Quince Therapeutics (QNCX) 10-Q 9 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 03, 2022
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Trading Symbol	QNCX
Entity Registrant Name	Quince Therapeutics, Inc.
Entity Central Index Key	0001662774
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		36,104,130
Entity File Number	001-38890
Entity Tax Identification Number	90-1024039
Entity Address, Address Line One	601 Gateway Boulevard, Suite 1250.
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	true
Entity Emerging Growth Company	false
Entity Shell Company	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 46,928,000	$ 69,724,000
Short term investments	47,736,000	37,078,000
Prepaid expenses and other current assets	4,706,000	4,871,000
Total current assets	99,370,000	111,673,000
Property and equipment, net	364,000	263,000
Operating lease right-of-use assets, net	328,000	1,165,000
Long term investments	11,029,000	19,933,000
Goodwill	825,000	0
Intangible asset	5,900,000	0
Other assets	47,000	194,000
Total assets	117,863,000	133,228,000
Current liabilities:
Accounts payable	1,867,000	4,911,000
Accrued expenses and other current liabilities	4,083,000	9,311,000
Total current liabilities	5,950,000	14,222,000
Long-term financing lease liabilities	38,000	0
Long-term operating lease liabilities	95,000	420,000
Deferred tax liabilities	248,000	0
Total liabilities	6,331,000	14,642,000
Stockholders’ equity:
Preferred stock, $0.001 par value, 10,000,000 authorized, no shares issued and outstanding as of June 30, 2022 and December 31, 2021	0	0
Common stock, $0.001 par value, 100,000,000 shares authorized, 35,977,688 and 30,074,412 issued and outstanding as of June 30, 2022 and December 31, 2021, respectively	36,000	30,000
Additional paid in capital	386,766,000	355,234,000
Accumulated other comprehensive loss	(466,000)	(79,000)
Accumulated deficit	(274,804,000)	(236,599,000)
Total stockholders’ equity	111,532,000	118,586,000
Total liabilities and stockholders’ equity	$ 117,863,000	$ 133,228,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Jun. 30, 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	35,977,688	30,074,412
Common stock, shares outstanding	35,977,688	30,074,412

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating expenses:
Research and development	$ 7,199	$ 14,719	$ 19,960	$ 31,543
General and administrative	9,059	7,064	18,116	13,553
Total operating expenses	16,258	21,783	38,076	45,096
Loss from operations	(16,258)	(21,783)	(38,076)	(45,096)
Interest income	145	160	217	387
Other expense, net	(735)	(131)	(630)	(131)
Net loss before income tax benefit	(16,848)	(21,754)	(38,489)	(44,840)
Income tax benefit	284	0	284	0
Net loss	(16,564)	(21,754)	(38,205)	(44,840)
Other comprehensive income (loss):
Foreign currency translation adjustments	250	0	137	0
Unrealized loss on available for sales securities	(210)	(72)	(524)	(196)
Total comprehensive loss	$ (16,524)	$ (21,826)	$ (38,592)	$ (45,036)
Net loss per share - basic	$ (0.51)	$ (0.74)	$ (1.22)	$ (1.52)
Net loss per share - diluted	$ (0.51)	$ (0.74)	$ (1.22)	$ (1.52)
Weighted average shares of common stock outstanding - basic	32,467,000	29,587,352	31,307,166	29,571,226
Weighted average shares of common stock outstanding - diluted	32,467,000	29,587,352	31,307,166	29,571,226

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	1,113	$ 1	1,112
Exercise of stock options, shares		112,564
Stock based compensation	13,741		13,741
Foreign currency translation adjustments	0
Other comprehensive loss	(196)			(196)
Net loss	(44,840)				(44,840)
Ending balance at Jun. 30, 2021	142,080	$ 30	333,427	117	(191,494)
Ending balance, shares at Jun. 30, 2021		29,655,786
Beginning balance at Mar. 31, 2021	156,484	$ 29	326,006	189	(169,740)
Beginning balance, shares at Mar. 31, 2021		29,575,944
Exercise of stock options	672	$ 1	671
Exercise of stock options, shares		79,842
Stock based compensation	6,750		6,750
Foreign currency translation adjustments	0
Other comprehensive loss	(72)			(72)
Net loss	(21,754)				(21,754)
Ending balance at Jun. 30, 2021	142,080	$ 30	333,427	117	(191,494)
Ending balance, shares at Jun. 30, 2021		29,655,786
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
Issuance of common stock on exercise of stock options and vesting of restricted stock units	134		134
Issuance of common stock on exercise of stock options and vesting of restricted stock units, shares		331,507
Stock based compensation	14,292		14,292
Value of share Issued in connection with acquisition of Novosteo	16,504	$ 6	16,498
Share issuance in connection with acquisition of Novosteo Inc.		5,520,000
Foreign currency translation adjustments	137			137
Other comprehensive loss	(524)			(524)
Net loss	(38,205)				(38,205)
Ending balance at Jun. 30, 2022	111,532	$ 36	386,766	(466)	(274,804)
Ending balance, shares at Jun. 30, 2022		35,977,688
Beginning balance at Mar. 31, 2022	106,380	$ 30	365,096	(506)	(258,240)
Beginning balance, shares at Mar. 31, 2022		30,149,570
Issuance of common stock on exercise of stock options and vesting of restricted stock units	121		121
Issuance of common stock on exercise of stock options and vesting of restricted stock units, shares		308,118
Stock based compensation	5,051		5,051
Value of share Issued in connection with acquisition of Novosteo	16,504	$ 6	16,498
Share issuance in connection with acquisition of Novosteo Inc.		5,520,000
Foreign currency translation adjustments	250			250
Other comprehensive loss	(210)			(210)
Net loss	(16,564)				(16,564)
Ending balance at Jun. 30, 2022	$ 111,532	$ 36	$ 386,766	$ (466)	$ (274,804)
Ending balance, shares at Jun. 30, 2022		35,977,688

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Private Placement
Stock issuance costs	$ 19

