OnKure Therapeutics (OKUR) 10-Q 10 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 04, 2022
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 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		24,458,550
Entity Central Index Key	0001637715
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 121,094	$ 124,660
Short-term Investments	17,568	23,010
Prepaid expenses and other current assets	4,053	6,064
Total current assets	142,715	153,734
Property and equipment, net	237	212
Right-of-use assets	1,382
Other non-current assets	78	78
Total assets	144,412	154,024
Current liabilities:
Accounts payable	1,566	2,022
Accrued expenses	5,887	4,180
Operating lease liabilities, current portion	457
Total current liabilities	7,910	6,202
Operating lease liabilities, less current portion	1,127
Other long-term liabilities		167
Performance award (Note 7)	57	444
Total liabilities	9,094	6,813
Commitments and contingencies (Note 9)
Stockholders' equity (deficit):
Common stock, $0.0001 par value; 200,000,000 shares authorized at March 31, 2022 and December 31, 2021; 24,458,550 shares issued and outstanding at March 31, 2022; and 24,457,838 and 24,455,390 shares issued and outstanding at December 31, 2021, respectively	3	3
Additional paid-in capital	233,015	231,902
Accumulated deficit	(97,764)	(84,728)
Accumulated other comprehensive income	64	34
Total stockholders' equity (deficit)	135,318	147,211
Total liabilities, convertible preferred stock and stockholders' equity (deficit)	$ 144,412	$ 154,024

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 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	24,458,550	24,457,838
Common stock, outstanding	24,458,550	24,455,390

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating expenses:
Research and development	$ 9,278	$ 5,472
General and administrative	3,737	1,742
Total operating expenses	13,015	7,214
Loss from operations	(13,015)	(7,214)
Other income:
Other (loss) income	(21)	2
Net loss	(13,036)	(7,212)
Unrealized gain on short-term investments	30
Comprehensive loss	$ (13,006)	$ (7,212)
Net loss per share attributable to common stockholders, basic	$ (0.53)	$ (3.48)
Net loss per share attributable to common stockholders, diluted	$ (0.53)	$ (3.48)
Weighted-average shares used in computing net loss per share, basic	24,458,290	2,070,935
Weighted-average shares used in computing net loss per share, diluted	24,458,290	2,070,935

Consolidated Statements Changes

Consolidated Statements Changes in Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands	Series A convertible preferred stock	Series B convertible preferred stock	Common Stock	Additional Paid-in Capital	Accumulated comprehensive income	Accumulated Deficit	Total
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				$ 2,843		$ (44,958)	$ (42,115)
Beginning Balance (in shares) at Dec. 31, 2020			2,053,070
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation				471			471
Stock option exercise				139			139
Stock option exercise (in shares)			70,663
Net loss						(7,212)	(7,212)
Ending Balance at Mar. 31, 2021				3,453		(52,170)	$ (48,717)
Ending Balance (in shares) at Mar. 31, 2021			2,123,733
Ending Balance (in shares) at Mar. 31, 2022							0
Beginning Balance at Dec. 31, 2021			$ 3	231,902	$ 34	(84,728)	$ 147,211
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
Stock option exercise				6			$ 6
Stock option exercise (in shares)			3,160				713
Net loss						(13,036)	$ (13,036)
Other comprehensive loss					30		30
Ending Balance at Mar. 31, 2022			$ 3	$ 233,015	$ 64	$ (97,764)	$ 135,318
Ending Balance (in shares) at Mar. 31, 2022			24,458,550

