Talis Biomedical (TLIS) 10-Q 10 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 05, 2022
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	Talis Biomedical Corporation
Entity Central Index Key	0001584751
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity File Number	001-40047
Entity Tax Identification Number	46-3122255
Entity Address, Address Line One	230 Constitution Drive
Entity Address, City or Town	Menlo Park
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94025
City Area Code	650
Local Phone Number	433-3000
Entity Incorporation State Country Code	DE
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	TLIS
Security Exchange Name	NASDAQ
Entity Stock, Shares Outstanding		56,482,594
Common Stock
Document And Entity Information [Line Items]
Entity Stock, Shares Outstanding		26,618,920
Series 1 Convertible Preferred Stock
Document And Entity Information [Line Items]
Entity Stock, Shares Outstanding		29,863,674

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 187,586	$ 232,545
Accounts receivable, net	2,599	183
Inventory	3,499	0
Prepaid expenses and other current assets	7,138	3,387
Total current assets	200,822	236,115
Property and equipment, net	10,765	10,528
Operating lease right-of-use-assets	12,693	12,907
Other long-term assets	6,307	6,278
Total assets	230,587	265,828
Current liabilities:
Accounts payable	5,263	5,122
Accrued compensation	4,889	6,369
Accrued liabilities	3,496	6,383
Operating lease liabilities, current portion	1,628	1,232
Total current liabilities	15,276	19,106
Operating lease liabilities, long-term portion	12,526	12,745
Total liabilities	27,802	31,851
Commitments and contingencies (Note 6)
Stockholders equity:
Common stock, $0.0001 par value; 200,000,000 shares authorized as of March 31, 2022 and December 31, 2021; [25,963,014] and 26,408,031 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	3	3
Additional paid-in capital	600,772	598,913
Accumulated deficit	(397,993)	(364,942)
Total stockholders’ equity (deficit)	202,785	233,977
Total liabilities and stockholders equity	230,587	265,828
Series 1 Convertible Preferred Stock
Stockholders equity:
Series 1 convertible preferred stock, $0.0001 par value - 60,000,000 shares authorized and 29,863,674 shares issued and outstanding as of March 31, 2022 and December 31, 2021; aggregate liquidation preference of $3 as of March 31, 2022 and December 31, 2021	$ 3	$ 3

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares, issued	26,618,920	26,408,031
Common stock, shares, outstanding	26,618,920	26,408,031
Series 1 Convertible Preferred Stock
Preferred stock, par value	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	60,000,000	60,000,000
Convertible preferred stock, shares issued	29,863,674	29,863,674
Convertible preferred stock, shares outstanding	29,863,674	29,863,674
Convertible preferred stock, aggregate liquidation preference	$ 3	$ 3

Condensed Statements of Operati

Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Total revenue, net	$ 3,187	$ 7,000
Cost of product sold	3,521	0
Gross profit (loss)	(334)	7,000
Operating expenses:
Research and development	20,703	60,193
Selling, general and administrative	11,930	7,327
Total operating expenses	32,633	67,520
Loss from operations	(32,967)	(60,520)
Other income (expense), net	(84)	28
Net loss and comprehensive loss	$ (33,051)	$ (60,492)
Net loss per share, basic and diluted	$ (1.25)	$ (4.61)
Weighted average shares used in the calculation of net loss per share, basic and diluted	26,468,154	13,110,713
Grant [Member]
Revenue	$ 874	$ 7,000
Product revenue, net
Revenue	$ 2,313	$ 0

Condensed Statements of Convert

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Series 1 Convertible Preferred Stock	Preferred StockSeries 1 Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Balance at Dec. 31, 2020	$ (108,571)					$ 64,335	$ (172,906)
Temporary Equity Balance, Shares at Dec. 31, 2020		53,509,351
Temporary Equity Balance at Dec. 31, 2020		$ 290,945
Balance, Shares at Dec. 31, 2020					2,126,254
Issuance of Common Stock upon exercise of stock options	131					131
Issuance of Common Stock upon exercise of stock options, Shares					85,895
Issuance of Common Stock upon initial public offering, net of issuance costs of $21,349	232,548				$ 2	232,546
Issuance of Common Stock upon initial public offering, net of issuance costs, Shares					15,870,000
Conversion of convertible preferred stock into common stock and Series 1 convertible preferred stock upon initial public offering	290,945	$ (290,945)		$ 3		290,942
Temporary Equity, Conversion of convertible preferred stock into common stock and Series 1 convertible preferred stock upon initial public offering, Shares		(53,509,351)		29,863,674	7,555,432
Stock-based compensation expense	1,772					1,772
Net loss	(60,492)						(60,492)
Balance at Mar. 31, 2021	356,333			$ 3	$ 2	589,726	(233,398)
Balance, Shares at Mar. 31, 2021					25,637,581
Balance, Shares at Mar. 31, 2021				29,863,674
Balance at Dec. 31, 2021	$ 233,977			$ 3	$ 3	598,913	(364,942)
Balance, Shares at Dec. 31, 2021			29,863,674	29,863,674
Balance, Shares at Dec. 31, 2021	26,408,031				26,408,031
Issuance of Common Stock upon exercise of stock options	$ 98					98
Issuance of Common Stock upon exercise of stock options, Shares	65,862				65,862
Issuance of Common Stock pursuant to employee stock purchase plan	$ 216					216
Issuance of Common Stock pursuant to employee stock purchase plan, Shares					145,027
Stock-based compensation expense	1,545					1,545
Net loss	(33,051)						(33,051)
Balance at Mar. 31, 2022	$ 202,785			$ 3	$ 3	$ 600,772	$ (397,993)
Balance, Shares at Mar. 31, 2022	26,618,920				26,618,920
Balance, Shares at Mar. 31, 2022			29,863,674	29,863,674

Condensed Statements of Conve_2

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) (Unaudited) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Common Stock
Common stock, net of issuance costs	$ 21,349

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net loss	$ (33,051)	$ (60,492)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	1,545	1,772
Depreciation and amortization	363	216
Non-cash lease expense	409	143
Changes in operating assets and liabilities:
Accounts receivable	(2,417)	471
Inventory	(3,499)	0
Prepaid expenses and other current assets	(3,748)	(342)
Prepaid research and development	0	(6,803)
Other long-term assets	981	(981)
Accounts payable	141	5,821
Accrued expenses and other liabilities	(4,463)	24,283
Lease liabilities	(19)	(179)
Net cash used in operating activities	(43,758)	(22,485)
Investing activities
Purchase of property and equipment	(507)	(698)
Net cash used in investing activities	(507)	(698)
Financing activities
Proceeds from initial public offering, net of issuance costs	0	233,348
Proceeds from stock option exercises	98	131
Proceeds from stock option issuances pursuant to employee stock purchase plan	216	0
Net cash provided by financing activities	314	233,479
Net increase (decrease) in cash, cash equivalents and restricted cash	(43,951)	210,296
Cash, cash equivalents and restricted cash at beginning of period	233,312	173,133
Cash, cash equivalents and restricted cash at end of period	189,361	383,429
Supplemental disclosure of noncash investing and financing activities
Property and equipment purchases included in accounts payable and accrued expenses	94	117
Deferred initial public offering costs included in accounts payable and accrued expenses	0	802
Remeasurement of operating lease right-of-use asset for lease modification	$ 285	$ 0