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net Loss	$ (38,205,000)	$ (44,840,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash rent expense	0	188,000
Stock based compensation	14,292,000	13,741,000
Depreciation and amortization	122,000	173,000
Impairment loss	98,000	0
Loss on disposal of fixed assets	77,000	0
Amortization of premium on available for sale investments	175,000	442,000
Change in deferred tax liabilities due to acquisition of Novosteo Inc.	(284,000)	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	1,750,000	(1,851,000)
Other assets	147,000	(106,000)
Accounts payable	(4,664,000)	3,638,000
Accrued expenses and other current liabilities	(5,014,000)	(2,557,000)
Net cash used in operating activities	(31,506,000)	(31,172,000)
Cash flow from investing activities:
Purchase of investments	(36,849,000)	(25,165,000)
Proceeds from maturities of investments	34,388,000	62,568,000
Cash acquired from Novosteo Inc	10,593,000	0
Proceeds from disposal of assets	35,000	0
Purchase of property and equipment	(5,000)	(136,000)
Net cash provided by investing activities	8,162,000	37,267,000
Cash flows from financing activities:
Payments of finance leases	(12,000)	0
Proceeds from issuance of common stock upon exercise of stock options	134,000	1,113,000
Proceeds from issuance of common stock in connection with open market sales agreement, net of issuance costs	608,000	0
Net cash provided by financing activities	730,000	1,113,000
Effect of exchange rate changes on cash	(182,000)	0
Net increase (decrease) in cash and cash equivalents	(22,796,000)	7,208,000
Cash and cash equivalents at beginning of period	69,724,000	66,841,000
Cash and cash equivalents at end of period	46,928,000	74,049,000
Supplemental disclosures of non-cash information:
Net assets acquired of Novosteo Inc. in exchange for common stock	16,210,000	0
Right-of-use assets obtained in exchange for new operating lease liabilities	256,000	1,210,000
Right Of Use Asset And Operating Lease Liability Reduction As A Result Of Lease Modification	$ (640,000)	$ 0

