Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 10, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity File Number | 001-35890 | |
Entity Registrant Name | Tempest Therapeutics, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 45-1472564 | |
Entity Address, Address Line One | 7000 Shoreline Court | |
Entity Address, Address Line Two | Suite 275 | |
Entity Address, City or Town | South San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94080 | |
City Area Code | 415 | |
Local Phone Number | 798-8589 | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | TPST | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 6,703,242 | |
Entity Central Index Key | 0001544227 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 68,413 | $ 18,820 |
Restricted cash | 45 | 0 |
Prepaid expenses and other current assets | 2,036 | 1,005 |
Total current assets | 70,494 | 19,825 |
Property and equipment — net | 1,218 | 1,110 |
Operating lease right-of-use assets | 3,673 | 1,877 |
Other noncurrent assets | 112 | 51 |
Total assets | 75,497 | 22,863 |
Current liabilities: | ||
Accounts payable | 6,695 | 1,071 |
Accrued expenses | 948 | 665 |
Current operating lease liabilities | 1,484 | 712 |
Accrued compensation | 540 | 695 |
Interest payable | 89 | 0 |
Early option exercise liability | 38 | 79 |
Total current liabilities | 9,794 | 3,222 |
Loan payable (net of issuance costs of $85) | 14,915 | 0 |
Operating lease liabilities | 2,674 | 1,727 |
Total liabilities | 27,383 | 4,949 |
Commitments and contingencies (Note 8) | ||
Convertible preferred stock, $0.001 par value; 135,936,731 shares authorized at June 30, 2021 and December 31, 2020; nil and 114,686,731 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively; liquidation preference of $0 and $100,186,732 at June 30, 2021 and December 31, 2020, respectively | 0 | 86,707 |
Stockholders' equity (deficit): | ||
Common stock, $0.001 par value; 196,000,000 shares authorized at June 30, 2021 and December 31, 2020; 6,637,081 and 527,265 shares issued and outstanding, 8,767 and 29,041 subject to repurchase at June 30, 2021 and December 31, 2020, respectively | 7 | 15 |
Additional paid-in capital | 132,281 | 2,953 |
Accumulated deficit | (84,174) | (71,761) |
Total stockholders' equity (deficit) | 48,114 | (68,793) |
Total liabilities, convertible preferred stock and stockholders' equity (deficit) | $ 75,497 | $ 22,863 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Temporary equity, shares authorized (in shares) | 135,936,731 | |
Temporary equity, shares outstanding (in shares) | 114,686,731 | |
Temporary equity, liquidation preference | $ 100,187,000 | |
Common stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 196,000,000 |
Common stock, shares issued (in shares) | 6,637,081 | 527,265 |
Common stock, shares outstanding (in shares) | 6,637,081 | 527,265 |
Debt issuance costs, net | $ 85 | |
Common stock shares subject to repurchase shares | 8,767 | 29,041 |
Convertible Preferred Stock | ||
Temporary equity, par value (in usd per share) | $ 0.001 | $ 0.001 |
Temporary equity, shares authorized (in shares) | 5,000,000 | 135,936,731 |
Temporary equity, shares issued (in shares) | 0 | 114,686,731 |
Temporary equity, shares outstanding (in shares) | 0 | 114,686,731 |
Temporary equity, liquidation preference | $ 0 | $ 100,186,732 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating expenses: | ||||
Research and development | $ 4,229 | $ 4,094 | $ 7,821 | $ 7,121 |
General and administrative | 2,556 | 1,144 | 4,091 | 2,420 |
Loss from operations | 6,785 | 5,238 | 11,912 | 9,541 |
Other income (expense): | ||||
Interest expense | (276) | 0 | (507) | 0 |
Interest income and other income (expense), net | 3 | 9 | 6 | 84 |
Net loss | $ (7,058) | $ (5,229) | $ (12,413) | $ (9,457) |
Net loss per share of common stock, basic and diluted (in USD per share) | $ (7.63) | $ (11.42) | $ (17.30) | $ (21.28) |
Weighted-average shares of common stock outstanding, basic and diluted (in shares) | 925,432 | 457,998 | 717,618 | 444,466 |
Consolidated Statements of Conv
Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Total | Series A Convertible Preferred Stock | Series B Convertible Preferred Stock | Series B1 Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Deficit Accumulated |
Balance at beginning (in shares) at Dec. 31, 2019 | 17,000,000 | 25,186,738 | 28,749,997 | 410,429 | |||
Balance at beginning at Dec. 31, 2019 | $ (50,365) | $ 16,982 | $ 12,235 | $ 22,755 | $ 2,188 | $ (52,553) | |
Stockholder's equity | |||||||
Exercise of stock options (in shares) | 6,132 | ||||||
Exercise of stock options | 27 | 27 | |||||
Share-based compensation | 230 | 230 | |||||
Vesting of early exercised stock options (in shares) | 60,406 | ||||||
Vesting of early exercised stock options | 200 | 200 | |||||
Issuance of preferred stock for cash—net of issuance costs | $ 34,735 | ||||||
Issuance of preferred stock for cash—net of issuance costs (in shares) | 43,749,996 | ||||||
Reverse recapitalization of Millendo | $ 34,735 | ||||||
Reverse recapitalization of Millendo, (in shares) | 43,749,996 | ||||||
Net loss | (9,457) | (9,457) | |||||
Balance at end (in shares) at Jun. 30, 2020 | 17,000,000 | 25,186,738 | 72,499,993 | 476,967 | |||
Balance at end at Jun. 30, 2020 | (59,365) | $ 16,982 | $ 12,235 | $ 57,490 | $ 0 | 2,645 | (62,010) |
Balance at beginning (in shares) at Mar. 31, 2020 | 17,000,000 | 25,186,738 | 72,499,993 | 440,292 | |||
Balance at beginning at Mar. 31, 2020 | (54,466) | $ 16,982 | $ 12,235 | $ 57,490 | $ 0 | 2,315 | (56,781) |
Stockholder's equity | |||||||
Share-based compensation | 227 | 227 | |||||
Vesting of early exercised stock options (in shares) | 36,675 | ||||||
Vesting of early exercised stock options | 103 | $ 0 | 103 | ||||
Net loss | (5,229) | (5,229) | |||||
Balance at end (in shares) at Jun. 30, 2020 | 17,000,000 | 25,186,738 | 72,499,993 | 476,967 | |||
Balance at end at Jun. 30, 2020 | (59,365) | $ 16,982 | $ 12,235 | $ 57,490 | $ 0 | 2,645 | (62,010) |
Balance at beginning (in shares) at Dec. 31, 2020 | 17,000,000 | 25,186,738 | 72,499,993 | 498,224 | |||
Balance at beginning at Dec. 31, 2020 | $ (68,793) | $ 16,982 | $ 12,235 | $ 57,490 | $ 1 | 2,967 | (71,761) |
Stockholder's equity | |||||||
Exercise of stock options (in shares) | 10,654 | 10,654 | |||||
Exercise of stock options | $ 49 | 49 | |||||
Share-based compensation | 531 | 531 | |||||
Vesting of early exercised stock options (in shares) | 20,229 | ||||||
Vesting of early exercised stock options | 96 | 96 | |||||
Reverse recapitalization transaction costs | (6,074) | (6,074) | |||||
Issuance of preferred stock for cash—net of issuance costs | 18,001 | $ 1 | 18,000 | ||||
Issuance of preferred stock for cash—net of issuance costs (in shares) | 1,269,446 | ||||||
Conversion of preferred stock to common stock | 86,707 | $ (16,982) | $ (12,235) | $ (57,490) | $ 4 | 86,703 | |
Conversion of preferred stock to common stock, (in shares) | (17,000,000) | (25,186,738) | (72,499,993) | 3,692,912 | |||
Issuance of common stock for cash (in shares) | 1,136,849 | ||||||
Issuance of common stock for cash | 30,010 | $ 1 | 30,009 | ||||
Reverse recapitalization of Millendo | 18,001 | $ 1 | 18,000 | ||||
Reverse recapitalization of Millendo, (in shares) | 1,269,446 | ||||||
Net loss | (12,413) | (12,413) | |||||
Balance at end (in shares) at Jun. 30, 2021 | 0 | 0 | 0 | 6,628,314 | |||
Balance at end at Jun. 30, 2021 | 48,114 | $ 0 | $ 0 | $ 0 | $ 7 | 132,281 | (84,174) |
Balance at beginning (in shares) at Mar. 31, 2021 | 17,000,000 | 25,186,738 | 72,499,993 | 514,508 | |||
Balance at beginning at Mar. 31, 2021 | (73,951) | $ 16,982 | $ 12,235 | $ 57,490 | $ 1 | 3,164 | (77,116) |
Stockholder's equity | |||||||
Exercise of stock options (in shares) | 6,285 | ||||||
Exercise of stock options | 29 | 29 | |||||
Share-based compensation | 411 | 411 | |||||
Vesting of early exercised stock options (in shares) | 8,314 | ||||||
Vesting of early exercised stock options | 39 | 39 | |||||
Reverse recapitalization transaction costs | (6,074) | (6,074) | |||||
Conversion of preferred stock to common stock | 86,707 | $ (16,982) | $ (12,235) | $ (57,490) | $ 4 | 86,703 | |
Conversion of preferred stock to common stock, (in shares) | (17,000,000) | (25,186,738) | (72,499,993) | 3,692,912 | |||
Issuance of common stock for cash (in shares) | 1,136,849 | ||||||
Issuance of common stock for cash | 30,010 | $ 1 | 30,009 | ||||
Record pre-merger Millendo stockholders' equity and elimination of Millendo historical accumulated deficit | 18,001 | $ 1 | 18,000 | ||||
Record pre-merger Millendo stockholders' equity and elimination of Millendo historical accumulated deficit, (in shares) | 1,269,446 | ||||||
Net loss | (7,058) | (7,058) | |||||
Balance at end (in shares) at Jun. 30, 2021 | 0 | 0 | 0 | 6,628,314 | |||
Balance at end at Jun. 30, 2021 | $ 48,114 | $ 0 | $ 0 | $ 0 | $ 7 | $ 132,281 | $ (84,174) |
Consolidated Statements of Co_2
Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Stock Issuance Costs | $ 265 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities: | ||
Net loss | $ (12,413) | $ (9,457) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 165 | 174 |
Stock-based compensation expense | 531 | 230 |
