Talis Biomedical (TLIS) 10-Q 16 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 10, 2021
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
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		56,152,290
Common Stock
Document And Entity Information [Line Items]
Entity Stock, Shares Outstanding		26,288,616
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 ($)	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 273,603,000	$ 138,483,000
Restricted cash		34,650,000
Grants receivable		238,000
Unbilled grants receivable	219,000	233,000
Prepaid research and development expenses	938,000	12,014,000
Prepaid expenses and other current assets	2,797,000	3,106,000
Total current assets	277,557,000	188,724,000
Property and equipment, net	10,391,000	9,114,000
Operating lease right-of-use-assets	13,400,000	567,000
Other long-term assets	1,748,000
Total assets	303,096,000	198,405,000
Current liabilities:
Accounts payable	5,388,000	4,906,000
Accrued compensation	6,635,000	2,738,000
Accrued liabilities	18,194,000	7,694,000
Operating lease liabilities, current portion	1,125,000	693,000
Total current liabilities	31,342,000	16,031,000
Operating lease liabilities, long-term portion	12,962,000
Total liabilities	44,304,000	16,031,000
Commitments and contingencies (Note 6)
Convertible preferred stock		290,945,000
Stockholders’ equity (deficit):
Common stock, $0.0001 par value; 200,000,000 and 230,000,000 shares authorized at September 30, 2021 and December 31, 2020, respectively; 25,963,014 and 2,126,254 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	2,000
Additional paid-in capital	595,075,000	64,335,000
Accumulated deficit	(336,288,000)	(172,906,000)
Total stockholders’ equity (deficit)	258,792,000	(108,571,000)
Total liabilities, convertible preferred stock and stockholders’ equity	303,096,000	$ 198,405,000
Series 1 Convertible Preferred Stock
Stockholders’ equity (deficit):
Convertible preferred stock	$ 3,000

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Convertible preferred stock, shares authorized		229,296,908
Convertible preferred stock, shares issued		53,509,351
Convertible preferred stock, shares outstanding		53,509,351
Convertible preferred stock, aggregate liquidation preference	$ 3,000	$ 475,617,000
Convertible preferred stock, par value	$ 0.0001
Convertible preferred stock, shares authorized	170,000,000
Convertible preferred stock, shares issued	29,863,674
Convertible preferred stock, shares outstanding	29,863,674
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	230,000,000
Common stock, shares, issued	25,963,014	2,126,254
Common stock, shares, outstanding	25,963,014	2,126,254
Convertible Preferred Stock
Convertible preferred stock, par value	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	0	229,296,908
Convertible preferred stock, shares issued	0	53,509,351
Convertible preferred stock, shares outstanding	0	53,509,351
Convertible preferred stock, aggregate liquidation preference	$ 0	$ 475,617,000
Series 1 Convertible Preferred Stock
Convertible preferred stock, shares authorized		57,324,227
Convertible preferred stock, aggregate liquidation preference	$ 3,000
Convertible preferred stock, par value	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	60,000,000	57,324,227
Convertible preferred stock, shares issued	29,863,674	0
Convertible preferred stock, shares outstanding	29,863,674	0
Convertible preferred stock, aggregate liquidation preference	$ 3,000	$ 0

Condensed Statements of Operati

Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Grant revenue	$ 218	$ 9,486	$ 7,335	$ 10,705
Operating expenses:
Research and development	25,841	36,011	140,529	49,909
Selling, general and administrative	12,792	3,058	30,102	7,798
Total operating expenses	38,633	39,069	170,631	57,707
Loss from operations	(38,415)	(29,583)	(163,296)	(47,002)
Other income (expense), net	(3)	69	(86)	68
Net loss and comprehensive loss	$ (38,418)	$ (29,514)	$ (163,382)	$ (46,934)
Net loss per share, basic and diluted	$ (1.49)	$ (13.90)	$ (8.41)	$ (22.15)
Weighted average shares used in the calculation of net loss per share, basic and diluted	25,787,101	2,122,931	19,427,730	2,118,607

Condensed Statements of Convert

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($)	Total	Convertible Preferred Stock	Series C-1 Convertible Preferred Stock	Series D-1 Convertible Preferred Stock	Series D-2 Convertible Preferred Stock	Series E-1 Convertible Preferred Stock	Series E-2 Convertible Preferred Stock	Series 1 Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Balance at Dec. 31, 2019	$ (21,140,000)									$ 60,636,000	$ (81,776,000)
Temporary Equity Balance, Shares at Dec. 31, 2019		37,871,430
Temporary Equity Balance at Dec. 31, 2019		$ 42,755,000
Balance, Shares at Dec. 31, 2019									2,115,583
Issuance of Common Stock upon exercise of stock options	5,000									5,000
Issuance of Common Stock upon exercise of stock options, Shares									483
Stock-based compensation expense	681,000									681,000
Net loss	(7,374,000)										(7,374,000)
Balance at Mar. 31, 2020	(27,828,000)									61,322,000	(89,150,000)
Temporary Equity Balance, Shares at Mar. 31, 2020		37,871,430
Temporary Equity Balance at Mar. 31, 2020		$ 42,755,000
Balance, Shares at Mar. 31, 2020									2,116,066
Balance at Dec. 31, 2019	(21,140,000)									60,636,000	(81,776,000)
Temporary Equity Balance, Shares at Dec. 31, 2019		37,871,430
Temporary Equity Balance at Dec. 31, 2019		$ 42,755,000
Balance, Shares at Dec. 31, 2019									2,115,583
Net loss	(46,934,000)
Balance at Sep. 30, 2020	$ (65,942,000)									62,768,000	(128,710,000)
Temporary Equity Balance, Shares at Sep. 30, 2020	38,690,915
Temporary Equity Balance at Sep. 30, 2020	$ 167,401,000
Balance, Shares at Sep. 30, 2020									2,124,444
Balance at Mar. 31, 2020	(27,828,000)									61,322,000	(89,150,000)
Temporary Equity Balance, Shares at Mar. 31, 2020		37,871,430
Temporary Equity Balance at Mar. 31, 2020		$ 42,755,000
Balance, Shares at Mar. 31, 2020									2,116,066
Issuance of Common Stock upon exercise of stock options	1,000									1,000
Issuance of Common Stock upon exercise of stock options, Shares									2,557
Proceeds from second tranche convertible preferred stock, net of issuance costs			$ 18,333,000	$ 1,884,000	$ 4,710,000
Cancellation of third tranche convertible preferred stock, Shares			(9,314,766)	(955,666)	(2,387,171)
Issuance of convertible preferred stock, net of issuance costs						$ 3,831,000	$ 82,776,000
Issuance of convertible preferred stock, net of issuance costs, Shares						513,746	11,187,189
Stock-based compensation expense	407,000									407,000
Net loss	(10,046,000)										(10,046,000)
Balance at Jun. 30, 2020	(37,466,000)									61,730,000	(99,196,000)
Temporary Equity Balance, Shares at Jun. 30, 2020		36,914,762
Temporary Equity Balance at Jun. 30, 2020		$ 154,289,000
Balance, Shares at Jun. 30, 2020									2,118,623
Issuance of Common Stock upon exercise of stock options	7,000									7,000
Issuance of Common Stock upon exercise of stock options, Shares									5,821
Issuance of convertible preferred stock, net of issuance costs						$ 13,112,000
Issuance of convertible preferred stock, net of issuance costs, Shares						1,776,153
Stock-based compensation expense	1,031,000									1,031,000
Net loss	(29,514,000)										(29,514,000)
Balance at Sep. 30, 2020	$ (65,942,000)									62,768,000	(128,710,000)
Temporary Equity Balance, Shares at Sep. 30, 2020	38,690,915
Temporary Equity Balance at Sep. 30, 2020	$ 167,401,000
Balance, Shares at Sep. 30, 2020									2,124,444
Balance at Dec. 31, 2020	$ (108,571,000)									64,335,000	(172,906,000)
Temporary Equity Balance, Shares at Dec. 31, 2020	53,509,351	53,509,351	13,404,197	1,437,178	10,372,452	2,289,899	11,187,189
Temporary Equity Balance at Dec. 31, 2020	$ 290,945,000	$ 290,945,000	$ 39,756,000	$ 3,561,000	$ 24,365,000	$ 16,943,000	$ 82,766,000
Balance, Shares at Dec. 31, 2020	2,126,254								2,126,254
Issuance of Common Stock upon exercise of stock options	$ 131,000									131,000
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	232,548,000								$ 2,000	232,546,000
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	290,945,000	$ (290,945,000)						$ 3,000		290,942,000
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	1,772,000									1,772,000
Net loss	(60,492,000)										(60,492,000)
Balance at Mar. 31, 2021	356,333,000							$ 3,000	$ 2,000	589,726,000	(233,398,000)
Balance, Shares at Mar. 31, 2021									25,637,581
Balance, Shares at Dec. 31, 2020								0
Balance, Shares at Mar. 31, 2021								29,863,674
Balance at Dec. 31, 2020	$ (108,571,000)									64,335,000	(172,906,000)
Temporary Equity Balance, Shares at Dec. 31, 2020	53,509,351	53,509,351	13,404,197	1,437,178	10,372,452	2,289,899	11,187,189
Temporary Equity Balance at Dec. 31, 2020	$ 290,945,000	$ 290,945,000	$ 39,756,000	$ 3,561,000	$ 24,365,000	$ 16,943,000	$ 82,766,000
Balance, Shares at Dec. 31, 2020	2,126,254								2,126,254
Issuance of Common Stock upon exercise of stock options, Shares	344,208
Net loss	$ (163,382,000)
Balance at Sep. 30, 2021	$ 258,792,000							$ 3,000	$ 2,000	595,075,000	(336,288,000)
Temporary Equity Balance, Shares at Sep. 30, 2021		0
Balance, Shares at Sep. 30, 2021	25,963,014								25,963,014
Balance, Shares at Dec. 31, 2020								0
Balance, Shares at Sep. 30, 2021	29,863,674							29,863,674
Balance at Mar. 31, 2021	$ 356,333,000							$ 3,000	$ 2,000	589,726,000	(233,398,000)
Balance, Shares at Mar. 31, 2021									25,637,581
Issuance of Common Stock upon exercise of stock options	80,000									80,000
Issuance of Common Stock upon exercise of stock options, Shares									52,792
Stock-based compensation expense	1,791,000									1,791,000
Net loss	(64,472,000)										(64,472,000)
Balance at Jun. 30, 2021	293,732,000							$ 3,000	$ 2,000	591,597,000	(297,870,000)
Balance, Shares at Jun. 30, 2021									25,690,373
Balance, Shares at Mar. 31, 2021								29,863,674
Balance, Shares at Jun. 30, 2021								29,863,674
Issuance of Common Stock upon exercise of stock options	563,000									563,000
Issuance of Common Stock upon exercise of stock options, Shares									205,521
Issuance of Common Stock pursuant to employee stock purchase plan	439,000									439,000
Issuance of Common Stock pursuant to employee stock purchase plan, Shares									67,120
Stock-based compensation expense	2,476,000									2,476,000
Net loss	(38,418,000)										(38,418,000)
Balance at Sep. 30, 2021	$ 258,792,000							$ 3,000	$ 2,000	$ 595,075,000	$ (336,288,000)
Temporary Equity Balance, Shares at Sep. 30, 2021		0
Balance, Shares at Sep. 30, 2021	25,963,014								25,963,014
Balance, Shares at Sep. 30, 2021	29,863,674							29,863,674