Condensed Statements of Cash _2

Condensed Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Statement Of Cash Flows [Abstract]
Cash and cash equivalents	$ 187,586	$ 348,012
Restricted cash		34,650
Restricted cash – other long-term assets	1,775	767
Total cash, cash equivalents and restricted cash	$ 189,361	$ 383,429

Organization and Nature of Busi

Organization and Nature of Business	3 Months Ended
	Mar. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Nature of Business	1. Organization and nature of business Talis Biomedical Corporation (the Company) is a molecular diagnostic company focused on advancing health equity and outcomes through the delivery of accurate infectious disease testing in the moment of need, at the point of care. The Company plans to develop and commercialize innovate products on its sample-to-answer Talis One system to enable accurate, low cost, and rapid molecular testing. In November 2021, the U.S. Food and Drug Administration (FDA) granted Emergency Use Authorization (EUA) for use of the Talis One COVID-19 Test System in a variety of healthcare settings. In January 2022, we began to act as an authorized distributor for third-party COVID-19 antigen tests (Antigen Tests). The Company was incorporated in 2013 under the general laws of the State of Delaware and is based in Menlo Park, California (CA) and Chicago, Illinois (IL). In March 2022, we implemented a reduction in force designed to reduce our operating expenses, preserve cash and align our remaining resources to focus on, among other things, developing internal manufacturing expertise to support the commercial launch of the Talis One system. We incurred $ 1.0 million of expenses during the three months ended March 31, 2022 related to the reduction in force, substantially all of which consisted of charges related to the staff reduction, including cash expenditures and other costs. Initial Public Offering In February 2021, the Company completed an initial public offering (IPO) in which the Company issued and sold 13,800,000 shares of common stock at a public offering price of $ 16.00 per share, with an additional 2,070,000 shares sold pursuant to the underwriters' full exercise of their option to purchase additional shares. The aggregate proceeds received by the Company from the IPO was $ 232.5 million after deducting underwriting discounts, commissions and offering expenses of approximately $ 21.3 million. Upon the closing of the IPO, affiliated preferred shares with a carrying value of $ 225.4 million were converted into 29,863,674 Series 1 convertible preferred stock. The remaining outstanding convertible preferred shares were converted into 7,555,432 shares of common stock. Liquidity The Company has incurred significant losses and negative cash flows since inception, including a net loss of $ 33.1 million for the three months ended March 31, 2022. As of March 31, 2022, the Company had unrestricted cash and cash equivalents of $ 187.6 million and $ 1.8 million of restricted cash held within other long-term assets on the condensed balance sheet. Management expects to continue to incur additional substantial losses in the foreseeable future as a result of the Company’s research and development activities and commercialization of the Talis One system. The Company’s activities are subject to significant risks and uncertainties, including failing to secure additional funding to continue to operationalize the Company’s current technology and to advance the development of its products. The Company expects its existing unrestricted cash and cash equivalents as of March 31, 2022 will be sufficient to fund its operations through at least one year from the date these condensed financial statements are issued. The Company expects to finance its future operations with its existing unrestricted cash and cash equivalents and through strategic financing opportunities that could include, but are not limited to, future offerings of its equity, grant agreements, or the incurrence of debt. However, there is no guarantee that any of these strategic or financing opportunities will be executed or realized on favorable terms, if at all, and some could be dilutive to existing stockholders. The Company’s ability to raise additional capital through either the issuance of equity or debt, is dependent on a number of factors including, but not limited to, the demand for the Company, which itself is subject to a number of development and business risks and uncertainties, as well as the uncertainty that the Company would be able to raise such additional capital at a price or on terms that are favorable to the Company.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of significant accounting policies Basis of presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting. Accordingly, these unaudited condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed financial statements include all adjustments necessary to fairly state the financial position and the results of our operations and cash flows for interim periods in accordance with GAAP. All such adjustments are of a normal, recurring nature. The results for any interim period are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 or for any future period. The condensed balance sheet presented as of December 31, 2021 has been derived from the audited financial statements as of that date. The condensed financial statements and notes as presented do not contain all information that is included in the annual financial statements and notes thereto of the Company. The condensed financial statements and notes included in this Quarterly Report should be read in conjunction with the financial statements and notes included in the Company’s 2021 Annual Report on Form 10-K (Annual Report) filed with the SEC. The significant accounting policies used in preparation of these condensed financial statements for the three months ended March 31, 2022 are consistent with those described in our Annual Report. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company bases its estimates and judgments on historical experience and on various other assumptions, including knowledge about current events and expectations about actions the Company may take in the future, that the Company believes are reasonable under the circumstances. Significant estimates include, but are not limited to, recoverability of long-lived assets, accrued research and development costs, inventory valuation reserves, estimation of variable consideration, stock-based compensation expense, the measurement of right-of-use assets and lease liabilities, allowance for doubtful accounts, and uncertain tax positions. Actual results could vary fro m the amounts derived from management’s estimates and assumptions. Reclassifications The accompanying condensed statements of cash flows for the three month period ended March 31, 2021 reflects the Company's reclassification of grants receivables and unbilled grants receivables to accounts receivable, to conform to the presentation of the current period. Accounts receivable, net Accounts receivable include trade receivables, unbilled receivables and grant receivables. The allowance for doubtful accounts reflects the current estimate of credit losses expected to be incurred over the life of the accounts receivable. The Company considers various factors in establishing, monitoring, and adjusting its allowance for doubtful accounts, including the aging of the accounts and aging trends and specific exposures related to particular customers. Accounts receivable are charged off after all reasonable means to collect the full amount have been exhausted. The Company has an immaterial allowance for doubtful accounts as of March 31, 2022. Concentration of credit risk and other risks and uncertainties Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, and accounts receivables. The Company’s cash is deposited in accounts at large financial institutions and its cash equivalents are primarily held in prime and U.S. government money market funds. The Company believes it is not exposed to significant credit risk due to the financial strength of the depository institutions in which the cash and cash equivalents are held. The Company is subject to risks common to companies in the diagnostics industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals, and protection of intellectual property rights. The extent to which the COVID-19 pandemic will further directly or indirectly impact its business, results of operations, financial condition and liquidity, including planned and future clinical trials and research and development costs, will depend on future developments that are highly uncertain and will arise as a result of new information that may emerge concerning COVID-19, the actions taken to contain or treat it, and the duration and intensity of the related effects. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s business, financial condition, results of operations and prospects may be adversely affected. The Company is dependent on key suppliers for certain manufacturing and research and development activities. An interruption in the supply of these materials could temporarily impact the Company’s ability to commercialize, manufacture inventory and perform research and development, testing and clinical trials related to its products. The Company is also dependent on its manufacturing partners and third party logistic partner that are critical to its ability to supply product to its end customers. Inventory Inventory, which consists of finished goods, is valued at the lower of cost or net realizable value. The Company determines the cost of inventory using the first-in, first-out method. Lower of cost or net realizable value is evaluated by considering obsolescence, excessive levels of inventory, deterioration and other factors. In order to assess the ultimate realization of inventories, the Company is required to make judgments as to future demand requirements compared to current or committed inventory levels. The Company periodically reviews its inventories for shelf life, excess or obsolescence and writes-down obsolete or otherwise unmarketable inventory to its estimated net realizable value. If the actual net realizable value is less than the carrying value, or if it is determined that inventory utilization will further diminish based on estimates of demand, additional inventory write-downs may be required. Amounts written-down due to unmarketable inventory are recorded in cost of product sold and a new lower-cost basis for the inventory is established. Excess and obsolete inventory is primarily based on estimated forecasted sales, usage levels, and expiration dates. Revenue Recognition Product revenue, net The Company generates revenues from its sales of third-party antigen tests. The Company obtains control of the product and assumes inventory risk before it is transferred to the customer and therefore reports revenue on the gross amount billed to the customer. The Company has recognized sales from two primary customer types: (i) direct customers including hospitals, urgent care centers, physician, public health and retail clinics, and (ii) sub-distributors. The Company recognizes revenue under Accounting Standards Codification Topic 606 (ASC 606), Revenue from Contracts with Customers, when a customer obtains control of promised goods or services, with a transaction price that reflects the consideration which the entity expects to receive in exchange for those goods or services. Transaction price does not include amounts subject to uncertainties unless it is probable that there will be no significant reversal of revenue when the uncertainty is resolved. If necessary, revenue is recorded net of variable consideration based on the amounts the Company expects to be earned or to be claimed on the related sales. The Company estimates the amount of its product sales that may be returned by its customers and records this estimate as a reduction of revenue in the period the related product revenue is recognized. The returned assets cannot be re-sold and have no value to the Company. The provision for product returns is reflected as a component of net product revenue. The Company reports the product return liability within accrued a nd other liabilities on the condensed balance sheet. The Company identifies the contract with a customer and determines the performance obligations and the contract price. The contract price is allocated to the distinct performance obligations in the contract and revenue is recognized when the performance obligations have been satisfied. A performance obligation is considered to be satisfied once the control of a product is transferred to the customer or the service is provided to the customer, meaning the customer has the ability to use and obtain the benefit of the goods or service, generally at product shipment. The Company recognizes receivables in an amount expected to be collected in a transaction. The Company’s payment terms are generally net 30 days of billing. Contracts do not contain significant financing components based on the typical period of time between delivery of products and collection of contract consideration. Certain types of customers may pay in advance of product delivery. In those instances, payment and delivery typically occur in the same month. The Company invoices its customers upon shipment of product and records its sales upon shipment in accordance with its standard terms and conditions, unless underlying customer contracts specify otherwise. When necessary, the Company invoices and collects sales tax from its customers for sales of products. The Company has elected to exclude sales tax from the measurement of the transaction price. Contract balances A receivable is recognized in the period the Company delivers goods or provides services or when the Company’s right to consideration is unconditional. The Company usually does not record contract assets because the Company has an unconditional right to payment upon satisfaction of the performance obligation, and therefore, a receivable is more commonly recorded than a contract asset. Receivables from contracts with customers are included within accounts receivable, net on the condensed balance sheets. Contract liabilities include payments received in advance of performance under a contract and are satisfied as the associated revenue is recognized. When performance obligations are not transferred to a customer at the end of a reporting period, cash received associated with the amount allocated to those performance obligations is reflected as contract liabilities on the condensed balance sheets and is deferred until control of these performance obligations is transferred to the customer. There are no contract liabilities as of March 31, 2022. Contract costs Under ASC 606, the Company is required to capitalize incremental costs to obtain customer contracts if the costs relate directly to a contract that can be specifically identified and expect to be recovered. These costs are required to be amortized to expense consistent with the transfer of the goods or services to the customer to which the asset relates. As a practical expedient, the Company recognizes any incremental costs to obtain a contract as an expense when incurred if the amortization period of the asset is one year or less. The Company did not have any capitalized contract costs for the three months ended March 31, 2022. Costs of product sold Costs of product sold include material costs, direct labor, provisions for inventory write-downs and shipping and handling costs incurred. The Company reports product shipment costs within cost of products sold in the accompanying statements of operations. New accounting pronouncements Recently adopted accounting standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses to require the measurement of expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable forecasts. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The Company early adopted ASU 2016-13 on January 1, 2022 with no impact on its accumulated deficit, current financial position, results of operations and comprehensive loss or cash flows.

