OnKure Therapeutics (OKUR) 10-Q 9 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 04, 2022
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Entity File Number	001-40315
Entity Registrant Name	Reneo Pharmaceuticals, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2309515
Entity Address, Address Line One	18575 Jamboree Road, Suite 275-S
Entity Address, City or Town	Irvine
Entity Address State Or Province	CA
Entity Address, Postal Zip Code	92612
City Area Code	858
Local Phone Number	283-0280
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	RPHM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		24,479,646
Entity Central Index Key	0001637715
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 118,264	$ 124,660
Short-term Investments	8,588	23,010
Prepaid expenses and other current assets	5,159	6,064
Total current assets	132,011	153,734
Property and equipment, net	236	212
Right-of-use assets	1,283
Other non-current assets	78	78
Total assets	133,608	154,024
Current liabilities:
Accounts payable	1,560	2,022
Accrued expenses	6,367	4,180
Operating lease liabilities, current portion	408
Total current liabilities	8,335	6,202
Operating lease liabilities, less current portion	1,061
Other long-term liabilities		167
Performance award	55	444
Total liabilities	9,451	6,813
Stockholders' equity (deficit):
Common stock, $0.0001 par value; 200,000,000 shares authorized at June 30, 2022 and December 31, 2021; 24,479,646 shares issued and outstanding at June 30, 2022; and 24,457,838 and 24,455,390 shares issued and outstanding at December 31, 2021, respectively	3	3
Additional paid-in capital	234,062	231,902
Accumulated deficit	(110,076)	(84,728)
Accumulated other comprehensive income	168	34
Total stockholders' equity	124,157	147,211
Total liabilities and stockholders' equity	$ 133,608	$ 154,024

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Consolidated Balance Sheets
Common stock, Par value	$ 0.0001	$ 0.0001
Common stock, authorized	200,000,000	200,000,000
Common stock, issued	24,479,646	24,457,838
Common stock, outstanding	24,479,646	24,455,390

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating expenses:
Research and development	$ 8,132	$ 6,279	$ 17,410	$ 11,751
General and administrative	4,299	2,949	8,036	4,691
Total operating expenses	12,431	9,228	25,446	16,442
Loss from operations	(12,431)	(9,228)	(25,446)	(16,442)
Other income:
Other income	119	12	98	14
Net loss	(12,312)	(9,216)	(25,348)	(16,428)
Unrealized gain on short-term investments	104	5	134	5
Comprehensive loss	$ (12,208)	$ (9,211)	$ (25,214)	$ (16,423)
Net loss per share attributable to common stockholders, basic	$ (0.50)	$ (0.43)	$ (1.04)	$ (1.40)
Net loss per share attributable to common stockholders, diluted	$ (0.50)	$ (0.43)	$ (1.04)	$ (1.40)
Weighted-average shares used in computing net loss per share, basic	24,463,824	21,364,369	24,461,085	11,770,948
Weighted-average shares used in computing net loss per share, diluted	24,463,824	21,364,369	24,461,085	11,770,948

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net loss	$ (25,348)	$ (16,428)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	2,113	1,325
Depreciation and amortization	41	20
Amortization/accretion on short-term investments	(22)	33
Changes in the fair value of performance award	(389)	363
Non-cash lease expense	241
Changes in operating assets and liabilities:
Prepaid expenses and other assets	905	(2,457)
Accounts payable and accrued expenses	1,726	(1,164)
Operating lease liabilities	(222)
Other current and long-term liabilities		18
Net cash used in operating activities	(20,955)	(18,290)
Cash flows from investing activities
Purchase of property and equipment	(68)	(31)
Purchase of available-for-sale short-term investments	(15,922)	(26,989)
Proceeds from maturities of available-for-sale short-term investments	30,500
Net cash provided by (used in) investing activities	14,510	(27,020)
Cash flows from financing activities
Proceeds from initial public offering, net of offering costs		84,639
Proceeds from issuance of common stock in connection with equity plans	49	187
Net cash provided by financing activities	49	132,065
Net (decrease) increase in cash and cash equivalents	(6,396)	86,755
Cash and cash equivalents, beginning of period	124,660	53,613
Cash and cash equivalents, end of period	118,264	140,368
Supplemental cash flow information:
Right-of-use assets obtained in exchange for lease obligations	$ 1,524
Property and equipment in accounts payable		10
Accrued deferred initial public offering costs		30
Series B convertible preferred stock
Cash flows from financing activities
Proceeds from issuance of Series B convertible preferred stock, net of issuance costs		$ 47,239

