Quince Therapeutics (QNCX) 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 03, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Trading Symbol	CRTX
Entity Registrant Name	Cortexyme, Inc.
Entity Central Index Key	0001662774
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		30,150,835
Entity File Number	001-38890
Entity Tax Identification Number	90-1024039
Entity Address, Address Line One	269 East Grand Ave.
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	415
Local Phone Number	910-5717
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock, par value $0.001 per share
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 67,564	$ 69,724
Short term investments	23,960	37,078
Prepaid expenses and other current assets	4,829	4,871
Total current assets	96,353	111,673
Property and equipment, net	230	263
Operating lease right-of-use assets, net	343	1,165
Long term investments	19,175	19,933
Other assets	29	194
Total assets	116,130	133,228
Current liabilities:
Accounts payable	3,731	4,911
Accrued expenses and other current liabilities	5,979	9,311
Total current liabilities	9,710	14,222
Long-term operating lease liabilities	40	420
Total liabilities	9,750	14,642
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value, 10,000,000 authorized, no shares issued and outstanding as of March 31, 2022 and December 31, 2021	0	0
Common stock, $0.001 par value, 100,000,000 shares authorized, 30,149,570 and 30,074,412 issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	30	30
Additional paid in capital	365,096	355,234
Accumulated other comprehensive loss	(506)	(79)
Accumulated deficit	(258,240)	(236,599)
Total stockholders’ equity	106,380	118,586
Total liabilities and stockholders’ equity	$ 116,130	$ 133,228

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	30,149,570	30,074,412
Common stock, shares outstanding	30,149,570	30,074,412

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating expenses:
Research and development	$ 12,757	$ 16,824
General and administrative	9,106	6,489
Total operating expenses	21,863	23,313
Loss from operations	(21,863)	(23,313)
Interest income	72	227
Other income	150	0
Net loss	(21,641)	(23,086)
Other comprehensive income:
Foreign currency translation adjustments	(114)	0
Unrealized loss on available for sale investments	(313)	(124)
Total comprehensive loss	$ (22,068)	$ (23,210)
Net loss per share - basic and diluted	$ (0.72)	$ (0.78)
Weighted average shares of common stock outstanding - basic and diluted	30,134,445	29,554,921

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2020	$ 172,262	$ 29	$ 318,574	$ 313	$ (146,654)
Beginning balance, shares at Dec. 31, 2020		29,543,222
Exercise of stock options	441		441
Exercise of stock options, shares		32,722
Stock based compensation	6,991		6,991
Foreign currency translation adjustments	0
Unrealized loss on available for sale investments	(124)			(124)
Net loss	(23,086)				(23,086)
Ending balance at Mar. 31, 2021	156,484	$ 29	326,006	189	(169,740)
Ending balance, shares at Mar. 31, 2021		29,575,944
Beginning balance at Dec. 31, 2021	118,586	$ 30	355,234	(79)	(236,599)
Beginning balance, shares at Dec. 31, 2021		30,074,412
Issuance of common stock in connection with open market sales agreement, net of issuance costs	608		608
Issuance of common stock in connection with open market sales agreement, net of issuance costs, shares		51,769
Exercise of stock options	14		14
Exercise of stock options, shares		23,389
Stock based compensation	9,240		9,240
Foreign currency translation adjustments	(114)			(114)
Unrealized loss on available for sale investments	(313)			(313)
Net loss	(21,641)				(21,641)
Ending balance at Mar. 31, 2022	$ 106,380	$ 30	$ 365,096	$ (506)	$ (258,240)
Ending balance, shares at Mar. 31, 2022		30,149,570

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Common Stock
Stock issuance costs	$ 19

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net Loss	$ (21,641)	$ (23,086)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash rent expense	0	92
Stock based compensation	9,240	6,991
Depreciation and amortization	38	86
Amortization of premium on available for sale investments	135	202
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	42	1,192
Other assets	165	0
Accounts payable	(1,180)	(710)
Accrued expenses and other current liabilities	(2,890)	1,623
Net cash used in operating activities	(16,091)	(13,610)
Cash flow from investing activities:
Purchase of investments	(8,957)	(11,980)
Proceeds from maturities and sales of investments	22,375	43,660
Purchase of property and equipment	(5)	(37)
Net cash provided by investing activities	13,413	31,643
Cash flows from financing activities:
Proceeds from issuance of common stock upon exercise of stock options	14	441
Proceeds from issuance of common stock in connection with open market sales agreement, net of issuance costs	608	0
Net cash provided by financing activities	622	441
Effect of exchange rate changes on cash	(104)	0
Net increase (decrease) in cash and cash equivalents	(2,160)	18,474
Cash and cash equivalents at beginning of period	69,724	66,841
Cash and cash equivalents at end of period	67,564	85,315
Supplemental disclosures of non-cash information:
Right Of Use Asset And Operating Lease Liability Reduction As A Result Of Lease Modification	$ (640)	$ 0