Condensed Statements of Conve_2

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020
Series C-1 Convertible Preferred Stock
Stock issuance costs		$ 24
Series D-1 Convertible Preferred Stock
Stock issuance costs		3
Series D-2 Convertible Preferred Stock
Stock issuance costs		6
Series E-1 Convertible Preferred Stock
Stock issuance costs	$ 37	11
Series E-2 Convertible Preferred Stock
Stock issuance costs		$ 233

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities
Net loss	$ (163,382)	$ (46,934)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	6,039	2,119
Depreciation and amortization	641	564
Non-cash lease expense	1,013	444
Changes in operating assets and liabilities:
Unbilled grants receivable	14	1,472
Grants receivable	238
Prepaid expenses and other current assets	309	(431)
Prepaid research and development	11,076	(13,688)
Other long-term assets	(981)
Accounts payable	482	943
Accrued expenses and other liabilities	14,365	5,771
Lease liabilities	(457)	(593)
Net cash used in operating activities	(130,643)	(50,333)
Investing activities
Purchase of property and equipment	(1,879)	(5,795)
Net cash used in investing activities	(1,879)	(5,795)
Financing activities
Proceeds from initial public offering, net of issuance costs	232,546
Proceeds from stock option exercises	774	13
Proceeds from stock option issuances pursuant to employee stock purchase plan	439
Proceeds from the issuance of preferred stock, net of issuance costs		124,646
Payment of deferred initial public offering costs		(79)
Net cash provided by financing activities	233,759	124,580
Net increase in cash, cash equivalents and restricted cash	101,237	68,452
Cash, cash equivalents and restricted cash at beginning of period	173,133	21,604
Cash, cash equivalents and restricted cash at end of period	274,370	90,056
Supplemental disclosure of noncash investing and financing activities
Property and equipment purchases included in accounts payable and accrued expenses	39	1,656
Deferred initial public offering costs included in accounts payable and accrued expenses		718
Right-of-use assets obtained in exchange for operating lease liabilities	13,499	743
Remeasurement of operating lease right-of-use asset for lease modification	$ 342	$ 417

Condensed Statements of Cash _2

Condensed Statements of Cash Flows (Parenthetical) $ in Thousands	Sep. 30, 2021USD ($)
Statement Of Cash Flows [Abstract]
Cash and cash equivalents	$ 273,603
Restricted cash – other long-term assets	767
Total cash, cash equivalents and restricted cash	$ 274,370