Consolidated Statements Changes

Consolidated Statements Changes in Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands	Total	Common Stock options outstanding	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Series A convertible preferred stock	Series B convertible preferred stock
Beginning Balance at Dec. 31, 2020	$ (42,115)		$ 2,843		$ (44,958)
Beginning Balance (in shares) at Dec. 31, 2020		2,053,070
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation	471		471
Issuance of common stock in connection with equity plans	$ 139		139
Issuance of common stock in connection with equity plans (in shares)	70,663
Net loss	$ (7,212)				(7,212)
Ending Balance at Mar. 31, 2021	(48,717)		3,453		(52,170)
Ending Balance (in shares) at Mar. 31, 2021		2,123,733
Beginning Balance at Dec. 31, 2020						$ 45,652	$ 47,068
Beginning Balance (in shares) at Dec. 31, 2020						24,302,472	23,440,514
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of convertible preferred stock net of issuance cost							$ 47,356
Issuance of convertible preferred stock net of issuance cost (in shares)							23,440,514
Ending Balance at Mar. 31, 2021						$ 45,652	$ 94,424
Ending Balance (in shares) at Mar. 31, 2021						24,302,472	46,881,028
Beginning Balance at Dec. 31, 2020	(42,115)		2,843		(44,958)
Beginning Balance (in shares) at Dec. 31, 2020		2,053,070
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(16,428)
Ending Balance at Jun. 30, 2021	167,551	$ 3	228,929	$ 5	(61,386)
Ending Balance (in shares) at Jun. 30, 2021		24,288,699
Beginning Balance at Dec. 31, 2020						$ 45,652	$ 47,068
Beginning Balance (in shares) at Dec. 31, 2020						24,302,472	23,440,514
Beginning Balance at Mar. 31, 2021	(48,717)		3,453		(52,170)
Beginning Balance (in shares) at Mar. 31, 2021		2,123,733
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of convertible preferred stock into common stock upon initial public offering	140,078	$ 2	140,076
Stock based compensation	854		854
Issuance of common stock in initial public offering, net of offering costs	84,533	$ 1	84,532
Issuance of common stock in initial public offering, net of offering costs (in shares)		6,250,000
Issuance of common stock in connection with equity plans	14		14
Issuance of common stock in connection with equity plans (in shares)		7,337
Other comprehensive income	5			5
Net loss	(9,216)				(9,216)
Ending Balance at Jun. 30, 2021	167,551	$ 3	228,929	5	(61,386)
Ending Balance (in shares) at Jun. 30, 2021		24,288,699
Beginning Balance at Mar. 31, 2021						$ 45,652	$ 94,424
Beginning Balance (in shares) at Mar. 31, 2021						24,302,472	46,881,028
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of convertible preferred stock into common stock						$ (45,652)	$ (94,424)
Conversion of convertible preferred stock into common stock (in shares)						(24,302,472)	(46,881,028)
Conversion of convertible preferred stock into common stock upon initial public offering (in shares)		15,907,629
Beginning Balance at Dec. 31, 2021	147,211	$ 3	231,902	34	(84,728)
Beginning Balance (in shares) at Dec. 31, 2021		24,455,390
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation	1,107		1,107
Issuance of common stock in connection with equity plans	6		6
Issuance of common stock in connection with equity plans (in shares)		3,160
Other comprehensive income	30			30
Net loss	(13,036)				(13,036)
Ending Balance at Mar. 31, 2022	135,318	$ 3	233,015	64	(97,764)
Ending Balance (in shares) at Mar. 31, 2022		24,458,550
Beginning Balance at Dec. 31, 2021	147,211	$ 3	231,902	34	(84,728)
Beginning Balance (in shares) at Dec. 31, 2021		24,455,390
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(25,348)
Ending Balance at Jun. 30, 2022	124,157	$ 3	234,062	168	(110,076)
Ending Balance (in shares) at Jun. 30, 2022		24,479,646
Beginning Balance at Mar. 31, 2022	135,318	$ 3	233,015	64	(97,764)
Beginning Balance (in shares) at Mar. 31, 2022		24,458,550
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation	1,006		1,006
Issuance of common stock in connection with equity plans	41		41
Issuance of common stock in connection with equity plans (in shares)		21,096
Other comprehensive income	104			104
Net loss	(12,312)				(12,312)
Ending Balance at Jun. 30, 2022	$ 124,157	$ 3	$ 234,062	$ 168	$ (110,076)
Ending Balance (in shares) at Jun. 30, 2022		24,479,646

Consolidated Statements Chang_2

Consolidated Statements Changes in Convertible Preferred Stock and Stockholders' Deficit (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Series B convertible preferred stock
Stock Issuance costs	$ 29

Organization and Business

Organization and Business	6 Months Ended
	Jun. 30, 2022
Organization and Business
Organization and Business	1. Organization and Business Organization Reneo Pharmaceuticals, Inc. (Reneo or the Company) commenced operations on September 22, 2014 as a clinical-stage pharmaceutical company focused on the development of therapies for patients with rare genetic mitochondrial diseases. In December 2017, the Company in-licensed REN001, a novel oral peroxisome proliferator-activated receptor (PPAR) agonist. Reverse Stock Split On April 5, 2021, the Company effected a 1-for- 4.4748 reverse stock split of its common stock. The par value and the authorized number of shares of the common stock were not adjusted as a result of the reverse stock split. The reverse stock split resulted in an adjustment to the Series A and Series B convertible preferred stock conversion prices to reflect a proportional decrease in the number of shares of common stock to be issued upon conversion. The accompanying consolidated financial statements and notes to the consolidated financial statements give retroactive effect to the reverse stock split for all periods presented. Initial Public Offering On April 13, 2021, the Company completed an initial public offering (IPO) of its common stock. In connection with its IPO, the Company issued and sold 6,250,000 shares of its common stock at a price to the public of $ 15.00 per share. The gross proceeds from the IPO were approximately $ 93.8 million before deducting underwriting discounts and commissions of $ 6.6 million and offering expenses of approximately $ 2.6 million payable by the Company. At the closing of the IPO, 71,183,500 shares of outstanding convertible preferred stock were automatically converted into 15,907,629 shares of common stock. Following the IPO, there were no shares of preferred stock outstanding. Liquidity Since inception in 2014, the Company has incurred significant losses and negative cash flows