Organization

Organization	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1. Organization Description of Business Effective August 1, 2022, Cortexyme Inc. changed its name to Quince Therapeutics, Inc (the "Company"). The Company was incorporated in the State of Delaware in June 2012 and is headquartered in South San Francisco, California. In April 2021, the Company established a wholly owned subsidiary in Australia, Cortexyme Australia, Pty Ltd. The Company is a preclinical stage biopharmaceutical company advancing innovative precision therapeutics for debilitating and rare diseases. In May 2022, the Company completed the acquisition of Novosteo, Inc. ("Novosteo"), a Delaware corporation, a privately held biotech focused on targeted therapeutics to treat rare skeletal diseases, bone fractures, and injury. In addition to the skeletal disease candidate, 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 prevent 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. Novosteo, Inc. Acquisition On May 9, 2022, the Company entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”) with Novosteo, Quince Merger Sub I, Inc., a Delaware corporation and a wholly owned subsidiary of the Company, Quince Merger Sub II, LLC, a Delaware limited liability company and a wholly owned subsidiary of Company, Novosteo, and Fortis Advisors LLC, a Delaware limited liability company, solely in its capacity as the securityholders’ representative.. The transaction closed on May 19, 2022. Pursuant to the terms of the Merger Agreement, at the closing of the Acquisition ("Acquisition"), each share of capital stock of Novosteo that was issued and outstanding immediately prior to the Effective Time was automatically cancelled and converted into the right to receive 0.0911 shares of common stock, par value $ 0.001 per share, of the Company. The Company issued 5,520,000 shares and assumed 507,108 outstanding Novosteo options after conversion with the awards, retaining the same vesting and other terms and conditions as in effect immediately prior to consummation of the Acquisition. Pursuant to the Merger Agreement, upon the terms and subject to the conditions set forth therein, Merger Sub I merged with and into Novosteo (the “First Merger”), with Novosteo as the surviving entity in the First Merger (the “First Step Surviving Corporation”). Immediately following the First Merger, the First Step Surviving Corporation merged with and into Merger Sub II, with Merger Sub II surviving the Acquisition. Merger Sub II was renamed Novosteo, LLC and is a wholly-owned single member limited liability corporation. Novosteo, LLC has a wholly owned subsidiary in Australia, Novosteo Pty Ltd. Company Management and Board Member Changes On May 19, 2022, the Company appointed Dirk Thye, M.D., the Chief Executive Officer of Novosteo, as Chief Executive Officer of the Company, Karen Smith, M.D., Ph.D., the Chief Medical Officer of Novosteo, as Chief Medical Officer of the Company and Brendan Hannah, the Chief Operating Officer of Novosteo, as Chief Business Officer of the Company. The Company also agreed to expand its Board of Directors (the “Board”) to appoint Dr. Thye and Philip Low, Ph.D., each a director of Novosteo prior to the Acquisition, as a Class II and Class I director of the Board, respectively. On May 20, 2022, the Company announced the departure of Caryn McDowell, the Company’s Chief Legal and Administrative Officer and Corporate Secretary, effective as of July 8, 2022 (the “CLO Departure Date”). In connection with the departure of Ms. McDowell from the Company, the Company entered into a transition agreement (the “CLO Separation Agreement”) with Ms. McDowell on May 19, 2022, providing for (i) a release of claims against the Company; (ii) cash severance payments of $ 339,000 , which equals to nine months of Ms. McDowell’s 2022 base salary, to be paid in a lump sum; and (iii) certain health care continuation benefits. The CLO Separation Agreement also provides for an accelerated vesting of the restricted stock award issued to Ms. McDowell on March 3, 2022 and an extension of the post-termination exercise period for all vested stock options or other equity awards held by Ms. McDowell through the twelve-month period following the CLO Departure Date, provided that the specified severance preconditions are met. In addition, in the event the Company consummates a change in control within three months after the CLO Departure Date, subject to satisfaction of specified conditions, Ms. McDowell would also be entitled to additional cash severance and COBRA coverage, payment of target annual bonus and accelerated vesting with respect to her equity awards. On June 8, 2022, Christopher Lowe resigned as a member of the Board. Mr. Lowe resigned from his roles as the Chief Financial Officer and Chief Operating Officer of the Company, effective as of June 10, 2022 (the “CFO Departure Date”). In connection with the departure of Mr. Lowe from the Company, the Company entered into a separation agreement (the “CFO Separation Agreement”) with Mr. Lowe on June 10, 2022, providing for (i) a release of claims against the Company; (ii) cash severance payments of $ 354,750 , which equals to nine months of Mr. Lowe’s 2022 base salary, to be paid in accordance with the Company’s normal payroll practices; and (iii) certain health care continuation benefits. The CFO Separation Agreement also provides for an accelerated vesting of the restricted stock award issued to Mr. Lowe on March 3, 2022 and an extension of the post-termination exercise period for all vested stock options or other equity awards held by Mr. Lowe through the twelve-month period following the CFO Departure Date, provided that the specified severance preconditions are met. In addition, in the event the Company consummates a change in control within three months after the CFO Departure Date, subject to satisfaction of specified conditions, Mr. Lowe would also be entitled to additional cash severance and COBRA coverage, payment of target annual bonus and accelerated vesting with respect to his equity awards. On June 9, 2022, the Company designated Ted Monohon, the Company’s Chief Accounting Officer and Vice President of Finance, as the principal financial officer, to fill the vacancy resulting from Mr. Lowe’s resignation from the Company. Mr. Monohon serves as the principal financial officer in addition to his role as a principal accounting officer. On June 9, 2022, upon recommendation of the Nominating and Corporate Governance Committee of the Board, the Board appointed June Bray to serve as a Class III director of the Company, effective immediately, to fill the vacant directorship, until her successor is elected and qualified, or sooner in the event of her death, resignation or removal. Ms. Bray joined the class of directors whose term expires at the Company’s 2025 annual stockholders’ meeting. On July 22, 2022, we announced the departure of Leslie Holsinger, Ph.D., the Executive Vice President of Research and Development, effective as of July 31, 2022 (the “EVP of Research Departure Date”). The Separation Agreement provides for (i) a release of claims against the Company, (ii) cash severance payments of $ 339,000 , which equals to nine months of Dr. Holsinger’s 2022 base salary, to be paid in a lump sum; and (iii) certain health care continuation benefits. The Separation Agreement also provides for an extension of the post-termination exercise period for all vested stock options or other equity awards held by each of Dr. Holsinger through the twelve-month period following the EVP of Research Departure Date, in each case provided that the specified severance preconditions are met. In addition, in the event the Company consummates a change in control of control within three months after the VP of Research Departure Date, subject to satisfaction of specified conditions, Dr. Holsinger would also be entitled to additional cash severance and COBRA coverage, payment of target annual bonus, and accelerated vesting with respect to her equity awards. 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 June 30, 2022, the Company had an accumulated deficit of $ 274.8 million. Since inception through June 30, 2022, the Company 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 June 30, 2022, the Company had cash, cash equivalents, and short-term investments of $ 94.7 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 $ 11.0 million. Management expects to incur additional losses in the future to fund the Company's 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 including out-licensing or partnerships, 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 candidates.