OnKure Therapeutics (OKUR) 10-Q 11 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 09, 2023
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
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		33,655,123
Entity Central Index Key	0001637715
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 30,395	$ 19,927
Short-term investments	63,392	81,246
Prepaid expenses and other current assets	3,231	5,180
Total current assets	97,018	106,353
Property and equipment, net	581	453
Right-of-use assets	1,188	1,292
Other non-current assets	81	84
Total assets	98,868	108,182
Current liabilities:
Accounts payable	1,802	1,893
Accrued expenses	8,316	4,827
Operating lease liabilities, current portion	363	404
Total current liabilities	10,481	7,124
Operating lease liabilities, less current portion	979	1,059
Performance award	324	29
Total liabilities	11,784	8,212
Commitments and contingencies
Stockholders' equity (deficit):
Common stock, $0.0001 par value; 200,000,000 shares authorized at March 31, 2023 and December 31, 2022; 25,107,430 and 24,699,553 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	3	3
Additional paid-in capital	238,859	236,693
Accumulated deficit	(151,790)	(136,683)
Accumulated other comprehensive income (loss)	12	(43)
Total stockholders' equity	87,084	99,970
Total liabilities and stockholders' equity	$ 98,868	$ 108,182

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Consolidated Balance Sheets
Common stock, Par value	$ 0.0001	$ 0.0001
Common stock, authorized	200,000,000	200,000,000
Common stock, issued	25,107,430	24,699,553
Common stock, outstanding	25,107,430	24,699,553

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating expenses:
Research and development	$ 10,991	$ 9,278
General and administrative	5,132	3,737
Total operating expenses	16,123	13,015
Loss from operations	(16,123)	(13,015)
Other income (loss):
Other income (loss)	1,016	(21)
Net loss	(15,107)	(13,036)
Unrealized gain on short-term investments	55	30
Comprehensive loss	$ (15,052)	$ (13,006)
Net loss per share attributable to common stockholders, basic	$ (0.60)	$ (0.53)
Net loss per share attributable to common stockholders, diluted	$ (0.60)	$ (0.53)
Weighted-average shares used in computing net loss per share, basic	25,036,410	24,458,290
Weighted-average shares used in computing net loss per share, diluted	25,036,410	24,458,290

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	At The Market Facility [Member]	Common Stock [Member]	Common Stock [Member] At The Market Facility [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] At The Market Facility [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
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, 2022	99,970		$ 3		236,693		(43)	(136,683)
Beginning Balance (in shares) at Dec. 31, 2022			24,699,553
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation	1,157				1,157
Issuance of common stock in connection with the at-the-market facility, net of issuance costs		$ 1,009				$ 1,009
Issuance of common stock in connection with the at-the-market facility, net of issuance costs (in shares)				407,877
Other comprehensive income	55						55
Net loss	(15,107)							(15,107)
Ending Balance at Mar. 31, 2023	$ 87,084		$ 3		$ 238,859		$ 12	$ (151,790)
Ending Balance (in shares) at Mar. 31, 2023			25,107,430

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net loss	$ (15,107)	$ (13,036)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	1,157	1,107
Depreciation and amortization	41	19
Amortization/accretion on short-term investments	(770)	1
Changes in the fair value of performance award	295	(387)
Non-cash lease expense	120	143
Loss on disposal of fixed asset	3
Changes in operating assets and liabilities:
Prepaid expenses and other assets	1,952	2,011
Accounts payable and accrued expenses	3,398	1,251
Operating lease liabilities	(137)	(108)
Net cash used in operating activities	(9,048)	(8,999)
Cash flows from investing activities
Purchase of property and equipment	(172)	(44)
Purchase of available-for-sale short-term investments	(28,321)	(16,029)
Proceeds from maturities of available-for-sale short-term investments	47,000	21,500
Net cash provided by investing activities	18,507	5,427
Cash flows from financing activities
Proceeds from at-the-market facility, net of offering costs	1,009	6
Net cash provided by financing activities	1,009	6
Net increase (decrease) in cash and cash equivalents	10,468	(3,566)
Cash and cash equivalents, beginning of period	19,927	124,660
Cash and cash equivalents, end of period	$ 30,395	121,094
Supplemental cash flow information:
Right-of-use assets obtained in exchange for lease obligations		$ 1,524

