development | (1,944) | |
Net cash provided by (used in) investing activities | 11,240 | (9,096) |
Financing activities: | ||
Payment of taxes on vested restricted stock units | (69) | |
Proceeds from exercise of stock options | 587 | |
Net cash (used in) provided by financing activities | (69) | 587 |
Net increase (decrease) in cash and cash equivalents | 508 | (25,554) |
Cash and cash equivalents at beginning of period | 13,364 | 33,418 |
Cash and cash equivalents at end of period | 13,872 | 7,864 |
Supplemental disclosure of noncash items: | ||
Right-of-use asset obtained in exchange for operating lease liability | 567 | |
Acquired in-process research and development in accrued liabilities | 250 | |
Property and equipment purchases included in accounts payable | $ 27 | $ 52 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. Organization Graybug Vision, Inc., the Company or Graybug, has historically been a clinical-stage biopharmaceutical company developing medicines for the treatment of diseases of the retina and optic nerve. On June 28, 2022, the Company announced that it would conduct a comprehensive review of strategic alternatives focused on maximizing shareholder value. As part of this review of strategic alternatives, the Company is exploring the potential for an acquisition, company sale, merger, divestiture of assets, private placement of equity securities, or other strategic transactions. Prior to this announcement, the Company had devoted substantially all of its resources to conducting research and development and raising capital. On August 11, 2022, the Company announced that all clinical development of GB-102, GB-401, and GB-501 had been put on hold to conserve capital pending the outcome of its strategic review. The Company was founded in May 2011 and maintains facilities in Redwood City, California and Baltimore, Maryland. The Company has historically been subject to risks common to clinical stage companies in the biopharmaceutical industry, including dependence on the clinical success of its product candidates, ability to obtain regulatory approvals of its product candidates, compliance with regulatory requirements, the need for substantial additional financing and protection of its proprietary technology. Going Concern Considerations The Company incurred losses from operations and had negative cash flows from operating activities for the six months ended June 30, 2022, and 2021, and the Company’s accumulated deficit at June 30, 2022 was $187.6 million. The Company’s current operating plan, which is subject to change based on the ongoing strategic review, indicates it will continue to incur losses from operations and generate negative cash flows from operating activities, given ongoing expenditures related to anticipated research and development and the Company’s lack of revenue-generating activities at this point in the Company’s life cycle. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. In March 2021, the Company decided not to proceed with the significant investment required to initiate two Phase 3 clinical trials for GB-102 in late 2021. As a result, management continues to believe that the Company’s current cash, cash equivalents and short-term investments are adequate to meet its cash needs for at least 12 months from the issuance date of this Quarterly Report on Form 10-Q. As part of the Company’s review of strategic alternatives, it is exploring the potential for an acquisition, company sale, merger, divestiture of assets, private placement of equity securities, or other strategic transactions. As part of this process the Company is exploring an outright sale or merger as well as a process to raise additional funds in order to further advance our research and development programs, operate our business, secure research and development collaborations, and meet our obligations as they come due. The Company may pursue financing alternatives, similar to what it has previously executed, which include debt and equity financing. There are no assurances that this process will result in any such transaction and such sources of capital may not be available to the Company in the necessary time frame, in the amounts that the Company requires, on terms that are acceptable to the Company, or at all. If the Company is unable to consummate an acquisition, company sale, merger, divestiture of assets or other strategic transaction or raise the necessary funds when needed or reduce spending on currently planned activities, it may not be able to continue the preclinical development of its products or it could be required to delay, scale back, or eliminate some or all of its research and development programs and other operations, including personnel, any of which may materially harm its business, financial position and