from operations. As of June 30, 2022, the Company had cash, cash equivalents and short-term investments of $ 126.9 million and an accumulated deficit of $ 110.1 million. Due to the Company’s continuing research and development activities, the Company expects to continue to incur net losses into the foreseeable future and may never become profitable. As a result, the Company will need to raise capital through public or private equity or debt financings, government or other third-party funding, collaborations, strategic alliances and licensing arrangements or a combination of these. In May 2022, the Company entered into an at-the-market equity offering sales agreement with SVB Securities LLC (ATM facility) under which the Company may offer and sell, from time to time at its sole discretion, up to $ 20.0 million in shares of its common stock. The Company has no t sold shares of common stock under the ATM facility as of June 30, 2022 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation The Company has prepared the accompanying unaudited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted, although the Company believes that the disclosures made are adequate to make the information not misleading. The Company recommends that the unaudited consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s latest Annual Report on Form 10-K. In the opinion of management, all adjustments, including normal recurring adjustments, considered necessary for a fair statement of the financial statements, have been included in the accompanying unaudited financial statements. Interim results are not necessarily indicative of results that may be expected for any other interim period or for an entire year. The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries as of June 30, 2022 ; all intercompany transactions and balances have been eliminated. Summary of Significant Accounting Policies The significant accounting policies used in the preparation of these consolidated financial statements for the six months ended June 30, 2022 are consistent with those discussed in Note 2 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. New Accounting Pronouncements Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (ASC 842) in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheets for those leases classified as operating leases under previous GAAP. ASU 2016-02 requires a lessee to recognize a liability for lease payments (lease liability) and a right-of-use (ROU)assets (representing its right to use the underlying asset for the lease term) on the balance sheet. In July 2018, the FASB issued ASU 2018-11, Leases (ASC 842): Targeted Improvements , which provides entities an optional transition method to apply the new guidance as of the adoption date, rather than as of the earliest period presented. In transition, entities may also elect a package of practical expedients that must be applied in its entirety to all leases commencing before the effective date, unless the lease was modified, to not reassess (a) whether a contract is or contains a lease, (b) lease classification or (c) determination of initial direct costs, which effectively allows entities to carryforward accounting conclusions under previous GAAP. The Company early adopted this standard on January 1, 2022 , using the optional transitional method and elected the package of practical expedients in transition for leases that commenced prior to January 1, 2022. As a result of implementing ASC 842, the Company recognized operating lease ROU assets of $ 1.5 million and lease liabilities of $ 1.7 million on January 1, 2022, with no impact on its beginning retained earnings, consolidated statements of operations and comprehensive loss, or cash flows. See Note 6, Leases, for further details. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes . The standard simplifies the accounting for income taxes, eliminates certain exceptions within Accounting Standards Codification (ASC) 740, Income Taxes , and clarifies certain aspects of the current guidance to promote consistency among reporting entities. The new guidance was effective for the Company as of January 1, 2022. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company adopted this standard on January 1, 2022 . Adoption of this standard had no material impact on the Company’s consolidated financial position, results of operations or cash flows. Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (ASC 326), Measurement of Credit Losses on Financial Instruments . The standard amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. For available-for-sale debt securities, entities will be required to recognize an allowance for credit losses rather than a reduction in the carrying value of the asset. Entities will no longer be permitted to consider the length of time that fair value has been less than amortized cost when evaluating when credit losses should be recognized. This new guidance is effective for the Company as of January 1, 2023. The Company is currently evaluating the impact of this ASU and does not expect that adoption of this standard will have a material impact on its consolidated financial statements and related disclosures. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The ASU clarifies that (1) a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value, (2) an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction, and (3) new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with ASC 820. The new guidance is effective for the Company for fiscal years beginning after December 15, 2023. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2022
Net Loss Per Share [Abstract]
Net Loss Per Share	3. Net Loss Per Share The Company computes basic loss per share by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share assumes the conversion, exercise or issuance of all potential common stock equivalents, unless the effect of inclusion would be anti-dilutive. For purposes of this calculation, common stock shares to be issued upon exercise of all outstanding stock options and restricted stock units were excluded from the diluted net loss per share calculation for the three and six months ended June 30, 2022 and 2021 because such shares are anti-dilutive. Historical outstanding anti-dilutive securities not included in the diluted net loss per share calculation include the following: As of June 30, 2022 2021 Common stock options outstanding 4,400,561 3,197,640 Unvested restricted stock units 284,500 — Total 4,685,061 3,197,640