Organization and Business

Organization and Business	3 Months Ended
	Mar. 31, 2023
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 mavodelpar (REN001), a novel oral peroxisome proliferator-activated receptor delta (PPAR δ ) agonist. Liquidity The Company follows Accounting Standards Codification (ASC) Topic 205-40, Presentation of Financial Statements—Going Concern , which requires that management perform a two-step analysis over its ability to continue as a going concern. Management must first evaluate whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern and to meet its obligations as they become due within one year after the date that the consolidated financial statements are issued (step 1). If management concludes that substantial doubt is raised, management is also required to consider whether its plans alleviate that doubt (step 2). From its inception in 2014, the Company has incurred significant losses and negative cash flows from operations. As of March 31, 2023, the Company had cash, cash equivalents and short-term investments of $ 93.8 million and an accumulated deficit of $ 151.8 million. The Company had a net loss of $ 15.1 million and used cash of $ 9.0 million for operating activities for the three months ended March 31, 2023. Since inception through March 31, 2023, the Company has funded its operations primarily with the net proceeds from the issuance of convertible preferred stock and common stock. The Company expects that its existing balance of cash, cash equivalents and short-term investments as of March 31, 2023, together with the net proceeds from the May 2023 public offering and May 2023 private placement (see Footnote 10), are sufficient to fund operations through the Company’s planned near-term clinical milestones, but not for more than one year after the date of the filing of this Quarterly Report on Form 10-Q and therefore management has concluded that substantial doubt exists about the Company's ability to continue as a going concern. Management plans to alleviate this risk by raising additional capital through public or private equity offerings or debt financings, credit or loan facilities, collaborations, strategic alliances, licensing arrangements or a combination of one or more of these funding sources. In addition, the Company has the ability to defer certain commercial activities until additional capital is received. There can be no assurance that the Company will be successful in obtaining additional funding, that the Company’s projections of its future working capital needs will prove accurate, or that any additional funding would be sufficient to continue operations in future years. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, and/or suspend or curtail planned programs. Any of these actions could negatively impact the Company’s business, results of operations, and future prospects. The Company’s ability to raise additional capital may be adversely impacted by potential worsening global economic conditions, disruptions to, and volatility in, financial markets in the United States and worldwide, including those resulting from the coronavirus (COVID-19) pandemic, bank failures, actual or perceived changes in interest rates and economic inflation. The Company may not be able to secure additional financing in a timely manner or on favorable terms, if at all. In addition, successful transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support the Company’s cost structure .

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
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 Annual Report on Form 10-K for the year ended December 31, 2022. 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 March 31, 2023 ; 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 three months ended March 31, 2023 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, 2022. New Accounting Pronouncements Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standard Board (FASB) issued Accounting Standard Update (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 are not 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 was effective for the Company as of January 1, 2023. The Company adopted the guidance as of January 1, 2023 , with no material impact on its financial statements and related disclosures. Recent Accounting Pronouncements Not Yet Adopted 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	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 and 2022 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 March 31, 2023 2022 Common stock options outstanding 6,013,345 4,262,702 Unvested restricted stock units 369,500 279,500 Total 6,382,845 4,542,202

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Measurements [Abstract]
Fair Value Measurements	4. Fair Value Measurements ASC Topic 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 Topic 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 Topic 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, which 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 categorizes its money market funds as Level 1, using the quoted prices in active markets. Commercial paper and U.S. treasury securities are categorized as Level 2, using significant other observable inputs. 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 bonus 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 three months ended March 31, 2023. The recurring fair value measurement of the Company’s assets and liabilities measured at fair value at March 31, 2023 consisted of the following (in thousands): Quoted Prices in Significant Other Significant Total Assets Cash and cash equivalents: Money market investments $ 27,365 $ — $ — $ 27,365 Short-term investments: U.S. treasury securities — 63,392 — 63,392 Total $ 27,365 $ 63,392 $ — $ 90,757 Liabilities Performance award $ — $ — $ 324 $ 324 Total $ — $ — $ 324 $ 324 The recurring fair value measurement of the Company’s assets and liabilities measured at fair value at December 31, 2022 consisted of the following (in thousands): Quoted Prices in Significant Other Significant Total Assets Cash and cash equivalents: Money market investments $ 9,365 $ — $ — $ 9,365 Commercial paper — 4,978 — 4,978 Short-term investments: U.S. treasury securities — 76,253 — 76,253 Commercial paper — 4,993 — 4,993 Total $ 9,365 $ 86,224 $ — $ 95,589 Liabilities Performance award $ — $ — $ 29 $ 29 Total $ — $ — $ 29 $ 29 The following table summarizes changes in fair value measurements of the Performance Award during the three months ended March 31, 2023 (in thousands): Performance Balance as of January 1, 2023 $ 29 Change in fair value 295 Balance as of March 31, 2023 $ 324