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 Quince Therapeutics, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. 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 June 30, 2022, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2022 and 2021, the condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2022 and 2021, the condensed consolidated statements of cash flows for the six months ended June 30, 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 and six months ended June 30, 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 candidates 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. Use of Estimates T he 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, determination of the fair value of identifiable assets and liabilities in connection with the acquisition of Novosteo, Inc., including associated intangible assets and goodwill, 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 two of the Company’s wholly-owned subsidiaries 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 six months ended June 30, 2022 , as compared to the significant accounting policies described in our Annual Report on Form 10-K other than as noted below: Business Combinations The Company accounts for business combinations using the acquisition method pursuant to the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”) Topic 805. This method requires, among other things, that results of operations of acquired companies are included in the Company's financial results beginning on the respective acquisition dates, and that identifiable assets acquired and liabilities assumed are recognized at fair value as of the acquisition date. Intangible assets acquired in a business combination are recorded at fair value using one of three valuation approaches, the income approach, the market approach or the cost approach. The Company reviewed the three valuation approaches and determined the income approach was the most appropriate model to approximate fair value for the Acquisition. The income approach model requires assumptions about the timing and amount of future net cash flows, the cost of capital and terminal values from the perspective of a market participant. Any excess of the fair value of consideration transferred (the “Purchase Price”) over the fair values of the net assets acquired is recognized as goodwill. The fair value of identifiable assets acquired and liabilities assumed in certain cases may be subject to revision based on the final determination of fair value during a period of time not to exceed 12 months from the acquisition date. Legal costs, due diligence costs, business valuation costs and all other acquisition-related costs are expensed when incurred. Intangible Assets Intangible assets with a definite useful life are amortized on a straight-line basis over the estimated useful life of the related assets. Intangible assets with an indefinite useful life are not amortized. Intangible assets acquired in a business combination or an acquisition that are used in research and development activities (regardless of whether they have an alternative future use) shall be considered indefinite lived until the completion or abandonment of the associated research and development efforts. Intangible assets acquired in a business combination are initially recorded at fair value. During the period that those assets are considered indefinite lived, they shall not be amortized but shall be tested for impairment. Once the research and development efforts are completed or abandoned, the entity shall determine the useful life of the assets. An intangible asset shall be tested for impairment annually and more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of the intangible asset is less than its carrying amount, If that is the case, the Company performs a quantitative impairment test, and, if the carrying amount of the Company exceeds its fair value, then the Company will recognize an impairment charge for the amount by which its carrying amount exceeds its fair value, not to exceed the carrying amount of the intangible asset. Qualitative factors to be considered include but are not limited to: • Cost factors such as increases in raw materials, labor, or other costs that have a negative effect on future expected earnings and cash flows • Legal/regulatory factors or progress and results of clinical trials • Other relevant entity-specific events such as changes in management, key personnel, strategy, or customers; contemplation of bankruptcy; or litigation that could affect significant inputs used to determine the fair value of the indefinite-lived intangible asset • Industry and market considerations such as a deterioration in the environment in which an entity operates, an increased competitive environment • Macroeconomic conditions such as deterioration in general economic conditions, limitations on accessing capital, fluctuations in foreign exchange rates, or other developments in equity and credit markets that could affect significant inputs used to determine the fair value of the indefinite-lived intangible asset Goodwill Goodwill represents the excess of the purchase price over the fair value of the net assets acquired as of the acquisition date. Goodwill has an indefinite useful life and is not amortized. The Company reviews its goodwill for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of the Company may exceed its fair value. The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of the Company is less than its carrying amount, including goodwill. If that is the case, the Company performs a quantitative impairment test, and, if the carrying amount of the Company exceeds its fair value, then the Company will recognize an impairment charge for the amount by which its carrying amount exceeds its fair value, not to exceed the carrying amount of the goodwill. The Company recognized no impairment charge for the three months ended June 30, 2022. 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 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	6 Months Ended
	Jun. 30, 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 June 30, 2022 and December 31, 2021 are presented in the following tables (in thousands): Fair Value Measurements at June 30, 2022 Total Level 1 Level 2 Level 3 Money market funds $ 26,432 $ 26,432 $ — $ — Certificates of Deposit 6,268 — 6,268 — Repurchase Agreements 6,000 — 6,000 — Corporate notes 18,083 — 18,083 — Government and agency notes 32,387 — 32,387 — Municipal notes 1,231 — 1,231 — Commercial Paper 1,896 — 1,896 — Total $ 92,297 $ 26,432 $ 65,865 $ — 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 $ — The following table summarizes the available-for-sale securities (in thousands): Fair Value Measurements at June 30, 2022 Amortized Unrealized Unrealized Fair Value Money market funds $ 26,432 $ — $ — $ 26,432 Certificates of Deposit 6,415 — ( 147 ) 6,268 Repurchase Agreements 6,000 — — 6,000 Corporate notes 18,377 — ( 294 ) 18,083 Government and agency notes 32,558 — ( 171 ) 32,387 Commercial Paper 1,898 — ( 2 ) 1,896 Municipal notes 1,240 — ( 9 ) 1,231 Total cash equivalents and investments $ 92,920 $ — $ ( 623 ) $ 92,297 Classified as: Cash equivalents (maturities within 90 days) $ 33,532 Short-term investments (maturities within one year) 47,736 Long-term investments (maturities beyond 1 year) 11,029 Total cash equivalents and investments $ 92,297 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 June 30, 2022, the remaining contractual maturities of available-for-sale securities was approximately 7 months. 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 June 30, 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 June 30, 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 June 30, 2022 and December 31, 2021 , the balance in the Company’s accumulated other comprehensive income was comprised primarily of 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 and six months ended June 30, 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	6 Months Ended
	Jun. 30, 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): June 30, 2022 December 31, 2021 Cash and cash equivalents: Cash $ 13,396 $ 40,270 Money market funds 26,432 15,954 Repurchase agreements 6,000 13,500 Government and agency notes 1,100 — Total cash and cash equivalents $ 46,928 $ 69,724 Short-term investments: Certificates of deposit $ 2,352 $ 6,928 Municipal notes 1,231 1,283 Corporate notes 16,522 25,675 Government and agency notes 25,735 3,192 Commercial Paper 1,896 — Total short-term investments $ 47,736 $ 37,078 Long-term investments: Corporate notes $ 1,561 $ 12,722 Certificates of deposit 3,916 4,575 Municipal notes — 650 Government and agency notes 5,552 1,986 Total long-term investments $ 11,029 $ 19,933