Noncash lease expense | 274 | 264 |
Noncash related party interest income | (4) | (3) |
Noncash interest and other expense | 290 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 987 | (176) |
Accounts payable | 5,445 | (891) |
Accrued expenses and other liabilities | (1,197) | (625) |
Interest payable | 89 | |
Operating lease liabilities | (350) | 363 |
Cash used in operating activities | (6,183) | (10,121) |
Investing activities: | ||
Purchase of property and equipment | (84) | (37) |
Repayment of note receivable | 0 | 44 |
Cash (used in) provided by investing activities | (84) | 7 |
Financing activities: | ||
Proceeds from issuance of preferred stock | 0 | 35,000 |
Payment of preferred stock issuance costs | 0 | (469) |
Proceeds from the issuance of common stock | 30,010 | 0 |
Borrowings on loan payable | 15,000 | |
Payment of loan issuance costs | (93) | |
Cash acquired in connection with the reverse recapitalization | 17,045 | |
Payment of reverse recapitalization transaction costs | (6,074) | |
Proceeds from option exercises | 17 | 27 |
Cash provided by financing activities | 55,905 | 34,558 |
Net increase in cash and cash equivalents | 49,638 | 24,444 |
Cash and cash equivalents and restricted cash at beginning of period | 18,820 | 3,244 |
Cash and cash equivalents and restricted cash at end of period | 68,458 | 27,688 |
Supplemental disclosure of cashflow information: | ||
Cash paid for interest | 383 | |
Supplemental schedule of non-cash investing and financing activities: | ||
Vesting of early exercise stock options | $ 95 | $ 200 |
Organization and Description of
Organization and Description of The Business | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of The Business | 1. ORGANIZATION AND DESCRIPTION OF THE BUSINESS Description of Business Therapeutics, Inc. (“Tempest,” or the “Company”) is a clinical-stage oncology company focused on developing novel, orally available therapies for the treatment of solid tumors. Tempest has three programs currently in development, TPST-1495, TPST-1120 and a TREX-1 antagonist. TPST-1495 is a dual antagonist of the EP2 and EP4 prostaglandin E2 receptors, and to the Company’s knowledge, is the only such dual antagonist in clinical development. TPST-1495 is currently in a Phase 1 trial in solid tumors. Tempest’s second clinical program, TPST-1120, is a selective antagonist of peroxisome proliferator-activated receptor alpha (“PPARα”) and is also in a Phase 1 trial in solid tumors. Similar to TPST-1495, Tempest believes TPST-1120 is the only PPARα antagonist in clinical development. The Company also has a third program in preclinical studies that could be the first to target TREX-1, a cellular enzyme that regulates the innate immune response in tumors. Tempest is headquartered in South San Merger with Millendo Concurrent with the execution and delivery of the Merger Agreement, Private Tempest entered into funding agreements with certain investors named therein, pursuant to which the investors agreed to purchase, in the aggregate, $30.0 million of common stock of Private Tempest, convertible into securities of Millendo. On June 25, 2021, Private Tempest completed the merger with Millendo in accordance with the Merger Agreement. Prior to the effective time of the merger, Millendo effected a 1-for-15 reverse stock split, and right after the merger, Millendo changed its name to Tempest Therapeutics, Inc. Under the terms of the Merger Agreement, immediately prior to the effective time of the merger, each share Private Tempest’s preferred stock was converted into a share of Private Tempest’s common stock. At closing of the merger, the Company issued an aggregate of approximately shares of its common stock to Private Tempest stockholders, based on an exchange ratio of shares of the Company’s common stock for each share of Private Tempest common stock outstanding immediately prior to the merger, including those shares of common stock issued upon conversion of the Private Tempest preferred stock, resulting in approximately shares of the Company’s common stock being issued and outstanding immediately following the effective time of the merger. The Company also assumed all of the outstanding and unexercised stock options and warrants to purchase shares of Private Tempest capital stock. The assumed options continue to be governed by the terms of the 2011 and 2017 Equity Incentive Plans (as discussed more in Note 12) under which the options were originally granted, with such options hence forth representing the right to purchase a number of shares of the Company’s common stock equal to 0.0322 multiplied by the number of share of Private Tempest common stock previously represented by such options. T . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Unaudited Interim Financial Statements Use of Estimates right-of-use stock-based Risks and Uncertainties – protection of proprietary technology, dependence on key personnel, reliance on single-source vendors, availability of raw materials, patentability of the Company’s products and processes and clinical efficacy and safety of the Company’s products under development, compliance with government regulations and the need to obtain additional financing to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical studies, clinical trials and regulatory approval, prior to commercialization. These efforts will require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance and reporting. The Company’s product candidates are still in development and, to date, none of the Company’s product candidates have been approved for sale and, therefore, the Company has not generated any revenue from product sales. 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 obtained or maintained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate revenue from product sales. The Company operates in an environment of rapid technological change and substantial competition from other pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees, consultants and other third parties. Moreover, the current COVID-19 COVID-19 Cash and Cash Equivalents Property and Equipment Computer equipment and software 3 years Furniture and fixtures 7 years Laboratory equipment 5 years Leasehold improvements Shorter of the useful life of the asset or the life of the lease Impairment of Long-Lived Assets Convertible Preferred Stock Comprehensive Loss Research and Development Expenses and Accrued Research and Development In-licensing The Company estimates preclinical studies and clinical trial expenses based on the services performed pursuant to contracts with research institutions and clinical research organizations that conduct and manage preclinical studies and clinical trials on the Company’s behalf. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. These estimates are based on communications with the third-party Patent Costs – General and Administrative Expense – Fair Value Measurements market-based short-term Stock -Based stock-based share-based non-employees grant-date straight-line The Company estimates the fair value of stock options to employees, directors and non-employees Black-Scholes option-valuation Black-Scholes risk-free mid-point mid-points The Company accounts for forfeitures as they occur. The fair value of restricted stock awards granted to employees are valued as of the grant date using the estimated fair value of the Company’s common stock. Net Loss per Share Attributable to Common Stockholders two-class two-class two-class Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net loss attributable to common stockholders is computed by adjusting net loss attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing the diluted net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, including potential dilutive common shares. For purpose of this calculation, outstanding stock options, convertible preferred stock and warrants to purchase shares of convertible preferred stock are considered potential dilutive common shares. Income Taxes assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. In evaluating the ability to recover its deferred income tax assets, the Company considers all available positive and negative evidence, including its operating results, ongoing tax planning and forecasts of future taxable income on a jurisdiction-by-jurisdiction Tax benefits related to uncertain tax positions are recognized when it is more likely than not that a tax position will be sustained during an audit. Interest and penalties related to unrecognized tax benefits are included within the provision for income tax. Recently Issued Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06 , Debt-Debt With Conversions and Other Options (Subtopic 470-20) 815-40) o |
Millendo Merger