Consolidated Statements Chang_2

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

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net loss	$ (13,036)	$ (7,212)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	19	10
Amortization/accretion on short-term investments	1
Changes in the fair value of performance award	(387)
Stock-based compensation	1,107	471
Changes in operating assets and liabilities:
Non-cash lease expense	143
Accounts payable and accrued expenses	1,251	(927)
Prepaid expenses and other assets	2,011	(929)
Operating lease liabilities	(108)
Other current and long-term liabilities		(2)
Net cash used in operating activities	(8,999)	(8,589)
Cash flows from investing activities
Purchase of property and equipment	(44)	(25)
Purchase of available-for-sale short-term investments	(16,029)
Proceeds from maturities of available-for-sale short-term investments	21,500
Net cash provided by (used in) investing activities	5,427	(25)
Cash flows from financing activities
Proceeds from initial public offering, net of offering costs	6	187
Costs paid in connection with initial public offering		(1,223)
Net cash provided by financing activities	6	46,222
Net (decrease) increase in cash and cash equivalents	(3,566)	37,608
Cash and cash equivalents, beginning of period	124,660	53,613
Cash and cash equivalents, end of period	121,094	91,221
Supplemental cash flow information:
Right-of-use assets obtained in exchange for lease obligations	$ 1,524
Property and equipment in accounts payable		2
Unpaid Series B convertible preferred stock issuance costs		19
Accrued deferred initial public offering costs		361
Series B convertible preferred stock
Cash flows from financing activities
Proceeds from issuance of Series B convertible preferred stock, net of issuance costs		$ 47,258

Organization and Business

Organization and Business	3 Months Ended
	Mar. 31, 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 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 March 31, 2022, the Company had cash, cash equivalents and short-term investments of $138.7 million and an accumulated deficit of $97.8 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 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 March 31, 2021; 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 31,2022 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 Leases (ASC 842): Targeted Improvements 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, In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes Income Taxes Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses , Measurement of Credit Losses on Financial Instruments

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 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 equivalents include the Company’s stock options and convertible preferred stock, which are convertible into shares of the Company’s common stock. As of March 31, 2022, no shares of convertible preferred stock were outstanding. No shares related to the convertible preferred stock were included in the diluted net loss per share calculation for the three months ended March 31, 2021 because the inclusion of such shares would have had an anti-dilutive effect. The shares to be issued upon exercise of all outstanding stock options and restricted stock units were also excluded from the diluted net loss per share calculation for the three months ended March 31, 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 March 31, ​ 2022 2021 Convertible preferred stock (as converted) ​ — 15,907,629 Common stock options outstanding ​ 4,262,702 3,113,640 Unvested restricted stock units ​ 279,500 ​ — Total ​ 4,542,202 19,021,269 ​

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Measurements [Abstract]
Fair Value Measurements	4. Fair Value Measurements ASC 820, Fair Value Measurement 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 November 2020, in connection with the CEO’s 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 liabilities transferred The recurring fair value measurement of the Company’s assets and liabilities measured at fair value at March 31, 2022 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Active Markets ​ Significant Other ​ Unobservable ​ ​ ​ ​ For Identical Items ​ Observable Inputs ​ Inputs ​ ​ ​ ​ (Level 1) (Level 2) (Level 3) Total Assets ​ ​ ​ ​ ​ ​ Cash and cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market investments ​ $ 117,921 ​ $ — ​ $ — ​ $ 117,921 Short-term Investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ ​ — ​ ​ 17,568 ​ ​ — ​ ​ 17,568 Total ​ $ 117,921 ​ $ 17,568 ​ $ — ​ $ 135,489 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance award ​ $ — ​ $ — ​ $ 57 ​ $ 57 Total ​ $ — ​ $ — ​ $ 57 ​ $ 57 ​ The following table summarizes changes in fair value measurements of the Performance Award during the three months ended March 31, 2022 (in thousands): ​ ​ ​ ​ ​ Balance as of January 1, 2022 ​ $ 444 Change in fair value ​ ​ (387) Balance as of March 31, 2022 ​ $ 57 ​ The 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 ​ ​ ​ ​ ​ Active Markets ​ Significant Other ​ Unobservable ​ ​ ​ ​ For Identical Items ​ Observable Inputs ​ Inputs ​ ​ ​ ​ (Level 1) (Level 2) (Level 3) 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	3 Months Ended
	Mar. 31, 2022
Accrued Expenses.
Accrued Expenses	5. Accrued Expenses Accrued expenses consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2022 As of December 31, 2021 Accrued clinical and regulatory ​ $ 2,049 ​ $ 1,236 Accrued contract manufacturing cost ​ ​ 2,176 ​ 1,482 Accrued compensation ​ ​ 1,218 ​ ​ 1,027 Accrued research and development-other ​ 444 ​ 435 Total accrued expenses ​ $ 5,887 ​ $ 4,180 ​