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurement	3. Fair value measurement The following table summarizes the Company's financial assets carried at fair value and measured on a recurring basis by level within the fair value hierarchy (in thousands): March 31, 2022 Level 1 Level 2 Level 3 Total Assets: Cash equivalents (money market funds) $ 175,084 $ — $ — $ 175,084 Total assets measured at fair value $ 175,084 $ — $ — $ 175,084 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Cash equivalents (money market funds) $ 205,071 $ — $ — $ 205,071 Total assets measured at fair value $ 205,071 $ — $ — $ 205,071

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Mar. 31, 2022
Accrued Liabilities Current [Abstract]
Balance Sheet Components	4. Balance sheet components Accrued liabilities Accrued liabilities consisted of the following (in thousands): March 31, December 31, 2022 2021 Accrued research and development costs $ 1,572 $ 5,303 Product refund liability 840 — Other liabilities 1,084 1,080 $ 3,496 $ 6,383

Revenue

Revenue	3 Months Ended
	Mar. 31, 2022
Revenue From Contract With Customer [Abstract]
Revenue	5. Revenue Product revenue, net The Company currently operates in one reportable segment. There were no sales to customers outside of the United States during the three months ended March 31, 2022. The Company had one customer that individually comprised over 10 % of product revenues, net for the three months ended March 31, 2022. Grant revenue and receivables NIH grant In May 2018, the Company was awarded a grant from the NIH for the Diagnostics via Rapid Enrichment, Identification, and Phenotypic Antibiotic Susceptibility Testing of Pathogens from Blood project. In April 2022, the Company exercised its fourth one-year option under the grant, extending the term through April 2023 with $ 1.1 million in additional funding available under the extension. During the three months ended March 31, 2022, the Company recognized $ 0.2 million of revenue related to this grant which was unbilled at March 31, 2022. During the three months ended March 31, 2021, no revenue was recognized related to this grant. NIH Rapid Acceleration of Diagnostics - RADx Initiative contracts In July 2020, the Company was awarded a subaward grant from the University of Massachusetts Medical School for Phase 1 of the NIH’s RADx initiative and a contract from the NIH directly for Phase 2 of the RADx initiative. The RADx initiative aims to speed the development, validation, and commercialization of innovative, rapid tests that can directly detect COVID-19. In 2021, the Company and the NIH amended the contract for the completion of the RADx initiative, extending the term of the contract to January 30, 2022 and decreased the potential milestone payment from $ 4.0 million to $ 2.0 million. The contract expired on January 30, 2022. During the three months ended March 31, 2022 and 2021, the Company recognized revenue of $ 0.7 million and $ 7.0 million related to the RADx initiative, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. Commitments and contingencies Operating leases In January 2021, the Company entered a new operating lease for laboratory and office space in Chicago, IL. The Company received access to the premises and the lease commenced in May 2021. The lease is classified as an operating lease and will continue for an initial term of 11 years, with options to extend the term for two successive five-year periods after the initial expiration date. The Company’s minimum commitment under the new lease is approximately $ 1.7 million annually with fixed escalations of 2.5 % per annum. In January 2021, the Company entered a new operating lease for laboratory and office space in Redwood City, CA. As of March 31, 2022, the Company did not have access to the space, concluded that the leasehold improvements were lessor owned and determined that the lease had not yet commenced for accounting purposes. The lease will continue for an initial term of 10.5 years, with options to extend the term for two successive five-year periods after the initial expiration date. The Company’s minimum commitment under the new lease is approximately $ 2.6 million annually with fixed escalations of 3.0 % per annum. The undiscounted future lease payments for operating leases as of March 31, 2022 were as follows (in thousands): (in thousands) Operating 2022 (remainder) 1,261 2023 1,644 2024 1,684 2025 1,724 2026 1,766 2027 and thereafter 10,335 Total future minimum lease payments 18,414 Less: imputed interest ( 4,260 ) Present value of operating lease liabilities 14,154 Less: current portion of lease liabilities ( 1,628 ) Noncurrent portion of lease liabilities $ 12,526 Standby letter of credit In January 2022, in conjunction with the Company’s Redwood City, CA operating lease, the Company entered into a standby letter of credit (LOC) in the amount of $ 1.0 million to secure the lease through its expiration. The Company is required to maintain a cash balance of $ 1.0 million as collateral for the LOC, which has been classified in other long-term assets on the balance sheet. In exchange, $ 1.0 million in funds held with the landlord as a long-term deposit in other long-term assets on the balance sheet as of December 31, 2021, was released. Indemnification agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, customers and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. The Company also provides indemnifications to directors and officers of the Company to the maximum extent permitted under applicable Delaware law. The maximum potential amount of future payments that the Company could be required to make under these indemnification agreements is, in many cases, unlimited. As of March 31, 2022, the Company has not incurred any material costs as a result of such indemnifications and is not currently aware of any indemnification claims. Unconditional purchase obligations

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholders' equity	7. Stockholders’ equity Convertible preferred stock Upon the closing of the IPO, 42,705,056 affiliated convertible preferred stock with a carrying value of $ 225.4 million were converted into 29,863,674 Series 1 convertible preferred stock. The remaining 10,804,295 outstanding historical convertible preferred stock were converted into 7,555,432 shares of common stock. As of March 31, 2022 and December 31, 2021, there were no shares of Series 2 non-voting convertible preferred stock outstanding. The Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock authorized and outstanding have various rights, privileges and features. The Company determined that none of the features required bifurcation from the underlying shares, either because they are clearly and closely related to the underlying shares or because they do not meet the definition of a derivative. The rights, preferences, and privileges of the Company’s Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock are as follows: Voting The holders of our Series 1 convertible preferred stock are entitled to one vote per share. Holders of shares of our common stock and Series 1 convertible preferred stock will vote together as a single class on all matters (including the election of directors) submitted to a vote of stockholders, subject to the limitations described above. The Series 1 convertible preferred stock does not have cumulative voting rights. Holders of our Series 2 non-voting convertible preferred stock have no voting rights except as required by law or as set forth in our amended and restated certificate of incorporation. Conversion The Series 1 convertible preferred stock is convertible, at the election of the holder, into Series 2 non-voting convertible preferred stock on a one -for-one basis at any time following the third anniversary of the closing of the IPO. Shares of Series 1 convertible preferred stock automatically convert to common stock on a one -for-one basis at any time at the discretion of the holder, or upon any sale or transfer of such shares of Series 1 convertible preferred stock. Conversion of the Series 2 non-voting convertible preferred stock is prohibited if the holder exceeds a specified threshold of voting security ownership. The Series 2 non-voting convertible preferred stock is convertible into common stock on a one -for-one basis, subject to adjustment for events such as stock splits, combinations and the like; provided that such holder shall not be entitled to convert the Series 2 non-voting convertible preferred in excess of that number of convertible preferred stock which upon giving effect or immediately prior to such conversion would cause the holder to exceed 4.99 % ownership or voting power individually or in aggregate with its affiliated holders. The 4.99% can be increased to up to 19.99 % by the holders of such shares with 61 days’ notice to the Company. Shares of Series 2 non-voting convertible preferred stock automatically convert to