Organization and Nature of Busi

Organization and Nature of Business	9 Months Ended
	Sep. 30, 2021
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. Initial Public Offering and Reverse Stock Split In February 2021, the Company amended and restated its amended and restated certificate of incorporation to effect a 1-for-1.43 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, convertible preferred stock held by Baker Bros. Advisors LP, a related party, and its affiliates, were converted into 29,863,674 Series 1 convertible preferred stock. The remaining outstanding convertible preferred stock were converted into 7,555,432 shares of common stock. Liquidity The Company has incurred significant losses and negative cash flows since inception, including net losses of $163.4 million for the nine months ended September 30, 2021. As of September 30, 2021, the Company had unrestricted cash and cash equivalents of $273.6 million and $0.8 million of restricted cash held within other long-term assets on the 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. 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 September 30, 2021 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 restricted and unrestricted cash 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	9 Months Ended
	Sep. 30, 2021
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 The condensed balance sheet presented as of December 31, 2020, 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 2020 Annual Report on Form 10-K filed with the SEC. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Estimates form the basis for determining the carrying values of assets and liabilities that are not readily apparent from other sources. The Company bases its estimates and judgments on historical experience and on various other assumptions that the Company believes are reasonable under the circumstances. These estimates are based on management’s knowledge about current events and expectations about actions the Company may undertake in the future. Significant estimates for the periods presented include, but are not limited to, recovery of long-lived assets, stock-based compensation expense, research and development accruals, the measurement of right-of-use assets and lease liabilities, uncertain tax positions, and the fair value of common stock prior to the Company’s IPO. Actual results could vary from the amounts derived from management’s estimates and assumptions. Reclassifications The accompanying condensed balance sheet of December 31, 2020 reflects the Company’s reclassification of accrued compensation out of accrued expenses and other liabilities to conform with current year presentation. Cash and cash equivalents The Company considers cash equivalents to be highly liquid investments with an original maturity at purchase of three months or less. These cash equivalents include holdings in money market funds that are invested in U.S. Treasury obligations which are stated at fair value. Prior to April 1, 2021, the Company did not have any cash equivalents. Deferred initial public offering costs The Company capitalized certain direct incremental legal, consulting, banking, and accounting fees primarily relating to the Company’s IPO which closed on February 17, 2021. Until completion of the IPO, these costs were reclassified into stockholders' equity (deficit) as a reduction of additional paid-in capital. As of December 31, 2020, the Company recorded deferred offering costs of $2.4 million within other current assets on the balance sheet. Restricted cash Restricted cash consists of cash that serves as collateral for the Company’s standby letters of credit (see Note 6). Any cash that is legally restricted from use is classified as restricted cash. If the purpose of restricted cash relates to acquiring a long-term asset, liquidating a long-term liability, or is otherwise unavailable for a period longer than one year from the balance sheet date, the restricted cash is classified as a long-term asset, otherwise, restricted cash is included in current assets in the balance sheet. 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, cash equivalents, restricted cash, and grant receivables. The Company’s cash is deposited in accounts at large financial institutions and its cash equivalents are primarily held in prime and United States 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 and government grant funded nature of the Company’s grant receivables. 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. In December 2019, a novel strain of coronavirus, which causes the disease known as COVID-19, was reported to have surfaced in Wuhan, China. Since then, COVID-19 coronavirus has spread globally. In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. The COVID-19 pandemic has and may continue to impact the Company’s third-party manufacturers and suppliers, which could disrupt its supply chain or the availability or cost of materials. The effects of the public health directives and the Company’s work-from-home policies may negatively impact productivity, disrupt its business and delay clinical programs and timelines and future clinical trials, the magnitude of which will depend, in part, on the length and severity of the restrictions and other limitations on the Company’s ability to conduct business in the ordinary course. These and similar, and perhaps more severe, disruptions in the Company’s operations could negatively impact business, results of operations and financial condition, including its ability to obtain financing. To date, the Company has not incurred impairment losses in the carrying values of its assets as a result of the pandemic and is not aware of any specific related event or circumstance that would require the Company to revise its estimates reflected in these condensed financial statements. The Company has developed its COVID-19 test in direct response to the pandemic and has been awarded a contract from the National Institutes of Health (NIH) for Phase 2 of its Rapid Acceleration of Diagnostics (RADx) initiative. These developments may mitigate risks that could affect the Company’s ability to complete its clinical trials in a timely manner, delay the initiation and/or enrollment of any future clinical trials, disrupt regulatory activities or have other adverse effects on its business and operations. The Company cannot be certain what the overall impact of the COVID-19 pandemic will be on its business and prospects. 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, including as a result of new information that may emerge concerning COVID-19, the actions taken to contain or treat it, and the duration and intensity of the related effects. In addition, the Company could see some limitations on employee resources that would otherwise be focused on its operation, including but not limited to sickness of employees or their families, the desire of employees to avoid contact with large groups of people, and increased reliance on working from home. 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. Income taxes On March 11, 2021, the President signed the American Rescue Plan Act of 2021 (ARPA) into law. ARPA includes several provisions, such as measures that extend and expand the employee retention credit, previously enacted under the Coronavirus Aid, Relief and Economic Security Act (CARES Act), through December 31, 2021. The enactment of ARPA did not have a material impact on our condensed financial statements. Research and development costs Research and development costs are expensed as incurred. Research and development expenses include certain payroll and personnel expenses, laboratory supplies, consulting costs, external contract research and development expenses, allocated overhead and facility occupancy costs. Costs to develop the Company’s technologies, including software, are recorded as research and development expense except for costs that meet the criteria to be capitalized as internal-use software costs. The Company does not capitalize pre-launch inventory costs until future commercialization is considered probable and the future economic benefit is expected to be realized. Capitalizing pre-launch inventory costs will not occur prior to obtaining an EUA or other FDA marketing authorization unless the regulatory review process has progressed to a point that objective and persuasive evidence of regulatory approval is sufficiently probable, and future economic benefit can be asserted. The Company records such costs as research and development expenses, or if used in marketing evaluations records such costs as selling, general and administrative expenses. In 2020, the Company began developing production lines to automate the production of its Talis One cartridges for the COVID-19 assay with the intention to scale-up its manufacturing capabilities to meet the high demand expected in response to the COVID-19 pandemic. Approximately $95.9 million of the high capacity production equipment acquired as part of the Company’s effort to scale-up its manufacturing capacity, is highly specialized for the manufacturing of the Company’s Talis One cartridges and was determined not to have an alternative future use, of which $55.0 million had been incurred in the nine months ended September 30, 2021. All materials, equipment, and external consulting costs associated with developing aspects of the production line that do not have an alternative future use are expensed as research and development costs until regulatory approval is obtained. Materials, equipment, and external consulting costs associated with developing aspects of the production line that are deemed to have an alternative future use are capitalized as property and equipment, assessed for impairment and depreciated over their related useful lives. These research and development costs, including expenditures for property and equipment with no alternative future use, are classified as operating cash outflows within the Company’s statements of cash flows. The Company makes estimates of its accrued expenses as of each balance sheet date in its financial statements based on facts and circumstances at that time. The Company periodically confirms the accuracy of its estimates with the service providers and makes adjustments if necessary. Although the Company does not expect its estimates to be materially different from amounts actually incurred, the Company’s understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in reporting amounts that are too high or too low in any particular period. To date, there have not been any material adjustments to the Company’s prior estimates of accrued research and development expenses. Convertible preferred stock The Company records convertible preferred stock at fair value on the dates of issuance, net of issuance costs. The Company has classified its historical convertible preferred stock, which were redeemable, as temporary equity in the accompanying balance sheets due to terms that allowed for redemption of the shares into the Company’s common stock. The Company has classified Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock as permanent equity in the accompanying condensed balance sheets, as they meet the criteria for permanent equity classification and the liquidation value is de minimis. The Company also evaluates the features of its convertible preferred stock to determine if the features require bifurcation from the underlying shares by evaluating whether they are clearly and closely related to the underlying shares and if they do, or do not, meet the definition of a derivative. Net loss per share Basic net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding during the period, without consideration of potential dilutive securities. The convertible preferred stock are participating securities but because they do not have the obligation to share in the loss of the Company, are excluded from the calculation of basic earnings per share. Stock options, convertible preferred stock, and shares estimated to be purchased under the Company’s employee stock purchase plan (ESPP) are considered potentially dilutive common stock. The Company computes diluted net loss per share after giving consideration to all potentially dilutive common stock outstanding during the period, determined using the treasury-stock and if-converted methods, except where the effect of including such securities would be antidilutive. For the three and nine month period ended September 30, 2021 and 2020, the Company reported a net loss. The potentially dilutive common stock would have been anti-dilutive and therefore basic and diluted loss per share attributable to common stockholders were the same. Comprehensive loss Comprehensive loss is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The Company did not have any other comprehensive income or loss for either period presented, and therefore comprehensive loss was the same as the Company’s net loss. New accounting pronouncements Recently adopted accounting standards In August 2020, the FASB issued Accounting Standards Update No. 2020-06 (ASU 2020-06) Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) Accounting standards issued but not yet adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses In May 2021, the FASB issued ASU 2021-04, Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurement	3. Fair value measurement The Company determines the fair value of an asset or liability based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction between market participants at the measurement date. The identification of market participant assumptions provides a basis for determining what inputs are to be used for pricing each asset or liability. A fair value hierarchy has been established which gives precedence to fair value measurements calculated using observable inputs over those using unobservable inputs. This hierarchy prioritizes the inputs into three broad levels as follows: • Level 1: Quoted prices in active markets for identical instruments • Level 2: Other significant observable inputs (including quoted prices in active markets for similar instruments) • Level 3: Significant unobservable inputs (including assumptions in determining the fair value of certain investments) Financial assets carried at fair value and measured on a recurring basis as of September 30, 2021 are classified in the hierarchy as follows (in thousands): September 30, 2021 Level 1 Level 2 Level 3 Total Assets: Cash equivalents (money market funds) $ 260,056 $ — $ — $ 260,056 Total assets measured at fair value $ 260,056 $ — $ — $ 260,056 There were no assets or liabilities measured at fair value as of December 31, 2020. There were no transfers of assets or liabilities between Level 1, Level 2, and Level 3 categories of the fair value hierarchy during the nine months ended September 30, 2021. Cash equivalents consisted of funds held in money market accounts that are valued using quoted prices in active markets for identical instruments.

Balance Sheet Components

Balance Sheet Components	9 Months Ended
	Sep. 30, 2021
Accrued Liabilities Current [Abstract]
Balance Sheet Components	4. Balance sheet components Accrued liabilities Accrued liabilities consisted of the following (in thousands): September 30, December 31, 2021 2020 Accrued research and development costs $ 17,000 $ 6,360 Professional fees 211 608 Other liabilities 983 726 $ 18,194 $ 7,694 Due to the delayed submission of the Company’s EUA for the Talis One COVID-19 Test System, the Company determined that certain components procured, or expected to be procured, and other costs for the Talis One system will be in excess of expected demand or usage. Although the Company will be taking steps to minimize the adverse impact on the Company’s business, based on information available as of September 30, 2021, the Company had accrued $8.8 million within accrued research and development costs on the condensed balance sheet and within research and development expenses on the condensed statement of operations and comprehensive loss for modifications of agreements with its suppliers.