results of operations. COVID-19 Pandemic The impact of the worldwide spread of a novel strain of coronavirus, or COVID-19, has been unprecedented and unpredictable, |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements contained in this Quarterly Report on Form 10-Q have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission, or SEC, and, therefore, certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, have been omitted. In the opinion of management, the information reflects all adjustments necessary to make the results of operations for the interim periods a fair statement of such operations. All such adjustments are of a normal recurring nature. Interim results are not necessarily indicative of results for the full year. The condensed balance sheet at December 31, 2021 has been derived from the audited financial statements at that date, but does not include all information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 11, 2022. The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, RainBio, Inc. (“RainBio”), which was acquired in March 2022 (see Note 5). All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting periods. Actual results could differ from those estimates. Significant items subject to estimates include estimates related to accrued research and development expenses, contingent milestone payments, other long-lived assets, stock-based compensation, incremental borrowing rates for leases and the valuation of deferred tax assets. The Company bases its estimates using historical experience, Company forecasts and future plans, current economic conditions, and information from third-party professionals that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities and recorded amounts of expenses that are not readily apparent from other sources, and adjusts those estimates and assumptions when facts and circumstances dictate. The Company’s results can also be affected by economic, political, legislative, regulatory and legal actions. Economic conditions, such as recessionary trends, inflation, interest, changes in regulatory laws and monetary exchange rates, and government fiscal policies, can have a significant effect on operations. While the Company maintains reserves for anticipated liabilities, the Company could be adversely affected by civil, criminal, regulatory or administrative actions, claims, or related proceedings. Leases The Company adopted Accounting Standards Codification (ASC) Topic 842, Leases Operating lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized based on the present value of lease payments over the lease term at the commencement date of the lease. Right-of-use assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less any lease incentive received. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its incremental borrowing rate. The incremental borrowing rate reflects the rate of interest that a lessee would have to pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. Lease expense for an operating lease is recognized on a straight-line basis over the lease term. The Company elected the practical expedient to not sep arate lease and non-lease components for all classes of assets . Additionally, the Company has elected an accounting policy to not recognize short-term leases, which have a lease term of twelve months or less, on the condensed consolidated balance sheet. Variable lease payments are primarily related to property taxes, insurance and common are a maintenance, and are recognized as lease cost when incurred. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) Leases In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following three levels: • Level 1: Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. • Level 2: Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): June 30, 2022 Level 1 Level 2 Level 3 Total Current assets: Cash equivalents: Money market funds $ 7,282 $ — $ — $ 7,282 Commercial paper — 4,246 — 4,246 Total cash equivalents 7,282 4,246 — 11,528 Short-term investments: Corporate debt securities — 2,099 — 2,099 Commercial paper — 23,797 — 23,797 U.S. Treasury notes — 10,921 — 10,921 Total short-term investments — 36,817 — 36,817 Total assets measured at fair value $ 7,282 $ 41,063 $ — $ 48,345 December 31, 2021 Level 1 Level 2 Level 3 Total Current assets: Cash equivalents: Money market funds $ 8,920 $ — $ — $ 8,920 Corporate debt securities — 1,480 — 1,480 Commercial paper — 2,749 — 2,749 Total cash equivalents 8,920 4,229 — 13,149 Short-term investments: Corporate debt securities — 1,117 — 1,117 Commercial paper — 41,954 — 41,954 U.S. Treasury notes — 7,235 — 7,235 Total short-term investments — 50,306 — 50,306 Total assets measured at fair value $ 8,920 $ 54,535 $ — $ 63,455 Money market funds are highly liquid investments