Organization

Organization	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1. Organization Description of Business Cortexyme, Inc. (the “Company”) was incorporated in the State of Delaware in June 2012 and is headquartered in South San Francisco, California. I n April 2021, the Company established a wholly owned subsidiary in Australia, Cortexyme Australia, Pty Ltd. The Company is a clinical stage biopharmaceutical company focused on novel therapeutic approaches to improve the lives of patients diagnosed with Alzheimer’s and other degenerative diseases. The Company’s pipeline includes proprietary drug candidates for the treatment of Central Nervous System ("CNS") disorders including Alzheimer’s disease, oncology applications designed to the development of oral squamous cell carcinoma, as well as for the treatment of underserved and chronic conditions like periodontitis. The Company’s pipeline also includes a proprietary irreversible protease inhibitor under development for the treatment of coronavirus infection. Liquidity and Capital Resources The Company has incurred losses and negative cash flows from operations since inception and expects to continue to generate operating losses for the foreseeable future. As of March 31, 2022, the Company had an accumulated deficit of $ 258.2 million. Since inception through March 31, 2022, the Company has funded operations primarily with the net proceeds from the issuance of convertible promissory notes, from the issuance of redeemable convertible preferred stock, from the net proceeds from the Company’s initial public offering (the “IPO”), a private investment in public equity transaction (“PIPE Financing”), and an at-the-market offering under an open market sales agreement. As of March 31, 2022, the Company had cash, cash equivalents, and short-term investments of $ 91.5 million, which it believes will be sufficient to fund its planned operations for a period of at least 12 months from the date of the issuance of the accompanying unaudited consolidated financial statements. The Company also has long-term investments of $ 19.2 million. Management expects to incur additional losses in the future to fund its operations and conduct product research and development and may need to raise additional capital to fully implement its business plan. The Company may raise additional capital through the issuance of equity securities, debt financings or other sources in order to further implement its business plan. However, if such financing is not available when needed and at adequate levels, the Company will need to reevaluate its operating plan and may be required to delay the development of its product candidate.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Consolidation The accompanying condensed consolidated financial statements include the accounts of Cortexyme, Inc. and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated upon consolidation. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the instructions of the SEC on Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the management’s opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results of operations and cash flows for the periods presented have been included. The condensed consolidated balance sheet as of March 31, 2022, the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2022 and 2021, the condensed consolidated statements of stockholders’ equity as of March 31, 2022 and 2021, the condensed consolidated statements of cash flows for the three months ended March 31, 2022 and 2021, and the financial data and other financial information disclosed in the notes to the condensed consolidated financial statements are unaudited. These financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2021 included in the Company’s Form 10-K filed with the SEC on March 1, 2022. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 , or for any other future annual or interim period. Risks and Uncertainties The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s potential drug candidates, uncertainty of market acceptance of the Company’s drug candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals and sole source suppliers. The Company’s drug candidate will require approvals from the U.S. Food and Drug Administration ("FDA") and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any drug candidate will receive the necessary approvals. On January 25, 2022, the Company received a letter from the FDA Division of Neurology 1 placing a full clinical hold on atuzaginstat (COR388) IND application. Other divisions of the FDA may impose a clinical hold on atuzaginstat (COR388) as the Company explores other indications for this drug, or otherwise limit the Company’s ability to proceed with other clinical programs in the Company's pipeline, which could have a materially adverse impact on the Company. In connection with the COVID-19 pandemic, governments have implemented significant measures, including closures, quarantines, travel restrictions and other social distancing directives, intended to control the spread of the virus. Although recently these restrictions are being modified and removed in many geographies, companies globally continue to take precautions, such as requiring employees to work remotely, imposing travel restrictions, and temporarily closing businesses. To the extent that these restrictions remain in place, additional prevention and mitigation measures are implemented in the future or there is uncertainty about the effectiveness of these or any other measures to contain or treat COVID-19, there is likely to be a continuing, adverse impact on global economic conditions and consumer confidence and spending, which could materially and adversely affect the Company’s research and development, as well as operational activities. At this time, the Company continues to manage and mitigate potential disruptions to its research and future manufacturing and supply chain considerations. The Company has not experienced significant hinderances to its operations or material negative financial impacts as compared to prior periods. At this time, the extent to which the COVID-19 pandemic impacts the Company’s business will depend on future developments which are highly uncertain and cannot be predicted. Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses, as well as related disclosure of contingent assets and liabilities. The most significant estimates used in the Company’s consolidated financial statements relate to the determination of the fair value of stock-based awards and other issuances, accruals for research and development costs, useful lives of long-lived assets, stock-based compensation and related assumptions, the incremental borrowing rate for leases and income tax uncertainties, including a valuation allowance for deferred tax assets, eligibility of expenses for the Australia research and development refundable tax credits; and contingencies. The Company bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from the Company’s estimates. Foreign Currency Translation and Transactions The functional currency of the Company’s wholly-owned subsidiary is the Australian Dollar. Its financial results and financial position are translated into U.S. dollars using exchange rates at balance sheet dates for assets and liabilities and using average exchange rates for income and expenses. The resulting translation differences are presented as a separate component of accumulated other comprehensive income (loss), as a separate component of equity. Foreign currency transactions are translated into the functional currencies using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses, resulting from the settlement of such transactions and from the re-measurement of monetary assets and liabilities denominated in foreign currencies using exchange rates at balance sheet date and non-monetary assets and liabilities using historical exchange rates, are recognized in the consolidated statements of operations and comprehensive loss. Significant Accounting Policies There have been no significant changes to the accounting policies during the three months ended March 31, 2022 , as compared to the significant accounting policies described in our Annual Report on Form 10-K. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash and cash equivalents. Cash equivalents, which consist of amounts invested in money market funds, are stated at fair value. There are no unrealized gains or losses on the money market funds for the periods presented. Fair Value Measurements The fair value of the Company’s financial instruments reflects the amounts that the Company estimates that it would receive in connection with the sale of an asset or pay in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The Company discloses and recognizes the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows: Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; Level 2 - Inputs other than quoted prices that are observable for the assets or liability either directly or indirectly, including inputs in markets that are not considered to be active; Level 3 - Inputs that are unobservable. 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 recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. Recent Accounting Pronouncements Adopted ASU 2021-10, Disclosures by Business Entities about Government Assistance. In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832 )," which requires business entities to disclose information about transactions with a government that are accounted for by applying a grant or contribution model by analogy (for example, IFRS guidance in IAS 20 or guidance on contributions for not-for-profit entities in ASC 958-605). For transactions within scope, the new standard requires the disclosure of information about the nature of the transaction, including significant terms and conditions, as well as the amounts and specific financial statement line items affected by the transaction. The new guidance is effective for annual reporting periods beginning after December 15, 2021 . The adoption of this pronouncement did no t have a material impact on its consolidated financial statements or disclosures. Recent Accounting Pronouncements Not Yet Adopted The following are new accounting pronouncements that the Company is evaluating for future impacts on its financial statements: Financial Instruments—Credit Losses: In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which amends the principles around the recognition of credit losses by mandating entities incorporate an estimate of current expected credit losses when determining the value of certain assets. The guidance also amends reporting around allowances for credit losses on available-for-sale marketable securities. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, which established that a one-time determination of the effective date for ASU 2016-13 would be based on the Company’s SEC reporting status as of November 15, 2019. The Company was a “smaller reporting company” as defined by Item 10 of Regulation S-K, and therefore, ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is evaluating the impact of the guidance on its consolidated financial statements. All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 3. Fair Value Measurements The Company measures and reports its cash equivalents and investments at fair value. Money market funds are measured at fair value on a recurring basis using quoted prices and are classified as Level 1. Investments are measured at fair value based on inputs other than quoted prices that are derived from observable market data and are classified as Level 2 inputs. Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type as of March 31, 2022 and December 31, 2021 are presented in the following tables (in thousands): Fair Value Measurements at March 31, 2022 Total Level 1 Level 2 Level 3 Money market funds $ 32,361 $ 32,361 $ — $ — Certificates of Deposit 8,227 — 8,227 — Repurchase Agreements 5,000 — 5,000 — Corporate notes 26,418 — 26,418 — Government and agency notes 6,689 — 6,689 — Municipal notes 1,706 — 1,706 — Commercial Paper 2,895 — 2,895 — Total $ 83,296 $ 32,361 $ 50,935 $ — Fair Value Measurements at December 31, 2021 Total Level 1 Level 2 Level 3 Money market funds $ 15,954 $ 15,954 $ — $ — Certificates of Deposit 11,503 — 11,503 — Repurchase Agreements 13,500 — 13,500 — Corporate notes 38,397 — 38,397 — Government and agency notes 5,178 — 5,178 — Municipal notes 1,933 — 1,933 — Total $ 86,465 $ 15,954 $ 70,511 $ — T he following table summarizes the available-for-sale securities (in thousands): Fair Value Measurements at March 31, 2022 Amortized Unrealized Unrealized Fair Value Money market funds $ 32,361 $ — $ — $ 32,361 Certificates of Deposit 8,305 1 ( 79 ) 8,227 Repurchase Agreements 5,000 — — 5,000 Corporate notes 26,673 2 ( 257 ) 26,418 Government and agency notes 6,756 — ( 67 ) 6,689 Municipal notes 1,716 — ( 10 ) 1,706 Commercial Paper 2,897 — ( 2 ) 2,895 Total cash equivalents and investments $ 83,708 $ 3 $ ( 415 ) $ 83,296 Classified as: Cash equivalents (maturities within 90 days) $ 40,161 Short-term investments (maturities within one year) 23,960 Long-term investments (maturities beyond 1 year) 19,175 Total cash equivalents and investments $ 83,296 Fair Value Measurements at December 31, 2021 Amortized Unrealized Unrealized Fair Value Money market funds $ 15,954 $ — $ — $ 15,954 Certificates of Deposit 11,511 12 ( 20 ) 11,503 Repurchase Agreements 13,500 — — 13,500 Corporate notes 38,470 6 ( 79 ) 38,397 Government and agency notes 5,195 — ( 17 ) 5,178 Municipal notes 1,934 — ( 1 ) 1,933 Total cash equivalents and investments $ 86,564 $ 18 $ ( 117 ) $ 86,465 Classified as: Cash equivalents (maturities within 90 days) $ 29,454 Short-term investments (maturities within one year) 37,078 Long-term investments (maturities beyond 1 year) 19,933 Total cash equivalents and investments $ 86,465 As of March 31, 2022, the remaining contractual maturities of available-for-sale securities was approximate ly 11 m onths. There have been no significant realized gains or losses on available-for-sale securities for the period presented. Based on the Company’s review of its available-for-sale securities, the Company has a limited number of available-for-sale securities in insignificant loss positions as of March 31, 2022 , none of which have been in a loss position for more than a year. The Company believes it had no other-than-temporary impairments on these securities as of March 31, 2022, because the Company does not intend to sell these securities nor does the Company believe that it will be required to sell these securities before the recovery of their amortized cost basis. The investments are classified as available-for-sale securities. At March 31, 2022 and December 31, 2021 , the balance in the Company’s accumulated other comprehensive income included activity related to the Company’s available-for-sale securities. There were no realized gains or losses recognized on the sale or maturity of available-for-sale securities for the three months ended March 31, 2022 and as a result, the Company did no t reclassify any amounts out of accumulated other comprehensive income for the quarter. There were no transfers between Levels 1, 2 or 3 for the period presented

Cash, Cash Equivalents and Inve

Cash, Cash Equivalents and Investments	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Cash, Cash Equivalents and Investments	Note 4: Cash, cash equivalents and investments The following tables categorize the fair values of cash, cash equivalents, short-term investments and long-term investments measured at fair value on a recurring basis on our balance sheets (in thousands): March 31, 2022 December 31, 2021 Cash and cash equivalents: Cash $ 27,403 $ 40,270 Money market funds 32,361 15,954 Repurchase agreements 5,000 13,500 Corporate notes 902 — Commercial Paper 1,898 — Total cash and cash equivalents $ 67,564 $ 69,724 Short-term investments: Certificates of deposit $ 2,981 $ 6,928 Municipal notes 1,172 1,283 Corporate notes 17,707 25,675 Government and agency notes 1,103 3,192 Commercial Paper 997 — Total short-term investments $ 23,960 $ 37,078 Long-term investments Corporate notes $ 7,809 $ 12,722 Certificates of deposit 5,246 4,575 Municipal notes 534 650 Government and agency notes 5,586 1,986 Total long-term investments $ 19,175 $ 19,933