Grant Revenue and Receivables

Grant Revenue and Receivables	9 Months Ended
	Sep. 30, 2021
Revenue From Contract With Customer [Abstract]
Grant Revenue and Receivables	5. Grant revenue and receivables NIH Rapid Acceleration of Diagnostics - Advanced Technology Platforms (RADx) Initiative contracts During the nine months ended September 30, 2021, the Company recognized as revenue, and received, $7.0 million in relation to the RADx initiative. The Company received $1.2 million relating to completing the second stage of the contract and $5.8 million relating to completing the third stage of the contract during the nine months ended September 30, 2021. There were no unbilled receivables recorded for this contract as of September 30, 2021 or December 31, 2020. In July 2021, the Company and the NIH agreed to an amended contract for the completion of the RADx initiative. The amendment extended the term of the contract to October 31, 2021 and decreased the potential milestone payment from $7.9 million to $4.0 million. In October 2021, the Company and the NIH agreed to an amended contract for the completion of the RADx initiative. The amendment further extended the term of the contract to January 30, 2022 and further decreased the potential milestone payment from $4.0 million to $ 2.0 million. The remaining $ 2.0 million available under the amended RADx contract is contingent upon the Company meeting the agreed-upon contractual milestone. NIH grant During the nine months ended September 30, 2021, the Company recognized $0.3 million of revenue related to efforts incurred under its NIH grant for Diagnostics via Rapid Enrichment, Identification, and Phenotypic Antibiotic Susceptibility Testing of Pathogens from Blood project. As of September 30, 2021, $0.2 million was included in unbilled receivables related to this NIH grant. CARB-X grant In October 2021, the Company chose not to pursue additional option periods under the Biomedical Advanced Research and Development Authority’s Combating Antibiotic-Resistant Bacteria Biopharmaceutical Accelerator ( CARB-X) program During the nine months ended September 30, 2020, the Company recognized $0.6 million, $0.9 million and $9.3 million of grant revenue related to efforts incurred under its CARB-X grant, NIH grant, and RADx initiative, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
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. As of September 30, 2021, the Company had recorded a right-of-use asset and lease liability of $13.2 million. 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 In January 2021, the Company entered a new operating lease for office space in Redwood City, CA. As of September 30, 2021, 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 % per annum. The Company has included $1.0 million of security deposit to secure the lease within other long-term assets on the condensed balance sheet. The components of the lease costs and supplemental cash flow information relating to the Company’s leases were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Lease Costs 2021 2021 Operating lease costs $ 663 $ 1,311 Variable lease costs 28 80 Total operating lease costs $ 691 $ 1,391 Cash Flows Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 289 $ 755 Weighted-average remaining lease terms and discount rates were as follows: September 30, 2021 Weighted-average remaining lease term 10.2 years Weighted-average discount rate 5.1 % The undiscounted future lease payments for operating leases as of September 30, 2021 were as follows (in thousands): (in thousands) Operating Leases 2021 (remainder) $ 289 2022 1,265 2023 1,644 2024 1,684 2025 1,724 2026 and thereafter 12,102 Total future minimum lease payments 18,708 Less: imputed interest (4,621 ) Present value of operating lease liabilities 14,087 Less: current portion of lease liabilities (1,125 ) Noncurrent portion of lease liabilities $ 12,962 Standby letter of credit In July 2021, the Company made a payment of $29.6 million to one of the Company’s contract manufacturing organizations in connection with the purchase of certain instrument components. The Company’s $33.0 million letter of credit (LOC), that was required to be held as collateral by the contract manufacturing organization, was concurrently terminated. In conjunction with the Chicago laboratory lease entered into in January 2021, the Company is required to hold an additional LOC in the amount of $0.8 million to secure this lease through its expiration. The Company is required to maintain a cash balance of $0.8 million as collateral for the LOC, which is classified in other long-term assets on the condensed balance sheet as of September 30, 2021, because it is unavailable for a period longer than one year from the balance sheet date. 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. 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 In the normal course of business, the Company enters into various firm purchase commitments. As of September 30, 2021, these commitments total approximately $60.2 million in aggregate and are primarily related to the build out of manufacturing capacity of $2.1 million and purchase of certain inventory related items of $58.1 million, all of which are expected to be incurred within one year of September 30, 2021.

Convertible Preferred Stock and

Convertible Preferred Stock and Stockholders' Equity (Deficit)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Convertible Preferred Stock and Stockholders' Equity (Deficit)	7. Convertible preferred stock and stockholders’ equity (deficit) Amended and Restated Certificate of Incorporation Immediately prior to the closing of the Company’s IPO in February 2021, the Company’s Board of Directors (Board of Directors) approved and the Company filed its amended and restated certificate of incorporation, which authorized the issuance of up to 170,000,000 of convertible preferred stock with a par value of $0.0001 per share, of which 60,000,000 shares have been designated as Series 1 convertible preferred stock and 60,000,000 shares have been designated Series 2 non-voting convertible preferred stock. Convertible preferred stock The Company had an aggregate 53,509,351 shares of convertible preferred stock issued and outstanding as of December 31, 2020. 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 convertible preferred stock were converted into 7,555,432 shares of common stock. As of September 30, 2021, there were no shares of Series 2 non-voting convertible The Company’s convertible preferred stock consisted of the following (in thousands, except share amounts): September 30, 2021 Preferred authorized Preferred shares issued and outstanding Carrying Value Liquidation Preference Common shares issuable upon conversion Series 1 convertible preferred stock 60,000,000 29,863,674 $ 225,383 $ 3 29,863,674 Series 2 non-voting convertible preferred stock 60,000,000 — — — — Undesignated 50,000,000 — — — — 170,000,000 29,863,674 $ 225,383 $ 3 29,863,674 December 31, 2020 Preferred authorized Preferred shares issued and outstanding Carrying Value Liquidation Preference Common shares issuable upon conversion Series C-1 convertible preferred stock 13,404,197 13,404,197 $ 39,756 $ 105,041 9,373,556 Series C-2 convertible preferred stock 13,404,197 — — — — Series D-1 convertible preferred stock 11,809,630 1,437,178 3,561 5,631 1,005,013 Series D-2 convertible preferred stock 11,809,630 10,372,452 24,365 40,641 7,253,461 Series E-1 convertible preferred stock 13,477,088 2,289,899 16,943 24,319 1,601,316 Series E-2 convertible preferred stock 13,477,088 11,187,189 82,766 118,808 7,823,208 Series F-1 convertible preferred stock 18,633,312 4,859,897 38,496 59,420 3,398,514 Series F-2 convertible preferred stock 18,633,312 9,958,539 85,058 121,758 6,964,012 Series 1 convertible preferred stock 57,324,227 — — — — Series 2 non-voting convertible preferred stock 57,324,227 — — — — 229,296,908 53,509,351 $ 290,945 $ 475,617 37,419,080 The Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock have various rights, privileges and features. The Company determined 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. 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. 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. 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. In February 2021, the Company issued and sold 15,870,000 shares of the Company’s common stock including 2,070,000 shares pursuant to the full exercise of the underwriter’ option to purchase additional shares, at a public offering price of $16.00 per share, for aggregate net proceeds of $232.5 million after deducting underwriting discounts, commissions and offering expenses The Company has reserved the following shares of common stock for future issuances: As of September 30, 2021 Shares reserved for conversion of outstanding Series 1 convertible preferred stock 29,863,674 Shares reserved for options to purchase Common Stock under the 2013 Equity Incentive Plan 6,707,003 Shares reserved for options to purchase Common Stock under the 2021 Equity Incentive Plan 1,455,141 Shares reserved for settlement of restricted stock units under the 2021 Equity Incentive Plan 310,520 Shares reserved for issuance under the 2021 Equity Incentive Plan 4,368,240 Shares reserved for issuance under the 2021 Employee Stock Purchase Plan 482,880 Total 43,187,458

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2021
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 September 30, 2021, there were 67,120 shares issued under the ESPP. The ESPP is a compensatory plan as defined by the authoritative guidance for stock compensation; therefore, stock-based compensation expense of $0.4 million related to the ESPP has been recorded during the nine months ended September 30, 2021. Stock options A summary of stock option activity during the nine months ended September 30, 2021 is as follows: Number of Units Outstanding Weighted Average Strike Price per Unit Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2020 7,737,095 $ 4.22 9.3 $ 16,374 Granted 1,487,360 $ 10.84 Exercised (344,208 ) $ 2.24 Forfeited/Expired (718,103 ) $ 4.95 Outstanding at September 30, 2021 8,162,144 $ 5.45 7.2 $ 14,469 Exercisable at September 30, 2021 2,303,853 $ 3.59 6.4 $ 6,324 Nonvested at September 30, 2021 5,858,291 $ 6.17 7.5 $ 8,145 As of September 30, 2021, the total unrecognized stock-based compensation related to stock options, excluding the stock option granted to the Company’s former Chief Executive Officer (CEO) with the performance condition (discussed further below), was $21.5 million, which is expected be recognized over a weighted-average period of approximately 2.4 years . On August 30, 2021, the Company entered into a separation and consulting agreement with the Company’s former CEO. As a result of the agreement, the Company determined that 881,937 options belonging to the former CEO were modified during the quarter ending September 30, 2021. During the three months ended September 30, 2021, the incremental expense recorded for this modification was $0.5 million. During 2020, the former CEO of the Company 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 September 30, 2021, there was $1.8 million of unrecognized compensation expense related to these stock options as the achievement of the performance condition was not yet deemed probable. Restricted stock units A summary of RSU activity during the nine months ended September 30, 2021 is as follows: Number of Units Outstanding Weighted Average Grant Date Fair Value (per RSU) Outstanding at December 31, 2020 — $ — Granted 310,520 $ 6.14 Exercised — $ — Forfeited/Expired — $ — Outstanding at September 30, 2021 310,520 $ 6.14 As of September 30, 2021, the total unrecognized stock-based compensation related to RSUs was $1.9 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Research and development $ 528 $ 449 $ 1,709 $ 911 Selling, general and administrative 1,948 582 4,330 1,208 Total stock-based compensation $ 2,476 $ 1,031 $ 6,039 $ 2,119