which are actively traded. The pricing information on the Company’s money market funds are based on quoted prices in active markets for identical securities. This approach results in the classification of these securities as Level 1 of the fair value hierarchy. The fair value of investments is determined from market pricing and other observable market inputs for similar securities obtained from various third-party data providers. The pricing services utilize industry-standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities; issuer credit spreads; benchmark securities; prepayment/default projections based on historical data; and other observable inputs. This approach results in the classification of these securities as Level 2 of the fair value hierarchy. There were no transfers between Levels 1, 2 or 3 for the periods presented. The following tables present information as to cost, unrealized gains and losses and fair value determination of the Company’s financial assets measured at fair value on a recurring basis (in thousands): June 30, 2022 Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Current assets: Cash equivalents: Money market funds $ 7,282 $ — $ — $ 7,282 Commercial paper 4,247 — (1 ) 4,246 Total cash equivalents 11,529 — (1 ) 11,528 Short-term investments: Corporate debt securities 2,115 — (16 ) 2,099 Commercial paper 23,882 2 (87 ) 23,797 U.S. Treasury notes 10,998 — (77 ) 10,921 Total short-term investments 36,995 2 (180 ) 36,817 Total assets measured at fair value $ 48,524 $ 2 $ (181 ) $ 48,345 December 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Current assets: Cash equivalents: Money market funds $ 8,920 $ — $ — $ 8,920 Corporate debt securities 1,480 — — 1,480 Commercial paper 2,749 — — 2,749 Total cash equivalents 13,149 — — 13,149 Short-term investments: Corporate debt securities 1,117 — (1 ) 1,116 Commercial paper 41,956 6 (8 ) 41,954 U.S. Treasury notes 7,249 — (13 ) 7,236 Total short-term investments 50,322 6 (22 ) 50,306 Total assets measured at fair value $ 63,471 $ 6 $ (22 ) $ 63,455 As of June 30, 2022 and December 31, 2021, the contractual maturities of all available-for-sale investments were less than 12 months. The Company periodically reviews the available-for-sale investments for other-than-temporary impairment loss. All investments with unrealized losses have been in a loss position for less than 12 months. As a result, the Company did not recognize any other-than-temporary impairment losses as of June 30, 2022 and December 31, 2021. |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | 4. Balance Sheet Components Other Current Liabilities Other current liabilities consisted of the following (in thousands): June 30, 2022 December 31, 2021 Salaries and benefits $ 1,159 $ 2,278 Professional services 803 461 Holdback liability for acquisition of in-process research and development 250 — Deferred rent — 8 Other 243 479 Total other current liabilities $ 2,455 $ 3,226 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5. Commitments and Contingencies The Company enters into contracts in the normal course of business with contract research organizations, or CROs, for clinical trials and contract manufacturing organizations, or CMOs, for clinical supply manufacturing and with vendors for equipment, preclinical research studies, research supplies and other services and products for operating purposes. As of June 30, 2022, these commitments were approximately $3.2 million due within 3 to 9 months. These contracts generally provide for termination on notice of 60 to 90 days. As of June 30, 2022, there were no unpaid cancellation or other related costs and none are anticipated. Operating Lease Agreements The Company leases a facility in Baltimore, Maryland under an operating lease with a term through June 2023. The Company also has a short-term lease for approximately 2,560 rentable square feet of office space in Redwood City, California, which was amended in July 2022 to extend the term from August 31, 2022 to December 31, 2022. On January 1, 2022, the Company adopted ASC 842 and the following disclosures as of and for the six months ended June 30, 2022 are presented under ASC 842. The operating cash outflow for the Baltimore lease liability was $0.2 million for the six months ended June 30, 2022. As of June 30, 2022, the remaining term of the Company’s Baltimore lease was 1.0 years, and the incremental borrowing rate used to determine the operating lease liability was 6.0%. Lease expense recognized for the operating leases, including short-term leases not included in the measurement of the lease liability, was $0.2 million for the six months ended June 30, 2022. Under the terms of the lease agreements, the Company is also responsible for certain variable lease payments that are not included