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Measurements [Abstract]
Fair Value Measurements	4. Fair Value Measurements ASC 820, Fair Value Measurement , establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing an asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. ASC 820 identifies fair value as the exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a three-tier fair value hierarchy that distinguishes between the following: Level 1 – Observable inputs such as quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs, other than quoted prices in active markets, that are observable for the asset or liability, either directly or indirectly. Level 3 – Unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The Company’s financial assets are subject to fair value measurements on a recurring basis. The Company categorized its money market funds as Level 1, using the quoted prices in active markets. Commercial paper is valued using Level 2 significant other observable inputs. The Company considers all highly liquid investments purchased with a remaining maturity of three months or less to be cash equivalents. The fair value of the Company’s investments in certain money market funds is their face value and such instruments are classified as Level 1 and are included in cash and cash equivalents on the consolidated balance sheets. In connection with the Company's chief executive officer's (CEO) employment agreement, he is entitled to receive a special performance award in the amount of $ 7.5 million (Performance Award), payable in cash, common stock or a combination of cash and common stock, at the election of the Company, based on achievement of certain conditions as described in more detail in Note 8. The Company estimated the fair value of the Performance Award using a Monte Carlo simulation, which incorporates the stock price at the date of the valuation and utilizes Level 3 inputs such as volatility, probabilities of success, and other inputs that are not observable in active markets. The Performance Award is required to be measured at fair value on a recurring basis each reporting period, with changes in the fair value recognized in general and administrative expense in the consolidated statements of operations and comprehensive loss over the derived service period of the award. No assets or liabilities were transferred into or out of their classifications during the six months ended June 30, 2022. The recurring fair value measurement of the Company’s assets and liabilities measured at fair value at June 30, 2022 consisted of the following (in thousands): Quoted Prices in Significant Other Significant Total Assets Cash and cash equivalents: Money market investments $ 114,272 $ — $ — $ 114,272 Short-term Investments: Commercial paper — 8,588 — 8,588 Total $ 114,272 $ 8,588 $ — $ 122,860 Liabilities Performance award $ — $ — $ 55 $ 55 Total $ — $ — $ 55 $ 55 The following table summarizes changes in fair value measurements of the Performance Award during the six months ended June 30, 2022 (in thousands): Performance Balance as of January 1, 2022 $ 444 Change in fair value ( 389 ) Balance as of June 30, 2022 $ 55 T he recurring fair value measurement of the Company’s assets and liabilities measured at fair value at December 31, 2021 consisted of the following (in thousands): Quoted Prices in Significant Other Significant Total Assets Cash and cash equivalents: Money market investments $ 118,535 $ — $ — $ 118,535 Short-term Investments: Commercial paper — 23,010 — 23,010 Total $ 118,535 $ 23,010 $ — $ 141,545 Liabilities Performance award $ — $ — $ 444 $ 444 Total $ — $ — $ 444 $ 444

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2022
Accrued Expenses.
Accrued Expenses	5. Accrued Expenses Accrued expenses consisted of the following (in thousands): As of June 30, 2022 As of December 31, 2021 Accrued clinical and regulatory $ 1,923 $ 1,236 Accrued contract manufacturing cost 2,061 1,482 Accrued compensation 1,778 1,027 Accrued research and development-other 605 435 Total accrued expenses $ 6,367 $ 4,180