Marketable Debt Securities

Marketable Debt Securities	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Marketable Debt Securities	5. Marketable Debt Securities During the three months ended March 31, 2023, the Company invested its excess cash balances in marketable debt securities and, at each balance sheet date presented, the Company classified all of its investments in debt securities as available-for-sale and as current assets as they mature within 12 months and represent the investment of funds available for current operations. The following tables summarize the gross unrealized gains and losses of the Company’s available-for-sale securities as of March 31, 2023 and 2022 (in thousands): As of March 31, 2023 Amortized Gross Gross Fair Available-for-sale securities: U.S. treasury securities $ 63,380 $ 13 $ ( 1 ) $ 63,392 Total $ 63,380 $ 13 $ ( 1 ) $ 63,392 As of December 31, 2022 Amortized Gross Gross Fair Available-for-sale securities: U.S. treasury securities $ 76,297 $ 2 $( 46 ) $ 76,253 Commercial paper 4,993 — — 4,993 Total $ 81,290 $ 2 $( 46 ) $ 81,246

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2023
Accrued Expenses.
Accrued Expenses	6. Accrued Expenses Accrued expenses consisted of the following (in thousands): As of March 31, 2023 As of December 31, 2022 Accrued clinical and regulatory $ 3,973 $ 1,872 Accrued contract manufacturing cost 1,809 1,583 Accrued compensation 1,750 807 Accrued other 784 565 Total accrued expenses $ 8,316 $ 4,827

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases
Leases	7. 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 October 23, 2027, respectively. Other information related to the Company ’s operating leases as of the balance sheet dates presented are as follows: Three Months Ended 2023 2022 Weighted incremental borrowing rate 5 % 5 % Weighted average remaining lease term (in years) 3.8 4.1 Cash paid for amounts included in the measurement of lease liabilities (in thousands) $ 142 $ 131 Lease expense (in thousands) $ 120 $ 122 Maturities of lease liabilities by fiscal year for the Company ’s operating leases are as follows (in thousands): As of March 31, 2023 2023 (remaining nine months) $ 331 2024 381 2025 381 2026 343 2027 34 Total lease payments 1,470 Less: Imputed interest ( 128 ) Present value of lease liabilities $ 1,342