Leases

Leases	3 Months Ended
	Mar. 31, 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 Kent, United Kingdom. The lease terms for the Irvine, San Diego, and Kent 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 March 31, 2022, the weighted average incremental borrowing rate and the weighted average remaining lease term for the operating leases held by the Company were 5% and 4.1 years, respectively. During the three months ended March 31, 2022, operating lease expenses recognized and cash paid for amounts included for the measurement of lease liabilities were immaterial. The Company has elected to net the amortization of the ROU assets and the reduction of the lease liabilities principal in other current and long-term liabilities in the consolidated statements of cash flows. Maturities of lease liabilities by fiscal year for our operating leases are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2022 2022 (remaining nine months) ​ ​ ​ $ 399 2023 ​ ​ ​ ​ 414 2024 ​ ​ ​ ​ 323 2025 ​ ​ ​ ​ 332 Thereafter ​ ​ ​ ​ 285 Total lease payments ​ ​ ​ ​ 1,753 Less: Imputed interest ​ ​ ​ ​ (169) Present value of lease liabilities ​ ​ ​ $ 1,584 ​

Convertible Preferred Stock and

Convertible Preferred Stock and Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Convertible Preferred Stock and Stockholders' Deficit
Convertible Preferred Stock and Stockholders' Equity	7. Convertible Preferred Stock and Stockholders’ Equity Series A Convertible Preferred Stock As of March 31, 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 March 31, 2022, there were no shares of Series B convertible preferred stock outstanding. In March 2021, the Company completed milestone closing of it’s 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	3 Months Ended
	Mar. 31, 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 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, restricted stock units, and other awards to individuals who are then 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 March 31, 2022, there were no shares subject to stock options that have been early exercised. Shares Reserved for Future Issuance As of March 31, 2022, the Company had reserved shares of its common stock for future issuance as follows: ​ ​ ​ ​ ​ Shares ​ ​ Reserved Common stock options outstanding 4,262,702 Unvested restricted stock units ​ 279,500 Available for future grants under the 2021 Equity Incentive Plan 2,165,387 Available for future grants under the 2021 Employee Stock Purchase Plan ​ 479,012 Available for future grants outside of the 2021 Plan as inducement award ​ 100,000 Total shares of common stock reserved 7,286,601 ​ Stock Options A summary of the Company’s stock option activity and related information during the three months ended March 31, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding ​ Weighted- Average Exercise Price ​ Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2021 ​ 4,215,643 ​ $ 5.49 ​ 8.5 ​ ​ Granted ​ 233,600 ​ $ 6.80 ​ ​ ​ ​ Exercised ​ (713) ​ $ 3.45 ​ ​ ​ ​ Forfeited/Expired (185,828) $ 6.48 ​ ​ Outstanding at March 31, 2022 4,262,702 $ 5.52 8.0 $ 379 Vested at March 31, 2022 1,490,020 $ 4.20 6.4 $ 368 Exercisable at March 31, 2022 2,703,228 $ 4.49 7.2 $ 375 ​ Options exercisable at March 31, 2022 include vested options and options eligible for early exercise. All outstanding options as of March 31, 2022 are expected to vest. Unrecognized stock-based expense at March 31, 2022 was $10.4 million, which is expected to be recognized over a weighted-average vesting term of 2.9 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, ​ 2022 ​ 2021 Risk-free interest rate 1.8 % ​ 0.7 % Expected volatility 85.2 % ​ 71.2 % Expected term (in years) 6.0 ​ 5.9 ​ Expected dividend yield — % ​ — % ​ Risk-free interest rate. Expected volatility. Expected term. Expected dividend yield. 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 March 31, 2022, under the 2021 Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ Number of ​ Average Grant Date ​ ​ PSUs ​ Fair Value Outstanding at December 31, 2021 ​ 299,500 ​ $ 6.32 Granted ​ 10,000 ​ ​ 8.98 Released ​ — ​ ​ — Cancelled ​ (30,000) ​ ​ 6.69 Outstanding at March 31, 2022 ​ 279,500 ​ $ 6.37 ​ 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 date of the award and expense recognition is based on the probability of achieving the performance metric. The Company concluded that achievement of the performance conditions was not probable as of March 31, 2022, and therefore no compensation expense was recognized for the three months ended March 31, 2022 in connection with the PSUs. Compensation cost is adjusted in future periods for subsequent changes in the expected outcome of the performance related conditions. Market-Based Awards Restricted Stock Units In December 2021, the Company granted 100,000 market-based restricted stock units (MRSUs) to its chief executive officer (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. 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 three months ended March 31, 2022. As of March 31, 2022, there was $0.4 million of unrecognized compensation expense related to this MRSU. Performance Award In November 2020, 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 During the three-months ended March 31, 2022, the Company reversed $0.4 million in compensation expenses as a direct result of decreased value of the Performance Award caused by a decline in the Company’s common stock price. As of March 31, 2021, prior to the IPO, the Performance Award was not probable of being achieved; therefore, no stock-based compensation expense was recognized during the three months ended March 31, 2021. 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, 2022, 8,624 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 March 31, 2022. The stock-based compensation expense related to the ESPP and SAYE for the three months ended March 31, 2022, was immaterial. The following table summarizes stock 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 March 31, ​ 2022 2021 Research and development $ 387 ​ $ 364 General and administrative ​ 720 ​ ​ 107 Total $ 1,107 ​ $ 471 ​