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases
Leases	6. Leases The Company’s headquarters are located in Irvine, California, where it leases office space. The Company leases additional office space located in San Diego, California, and in Sandwich, United Kingdom. The lease terms for the Irvine, San Diego, and Sandwich offices extend through November 30, 2026, July 31, 2023, and December 20, 2022, respectively. The Company adopted ASU 2016-02 on January 1, 2022, which requires it to recognize a liability for lease payments and a ROU asset on the balance sheet. The Company elected the package of practical expedients permitted within the standard, which allows an entity to forego reassessing (i) whether a contract contains a lease, (ii) classification of leases, and (iii) whether capitalized costs associated with a lease meet the definition of initial direct costs. Also, the Company elected the expedient allowing an entity to use hindsight to determine the lease term and impairment of ROU assets and the expedient to allow the Company to not have to separate lease and non-lease components. At June 30, 2022 , the weighted average incremental borrowing rate was 5 % and the weighted average remaining lease term was 4.0 years for the operating leases held by the Company. During the three and six months ended June 30, 2022, cash paid for amounts included for the measurement of lease liabilities was $ 0.1 million and $ 0.3 million, respectively. During the three and six months ended June 30, 2022, the Company recorded operating lease expense of $ 0.1 million and $ 0.3 million, respectively. Maturities of lease liabilities by fiscal year for our operating leases are as follows: As of June 30, 2022 2022 (remaining six months) $ 266 2023 414 2024 323 2025 332 Thereafter 285 Total lease payments 1,620 Less: Imputed interest ( 151 ) Present value of lease liabilities $ 1,469

Convertible Preferred Stock

Convertible Preferred Stock	6 Months Ended
	Jun. 30, 2022
Convertible Preferred Stock and Stockholders' Deficit
Convertible Preferred Stock	7. Convertible Preferred Stock Series A Convertible Preferred Stock As of June 30, 2022 , there were no shares of Series A convertible preferred stock outstanding. In connection with the IPO (Note 1) in April 2021, all outstanding shares of Series A convertible preferred stock were converted into 5,430,957 shares of common stock. Series B Convertible Preferred Stock As of June 30, 2022 , there were no shares of Series B convertible preferred stock outstanding. In March 2021, the Company completed the milestone closing of its the Series B convertible preferred stock financing and sold a total of 23,440,514 shares of Series B convertible preferred stock, at $ 2.0215 per share, for aggregate net proceeds of approximately $ 47.4 million. In connection with the IPO in April 2021, all outstanding shares of Series B convertible preferred stock were converted into 10,476,672 shares of common stock.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2022
Stock-Based Compensation
Stock-Based Compensation	8. Stock-Based Compensation In March 2021, the Company’s board of directors adopted the Company’s 2021 Equity Incentive Plan (2021 Plan), which is the successor to the Company's 2014 Equity Incentive Plan (2014 Plan). As of the effectiveness of the 2021 Plan, awards granted under the 2014 Plan that are forfeited or otherwise become available under the 2014 Plan will be included and available for issuance under the 2021 Plan. Under the 2021 Plan, the Company may grant stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other awards to individuals who are employees, officers, directors or consultants of the Company, and employees and consultants of the Company’s affiliates. Under the 2014 Plan, certain employees were granted the ability to early exercise their options. The shares of common stock issued pursuant to the early exercise of unvested stock options are restricted and continue to vest over the requisite service period after issuance. The Company has the option to repurchase any unvested shares at the original purchase price upon any voluntary or involuntary termination. The shares purchased by the employees pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be outstanding until those shares vest. As of June 30, 2022 , there were no shares subject to stock options that have been early exercised. Shares Reserved for Future Issuance As of June 30, 2022, the Company had reserved shares of its common stock for future issuance as follows: Shares Common stock options outstanding 4,400,561 Unvested restricted stock units 284,500 Available for future grants under the 2021 Equity Incentive Plan 2,022,528 Available for future grants under the 2021 Employee Stock Purchase Plan 457,916 Available for future grants outside of the 2021 Plan as inducement awards 100,000 Total shares of common stock reserved 7,265,505 Stock Options A summary of the Company’s stock option activity and related information during the six months ended June 30, 2022 is as follows: Options Weighted- Weighted- Aggregate Outstanding at December 31, 2021 4,215,643 $ 5.49 8.5 Granted 405,976 $ 4.84 Exercised ( 712 ) $ 3.45 Forfeited/Expired ( 220,346 ) $ 6.21 Outstanding at June 30, 2022 4,400,561 $ 5.40 7.8 $ 334 Vested at June 30, 2022 1,775,065 $ 4.84 6.5 $ 252 Exercisable at June 30, 2022 2,842,921 $ 4.85 7.0 $ 253 Options exercisable as of June 30, 2022 include vested options and options eligible for early exercise. All outstanding options as of June 30, 2022 are expected to vest. Unrecognized stock-based compensation expense at June 30, 2022 was $ 9.7 million, which is expected to be recognized over a weighted-average vesting term of 2.7 years. The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee stock option grants were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Risk-free interest rate 3.0 % 0.7 % 2.3 % 0.7 % Expected volatility 84.4 % 71.2 % 84.9 % 71.2 % Expected term (in years) 5.8 5.9 5.9 5.9 Expected dividend yield — % — % — % — % Risk-free interest rate. The Company bases the risk-free interest rate assumption on the U.S. Treasury’s rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the award being valued. Expected volatility. Since the Company recently completed its IPO and does not have sufficient trading history for its common stock the expected volatility assumption is based on volatilities of a peer group of similar companies whose share prices are publicly available. The peer group was developed based on companies in the biotechnology industry. Expected term. The expected term represents the period of time that options are expected to be outstanding. Because the Company does not have historical exercise behavior, it determines the expected life assumption using the simplified method, which is an average of the contractual term of the option and its vesting period. Expected dividend yield. The Company bases the expected dividend yield assumption on the fact that it has never paid cash dividends and has no present intention to pay cash dividends. Fair value of common stock. For periods prior to the IPO, since there had been no public market for the Company’s common stock, the Company’s board of directors, with input from management, determined the fair value of the Company’s common stock on each grant date by considering a number of objective and subjective factors, including the most recent independent third-party valuations of the Company’s common stock, sales of the Company’s convertible preferred stock to unrelated third-parties, operating and financial performance of the Company, the lack of liquidity of capital stock and general and industry-specific economic outlook, and the Company’s board of directors’ assessment of additional objective and subjective factors that it believed were relevant. Performance-Based Restricted Stock Units (PSUs) The following table summarizes PSU activity as of June 30, 2022: Number of Weighted-Average Unvested at December 31, 2021 299,500 $ 6.32 Granted 15,000 6.70 Released — — Cancelled ( 30,000 ) 6.69 Unvested at June 30, 2022 284,500 $ 6.30 The PSUs vest based on the Company achieving certain regulatory milestones and are subject to the employee’s continued employment with the Company through the achievement date. The fair value of the awards was based on the value of the Company’s common stock at the grant date of the award and expense recognition is based on the probability of achieving the performance conditions. Stock-based compensation expense is adjusted in future periods for subsequent changes in the expected outcome of the performance conditions. The Company concluded that achievement of the performance conditions was not probable as of June 30, 2022 , and therefore no stock-based compensation expense was recognized for the three and six months ended June 30, 2022 in connection with the PSUs. As of June 30, 2022, unrecognized stock-based compensation expense related to the PSUs that were deemed not probable was $ 1.4 million. Market-Based Awards Restricted Stock Units In December 2021, the Company granted 100,000 market-based restricted stock units (MRSUs) to its CEO pursuant to the 2021 Plan. The MRSUs vest based on the Company’s closing stock price trading above $ 20 per share for 30 consecutive trading days subject to the employee’s continued employment with the Company through the date of achievement. The share price of the Company’s common stock on the date of issuance of the MRSUs was $ 6.69 per share. The fair value was $ 0.4 million based on Monte Carlo simulation model on the grant date. Stock-based compensation expense is recognized over the derived service period of 3 years . Stock-based compensation expense in connection with the MRSUs was immaterial for the six months ended June 30, 2022. As of June 30, 2022, there was $ 0.4 million of unrecognized stock-based compensation expense related to this MRSU. Performance Award In connection with the CEO’s employment agreement, he is entitled to receive a Performance Award in the amount of $ 7.5 million, payable in cash, common stock or a combination of cash and common stock, at the election of the Company, in the event that (i) the Company’s market value exceeds $ 750 million utilizing the volume-weighted average of the closing sale price of its common stock on the Nasdaq Stock Market or other principal exchange for each of the 30 trading days immediately prior to the measurement date, or (ii) the fair market value of the net proceeds available for distribution to the Company’s stockholders in connection with a change in control as defined in the Company’s severance benefit plan, as determined in good faith by its board of directors, exceeds $ 750 million. The Company has determined that the Performance Award is subject to ASC 718, Compensation – Stock Compensation and includes both market and performance conditions. Since the IPO, neither of the events have yet been satisfied. The Company estimated the fair value of the Performance Award at each reporting period using the Monte Carlo simulation (Note 4), which is recognized as stock-based compensation expense over the derived service period. During the six months ended June 30, 2022 , the Company reversed approximately $ 0.4 million in stock-based compensation expenses as a direct result of decreased value of the Performance Award caused by a decline in the Company’s common stock price. 2021 Employee Stock Purchase Plan (ESPP) In March 2021, the Company’s board of directors adopted the ESPP, which became effective immediately prior to the execution of the underwriting agreement in connection with the Company’s IPO. As of June 30, 2022 , 29,720 shares have been issued under the ESPP. In September 2021, the Company’s board of directors adopted the Company’s 2021 UK Sharesave Sub-plan (SAYE). An allocation of 25,875 shares of common stock from the ESPP reserve pool was approved and reserved for issuance under the SAYE. No shares have been issued under the SAYE through June 30, 2022. The stock-based compensation expense related to the ESPP and SAYE for the three and six months ended June 30, 2022 and 2021, was immaterial. The following table summarizes stock-based compensation expense, including expense associated with award modifications for unvested options, reflected in the unaudited consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and development $ 386 $ 728 $ 773 $ 1,093 General and administrative 620 126 1,340 232 Total $ 1,006 $ 854 $ 2,113 $ 1,325