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Mar. 31, 2022
Balance Sheet Components [Abstract]
Balance Sheet Components	Note 5. Balance Sheet Components Prepaid expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): March 31, December 31, 2022 2021 Prepaid expenses $ 352 $ 333 Prepaid insurance 385 1,144 Prepaid research and development expenses 2,047 1,899 Australia research and development refundable tax credit 1,558 1,128 Other current assets 487 367 Total prepaid expenses and other current assets $ 4,829 $ 4,871 Cortexyme Australia, Pty, Ltd is eligible to obtain a cash refund from the Australian Taxation Office for eligible R&D expenditures under the Australian R&D Tax Incentive Program (the “Australian Tax Incentive”). The Australian Tax Incentive is recognized as a reduction to R&D expense when there is reasonable assurance that the relevant expenditure has been incurred, the amount can be reliably measured and the Australian Tax Incentive will be received. The Company recognized reductions to R&D expense of $ 1.1 million for the year ended December 31, 2021 and an additional $ 0.4 million for the three months ended March 31, 2022 . Property and Equipment, Net Property and equipment, net consist of the following (in thousands): March 31 December 31 2022 2021 Computer equipment $ 52 $ 53 Lab equipment 528 528 Finance lease right of use assets 557 557 Leasehold improvement 63 58 Office furniture 26 26 Less: accumulated amortization and depreciation ( 996 ) ( 959 ) Property and equipment, net $ 230 $ 263 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands): March 31, December 31, 2022 2021 Personnel expenses $ 1,213 $ 820 Severance expense 261 — Professional fees 600 462 Research and development expenses 3,485 7,108 Current portion of operating lease liabilities 299 741 Other 121 180 Total accrued expenses and other current liabilities $ 5,979 $ 9,311 In response to the reprioritization of the Company's pipeline following the clinical hold on atuzaginstat (COR388) IND application, on February 2, 2022, the Board of Directors of the Company (the “Board”) approved a cost reduction program to rationalize operations and allow continued support for the needs of the business. Under the cost reduction program, t h e C o m p a n y i s reduc ing headcount by approximately 53 % through a reduction in workforce. A majority of this reduction in force took place by March 31, 2022, and is expected that the remainder will be completed by July 2022. To be eligible for the severance payments, employees must remain with the company through their communicated severance date. The Company is recognizing the severance and related expenses over the requisite employment obligation period. The total amount expected to be incurred as of the quarter ended March 31, 2022 , in connection with the one-time termination benefits from the cost reduction program, is approximately $ 1.9 million. The total severance cost incurred for three months ended March 31, 2022 is $ 1.7 million, $ 0.9 million of which was recorded in research and development expense and $ 0.8 million was recorded in general and administrative expense within the Condensed Consolidated Statements of Operations and Comprehensive Loss. There were no severance costs for the three months ended March 31, 2021. March 31, 2022 Beginning accrued severance $ - Incurred during the period 1,687 Severance paid during the period ( 1,426 ) Ending accrued severance $ 261

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	Note 6. Leases Real Estate Operating Leases In June 2018, the Company entered into a three-year lease agreement with no renewal options with an investor in the Series B redeemable convertible preferred stock. The lease began on July 16, 2018 and provides 3,185 square feet of office and laboratory space in South San Francisco, California. The Company issued 114,437 shares of its Series B redeemable convertible preferred stock with a fair value of $ 1.1 million in exchange for the leased facility. No other payments are due under the lease. The common area maintenance and other operating costs are included in the base rent. 100 % of the issued shares were initially subject to a repurchase option. Pursuant to the terms of the lease, each month beginning on the one-month anniversary of the commencement date of the lease, 1/36 th of the total shares are released from the repurchase option until all shares are released over the lease period of three years . The scheduled release of shares ceased immediately upon the IPO which was a terminating event. The Company completed its IPO on May 13, 2019 and as a result, pursuant to the terms of the lease agreement, all previously unvested shares were fully vested and as part of the IPO process, all outstanding shares of the Company’s redeemable convertible preferred stock including the Series B redeemable convertible preferred stock issued in connection with the lease agreement were converted into shares of the Company’s common stock on a 1 -for-1 basis and the operating lease liability was extinguished. In May 2019, the Company entered into an amendment to the lease agreement to rent additional space in the same facility under the same terms as its existing facility lease except the terms of payment. Under the terms of the amendment, the Company paid a one-time fee of approximately $ 63,000 for the additional space and the lease agreement terminated in July 2021 . No other payments are due under the lease agreement and no renewal option is available. As the entire lease is prepaid, there is no associated lease liability. In May 2020, the Company entered into a second amendment to the lease agreement to rent additional space in the same facility under the same terms as its existing facility lease except the terms of payment. Under the terms of the amendment, the Company will pay ren t monthly for the additional space and the lease agreement terminated in July 2021 . The Company recorded an operating lease asset and liability of $ 172,000 . In May 2021, the Company entered into a third amendment to the lease agreement to extend the term of its existing facility space to July 15, 2022 under the same terms as its existing facility lease except the terms of payment. The lease amendment provides for one-year extension period under the same terms. As a result of this amendment, the Company recognized an additional right-of-use asset and corresponding lease liability of $ 1.2 million. In the same agreement, the Company also agreed to rent additional space effective July 16, 2021 for a period of 12 months. The lease amendment provides for one-year extension period and was included in the lease term as it was reasonably certain that the Company would exercise the option. The Company recognized an additional right of use asset and corresponding lease liability of $ 44,000 in July 2021. Total payments under the third amendment to the lease including the additional space would be $ 1.3 million. In March 2022, i n response to the reprioritization of the Company's pipeline following the clinical hold on atuzaginstat (COR388) IND application, the Company has decided not to exercise the one-year extension period which was previously included in the determination of the lease term at the time the lease was modified in May 2021. This reduction in lease term was determined to be a lease modification and as such, the lease liability was remeasured and corresponding ROU asset adjusted using an incremental borrowing rate at the date of modification. The Company reduced the ROU asset and lease liability by approximately $ 640,000 . The Company paid a security deposit of $ 105,000 , which is included in Prepaid Expenses and Other Current Assets on the March 31, 2022 condensed consolidated balance sheets. In May 2020, the Company entered into a lease agreement to rent space in San Diego, California for our clinical operations team. The lease agreement is for three years which commenced August 1, 2020. Total payments under the lease will be $ 337,000 . The Company paid a security deposit of $ 29,000 and is included in Other Assets on our March 31, 2022 condensed consolidated balance sheets. At the commencement of the lease, the Company recorded an operating lease asset of $ 326,000 , which consists of an operating lease liability of $ 317,000 and cash rent prepayment of $ 9,000 . The Company recognizes lease expense on a straight-line basis over the term of its operating lease. As of March 31, 2022, total future rent expense from all real estate operating leases of $ 329,000 will be recognized over the remaining terms ranging from 4 to 16 m onths on a straight-line basis over the respective lease period. Clinical Equipment Operating Lease The Company uses certain vendor supplied equipment in connection with its on-going clinical trial. The Company has analyzed the vendor agreement and determined that it contains an embedded operating lease. The Company recognizes monthly the leases costs in our research and development expenses. The right of use asset and lease liability are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company’s lease does not provide an implicit rate. The Company used an adjusted historical incremental borrowing rate, based on the information available at the approximate lease commencement date, to determine the present value of lease payments. As of March 31, 2022, the lease expense has been fully recognized. Supplemental balance sheet information related to leases as follows (in thousands except lease terms and discount rates): March 31, 2022 December 31, 2021 Operating lease right of use asset, net $ 343 $ 1,165 Short-term operating lease liability 299 741 Long-term operating lease liability 40 420 $ 339 $ 1,161 Weighted average remaining lease term Operating leases 0.8 years 1.6 years Weighted average discount rate Operating leases 2.34 % 1.87 % Year ended December 31, Operating Lease 2022 (excluding the three months ended March 31, 2022) 272 2023 70 Total lease payments 342 Less: imputed interest ( 3 ) Total remaining lease liability 339