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	9. Related-party transactions Research and development consulting services agreement The Company has a service agreement with a major stockholder, director and member of its Scientific Advisory Board, under which, the individual is compensated for providing the Company with research and development consulting services. Under the agreement, the Company has made payments of less than $0.1 million for services rendered during each of the nine months ended September 30, 2021 and 2020. Financing activity During the nine months ended September 30, 2021, the Company received proceeds of $ 106.2 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	9 Months Ended
	Sep. 30, 2021
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 Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Numerator: Net loss - basic and diluted $ (38,418 ) $ (29,514 ) $ (163,382 ) $ (46,934 ) Denominator: Weighted-average number of shares of common stock outstanding - basic and diluted 25,787,101 2,122,931 19,427,730 2,118,607 Net loss per share - basic and diluted $ (1.49 ) $ (13.90 ) $ (8.41 ) $ (22.15 ) 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 As of September 30, 2021 2020 Convertible preferred stock — 27,056,554 Series 1 convertible preferred stock 29,863,674 — Options to purchase Common Stock 8,162,144 7,424,661 Shares estimated to be purchased under 2021 ESPP 126,112 — Unvested RSUs 310,520 — Total 38,462,450 34,481,215

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
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 The condensed balance sheet presented as of December 31, 2020, 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 2020 Annual Report on Form 10-K filed with the SEC.
Use of Estimates	Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Estimates form the basis for determining the carrying values of assets and liabilities that are not readily apparent from other sources. The Company bases its estimates and judgments on historical experience and on various other assumptions that the Company believes are reasonable under the circumstances. These estimates are based on management’s knowledge about current events and expectations about actions the Company may undertake in the future. Significant estimates for the periods presented include, but are not limited to, recovery of long-lived assets, stock-based compensation expense, research and development accruals, the measurement of right-of-use assets and lease liabilities, uncertain tax positions, and the fair value of common stock prior to the Company’s IPO. Actual results could vary from the amounts derived from management’s estimates and assumptions.
Reclassifications	Reclassifications The accompanying condensed balance sheet of December 31, 2020 reflects the Company’s reclassification of accrued compensation out of accrued expenses and other liabilities to conform with current year presentation.
Cash and Cash Equivalents	Cash and cash equivalents The Company considers cash equivalents to be highly liquid investments with an original maturity at purchase of three months or less. These cash equivalents include holdings in money market funds that are invested in U.S. Treasury obligations which are stated at fair value. Prior to April 1, 2021, the Company did not have any cash equivalents.
Deferred Initial Public Offering Costs	Deferred initial public offering costs The Company capitalized certain direct incremental legal, consulting, banking, and accounting fees primarily relating to the Company’s IPO which closed on February 17, 2021. Until completion of the IPO, these costs were reclassified into stockholders' equity (deficit) as a reduction of additional paid-in capital. As of December 31, 2020, the Company recorded deferred offering costs of $2.4 million within other current assets on the balance sheet.
Restricted Cash	Restricted cash Restricted cash consists of cash that serves as collateral for the Company’s standby letters of credit (see Note 6). Any cash that is legally restricted from use is classified as restricted cash. If the purpose of restricted cash relates to acquiring a long-term asset, liquidating a long-term liability, or is otherwise unavailable for a period longer than one year from the balance sheet date, the restricted cash is classified as a long-term asset, otherwise, restricted cash is included in current assets in the balance sheet.
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, cash equivalents, restricted cash, and grant receivables. The Company’s cash is deposited in accounts at large financial institutions and its cash equivalents are primarily held in prime and United States 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 and government grant funded nature of the Company’s grant receivables. 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. In December 2019, a novel strain of coronavirus, which causes the disease known as COVID-19, was reported to have surfaced in Wuhan, China. Since then, COVID-19 coronavirus has spread globally. In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. The COVID-19 pandemic has and may continue to impact the Company’s third-party manufacturers and suppliers, which could disrupt its supply chain or the availability or cost of materials. The effects of the public health directives and the Company’s work-from-home policies may negatively impact productivity, disrupt its business and delay clinical programs and timelines and future clinical trials, the magnitude of which will depend, in part, on the length and severity of the restrictions and other limitations on the Company’s ability to conduct business in the ordinary course. These and similar, and perhaps more severe, disruptions in the Company’s operations could negatively impact business, results of operations and financial condition, including its ability to obtain financing. To date, the Company has not incurred impairment losses in the carrying values of its assets as a result of the pandemic and is not aware of any specific related event or circumstance that would require the Company to revise its estimates reflected in these condensed financial statements. The Company has developed its COVID-19 test in direct response to the pandemic and has been awarded a contract from the National Institutes of Health (NIH) for Phase 2 of its Rapid Acceleration of Diagnostics (RADx) initiative. These developments may mitigate risks that could affect the Company’s ability to complete its clinical trials in a timely manner, delay the initiation and/or enrollment of any future clinical trials, disrupt regulatory activities or have other adverse effects on its business and operations. The Company cannot be certain what the overall impact of the COVID-19 pandemic will be on its business and prospects. 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, including as a result of new information that may emerge concerning COVID-19, the actions taken to contain or treat it, and the duration and intensity of the related effects. In addition, the Company could see some limitations on employee resources that would otherwise be focused on its operation, including but not limited to sickness of employees or their families, the desire of employees to avoid contact with large groups of people, and increased reliance on working from home. 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.
Income Taxes	Income taxes On March 11, 2021, the President signed the American Rescue Plan Act of 2021 (ARPA) into law. ARPA includes several provisions, such as measures that extend and expand the employee retention credit, previously enacted under the Coronavirus Aid, Relief and Economic Security Act (CARES Act), through December 31, 2021. The enactment of ARPA did not have a material impact on our condensed financial statements.
Research and Development Costs	Research and development costs Research and development costs are expensed as incurred. Research and development expenses include certain payroll and personnel expenses, laboratory supplies, consulting costs, external contract research and development expenses, allocated overhead and facility occupancy costs. Costs to develop the Company’s technologies, including software, are recorded as research and development expense except for costs that meet the criteria to be capitalized as internal-use software costs. The Company does not capitalize pre-launch inventory costs until future commercialization is considered probable and the future economic benefit is expected to be realized. Capitalizing pre-launch inventory costs will not occur prior to obtaining an EUA or other FDA marketing authorization unless the regulatory review process has progressed to a point that objective and persuasive evidence of regulatory approval is sufficiently probable, and future economic benefit can be asserted. The Company records such costs as research and development expenses, or if used in marketing evaluations records such costs as selling, general and administrative expenses. In 2020, the Company began developing production lines to automate the production of its Talis One cartridges for the COVID-19 assay with the intention to scale-up its manufacturing capabilities to meet the high demand expected in response to the COVID-19 pandemic. Approximately $95.9 million of the high capacity production equipment acquired as part of the Company’s effort to scale-up its manufacturing capacity, is highly specialized for the manufacturing of the Company’s Talis One cartridges and was determined not to have an alternative future use, of which $55.0 million had been incurred in the nine months ended September 30, 2021. All materials, equipment, and external consulting costs associated with developing aspects of the production line that do not have an alternative future use are expensed as research and development costs until regulatory approval is obtained. Materials, equipment, and external consulting costs associated with developing aspects of the production line that are deemed to have an alternative future use are capitalized as property and equipment, assessed for impairment and depreciated over their related useful lives. These research and development costs, including expenditures for property and equipment with no alternative future use, are classified as operating cash outflows within the Company’s statements of cash flows. The Company makes estimates of its accrued expenses as of each balance sheet date in its financial statements based on facts and circumstances at that time. The Company periodically confirms the accuracy of its estimates with the service providers and makes adjustments if necessary. Although the Company does not expect its estimates to be materially different from amounts actually incurred, the Company’s understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in reporting amounts that are too high or too low in any particular period. To date, there have not been any material adjustments to the Company’s prior estimates of accrued research and development expenses.
Convertible Preferred Stock	Convertible preferred stock The Company records convertible preferred stock at fair value on the dates of issuance, net of issuance costs. The Company has classified its historical convertible preferred stock, which were redeemable, as temporary equity in the accompanying balance sheets due to terms that allowed for redemption of the shares into the Company’s common stock. The Company has classified Series 1 convertible preferred stock and Series 2 non-voting convertible preferred stock as permanent equity in the accompanying condensed balance sheets, as they meet the criteria for permanent equity classification and the liquidation value is de minimis. The Company also evaluates the features of its convertible preferred stock to determine if the features require bifurcation from the underlying shares by evaluating whether they are clearly and closely related to the underlying shares and if they do, or do not, meet the definition of a derivative.
Net Loss Per Share	Net loss per share Basic net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding during the period, without consideration of potential dilutive securities. The convertible preferred stock are participating securities but because they do not have the obligation to share in the loss of the Company, are excluded from the calculation of basic earnings per share. Stock options, convertible preferred stock, and shares estimated to be purchased under the Company’s employee stock purchase plan (ESPP) are considered potentially dilutive common stock. The Company computes diluted net loss per share after giving consideration to all potentially dilutive common stock outstanding during the period, determined using the treasury-stock and if-converted methods, except where the effect of including such securities would be antidilutive. For the three and nine month period ended September 30, 2021 and 2020, the Company reported a net loss. The potentially dilutive common stock would have been anti-dilutive and therefore basic and diluted loss per share attributable to common stockholders were the same.
Comprehensive Loss	Comprehensive loss Comprehensive loss is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The Company did not have any other comprehensive income or loss for either period presented, and therefore comprehensive loss was the same as the Company’s net loss.
New Accounting Pronouncements	New accounting pronouncements Recently adopted accounting standards In August 2020, the FASB issued Accounting Standards Update No. 2020-06 (ASU 2020-06) Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) Accounting standards issued but not yet adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses In May 2021, the FASB issued ASU 2021-04, Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Summary of Financial Assets Carried at Fair Value and Measured on Recurring Basis	Financial assets carried at fair value and measured on a recurring basis as of September 30, 2021 are classified in the hierarchy as follows (in thousands): September 30, 2021 Level 1 Level 2 Level 3 Total Assets: Cash equivalents (money market funds) $ 260,056 $ — $ — $ 260,056 Total assets measured at fair value $ 260,056 $ — $ — $ 260,056