Balance Sheet Components

Balance Sheet Components	6 Months Ended
	Jun. 30, 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): June 30, December 31, 2022 2021 Prepaid expenses $ 434 $ 333 Prepaid insurance 691 1,144 Prepaid research and development expenses 1,131 1,899 Australia research and development refundable tax credit 2,063 1,128 Other current assets 387 367 Total prepaid expenses and other current assets $ 4,706 $ 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 $ 0.4 million and $ 0.5 million for the three and six months ended June 30, 2022 and $ 0 reductions to R&D expense for the three and six months ended June 30, 2021. Novosteo Pty, Ltd is eligible to obtain a cash refund from the Australian Taxation Office for eligible R&D expenditures under the Australian Tax Incentive as well. The Company will receive a refundable tax credit of $ 0.6 million for the six months ended June 30, 2022. Property and Equipment, Net Property and equipment, net consist of the following (in thousands): June 30, December 31, 2022 2021 Computer equipment $ 18 $ 53 Lab equipment 342 528 Finance lease right of use assets 124 557 Leasehold improvement 63 58 Office furniture — 26 Less: accumulated amortization and depreciation ( 183 ) ( 959 ) Property and equipment, net $ 364 $ 263 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands): June 30, December 31, 2022 2021 Personnel expenses $ 625 $ 820 Severance expense 673 — Professional fees 351 462 Research and development expenses 1,861 7,108 Current portion of operating lease liabilities 317 741 Current portion of finance lease liability 74 — Other 182 180 Total accrued expenses and other current liabilities $ 4,083 $ 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 approved a cost reduction program to reorganize operations and allow continued support for the needs of the business. Under the cost reduction program, the Company is reducing headcount through a reduction in workforce. A majority of this reduction in force took place by June 30, 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. June 30, 2022 Beginning accrued severance $ — Incurred during the period 3,625 Severance paid during the period ( 2,952 ) Ending accrued severance $ 673

Leases

Leases	6 Months Ended
	Jun. 30, 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 was set to terminate 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 paid rent monthly for the additional space and the lease agreement was set to terminate 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, in 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 re-measured 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 June 30, 2022 condensed consolidated balance sheets. In May 2020, the Company entered into a lease agreement to rent space in San Diego, California. The lease agreement is for three years which commenced August 1, 2020. Total payments under the lease will be $ 337,000 . In June 2022 the Company determined the San Diego facility was no longer required and intends to sublease the facility, if possible. As a result of this decision, the Company recorded an impairment loss of approximately $ 98,000 , for the three months ended June 30, 2022. The Company paid a security deposit of $ 29,000 and is included in Other Assets on the June 30, 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 . In June 2022, the Company entered into a Sublease Agreement to rent office space in South San Francisco, California. The Sublease agreement commenced on June 18, 2022 and ends on November 30, 2023. The total payments under the term of the lease are expected to be approximately $ 271,000 . The Company paid a security deposit of $ 17,000 which is included in Other Assets on the June 30, 2022 condensed consolidated balance sheets. At the commencement of the lease, the Company recorded an operating lease asset and liability of $ 256,000 . The Company recognizes lease expense on a straight-line basis over the term of its operating lease. As of June 30, 2022, total future rent expense from all real estate operating leases of $ 345,000 will be recognized over the remaining terms of 1 to 17 months 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 June 30, 2022, the lease expense has been fully recognized. Equipment Financing Lease As part of the Novosteo Acquisition the Company acquired a financing lease for lab equipment. The Company recognizes the depreciation expense in research and development expenses in the condensed consolidated statements of operations and comprehensive loss and recognizes expense on a straight-line basis starting when the equipment is placed into service until the end of the remaining contract term of 18 months . Depreciation expense of the financing lease right of use asset for the three months ended June 30, 2022 was $ 12,000 . Supplemental balance sheet information related to leases as follows (in thousands except lease terms and discount rates): June 30, 2022 December 31, 2021 Operating lease right of use asset, net $ 328 $ 1,165 Short-term operating lease liability 317 741 Long-term operating lease liability 95 420 $ 412 $ 1,161 Finance lease right of use asset 124 557 Finance lease accumulated amortization ( 12 ) ( 557 ) Total finance lease right of use asset, net $ 112 $ — Weighted average remaining lease term Operating leases 1.2 years 1.6 years Finance leases 1.5 years — Weighted average discount rate Operating leases 4.87 % 1.87 % Finance leases 4.45 % — % Year ended December 31, Operating Lease Operating Lease 2022 (excluding the six months ended June 30, 2022) $ 170 $ 757 2023 256 422 Total lease payments 426 1,179 Less: imputed interest ( 14 ) ( 18 ) Total remaining lease liability $ 412 $ 1,161