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2023
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 effective date 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 its 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 March 31, 2023 , there were no shares subject to stock options that have been early exercised. Shares Reserved for Future Issuance As of March 31, 2023, the Company had reserved shares of its common stock for future issuance as follows: Shares Common stock options outstanding 6,013,345 Unvested restricted stock units 369,500 Available for future grants under the 2021 Equity Incentive Plan 1,604,521 Available for future grants under the 2021 Employee Stock Purchase Plan 630,637 Total shares of common stock reserved 8,618,003 Stock Options A summary of the Company’s stock option activity and related information during the three months ended March 31, 2023 is as follows: Options Weighted- Weighted- Aggregate Outstanding at December 31, 2022 5,877,745 $ 4.47 8.2 $ 907 Granted 135,600 $ 3.48 Outstanding at March 31, 2023 6,013,345 $ 4.45 8.0 $ 11,874 Vested at March 31, 2023 2,485,555 $ 5.12 6.7 $ 3,598 Exercisable at March 31, 2023 3,163,116 $ 5.07 6.9 $ 4,335 Options exercisable at March 31, 2023 include vested options and options eligible for early exercise. All outstanding options as of March 31, 2023 are expected to vest. Unrecognized stock-based compensation expense at March 31, 2023 was $ 9.3 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 March 31, 2023 2022 Risk-free interest rate 3.9 % 1.8 % Expected volatility 85.1 % 85.2 % Expected term (in years) 6.1 6.0 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 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. Restricted Stock Units (RSUs) RSUs consist of performance-based units (PSUs) and market-based units (MSUs). The following table summarizes RSU activities during the three months ended March 31, 2023: Number of Weighted-Average Unvested at December 31, 2022 329,500 $ 5.70 Granted 40,000 $ 3.63 Unvested at March 31, 2023 369,500 $ 5.48 Performance-Based Units The vesting of the PSUs is 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 has 249,500 unvested shares underlying PSUs as of March 31, 2023. The Company concluded that achievement of the performance conditions was not probable as of March 31, 2023 , and therefore no stock-based compensation expense was recognized for the three months ended March 31, 2023. As of March 31, 2023, there was $ 1.6 million of unrecognized stock-based compensation expense related to the PSUs that were deemed not probable. Market-Based Units The vesting of the MSUs is 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 fair value was based on Monte Carlo simulation model on the grant date. Stock-based compensation expense is recognized over the derived service period of approximately 3 years. The Company has 120,000 unvested shares underlying MSUs as of March 31, 2023. Stock-based compensation expense related to the MSUs during the three months ended March 31, 2023 and 2022 was immaterial. As of March 31, 2023, there was $ 0.2 million of unrecognized stock-based compensation expense related to MSUs. 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 Company’ s initial public offering (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. For the three months ended March 31, 2023 , the Company recognized approximately $ 0.3 million in stock-based compensation expense as a direct result of the increased value of the Performance Award primarily caused by the increase in the Company’s common stock price. For the three months ended March 31, 2022, stock-based compensation expense was immaterial. 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 March 31, 2023 , 103,719 shares have been issued under the ESPP. In September 2021, the Company’s board of directors adopted the Company’s 2021 United Kingdom (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 March 31, 2023. Stock-Based Compensation Expense The following table summarizes stock-based compensation expense, including expense associated with award modifications for unvested options, reflected in the consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended March 31, 2023 2022 Research and development $ 473 $ 387 General and administrative 684 720 Total $ 1,157 $ 1,107

License Agreement

License Agreement	3 Months Ended
	Mar. 31, 2023
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 mavodelpar, for any therapeutic, prophylactic or diagnostic application in humans. Under the terms of the vTv License Agreement, the Company paid vTv Therapeutics an initial upfront license fee of $ 3.0 million and issued an aggregate of 576,443 shares of its 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. As of March 31, 2023 , the Company has paid an aggregate of $ 2.0 million in development and regulatory milestone payments. 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 months ended March 31, 2023 and 2022 .

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events
Subsequent Events	10. Subsequent Events Public Offering and Private Placement On May 8, 2023, the Company completed a public offering in which it sold an aggregate of 7,906,250 shares of common stock, which included the full exercise of the underwriters’ option to purchase an additional 1,031,250 shares of common stock, at a price of $ 8.00 per share. The Company received total net proceeds from the offering of approximately $ 58.2 million, after deducting underwriting discounts and commissions and offering expenses. On May 9, 2023, the Company completed a concurrent private placement in which it sold an aggregate of 625,000 shares of common stock to Abingworth Bioventures 8 L.P., a holder of more than 5 % of the Company’s common stock, at a price of $ 8.00 per share. The Company received total net proceeds from the private placement of approximately $ 4.7 million, after deducting advisor fees and other estimated fees and expenses.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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 Annual Report on Form 10-K for the year ended December 31, 2022. 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 March 31, 2023 ; all intercompany transactions and balances have been eliminated.
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standard Board (FASB) issued Accounting Standard Update (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 are not 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 was effective for the Company as of January 1, 2023. The Company adopted the guidance as of January 1, 2023 , with no material impact on its financial statements and related disclosures. Recent Accounting Pronouncements Not Yet Adopted 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)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 2022 Common stock options outstanding 6,013,345 4,262,702 Unvested restricted stock units 369,500 279,500 Total 6,382,845 4,542,202