in the measurement of the lease liability. Variable lease payments for the operating leases were immaterial for the six months ended June 30, 2022. Rent expense recognized under ASC 840 for the six months ended June 30, 2021 was $0.2 million. As of June 30, 2022, future minimum commitments under the Company’s non-cancelable operating leases, in accordance with ASC 842, are as follows (in thousands): 2022 (remaining six months) $ 204 2023 205 Total undiscounted future minimum lease payments 409 Less: imputed interest (11 ) Operating lease liabilities $ 398 As of December 31, 2021, future minimum commitments under the Company’s non-cancelable operating leases, in accordance with ASC 840, are as follows (in thousands): 2022 $ 527 2023 205 Total future minimum lease payments $ 732 Asset Acquisition In March 2022, the Company acquired RainBio, a private company in the United States whose primary assets are certain gene therapy technology and preclinical data. RainBio was purchased at a cost of approximately $2.2 million, including transaction costs and a contingent holdback, and the Company may be required to make additional contingent payments of up to $17.5 million in the aggregate upon the achievement of certain milestones. Other than the contingent holdback release, no further payments are required until FDA approval of a product based upon the acquired assets and the sale or utilization of any priority review voucher that may be granted in connection with such approval. The acquisition was accounted for as an asset acquisition, as substantially all of the fair value of the assets acquired was concentrated in a single in-process research and development, or IPR&D, intangible asset. As the acquired IPR&D did not have an alternative future use to the Company, the purchase price of $2.2 million was recorded as research and development expense in the accompanying condensed consolidated statement of operations for the six months ended June 30, 2022. As of June 30, 2022, none of the milestones were probable of achievement and, accordingly, no amounts have been recognized in the accompanying condensed consolidated financial statements with respect to these contingent payments. Indemnifications In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of June 30, 2022, the Company did not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities. Litigation From time to time, the Company may become involved in legal proceedings arising in the ordinary course of business. The Company is not presently a party to any legal proceedings that it believes would have a material adverse effect on its business, operating results, financial condition or cash flows. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 6. Stock-Based Compensation 2020 Equity Incentive Plan In August 2020, the Company’s board of directors and stockholders adopted the Company’s 2020 Equity Incentive Plan, or the 2020 Plan, that became effective in connection with the IPO , and serves as the successor to the Company’s 2015 Stock Incentive Plan, or the 2015 Plan. The Company’s 2020 Plan authorizes the award of stock options, restricted stock units, or RSUs, restricted stock awards, or RSAs, stock appreciation rights, or SARs, performance awards and stock bonus awards. In March 2022, the Company increased the aggregate number of shares reserved for issuance by an additional 1,067,888 shares pursuant to the automatic share reserve increase provision of the 2020 Plan and in June 2022 the Company reserved an additional 2,340,000 for future issuance under the 2020 Plan following approval by the Company’s stockholders. As of June 30, 2022, ther 2020 Employee Stock Purchase Plan In August 2020 the Company’s board of directors and stockholders adopted the Company’s 2020 Employee Stock Purchase Plan, or the ESPP, that became effective in connection with the IPO Inducement Grants On January 14, 2022, six newly-hired employees were granted inducement options to purchase an aggregate of 234,200 shares of the Company’s common stock at an exercise price of $1.55 per share. These inducement grants were made outside of the 2020 Equity Incentive Plan in accordance with the Nasdaq Listing Rule 5635(c)(4). One-fourth ten-year Stock-Based Compensation Expense Stock-based compensation expense recognized for options and RSUs granted was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and development $ 418 $ 334 $ 776 $ 591 General and administrative 1,331 978 2,515 1,850 Total stock-based compensation expense $ 1,749 $ 1,312 $ 3,291 $ 2,441 As of June 30, 2022, the total unrecognized stock-based compensation expense related to outstanding unvested stock awards that are expected to vest was $13.9 million, which the Company expects to recognize over an estimated weighted-average term of 2.3 years. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes The Company did not record a provision or benefit for income taxes during the six months ended June 30, 2022 and 2021. As of both June 30, 2022 and December 31, 2021, the Company continues to maintain a full valuation allowance against all of its deferred tax assets in light of its history of cumulative net losses. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 8. Net Loss Per Share The Company calculates basic net loss per share based on the weighted-average number of common shares outstanding during the periods presented and calculates diluted net loss per share based on the weighted-average number of shares of common stock outstanding, including potentially dilutive securities. For the six months ended June 30 , 2022 and 2021, basic and diluted net loss per share are the same due to the Company’s net losses and requirement to exclude potentially dilutive sec urities which would have an antidilutive effect on net loss per share. During the six months ended June 30 , 2022 and 2021, potentially dilutive securities consisted of the common shares underlying outstanding stock options, RSUs and warrants. The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: As of June 30, 2022 2021 Stock options to purchase common stock 4,951,408 3,919,090 Restricted stock units 1,276,642 1,068,700 Warrants to purchase common stock 27,759 27,759 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements contained in this Quarterly Report on Form 10-Q have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission, or SEC, and, therefore, certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, have been omitted. In the opinion of management, the information reflects all adjustments necessary to make the results of operations for the interim periods a fair statement of such operations. All such adjustments are of a normal recurring nature. Interim results are not necessarily indicative of results for the full year. The condensed balance sheet at December 31, 2021 has been derived from the audited financial statements at that date, but does not include all information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 11, 2022. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting periods. Actual results could differ from those estimates. Significant items subject to estimates include estimates related to accrued research and development expenses, contingent milestone payments, other long-lived assets, stock-based compensation, incremental borrowing rates for leases and the valuation of deferred tax assets. The Company bases its estimates using historical experience, Company forecasts and future plans, current economic conditions, and information from third-party professionals that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities and recorded amounts of expenses that are not readily apparent from other sources, and adjusts those estimates and assumptions when facts and circumstances dictate. The Company’s results can also be affected by economic, political, legislative, regulatory and legal actions. Economic conditions, such as recessionary trends, inflation, interest, changes in regulatory laws and monetary exchange rates, and government fiscal policies, can have a significant effect on operations. While the Company maintains reserves for anticipated liabilities, the Company could be adversely affected by civil, criminal, regulatory or administrative actions, claims, or related proceedings. |
Leases | Leases The Company adopted Accounting Standards Codification (ASC) Topic 842, Leases Operating lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized based on the present value of lease payments over the lease term at the commencement date of the lease. Right-of-use assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less any lease incentive received. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its incremental borrowing rate. The incremental borrowing rate reflects the rate of interest that a lessee would have to pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. Lease expense for an operating lease is recognized on a straight-line basis over the lease term. The Company elected the practical expedient to not sep arate lease and non-lease components for all classes of assets . Additionally, the Company has elected an accounting policy to not recognize short-term leases, which have a lease term of twelve months or less, on the condensed consolidated balance sheet. Variable lease payments are primarily related to property taxes, insurance and common are a maintenance, and are recognized as lease cost when incurred. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) Leases In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): June 30, 2022 Level 1 Level 2 Level 3 Total Current assets: Cash equivalents: Money market funds $ 7,282 $ — $ — $ 7,282 Commercial paper — 4,246 — 4,246 Total cash equivalents 7,282 4,246 — 11,528 Short-term investments: Corporate debt securities — 2,099 — 2,099 Commercial paper — 23,797 — 23,797 U.S. Treasury notes — 10,921 — 10,921 Total short-term investments — 36,817 — 36,817 Total assets measured at fair value $ 7,282 $ 41,063 $ — $ 48,345 December 31, 2021 Level 1 Level 2 Level 3 Total Current assets: Cash equivalents: Money market funds $ 8,920 $ — $ — $ 8,920 Corporate debt securities — 1,480 — 1,480 Commercial paper — 2,749 — 2,749 Total cash equivalents 8,920 4,229 — 13,149 Short-term investments: Corporate debt securities — 1,117 — 1,117 Commercial paper — 41,954 — 41,954 U.S. Treasury notes — 7,235 — 7,235 Total short-term investments — 50,306 — 50,306 Total assets measured at fair value $ 8,920 $ 54,535 $ — $ 63,455 |
Summary of Company's Financial Assets Measured at Fair Value | The following tables present information as to cost, unrealized gains and losses and fair value determination of the Company’s financial assets measured at fair value on a recurring basis (in thousands): June 30, 2022 Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Current assets: Cash equivalents: Money market funds $ 7,282 $ — $ — $ 7,282 Commercial paper 4,247 — (1 ) 4,246 Total cash equivalents 11,529 — (1 ) 11,528 Short-term investments: Corporate debt securities 2,115 — (16 ) 2,099 Commercial paper 23,882 2 (87 ) 23,797 U.S. Treasury notes 10,998 — (77 ) 10,921 Total short-term investments 36,995 2 (180 ) 36,817 Total assets measured at fair value $ 48,524 $ 2 $ (181 ) $ 48,345 December 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Current assets: Cash equivalents: Money market funds $ 8,920 $ — $ — $ 8,920 Corporate debt securities 1,480 — — 1,480 Commercial paper 2,749 — — 2,749 Total cash equivalents 13,149 — — 13,149 Short-term investments: Corporate debt securities 1,117 — (1 ) 1,116 Commercial paper 41,956 6 (8 ) 41,954 U.S. Treasury notes 7,249 — (13 ) 7,236 Total short-term investments 50,322 6 (22 ) 50,306 Total assets measured at fair value $ 63,471 $ 6 $ (22 ) $ 63,455 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Other Current Liabilities | Other current liabilities consisted of the following (in thousands): |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Commitments Accordance with ASC 842 | As of June 30, 2022, future minimum commitments under the Company’s non-cancelable operating leases, in accordance with ASC 842, are as follows (in thousands): 2022 (remaining six months) $ 204 2023 205 Total undiscounted future minimum lease payments 409 Less: imputed interest (11 ) Operating lease liabilities $ 398 |
Schedule of Future Minimum Commitments Accordance with ASC 840 | As of December 31, 2021, future minimum commitments under the Company’s non-cancelable operating leases, in accordance with ASC 840, are as follows (in thousands): 2022 $ 527 2023 205 Total future minimum lease payments $ 732 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock-Based Compensation Expense Recognized for Options and RSUs Granted | Stock-based compensation expense recognized for options and RSUs granted was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and development $ 418 $ 334 $ 776 $ 591 General and administrative 1,331 978 2,515 1,850 Total stock-based compensation expense $ 1,749 $ 1,312 $ 3,291 $ 2,441 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Anti-dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share | The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: As of June 30, 2022 2021 Stock options to purchase common stock 4,951,408 3,919,090 Restricted stock units 1,276,642 1,068,700 Warrants to purchase common stock 27,759 27,759 |
Organization - Additional Infor
Organization - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Accumulated deficit | $ 187,578 | $ 169,188 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jan. 01, 2022 |
Summary Of Significant Accounting Policies [Line Items] | ||
Operating lease right-of-use asset | $ 384 | $ 600 |
Operating lease liabilities | $ 398 | $ 600 |
Accounting Standards Update 2016-02 | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Change in accounting principle, accounting standards update, adopted | true | |
Change in accounting principle, accounting standards update, adoption date | Jan. 01, 2022 | |
Change in accounting principle, accounting standards update, immaterial effect | true | |
Accounting Standards Update 2019-12 | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Change in accounting principle, accounting standards update, adopted | true | |
Change in accounting principle, accounting standards update, adoption date | Jan. 01, 2022 | |