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 7. Stock-Based Compensation The Company operates three stock plans as of June 30, 2022. • 2019 Equity Incentive Plan (Quince) • 2019 Equity Incentive Plan (Novosteo) • 2022 Inducement Plan (Quince) 2019 Equity Incentive Plan (Quince) 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 “Quince 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 Quince 2019 Plan. The Quince 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 Quince 2019 Plan is 8,591,030 shares of the Company’s common stock. In addition, the number of shares available for issuance under the Quince 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 Quince 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 Quince 2019 Plan as required by applicable law or listing requirements. Unless sooner terminated by the Board, the Quince 2019 Plan will automatically terminate on April 23, 2029. As of June 30, 2022, the Company had 1,596,650 shares available for future issuance under the Quince 2019 Plan. Stock Options Activity for service-based stock options under the Quince 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 1,869,058 8.75 Options exercised ( 78,210 ) 1.72 Options cancelled / forfeited ( 2,235,768 ) 30.39 Balance at June 30, 2022 5,126,373 $ 21.10 6.63 $ 501 Options vested and expected to vest as of June 30, 2022 5,126,373 21.10 6.63 501 Options exercisable as of June 30, 2022 2,680,564 $ 22.00 4.49 $ 501 For the three and six months ended June 30, 2022, the Company recognized stock-based compensation expense of $ 3,439,000 and $ 10,462,000 , 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 condensed consolidated statement of operations and comprehensive loss for stock-based compensation arrangements. As of June 30, 2022, total unamortized employee stock-based compensation was $ 23.6 million, which is expected to be recognized over the remaining estimated vesting period of 2.58 years. Performance Stock Options (“PSOs”) The following table summarizes activity under the Company’s PSOs from the Quince 2019 Plan and related information: Shares Subject to Outstanding PSOs Weighted Weighted average remaining contractual life (years) Balance at December 31, 2021 675,000 $ 29.60 5.74 Surrendered ( 675,000 ) $ 29.60 — Vested — — — Balance at June 30, 2022 — — — 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 275,000 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 and six months ended June 30, 2022 , the Company recognized stock-based compensation expense of $ 0 and $ 2,044,000 , respectively, related to these PSOs. As of June 30, 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 Quince 2019 Plan and related information: Quince 2019 Plan Restricted Stock Units Outstanding Number of Shares Weighted Average Grant Date Fair Value Unvested - December 31, 2021 — — RSUs granted 1,013,500 $ 4.30 RSUs vested ( 253,297 ) $ 4.30 RSUs cancelled ( 226,538 ) $ 4.30 Unvested - June 30, 2022 533,665 $ 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 three months ended June 30, 2022 was $ 1.1 million. The aggregate intrinsic value of the shares of the RSUs vested during the three months ended June 30, 2022 was $ 0.8 million. For the three and six months ended June 30, 2022, the Company recognized stock-based compensation expense of $ 1,224,000 and $ 1,397,000 , respectively, related to these RSUs. As of June 30, 2022, total unamortized stock-based compensation related to RSUs was $ 1.6 million, which is expected to be recognized over the remaining estimated vesting period of 1.65 years. 2019 Equity Incentive Plan (Novosteo) On May 19, 2022, in accordance with the term of the Merger Agreement, the Company assumed the 2019 Novosteo, Inc Equity Incentive Plan (the "2019 Novosteo Plan"). The 2019 Novosteo 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 Novosteo legacy employees. On the closing date, each outstanding Novosteo stock option granted under Novosteo’s equity compensation plans was converted into a corresponding stock option with the number of shares underlying such option and the applicable exercise price adjusted based and adjusted into the right to purchase 0.0911 shares of common stock. Each such converted stock option will continue to be subject to substantially the same terms and conditions as applied to the corresponding Novosteo stock option prior to the Acquisition. The maximum aggregate number of shares that may be issued under the 2019 Novosteo Plan is 544,985 shares of the Company’s common stock. The 2019 Novosteo 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 Novosteo Plan as required by applicable law or listing requirements. Unless sooner terminated by the Board, the 2019 Novosteo Plan will automatically terminate on May 20, 2029. As of June 30, 2022, the Company had 37,337 shares available for future issuance under the 2019 Novosteo Plan. Activity for service-based stock options under the 2019 Novosteo Plan is as follows: Number of Weighted Weighted Aggregate (In thousands) Balance at December 31, 2021 — — — — Options granted 507,648 0.55 — — Options exercised — — — — Options cancelled / forfeited — — — — Balance at June 30, 2022 507,648 $ 0.55 9.73 $ 848 Options vested and expected to vest as of June 30, 2022 507,648 0.55 9.73 848 Options exercisable as of June 30, 2022 — — — — For the three and six months ended June 30, 2022, the Company recognized stock-based compensation expense of $ 87,000 and $ 87,000 , respectively, related to options granted to employees and non-employees for the 2019 Novosteo plan. 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 condensed consolidated statement of operations and comprehensive loss for stock-based compensation arrangements. As of June 30, 2022, total unamortized employee stock-based compensation was $ 1.2 million, which is expected to be recognized over the remaining estimated vesting period of 3.73 years. On May 19, 2022, in accordance with the term of the Merger Agreement, the Company assumed a number of restricted stock awards ("RSAs") agreements with certain employees. Each outstanding Novosteo RSA was converted into a corresponding RSA with the number of shares underlying such RSA adjusted into 0.0911 shares of common stock. Each such converted RSA will continue to be subject to substantially the same terms and conditions as applied to the corresponding Novosteo RSA prior to the Acquisition. Restricted Stock Awards (“RSAs”) Restricted Stock Awards Outstanding Number of Shares Weighted Average Grant Date Fair Value Unvested - December 31, 2021 — — RSAs granted 519,216 $ 3.30 RSAs vested ( 13,116 ) — RSAs cancelled — — Unvested - June 30, 2022 506,100 $ 3.30 For the three and six months ended June 30, 2022, the Company recognized stock-based compensation expense of $ 76,000 and $ 76,000 , respectively, related to restricted stock awards. 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 condensed consolidated statement of operations and comprehensive loss for stock-based compensation arrangements. As of June 30, 2022, total unamortized employee stock-based compensation was $ 1.6 million, which is expected to be recognized over the remaining estimated vesting period of 3.23 years. 2022 Inducement Plan On May 9, 2022, the Company's stockholders approved 4,000,000 additional shares of the Registrant’s common stock that may be offered or issued under the Quince Therapeutics, Inc. 2022 Inducement Plan. The 2022 Inducement Plan was adopted by the independent members of the Board without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. In accordance with rule awards under those plans may only be made to an employee who has not previously been an employee or member of the Board or of any board of directors of any parent or subsidiary of the Company, or following a bona fide period of non-employment by the Company or a parent or subsidiary, if he or she is granted such award in connection with his or her commencement of employment with the Company or a subsidiary and such grant is an inducement material to his or her entering into employment with the Company or such subsidiary. The terms and conditions of the 2022 Inducement Plan are substantially similar to those of the Quince 2019 Plan. As of June 30, 2022, the Company had 255,745 shares available for future issuance under the 2022 Inducement Plan. Activity for service-based stock options under the 2022 Inducement Plan is as follows: Number of Weighted Weighted Aggregate (In thousands) Balance at December 31, 2021 — — — — Options granted 3,744,255 2.98 — — Options exercised — — — — Options cancelled / forfeited — — — — Balance at June 30, 2022 3,744,255 $ 2.98 9.90 $ — Options vested and expected to vest as of June 30, 2022 3,744,255 2.98 9.90 — Options exercisable as of June 30, 2022 — — — — For the three and six months ended June 30, 2022, the Company recognized stock-based compensation expense of $ 226,000 and $ 226,000 , respectively, related to options granted to employees and non-employees for the 2022 Inducement plan. 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 condensed consolidated statement of operations and comprehensive for stock-based compensation arrangements. As of June 30, 2022, total unamortized employee stock-based compensation was $ 8.3 million, which is expected to be recognized over the remaining estimated vesting period of 3.90 years. Stock-Based Compensation Expense The following table summarizes employee and non-employee stock-based compensation expense for the three and six months ended June 30, 2022 and 2021 and the allocation within the condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 General and administrative expense $ 3,267 $ 3,629 $ 7,699 $ 7,108 Research and development expense 1,784 3,121 6,593 6,633 Total stock-based compensation $ 5,051 $ 6,750 $ 14,292 $ 13,741 Employee Stock Purchase Plan On April 24, 2019, the Board adopted its 2019 Employee Stock Purchase Plan (the “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	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2022 and 2021 the Company has incurred total expenses of $ 181,000 a nd $ 306,000 , res pectively, related to these agreements. This is recorded in general and administrative expenses included in the Condensed Consolidated Statements of Operations and Comprehensive Loss. David Lamond, Chairperson of the Board of Quince Therapeutics was a director and an equity holder in Novosteo, Inc. which Quince acquired on May 19, 2022. The shares of Novosteo, Inc. beneficially owned by Mr. Lamond were automatically cancelled and converted into the right to receive shares of Quince common stock in accordance with the terms of the Merger Agreement. The respective boards of directors of Quince and Novosteo have approved the Merger Agreement, and the Novosteo’s stockholders adopted the Merger Agreement upon recommendation of the Novosteo board of directors. Mr. Lamond was not part of either company's special committees that evaluated the Acquisition and recused himself from board meetings where the Acquisition was discussed. Philip Low, Board member of Quince Therapeutics, Inc., is employed as a professor at Purdue University. The Company rents a lab facility and office space from Purdue Research Foundation, a private, nonprofit foundation of Purdue University. Purdue Research Foundation also owns 154,497 shares of Quince Therapeutics, Inc. and has provided the Company an exclusive worldwide license under certain bone fracture repair and oncology therapeutics related patents and technology developed by the Purdue University and owned by Purdue Research Foundation. In addition, we are required to pay Purdue Research Foundation annual license maintenance fees, development milestones (up to $ 4.25 million for each licensed product), royalties on the gross receipts of the licensed products (subject to annual minimums), and a share of certain payments that we may receive from our sublicensees. 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. On May 2, 2022, the Company announced that Michael Detke, M.D., Ph.D. stepped down as the Chief Medical Officer of the Company, effective as of May 2, 2022. As part of the severance agreement, the Company made a cash severance payment of $ 354,750 to Dr. Detke. On May 20, 2022, the Company announced that Caryn McDowell stepped down as the Chief Legal and Administrative Officer and Corporate Secretary of the Company, effective as of July 8, 2022. As the effective date of her departure Ms. McDowell held 122,500 RSUs that were unvested and would have vested in March 2024. In connection with Ms. McDowell 's departure, the Board agreed to accelerate the vesting of the remaining 122,500 RSUs, and to extend the exercise period on 152,079 vested options currently held to July 8, 2023. Additionally as part of the severance agreement, the Company made a cash severance payment of $ 339,000 to Ms. McDowell. On June 8, 2022, the Company announced that Christopher Lowe stepped down as a member of the Board and the Chief Financial Officer and Chief Operating Officer of the Company, effective as of June 10, 2022. As the effective date of his departure Mr. Lowe held 153,125 RSUs that were unvested and would have vested in March 2024. In connection with Mr. Lowe's departure, the Board agreed to accelerate the vesting of the remaining 153,125 RSUs, and extend the exercise period on 205,896 vested options currently held to June 10, 2023. Additionally as part of the severance agreement, the Company made a cash severance payment of $ 354,750 to Mr. Lowe.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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. The income tax provision for interim periods is determined using an estimate of the Company’s annual effective tax rate as adjusted for discrete items arising in that quarter. The effective income tax rate was 0.7 % and nil for the three and six months ended June 30, 2022, respectively. The effective tax rate differs from the U.S. statutory rate primarily due to the full valuation allowance on the Company’s net deferred tax assets as it is more likely than not that all of the deferred tax assets will be realized. The Company recorded a discrete tax benefit of $ 0.3 million in the three months ended June 30, 2022 due to the release of valuation allowance in connection with the acquisition of Novosteo. On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") into law. On December 21, 2020, President Trump also signed into law the Consolidated Appropriations Act, 2021 ("CAA Act") which includes further COVID-19 economic relief and extension of certain expiring tax provisions. The Company has reviewed the aspects of these laws as it relates to the income taxes and has concluded that at this time, the CARES Act and CAA Act did not have material impact to the Company's 2021 provision for income taxes. The Company will continue to evaluate changes and revisions of the CARES Act and CAA Act and their impact on the Company’s financial position, results of operations and cash flows .