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 7. Stock-Based Compensation On December 4, 2014, the Company’s stockholders approved the 2014 Stock Plan (“2014 Plan”), and most recently amended the 2014 Plan on April 25, 2019. The 2014 Plan was amended, restated and re-named the 2019 Equity Incentive Plan (the “2019 Plan”), which became effective as of May 7, 2019, the day prior to the effectiveness of the registration statement filed in connection with the IPO. The remaining shares available for issuance under the 2014 Plan were added to the shares reserved for issuance under the 2019 Plan. The 2019 Plan provides for the grant of stock options (including incentive stock options and non-qualified stock options), stock appreciation rights, restricted stock, RSUs, performance units, and performance shares to the Company’s employees, directors, and consultants. The maximum aggregate number of shares that may be issued under the 2019 Plan is 8,591,030 shares of the Company’s common stock. In addition, the number of shares available for issuance under the 2019 Plan will be annually increased on the first day of each fiscal years beginning with fiscal 2020, by an amount equal to the least of (i) 2,146,354 shares of common stock; (ii) 4 % of the outstanding shares of its common stock as of the last day of its immediately preceding fiscal year; and (iii) such other amount as the Board may determine. The 2019 Plan may be amended, suspended or terminated by the Board at any time, provided such action does not impair the existing rights of any participant, subject to stockholder approval of any amendment to the 2019 Plan as required by applicable law or listing requirements. Unless sooner terminated by the Board, the 2019 Plan will automatically terminate on April 23, 2029. As of March 31, 2022, the Company had 52,908 shares available for future issuance under the 2019 Plan. Stock Options Activity for service-based stock options under the 2019 Plan is as follows: Number of Weighted Weighted Aggregate (In thousands) Balance at December 31, 2021 5,571,293 $ 28.70 8.26 $ 15,687 Options granted 1,087,058 13.22 Options exercised ( 23,389 ) 0.58 Options cancelled / forfeited ( 411,564 ) 36.68 Balance at March 31, 2022 6,223,398 $ 25.58 8.16 $ 5,225 Options vested and expected to vest as of March 31, 2022 6,223,398 25.58 8.16 5,225 Options exercisable as of March 31, 2022 2,557,002 $ 20.81 7.01 $ 4,513 For the three months ended March 31, 2022 and 2021, the Company recognized stock-based compensation expense of $ 7,024,000 and $ 6,077,000 , respectively, related to options granted to employees and non-employees. The compensation expense is allocated on a departmental basis, based on the classification of the option holder. No income tax benefits have been recognized in the statement of operations for stock-based compensation arrangements. As of March 31, 2022, total unamortized employee stock-based compensation was $ 57.1 million, which is expected to be recognized over the remaining estimated vesting peri od of 2.76 years. Performance Stock Options (“PSOs”) The following table summarizes activity under the Company’s PSOs from the 2019 Plan and related information: Shares Subject to Outstanding PSOs Weighted Weighted average remaining contractual life (years) Outstanding balance at December 31, 2021 675,000 $ 29.60 8.94 Surrendered ( 400,000 ) $ 29.60 — Vested — — — Outstanding balance at March 31, 2022 275,000 $ 29.60 8.70 In February 2022, the Company and certain executive officers agreed to voluntarily surrender 400,000 of the PSOs. As a result of the surrender, the Company accelerated the total remaining expense on these options and recognized approximately $ 3.6 million in compensation expense during the quarter ended March 31, 2022. In February 2022, the Company's Chief Executive Officer and Chief Scientific Officer resigned from the Company. As a result, the unvested PSOs were cancelled and the life to date expense of approximately $ 1.6 million was reversed in the quarter ended March 31, 2022. For the three months ended March 31, 2022 and 2021, the Company recognized stock-based compensation expense of $ 2,044,000 and $ 914,000 , respectively, related to these PSOs. As of March 31, 2022 , there was no remaining unamortized stock-based compensation related to PSOs. Restricted Stock Units (“RSUs”) The following table summarizes activity under the Company’s RSUs from the 2019 Plan and related information: RSUs Outstanding Number of Shares Weighted Average Grant Date Fair Value Unvested - December 31, 2021 — — RSUs granted 1,013,500 4.30 RSUs vested — — RSUs cancelled — — Unvested - March 31, 2022 1,013,500 $ 4.30 The fair value of the RSUs is determined on the grant date based on the fair value of the Company’s common stock. The fair value of the RSUs is recognized as expense ratably over the vesting period of two years . The total grant date fair value of the RSUs vested during the quarter ended March 31, 2021 was $ 0 . The aggregate intrinsic value of the shares of the RSUs vested during the quarter ended March 31, 2022 was $ 0 . For the three months ended March 31, 2022 and 2021, the Company recognized stock-based compens ation expense of $ 172,000 and $ 0 , respectively, related to these RSUs. As of March 31, 2022, total unamortized stock-based compensation related to RSUs was $ 4.2 mill ion, which is expected to be recognized over the remaining estimated vesting period of 1.92 years. Stock-Based Compensation Expense The following table summarizes employee and non-employee stock-based compensation expense for the three months ended March 31, 2022 and 2021 and the allocation within the condensed consolidated statements of operations and comprehensive loss (in thousands): March 31, 2022 2021 General and administrative expense $ 4,431 $ 3,478 Research and development expense 4,809 3,513 Total stock-based compensation $ 9,240 $ 6,991 Employee Stock Purchase Plan On April 24, 2019, the Board adopted its 2019 Employee Stock Purchase Plan (“2019 ESPP”), which was subsequently approved by the Company’s stockholders and became effective on May 7, 2019, the day immediately prior to the effectiveness of the registration statement filed in connection with the IPO. The 2019 ESPP is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423 of the Internal Revenue Code (the “Code”) for U.S. employees. In addition, the 2019 ESPP authorizes grants of purchase rights that do not comply with Section 423 of the Code under a separate non-423 component for non-U.S. employees and certain non-U.S. service providers. The Company has reserved 1,133,165 shares of common stock for issuance under the 2019 ESPP. In addition, the number of shares reserved for issuance under the 2019 ESPP will be increased automatically on the first day of each fiscal year for a period of up to ten years , starting with the 2020 fiscal year, by a number equal to the least of: (i) 536,589 shares; (ii) 1 % of the shares of common stock outstanding on the last day of the prior fiscal year; or (iii) such lesser number of shares determined by the Board. The 2019 ESPP is expected to be implemented through a series of offerings under which participants are granted purchase rights to purchase shares of the Company’s common stock on specified dates during such offerings. The Company has not yet approved an offering under the 2019 ESPP.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Note 8. Related Party Transactions In the first quarter of 2021, the Company entered into one agreement with LifeSci Advisors, LLC for non-capital advisory consulting services and was renewed during the first quarter of 2022. The Company’s Interim Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer, Christopher Lowe, has an investment in a sister entity to LifeSci Advisors, LLC whose business is unrelated to the services being offered by LifeSci Advisors, LLC to the Company. For the three months ended March 31, 2022 and 2021, the Company has incurred total expenses of $ 73,000 and $ 48,000 , respectively, related to these agreements . This is recorded in general and administrative expenses included in the Condensed Consolidated Statements of Operations and Comprehensive Loss. On February 1, 2022, the Company announced that Casey C. Lynch stepped down as the chairperson of the Board and the President and Chief Executive Officer, effective as of January 28, 2022. As of the effective date of her departure, Ms. Lynch held 26,294 options that were unvested and would have vested in February 2022. In connection with Ms. Lynch’s departure, the Board agreed to accelerate the vesting of the remaining 26,294 options, and extend the exercise period on 574,206 vested options currently held to January 28, 2023. Additionally as part of the severance agreement, the Company made a cash severance payment of $ 604,000 to Ms. Lynch. On February 1, 2022, the Company announced that Stephen S. Dominy M.D. stepped down as a member of the Board and the Chief Scientific Officer, effective as of January 28, 2022. As of the effective date of his departure, Dr. Dominy held 9,230 options that were unvested and would have vested in February 2022. In connection with Dr. Dominy's departure, the Board agreed to accelerate the vesting of the remaining 9,230 options, and extend the exercise period on 315,659 vested options currently held to January 28, 2023. Additionally as part of the severance agreement, the Company made a cash severance payment of $ 326,250 to Dr. Dominy.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 9. Income Taxes The Company has a history of losses and expects to record a loss in 2022. The Company accounts for income taxes under ASC Topic 740 – Income Taxes. Under this standard, deferred tax assets and liabilities are recognized for future tax benefits or consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided for significant deferred tax assets when it is more likely than not that such assets will not be realized through future operations. No provision for income taxes has been recorded due to the available net operating loss carry forwards. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the future deferred tax assets.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	Note 10. Net Loss Per Share The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share for the period presented due to their anti-dilutive effect: March 31, 2022 2021 Stock options issued and outstanding 6,223,398 4,856,521 Performance stock options 275,000 675,000 Restricted stock units 1,013,500 — Total 7,511,898 5,531,521