common stock on a one-for-one basis upon any sale or transfer of such shares of Series 2 non-voting convertible preferred stock. Dividends The Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock have the right to receive dividends first or simultaneously with payment of dividends on common stock. As of March 31, 2022, no such dividends had been declared or accrued . Liquidation preference In the event of any liquidation or dissolution of the Company, holders of the Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock are entitled to receive $ 0.0001 per share prior to the payment of any amount to any holders of our capital stock ranking junior to the Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock and thereafter shall participate on an as-if-converted-to-common-stock basis. Protective provisions Consent of the holders of a majority of the voting rights of the outstanding Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock is required for any amendment or change of the rights, preferences, privileges, or powers of, or the restrictions provided for the benefit of, the Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock. Redemption rights N o shares of Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock are unilaterally redeemable by either the stockholders or the Company; however, the Company’s amended and restated certificate of incorporation provides that upon any liquidation event such shares shall be entitled to receive the applicable liquidation preference. Registration rights In March 2021, the Company entered into a registration rights agreement (the Registration Rights Agreement) with Baker Brothers Life Sciences, L.P. and 667, L.P. (the Baker Funds), holders of the Company’s Series 1 convertible preferred stock and related parties. The obligations of the Company regarding such registration rights include, but are not limited to, file a registration statement with the SEC for the registration of registrable securities, reasonable efforts to cause such registration statement to become effective, keep such registration statement effective for up to 30 days, prepare and file amendments and supplements to such registration statement and the prospectus used in connection with such registration statement, and notify each selling holder, promptly after the Company receives notice thereof, of the time when such registration statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed. The terms of the registration rights provide for the payment of certain expenses related to the registration of the shares, including a capped reimbursement of legal fees of a single special counsel for the holders of the shares, but do not impose any obligations for the Company to pay additional consideration to the holders in case a registration statement is not declared effective. Under the Registration Rights Agreement, the Baker Funds also have the right to one underwritten offering per calendar year, but no more than two underwritten offerings or block trades in any twelve month period, to effect the sale or distribution of their registrable securities, subject to specified exceptions, conditions and limitations. The Registration Rights Agreement also includes customary indemnification obligations in connection with registrations conducted pursuant to the Registration Rights Agreement. Common stock The Company’s February 2021 amended and restated certificate of incorporation authorized the issuance of up 200,000,000 shares of common stock, each having a par value of $ 0.0001 and entitled to one vote per share . No dividends have been declared or paid during the three months ended March 31, 2022.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	8. Stock-based compensation 2013 Equity Incentive Plan The 2013 Equity Incentive Plan (2013 Plan) provides the Board of Directors the discretion to grant stock options and other equity-based awards to employees, directors, and consultants of the Company. The Board of Directors administers the 2013 Plan and has discretion to delegate some or all of the administration of the 2013 Plan to a committee or committees or an officer. To date, the Company has only granted Incentive Stock Options (ISOs) and Non-statutory Stock Options (NSOs) to employees, consultants, and directors. Following the completion of the Company’s IPO no additional shares have been granted under the 2013 Plan. However, the 2013 Plan will continue to govern outstanding equity awards granted thereunder. To the extent outstanding options granted under the 2013 Plan are cancelled, forfeited or otherwise terminated without being exercised and would otherwise have been returned to the share reserve under the 2013 Plan, the number of shares underlying such awards will be available for future grant under the 2021 Equity Incentive Plan . 2021 Equity Incentive Plan In February 2021, the Board of Directors adopted the 2021 Equity Incentive Plan (2021 Plan), and our stockholders approved the 2021 Plan. The 2021 Plan is a successor to and continuation of the 2013 Plan. To date, the Company has only granted ISOs, NSOs and Restricted Stock Units (RSUs) to employees and directors. Therefore, the below discussion is limited to the terms applicable to ISOs and NSOs (collectively, stock options or options), and RSUs. 2021 Employee Stock Purchase Plan (ESPP) In February 2021, the Company’s Board of Directors adopted the ESPP, and our stockholders approved the ESPP. The price at which stock is purchased under the ESPP is equal to 85 % of the fair market value of the Company's common stock on the first or the last day of the offering period, whichever is lower. Generally, each offering under the ESPP will be for a period of six months as determined by the Company's Board of Directors. Employees may invest up to 15 % of their qualifying gross compensation through payroll deductions. In no event may an employee purchase more than 4,750 shares of common stock during any six-month offering period. As of March 31, 2022, there were 212,147 shares issued under the ESPP. The ESPP is a compensatory plan as defined by the authoritative guidance for stock compensation. Stock-based compensation expense of $ 0.1 million related to the ESPP has been recorded for the three months ended March 31, 2022 and 2021. 2021 Inducement Plan In November 2021, the Company's Board of Directors adopted the 2021 Inducement Plan (Inducement Plan). The Inducement Plan was adopted without stockholder approval pursuant to Nasdaq Listing Rule 5635(c)(4). Under the Inducement Plan, the Company may grant nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other awards to individuals not previously employees or non-employee directors of the Company, as an inducement toward entering into employment with the Company. The maximum number of shares of common stock that may be issued under the Inducement Plan is 3,000,000 shares . Stock options A summary of stock option activity during the three months ended March 31, 2022 is as follows: Number of Weighted Weighted Aggregate Outstanding at December 31, 2021 8,590,411 $ 5.48 8.8 $ 6,196 Granted 256,800 $ 1.89 Exercised ( 65,862 ) $ 1.50 Forfeited ( 697,607 ) $ 6.67 Expired ( 161,468 ) $ 3.43 Outstanding at March 31, 2022 7,922,274 $ 5.33 8.6 $ — Exercisable at March 31, 2022 2,753,490 $ 5.28 8.4 $ — Nonvested at March 31, 2022 5,168,784 $ 5.36 8.8 $ — As of March 31, 2022, the total unrecognized stock-based compensation related to stock options, excluding the stock option granted to Brian Coe, a former Chief Executive Officer of the Company with the performance condition (discussed further below), was $ 16.6 million, which is expected be recognized over a weighted-average period of approximately 3 years . During 2020, Mr. Coe received stock options for the purchase of 241,958 shares of common stock that vest upon the first sale by the Company of a regulatory authorized product. As of March 31, 2022, there was $ 1.8 million of unrecognized compensation expense related to these stock options as the achievement of the performance condition was not deemed probable. Restricted stock units A summary of RSU activity during the three months ended March 31, 2022 is as follows: Number of Units Weighted Average Grant Date Outstanding at December 31, 2021 407,720 $ 5.72 Granted 41,300 $ 2.53 Vested — $ — Forfeited ( 80,905 ) $ 5.86 Outstanding at March 31, 2022 368,115 $ 5.35 As of March 31, 2022, the total unrecognized stock-based compensation related to RSUs was $ 1.7 million, which is expected to be recognized over a weighted average period of approximately 4 years. Stock-based compensation expense The following table summarizes the components of stock-based compensation expense recorded in the Company’s statement of operations and comprehensive loss (in thousands): Three Months Ended March 31, 2022 2021 Research and development $ 575 $ 623 Selling, general and administrative 970 1,149 Total stock-based compensation $ 1,545 $ 1,772