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 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: June 30, 2022 2021 Stock options issued and outstanding 9,378,276 4,978,919 Performance stock options — 675,000 Restricted stock units 533,665 — Restricted stock awards 506,100 — Total 10,418,041 5,653,919

Business Combination

Business Combination	6 Months Ended
	Jun. 30, 2022
Business Combinations [Abstract]
Business Combination	Note 11. Business Combination On May 19, 2022, the Company completed the Acquisition. Pursuant to the terms of the Merger Agreement, at the closing of the Acquisition (the “Effective Time”), each share of capital stock of Novosteo (the “Novosteo Capital Stock”) that was issued and outstanding immediately prior to the Effective Time was automatically cancelled and converted into the right to receive 0.0911 shares of common stock, par value $ 0.001 per share, of the Company (the “Company Common Stock”). These shares included options to purchase an aggregate of 507,108 shares of the Company Common Stock upon conversion of the outstanding Novosteo options based on the Company Option Exchange Ratio (as defined in the Merger Agreement), with the awards retaining the same vesting and other terms and conditions as in effect immediately prior to consummation of the Acquisition. These options, as well as 519,216 unvested restricted shares were concluded to be post-combination expense and were excluded from purchase consideration. The Company has included the financial results of Novosteo in the condensed consolidated financial statements from the date of the Acquisition and recorded immaterial amounts of expenses and earnings since the period from May 19, 2022 through June 30, 2022. The transaction costs associated with the Acquisition were approximately $ 1.1 million and were recorded in general and administrative expense. The acquisition date fair value of the consideration transferred for Novosteo was approximately $ 16,502,587 , which consisted of 5,000,784 shares at $ 3.30 per share. The Company accounted for the Acquisition as a business combination in accordance with ASC Topic 805, Business Combinations ("ASC 805"). The Company applied the acquisition method, which requires the identifiable assets acquired and liabilities assumed be recorded at fair value with limited exceptions. The following table summarizes the fair values of the identifiable assets acquired and liabilities assumed as of the date of acquisition (in thousands): May 19, 2022 Identifiable assets acquired and liabilities assumed: Cash and cash equivalents $ 10,593 Prepaid expenses and other current assets 1,040 ROU asset 124 Property and equipment 279 Intangible assets 5,900 Accounts payable and accrued liabilities ( 1,726 ) Deferred tax liabilities ( 532 ) Net assets acquired $ 15,678 Goodwill $ 825 The final determination of the fair value of assets and liabilities will be completed within the one-year measurement period as required by ASC 805. The Novosteo, Inc. Acquisition will necessitate the use of this measurement period to adequately analyze and assess the factors used in establishing the fair values of the net assets acquired as of the acquisition date, primarily involving deferred tax liabilities. The excess of the fair value of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill, which is primarily attributed to the assembled workforce and expanded market opportunities, for which there is no basis for U.S. income tax purposes. Goodwill amounts are not amortized but are rather tested for impairment at least annually. Goodwill is not deductible for tax purposes. The Intangible asset balance above is attributable to in-process research and development with an indefinite useful life. The amounts of the Company's revenue and net loss included in the acquirer's condensed consolidated statement of operations and comprehensive loss for the three and six months ended June 30, 2022 and 2021, and the unaudited pro forma revenue and net loss of the combined entity had the acquisition date been January 2, 2021 are as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Revenue $ 262 $ 202 $ 262 $ 220 Net loss ( 16,265 ) ( 24,353 ) ( 39,421 ) ( 48,568 ) The 2022 supplemental pro forma earnings were adjusted to exclude $ 2.2 million of acquisition-related costs incurred in 2022, the 2021 pro forma earnings were adjusted to include these charges. The Company’s condensed consolidated income statements for the three and six months ended June 30, 2022 include net revenue and net loss of $ 0 and $ 0.1 million, respectively, attributable to the Acquisition.

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Note 12. Intangible Assets The intangible asset acquired as a result of the Acquisition consists of in-process research and development ("IPRD") related to NOV004, the Company's bone targeting molecule designed to accelerate fracture repair. The value of the IPRD was determined using discounted probable future cash flows. Significant assumptions used in determining the value of the intellectual property were: Significant assumptions used in determining the value of the intellectual property include the initiation of clinical trials and NDA approval with respect to NOV004, probability of reaching various phases of development, costs and cost of goods sold, and the risk adjusted discount rate applied to the cash flows. All intangible assets acquired in a business combination that are used in research and development activities are capitalized as indefinite-lived intangible assets. During the period that those assets are considered indefinite lived, they are not amortized but are tested for impairment. Once the research and development efforts are completed, the asset will be amortized over its remaining useful life. If the research and development efforts are abandoned, the intangible asset will be expensed in that period. The following table provides details of the carrying amount of our indefinite-lived intangible asset (in thousands): June 30, 2022 Unamortized intangible assets: Goodwill $ 825 In-process research and development $ 5,900