Change in accounting principle, accounting standards update, immaterial effect | true |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash equivalents | $ 11,528 | $ 13,149 |
Short-term investments | 36,817 | 50,306 |
Assets measured at fair value | 48,345 | 63,455 |
Money Market Funds | ||
Current assets: | ||
Cash equivalents | 7,282 | 8,920 |
Commercial Paper | ||
Current assets: | ||
Cash equivalents | 4,246 | 2,749 |
Short-term investments | 23,797 | 41,954 |
Corporate Debt Securities | ||
Current assets: | ||
Cash equivalents | 1,480 | |
Short-term investments | 2,099 | 1,117 |
U.S. Treasury Notes | ||
Current assets: | ||
Short-term investments | 10,921 | 7,235 |
Level 1 | ||
Current assets: | ||
Cash equivalents | 7,282 | 8,920 |
Assets measured at fair value | 7,282 | 8,920 |
Level 1 | Money Market Funds | ||
Current assets: | ||
Cash equivalents | 7,282 | 8,920 |
Level 2 | ||
Current assets: | ||
Cash equivalents | 4,246 | 4,229 |
Short-term investments | 36,817 | 50,306 |
Assets measured at fair value | 41,063 | 54,535 |
Level 2 | Commercial Paper | ||
Current assets: | ||
Cash equivalents | 4,246 | 2,749 |
Short-term investments | 23,797 | 41,954 |
Level 2 | Corporate Debt Securities | ||
Current assets: | ||
Cash equivalents | 1,480 | |
Short-term investments | 2,099 | 1,117 |
Level 2 | U.S. Treasury Notes | ||
Current assets: | ||
Short-term investments | $ 10,921 | $ 7,235 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | ||
Fair value assets, transfers amount between levels 1 and 2 | $ 0 | |
Fair value liabilities, transfers amount between levels 1 and 2 | 0 | |
Fair value assets, transfers into level 3 | 0 | |
Fair value liabilities, transfers into level 3 | 0 | |
Other-than-temporary impairment losses | $ 0 | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Company 's Financial Assets Measured at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total cash equivalents, Aggregate Fair Value | $ 11,528 | $ 13,149 |
Total asset measured at fair value, Aggregate Fair Value | 48,345 | 63,455 |
Fair Value, Recurring | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total cash equivalents, Amortized Cost | 11,529 | 13,149 |
Total cash equivalents, Unrealized Losses | (1) | |
Total cash equivalents, Aggregate Fair Value | 11,528 | 13,149 |
Total short-term investments, Amortized Cost | 36,995 | 50,322 |
Total short-term investments, Unrealized Gains | 2 | 6 |
Total short-term investments, Unrealized Losses | (180) | (22) |
Total short-term investments, Aggregate Fair Value | 36,817 | 50,306 |
Total asset measured at fair value, Amortized Cost | 48,524 | 63,471 |
Total asset measured at fair value, Unrealized Gains | 2 | 6 |
Total asset measured at fair value, Unrealized Losses | (181) | (22) |
Total asset measured at fair value, Aggregate Fair Value | 48,345 | 63,455 |
Fair Value, Recurring | Money Market Funds | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total cash equivalents, Amortized Cost | 7,282 | 8,920 |
Total cash equivalents, Aggregate Fair Value | 7,282 | 8,920 |
Fair Value, Recurring | Commercial Paper | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total cash equivalents, Amortized Cost | 4,247 | 2,749 |
Total cash equivalents, Unrealized Losses | (1) | |
Total cash equivalents, Aggregate Fair Value | 4,246 | 2,749 |
Total short-term investments, Amortized Cost | 23,882 | 41,956 |
Total short-term investments, Unrealized Gains | 2 | 6 |
Total short-term investments, Unrealized Losses | (87) | (8) |
Total short-term investments, Aggregate Fair Value | 23,797 | 41,954 |
Fair Value, Recurring | Corporate Debt Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total cash equivalents, Amortized Cost | 1,480 | |
Total cash equivalents, Aggregate Fair Value | 1,480 | |
Total short-term investments, Amortized Cost | 2,115 | 1,117 |
Total short-term investments, Unrealized Losses | (16) | (1) |
Total short-term investments, Aggregate Fair Value | 2,099 | 1,116 |
Fair Value, Recurring | U.S. Treasury Notes | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total short-term investments, Amortized Cost | 10,998 | 7,249 |
Total short-term investments, Unrealized Losses | (77) | (13) |
Total short-term investments, Aggregate Fair Value | $ 10,921 | $ 7,236 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Other Liabilities Current [Abstract] | ||
Salaries and benefits | $ 1,159 | $ 2,278 |
Professional services | 803 | 461 |
Holdback liability for acquisition of in-process research and development | 250 | |
Deferred rent | 8 | |
Other | 243 | 479 |
Total other current liabilities | $ 2,455 | $ 3,226 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 1 Months Ended | 6 Months Ended | ||
Jul. 31, 2022 | Jun. 30, 2022 USD ($) ft² | Jun. 30, 2021 USD ($) | Jan. 01, 2022 USD ($) | |