Balance Sheet Components (Table

Balance Sheet Components (Tables)	9 Months Ended
	Sep. 30, 2021
Accrued Liabilities Current [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities Accrued liabilities consisted of the following (in thousands): September 30, December 31, 2021 2020 Accrued research and development costs $ 17,000 $ 6,360 Professional fees 211 608 Other liabilities 983 726 $ 18,194 $ 7,694

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Summary of Lease Costs and Supplemental Cash Flow Information	The components of the lease costs and supplemental cash flow information relating to the Company’s leases were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Lease Costs 2021 2021 Operating lease costs $ 663 $ 1,311 Variable lease costs 28 80 Total operating lease costs $ 691 $ 1,391 Cash Flows Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 289 $ 755
Summary of Weighted Average Remaining Lease Terms and Discount Rates	Weighted-average remaining lease terms and discount rates were as follows: September 30, 2021 Weighted-average remaining lease term 10.2 years Weighted-average discount rate 5.1 %
Schedule of Undiscounted Future Lease Payments	The undiscounted future lease payments for operating leases as of September 30, 2021 were as follows (in thousands): (in thousands) Operating Leases 2021 (remainder) $ 289 2022 1,265 2023 1,644 2024 1,684 2025 1,724 2026 and thereafter 12,102 Total future minimum lease payments 18,708 Less: imputed interest (4,621 ) Present value of operating lease liabilities 14,087 Less: current portion of lease liabilities (1,125 ) Noncurrent portion of lease liabilities $ 12,962

Convertible Preferred Stock a_2

Convertible Preferred Stock and Stockholders' Equity (Deficit) (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of Convertible Preferred Stock	The Company’s convertible preferred stock consisted of the following (in thousands, except share amounts): September 30, 2021 Preferred authorized Preferred shares issued and outstanding Carrying Value Liquidation Preference Common shares issuable upon conversion Series 1 convertible preferred stock 60,000,000 29,863,674 $ 225,383 $ 3 29,863,674 Series 2 non-voting convertible preferred stock 60,000,000 — — — — Undesignated 50,000,000 — — — — 170,000,000 29,863,674 $ 225,383 $ 3 29,863,674 December 31, 2020 Preferred authorized Preferred shares issued and outstanding Carrying Value Liquidation Preference Common shares issuable upon conversion Series C-1 convertible preferred stock 13,404,197 13,404,197 $ 39,756 $ 105,041 9,373,556 Series C-2 convertible preferred stock 13,404,197 — — — — Series D-1 convertible preferred stock 11,809,630 1,437,178 3,561 5,631 1,005,013 Series D-2 convertible preferred stock 11,809,630 10,372,452 24,365 40,641 7,253,461 Series E-1 convertible preferred stock 13,477,088 2,289,899 16,943 24,319 1,601,316 Series E-2 convertible preferred stock 13,477,088 11,187,189 82,766 118,808 7,823,208 Series F-1 convertible preferred stock 18,633,312 4,859,897 38,496 59,420 3,398,514 Series F-2 convertible preferred stock 18,633,312 9,958,539 85,058 121,758 6,964,012 Series 1 convertible preferred stock 57,324,227 — — — — Series 2 non-voting convertible preferred stock 57,324,227 — — — — 229,296,908 53,509,351 $ 290,945 $ 475,617 37,419,080
Schedule of Common Stock Reserved for Future Instances	The Company has reserved the following shares of common stock for future issuances: As of September 30, 2021 Shares reserved for conversion of outstanding Series 1 convertible preferred stock 29,863,674 Shares reserved for options to purchase Common Stock under the 2013 Equity Incentive Plan 6,707,003 Shares reserved for options to purchase Common Stock under the 2021 Equity Incentive Plan 1,455,141 Shares reserved for settlement of restricted stock units under the 2021 Equity Incentive Plan 310,520 Shares reserved for issuance under the 2021 Equity Incentive Plan 4,368,240 Shares reserved for issuance under the 2021 Employee Stock Purchase Plan 482,880 Total 43,187,458

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock Option Activity	A summary of stock option activity during the nine months ended September 30, 2021 is as follows: Number of Units Outstanding Weighted Average Strike Price per Unit Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2020 7,737,095 $ 4.22 9.3 $ 16,374 Granted 1,487,360 $ 10.84 Exercised (344,208 ) $ 2.24 Forfeited/Expired (718,103 ) $ 4.95 Outstanding at September 30, 2021 8,162,144 $ 5.45 7.2 $ 14,469 Exercisable at September 30, 2021 2,303,853 $ 3.59 6.4 $ 6,324 Nonvested at September 30, 2021 5,858,291 $ 6.17 7.5 $ 8,145
Summary of Restricted Stock Unit Activity	A summary of RSU activity during the nine months ended September 30, 2021 is as follows: Number of Units Outstanding Weighted Average Grant Date Fair Value (per RSU) Outstanding at December 31, 2020 — $ — Granted 310,520 $ 6.14 Exercised — $ — Forfeited/Expired — $ — Outstanding at September 30, 2021 310,520 $ 6.14
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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Research and development $ 528 $ 449 $ 1,709 $ 911 Selling, general and administrative 1,948 582 4,330 1,208 Total stock-based compensation $ 2,476 $ 1,031 $ 6,039 $ 2,119

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
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 Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Numerator: Net loss - basic and diluted $ (38,418 ) $ (29,514 ) $ (163,382 ) $ (46,934 ) Denominator: Weighted-average number of shares of common stock outstanding - basic and diluted 25,787,101 2,122,931 19,427,730 2,118,607 Net loss per share - basic and diluted $ (1.49 ) $ (13.90 ) $ (8.41 ) $ (22.15 )
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 As of September 30, 2021 2020 Convertible preferred stock — 27,056,554 Series 1 convertible preferred stock 29,863,674 — Options to purchase Common Stock 8,162,144 7,424,661 Shares estimated to be purchased under 2021 ESPP 126,112 — Unvested RSUs 310,520 — Total 38,462,450 34,481,215