License Agreement

License Agreement	6 Months Ended
	Jun. 30, 2022
License Agreement
License Agreement	9. License Agreement In December 2017, the Company entered into a License Agreement with vTv Therapeutics LLC (vTv Therapeutics) (the vTv License Agreement), under which the Company obtained an exclusive, worldwide, sublicensable license under certain vTv Therapeutics intellectual property to develop, manufacture and commercialize PPARδ agonists and products containing such PPARδ agonists, including REN001, for any therapeutic, prophylactic or diagnostic application in humans. To date, the Company has paid a $ 3.0 million upfront payment and a total of $ 2.0 million in milestone payments and issued an aggregate of 576,443 shares of our common stock to vTv Therapeutics. Upon the achievement of certain pre-specified development and regulatory milestones, the Company is also required to pay vTv Therapeutics milestone payments totaling up to $ 64.5 million. The Company is also required to pay vTv Therapeutics up to $ 30.0 million in total sales-based milestones upon achievement of certain sales thresholds of the licensed product. In addition, the Company is obligated to make royalty payments to vTv Therapeutics at mid-single digit to low teen percentage royalty rates, based on tiers of annual net sales of licensed products, subject to certain customary reductions. There were no milestone payments achieved or recorded for the three and six months ended June 30, 2022 and 2021 .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Summary of Significant Accounting Policies
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The Company has prepared the accompanying unaudited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted, although the Company believes that the disclosures made are adequate to make the information not misleading. The Company recommends that the unaudited consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s latest Annual Report on Form 10-K. In the opinion of management, all adjustments, including normal recurring adjustments, considered necessary for a fair statement of the financial statements, have been included in the accompanying unaudited financial statements. Interim results are not necessarily indicative of results that may be expected for any other interim period or for an entire year. The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries as of June 30, 2022 ; all intercompany transactions and balances have been eliminated.
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (ASC 842) in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheets for those leases classified as operating leases under previous GAAP. ASU 2016-02 requires a lessee to recognize a liability for lease payments (lease liability) and a right-of-use (ROU)assets (representing its right to use the underlying asset for the lease term) on the balance sheet. In July 2018, the FASB issued ASU 2018-11, Leases (ASC 842): Targeted Improvements , which provides entities an optional transition method to apply the new guidance as of the adoption date, rather than as of the earliest period presented. In transition, entities may also elect a package of practical expedients that must be applied in its entirety to all leases commencing before the effective date, unless the lease was modified, to not reassess (a) whether a contract is or contains a lease, (b) lease classification or (c) determination of initial direct costs, which effectively allows entities to carryforward accounting conclusions under previous GAAP. The Company early adopted this standard on January 1, 2022 , using the optional transitional method and elected the package of practical expedients in transition for leases that commenced prior to January 1, 2022. As a result of implementing ASC 842, the Company recognized operating lease ROU assets of $ 1.5 million and lease liabilities of $ 1.7 million on January 1, 2022, with no impact on its beginning retained earnings, consolidated statements of operations and comprehensive loss, or cash flows. See Note 6, Leases, for further details. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes . The standard simplifies the accounting for income taxes, eliminates certain exceptions within Accounting Standards Codification (ASC) 740, Income Taxes , and clarifies certain aspects of the current guidance to promote consistency among reporting entities. The new guidance was effective for the Company as of January 1, 2022. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company adopted this standard on January 1, 2022 . Adoption of this standard had no material impact on the Company’s consolidated financial position, results of operations or cash flows. Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (ASC 326), Measurement of Credit Losses on Financial Instruments . The standard amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. For available-for-sale debt securities, entities will be required to recognize an allowance for credit losses rather than a reduction in the carrying value of the asset. Entities will no longer be permitted to consider the length of time that fair value has been less than amortized cost when evaluating when credit losses should be recognized. This new guidance is effective for the Company as of January 1, 2023. The Company is currently evaluating the impact of this ASU and does not expect that adoption of this standard will have a material impact on its consolidated financial statements and related disclosures. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The ASU clarifies that (1) a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value, (2) an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction, and (3) new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with ASC 820. The new guidance is effective for the Company for fiscal years beginning after December 15, 2023. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Net Loss Per Share [Abstract]
Schedule of Anti-dilutive securities not included in diluted net loss per share calculation	Historical outstanding anti-dilutive securities not included in the diluted net loss per share calculation include the following: As of June 30, 2022 2021 Common stock options outstanding 4,400,561 3,197,640 Unvested restricted stock units 284,500 — Total 4,685,061 3,197,640

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Measurements [Abstract]
Schedule of recurring fair value measurement of the Company's assets and liabilities	The recurring fair value measurement of the Company’s assets and liabilities measured at fair value at June 30, 2022 consisted of the following (in thousands): Quoted Prices in Significant Other Significant Total Assets Cash and cash equivalents: Money market investments $ 114,272 $ — $ — $ 114,272 Short-term Investments: Commercial paper — 8,588 — 8,588 Total $ 114,272 $ 8,588 $ — $ 122,860 Liabilities Performance award $ — $ — $ 55 $ 55 Total $ — $ — $ 55 $ 55 he recurring fair value measurement of the Company’s assets and liabilities measured at fair value at December 31, 2021 consisted of the following (in thousands): Quoted Prices in Significant Other Significant Total Assets Cash and cash equivalents: Money market investments $ 118,535 $ — $ — $ 118,535 Short-term Investments: Commercial paper — 23,010 — 23,010 Total $ 118,535 $ 23,010 $ — $ 141,545 Liabilities Performance award $ — $ — $ 444 $ 444 Total $ — $ — $ 444 $ 444
Schedule Changes in fair value measurements of the performance award	The following table summarizes changes in fair value measurements of the Performance Award during the six months ended June 30, 2022 (in thousands): Performance Balance as of January 1, 2022 $ 444 Change in fair value ( 389 ) Balance as of June 30, 2022 $ 55

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2022
Accrued Expenses
Schedule of Accrued expenses	Accrued expenses consisted of the following (in thousands): As of June 30, 2022 As of December 31, 2021 Accrued clinical and regulatory $ 1,923 $ 1,236 Accrued contract manufacturing cost 2,061 1,482 Accrued compensation 1,778 1,027 Accrued research and development-other 605 435 Total accrued expenses $ 6,367 $ 4,180

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases
Schedule of Maturities of lease liabilities by fiscal year for operating leases	Maturities of lease liabilities by fiscal year for our operating leases are as follows: As of June 30, 2022 2022 (remaining six months) $ 266 2023 414 2024 323 2025 332 Thereafter 285 Total lease payments 1,620 Less: Imputed interest ( 151 ) Present value of lease liabilities $ 1,469

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Stock-Based Compensation
Summary of common stock reserved for future issuance	As of June 30, 2022, the Company had reserved shares of its common stock for future issuance as follows: Shares Common stock options outstanding 4,400,561 Unvested restricted stock units 284,500 Available for future grants under the 2021 Equity Incentive Plan 2,022,528 Available for future grants under the 2021 Employee Stock Purchase Plan 457,916 Available for future grants outside of the 2021 Plan as inducement awards 100,000 Total shares of common stock reserved 7,265,505
Summary of the Company's stock option activity	A summary of the Company’s stock option activity and related information during the six months ended June 30, 2022 is as follows: Options Weighted- Weighted- Aggregate Outstanding at December 31, 2021 4,215,643 $ 5.49 8.5 Granted 405,976 $ 4.84 Exercised ( 712 ) $ 3.45 Forfeited/Expired ( 220,346 ) $ 6.21 Outstanding at June 30, 2022 4,400,561 $ 5.40 7.8 $ 334 Vested at June 30, 2022 1,775,065 $ 4.84 6.5 $ 252 Exercisable at June 30, 2022 2,842,921 $ 4.85 7.0 $ 253
Summary of weighted-average assumptions to determine the fair value of the employee stock option	The weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee stock option grants were as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Risk-free interest rate 3.0 % 0.7 % 2.3 % 0.7 % Expected volatility 84.4 % 71.2 % 84.9 % 71.2 % Expected term (in years) 5.8 5.9 5.9 5.9 Expected dividend yield — % — % — % — %
Summary of PSU activity	Performance-Based Restricted Stock Units (PSUs) The following table summarizes PSU activity as of June 30, 2022: Number of Weighted-Average Unvested at December 31, 2021 299,500 $ 6.32 Granted 15,000 6.70 Released — — Cancelled ( 30,000 ) 6.69 Unvested at June 30, 2022 284,500 $ 6.30
Summary of Non-cash stock-based compensation expense recorded	The following table summarizes stock-based compensation expense, including expense associated with award modifications for unvested options, reflected in the unaudited consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Research and development $ 386 $ 728 $ 773 $ 1,093 General and administrative 620 126 1,340 232 Total $ 1,006 $ 854 $ 2,113 $ 1,325