Millendo Merger | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Millendo Merger | 3. MILLENDO MERGER As described in Note 1, Private Tempest merged with the Company on June , . The merger was accounted for as a reverse recapitalization with Private Tempest as the accounting acquirer. The primary pre-combination assets of Millendo were cash, cash equivalents and restricted cash. Under reverse recapitalization accounting, the assets and liabilities of Millendo were recorded at their fair value which approximated book value due to the short-term nature of the instruments. goodwill or intangible assets were recognized. Consequently, the consolidated financial statements of Tempest reflect the operations of Millendo for accounting purposes together with a deemed issuance of shares, equivalent to the shares held by the former stockholders of the legal acquirer and a recapitalization of the equity of the accounting acquirer. As part of the reverse recapitalization, the Company obtained approximately $17.0 million of cash, cash equivalents and restricted cash. The Company also obtained prepaids and other assets of approximately $1.4 million and assumed payables and accruals of approximately $0.5 million. The Company also acquired operating lease right-of-use All of the development programs and associated collaboration arrangements were terminated prior to the merger and were deemed to have no value at the transaction date and the Company is winding down the legacy Millendo operations. In addition, the Company incurred approximately $0.2 million in share-based compensation expense as a result of the acceleration of vesting of stock options at the time of merger. This amount was recorded in general and administrative expense in the accompanying consolidated statements of operations for the three months and six months period ended June 30, 2021. The Company also incurred transaction costs of approximately $6.1 million and this amount is recorded in additional paid-in |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. FAIR VALUE MEASUREMENTS The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis (in thousands): June 30, 2021 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 68,413 $ — $ — $ 68,413 Short-term restricted cash 45 — — 45 Total assets $ 68,458 $ — $ — $ 68,458 December 31, 2020 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 18,820 $ — $ — $ 18,820 Total assets $ 18,820 $ — $ — $ 18,820 |
Transactions with Related Parti
Transactions with Related Parties | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 5. TRANSACTIONS WITH RELATED PARTIES (AMOUNTS IN THOUSANDS) Inception Sciences Service Agreements — Inception Sciences, Inc. (Inception Sciences US) and Inception Sciences Canada, Inc. (Inception Sciences Canada) are subsidiaries of Versant Ventures, affiliates of which, together, are a holder of more than 5% of our capital stock. The Company has service agreements with Inception Sciences US, and Inception Sciences Canada whereby research and support services are provided to the Company. On June 30, 2020, the Company terminated these Inception Sciences service agreements. Total expenses under the service agreements consist of charges for services, equipment usage, lab supplies and other out of pocket expenses as incurred. For the six months ended June 30, 2021 and 2020, the Company incurred nil Related Party Notes Receivable On November 19, 2017, the Company loaned three employees a total of pursuant to promissory notes in order for such employees to early exercise certain stock options which had a total exercise cost of Two employees paid which represents of the exercise cost and the other was recorded as notes receivable. The other employee did not pay any portion of the exercise cost and was recorded as note receivable. The three notes receivable accrue interest at The notes receivable vest over time until maturity in conjunction with the vesting of the early-exercised stock options. In February 2020, one of the employees left the Company in May 2019 and repaid her note balance of was the vested portion of the note receivable and was accrued interest. On June 25, 2021, prior to the closing of the Merger Agreement, one of the employees’ note receivable plus accrued interest totaling This amount was recognized as compensation included in general and administrative expense in the accompanying consolidated statements of operations for the three and six months period ended June 30, 2021. As of June 30, 2021 and December 31, 2020, the balance of the vested notes receivable and accrued interest was $38 and $260, respectively. |
Balance Sheet Items
Balance Sheet Items | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Items | 6. BALANCE SHEET ITEMS (AMOUNTS IN THOUSANDS) Prepaid expenses and other current asset consist of the following as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Prepaid expenses $ 439 $ 245 Research tax credit 304 — Prepaid research and development costs 569 441 Notes and interest receivable 38 260 Other current assets 686 59 $ 2,036 $ 1,005 Property and equipment, net, consists of the following as of June 30, 2021 and December 31, 2020: June 30, 202 1 December 31, 2020 Computer equipment and software $ 96 $ 85 Furniture and fixtures 142 135 Lab equipment 667 600 Leasehold improvements 934 746 Property and equipment 1,839 1,566 Less accumulated depreciation (621 ) (456 ) Property and equipment—net $ 1,218 $ 1,110 Depreciation expense for the three months and six months period ended June 30, 2021 were $86 and $165, respectively. Depreciation expense for the three months and six months period ended June 30, 2020 were $80 and $174, respectively. Accrued liabilities as of June 30, 2021 and December 31, 2020 consist of the following: June 30, December 31, Accrued other liabilities $ 838 $ 441 Accrued clinical trial liability 110 224 $ 948 $ 665 |
Early Option Exercise Liability
Early Option Exercise Liability | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Early Option Exercise Liability [Abstract] | |
Early Option Exercise Liability | 7. EARLY OPTION EXERCISE LIABILITY (AMOUNTS IN THOUSANDS) The recorded amount of the early option exercise liability relates to restricted stock awards and stock options granted to certain employees and contractors that were early-exercised before they became vested. The early option exercise liability decreases as the restricted stock awards and stock options vest over time or if the Company decides to repurchase them, and the amount of decrease is recorded in common stock and additional paid-in |
Commitment and Contingencies
Commitment and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. COMMITMENTS AND CONTINGENCIES (AMOUNTS IN THOUSANDS) Facilities Lease Agreements 5-year as of June 30, 2021. The Company has no other leases as of June 30,2021 and December 31, 2020. As a result of the merger with Millendo, the Company assumed Millendo’s noncancelable operating leases for office space which have remaining lease terms of approximately 3.0 years. In February 2019 and October 2018, Millendo entered into two noncancellable operating leases for office space in Ann Arbor, Michigan (“Ann Arbor Leases”) of which one that Millendo took possession of in April 2019 and the other that Millendo took possession of in July 2019, respectively. One of its leases in Ann Arbor, Michigan expires in June 2024 and the other expires in March 2024. There were no other leases assumed by the Company as of June 30,2021. As of June 30, 2021 and December 31, 2020, the balance of the operating lease right of use assets on the SSF Lease were $1,603 and $1,877, respectively, and the related operating lease liability were $2,088 and $2,439, respectively, as shown in the accompanying consolidated balance sheets. As of June 30, 2021, the balance of the operating lease right of use assets on the Ann Arbor Leases was $2,070 and the related operating lease liability was $2,070 as shown in the accompanying consolidated balance sheet. Rent expense for the SSF Lease w $ and $ for the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, future minimum annual lease payments under the Company’s operating lease liabilities for the SSF Lease and Ann Arbor Leases were as follows: Year Ending Total Commitment 2021 (excluding the six months ended June 30, 2021) $ 786 2022 1,603 2023 1,647 2024 443 2025 — Total minimum lease payments 4,479 Less: imputed interest (321 ) Present value of operating lease obligations 4,158 Less: current portion (1,484 ) Noncurrent operating lease obligations $ 2,674 Guarantees and Indemnifications Legal Proceedings — As a result of the merger with Millendo, the Company is party to various litigation matters given Millendo’s role as successor to OvaScience, Inc. (“OvaScience”). OvaScience merged with Millendo in 2018. Prior to the merger with Millendo, OvaScience was sued in three matters that are disclosed below. On November 9, 2016, a purported shareholder derivative action was filed in Massachusetts State court (Cima v. Dipp) against certain former officers and directors of OvaScience and OvaScience alleging breach of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement and waste of corporate assets for purported actions related to OvaScience’s January 2015 follow-on public offering. No material proceedings have occurred since the case was filed; in April 2021, the Company filed a unilateral request to continue a stay of the case, which the court has not yet ruled on. On March 24, 2017, a purported shareholder class action lawsuit was filed in Massachusetts Federal court (Dahhan v. OvaScience, Inc.) OvaScience and certain former officers of OvaScience alleging violations of Sections 10(b) and 20(a) of