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Event	Note 11. Subsequent Event In April 2022, we continued to reduce personnel related costs and plan to reduce headcount by approximately an incremental 36%. A majority of this reduction will take place in May 2022 and is expected to be completed by July 2022. W e estimate that we will incur expenses of up to approximately $ 0.7 million, substantially all of which will be cash expenditures relating to severance through the third quarter of 2022. These estimates are subject to a number of assumptions, and actual results may differ. On May 7, 2022, the Company adopted the 2022 Inducement Award Plan (the “Inducement Plan”), pursuant to which the Company reserved 4,000,000 shares of its common stock for issuance under the Inducement Plan to be used exclusively for grants of awards to individuals who were not previously employees or directors of the Company. The Inducement Plan was approved by the independent members of the Board of Directors of the Company. On May 9, 2022 the Company entered into an agreement and plan of merger and reorganization (the “Merger Agreement”) with Novosteo Inc. (“Novosteo”), a privately-held biotech company focused on targeted therapeutics to treat skeletal diseases, bone cancer and injury and certain other parties thereto. The Merger Agreement provides, among other things, that upon consummation of the Merger the Company will appoint Dirk Thye, M.D., the current Chief Executive Officer of Novosteo, as the Chief Executive Officer of the Company, and Karen Smith, M.D., Ph.D., the current Chief Medical Officer of Novosteo, as the Chief Medical Officer of the Company. In addition, the Company has agreed to expand the Company’s Board of Directors to appoint Dr. Thye and Philip Low, Ph.D., a current director of Novosteo, as Class II and Class I directors of the Company’s Board of Directors, respectively. In connection with the merger, the Company will issue approximately 6 million shares of common stock in exchange for outstanding shares of Novosteo common stock and Novosteo equity awards, or approximately 19.99 % of the Company’s securities on a fully diluted basis. Furthermore, the Merger Agreement provides that unaccredited Novosteo securityholders will receive cash in lieu of shares of common stock of the Company. In connection with the consummation of the Merger, the Company plans to complete a corporate name change and operate under a new name, Quince Therapeutics, Inc., and to trade under the ticker symbol "QNCX" in the coming months. The Merger Agreement has been approved by the Board of Directors of both companies and is expected to close within the next 30 days; however, the consummation of the Merger is subject to customary closing conditions. Novosteo is considered a related party to the Company through a shared directorship on both boards of directors. David Lamond, the Chairman of the Board of the Company is also a member of the board of directors of Novosteo. Mr. Lamond is also an equity owner of the Company and Novosteo. Additionally, EPIQ Capital Group, LLC and Chad Boeding as managing member of EPIC Capital Group, LLC are also deemed related parties due to common investments in both companies. EPIQ Capital Group, LLC is an equity owner of the Company and The Boeding Family Trust is an equity owner of Novosteo.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation The accompanying condensed consolidated financial statements include the accounts of Cortexyme, Inc. and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated upon consolidation.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the instructions of the SEC on Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the management’s opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results of operations and cash flows for the periods presented have been included. The condensed consolidated balance sheet as of March 31, 2022, the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2022 and 2021, the condensed consolidated statements of stockholders’ equity as of March 31, 2022 and 2021, the condensed consolidated statements of cash flows for the three months ended March 31, 2022 and 2021, and the financial data and other financial information disclosed in the notes to the condensed consolidated financial statements are unaudited. These financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2021 included in the Company’s Form 10-K filed with the SEC on March 1, 2022. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 , or for any other future annual or interim period.
Risks and Uncertainties	Risks and Uncertainties The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s potential drug candidates, uncertainty of market acceptance of the Company’s drug candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals and sole source suppliers. The Company’s drug candidate will require approvals from the U.S. Food and Drug Administration ("FDA") and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any drug candidate will receive the necessary approvals. On January 25, 2022, the Company received a letter from the FDA Division of Neurology 1 placing a full clinical hold on atuzaginstat (COR388) IND application. Other divisions of the FDA may impose a clinical hold on atuzaginstat (COR388) as the Company explores other indications for this drug, or otherwise limit the Company’s ability to proceed with other clinical programs in the Company's pipeline, which could have a materially adverse impact on the Company. In connection with the COVID-19 pandemic, governments have implemented significant measures, including closures, quarantines, travel restrictions and other social distancing directives, intended to control the spread of the virus. Although recently these restrictions are being modified and removed in many geographies, companies globally continue to take precautions, such as requiring employees to work remotely, imposing travel restrictions, and temporarily closing businesses. To the extent that these restrictions remain in place, additional prevention and mitigation measures are implemented in the future or there is uncertainty about the effectiveness of these or any other measures to contain or treat COVID-19, there is likely to be a continuing, adverse impact on global economic conditions and consumer confidence and spending, which could materially and adversely affect the Company’s research and development, as well as operational activities. At this time, the Company continues to manage and mitigate potential disruptions to its research and future manufacturing and supply chain considerations. The Company has not experienced significant hinderances to its operations or material negative financial impacts as compared to prior periods. At this time, the extent to which the COVID-19 pandemic impacts the Company’s business will depend on future developments which are highly uncertain and cannot be predicted.
Use of Estimates	Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses, as well as related disclosure of contingent assets and liabilities. The most significant estimates used in the Company’s consolidated financial statements relate to the determination of the fair value of stock-based awards and other issuances, accruals for research and development costs, useful lives of long-lived assets, stock-based compensation and related assumptions, the incremental borrowing rate for leases and income tax uncertainties, including a valuation allowance for deferred tax assets, eligibility of expenses for the Australia research and development refundable tax credits; and contingencies. The Company bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from the Company’s estimates.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions The functional currency of the Company’s wholly-owned subsidiary is the Australian Dollar. Its financial results and financial position are translated into U.S. dollars using exchange rates at balance sheet dates for assets and liabilities and using average exchange rates for income and expenses. The resulting translation differences are presented as a separate component of accumulated other comprehensive income (loss), as a separate component of equity. Foreign currency transactions are translated into the functional currencies using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses, resulting from the settlement of such transactions and from the re-measurement of monetary assets and liabilities denominated in foreign currencies using exchange rates at balance sheet date and non-monetary assets and liabilities using historical exchange rates, are recognized in the consolidated statements of operations and comprehensive loss.
Significant Accounting Policies	Significant Accounting Policies There have been no significant changes to the accounting policies during the three months ended March 31, 2022 , as compared to the significant accounting policies described in our Annual Report on Form 10-K.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash and cash equivalents. Cash equivalents, which consist of amounts invested in money market funds, are stated at fair value. There are no unrealized gains or losses on the money market funds for the periods presented.
Fair Value Measurements	Fair Value Measurements The fair value of the Company’s financial instruments reflects the amounts that the Company estimates that it would receive in connection with the sale of an asset or pay in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The Company discloses and recognizes the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows: Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; Level 2 - Inputs other than quoted prices that are observable for the assets or liability either directly or indirectly, including inputs in markets that are not considered to be active; Level 3 - Inputs that are unobservable. 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 recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period.
Recently Accounting Pronouncements Adopted and Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Adopted ASU 2021-10, Disclosures by Business Entities about Government Assistance. In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832 )," which requires business entities to disclose information about transactions with a government that are accounted for by applying a grant or contribution model by analogy (for example, IFRS guidance in IAS 20 or guidance on contributions for not-for-profit entities in ASC 958-605). For transactions within scope, the new standard requires the disclosure of information about the nature of the transaction, including significant terms and conditions, as well as the amounts and specific financial statement line items affected by the transaction. The new guidance is effective for annual reporting periods beginning after December 15, 2021 . The adoption of this pronouncement did no t have a material impact on its consolidated financial statements or disclosures. Recent Accounting Pronouncements Not Yet Adopted The following are new accounting pronouncements that the Company is evaluating for future impacts on its financial statements: Financial Instruments—Credit Losses: In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which amends the principles around the recognition of credit losses by mandating entities incorporate an estimate of current expected credit losses when determining the value of certain assets. The guidance also amends reporting around allowances for credit losses on available-for-sale marketable securities. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, which established that a one-time determination of the effective date for ASU 2016-13 would be based on the Company’s SEC reporting status as of November 15, 2019. The Company was a “smaller reporting company” as defined by Item 10 of Regulation S-K, and therefore, ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is evaluating the impact of the guidance on its consolidated financial statements. All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities to Fair Value Measurements on Recurring Basis	Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type as of March 31, 2022 and December 31, 2021 are presented in the following tables (in thousands): Fair Value Measurements at March 31, 2022 Total Level 1 Level 2 Level 3 Money market funds $ 32,361 $ 32,361 $ — $ — Certificates of Deposit 8,227 — 8,227 — Repurchase Agreements 5,000 — 5,000 — Corporate notes 26,418 — 26,418 — Government and agency notes 6,689 — 6,689 — Municipal notes 1,706 — 1,706 — Commercial Paper 2,895 — 2,895 — Total $ 83,296 $ 32,361 $ 50,935 $ — Fair Value Measurements at December 31, 2021 Total Level 1 Level 2 Level 3 Money market funds $ 15,954 $ 15,954 $ — $ — Certificates of Deposit 11,503 — 11,503 — Repurchase Agreements 13,500 — 13,500 — Corporate notes 38,397 — 38,397 — Government and agency notes 5,178 — 5,178 — Municipal notes 1,933 — 1,933 — Total $ 86,465 $ 15,954 $ 70,511 $ —
Summary of Available-for-Sale Securities	he following table summarizes the available-for-sale securities (in thousands): Fair Value Measurements at March 31, 2022 Amortized Unrealized Unrealized Fair Value Money market funds $ 32,361 $ — $ — $ 32,361 Certificates of Deposit 8,305 1 ( 79 ) 8,227 Repurchase Agreements 5,000 — — 5,000 Corporate notes 26,673 2 ( 257 ) 26,418 Government and agency notes 6,756 — ( 67 ) 6,689 Municipal notes 1,716 — ( 10 ) 1,706 Commercial Paper 2,897 — ( 2 ) 2,895 Total cash equivalents and investments $ 83,708 $ 3 $ ( 415 ) $ 83,296 Classified as: Cash equivalents (maturities within 90 days) $ 40,161 Short-term investments (maturities within one year) 23,960 Long-term investments (maturities beyond 1 year) 19,175 Total cash equivalents and investments $ 83,296 Fair Value Measurements at December 31, 2021 Amortized Unrealized Unrealized Fair Value Money market funds $ 15,954 $ — $ — $ 15,954 Certificates of Deposit 11,511 12 ( 20 ) 11,503 Repurchase Agreements 13,500 — — 13,500 Corporate notes 38,470 6 ( 79 ) 38,397 Government and agency notes 5,195 — ( 17 ) 5,178 Municipal notes 1,934 — ( 1 ) 1,933 Total cash equivalents and investments $ 86,564 $ 18 $ ( 117 ) $ 86,465 Classified as: Cash equivalents (maturities within 90 days) $ 29,454 Short-term investments (maturities within one year) 37,078 Long-term investments (maturities beyond 1 year) 19,933 Total cash equivalents and investments $ 86,465