Organization and Business (Narr

Organization and Business (Narrative) (Details)			3 Months Ended	6 Months Ended
	Apr. 13, 2021 USD ($) $ / shares shares	Apr. 05, 2021	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($)	May 31, 2022 shares	Dec. 31, 2021 USD ($) shares	Apr. 14, 2021 shares
Stock split reverse description		On April 5, 2021, the Company effected a 1-for-4.4748 reverse stock split of its common stock. The par value and the authorized number of shares of the common stock were not adjusted as a result of the reverse stock split. The reverse stock split resulted in an adjustment to the Series A and Series B convertible preferred stock conversion prices to reflect a proportional decrease in the number of shares of common stock to be issued upon conversion. The accompanying consolidated financial statements and notes to the consolidated financial statements give retroactive effect to the reverse stock split for all periods presented.
Stock split reverse conversion ratio		0.2235
Proceeds from issuance initial public offering					$ 84,639,000
Cash, cash equivalents at carrying value and short term investments				$ 126,900,000
Accumulated deficit				$ 110,076,000			$ 84,728,000
Common stock, authorized | shares				200,000,000			200,000,000
Common stock sold, value			$ 84,533,000
IPO [Member]
Common stock issued, Shares | shares	6,250,000
Share price | $ / shares	$ 15
Proceeds from issuance initial public offering	$ 93,800,000
Initial public offering underwriting discounts and commissions	6,600,000
Initial public offering offering expenses	$ 2,600,000
ATM facility [Member] | SVB Securities LLC [Member]
Common stock, authorized | shares						20,000,000
Common stock sold, value				$ 0
Convertible preferred stock [Member]
Preferred stock, shares outstanding | shares	71,183,500							0
Convertible preferred stock [Member] | IPO [Member]
Shares issued from conversion of convertible stock | shares	15,907,629

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jan. 01, 2022
Right-of-use assets	$ 1,283
Operating Lease, Liability	$ 1,469
Accounting Standards Update 2016-02 [Member]
Right-of-use assets		$ 1,500
Operating Lease, Liability		$ 1,700
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, early adoption	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2022
Accounting Standards Update 2019-12 [Member]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2022
Change in accounting principle, accounting standards update, immaterial effect	true

Net Loss Per Share - Anti-dilut

Net Loss Per Share - Anti-dilutive securities not included in diluted net loss per share calculation (Details) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	4,685,061	3,197,640
Common stock options outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	4,400,561	3,197,640
Unvested Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	284,500

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Assets transferred into L3	$ 0
Assets transferred out of L3	0
Liabilities transferred into L3	0
Liabilities transferred out of L3	0
Performance Shares [Member] | Chief executive officer
Special performance bonus payable	$ 7,500

Fair Value Measurements - Recur

Fair Value Measurements - Recurring fair value measurement of the Company's assets and liabilities (Detail) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 122,860	$ 141,545
Total	55	444
Quoted Prices in Active Markets For Identical Items (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	114,272	118,535
Significant Other Observable Inputs (Level 2)[Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	8,588	23,010
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	55	444
Performance Award Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	55	444
Performance Award Liability [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	55	444
Money market investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	114,272	118,535
Money market investments | Quoted Prices in Active Markets For Identical Items (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	114,272	118,535
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	8,588	23,010
Commercial Paper [Member] | Significant Other Observable Inputs (Level 2)[Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 8,588	$ 23,010

Fair Value Measurements - Sched

Fair Value Measurements - Schedule Changes in fair value measurements of the performance award (Detail) - Performance Award [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 444
Change in fair value	(389)
Ending Balance	$ 55

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accrued Expenses
Accrued clinical and regulatory	$ 1,923	$ 1,236
Accrued contract manufacturing cost	2,061	1,482
Accrued compensation	1,778	1,027
Accrued research and development-other	605	435
Total accrued expenses	$ 6,367	$ 4,180

Leases (Details)

Leases (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)
Leases
Lease, Practical Expedients, Package [true false]		true
Lease, Practical Expedient, Use of Hindsight [true false]		true
Weighted average incremental borrowing rate	5%	5%
Weighted average remaining lease term	4 years	4 years
Payments for operating leases liabilities	$ 0.1	$ 0.3
Operating lease expense	$ 0.1	$ 0.3

Leases - Maturities of lease li

Leases - Maturities of lease liabilities (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Leases
2022 (remaining six months)	$ 266
2023	414
2024	323
2025	332
Thereafter	285
Total lease payments	1,620
Less: Imputed interest	(151)
Present value of lease liabilities	$ 1,469

Convertible Preferred Stock (Na

Convertible Preferred Stock (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended	6 Months Ended
	Apr. 30, 2021	Mar. 31, 2021	Mar. 31, 2021	Jun. 30, 2021	Jun. 30, 2022	Apr. 14, 2021	Apr. 13, 2021
Convertible preferred stock [Member]
Temporary Equity [Line Items]
Preferred stock, shares outstanding						0	71,183,500
Series A convertible preferred stock
Temporary Equity [Line Items]
Shares issued from conversion of convertible stock	5,430,957
Preferred stock, shares outstanding					0
Series B convertible preferred stock
Temporary Equity [Line Items]
Issuance of convertible preferred stock net of issuance cost (in shares)		23,440,514	23,440,514
Temporary equity, share price		$ 2.0215	$ 2.0215
Shares issued from conversion of convertible stock	10,476,672
Proceeds from issuance of Series B convertible preferred stock, net of issuance costs				$ 47,239
Net Proceeds from temporary equity		$ 47,400
Preferred stock, shares outstanding					0

Stock-Based Compensation - Equi

Stock-Based Compensation - Equity Incentive Plans (Details)	6 Months Ended
	Jun. 30, 2022 shares
Equity Incentive Plan 2014
Stock-Based Compensation
Share options exercised unvested	0