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	9. Related-party transactions Financing activity During the three months ended March 31, 2021, the Company received proceeds of $ 106.2 million from the issuance of common stock to related parties as part of the Company’s IPO, including the Company’s majority shareholder, the Baker Funds, six officers and two members of the Board of Directors. Registration rights In March 2021, the Company entered into the Registration Rights Agreement with the Baker Funds, holders of Series 1 convertible preferred stock and related parties (see Note 7).

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	10. Net loss per share Net loss per share The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except for share and per share data): Three Months Ended March 31, 2022 2021 Numerator: Net loss - basic and diluted $ ( 33,051 ) $ ( 60,492 ) Denominator: Weighted-average number of shares of 26,468,154 13,110,713 Net loss per share - basic and diluted $ ( 1.25 ) $ ( 4.61 ) Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. The Company’s Series 1 convertible preferred stock are participating securities but, because they do not have the obligation to share in the loss of the Company, they are excluded from the calculation of basic net loss per share. Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: As of March 31, 2022 2021 Series 1 convertible preferred stock 29,863,674 29,863,674 Options to purchase Common Stock 7,922,274 8,039,422 Shares estimated to be purchased under 2021 ESPP 262,204 76,770 Unvested RSUs 368,115 — Total 38,416,267 37,979,866

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting. Accordingly, these unaudited condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed financial statements include all adjustments necessary to fairly state the financial position and the results of our operations and cash flows for interim periods in accordance with GAAP. All such adjustments are of a normal, recurring nature. The results for any interim period are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 or for any future period. The condensed balance sheet presented as of December 31, 2021 has been derived from the audited financial statements as of that date. The condensed financial statements and notes as presented do not contain all information that is included in the annual financial statements and notes thereto of the Company. The condensed financial statements and notes included in this Quarterly Report should be read in conjunction with the financial statements and notes included in the Company’s 2021 Annual Report on Form 10-K (Annual Report) filed with the SEC. The significant accounting policies used in preparation of these condensed financial statements for the three months ended March 31, 2022 are consistent with those described in our Annual Report.
Use of Estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company bases its estimates and judgments on historical experience and on various other assumptions, including knowledge about current events and expectations about actions the Company may take in the future, that the Company believes are reasonable under the circumstances. Significant estimates include, but are not limited to, recoverability of long-lived assets, accrued research and development costs, inventory valuation reserves, estimation of variable consideration, stock-based compensation expense, the measurement of right-of-use assets and lease liabilities, allowance for doubtful accounts, and uncertain tax positions. Actual results could vary fro m the amounts derived from management’s estimates and assumptions.
Reclassifications	Reclassifications The accompanying condensed statements of cash flows for the three month period ended March 31, 2021 reflects the Company's reclassification of grants receivables and unbilled grants receivables to accounts receivable, to conform to the presentation of the current period.
Allowance receivable, net	Accounts receivable, net Accounts receivable include trade receivables, unbilled receivables and grant receivables. The allowance for doubtful accounts reflects the current estimate of credit losses expected to be incurred over the life of the accounts receivable. The Company considers various factors in establishing, monitoring, and adjusting its allowance for doubtful accounts, including the aging of the accounts and aging trends and specific exposures related to particular customers. Accounts receivable are charged off after all reasonable means to collect the full amount have been exhausted. The Company has an immaterial allowance for doubtful accounts as of March 31, 2022.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of credit risk and other risks and uncertainties Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, and accounts receivables. The Company’s cash is deposited in accounts at large financial institutions and its cash equivalents are primarily held in prime and U.S. government money market funds. The Company believes it is not exposed to significant credit risk due to the financial strength of the depository institutions in which the cash and cash equivalents are held. The Company is subject to risks common to companies in the diagnostics industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals, and protection of intellectual property rights. The extent to which the COVID-19 pandemic will further directly or indirectly impact its business, results of operations, financial condition and liquidity, including planned and future clinical trials and research and development costs, will depend on future developments that are highly uncertain and will arise as a result of new information that may emerge concerning COVID-19, the actions taken to contain or treat it, and the duration and intensity of the related effects. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s business, financial condition, results of operations and prospects may be adversely affected. The Company is dependent on key suppliers for certain manufacturing and research and development activities. An interruption in the supply of these materials could temporarily impact the Company’s ability to commercialize, manufacture inventory and perform research and development, testing and clinical trials related to its products. The Company is also dependent on its manufacturing partners and third party logistic partner that are critical to its ability to supply product to its end customers.
Inventory	Inventory Inventory, which consists of finished goods, is valued at the lower of cost or net realizable value. The Company determines the cost of inventory using the first-in, first-out method. Lower of cost or net realizable value is evaluated by considering obsolescence, excessive levels of inventory, deterioration and other factors. In order to assess the ultimate realization of inventories, the Company is required to make judgments as to future demand requirements compared to current or committed inventory levels. The Company periodically reviews its inventories for shelf life, excess or obsolescence and writes-down obsolete or otherwise unmarketable inventory to its estimated net realizable value. If the actual net realizable value is less than the carrying value, or if it is determined that inventory utilization will further diminish based on estimates of demand, additional inventory write-downs may be required. Amounts written-down due to unmarketable inventory are recorded in cost of product sold and a new lower-cost basis for the inventory is established. Excess and obsolete inventory is primarily based on estimated forecasted sales, usage levels, and expiration dates.
Revenue Recognition	Revenue Recognition Product revenue, net The Company generates revenues from its sales of third-party antigen tests. The Company obtains control of the product and assumes inventory risk before it is transferred to the customer and therefore reports revenue on the gross amount billed to the customer. The Company has recognized sales from two primary customer types: (i) direct customers including hospitals, urgent care centers, physician, public health and retail clinics, and (ii) sub-distributors. The Company recognizes revenue under Accounting Standards Codification Topic 606 (ASC 606), Revenue from Contracts with Customers, when a customer obtains control of promised goods or services, with a transaction price that reflects the consideration which the entity expects to receive in exchange for those goods or services. Transaction price does not include amounts subject to uncertainties unless it is probable that there will be no significant reversal of revenue when the uncertainty is resolved. If necessary, revenue is recorded net of variable consideration based on the amounts the Company expects to be earned or to be claimed on the related sales. The Company estimates the amount of its product sales that may be returned by its customers and records this estimate as a reduction of revenue in the period the related product revenue is recognized. The returned assets cannot be re-sold and have no value to the Company. The provision for product returns is reflected as a component of net product revenue. The Company reports the product return liability within accrued a nd other liabilities on the condensed balance sheet. The Company identifies the contract with a customer and determines the performance obligations and the contract price. The contract price is allocated to the distinct performance obligations in the contract and revenue is recognized when the performance obligations have been satisfied. A performance obligation is considered to be satisfied once the control of a product is transferred to the customer or the service is provided to the customer, meaning the customer has the ability to use and obtain the benefit of the goods or service, generally at product shipment. The Company recognizes receivables in an amount expected to be collected in a transaction. The Company’s payment terms are generally net 30 days of billing. Contracts do not contain significant financing components based on the typical period of time between delivery of products and collection of contract consideration. Certain types of customers may pay in advance of product delivery. In those instances, payment and delivery typically occur in the same month. The Company invoices its customers upon shipment of product and records its sales upon shipment in accordance with its standard terms and conditions, unless underlying customer contracts specify otherwise. When necessary, the Company invoices and collects sales tax from its customers for sales of products. The Company has elected to exclude sales tax from the measurement of the transaction price. Contract balances A receivable is recognized in the period the Company delivers goods or provides services or when the Company’s right to consideration is unconditional. The Company usually does not record contract assets because the Company has an unconditional right to payment upon satisfaction of the performance obligation, and therefore, a receivable is more commonly recorded than a contract asset. Receivables from contracts with customers are included within accounts receivable, net on the condensed balance sheets. Contract liabilities include payments received in advance of performance under a contract and are satisfied as the associated revenue is recognized. When performance obligations are not transferred to a customer at the end of a reporting period, cash received associated with the amount allocated to those performance obligations is reflected as contract liabilities on the condensed balance sheets and is deferred until control of these performance obligations is transferred to the customer. There are no contract liabilities as of March 31, 2022. Contract costs Under ASC 606, the Company is required to capitalize incremental costs to obtain customer contracts if the costs relate directly to a contract that can be specifically identified and expect to be recovered. These costs are required to be amortized to expense consistent with the transfer of the goods or services to the customer to which the asset relates. As a practical expedient, the Company recognizes any incremental costs to obtain a contract as an expense when incurred if the amortization period of the asset is one year or less. The Company did not have any capitalized contract costs for the three months ended March 31, 2022.
Costs of product sold	Costs of product sold Costs of product sold include material costs, direct labor, provisions for inventory write-downs and shipping and handling costs incurred. The Company reports product shipment costs within cost of products sold in the accompanying statements of operations.
New Accounting Pronouncements	New accounting pronouncements Recently adopted accounting standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses to require the measurement of expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable forecasts. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The Company early adopted ASU 2016-13 on January 1, 2022 with no impact on its accumulated deficit, current financial position, results of operations and comprehensive loss or cash flows.