Cash, Cash Equivalents and In_2

Cash, Cash Equivalents and Investments (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Summary of Fair Values of Cash, Cash Equivalents, and Short-Term Investments Measured at Fair Value on Recurring Basis	The following tables categorize the fair values of cash, cash equivalents, short-term investments and long-term investments measured at fair value on a recurring basis on our balance sheets (in thousands): March 31, 2022 December 31, 2021 Cash and cash equivalents: Cash $ 27,403 $ 40,270 Money market funds 32,361 15,954 Repurchase agreements 5,000 13,500 Corporate notes 902 — Commercial Paper 1,898 — Total cash and cash equivalents $ 67,564 $ 69,724 Short-term investments: Certificates of deposit $ 2,981 $ 6,928 Municipal notes 1,172 1,283 Corporate notes 17,707 25,675 Government and agency notes 1,103 3,192 Commercial Paper 997 — Total short-term investments $ 23,960 $ 37,078 Long-term investments Corporate notes $ 7,809 $ 12,722 Certificates of deposit 5,246 4,575 Municipal notes 534 650 Government and agency notes 5,586 1,986 Total long-term investments $ 19,175 $ 19,933

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2022
Balance Sheet Components [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consist of the following (in thousands): March 31, December 31, 2022 2021 Prepaid expenses $ 352 $ 333 Prepaid insurance 385 1,144 Prepaid research and development expenses 2,047 1,899 Australia research and development refundable tax credit 1,558 1,128 Other current assets 487 367 Total prepaid expenses and other current assets $ 4,829 $ 4,871 Cortexyme Australia, Pty, Ltd is eligible to obtain a cash refund from the Australian Taxation Office for eligible R&D expenditures under the Australian R&D Tax Incentive Program (the “Australian Tax Incentive”). The Australian Tax Incentive is recognized as a reduction to R&D expense when there is reasonable assurance that the relevant expenditure has been incurred, the amount can be reliably measured and the Australian Tax Incentive will be received. The Company recognized reductions to R&D expense of $ 1.1 million for the year ended December 31, 2021 and an additional $ 0.4 million for the three months ended March 31, 2022 .
Schedule of Property and Equipment, Net	Property and equipment, net consist of the following (in thousands): March 31 December 31 2022 2021 Computer equipment $ 52 $ 53 Lab equipment 528 528 Finance lease right of use assets 557 557 Leasehold improvement 63 58 Office furniture 26 26 Less: accumulated amortization and depreciation ( 996 ) ( 959 ) Property and equipment, net $ 230 $ 263
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following (in thousands): March 31, December 31, 2022 2021 Personnel expenses $ 1,213 $ 820 Severance expense 261 — Professional fees 600 462 Research and development expenses 3,485 7,108 Current portion of operating lease liabilities 299 741 Other 121 180 Total accrued expenses and other current liabilities $ 5,979 $ 9,311 In response to the reprioritization of the Company's pipeline following the clinical hold on atuzaginstat (COR388) IND application, on February 2, 2022, the Board of Directors of the Company (the “Board”) approved a cost reduction program to rationalize operations and allow continued support for the needs of the business. Under the cost reduction program, t h e C o m p a n y i s reduc ing headcount by approximately 53 % through a reduction in workforce. A majority of this reduction in force took place by March 31, 2022, and is expected that the remainder will be completed by July 2022. To be eligible for the severance payments, employees must remain with the company through their communicated severance date. The Company is recognizing the severance and related expenses over the requisite employment obligation period. The total amount expected to be incurred as of the quarter ended March 31, 2022 , in connection with the one-time termination benefits from the cost reduction program, is approximately $ 1.9 million. The total severance cost incurred for three months ended March 31, 2022 is $ 1.7 million, $ 0.9 million of which was recorded in research and development expense and $ 0.8 million was recorded in general and administrative expense within the Condensed Consolidated Statements of Operations and Comprehensive Loss. There were no severance costs for the three months ended March 31, 2021. March 31, 2022 Beginning accrued severance $ - Incurred during the period 1,687 Severance paid during the period ( 1,426 ) Ending accrued severance $ 261
Summary of Accrued Severance	March 31, 2022 Beginning accrued severance $ - Incurred during the period 1,687 Severance paid during the period ( 1,426 ) Ending accrued severance $ 261

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases as follows (in thousands except lease terms and discount rates): March 31, 2022 December 31, 2021 Operating lease right of use asset, net $ 343 $ 1,165 Short-term operating lease liability 299 741 Long-term operating lease liability 40 420 $ 339 $ 1,161 Weighted average remaining lease term Operating leases 0.8 years 1.6 years Weighted average discount rate Operating leases 2.34 % 1.87 % Year ended December 31, Operating Lease 2022 (excluding the three months ended March 31, 2022) 272 2023 70 Total lease payments 342 Less: imputed interest ( 3 ) Total remaining lease liability 339

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Summary of Restricted Stock Options	The following table summarizes activity under the Company’s RSUs from the 2019 Plan and related information: RSUs Outstanding Number of Shares Weighted Average Grant Date Fair Value Unvested - December 31, 2021 — — RSUs granted 1,013,500 4.30 RSUs vested — — RSUs cancelled — — Unvested - March 31, 2022 1,013,500 $ 4.30
Summary of Employee and Non-Employee Stock-Based Compensation Expense	The following table summarizes employee and non-employee stock-based compensation expense for the three months ended March 31, 2022 and 2021 and the allocation within the condensed consolidated statements of operations and comprehensive loss (in thousands): March 31, 2022 2021 General and administrative expense $ 4,431 $ 3,478 Research and development expense 4,809 3,513 Total stock-based compensation $ 9,240 $ 6,991
Service Based Stock Options
Summary of Stock Options Activity	Activity for service-based stock options under the 2019 Plan is as follows: Number of Weighted Weighted Aggregate (In thousands) Balance at December 31, 2021 5,571,293 $ 28.70 8.26 $ 15,687 Options granted 1,087,058 13.22 Options exercised ( 23,389 ) 0.58 Options cancelled / forfeited ( 411,564 ) 36.68 Balance at March 31, 2022 6,223,398 $ 25.58 8.16 $ 5,225 Options vested and expected to vest as of March 31, 2022 6,223,398 25.58 8.16 5,225 Options exercisable as of March 31, 2022 2,557,002 $ 20.81 7.01 $ 4,513
Performance Stock Options
Summary of Stock Options Activity	The following table summarizes activity under the Company’s PSOs from the 2019 Plan and related information: Shares Subject to Outstanding PSOs Weighted Weighted average remaining contractual life (years) Outstanding balance at December 31, 2021 675,000 $ 29.60 8.94 Surrendered ( 400,000 ) $ 29.60 — Vested — — — Outstanding balance at March 31, 2022 275,000 $ 29.60 8.70