License Agreement

License Agreement	3 Months Ended
	Mar. 31, 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 months ended March 31, 2022 and 2021.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events
Subsequent Events	10. Subsequent Events On May 2, 2022, the Company entered into a 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 not yet sold any shares of its common stock under the ATM facility.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 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 March 31, 2021; 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 Leases (ASC 842): Targeted Improvements 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, In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes Income Taxes Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses , Measurement of Credit Losses on Financial Instruments

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Net Loss Per Share [Abstract]
Schedule of Anti-dilutive securities not included in diluted net loss per share calculation	​ ​ ​ ​ ​ ​ ​ ​ As of March 31, ​ 2022 2021 Convertible preferred stock (as converted) ​ — 15,907,629 Common stock options outstanding ​ 4,262,702 3,113,640 Unvested restricted stock units ​ 279,500 ​ — Total ​ 4,542,202 19,021,269

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 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 March 31, 2022 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Active Markets ​ Significant Other ​ Unobservable ​ ​ ​ ​ For Identical Items ​ Observable Inputs ​ Inputs ​ ​ ​ ​ (Level 1) (Level 2) (Level 3) Total Assets ​ ​ ​ ​ ​ ​ Cash and cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market investments ​ $ 117,921 ​ $ — ​ $ — ​ $ 117,921 Short-term Investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ ​ — ​ ​ 17,568 ​ ​ — ​ ​ 17,568 Total ​ $ 117,921 ​ $ 17,568 ​ $ — ​ $ 135,489 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance award ​ $ — ​ $ — ​ $ 57 ​ $ 57 Total ​ $ — ​ $ — ​ $ 57 ​ $ 57 The 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 ​ ​ ​ ​ ​ Active Markets ​ Significant Other ​ Unobservable ​ ​ ​ ​ For Identical Items ​ Observable Inputs ​ Inputs ​ ​ ​ ​ (Level 1) (Level 2) (Level 3) 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 three months ended March 31, 2022 (in thousands): ​ ​ ​ ​ ​ Balance as of January 1, 2022 ​ $ 444 Change in fair value ​ ​ (387) Balance as of March 31, 2022 ​ $ 57