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Summary of Financial Assets Carried at Fair Value and Measured on Recurring Basis	The following table summarizes the Company's financial assets carried at fair value and measured on a recurring basis by level within the fair value hierarchy (in thousands): March 31, 2022 Level 1 Level 2 Level 3 Total Assets: Cash equivalents (money market funds) $ 175,084 $ — $ — $ 175,084 Total assets measured at fair value $ 175,084 $ — $ — $ 175,084 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Cash equivalents (money market funds) $ 205,071 $ — $ — $ 205,071 Total assets measured at fair value $ 205,071 $ — $ — $ 205,071

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2022
Accrued Liabilities Current [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities Accrued liabilities consisted of the following (in thousands): March 31, December 31, 2022 2021 Accrued research and development costs $ 1,572 $ 5,303 Product refund liability 840 — Other liabilities 1,084 1,080 $ 3,496 $ 6,383

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Schedule of Undiscounted Future Lease Payments	The undiscounted future lease payments for operating leases as of March 31, 2022 were as follows (in thousands): (in thousands) Operating 2022 (remainder) 1,261 2023 1,644 2024 1,684 2025 1,724 2026 1,766 2027 and thereafter 10,335 Total future minimum lease payments 18,414 Less: imputed interest ( 4,260 ) Present value of operating lease liabilities 14,154 Less: current portion of lease liabilities ( 1,628 ) Noncurrent portion of lease liabilities $ 12,526

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock Option Activity	A summary of stock option activity during the three months ended March 31, 2022 is as follows: Number of Weighted Weighted Aggregate Outstanding at December 31, 2021 8,590,411 $ 5.48 8.8 $ 6,196 Granted 256,800 $ 1.89 Exercised ( 65,862 ) $ 1.50 Forfeited ( 697,607 ) $ 6.67 Expired ( 161,468 ) $ 3.43 Outstanding at March 31, 2022 7,922,274 $ 5.33 8.6 $ — Exercisable at March 31, 2022 2,753,490 $ 5.28 8.4 $ — Nonvested at March 31, 2022 5,168,784 $ 5.36 8.8 $ — As of March 31, 2022, the total unrecognized stock-based compensation related to stock options, excluding the stock option granted to Brian Coe, a former Chief Executive Officer of the Company with the performance condition (discussed further below), was $ 16.6 million, which is expected be recognized over a weighted-average period of approximately 3 years . During 2020, Mr. Coe received stock options for the purchase of 241,958 shares of common stock that vest upon the first sale by the Company of a regulatory authorized product. As of March 31, 2022, there was $ 1.8 million of unrecognized compensation expense related to these stock options as the achievement of the performance condition was not deemed probable.
Summary of Restricted Stock Unit Activity	A summary of RSU activity during the three months ended March 31, 2022 is as follows: Number of Units Weighted Average Grant Date Outstanding at December 31, 2021 407,720 $ 5.72 Granted 41,300 $ 2.53 Vested — $ — Forfeited ( 80,905 ) $ 5.86 Outstanding at March 31, 2022 368,115 $ 5.35
Components of Stock-based Compensation Expense	The following table summarizes the components of stock-based compensation expense recorded in the Company’s statement of operations and comprehensive loss (in thousands): Three Months Ended March 31, 2022 2021 Research and development $ 575 $ 623 Selling, general and administrative 970 1,149 Total stock-based compensation $ 1,545 $ 1,772

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Loss Per Share	The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except for share and per share data): Three Months Ended March 31, 2022 2021 Numerator: Net loss - basic and diluted $ ( 33,051 ) $ ( 60,492 ) Denominator: Weighted-average number of shares of 26,468,154 13,110,713 Net loss per share - basic and diluted $ ( 1.25 ) $ ( 4.61 )
Schedule of Potentially Dilutive Securities Not Included in Diluted Per Share Calculations	Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. The Company’s Series 1 convertible preferred stock are participating securities but, because they do not have the obligation to share in the loss of the Company, they are excluded from the calculation of basic net loss per share. Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: As of March 31, 2022 2021 Series 1 convertible preferred stock 29,863,674 29,863,674 Options to purchase Common Stock 7,922,274 8,039,422 Shares estimated to be purchased under 2021 ESPP 262,204 76,770 Unvested RSUs 368,115 — Total 38,416,267 37,979,866

Organization and Nature of Bu_2

Organization and Nature of Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 17, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Organization And Nature Of Business [Line Items]
Expense related to reduction in force		$ 1,000
Net losses		33,051	$ 60,492
Cash and cash equivalents		187,586	$ 348,012	$ 232,545
Restricted cash		1,800
Convertible Preferred Stock [Member]
Organization And Nature Of Business [Line Items]
Conversion of Stock, Amount Converted	$ 225,400	$ 225,400
IPO | Series 1 Convertible Preferred Stock
Organization And Nature Of Business [Line Items]
Preferred shares converted	29,863,674
Common Stock
Organization And Nature Of Business [Line Items]
Common stock issued and sold			15,870,000
Proceeds received from IPO	$ 232,500
Common stock, net of issuance costs			$ 21,349
Common Stock | IPO
Organization And Nature Of Business [Line Items]
Common stock issued and sold	13,800,000
Shares issued, price per share	$ 16
Common stock, net of issuance costs	$ 21,300
Preferred shares converted	7,555,432
Common Stock | Underwriter's Option
Organization And Nature Of Business [Line Items]
Common stock issued and sold	2,070,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Summary Of Significant Accounting Policies [Line Items]
Net revenues collection period	30 days
Research and development	$ 20,703	$ 60,193
ASU 2020-06
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, early adoption	true
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 1, 2022
Change in accounting principle, accounting standards update, immaterial effect	true

Fair Value Measurement - Summar

Fair Value Measurement - Summary of Financial Assets Carried at Fair Value and Measured on Recurring Basis (Details) - Fair Value Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets:
Total assets measured at fair value	$ 175,084	$ 205,071
Level 1
Assets:
Total assets measured at fair value	175,084	205,071
Money Market Funds
Assets:
Cash equivalents	175,084	205,071
Money Market Funds | Level 1
Assets:
Cash equivalents	$ 175,084	$ 205,071

Balance Sheet Components - Summ

Balance Sheet Components - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accrued Liabilities Current [Abstract]
Accrued research and development costs	$ 1,572	$ 5,303
Product refund liability	840	0
Other liabilities	1,084	1,080
Total accrued liabilities	$ 3,496	$ 6,383

Revenue - Additional Informatio

Revenue - Additional Information (Details) $ in Thousands	1 Months Ended		3 Months Ended
	Oct. 31, 2021USD ($)	Jul. 31, 2021USD ($)	Mar. 31, 2022USD ($)Segment	Mar. 31, 2021USD ($)	Apr. 30, 2022USD ($)	Dec. 31, 2021USD ($)
Disaggregation Of Revenue [Line Items]
Number of reportable segments | Segment			1
Revenues			$ 0
Net accounts receivable from customers			2,599			$ 183
RADx Initiative
Disaggregation Of Revenue [Line Items]
Revenue received in completion of second stage			700	$ 7,000
Potential milestone payment	$ 2,000	$ 4,000
Term of contract	Jan. 30, 2022
NIH
Disaggregation Of Revenue [Line Items]
Additional funding available under extension					$ 1,100
Grant revenue recognized			$ 200	$ 0
Minimum
Disaggregation Of Revenue [Line Items]
Percentage of product revenue			10.00%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022USD ($)Option	Jan. 31, 2022USD ($)	Dec. 31, 2021USD ($)	Jan. 31, 2021USD ($)
Commitments And Contingencies [Line Items]
Operating lease right-of-use-assets	$ 12,693,000		$ 12,907,000
Operating lease liability	14,154,000
Unconditional purchase obligation	$ 12,200,000
Standby Letters of Credit
Commitments And Contingencies [Line Items]
LineOfCredit			$ 1,000
Letter of Credit
Commitments And Contingencies [Line Items]
Cash collateral for line of credit facility		$ 1,000,000
Redwood City, CA | Letter of Credit
Commitments And Contingencies [Line Items]
letter of credit facility		$ 1,000,000
Laboratory and Office Space | Chicago, IL
Commitments And Contingencies [Line Items]
Renewal term				11 years
Annual minimum commitment				$ 1,700
Fixed escalations percentage per annum				2.50%
Laboratory and Office Space | Redwood City, CA
Commitments And Contingencies [Line Items]
Initial term of operating lease	10 years 6 months
Existence of option to extend operating lease	true
Renewal term	5 years
Annual minimum commitment	$ 2,600,000
Fixed escalations percentage per annum	3.00%
Number of options to extend Lease term | Option	2