the Exchange Act (the “Dahhan Action”). Defendants have answered and the case is currently in discovery. On July 27, 2017, a purported shareholder derivative complaint was filed in Massachusetts Federal court (Chiu v. Dipp) against OvaScience and certain former officers and directors of OvaScience alleging breach of fiduciary duties, unjust enrichment and violations of Section 14(a) of the Exchange Act. related to OvaScience’s January 2015 follow-on public offering and other public statements concerning OvaScience’s AUGMENT treatment. Following the Court’s dismissal of an amended complaint, the parties agreed that plaintiffs could file a second amended complaint and that the case would be stayed pending the resolution of the Dahhan Action. In May 2018, the court entered an order staying this case pending the resolution of the Dahhan Action. With respect to each of the three OvaSciences matters described above, the Company is unable to estimate potential losses, if any. However, the Company believes the matters are without merit, and that in light of applicable insurance, any material exposure to the Company is remote. On April 23, 2021 a complaint was filed against the Company and each of its directors in New York Federal court (Nakkhumpun v. Millendo Therapeutics, Inc.) alleging violations of the Securities Exchange Act of 1934 and breach of fiduciary duty of candor, for allegedly disseminating a materially incomplete and misleading registration statement with the SEC in connection with the proposed merger. Following the filing of this complaint, ten additional complaints containing substantially the same claims were filed in Federal courts in New York, the Eastern District of New York, and Michigan. After the Company filed a Form 8-K on June 11, 2021 containing additional disclosures, each of these cases was voluntarily dismissed without prejudice. |
Loan Payable
Loan Payable | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Loan Payable | 9. LOAN PAYABLE (AMOUNTS IN THOUSANDS) On January 15, 2021, the Company entered into a loan agreement with a lender to borrow a term loan amount of $ to be funded in three tranches. Tranche A of $ was wired to the Company on January 15, 2021. Tranche B of $ will be available through March 31, 2022 contingent upon achievement of each of the following: i) And Tranche C of $ is available at lender’s option. The term loan matures on and has an annual floating interest rate of % which is an Index Rate plus %. Index Rate is the greater of (i) 30-day US LIBOR or (ii) %. Monthly principal payments of $ will begin on . Related to this borrowing, the Company paid $ of debt issuance costs and the amount would be amortized as additional interest expense over the life of the loan. As of June 30, 2021, the balance of the loan payable (net of debt issuance costs) was $ . The carrying value of the loan approximates fair value. For the three months and six months period ended June 30, 2021, total interest expense were $276 and $507, respectively. |
Convertible Preferred Stock
Convertible Preferred Stock | 6 Months Ended |
Jun. 30, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Convertible Preferred Stock | 10. CONVERTIBLE PREFERRED STOCK As of June 30, 2021, the Company was authorized to issue up to $0.001. In October 2011, Private Tempest received a commitment from its venture investor for a Series A Preferred Stock financing totaling $10 million to be taken down in two tranches of $5 million each. Upon execution of the stock purchase agreement, Private Tempest received the first tranche of $5 million, which included $2,399 in cash proceeds and the conversion of notes payable and accrued interest totaling $2,601 for issuing 5,000,000 shares of its Series A Preferred Stock. In June 2012, Private Tempest received cash proceeds of In August 2015, Private Tempest Private Tempest In February 2018, Private Tempest Private In February 2019, Private Tempest Series B-1 Private Tempest Series B-1 On June 25, 2021, Private Tempest completed the mer g The authorized, issued and outstanding shares of the convertible preferred stock and liquidation preferences at December 31, 2020 were as follows (in thousands except share and per share amounts): December 31, 2020 Series Shares Authorized Shares Issued and Per Share Liquidation Preference Aggregate Liquidation Amount Proceeds Net of Issuance Cost Net Carrying Value Series A 17,000,000 17,000,000 $ 1.00 $ 17,000 $ 16,982 $ 16,982 Series B 25,186,738 25,186,738 1.00 25,187 24,943 12,235 Series B-1 93,749,993 72,499,993 0.80 58,000 57,489 57,489 135,936,731 114,686,731 $ 100,187 $ 99,414 $ 86,706 The significant rights, preferences, and privileges of the convertible preferred stock as of December 31, 2020 were as follows: Dividends Voting Rights Liquidation as-if-converted Redemption and Balance Sheet Classification |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Common Stock | 11. COMMON STOCK Upon completion of the merger on June 25, 2021, the Company issued an aggregate of approximately 5,365,899 shares of its common stock to Private Tempest stockholders, based on an exchange ratio of 0.0322 shares of the Company’s common stock for each share of Private Tempest common stock outstanding immediately prior to the merger, including those shares of common stock issued upon conversion of the Private Tempest preferred stock (3,692,912 common shares) and those shares of common stock issued with its pre-merger As of June 30, 2021, the Company was authorized to issue 100,000,000 shares of common stock at a par value of $0.001. Of the 1 00 |
Stock Compensation
Stock Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Compensation | 12. STOCK COMPENSATION In 2011 Private Tempest adopted the 2011 Equity Incentive Plan, and in 2017, Private Tempest adopted the 2017 Equity Incentive Plan, together “the Plans”. Upon adoption of the 2017 Equity Incentive Plan, the 2011 Equity Incentive Plan was terminated. Both the Plans provide for the granting of stock awards to employees, directors and consultants of the Company. Awards issuable under the Plans include incentive stock options (“ISO”), nonqualified stock options (“NSO”), stock appreciation rights (“SAR”), restricted stock awards, restricted stock unit awards and other stock awards. As a result of the merger, the Plans of Private Tempest were assumed by the Company. Options to purchase the Company’s common stock may be granted at a price not less than the fair market value in the case of both NSOs and ISOs, except for an employee or non-employee The grant date fair market value of the shares of common stock underlying stock options has historically been determined by the Company’s Board of Directors. Because there has been no public market for the Company’s common stock, the Board of Directors exercises reasonable judgment and considers a number of objective and subjective factors to determine the best estimate of the fair market value, which include valuations performed by an independent third-party, Stock option activity under the Plans is set forth below: Weighted- Shares Average Available Total Options Exercise for Grant Outstanding Price Balance—January 1, 2021 489,797 452,165 $ 5.35 Assumed in reverse recapitalization — 178,732 178.64 Granted (186,482 ) 186,482 20.99 Exercised — (10,654 ) 4.60 Cancelled and forfeited 5,667 (6,316 ) 18.36 Balance—June 30, 2021 308,982 800,409 47.70 The following table summarizes information about stock options outstanding at June 30, 2021: Weighted Average Weighted Remaining Average Aggregate Contractual Exercise Intrinsic Shares Life (In Years) Price Value Options outstanding 800,409 8.46 $ 47.70 $ 2,594,131 Vested and expected to vest 799,823 8.46 $ 47.63 $ 2,593,281 Exercisable 366,374 7.64 $ 89.59 $ 1,133,181 Employee Stock Options weighted-average The Company estimated the fair value of stock options using the Black-Scholes straight-line Expected term (in years) 6.0 – 6.1 Expected volatility 67% Risk-free interest rate 1.0% – 1.1% Dividends 0% Expected Term plain-vanilla Expected Volatility Risk -Free risk-free Dividends Non -Employee non-employees non-employee weighted-average The Company estimated the fair value of stock options using the Black-Scholes non-employee straight-line non-employee Expected term (in years) 10 Expected volatility 66 % Risk-free interest rate 1.50 % Dividends 0 % Expected Term non-employee Expected Volatility Risk -Free risk-free Dividends Stock -Based stock-based Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Research and development $ 45 $ 176 $ 122 $ 231 General and administrative 366 51 409 (1 ) $ 411 $ 227 $ 531 $ 230 |
Retirement Plan