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2022
Accrued Expenses
Schedule of Accrued expenses	Accrued expenses consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2022 As of December 31, 2021 Accrued clinical and regulatory ​ $ 2,049 ​ $ 1,236 Accrued contract manufacturing cost ​ ​ 2,176 ​ 1,482 Accrued compensation ​ ​ 1,218 ​ ​ 1,027 Accrued research and development-other ​ 444 ​ 435 Total accrued expenses ​ $ 5,887 ​ $ 4,180

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 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 March 31, 2022 2022 (remaining nine months) ​ ​ ​ $ 399 2023 ​ ​ ​ ​ 414 2024 ​ ​ ​ ​ 323 2025 ​ ​ ​ ​ 332 Thereafter ​ ​ ​ ​ 285 Total lease payments ​ ​ ​ ​ 1,753 Less: Imputed interest ​ ​ ​ ​ (169) Present value of lease liabilities ​ ​ ​ $ 1,584

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Stock-Based Compensation
Summary of common stock reserved for future issuance	​ ​ ​ ​ ​ Shares ​ ​ Reserved Common stock options outstanding 4,262,702 Unvested restricted stock units ​ 279,500 Available for future grants under the 2021 Equity Incentive Plan 2,165,387 Available for future grants under the 2021 Employee Stock Purchase Plan ​ 479,012 Available for future grants outside of the 2021 Plan as inducement award ​ 100,000 Total shares of common stock reserved 7,286,601
Summary of the Company's stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding ​ Weighted- Average Exercise Price ​ Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2021 ​ 4,215,643 ​ $ 5.49 ​ 8.5 ​ ​ Granted ​ 233,600 ​ $ 6.80 ​ ​ ​ ​ Exercised ​ (713) ​ $ 3.45 ​ ​ ​ ​ Forfeited/Expired (185,828) $ 6.48 ​ ​ Outstanding at March 31, 2022 4,262,702 $ 5.52 8.0 $ 379 Vested at March 31, 2022 1,490,020 $ 4.20 6.4 $ 368 Exercisable at March 31, 2022 2,703,228 $ 4.49 7.2 $ 375
Summary of weighted-average assumptions to determine the fair value of the employee stock option	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2022 ​ 2021 Risk-free interest rate 1.8 % ​ 0.7 % Expected volatility 85.2 % ​ 71.2 % Expected term (in years) 6.0 ​ 5.9 ​ Expected dividend yield — % ​ — %
Summary of PSU activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ Number of ​ Average Grant Date ​ ​ PSUs ​ Fair Value Outstanding at December 31, 2021 ​ 299,500 ​ $ 6.32 Granted ​ 10,000 ​ ​ 8.98 Released ​ — ​ ​ — Cancelled ​ (30,000) ​ ​ 6.69 Outstanding at March 31, 2022 ​ 279,500 ​ $ 6.37
Summary of Non-cash stock-based compensation expense recorded	The following table summarizes stock 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 March 31, ​ 2022 2021 Research and development $ 387 ​ $ 364 General and administrative ​ 720 ​ ​ 107 Total $ 1,107 ​ $ 471

Organization and Business (Narr

Organization and Business (Narrative) (Details) $ / shares in Units, $ in Thousands	Apr. 13, 2021USD ($)$ / sharesshares	Apr. 05, 2021	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Apr. 14, 2021shares
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
Cash, cash equivalents at carrying value and short term investments				$ 138,700
Accumulated deficit			$ 97,764	97,800	$ 84,728
Net loss			13,036	7,212
Cash used for operating activities			$ 8,999	$ 8,589
IPO [Member]
Common stock issued, Shares | shares	6,250,000
Share price | $ / shares	$ 15
Proceeds from issuance initial public offering	$ 93,800
Initial public offering underwriting discounts and commissions	6,600
Initial public offering offering expenses	$ 2,600
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	Mar. 31, 2022	Jan. 01, 2022
Right-of-use assets	$ 1,382
Operating Lease, Liability	$ 1,584
Accounting Standards Update 2016-02 [Member]
Right-of-use assets		$ 1,500
Operating Lease, Liability		$ 1,700