Organization and Nature of Bu_2

Organization and Nature of Business - Additional Information (Details) $ / shares in Units, $ in Thousands	Feb. 17, 2021USD ($)$ / sharesshares	Feb. 28, 2021USD ($)shares	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)shares	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Organization And Nature Of Business [Line Items]
Reverse stock split					1-for-1.43
Reverse stock split, conversion ratio		0.699
Proceeds received from IPO		$ 232,500
Net losses			$ 38,418	$ 64,472	$ 60,492	$ 29,514	$ 10,046	$ 7,374	$ 163,382	$ 46,934
Cash and cash equivalents			273,603			$ 55,406			273,603	$ 55,406	$ 138,483
Restricted cash			$ 800						$ 800
IPO | Series 1 Convertible Preferred Stock
Organization And Nature Of Business [Line Items]
Preferred shares converted | shares	29,863,674
Common Stock
Organization And Nature Of Business [Line Items]
Common stock issued and sold | shares		15,870,000			15,870,000
Proceeds received from IPO	$ 232,500
Stock issuance costs					$ 21,349
Common Stock | IPO
Organization And Nature Of Business [Line Items]
Common stock issued and sold | shares	13,800,000
Shares issued, price per share | $ / shares	$ 16
Stock issuance costs	$ 21,300
Preferred shares converted | shares	7,555,432
Common Stock | Underwriter's Option
Organization And Nature Of Business [Line Items]
Common stock issued and sold | shares	2,070,000	2,070,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Mar. 31, 2021
Summary Of Significant Accounting Policies [Line Items]
Cash equivalents						$ 0
Research and development	$ 25,841,000	$ 36,011,000	$ 140,529,000	$ 49,909,000
ASU 2020-06
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, early adoption	true		true
Change in accounting principle, accounting standards update, adoption date	Jan. 1, 2021		Jan. 1, 2021
Change in accounting principle, accounting standards update, immaterial effect	true		true
High Capacity Production Equipment | Talis One Cartridges | COVID-19
Summary Of Significant Accounting Policies [Line Items]
Research and development			$ 55,000,000		$ 95,900,000
IPO | Other Current Assets
Summary Of Significant Accounting Policies [Line Items]
Deferred offering costs					$ 2,400,000

Fair Value Measurement - Summar

Fair Value Measurement - Summary of Financial Assets Carried at Fair Value and Measured on Recurring Basis (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Assets:
Total assets measured at fair value		$ 0
Fair Value Measurements, Recurring
Assets:
Total assets measured at fair value	$ 260,056,000
Fair Value Measurements, Recurring | Level 1
Assets:
Total assets measured at fair value	260,056,000
Fair Value Measurements, Recurring | Money Market Funds
Assets:
Cash equivalents	260,056,000
Fair Value Measurements, Recurring | Money Market Funds | Level 1
Assets:
Cash equivalents	$ 260,056,000

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Assets measured at fair value		$ 0
Liabilities measured at fair value		$ 0
Fair value, assets transfers from level 1 to level 2	$ 0
Fair value, liabilities transfers from level 1 to level 2	0
Fair value, assets transfers from level 2 to level 1	0
Fair value, liabilities transfers from level 2 to level 1	0
Fair value, assets transfers into level 3	0
Fair value, assets transfers out of level 3	0
Fair value, Liabilities, transfers into level 3	0
Fair value, Liabilities, transfers out of level 3	$ 0

Balance Sheet Components - Summ

Balance Sheet Components - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accrued Liabilities Current [Abstract]
Accrued research and development costs	$ 17,000	$ 6,360
Professional fees	211	608
Other liabilities	983	726
Total accrued liabilities	$ 18,194	$ 7,694

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) $ in Millions	Sep. 30, 2021USD ($)
Accrued Liabilities Current [Abstract]
Accrued research and development costs excess of expected	$ 8.8

Grant Revenue and Receivables -

Grant Revenue and Receivables - Additional Information (Details) - USD ($)	1 Months Ended				9 Months Ended
	Oct. 31, 2021	Sep. 30, 2021	Jul. 31, 2021	Jun. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
RADx
Disaggregation Of Revenue [Line Items]
Revenue recognized and received					$ 7,000,000
Grant revenue recognized						$ 9,300,000
RAD Initiative Phase 2
Disaggregation Of Revenue [Line Items]
Revenue received in completion of second stage					1,200,000
Revenue received in completion of third stage					5,800,000
Unbilled receivables		$ 0			0		$ 0
RADx Initiative
Disaggregation Of Revenue [Line Items]
Potential milestone payment		4,000,000	$ 4,000,000	$ 7,900,000
Term of contract			Oct. 31, 2021
RADx Initiative | Subsequent Event
Disaggregation Of Revenue [Line Items]
Potential milestone payment	$ 2,000,000
Term of contract	Jan. 30, 2022
Remaining milestone payments available	$ 2,000,000
NIH
Disaggregation Of Revenue [Line Items]
Unbilled receivables		$ 200,000			200,000
Grant revenue recognized					$ 300,000	900,000
CARB-X
Disaggregation Of Revenue [Line Items]
Grant revenue recognized						$ 600,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	1 Months Ended
	Jul. 31, 2021USD ($)	Jan. 31, 2021USD ($)Option	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Commitments And Contingencies [Line Items]
Operating lease right-of-use-assets			$ 13,400,000	$ 567,000
Operating lease liability			14,087,000
Unconditional purchase obligation			60,200,000
Build Out of Manufacturing Capacity
Commitments And Contingencies [Line Items]
Unconditional purchase obligation			2,100,000
Purchase of Certain Inventory Related Items
Commitments And Contingencies [Line Items]
Unconditional purchase obligation			58,100,000
Standby Letters of Credit
Commitments And Contingencies [Line Items]
letter of credit facility	$ 33,000,000
Letter of Credit
Commitments And Contingencies [Line Items]
Payment to contract manufacturing organization	$ 29,600,000
Cash collateral for line of credit facility		$ 800,000
Chicago, IL | Letter of Credit
Commitments And Contingencies [Line Items]
letter of credit facility		$ 800,000
Laboratory and Office Space | Chicago, IL
Commitments And Contingencies [Line Items]
Operating lease commencement month and year		2021-05
Operating lease right-of-use-assets			13,200,000
Operating lease liability			$ 13,200,000
Initial term of operating lease		11 years
Existence of option to extend operating lease		true
Renewal term		5 years
Annual minimum commitment		$ 1,700,000
Fixed escalations percentage per annum		2.50%
Number of options to extend Lease term | Option		2
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
Security deposit		$ 1,000,000

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Lease Costs and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Lease Costs
Operating lease costs	$ 663	$ 1,311
Variable lease costs	28	80
Total operating lease costs	691	1,391
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$ 289	$ 755

Commitments and Contingencies_3

Commitments and Contingencies - Summary of Weighted-Average Remaining Lease Terms and Discount Rates (Details)	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Weighted-average remaining lease term	10 years 2 months 12 days
Weighted-average discount rate	5.10%

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Undiscounted Future Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
2021 (remainder)	$ 289
2022	1,265
2023	1,644
2024	1,684
2025	1,724
2026 and thereafter	12,102
Total future minimum lease payments	18,708
Less: imputed interest	(4,621)
Present value of operating lease liabilities	14,087
Less: current portion of lease liabilities	(1,125)	$ (693)
Operating lease liabilities, long-term portion	$ 12,962

Convertible Preferred Stock a_3

Convertible Preferred Stock and Stockholders' Equity (Deficit) - Additional Information (Details) $ / shares in Units, $ in Millions	Feb. 17, 2021USD ($)shares	Feb. 28, 2021USD ($)$ / sharesshares	Mar. 31, 2021shares	Sep. 30, 2021$ / sharesshares	Jun. 30, 2021shares	Dec. 31, 2020$ / sharesshares	Sep. 30, 2020shares	Jun. 30, 2020shares	Mar. 31, 2020shares	Dec. 31, 2019shares
Class Of Stock [Line Items]
Convertible preferred stock, shares authorized				170,000,000
Convertible preferred stock, par value | $ / shares				$ 0.0001
Convertible preferred stock issued						53,509,351
Convertible preferred stock outstanding						53,509,351	38,690,915
Shares issued on conversion of convertible preferred shares				29,863,674		37,419,080
Convertible preferred stock outstanding				29,863,674
Common stock, shares authorized		200,000,000		200,000,000		230,000,000
Common stock, par value | $ / shares		$ 0.0001		$ 0.0001		$ 0.0001
Common stock, voting rights				one vote per share
Proceeds received from IPO | $		$ 232.5
Common Stock
Class Of Stock [Line Items]
Shares issued on conversion of convertible preferred shares		7,555,432
Common stock issued and sold		15,870,000	15,870,000
Public offering price | $ / shares		$ 16
Proceeds received from IPO | $	$ 232.5
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	2,070,000
Series 1 Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock, shares authorized				60,000,000		57,324,227
Convertible preferred stock, par value | $ / shares				$ 0.0001		$ 0.0001
Shares issued on conversion of convertible preferred shares		29,863,674		29,863,674
Convertible preferred stock outstanding			29,863,674	29,863,674	29,863,674	0
Liquidation preference of convertible preferred stock | $ / shares				$ 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, shares authorized				60,000,000
Convertible preferred stock outstanding				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 issued				0		53,509,351
Convertible preferred stock outstanding				0		53,509,351		36,914,762	37,871,430	37,871,430
Shares issued on conversion of convertible preferred shares		10,804,295
Convertible preferred shares carrying value, converted | $		$ 225.4
Convertible Preferred Stock | IPO
Class Of Stock [Line Items]
Shares issued on conversion of convertible preferred shares		42,705,056