Retirement Plan | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Retirement Plan | 13. RETIREMENT PLAN The Company participates in a qualified 401(k) Plan sponsored by its professional service organization. The retirement plan is a defined contribution plan covering eligible employees. Participants may contribute a portion of their annual compensation limited to a maximum annual amount set by the Internal Revenue Service. There was no contribution from the Company for the six months ended June 30, 2021 and 2020. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 14. NET LOSS PER SHARE The following table sets forth the computation of the Company’s basis in diluted net loss per share for the three months and six months ended June 30, 2021 and 2020 (in thousands except share and per share amounts): Three months ended Numerator: 2021 2020 Net loss $ (7,058 ) $ (5,229 ) Denominator: Weighted-average common shares outstanding 937,300 519,112 Less: Weighted-average unvested restricted shares and shares subject to repurchase (11,868 ) (61,114 ) Weighted-average shares used to computing basic and diluted net loss per share 925,432 457,998 Net loss per share attributable to common stockholders—basic and diluted $ (7.63 ) $ (11.42 ) Six months ended June 30, 2021 2020 Numerator: Net loss $ (12,413 ) $ (9,457 ) Denominator: Weighted-average common shares outstanding 733,679 517,825 Less: Weighted-average unvested restricted shares and shares subject to repurchase (16,061 ) (73,359 ) Weighted-average shares used to computing basic and diluted net loss per share 717,618 444,466 Net loss per share attributable to common stockholders—basic and diluted $ (17.30 ) $ (21.28 ) As of June 30, 2021 and 2020, the Company’s potentially dilutive securities included unvested stock warrants and stock options, which have been excluded from the computation of diluted net loss per share attributable to common stockholders as the effect would be anti-dilutive. Based on the amounts outstanding as of June 30, 2021 and 2020, the Company excluded the following potential common shares from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect: June 30, 2021 June 30, 2020 Options to purchase common stock 795,428 386,689 Redeemable convertible preferred stock — 3,692,909 Unvested restricted common stock — 393 Common stock warrants 7,178 — 802,606 4,079,991 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. SUBSEQUENT EVENTS Subsequent events were evaluated through the filing date of this Quarterly Report on Form 10-Q. On July 23, 2021, the Company entered into a sales agreement (the “Sales Agreement”) with Jefferies LLC (the “Agent”), pursuant to which the Company may sell, from time to time, up to an aggregate sales price of $100,000,000 of its common stock through the Agent. The common stock sold in the offering will be issued pursuant to a prospectus supplement filed with the Securities and Exchange Commission (the “SEC”) on July 23, 2021, and the accompanying base prospectus dated July 23, 2021, forming part of the Company’s registration statement on Form S-3 (Registration No. 333-257990), which Sales of the common stock, if any, made pursuant to the Sales Agreement may be sold in negotiated transactions or transactions that are deemed to be an “at the market offering”, as defined in Rule 415(a)(4) of the Securities Act of 1933, as amended (the “Securities Act”), including sales made directly on or through the Nasdaq Capital Market, on or through any other existing trading market for the common stock or by any other method permitted by law, at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices, or as otherwise agreed between the Company and the Agent. The Agent will be entitled to compensation equal to 3.0% of the gross proceeds from the sale of all shares of common stock sold through it as Agent under the Sales Agreement. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
Unaudited Interim Financial Statements | Unaudited Interim Financial Statements |
Use of Estimates | Use of Estimates right-of-use stock-based |
Risks and Uncertainties | Risks and Uncertainties – protection of proprietary technology, dependence on key personnel, reliance on single-source vendors, availability of raw materials, patentability of the Company’s products and processes and clinical efficacy and safety of the Company’s products under development, compliance with government regulations and the need to obtain additional financing to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical studies, clinical trials and regulatory approval, prior to commercialization. These efforts will require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance and reporting. The Company’s product candidates are still in development and, to date, none of the Company’s product candidates have been approved for sale and, therefore, the Company has not generated any revenue from product sales. 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 obtained or maintained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate revenue from product sales. The Company operates in an environment of rapid technological change and substantial competition from other pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees, consultants and other third parties. Moreover, the current COVID-19 COVID-19 |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Property and Equipment | Property and Equipment Computer equipment and software 3 years Furniture and fixtures 7 years Laboratory equipment 5 years Leasehold improvements Shorter of the useful life of the asset or the life of the lease |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets |
Convertible Preferred Stock | Convertible Preferred Stock |
Comprehensive Loss | Comprehensive Loss |
Research and Development Expenses and Accrued Research and Development | Research and Development Expenses and Accrued Research and Development In-licensing The Company estimates preclinical studies and clinical trial expenses based on the services performed pursuant to contracts with research institutions and clinical research organizations that conduct and manage preclinical studies and clinical trials on the Company’s behalf. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. These estimates are based on communications with the third-party |
Patent Costs | Patent Costs – |
General and Administrative Expense | General and Administrative Expense – |
Fair Value Measurements | Fair Value Measurements market-based short-term |
Stock-Based Compensation Expense | Stock -Based stock-based share-based non-employees grant-date straight-line The Company estimates the fair value of stock options to employees, directors and non-employees Black-Scholes option-valuation Black-Scholes risk-free mid-point mid-points The Company accounts for forfeitures as they occur. The fair value of restricted stock awards granted to employees are valued as of the grant date using the estimated fair value of the Company’s common stock. |
Net Loss per Share Attributable to Common Stockholders | Net Loss per Share Attributable to Common Stockholders two-class two-class two-class Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net loss attributable to common stockholders is computed by adjusting net loss attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing the diluted net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, including potential dilutive common shares. For purpose of this calculation, outstanding stock options, convertible preferred stock and warrants to purchase shares of convertible preferred stock are considered potential dilutive common shares. |
Income Taxes | Income Taxes assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. In evaluating the ability to recover its deferred income tax assets, the Company considers all available positive and negative evidence, including its operating results, ongoing tax planning and forecasts of future taxable income on a jurisdiction-by-jurisdiction Tax benefits related to uncertain tax positions are recognized when it is more likely than not that a tax position will be sustained during an audit. Interest and penalties related to unrecognized tax benefits are included within the provision for income tax. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06 , Debt-Debt With Conversions and Other Options (Subtopic 470-20) 815-40) o |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of estimated useful lives of property plant and equipment | The estimated useful lives of the Company’s respective assets are as follows: Computer equipment and software 3 years Furniture and fixtures 7 years Laboratory equipment 5 years Leasehold improvements Shorter of the useful life of the asset or the life of the lease |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | The following tables present the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis (in thousands): June 30, 2021 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 68,413 $ — $ — $ 68,413 Short-term restricted cash 45 — — 45 Total assets $ 68,458 $ — $ — $ 68,458 December 31, 2020 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 18,820 $ — $ — $ 18,820 Total assets $ 18,820 $ — $ — $ 18,820 |
Balance Sheet Items (Tables)
Balance Sheet Items (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of prepaid expenses and other current asset | Prepaid expenses and other current asset consist of the following as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Prepaid expenses $ 439 $ 245 Research tax credit 304 — Prepaid research and development costs 569 441 Notes and interest receivable 38 260 Other current assets 686 59 $ 2,036 $ 1,005 |