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, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	4,542,202	19,021,269
Convertible preferred stock outstanding	0
Convertible preferred stock (as converted)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total		15,907,629
Common stock options outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	4,262,702	3,113,640
Unvested Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	279,500

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2020	Nov. 30, 2020
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	$ 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, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		$ 141,545
Total	$ 135,489
Total	57	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]
Short-term investments		118,535
Total	117,921
Significant Other Observable Inputs (Level 2)[Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		23,010
Total	17,568
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	57	444
Performance Award Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	57	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	57	444
Money market investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	117,921	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	117,921	118,535
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	17,568	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	$ 17,568	$ 23,010

Fair Value Measurements - Sched

Fair Value Measurements - Schedule Changes in fair value measurements of the performance award (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 444
Change in fair value	(387)
Ending Balance	$ 57

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accrued Expenses
Accrued clinical and regulatory	$ 2,049	$ 1,236
Accrued contract manufacturing cost	2,176	1,482
Accrued compensation	1,218	1,027
Accrued research and development-other	444	435
Total accrued expenses	$ 5,887	$ 4,180

Leases (Details)

Leases (Details)	Jan. 01, 2022	Mar. 31, 2022
Leases
Lease, Practical Expedients, Package [true false]	true
Lease, Practical Expedient, Use of Hindsight [true false]	true
Weighted average incremental borrowing rate		5.00%
Weighted average remaining lease term		4 years 1 month 6 days

Leases - Maturities of lease li

Leases - Maturities of lease liabilities (Details) $ in Thousands	Mar. 31, 2022USD ($)
Leases
2022 (remaining nine months)	$ 399
2023	414
2024	323
2025	332
Thereafter	285
Total lease payments	1,753
Less: Imputed interest	(169)
Present value of lease liabilities	$ 1,584

Convertible Preferred Stock a_2

Convertible Preferred Stock and Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended
	Apr. 30, 2021	Mar. 31, 2021	Mar. 31, 2021	Mar. 31, 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			$ 47,258
Net Proceeds from temporary equity		$ 47,400
Preferred stock, shares outstanding				0

Stock-Based Compensation - Equi

Stock-Based Compensation - Equity Incentive Plans (Details)	3 Months Ended
	Mar. 31, 2022shares
Stock-Based Compensation
Stock options exercised and vested	1,490,020
Equity Incentive Plan 2014
Stock-Based Compensation
Stock options exercised and vested	0

Stock-Based Compensation - Shar

Stock-Based Compensation - Shares Reserved for Future Issuance (Details)	Mar. 31, 2022shares
Class of Stock [Line Items]
Total shares of common stock reserved	7,286,601
Unvested Restricted Stock Units
Class of Stock [Line Items]
Total shares of common stock reserved	279,500
Equity Incentive Plan 2021
Class of Stock [Line Items]
Total shares of common stock reserved	2,165,387
Employee Stock Purchase Plan (ESPP) 2021
Class of Stock [Line Items]
Total shares of common stock reserved	479,012
Inducement Award 2021 Plan
Class of Stock [Line Items]
Total shares of common stock reserved	100,000
Common Stock
Class of Stock [Line Items]
Total shares of common stock reserved	4,262,702