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Outstanding Potentially Dilutive Ordinary Shares Excluded from Calculation of Diluted Net Loss Per Share	The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share for the period presented due to their anti-dilutive effect: March 31, 2022 2021 Stock options issued and outstanding 6,223,398 4,856,521 Performance stock options 275,000 675,000 Restricted stock units 1,013,500 — Total 7,511,898 5,531,521

Organization - Additional Infor

Organization - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Entity incorporation date	2012-06
Proceeds from issuance of common stock	$ 608	$ 0
Accumulated deficit	258,240		$ 236,599
Cash, cash equivalents, and short-term investments	91,500
Long term investments	$ 19,175		$ 19,933

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022USD ($)
Accounting Standards Update201803 Member
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Dec. 15, 2021
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Money Market Funds
Summary Of Significant Accounting Policies [Line Items]
Unrealized gains or loss	$ 0

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	$ 83,296	$ 86,465
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	2,895
Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	32,361	15,954
Certificates of Deposit
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	8,227	11,503
Repurchase Agreements
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	5,000	13,500
Corporate Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	26,418	38,397
Government and Agency Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	6,689	5,178
Municipal Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	1,706	1,933
Level 1
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	32,361	15,954
Level 1 | Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	0
Level 1 | Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	32,361	15,954
Level 1 | Certificates of Deposit
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	0	0
Level 1 | Repurchase Agreements
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	0	0
Level 1 | Corporate Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	0	0
Level 1 | Government and Agency Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	0	0
Level 1 | Municipal Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	0	0
Level 2
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	50,935	70,511
Level 2 | Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	2,895
Level 2 | Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	0	0
Level 2 | Certificates of Deposit
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	8,227	11,503
Level 2 | Repurchase Agreements
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	5,000	13,500
Level 2 | Corporate Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	26,418	38,397
Level 2 | Government and Agency Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	6,689	5,178
Level 2 | Municipal Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	1,706	1,933
Level 3
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	0	0
Level 3 | Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	0
Level 3 | Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	0	0
Level 3 | Certificates of Deposit
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	0	0
Level 3 | Repurchase Agreements
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	0	0
Level 3 | Corporate Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	0	0
Level 3 | Government and Agency Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	0	0
Level 3 | Municipal Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	$ 0	$ 0

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 83,708	$ 86,564
Unrealized Gains	3	18
Unrealized Losses	(415)	(117)
Financial assets and liabilities	83,296	86,465
Cash equivalents (maturities within 90 days)	40,161	29,454
Cash and cash equivalents	67,564	69,724	$ 85,315	$ 66,841
Short-term investments (maturities within one year)	23,960	37,078
Long-term investments (maturities beyond 1 year)	19,175	19,933
Total cash equivalents and investments	83,296	86,465
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	2,897
Unrealized Gains	0
Unrealized Losses	(2)
Financial assets and liabilities	2,895
Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	32,361	15,954
Unrealized Gains	0	0
Unrealized Losses	0	0
Financial assets and liabilities	32,361	15,954
Certificates of Deposit
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	8,305	11,511
Unrealized Gains	1	12
Unrealized Losses	(79)	(20)
Financial assets and liabilities	8,227	11,503
Repurchase Agreements
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	5,000	13,500
Unrealized Gains	0	0
Unrealized Losses	0	0
Financial assets and liabilities	5,000	13,500
Corporate Notes
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	26,673	38,470
Unrealized Gains	2	6
Unrealized Losses	(257)	(79)
Financial assets and liabilities	26,418	38,397
Government and Agency Notes
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	6,756	5,195
Unrealized Gains	0	0
Unrealized Losses	(67)	(17)
Financial assets and liabilities	6,689	5,178
Municipal Notes
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	1,716	1,934
Unrealized Gains	0	0
Unrealized Losses	(10)	(1)
Financial assets and liabilities	$ 1,706	$ 1,933

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Available-for-sale securities loss position for more than 120 days	$ 0
Other-than-temporary impairments on available-for-sale securities	0
Realized gains or losses recognized on the sale or maturity of available-for-sale securities	0
Fair value assets level 1 to level 2	0	$ 0
Fair value assets level 2 to level 1	0	0
Fair value assets transfers into level 3	0	0
Fair value assets transfers out of level 3	$ 0	$ 0

Cash, Cash Equivalents and In_3

Cash, Cash Equivalents and Investments - Summary of Fair Values of Cash, Cash Equivalents, and Short-Term Investments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash and cash equivalents	$ 67,564	$ 69,724	$ 85,315	$ 66,841
Total cash and cash equivalents	67,564	69,724
Short term investments	23,960	37,078
Long term investments	19,175	19,933
Fair Value on Recurring | Cash
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash and cash equivalents	27,403	40,270
Fair Value on Recurring | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash and cash equivalents	32,361	15,954
Fair Value on Recurring | Repurchase Agreements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash and cash equivalents	5,000	13,500
Fair Value on Recurring | Corporate Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash and cash equivalents	902	0
Short term investments	17,707	25,675
Long term investments	7,809	12,722
Fair Value on Recurring | Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash and cash equivalents	1,898	0
Short term investments	997	0
Fair Value on Recurring | Certificates of Deposit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short term investments	2,981	6,928
Long term investments	5,246	4,575
Fair Value on Recurring | Municipal Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short term investments	1,172	1,283
Long term investments	534	650
Fair Value on Recurring | Government and Agency Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short term investments	1,103	3,192
Long term investments	$ 5,586	$ 1,986

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 352	$ 333
Prepaid insurance	385	1,144
Prepaid research and development expenses	2,047	1,899
Australia research and development refundable tax credit	1,558	1,128
Other current assets	487	367
Total prepaid expenses and other current assets	$ 4,829	$ 4,871

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Less: accumulated amortization and depreciation	$ (996)	$ (959)
Property and equipment, net	230	263
Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment	52	53
Lab Equipment
Property Plant And Equipment [Line Items]
Property and equipment	528	528
Finance Lease Right of Use Assets
Property Plant And Equipment [Line Items]
Property and equipment	557	557
Leasehold Improvement
Property Plant And Equipment [Line Items]
Property and equipment	63	58
Office Furniture
Property Plant And Equipment [Line Items]
Property and equipment	$ 26	$ 26

Balance Sheet Components - Sc_3

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Personnel expenses	$ 1,213		$ 820
Severance expense	261	$ 0	0
Professional fees	600		462
Research and development expenses	3,485		7,108
Current portion of operating lease liabilities	299		741
Other	121		180
Total accrued expenses and other current liabilities	$ 5,979		$ 9,311

Balance Sheet Components - Summ

Balance Sheet Components - Summary of Accrued Severance - (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Balance Sheet Components [Abstract]
Beginning accrued severance	$ 0
Incurred during the period	1,687
Severance paid during the period	(1,426)
Ending accrued severance	$ 261

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Reductions in Research and Development Expense		$ 400		$ 1,100
One-time termination benefits	$ 1,900	1,900
Severance expense		$ 261	$ 0	$ 0
Percentage Of Reduction In Workforce		53.00%
Research and Development Expense
Restructuring Cost and Reserve [Line Items]
Severance expense	$ 1,700	$ 900
General and Administrative Expense
Restructuring Cost and Reserve [Line Items]
Severance expense		$ 800