Summary of property and equipment, net | Property and equipment, net, consists of the following as of June 30, 2021 and December 31, 2020: June 30, 202 1 December 31, 2020 Computer equipment and software $ 96 $ 85 Furniture and fixtures 142 135 Lab equipment 667 600 Leasehold improvements 934 746 Property and equipment 1,839 1,566 Less accumulated depreciation (621 ) (456 ) Property and equipment—net $ 1,218 $ 1,110 |
Summary of accrued liabilities | Accrued liabilities as of June 30, 2021 and December 31, 2020 consist of the following: June 30, December 31, Accrued other liabilities $ 838 $ 441 Accrued clinical trial liability 110 224 $ 948 $ 665 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum rental payments under company's noncancelable operating leases | As of June 30, 2021, future minimum annual lease payments under the Company’s operating lease liabilities for the SSF Lease and Ann Arbor Leases were as follows: Year Ending Total Commitment 2021 (excluding the six months ended June 30, 2021) $ 786 2022 1,603 2023 1,647 2024 443 2025 — Total minimum lease payments 4,479 Less: imputed interest (321 ) Present value of operating lease obligations 4,158 Less: current portion (1,484 ) Noncurrent operating lease obligations $ 2,674 |
Convertible Preferred Stock (Ta
Convertible Preferred Stock (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Summary of Convertible Preferred Stock | The authorized, issued and outstanding shares of the convertible preferred stock and liquidation preferences at December 31, 2020 were as follows (in thousands except share and per share amounts): December 31, 2020 Series Shares Authorized Shares Issued and Per Share Liquidation Preference Aggregate Liquidation Amount Proceeds Net of Issuance Cost Net Carrying Value Series A 17,000,000 17,000,000 $ 1.00 $ 17,000 $ 16,982 $ 16,982 Series B 25,186,738 25,186,738 1.00 25,187 24,943 12,235 Series B-1 93,749,993 72,499,993 0.80 58,000 57,489 57,489 135,936,731 114,686,731 $ 100,187 $ 99,414 $ 86,706 |
Stock Compensation (Tables)
Stock Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Sharebased Payment Arrangement [Line Items] | |
Schedule of Stock Based Compensation Expense | Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Research and development $ 45 $ 176 $ 122 $ 231 General and administrative 366 51 409 (1 ) $ 411 $ 227 $ 531 $ 230 |
Summary of Stock Options | Stock option activity under the Plans is set forth below: Weighted- Shares Average Available Total Options Exercise for Grant Outstanding Price Balance—January 1, 2021 489,797 452,165 $ 5.35 Assumed in reverse recapitalization — 178,732 178.64 Granted (186,482 ) 186,482 20.99 Exercised — (10,654 ) 4.60 Cancelled and forfeited 5,667 (6,316 ) 18.36 Balance—June 30, 2021 308,982 800,409 47.70 |
Summary of Information About Stock Options Outstanding | The following table summarizes information about stock options outstanding at June 30, 2021: Weighted Average Weighted Remaining Average Aggregate Contractual Exercise Intrinsic Shares Life (In Years) Price Value Options outstanding 800,409 8.46 $ 47.70 $ 2,594,131 Vested and expected to vest 799,823 8.46 $ 47.63 $ 2,593,281 Exercisable 366,374 7.64 $ 89.59 $ 1,133,181 |
Employee | |
Sharebased Payment Arrangement [Line Items] | |
Summary of Grant Date Fair Value Assumptions | The fair value of employee stock options was estimated using the following assumptions for the six months ended June 30, 2021: Expected term (in years) 6.0 – 6.1 Expected volatility 67% Risk-free interest rate 1.0% – 1.1% Dividends 0% |
Non-Employee | |
Sharebased Payment Arrangement [Line Items] | |
Summary of Grant Date Fair Value Assumptions | The fair value of non-employee Expected term (in years) 10 Expected volatility 66 % Risk-free interest rate 1.50 % Dividends 0 % |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Basis in Diluted Net Loss Per Share | The following table sets forth the computation of the Company’s basis in diluted net loss per share for the three months and six months ended June 30, 2021 and 2020 (in thousands except share and per share amounts): Three months ended Numerator: 2021 2020 Net loss $ (7,058 ) $ (5,229 ) Denominator: Weighted-average common shares outstanding 937,300 519,112 Less: Weighted-average unvested restricted shares and shares subject to repurchase (11,868 ) (61,114 ) Weighted-average shares used to computing basic and diluted net loss per share 925,432 457,998 Net loss per share attributable to common stockholders—basic and diluted $ (7.63 ) $ (11.42 ) Six months ended June 30, 2021 2020 Numerator: Net loss $ (12,413 ) $ (9,457 ) Denominator: Weighted-average common shares outstanding 733,679 517,825 Less: Weighted-average unvested restricted shares and shares subject to repurchase (16,061 ) (73,359 ) Weighted-average shares used to computing basic and diluted net loss per share 717,618 444,466 Net loss per share attributable to common stockholders—basic and diluted $ (17.30 ) $ (21.28 ) |
Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share | June 30, 2021 June 30, 2020 Options to purchase common stock 795,428 386,689 Redeemable convertible preferred stock — 3,692,909 Unvested restricted common stock — 393 Common stock warrants 7,178 — 802,606 4,079,991 |
Organization and Description _2
Organization and Description of The Business (Details) $ in Millions | Jun. 25, 2021shares | Jun. 30, 2021USD ($)shares | Dec. 31, 2020shares |
Stock issued during period, value, conversion of convertible securities | $ | $ 30 | ||
Stockholders' equity, reverse stock split | 1-for-15 | ||
Common stock, shares issued (in shares) | 5,365,899 | 6,637,081 | 527,265 |
Business combination, exchange ratio | 0.0322 | ||
Common stock, shares outstanding (in shares) | 6,637,081 | 527,265 | |
Stockholders Equity Note Stock Split Exchange Ratio | 0.0322 | 0.0322 | |
Conversion of Preferred Stock into a share of Common Stock | |||
Common stock, shares issued (in shares) | 6,635,345 | ||
Common stock, shares outstanding (in shares) | 6,635,345 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Other comprehensive income or loss | $ 0 | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Estimated Useful Lives Of Property Plant And Equipment (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Computer equipment and software | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 3 years |
Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 7 years |
Laboratory equipment | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 5 years |
Leasehold improvements | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | Shorter of the useful life of the asset or the life of the lease |
Millendo Merger - Additional In
Millendo Merger - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 25, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||||||
Cash and Cash Equivalents, at Carrying Value | $ 68,413 | $ 68,413 | $ 18,820 | |||
Operating Lease, Right-of-Use Asset | 3,673 | 3,673 | $ 1,877 | |||
Operating Lease, Liability | 4,158 | 4,158 | ||||
Share-based compensation expense | 411 | $ 227 | 531 | $ 230 | ||
General and Administrative Expense [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Share-based compensation expense | 366 | $ 51 | 409 | $ (1) | ||
Private Tempest [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash and Cash Equivalents, at Carrying Value | $ 17,000 | |||||
Prepaid Expense and Other Assets | 1,400 | |||||
Accrued Liabilities and Other Liabilities | 500 | |||||
Operating Lease, Right-of-Use Asset | 2,100 | |||||
Operating Lease, Liability | $ 2,100 | |||||
Private Tempest [Member] | Additional Paid-in Capital [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition, Transaction Costs | 6,100 | 6,100 | ||||
Private Tempest [Member] | General and Administrative Expense [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Share-based compensation expense | $ 200 | $ 200 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring Basis (Details) - Recurring - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 68,413 | $ 18,820 |
Short-term restricted cash | 45 | |
Total assets | 68,458 | 18,820 |
Level 1 | ||
Assets | ||
Cash and cash equivalents | 68,413 | 18,820 |
Short-term restricted cash | 45 | |
Total assets | 68,458 | 18,820 |
Level 2 | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Short-term restricted cash | 0 | |
Total assets | 0 | 0 |
Level 3 | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Short-term restricted cash | 0 | |
Total assets | $ 0 | $ 0 |
Transactions with Related Par_2
Transactions with Related Parties (Details) - USD ($) $ in Thousands | Jun. 25, 2021 | Nov. 19, 2017 | Feb. 29, 2020 | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | |||||||
Notes receivable, related parties | $ 38 | $ 38 | $ 38 | ||||
Exercise of stock options | 29 | 49 | $ 27 | ||||
Proceeds from stock options exercised | 17 | 27 | |||||
Repayment of note receivable | $ 44 | 0 | 44 | ||||
Note receivable related party vested portion repayment | 43 | ||||||
Note receivable related party vested accrued interest repayment | $ 1 | ||||||
Note receivable related party forgiven | $ 278 | ||||||
Accrued interest receivable | $ 260 | $ 260 | $ 260 | ||||
Inception Sciences | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of capital stock | 5.00% | ||||||
Service Agreements | Inception Sciences | |||||||
Related Party Transaction [Line Items] | |||||||