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, 2022	Dec. 31, 2021
Options Outstanding
Outstanding at beginning of period (in shares)	4,215,643
Granted (in shares)	233,600
Exercised (in shares)	(713)
Forfeited/Expired (in shares)	(185,828)
Outstanding at end of period (in shares)	4,262,702	4,215,643
Vested (in shares)	1,490,020
Exercisable (in shares)	2,703,228
Weighted-Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 5.49
Granted (in dollars per share)	6.80
Exercised (in dollars per share)	3.45
Forfeited/Expired (in dollars per share)	6.48
Outstanding at end of period (in dollars per share)	5.52	$ 5.49
Vested (in dollars per share)	4.20
Exercisable (in dollars per share)	$ 4.49
Weighted-Average Remaining Contractual Term / Aggregate Intrinsic Value
Weighted Average Remaining Contractual Term, Options Outstanding	8 years	8 years 6 months
Weighted Average Remaining Contractual Term, Vested	6 years 4 months 24 days
Weighted Average Remaining Contractual Term, Exercisable	7 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding	$ 379
Aggregate Intrinsic Value, Vested	368
Aggregate Intrinsic Value, Exercisable	375
Unrecognized compensation expense	$ 10,400
Weighted-average vesting term	2 years 10 months 24 days

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Weighted-average assumptions
Risk-free interest rate	1.80%	0.70%
Expected volatility	85.20%	71.20%
Expected term (in years)	6 years	5 years 10 months 24 days
Expected dividend yield	0.00%	0.00%

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance-Based Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Weighted Average Grant Date Fair Value
Stock-based compensation expense	$ 1,107	$ 471
Performance Based Restricted Stock Units R S U [Member] | Equity Incentive Plan 2021
Number of PSUs
Outstanding at Beginning	299,500
Granted	10,000
Cancelled	(30,000)
Outstanding at End	279,500
Weighted Average Grant Date Fair Value
Outstanding at Beginning	$ 6.32
Granted	8.98
Cancelled	6.69
Outstanding at End	$ 6.37
Stock-based compensation expense	$ 0

Stock-Based Compensation - Mark

Stock-Based Compensation - Market-Based Awards (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Dec. 31, 2021USD ($)D$ / sharesshares	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)
Stock-Based Compensation
Stock-based compensation expense		$ 1,107	$ 471
Unrecognized compensation expense		10,400
Equity Incentive Plan 2021 | Market Based Restricted Stock Units
Stock-Based Compensation
Unrecognized compensation expense		$ 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 | D	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	1 Months Ended	3 Months Ended
	Nov. 30, 2020USD ($)D	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Stock-Based Compensation
Stock-based compensation expense		$ 1,107	$ 471
Chief executive officer
Stock-Based Compensation
Threshold market value	$ 750,000
Number of trading days | D	30
Threshold fair market value of the net proceeds	$ 750,000
Stock-based compensation expense			$ 0
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	3 Months Ended	7 Months Ended
	Mar. 31, 2022	Mar. 31, 2022	Sep. 30, 2021
Employee Stock Purchase Plan (ESPP) 2021
Stock-Based Compensation
Number of shares issued	8,624
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, 2022	Mar. 31, 2021
Stock-Based Compensation
Stock-based compensation expense	$ 1,107	$ 471
Research and development
Stock-Based Compensation
Stock-based compensation expense	387	364
General and administrative
Stock-Based Compensation
Stock-based compensation expense	$ 720	$ 107

License Agreement (Details)

License Agreement (Details) - USD ($)	1 Months Ended	3 Months Ended		52 Months Ended
	Dec. 31, 2017	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Dec. 31, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development		$ 9,278,000	$ 5,472,000
vTv Therapeutics
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments		$ 0	$ 0	$ 0	$ 2,000,000
Milestone payments payable on achievement of sales thresholds of the licensed product	$ 30,000,000
Research and development | vTv Therapeutics
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront license fee payment	$ 64,500,000			$ 3,000,000
Common stock issued, Shares	576,443

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Events [Member] - SVB Securities LLC [Member] $ in Millions	May 02, 2022USD ($)shares
Subsequent Event [Line Items]
Stock Issued During Period, Shares, New Issues | shares	0
Scenario, Plan [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Value, New Issues | $	$ 20