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 consisted of the following (in thousands): Quoted Prices in Significant Other Significant Total Assets Cash and cash equivalents: Money market investments $ 27,365 $ — $ — $ 27,365 Short-term investments: U.S. treasury securities — 63,392 — 63,392 Total $ 27,365 $ 63,392 $ — $ 90,757 Liabilities Performance award $ — $ — $ 324 $ 324 Total $ — $ — $ 324 $ 324 The recurring fair value measurement of the Company’s assets and liabilities measured at fair value at December 31, 2022 consisted of the following (in thousands): Quoted Prices in Significant Other Significant Total Assets Cash and cash equivalents: Money market investments $ 9,365 $ — $ — $ 9,365 Commercial paper — 4,978 — 4,978 Short-term investments: U.S. treasury securities — 76,253 — 76,253 Commercial paper — 4,993 — 4,993 Total $ 9,365 $ 86,224 $ — $ 95,589 Liabilities Performance award $ — $ — $ 29 $ 29 Total $ — $ — $ 29 $ 29
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 three months ended March 31, 2023 (in thousands): Performance Balance as of January 1, 2023 $ 29 Change in fair value 295 Balance as of March 31, 2023 $ 324

Marketable Debt Securities (Tab

Marketable Debt Securities (Tables)	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Summary of Gross Unrealized Gains and Losses of Available-for-Sale Securities	The following tables summarize the gross unrealized gains and losses of the Company’s available-for-sale securities as of March 31, 2023 and 2022 (in thousands): As of March 31, 2023 Amortized Gross Gross Fair Available-for-sale securities: U.S. treasury securities $ 63,380 $ 13 $ ( 1 ) $ 63,392 Total $ 63,380 $ 13 $ ( 1 ) $ 63,392 As of December 31, 2022 Amortized Gross Gross Fair Available-for-sale securities: U.S. treasury securities $ 76,297 $ 2 $( 46 ) $ 76,253 Commercial paper 4,993 — — 4,993 Total $ 81,290 $ 2 $( 46 ) $ 81,246

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2023
Accrued Expenses
Schedule of Accrued expenses	Accrued expenses consisted of the following (in thousands): As of March 31, 2023 As of December 31, 2022 Accrued clinical and regulatory $ 3,973 $ 1,872 Accrued contract manufacturing cost 1,809 1,583 Accrued compensation 1,750 807 Accrued other 784 565 Total accrued expenses $ 8,316 $ 4,827

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases
Schedule of Other Information Related to Operating Leases	Other information related to the Company ’s operating leases as of the balance sheet dates presented are as follows: Three Months Ended 2023 2022 Weighted incremental borrowing rate 5 % 5 % Weighted average remaining lease term (in years) 3.8 4.1 Cash paid for amounts included in the measurement of lease liabilities (in thousands) $ 142 $ 131 Lease expense (in thousands) $ 120 $ 122
Schedule of Maturities of lease liabilities by fiscal year for operating leases	Maturities of lease liabilities by fiscal year for the Company ’s operating leases are as follows (in thousands): As of March 31, 2023 2023 (remaining nine months) $ 331 2024 381 2025 381 2026 343 2027 34 Total lease payments 1,470 Less: Imputed interest ( 128 ) Present value of lease liabilities $ 1,342

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Stock-Based Compensation
Summary of common stock reserved for future issuance	As of March 31, 2023, the Company had reserved shares of its common stock for future issuance as follows: Shares Common stock options outstanding 6,013,345 Unvested restricted stock units 369,500 Available for future grants under the 2021 Equity Incentive Plan 1,604,521 Available for future grants under the 2021 Employee Stock Purchase Plan 630,637 Total shares of common stock reserved 8,618,003
Summary of the Company's stock option activity	A summary of the Company’s stock option activity and related information during the three months ended March 31, 2023 is as follows: Options Weighted- Weighted- Aggregate Outstanding at December 31, 2022 5,877,745 $ 4.47 8.2 $ 907 Granted 135,600 $ 3.48 Outstanding at March 31, 2023 6,013,345 $ 4.45 8.0 $ 11,874 Vested at March 31, 2023 2,485,555 $ 5.12 6.7 $ 3,598 Exercisable at March 31, 2023 3,163,116 $ 5.07 6.9 $ 4,335
Summary of weighted-average assumptions to determine the fair value of the employee stock option	: Three Months Ended March 31, 2023 2022 Risk-free interest rate 3.9 % 1.8 % Expected volatility 85.1 % 85.2 % Expected term (in years) 6.1 6.0 Expected dividend yield — % — %
Summary of RSU activities	RSUs consist of performance-based units (PSUs) and market-based units (MSUs). The following table summarizes RSU activities during the three months ended March 31, 2023: Number of Weighted-Average Unvested at December 31, 2022 329,500 $ 5.70 Granted 40,000 $ 3.63 Unvested at March 31, 2023 369,500 $ 5.48
Summary of Non-cash stock-based compensation expense recorded	Three Months Ended March 31, 2023 2022 Research and development $ 473 $ 387 General and administrative 684 720 Total $ 1,157 $ 1,107