Stock-Based Compensation - Shar

Stock-Based Compensation - Shares Reserved for Future Issuance (Details)	Jun. 30, 2022 shares
Class of Stock [Line Items]
Total shares of common stock reserved	7,265,505
Unvested Restricted Stock Units
Class of Stock [Line Items]
Total shares of common stock reserved	284,500
Common stock options outstanding
Class of Stock [Line Items]
Total shares of common stock reserved	4,400,561
Equity Incentive Plan 2021
Class of Stock [Line Items]
Total shares of common stock reserved	2,022,528
Employee Stock Purchase Plan (ESPP) 2021
Class of Stock [Line Items]
Total shares of common stock reserved	457,916
Inducement Awards Out Side of 2021 Plan
Class of Stock [Line Items]
Total shares of common stock reserved	100,000

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock option activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Options Outstanding
Outstanding at beginning of period (in shares)	4,215,643
Granted (in shares)	405,976
Exercised (in shares)	(712)
Forfeited/Expired (in shares)	(220,346)
Outstanding at end of period (in shares)	4,400,561	4,215,643
Vested (in shares)	1,775,065
Exercisable (in shares)	2,842,921
Weighted-Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 5.49
Granted (in dollars per share)	4.84
Exercised (in dollars per share)	3.45
Forfeited/Expired (in dollars per share)	6.21
Outstanding at end of period (in dollars per share)	5.40	$ 5.49
Vested (in dollars per share)	4.84
Exercisable (in dollars per share)	$ 4.85
Weighted-Average Remaining Contractual Term / Aggregate Intrinsic Value
Weighted Average Remaining Contractual Term, Options Outstanding	7 years 9 months 18 days	8 years 6 months
Weighted Average Remaining Contractual Term, Vested	6 years 6 months
Weighted Average Remaining Contractual Term, Exercisable	7 years
Aggregate Intrinsic Value, Outstanding	$ 334
Aggregate Intrinsic Value, Vested	252
Aggregate Intrinsic Value, Exercisable	253
Unrecognized compensation expense	$ 9,700
Weighted-average vesting term	2 years 8 months 12 days

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Weighted-average assumptions
Risk-free interest rate	3%	0.70%	2.30%	0.70%
Expected volatility	84.40%	71.20%	84.90%	71.20%
Expected term (in years)	5 years 9 months 18 days	5 years 10 months 24 days	5 years 10 months 24 days	5 years 10 months 24 days
Expected dividend yield	0%	0%	0%	0%

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance-Based Restricted Stock Units (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Weighted Average Grant Date Fair Value
Stock-based compensation expense	$ 1,006,000	$ 854,000	$ 2,113,000	$ 1,325,000
Unrecognized compensation expense	$ 9,700,000		$ 9,700,000
Performance Based Restricted Stock Units R S U [Member] | Equity Incentive Plan 2021
Number of PSUs
Unvested at Beginning			299,500
Granted			15,000
Cancelled			(30,000)
Unvested at End	284,500		284,500
Weighted Average Grant Date Fair Value
Unvested at Beginning			$ 6.32
Granted			6.70
Cancelled			6.69
Unvested at End	$ 6.30		$ 6.30
Stock-based compensation expense	$ 0		$ 0
Unrecognized compensation expense	$ 1,400,000		$ 1,400,000

Stock-Based Compensation - Mark

Stock-Based Compensation - Market-Based Awards (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Dec. 31, 2021 USD ($) Days $ / shares shares	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Stock-Based Compensation
Stock-based compensation expense		$ 1,006	$ 854	$ 2,113	$ 1,325
Unrecognized compensation expense		9,700		9,700
Equity Incentive Plan 2021 | Market Based Restricted Stock Units
Stock-Based Compensation
Unrecognized compensation expense		$ 400		$ 400
Equity Incentive Plan 2021 | Market Based Restricted Stock Units | Employee
Stock-Based Compensation
Number of shares granted | shares	100,000
Threshold share price for vesting of shares | $ / shares	$ 20
Consecutive trading days | Days	30
Share price | $ / shares	$ 6.69
Fair value of share-based awards granted	$ 400
Service period	3 years

Stock-Based Compensation - Appo

Stock-Based Compensation - Appointment of CEO (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) Days	Jun. 30, 2021 USD ($)
Stock-Based Compensation
Stock-based compensation expense	$ 1,006	$ 854	$ 2,113	$ 1,325
Chief executive officer
Stock-Based Compensation
Threshold market value	750,000		$ 750,000
Number of trading days | Days			30
Threshold fair market value of the net proceeds	750,000		$ 750,000
Allocated share based compensation income			400
Chief executive officer | Performance Shares [Member]
Stock-Based Compensation
Special performance bonus payable	$ 7,500		$ 7,500

Stock-Based Compensation - Empl

Stock-Based Compensation - Employee Stock Purchase Plan (Details) - shares	6 Months Ended
	Jun. 30, 2022	Sep. 30, 2021
Employee Stock Purchase Plan (ESPP) 2021
Stock-Based Compensation
Number of shares issued	29,720
UK Sharesave Sub-plan (SAYE)
Stock-Based Compensation
Options authorized		25,875
Number of shares issued	0

Stock-Based Compensation - Non-

Stock-Based Compensation - Non-cash stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stock-Based Compensation
Stock-based compensation expense	$ 1,006	$ 854	$ 2,113	$ 1,325
Research and development
Stock-Based Compensation
Stock-based compensation expense	386	728	773	1,093
General and administrative
Stock-Based Compensation
Stock-based compensation expense	$ 620	$ 126	$ 1,340	$ 232

License Agreement (Details)

License Agreement (Details) - vTv Therapeutics - USD ($)	1 Months Ended		55 Months Ended
	Dec. 31, 2020	Dec. 31, 2017	Jun. 30, 2022	Jun. 30, 2021
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Milestone payments			$ 0	$ 0
Milestone payments paid	$ 2,000,000
Milestone payments payable on achievement of sales thresholds of the licensed product		$ 30,000,000
Research and development
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Upfront license fee payment			3,000,000
Common stock issued, Shares		576,443
Milestone payments payable on achievement of development and regulatory milestones			$ 64,500,000