Convertible Preferred Stock a_4

Convertible Preferred Stock and Stockholders' Equity (Deficit) - Schedule of Convertible Preferred Stock (Details) - USD ($)	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Feb. 28, 2021	Dec. 31, 2020	Sep. 30, 2020
Class Of Stock [Line Items]
Preferred authorized	170,000,000
Preferred shares issued	29,863,674
Preferred shares outstanding	29,863,674
Carrying Value	$ 225,383,000
Carrying Value					$ 290,945,000	$ 167,401,000
Liquidation Preference	$ 3,000				$ 475,617,000
Common shares issuable upon conversion	29,863,674				37,419,080
Preferred authorized					229,296,908
Preferred shares issued					53,509,351
Preferred shares outstanding					53,509,351	38,690,915
Series 1 Convertible Preferred Stock
Class Of Stock [Line Items]
Preferred authorized	60,000,000				57,324,227
Preferred shares issued	29,863,674				0
Preferred shares outstanding	29,863,674	29,863,674	29,863,674		0
Carrying Value	$ 225,383,000
Liquidation Preference	$ 3,000
Common shares issuable upon conversion	29,863,674			29,863,674
Preferred authorized					57,324,227
Series 2 Non-voting Convertible Preferred Stock
Class Of Stock [Line Items]
Preferred authorized	60,000,000
Preferred shares outstanding	0
Preferred authorized					57,324,227
Undesignated
Class Of Stock [Line Items]
Preferred authorized	50,000,000
Series C-1 Convertible Preferred Stock
Class Of Stock [Line Items]
Carrying Value					$ 39,756,000
Liquidation Preference					$ 105,041,000
Common shares issuable upon conversion					9,373,556
Preferred authorized					13,404,197
Preferred shares issued					13,404,197
Preferred shares outstanding					13,404,197
Series C-2 Convertible Preferred Stock
Class Of Stock [Line Items]
Preferred authorized					13,404,197
Series D-1 Convertible Preferred Stock
Class Of Stock [Line Items]
Carrying Value					$ 3,561,000
Liquidation Preference					$ 5,631,000
Common shares issuable upon conversion					1,005,013
Preferred authorized					11,809,630
Preferred shares issued					1,437,178
Preferred shares outstanding					1,437,178
Series D-2 Convertible Preferred Stock
Class Of Stock [Line Items]
Carrying Value					$ 24,365,000
Liquidation Preference					$ 40,641,000
Common shares issuable upon conversion					7,253,461
Preferred authorized					11,809,630
Preferred shares issued					10,372,452
Preferred shares outstanding					10,372,452
Series E-1 Convertible Preferred Stock
Class Of Stock [Line Items]
Carrying Value					$ 16,943,000
Liquidation Preference					$ 24,319,000
Common shares issuable upon conversion					1,601,316
Preferred authorized					13,477,088
Preferred shares issued					2,289,899
Preferred shares outstanding					2,289,899
Series E-2 Convertible Preferred Stock
Class Of Stock [Line Items]
Carrying Value					$ 82,766,000
Liquidation Preference					$ 118,808,000
Common shares issuable upon conversion					7,823,208
Preferred authorized					13,477,088
Preferred shares issued					11,187,189
Preferred shares outstanding					11,187,189
Series F-1 Convertible Preferred Stock
Class Of Stock [Line Items]
Carrying Value					$ 38,496,000
Liquidation Preference					$ 59,420,000
Common shares issuable upon conversion					3,398,514
Preferred authorized					18,633,312
Preferred shares issued					4,859,897
Preferred shares outstanding					4,859,897
Series F-2 Convertible Preferred Stock
Class Of Stock [Line Items]
Carrying Value					$ 85,058,000
Liquidation Preference					$ 121,758,000
Common shares issuable upon conversion					6,964,012
Preferred authorized					18,633,312
Preferred shares issued					9,958,539
Preferred shares outstanding					9,958,539

Convertible Preferred Stock a_5

Convertible Preferred Stock and Stockholders' Equity (Deficit) - Schedule of Common Stock Reserved for Future Instances (Details)	Sep. 30, 2021shares
Class Of Stock [Line Items]
Shares reserved	43,187,458
2021 Equity Incentive Plan
Class Of Stock [Line Items]
Shares reserved	4,368,240
2021 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Shares reserved	482,880
Options | 2013 Equity Incentive Plan
Class Of Stock [Line Items]
Shares reserved	6,707,003
Options to Purchase Common Stock | 2021 Equity Incentive Plan
Class Of Stock [Line Items]
Shares reserved	1,455,141
Restricted Stock Unit | 2021 Equity Incentive Plan
Class Of Stock [Line Items]
Shares reserved	310,520
Series 1 Convertible Preferred Stock
Class Of Stock [Line Items]
Shares reserved	29,863,674

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 2,476	$ 1,031	$ 6,039	$ 2,119
Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense related to stock option	$ 21,500		$ 21,500
Expected weighted-average period for recognition of compensation expense related			2 years 4 months 24 days
Options | Chief Executive Officer
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options accounted for as modification	881,937		881,937
Incremental expense recorded for modification	$ 500
Performance
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to stock options	1,800		$ 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	$ 1,900		$ 1,900
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%		15.00%
Maximum number of shares an employee may purchase			4,750
Number of shares issued			67,120
Stock-based compensation expense			$ 400

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Units Outstanding, Beginning Balance | shares	7,737,095
Number of Units, Granted | shares	1,487,360
Number of Units, Exercised | shares	(344,208)
Number of Units, Forfeited/Expired | shares	(718,103)
Number of Units Outstanding, Ending Balance | shares	8,162,144	7,737,095
Number of Units, Exercisable | shares	2,303,853
Number of Units, Nonvested | shares	5,858,291
Number of Units Outstanding, Weighted Average Strike Price per Unit, Beginning Balance | $ / shares	$ 4.22
Number of Units, Granted, Weighted Average Strike Price per Unit | $ / shares	10.84
Number of Units, Exercised, Weighted Average Strike Price per Unit | $ / shares	2.24
Number of Units, Forfeited/Expired, Weighted Average Strike Price per Unit | $ / shares	4.95
Number of Units Outstanding, Weighted Average Strike Price per Unit, Ending Balance | $ / shares	5.45	$ 4.22
Number of Units, Exercisable, Weighted Average Strike Price per Unit | $ / shares	3.59
Number of Units, Nonvested, Weighted Average Strike Price per Unit | $ / shares	$ 6.17
Number of Units Outstanding, Weighted Average Remaining Contractual Term (in years)	7 years 2 months 12 days	9 years 3 months 18 days
Number of Units, Exercisable, Weighted Average Remaining Contractual Term (in years)	6 years 4 months 24 days
Number of Units, Nonvested, Weighted Average Remaining Contractual Term (in years)	7 years 6 months
Number of Units Outstanding, Aggregate Intrinsic Value | $	$ 14,469	$ 16,374
Number of Units, Exercisable, Aggregate Intrinsic Value | $	6,324
Number of Units, Nonvested, Aggregate Intrinsic Value | $	$ 8,145

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted | shares	310,520
Outstanding at September 30, 2021 | shares	310,520
Granted | $ / shares	$ 6.14
Outstanding at September 30, 2021 | $ / shares	$ 6.14

Stock-Based Compensation - Comp

Stock-Based Compensation - Components of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,476	$ 1,031	$ 6,039	$ 2,119
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	528	449	1,709	911
Selling, General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,948	$ 582	$ 4,330	$ 1,208

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
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
Maximum | Research And Development Consulting Services
Related Party Transaction [Line Items]
Payments to related party for services received	$ 0.1	$ 0.1

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						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net loss	$ (38,418)	$ (64,472)	$ (60,492)	$ (29,514)	$ (10,046)	$ (7,374)	$ (163,382)	$ (46,934)
Denominator:
Weighted average shares used in the calculation of net loss per share, basic and diluted	25,787,101			2,122,931			19,427,730	2,118,607
Net loss per share, basic and diluted	$ (1.49)			$ (13.90)			$ (8.41)	$ (22.15)

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Potentially Dilutive Securities Not Included in Diluted Per Share Calculations (Details) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net loss per share	38,462,450	34,481,215
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		27,056,554
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
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	8,162,144	7,424,661
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	310,520
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	126,112