Organization and Business (Narr

Organization and Business (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Cash, cash equivalents at carrying value and short term investments	$ 93,800
Accumulated deficit	151,790		$ 136,683
Net loss	15,107	$ 13,036
Cash used for operating activities	$ 9,048	$ 8,999

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Right-of-use assets	$ 1,188	$ 1,292
Operating Lease, Liability	$ 1,342
Accounting Standards Update 2016-13 [Member]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2023
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	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	6,382,845	4,542,202
Common Stock Options Outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	6,013,345	4,262,702
Unvested Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	369,500	279,500

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 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	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 90,757	$ 95,589
Total	324	29
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	27,365	9,365
Significant Other Observable Inputs (Level 2)[Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	63,392	86,224
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	324	29
Performance Award Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	324	29
Performance Award Liability [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	324	29
Money market investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	27,365	9,365
Money market investments [Member] | 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	27,365	9,365
US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	63,392	76,253
US Treasury Securities [Member] | Significant Other Observable Inputs (Level 2)[Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 63,392	76,253
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		4,978
Short-term investments		4,993
Commercial Paper [Member] | Significant Other Observable Inputs (Level 2)[Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		4,978
Short-term investments		$ 4,993

Fair Value Measurements - Sched

Fair Value Measurements - Schedule Changes in fair value measurements of the performance award (Detail) - Performance Award [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 29
Change in fair value	295
Ending Balance	$ 324

Marketable Debt Securities - Su

Marketable Debt Securities - Summary of Gross Unrealized Gains and Losses of Available-for-Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 63,380	$ 81,290
Gross Unrealized Gains	13	2
Gross Unrealized Losses	(1)	(46)
Fair Market Value	63,392	81,246
US Treasury Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	63,380	76,297
Gross Unrealized Gains	13	2
Gross Unrealized Losses	(1)	(46)
Fair Market Value	$ 63,392	76,253
Commercial Paper [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost		4,993
Fair Market Value		$ 4,993

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued Expenses
Accrued clinical and regulatory	$ 3,973	$ 1,872
Accrued contract manufacturing cost	1,809	1,583
Accrued compensation	1,750	807
Accrued other	784	565
Total accrued expenses	$ 8,316	$ 4,827

Leases - Schedule of Other Info

Leases - Schedule of Other Information Related to Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases
Weighted average incremental borrowing rate	5%	5%
Weighted average remaining lease term	3 years 9 months 18 days	4 years 1 month 6 days
Cash paid for amounts included in the measurement of lease liabilities	$ 142	$ 131
Lease expense	$ 120	$ 122

Leases - Maturities of lease li

Leases - Maturities of lease liabilities (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Leases
2023 (remaining nine months)	$ 331
2024	381
2025	381
2026	343
2027	34
Total lease payments	1,470
Less: Imputed interest	(128)
Present value of lease liabilities	$ 1,342

Stock-Based Compensation - Equi

Stock-Based Compensation - Equity Incentive Plans (Details)	3 Months Ended
	Mar. 31, 2023 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)	Mar. 31, 2023 shares
Class of Stock [Line Items]
Total shares of common stock reserved	8,618,003
Common Stock Options Outstanding
Class of Stock [Line Items]
Total shares of common stock reserved	6,013,345
Unvested Restricted Stock Units
Class of Stock [Line Items]
Total shares of common stock reserved	369,500
Equity Incentive Plan 2021
Class of Stock [Line Items]
Total shares of common stock reserved	1,604,521
Employee Stock Purchase Plan (ESPP) 2021
Class of Stock [Line Items]
Total shares of common stock reserved	630,637