Leases - Additional Information

Leases - Additional Information (Details)	May 31, 2020USD ($)	May 31, 2019USD ($)	Jun. 30, 2018USD ($)ft²shares	Jul. 31, 2021USD ($)	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)	May 31, 2021USD ($)	May 13, 2019USD ($)
Lessee Lease Description [Line Items]
Renewal options		false
Operating lease payments		$ 0	$ 0	$ 1,300,000
Operating lease renewal					1 year
Right-of-use assets obtained in exchange for new operating lease liabilities					$ 640,000,000
Repurchase option percentage			100.00%
Operating leases period			3 years
Operating lease payments paid for additional space		$ 63,000
Operating lease termination month and year	2021-07	2021-07
Operating lease liability					339,000	$ 1,161,000		$ 0
Operating lease asset	$ 172,000,000			$ 44,000,000	343,000	1,165,000	$ 1,200,000
Security deposit paid					105,000
Operating lease liability					40,000	$ 420,000
Future rent expense					$ 329,000
Minimum
Lessee Lease Description [Line Items]
Operating lease remaining term on a straight-line basis					4 months
Maximum
Lessee Lease Description [Line Items]
Operating lease remaining term on a straight-line basis					16 months
San Diego, California
Lessee Lease Description [Line Items]
Lease agreement period	3 years
Operating lease payments	$ 337,000,000
Operating lease asset	326,000,000
Operating lease liability	317,000
Rent prepayment	9,000
San Diego, California | Other Assets
Lessee Lease Description [Line Items]
Security deposit paid	$ 29,000
Series B Redeemable Convertible Preferred Stock
Lessee Lease Description [Line Items]
Lease agreement period			3 years
Renewal options			false
Area under lease | ft²			3,185
Shares issued | shares			114,437
Convertible preferred stock, fair value			$ 1,100,000
Series B Redeemable Convertible Preferred Stock | IPO
Lessee Lease Description [Line Items]
Conversion of redeemable convertible preferred stock to common stock ratio								100.00%

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Jul. 31, 2021	May 31, 2021	May 31, 2020	May 13, 2019
Leases [Abstract]
Operating lease right-of-use assets, net	$ 343	$ 1,165	$ 44,000	$ 1,200	$ 172,000
Short-term operating lease liability	$ 299	$ 741
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Long-term operating lease liabilities	$ 40	$ 420
Operating lease liability	$ 339	$ 1,161				$ 0
Weighted average remaining lease term
Operating leases	9 months 18 days	1 year 7 months 6 days
Weighted average discount rate
Operating leases	2.34%	1.87%
Operating Lease, Liability, Payment, Due [Abstract]
2022 (excluding the three months ended March 31, 2022)	$ 272
2023	70
Total lease payments	342
Less: imputed interest	(3)
Operating lease liability	$ 339	$ 1,161				$ 0

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
	Feb. 28, 2022	Mar. 31, 2022	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Remaining expense		$ 3,600,000
Life to date expense	$ 1,600,000
Stock-based compensation expense related to options granted		9,240,000	$ 6,991,000
Income tax benefits recognized		0
Unamortized employee stock-based compensation		$ 57,100,000
Unamortized employee stock-based compensation expected to recognized over remaining estimated vesting period		2 years 9 months 3 days
Restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Surrendered		0
Stock-based compensation expense related to options granted		$ 172,000,000	0
Unamortized employee stock-based compensation		4,200,000
Total fair value of shares vested			0
Aggregate intrinsic value		$ 0
Unamortized employee stock-based compensation expected to recognized over remaining estimated vesting period		1 year 11 months 1 day
Restricted stock units | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based awards vesting period		2 years
Performance Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Surrendered	(400,000)
Stock-based compensation expense related to options granted		$ 2,044,000,000	914,000
Unamortized employee stock-based compensation		0
Employees And Non Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense related to options granted		$ 7,024,000	$ 6,077,000
2019 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum aggregate number of shares that may be issued under the plan		8,591,030
Increase in number of shares available for issuance as proportion of shares of common stock		2,146,354
Percentage of common stock outstanding		4.00%
Common stock reserved for issuance		52,908
2019 Plan | Performance Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Surrendered		(400,000)
2019 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increase in number of shares available for issuance as proportion of shares of common stock		536,589
Percentage of common stock outstanding		1.00%
Common stock reserved for issuance		1,133,165
Maximum period for common stock shares reserved for future issuance		10 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Activity for Service-based Stock Options (Details) - 2019 Plan - Service Based Stock Options - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options and Unvested Shares, beginning balance	5,571,293
Number of Options and Unvested Shares, granted	1,087,058
Number of Options and Unvested Shares, exercised	(23,389)
Number of Options and Unvested Shares, cancelled / forfeited	(411,564)
Number of Options and Unvested Shares, ending balance	6,223,398	5,571,293
Number of Options and Unvested Shares, vested and expected to vest	6,223,398
Number of Options and Unvested Shares, exercisable	2,557,002
Weighted Average Exercise Price, beginning balance	$ 28.70
Weighted Average Exercise Price, vested	13.22
Weighted Average Exercise Price, exercised	0.58
Weighted Average Exercise Price, exercised, cancelled / forfeited	36.68
Weighted Average Exercise Price, ending balance	25.58	$ 28.70
Weighted Average Exercise Price, vested and expected to vest	25.58
Weighted Average Exercise Price, exercisable	$ 20.81
Weighted average remaining contractual life	8 years 1 month 28 days	8 years 3 months 3 days
Weighted average remaining contractual life, vested and expected to vest	8 years 1 month 28 days
Weighted average remaining contractual life, exercisable	7 years 3 days
Aggregate intrinsic value	$ 5,225	$ 15,687
Aggregate intrinsic value, vested and expected to vest	5,225
Aggregate intrinsic value, exercisable	$ 4,513

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Activity Under Performance Stock Options (Details) - Performance Stock Options - $ / shares	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 28, 2022	Mar. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Surrendered	(400,000)
2019 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Subject to Outstanding PSOs, Beginning Balance		675,000
Shares Subject to Outstanding PSOs, Ending Balance		275,000	675,000
Number of Shares, Surrendered		(400,000)
Surrendered		$ 29.60
Weighted Average Exercise Price, Beginning Balance		29.60
Weighted Average Exercise Price, Ending Balance			$ 29.60
Weighted Average Exercise Price, Outstanding		$ 29.60
Weighted average remaining contractual life		8 years 8 months 12 days	8 years 11 months 8 days

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Activity Under Restricted Stock Units (Details) - Restricted stock units	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, Number of Shares, Unvested, Beginning Balance	0
Weighted-Average Grant Date Fair Value, granted | $ / shares	$ 4.30
Number of Shares, granted	1,013,500
Number of Shares, vested	0
Weighted-Average Grant Date Fair Value, vested | $ / shares	$ 0
Number of Shares, Surrendered	0
Weighted-Average Grant Date Fair Value, cancelled | $ / shares	$ 0
Outstanding, Number of Shares, Unvested, Ending Balance	1,013,500
Outstanding, Weighted-Average Grant Date Fair Value, Unvested, Ending Balance | $ / shares	$ 4.30

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of Employee and Non-Employee Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 9,240	$ 6,991
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	4,431	3,478
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 4,809	$ 3,513

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details)	Jan. 28, 2023shares	Feb. 01, 2022USD ($)shares	Apr. 30, 2022USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)Agreement	Dec. 31, 2021USD ($)
Related Party Transaction [Line Items]
Severance Costs | $				$ 261,000	$ 0	$ 0
Subsequent Event
Related Party Transaction [Line Items]
Severance Costs | $			$ 700,000
Casey C. Lynch
Related Party Transaction [Line Items]
Options unvested, would have vested		26,294
Severance Costs | $		$ 604,000,000
Casey C. Lynch | Subsequent Event
Related Party Transaction [Line Items]
Options unvested, would have vested	26,294
Vested options	574,206
Stephen S. Dominy
Related Party Transaction [Line Items]
Options unvested, would have vested		9,230
Severance Costs | $		$ 326,250,000
Stephen S. Dominy | Subsequent Event
Related Party Transaction [Line Items]
Options unvested, would have vested	9,230
Vested options	315,659
LifeSci Advisors, LLC | Non-capital Advisory Consulting Services
Related Party Transaction [Line Items]
Number of agreement | Agreement					1
Related party expenses | $				$ 73,000	$ 48,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022USD ($)
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 0

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Outstanding Potentially Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share, amount	7,511,898	5,531,521
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share, amount	1,013,500	0
Stock Options Issued and Outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share, amount	6,223,398	4,856,521
Performance Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share, amount	275,000	675,000

Subsequent Event - Additional I

Subsequent Event - Additional Information (Details) - USD ($) $ in Thousands	Jan. 28, 2023	Feb. 01, 2022	Apr. 30, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	May 07, 2022
Subsequent Event [Line Items]
Common stock, shares issued				30,149,570		30,074,412
Severance Costs				$ 261	$ 0	$ 0
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock reserved for issuance							4,000,000
Severance Costs			$ 700
Casey C. Lynch [Member]
Subsequent Event [Line Items]
Options unvested, would have vested		26,294
Severance Costs		$ 604,000
Casey C. Lynch [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Options unvested, would have vested	26,294
Stephen S. Dominy [Member]
Subsequent Event [Line Items]
Options unvested, would have vested		9,230
Severance Costs		$ 326,250
Stephen S. Dominy [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Options unvested, would have vested	9,230
Novosteo Member
Subsequent Event [Line Items]
Common stock, shares issued				6,000,000
Percentage of company securities on a fully diluted basis				19.99%