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Undiscounted Future Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
2022(reminder)	$ 1,261
2023	1,644
2024	1,684
2025	1,724
2026	1,766
2027 and thereafter	10,335
Total future minimum lease payments	18,414
Less: imputed interest	(4,260)
Present value of operating lease liabilities	14,154
Less: current portion of lease liabilities	(1,628)	$ (1,232)
Operating lease liabilities, long-term portion	$ 12,526	$ 12,745

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Thousands	Feb. 17, 2021USD ($)shares	Feb. 28, 2021$ / sharesshares	Mar. 31, 2022USD ($)$ / sharesshares	Mar. 31, 2021shares	Dec. 31, 2021$ / sharesshares	Dec. 31, 2020shares
Class Of Stock [Line Items]
Preferred stock dividend declared or accrued | $			$ 0
Common stock, shares authorized		200,000,000	200,000,000		200,000,000
Common stock, par value | $ / shares		$ 0.0001	$ 0.0001		$ 0.0001
Common stock, voting rights		one vote per share
Common Stock
Class Of Stock [Line Items]
Shares issued on conversion of convertible preferred shares			7,555,432
Preferred stock dividend declared or accrued | $			$ 0
Common stock issued and sold				15,870,000
Proceeds received from IPO | $	$ 232,500
Common Stock | IPO
Class Of Stock [Line Items]
Common stock issued and sold	13,800,000
Common Stock | Underwriter's Option
Class Of Stock [Line Items]
Common stock issued and sold	2,070,000
Series 1 Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock, shares authorized			60,000,000		60,000,000
Shares issued on conversion of convertible preferred shares			29,863,674
Convertible preferred stock outstanding			29,863,674		29,863,674
Liquidation preference of convertible preferred stock | $ / shares			$ 0.0001		$ 0.0001
Series 1 Convertible Preferred Stock | Conversion Into Series2 Non-voting Convertible Preferred Stock
Class Of Stock [Line Items]
Conversion ratio			1
Series 1 Convertible Preferred Stock | Conversion Into Common Stock
Class Of Stock [Line Items]
Conversion ratio			1
Series 2 Non-voting Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock outstanding			0		0
Conversion ratio			1
Notice period			61 days
Liquidation preference of convertible preferred stock | $ / shares			$ 0.0001
Series 2 Non-voting Convertible Preferred Stock | Maximum
Class Of Stock [Line Items]
Percentage of number of issued and outstanding shares of common stock beneficially owned by holder			4.99%
Increase in percentage of number of issued and outstanding shares of common stock beneficially owned by holder			19.99%
Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock outstanding						53,509,351
Shares issued on conversion of convertible preferred shares					10,804,295
Convertible preferred shares carrying value, converted | $	$ 225,400		$ 225,400
Convertible Preferred Stock | IPO
Class Of Stock [Line Items]
Shares issued on conversion of convertible preferred shares			42,705,056

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Nov. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 1,545		$ 1,772
Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense related to stock option	$ 16,600
Expected weighted-average period for recognition of compensation expense related	3 years
Performance
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to stock options	$ 1,800
Performance | Chief Executive Officer
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares issued	241,958
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense related to stock option	$ 1,700
Expected weighted-average period for recognition of compensation expense related	4 years
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Purchase price of common stock, as a percentage of fair market value	85.00%
Maximum percentage of gross compensation to be invested by employees through payroll deductions	15.00%
Maximum number of shares an employee may purchase	4,750
Number of shares issued	212,147
Stock-based compensation expense	$ 100	$ 100
2021 Inducement Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common Stock Capital Shares Reserved For Future Issuance				3,000,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Units Outstanding, Beginning Balance	8,590,411
Number of Units, Granted	256,800
Number of Units, Exercised	(65,862)
Number of Units, Forfeited	697,607
Number of Units, Expired	161,468
Number of Units Outstanding, Ending Balance	7,922,274	8,590,411
Number of Units, Exercisable	2,753,490
Number of Units, Nonvested	5,168,784
Number of Units Outstanding, Weighted Average Strike Price per Unit, Beginning Balance	$ 5.48
Number of Units, Granted, Weighted Average Strike Price per Unit	1.89
Number of Units, Exercised, Weighted Average Strike Price per Unit	1.50
Number of Units, Forfeited, Weighted Average Exercise Price per Unit	6.67
Number of Units, Expired, Weighted Average Exercise Price per Unit	3.43
Number of Units Outstanding, Weighted Average Strike Price per Unit, Ending Balance	5.33	$ 5.48
Number of Units, Exercisable, Weighted Average Strike Price per Unit	5.28
Number of Units, Nonvested, Weighted Average Strike Price per Unit	$ 5.36
Number of Units Outstanding, Weighted Average Remaining Contractual Term (in years)	8 years 7 months 6 days	8 years 9 months 18 days
Number of Units, Exercisable, Weighted Average Remaining Contractual Term (in years)	8 years 4 months 24 days
Number of Units, Nonvested, Weighted Average Remaining Contractual Term (in years)	8 years 9 months 18 days
Number of Units Outstanding, Aggregate Intrinsic Value	$ 0	$ 6,196
Number of Units, Exercisable, Aggregate Intrinsic Value	0
Number of Units, Nonvested, Aggregate Intrinsic Value	$ 0

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding at December 31, 2021 | shares	407,720
Granted | shares	41,300
Forfeited | shares	(80,905)
Outstanding at March 31, 2022 | shares	368,115
Outstanding at December 31, 2021 | $ / shares	$ 5.72
Granted | $ / shares	2.53
Forfeited | $ / shares	(5.86)
Outstanding at March 31, 2022 | $ / shares	$ 5.35

Stock-Based Compensation - Comp

Stock-Based Compensation - Components of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,545	$ 1,772
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	575	623
Selling, General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 970	$ 1,149

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Majority Shareholder, The Baker Funds, Six Officers and Two Members of the Board of Directors
Related Party Transaction [Line Items]
Proceeds from related parties in initial public offering	$ 106.2

Net Loss Per Share - Computatio

Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net loss	$ (33,051)	$ (60,492)
Denominator:
Weighted average shares used in the calculation of net loss per share, basic and diluted	26,468,154	13,110,713
Net loss per share, basic and diluted	$ (1.25)	$ (4.61)

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Potentially Dilutive Securities Not Included in Diluted Per Share Calculations (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net loss per share	38,416,267	37,979,866
Series 1 Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net loss per share	29,863,674	29,863,674
Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net loss per share	7,922,274	8,039,422
Unvested RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net loss per share	368,115
Shares Estimated to be Purchased Under 2021 ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net loss per share	262,204	76,770