Loss Contingencies [Line Items] | ||||
Unpaid cancellation and other related costs | $ 0 | |||
Operating lease liabilities | 398,000 | $ 600,000 | ||
Lease expense | 200,000 | |||
Acquired in-process research and development | 2,194,000 | |||
Development or regulatory milestones were deemed probable of achievement | 0 | |||
Contingent payments recognized | 0 | |||
RainBio | ||||
Loss Contingencies [Line Items] | ||||
Private company purchase cost including estimated transaction costs and contingent holdback | 2,200,000 | |||
Additional contingent payments upon achievement of certain development and regulatory milestone | $ 17,500,000 | |||
Accounting Standards Update 2016-02 | ||||
Loss Contingencies [Line Items] | ||||
Lease expense | $ 200,000 | |||
Baltimore, Maryland | ||||
Loss Contingencies [Line Items] | ||||
Operating lease, term | 2023-06 | |||
Cash paid for operating leases | $ 200,000 | |||
Operating lease remaining term | 1 year | |||
Operating lease incremental borrowing rate, percentage | 6% | |||
Redwood City, California | ||||
Loss Contingencies [Line Items] | ||||
Area of office space | ft² | 2,560 | |||
Short term operating lease expiration date | Aug. 31, 2022 | |||
CALIFORNIA | Subsequent Event | ||||
Loss Contingencies [Line Items] | ||||
Extended short term operating lease expiration date | Dec. 31, 2022 | |||
Research and Development | ||||
Loss Contingencies [Line Items] | ||||
Contractual obligation | $ 3,200,000 | |||
Research and Development | Minimum | ||||
Loss Contingencies [Line Items] | ||||
Contractual obligation term | 3 months | |||
Research and Development | Maximum | ||||
Loss Contingencies [Line Items] | ||||
Contractual obligation term | 9 months |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Commitments Accordance with ASC 842 (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jan. 01, 2022 |
Commitments And Contingencies Disclosure [Abstract] | ||
2022 (remaining six months) | $ 204 | |
2023 | 205 | |
Total undiscounted future minimum lease payments | 409 | |
Less: imputed interest | (11) | |
Operating lease liabilities | $ 398 | $ 600 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Future Minimum Commitments Accordance with ASC 840 (Details) $ in Thousands | Dec. 31, 2021 USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2022 | $ 527 |
2023 | 205 |
Total future minimum lease payments | $ 732 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions | 6 Months Ended | ||
Jan. 14, 2022 Employee $ / shares shares | Jun. 30, 2022 USD ($) Employee shares | Mar. 31, 2022 shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total unrecognized stock-based compensation expenses related to outstanding unvested stock awards | $ | $ 13.9 | ||
Total unrecognized stock-based compensation expenses related to outstanding unvested stock awards weighted-average term of recognition | 2 years 3 months 18 days | ||
2020 Equity Incentive Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock additional aggregate number of shares reserved | 2,340,000 | 1,067,888 | |
Common stock shares reserved for future issuance | 2,446,844 | ||
2020 Employee Stock Purchase Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock shares reserved for future issuance | 210,000 | ||
Number of employee stock purchase plan | Employee | 0 | ||
Inducement Grants | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of newly hired employees | Employee | 6 | ||
Options granted | 234,200 | ||
Common stock at an exercise price | $ / shares | $ 1.55 | ||
Vesting percentage on first year anniversary | 0.25% | ||
Description of vesting rights | One-fourth of the options will vest on the one-year anniversary of the vesting commencement date and the remainder will vest in equal monthly installments over the next three years, in each case subject to the new employee’s continued service with the Company. | ||
Stock options term | 10 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock-Based Compensation Expense Recognized for Options and RSUs Granted (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 1,749 | $ 1,312 | $ 3,291 | $ 2,441 |
Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 418 | 334 | 776 | 591 |
General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 1,331 | $ 978 | $ 2,515 | $ 1,850 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Provision or benefit for income taxes | $ 0 | $ 0 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Anti-dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Stock Options to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 4,951,408 | 3,919,090 |
Restricted Stock Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 1,276,642 | 1,068,700 |
Warrants to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from calculation of diluted net loss per share | 27,759 | 27,759 |