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock option activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Options Outstanding
Outstanding at beginning of period (in shares)	5,877,745
Granted (in shares)	135,600
Outstanding at end of period (in shares)	6,013,345	5,877,745
Vested (in shares)	2,485,555
Exercisable (in shares)	3,163,116
Weighted-Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 4.47
Granted (in dollars per share)	3.48
Outstanding at end of period (in dollars per share)	4.45	$ 4.47
Vested (in dollars per share)	5.12
Exercisable (in dollars per share)	$ 5.07
Weighted-Average Remaining Contractual Term (in years) / Aggregate Intrinsic Value
Weighted Average Remaining Contractual Term (in years), Options Outstanding	8 years	8 years 2 months 12 days
Weighted Average Remaining Contractual Term (in years), Vested	6 years 8 months 12 days
Weighted Average Remaining Contractual Term (in years), Exercisable	6 years 10 months 24 days
Aggregate Intrinsic Value, Outstanding	$ 11,874	$ 907
Aggregate Intrinsic Value, Vested	3,598
Aggregate Intrinsic Value, Exercisable	4,335
Unrecognized stock-based compensation expense	$ 9,300
Weighted-average vesting term	2 years 8 months 12 days

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Weighted-average assumptions
Risk-free interest rate	3.90%	1.80%
Expected volatility	85.10%	85.20%
Expected term (in years)	6 years 1 month 6 days	6 years
Expected dividend yield	0%	0%

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units (RSUs) (Details) - Restricted Stock Units (RSUs) - Equity Incentive Plan 2021	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Number of PSUs
Unvested at Beginning | shares	329,500
Granted | shares	40,000
Unvested at End | shares	369,500
Weighted Average Grant Date Fair Value
Unvested at Beginning | $ / shares	$ 5.70
Granted | $ / shares	3.63
Unvested at End | $ / shares	$ 5.48

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance-Based Units (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,157,000	$ 1,107,000
Unrecognized compensation expense	$ 9,300,000
Performance-based Restricted Units | Equity Incentive Plan 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares	249,500
Stock-based compensation expense	$ 0
Unrecognized compensation expense	$ 1,600,000

Stock-Based Compensation - Mark

Stock-Based Compensation - Market-Based Units (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) Days $ / shares shares
Stock-Based Compensation
Unrecognized stock-based compensation expense	$ 9.3
Equity Incentive Plan 2021 | Market-Based Units
Stock-Based Compensation
Unrecognized stock-based compensation expense	$ 0.2
Equity Incentive Plan 2021 | Market-Based Units | Employee
Stock-Based Compensation
Threshold share price for vesting of shares | $ / shares	$ 20
Consecutive trading days | Days	30
Unvested shares | shares	120,000
Service period	3 years

Stock-Based Compensation - Appo

Stock-Based Compensation - Appointment of CEO (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) Days	Mar. 31, 2022 USD ($)
Stock-Based Compensation
Stock-based compensation expense	$ 1,157	$ 1,107
Chief executive officer
Stock-Based Compensation
Stock-based compensation expense	300
Chief executive officer | Performance Shares [Member]
Stock-Based Compensation
Special performance bonus payable	7,500
Threshold market value	$ 750,000
Number of trading days | Days	30
Threshold fair market value of the net proceeds	$ 750,000

Stock-Based Compensation - Empl

Stock-Based Compensation - Employee Stock Purchase Plan (Details)	3 Months Ended
	Mar. 31, 2023 shares
2021 Employee Stock Purchase Plan
Stock-Based Compensation
Number of shares issued	103,719
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
	Mar. 31, 2023	Mar. 31, 2022
Stock-Based Compensation
Stock-based compensation expense	$ 1,157	$ 1,107
Research and development
Stock-Based Compensation
Stock-based compensation expense	473	387
General and administrative
Stock-Based Compensation
Stock-based compensation expense	$ 684	$ 720

License Agreement (Details)

License Agreement (Details) - vTv Therapeutics - USD ($)	1 Months Ended	3 Months Ended
	Dec. 31, 2017	Mar. 31, 2023	Mar. 31, 2022
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Milestone payments		$ 0	$ 0
Development and regulatory milestone payments		$ 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

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Events [Member] - USD ($) $ / shares in Units, $ in Millions	May 09, 2023	May 08, 2023
IPO [Member]
Subsequent Event [Line Items]
Common stock issued and sold, Shares		7,906,250
Option to purchase shares of common stock		1,031,250
Share price		$ 8
Net proceeds from Offering		$ 58.2
Private Placement [Member]
Subsequent Event [Line Items]
Common stock issued and sold, Shares	625,000
Share price	$ 8
Net proceeds from Offering	$ 4.7
Private Placement [Member] | Minimum [Member]
Subsequent Event [Line Items]
Percentage of common stock held by affiliate	5%