Expenses from transactions with related party | $ 0 | $ 1,315 | |||||
Early Exercise of Employee Stock Options | |||||||
Related Party Transaction [Line Items] | |||||||
Notes receivable, related parties | $ 353 | ||||||
Exercise of stock options | $ 652 | ||||||
Expiry date | Nov. 29, 2022 | ||||||
Early Exercise of Employee Stock Options | Two Officers | |||||||
Related Party Transaction [Line Items] | |||||||
Notes receivable, related parties | $ 298 | ||||||
Proceeds from stock options exercised | $ 298 | ||||||
Percentage of portion of exercise cost paid by employees | 50.00% | ||||||
Percentage of portion of exercise cost converted in to notes receivable | 50.00% | ||||||
Early Exercise of Employee Stock Options | Other Officer | |||||||
Related Party Transaction [Line Items] | |||||||
Notes receivable, related parties | $ 55 | ||||||
Related party transaction, rate | 2.00% |
Balance Sheet Items - Prepaid E
Balance Sheet Items - Prepaid Expenses and Other Current Asset (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid expenses | $ 439 | $ 245 |
Research tax credit | 304 | 0 |
Prepaid research and development costs | 569 | 441 |
Notes and interest receivable | 38 | 260 |
Other current assets | 686 | 59 |
Total | $ 2,036 | $ 1,005 |
Balance Sheet Items - Property
Balance Sheet Items - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 1,839 | $ 1,566 |
Less accumulated depreciation | (621) | (456) |
Property and equipment—net | 1,218 | 1,110 |
Computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 96 | 85 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 142 | 135 |
Lab equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 667 | 600 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 934 | $ 746 |
Balance Sheet Items - Accrued L
Balance Sheet Items - Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accrued Liabilities, Current [Abstract] | ||
Accrued other liabilities | $ 838 | $ 441 |
Accrued clinical trial liability | 110 | 224 |
Total | $ 948 | $ 665 |
Balance Sheet Items - Additiona
Balance Sheet Items - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure Of Balance Sheet Items [Abstract] | ||||
Depreciation | $ 86 | $ 80 | $ 165 | $ 174 |
Early Option Exercise Liabili_2
Early Option Exercise Liability (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Disclosure Of Early Option Exercise Liability [Abstract] | ||
Early option exercise liability | $ 38 | $ 79 |
Number of unvested shares in which early option was exercised | 8,767 | 29,041 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2021USD ($)Leases | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Feb. 28, 2019ft² | |
Lessee, Lease, Description [Line Items] | ||||
Operating lease term | 3 years | 5 years | ||
Number of non-cancelable operating lease | Leases | 2 | |||
Right-of-use assets | $ 3,673 | $ 1,877 | ||
Operating Lease, Liability | $ 4,158 | |||
Area of leased property | ft² | 9,780 | |||
Remaining lease term | 2 years 8 months | |||
Ann Arbor Michigan | ||||
Lessee, Lease, Description [Line Items] | ||||
Right-of-use assets | $ 2,070 | |||
Operating Lease, Liability | $ 2,070 | |||
Ann Arbor Michigan | Office Space Lease Two | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating Lease Expiry Month Year | 2024-06 | |||
Ann Arbor Michigan | Office Space Lease One | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating Lease Expiry Month Year | 2024-03 | |||
South San Francisco California | ||||
Lessee, Lease, Description [Line Items] | ||||
Right-of-use assets | $ 1,603 | 1,877 | ||
Operating Lease, Liability | 2,088 | $ 2,439 | ||
Operating lease Rent expense | $ 322 | $ 330 |
Commitments and Contingencies -
Commitments and Contingencies - Future minimum rental payments under operating leases with noncancelable terms (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
2021 (excluding the six months ended June 30, 2021) | $ 786 | |
2022 | 1,603 | |
2023 | 1,647 | |
2024 | 443 | |
Total minimum lease payments | 4,479 | |
Less: imputed interest | (321) | |
Present value of operating lease obligations | 4,158 | |
Less: current portion | (1,484) | $ (712) |
Noncurrent operating lease obligations | $ 2,674 | $ 1,727 |
Loan Payable - Additional Infor
Loan Payable - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 15, 2021 | Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||
Loan payable | $ 14,915 | $ 14,915 | $ 0 | |
Term Loan | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 35,000 | |||
Maturity Date | Aug. 1, 2025 | |||
Percentage Bearing Variable Interest, Percentage Rate | 7.15% | |||
Basis Spread on Variable Rate | 7.00% | |||
Interest Rate Terms | Index Rate is the greater of (i) 30-day US LIBOR or (ii) 0.15%. | |||
Thershold Index Rate | 0.15% | |||
Debt Instrument, Periodic Payment, Principal | $ 500 | |||
Debt Instrument, Date of First Required Payment | Mar. 1, 2023 | |||
Payments of Debt Issuance Costs | $ 96 | |||
Loan payable | 14,915 | 14,915 | ||
Total interest expense | $ 276 | $ 507 | ||
Tranch A Term Loan | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 15,000 | |||
Tranch B Term Loan | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 10,000 | |||
Thershold Series C Equity Capital Funding | $ 50,000 | |||
Debt Instrument, Covenant Description | receipt of at least $50,000 in Series C equity capital, ii) initiation of the Phase 1 combination study of TPST-1495 or monotherapy expansion study, and iii) initiation of Phase 2 trial of TPST-1120 or the 1L Triplet Collaboration study. | |||
Tranch C Term Loan | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 10,000 |
Convertible Preferred Stock - S
Convertible Preferred Stock - Summary of Convertible Preferred Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 31, 2020 | Sep. 30, 2016 | Aug. 31, 2015 | Dec. 31, 2020 |
Temporary Equity [Line Items] | ||||
Shares Authorized | 135,936,731 | |||
Shares Issued and Outstanding | 114,686,731 | |||
Aggregate Liquidation Amount | $ 100,187 | |||
Proceeds Net of Issuance Cost | 99,414 | |||
Net Carrying Value | $ 86,706 | |||
Series A Convertible Preferred Stock | ||||
Temporary Equity [Line Items] | ||||
Shares Authorized | 17,000,000 | |||
Shares Issued and Outstanding | 17,000,000 | |||
Per Share Liquidation Preference | $ 1 | |||
Aggregate Liquidation Amount | $ 17,000 | |||
Proceeds Net of Issuance Cost | $ 5,000 | $ 2,000 | 16,982 | |
Net Carrying Value | $ 16,982 | |||
Series B Convertible Preferred Stock | ||||
Temporary Equity [Line Items] | ||||
Shares Authorized | 25,186,738 | |||
Shares Issued and Outstanding | 25,186,738 | |||
Per Share Liquidation Preference | $ 1 | |||
Aggregate Liquidation Amount | $ 25,187 | |||
Proceeds Net of Issuance Cost | 24,943 | |||
Net Carrying Value | $ 12,235 | |||
Series B1 Convertible Preferred Stock | ||||
Temporary Equity [Line Items] | ||||
Shares Authorized | 93,749,993 | |||
Shares Issued and Outstanding | 72,499,993 | |||
Per Share Liquidation Preference | $ 0.80 | |||
Aggregate Liquidation Amount | $ 58,000 | |||
Proceeds Net of Issuance Cost | $ 35,000 | 57,489 | ||
Net Carrying Value | $ 57,489 |
Convertible Preferred Stock - A
Convertible Preferred Stock - Additional Information (Detail) $ / shares in Units, $ in Thousands | Jun. 25, 2021shares | Jan. 31, 2020USD ($)$ / sharesshares | Feb. 28, 2019USD ($)$ / sharesshares | Feb. 28, 2018USD ($)shares$ / shares | Sep. 30, 2016USD ($)shares | Aug. 31, 2015USD ($)shares | Jun. 30, 2012USD ($)shares | Oct. 31, 2011USD ($)shares | Jun. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Oct. 01, 2011USD ($) |
Temporary Equity [Line Items] | |||||||||||
Shares authorized | shares | 135,936,731 | ||||||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ 99,414 | ||||||||||
Stock Purchase Agreement with Venture Investor | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Funding commitment | $ 10,000 | ||||||||||
Stock Purchase Agreement with Venture Investor First Tranche | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Funding commitment | 5,000 | ||||||||||
Stock Purchase Agreement with Venture Investor Second Tranche | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Funding commitment | $ 5,000 | ||||||||||
Convertible Preferred Stock | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Shares authorized | shares | 5,000,000 | 135,936,731 | |||||||||
Temporary equity, par value | $ / shares | $ 0.001 | $ 0.001 | |||||||||
Dividend rate percentage | 8.00% | ||||||||||
Dividends temperory stock | $ 0 | $ 0 | |||||||||
Convertible Preferred Stock | Conversion of Preferred Stock into a share of Common Stock | Common Stock | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Number of common stock issued for convertible preferred stock | shares | 5,365,899 | ||||||||||
Common stock, conversion ratio | 0.0322% | ||||||||||
Series A Convertible Preferred Stock | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Shares authorized | shares | 17,000,000 | ||||||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ 5,000 | $ 2,000 | $ 16,982 | ||||||||
Temporary equity stock issued during period shares new issues | shares | 5,000,000 | 2,000,000 | |||||||||
Series A Convertible Preferred Stock | Stock Purchase Agreement with Venture Investor First Tranche | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ 2,399 | ||||||||||
Conversion of notes payable and accrued interest | $ 2,601 | ||||||||||
Temporary equity stock issued during period shares new issues | shares | 5,000,000 | ||||||||||
Converted instrument, amount | $ 2,601 | ||||||||||
Series A Convertible Preferred Stock | Stock Purchase Agreement with Venture Investor Second Tranche | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ 5,000 | ||||||||||
Temporary equity stock issued during period shares new issues | shares | 5,000,000 | ||||||||||
Series B Convertible Preferred Stock | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Shares authorized | shares | 25,186,738 | ||||||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ 24,943 | ||||||||||
Series B Convertible Preferred Stock | Conversion of Debt to Series B Convertible Preferred Stock | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Conversion of notes payable and accrued interest | $ 8,000 | ||||||||||
Debt instrument, convertible, number of equity instruments | shares | 25,186,738 | ||||||||||
Debt instrument, convertible, conversion price | $ / shares | $ 1 | ||||||||||
Converted instrument, amount | $ 8,000 | ||||||||||
Series B1 Convertible Preferred Stock | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Shares authorized | shares | 93,749,993 | ||||||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ 35,000 | $ 57,489 | |||||||||
Temporary equity stock issued during period shares new issues | shares | 43,749,996 | ||||||||||
Sale of stock, price per share | $ / shares | $ 0.80 | ||||||||||
Series B1 Convertible Preferred Stock | Conversion of Debt to Series B Convertible Preferred Stock | |||||||||||
Temporary Equity [Line Items] | |||||||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ 23,000 | ||||||||||
Temporary equity stock issued during period shares new issues | shares | 28,749,997 | ||||||||||
Sale of stock, price per share | $ / shares | $ 0.80 |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) $ / shares in Units, $ in Thousands | Jun. 25, 2021USD ($)shares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020$ / sharesshares |
Stock Issued During Period, Shares, New Issues | 5,365,899 | |||
Stockholders' Equity Note, Stock Split, Exchange Ratio | 0.0322 | 0.0322 | ||
Stock Issued During Period, Value, Conversion of Units | $ | $ 86,707 | $ 86,707 | ||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 196,000,000 | |
Common stock, par value (in shares) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |
Common stock, shares issued (in shares) | 5,365,899 | 6,637,081 | 6,637,081 | 527,265 |
Common stock, shares outstanding (in shares) | 6,637,081 | 6,637,081 | 527,265 | |
Common Stock, Other Shares, Outstanding subject to repurchase | 8,767 | 8,767 | ||
Dividends common stock | $ | $ 0 | |||
Common Stock, Voting Rights | one | |||
Common Stock | ||||
Stock Issued During Period, Shares, New Issues | 1,136,849 | 1,136,849 | ||
Stock Issued During Period, Shares, Conversion of Units | (1,136,849) | 3,692,912 | 3,692,912 | |
Stock Issued During Period, Value, Conversion of Units | $ | $ 30,000 | $ 4 | $ 4 | |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | ||
Common stock, par value (in shares) | $ / shares | $ 0.001 | $ 0.001 | ||
Private Tempest Preferred Stock | ||||
Stock Issued During Period, Shares, Conversion of Units | (3,692,912) |
Stock Compensation - Additiona
Stock Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | |
Stock-based compensation | |
Vesting period (in years) | 4 years |
Granted (in shares) | shares | 186,482 |
Expiration period | 10 years |
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 110.00% |
Weighted-average grant date fair valueStockoption, | $ / shares | $ 20.99 |
Employee | |
Stock-based compensation | |
Granted (in shares) | shares | 184,872 |
Unrecognized compensation cost | $ | $ 3,047 |
Weighted average amortization period | 1 year 7 months 6 days |
Weighted-average grant date fair valueStockoption, | $ / shares | $ 12.70 |
Non-Employee | |
Stock-based compensation | |
Granted (in shares) | shares | 1,610 |
Unrecognized compensation cost | $ | $ 25 |
Weighted average amortization period | 1 year 3 months 18 days |
Weighted-average grant date fair valueStockoption, | $ / shares | $ 7.46 |
Stock Compensation - Stock Bas
Stock Compensation - Stock Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock based compensation expense | $ 411 | $ 227 | $ 531 | $ 230 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock based compensation expense | 45 | 176 | 122 | 231 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock based compensation expense | $ 366 | $ 51 | $ 409 | $ (1) |
Stock Compensation - Summary
Stock Compensation - Summary of Stock Options (Details) | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
The activity related to stock option grants to employees and nonemployees | |
Outstanding at beginning (in shares) | 452,165 |
Assumed in reverse recapitalization | 178,732 |
Granted (in shares) | 186,482 |
Exercised (in shares) | (10,654) |
Cancelled and forfeited (in shares) | (6,316) |
Outstanding at end (in shares) | 800,409 |
Shares Available for Grant, Beginninng | 489,797 |
Shares Available for Grant,Granted | (186,482) |
Shares Available for Grant,Cancelled and forfeited | 5,667 |
Shares Available for Grant, End | 308,982 |
Weighted average exercise price per share | |
Outstanding at beginning (in dollars per share) | $ / shares | $ 5.35 |
Assumed in reverse recapitalization | $ / shares | 178.64 |
Granted (in dollars per share) | $ / shares | 20.99 |
Exercised (in dollars per share) | $ / shares | 4.60 |
Cancelled and forfeited (in dollars per share) | $ / shares | 18.36 |
Outstanding at end (in dollars per share) | $ / shares | $ 47.70 |
Stock Compensation - Summary of
Stock Compensation - Summary of Information About Stock Options Outstanding (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Options outstanding,Shares | 800,409 | 452,165 |
Vested and expected to vest (in shares) | 799,823 | |
Exercisable,Shares | 366,374 | |
Options outstanding,Weighted Average Remaining Contractual Life (In Years) | 8 years 5 months 15 days | |
Vested and expected to vest Weighted Average Remaining Contractual Life (In Years) | 8 years 5 months 15 days | |
Exercisable,Weighted Average Remaining Contractual Life (In Years) | 7 years 7 months 20 days | |
Options outstanding,Weighted Average Exercise Price | $ 47.70 | $ 5.35 |
Vested and expected to vest,Weighted Average Exercise Price | 47.63 | |
Exercisable,Weighted Average Exercise Price | $ 89.59 | |
Options outstanding,Aggregate Intrinsic Value | $ 2,594,131 | |
Vested and expected to vest.Aggregate Intrinsic Value | 2,593,281 | |
Exercisable,Aggregate Intrinsic Value | $ 1,133,181 |
Stock Compensation - Grant Dat
Stock Compensation - Grant Date Fair Value of Option (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Employee | |
Sharebased Payment Arrangement [Line Items] | |
Expected volatility | 67.00% |
Risk-free interest rate,Minimum | 1.00% |
Risk-free interest rate,Maximum | 1.10% |
Expected dividend yield | 0.00% |
Employee | Minimum | |
Sharebased Payment Arrangement [Line Items] | |
Expected term (in years) | 6 years |
Employee | Maximum | |
Sharebased Payment Arrangement [Line Items] | |
Expected term (in years) | 6 years 1 month 6 days |
Non-Employee | |
Sharebased Payment Arrangement [Line Items] | |
Expected term (in years) | 10 years |
Expected volatility | 66.00% |
Risk-free interest rate | 1.50% |
Expected dividend yield | 0.00% |
Retirement Plan - Additional In
Retirement Plan - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Retirement Benefits [Abstract] | ||
Employer's discretionary contribution to the plan | $ 0 | $ 0 |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Basis in Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||||
Net loss | $ (7,058) | $ (5,229) | $ (12,413) | $ (9,457) |
Denominator: | ||||
Weighted-average common shares outstanding | 937,300 | 519,112 | 733,679 | 517,825 |
Less: Weighted-average unvested restricted shares and shares subject to repurchase | (11,868) | (61,114) | (16,061) | (73,359) |
Weighted-average shares used to computing basic and diluted net loss per share | 925,432 | 457,998 | 717,618 | 444,466 |
Net loss per share attributable to common stockholders - basic and diluted | $ (7.63) | $ (11.42) | $ (17.30) | $ (21.28) |
Net Loss Per Share - Summary _2
Net Loss Per Share - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings | 802,606 | 4,079,991 |
Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings | 795,428 | 386,689 |
Redeemable convertible preferred stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings | 0 | 3,692,909 |
Unvested restricted common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings | 0 | 393 |
Common stock warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings | 7,178 | 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event - Sales Agreement With Jefferies LLC | Jul. 23, 2021USD ($) |
Subsequent Event [Line Items] | |
Common stock value subscriptions | $ 100,000,000 |
Percentage of agent compensation on gross proceeds from sale of common stock | 3.00% |