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation The accompanying condensed consolidated financial statements include the accounts of Quince Therapeutics, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated.
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 June 30, 2022, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2022 and 2021, the condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2022 and 2021, the condensed consolidated statements of cash flows for the six months ended June 30, 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 and six months ended June 30, 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 candidates 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.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions The functional currency of two of the Company’s wholly-owned subsidiaries 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.
Use of Estimates	Use of Estimates T he 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, determination of the fair value of identifiable assets and liabilities in connection with the acquisition of Novosteo, Inc., including associated intangible assets and goodwill, 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.
Significant Accounting Policies	Significant Accounting Policies There have been no significant changes to the accounting policies during the six months ended June 30, 2022 , as compared to the significant accounting policies described in our Annual Report on Form 10-K other than as noted below:
Business Combinations	Business Combinations The Company accounts for business combinations using the acquisition method pursuant to the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”) Topic 805. This method requires, among other things, that results of operations of acquired companies are included in the Company's financial results beginning on the respective acquisition dates, and that identifiable assets acquired and liabilities assumed are recognized at fair value as of the acquisition date. Intangible assets acquired in a business combination are recorded at fair value using one of three valuation approaches, the income approach, the market approach or the cost approach. The Company reviewed the three valuation approaches and determined the income approach was the most appropriate model to approximate fair value for the Acquisition. The income approach model requires assumptions about the timing and amount of future net cash flows, the cost of capital and terminal values from the perspective of a market participant. Any excess of the fair value of consideration transferred (the “Purchase Price”) over the fair values of the net assets acquired is recognized as goodwill. The fair value of identifiable assets acquired and liabilities assumed in certain cases may be subject to revision based on the final determination of fair value during a period of time not to exceed 12 months from the acquisition date. Legal costs, due diligence costs, business valuation costs and all other acquisition-related costs are expensed when incurred.
Intangible Assets	Intangible Assets Intangible assets with a definite useful life are amortized on a straight-line basis over the estimated useful life of the related assets. Intangible assets with an indefinite useful life are not amortized. Intangible assets acquired in a business combination or an acquisition that are used in research and development activities (regardless of whether they have an alternative future use) shall be considered indefinite lived until the completion or abandonment of the associated research and development efforts. Intangible assets acquired in a business combination are initially recorded at fair value. During the period that those assets are considered indefinite lived, they shall not be amortized but shall be tested for impairment. Once the research and development efforts are completed or abandoned, the entity shall determine the useful life of the assets. An intangible asset shall be tested for impairment annually and more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of the intangible asset is less than its carrying amount, If that is the case, the Company performs a quantitative impairment test, and, if the carrying amount of the Company exceeds its fair value, then the Company will recognize an impairment charge for the amount by which its carrying amount exceeds its fair value, not to exceed the carrying amount of the intangible asset. Qualitative factors to be considered include but are not limited to: • Cost factors such as increases in raw materials, labor, or other costs that have a negative effect on future expected earnings and cash flows • Legal/regulatory factors or progress and results of clinical trials • Other relevant entity-specific events such as changes in management, key personnel, strategy, or customers; contemplation of bankruptcy; or litigation that could affect significant inputs used to determine the fair value of the indefinite-lived intangible asset • Industry and market considerations such as a deterioration in the environment in which an entity operates, an increased competitive environment • Macroeconomic conditions such as deterioration in general economic conditions, limitations on accessing capital, fluctuations in foreign exchange rates, or other developments in equity and credit markets that could affect significant inputs used to determine the fair value of the indefinite-lived intangible asset
Goodwill	Goodwill Goodwill represents the excess of the purchase price over the fair value of the net assets acquired as of the acquisition date. Goodwill has an indefinite useful life and is not amortized. The Company reviews its goodwill for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of the Company may exceed its fair value. The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of the Company is less than its carrying amount, including goodwill. If that is the case, the Company performs a quantitative impairment test, and, if the carrying amount of the Company exceeds its fair value, then the Company will recognize an impairment charge for the amount by which its carrying amount exceeds its fair value, not to exceed the carrying amount of the goodwill.
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.
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 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)	6 Months Ended
	Jun. 30, 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 June 30, 2022 and December 31, 2021 are presented in the following tables (in thousands): Fair Value Measurements at June 30, 2022 Total Level 1 Level 2 Level 3 Money market funds $ 26,432 $ 26,432 $ — $ — Certificates of Deposit 6,268 — 6,268 — Repurchase Agreements 6,000 — 6,000 — Corporate notes 18,083 — 18,083 — Government and agency notes 32,387 — 32,387 — Municipal notes 1,231 — 1,231 — Commercial Paper 1,896 — 1,896 — Total $ 92,297 $ 26,432 $ 65,865 $ — 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	The following table summarizes the available-for-sale securities (in thousands): Fair Value Measurements at June 30, 2022 Amortized Unrealized Unrealized Fair Value Money market funds $ 26,432 $ — $ — $ 26,432 Certificates of Deposit 6,415 — ( 147 ) 6,268 Repurchase Agreements 6,000 — — 6,000 Corporate notes 18,377 — ( 294 ) 18,083 Government and agency notes 32,558 — ( 171 ) 32,387 Commercial Paper 1,898 — ( 2 ) 1,896 Municipal notes 1,240 — ( 9 ) 1,231 Total cash equivalents and investments $ 92,920 $ — $ ( 623 ) $ 92,297 Classified as: Cash equivalents (maturities within 90 days) $ 33,532 Short-term investments (maturities within one year) 47,736 Long-term investments (maturities beyond 1 year) 11,029 Total cash equivalents and investments $ 92,297 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)	6 Months Ended
	Jun. 30, 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): June 30, 2022 December 31, 2021 Cash and cash equivalents: Cash $ 13,396 $ 40,270 Money market funds 26,432 15,954 Repurchase agreements 6,000 13,500 Government and agency notes 1,100 — Total cash and cash equivalents $ 46,928 $ 69,724 Short-term investments: Certificates of deposit $ 2,352 $ 6,928 Municipal notes 1,231 1,283 Corporate notes 16,522 25,675 Government and agency notes 25,735 3,192 Commercial Paper 1,896 — Total short-term investments $ 47,736 $ 37,078 Long-term investments: Corporate notes $ 1,561 $ 12,722 Certificates of deposit 3,916 4,575 Municipal notes — 650 Government and agency notes 5,552 1,986 Total long-term investments $ 11,029 $ 19,933

Balance Sheet Components (Table

Balance Sheet Components (Tables)	6 Months Ended
	Jun. 30, 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): June 30, December 31, 2022 2021 Prepaid expenses $ 434 $ 333 Prepaid insurance 691 1,144 Prepaid research and development expenses 1,131 1,899 Australia research and development refundable tax credit 2,063 1,128 Other current assets 387 367 Total prepaid expenses and other current assets $ 4,706 $ 4,871
Schedule of Property and Equipment, Net	Property and equipment, net consist of the following (in thousands): June 30, December 31, 2022 2021 Computer equipment $ 18 $ 53 Lab equipment 342 528 Finance lease right of use assets 124 557 Leasehold improvement 63 58 Office furniture — 26 Less: accumulated amortization and depreciation ( 183 ) ( 959 ) Property and equipment, net $ 364 $ 263
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following (in thousands): June 30, December 31, 2022 2021 Personnel expenses $ 625 $ 820 Severance expense 673 — Professional fees 351 462 Research and development expenses 1,861 7,108 Current portion of operating lease liabilities 317 741 Current portion of finance lease liability 74 — Other 182 180 Total accrued expenses and other current liabilities $ 4,083 $ 9,311
Summary of Accrued Severance [Table Text Block]	June 30, 2022 Beginning accrued severance $ — Incurred during the period 3,625 Severance paid during the period ( 2,952 ) Ending accrued severance $ 673

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 2022 December 31, 2021 Operating lease right of use asset, net $ 328 $ 1,165 Short-term operating lease liability 317 741 Long-term operating lease liability 95 420 $ 412 $ 1,161 Finance lease right of use asset 124 557 Finance lease accumulated amortization ( 12 ) ( 557 ) Total finance lease right of use asset, net $ 112 $ — Weighted average remaining lease term Operating leases 1.2 years 1.6 years Finance leases 1.5 years — Weighted average discount rate Operating leases 4.87 % 1.87 % Finance leases 4.45 % — % Year ended December 31, Operating Lease Operating Lease 2022 (excluding the six months ended June 30, 2022) $ 170 $ 757 2023 256 422 Total lease payments 426 1,179 Less: imputed interest ( 14 ) ( 18 ) Total remaining lease liability $ 412 $ 1,161

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
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 and six months ended June 30, 2022 and 2021 and the allocation within the condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 General and administrative expense $ 3,267 $ 3,629 $ 7,699 $ 7,108 Research and development expense 1,784 3,121 6,593 6,633 Total stock-based compensation $ 5,051 $ 6,750 $ 14,292 $ 13,741
Service Based Stock Options
Summary of Stock Options Activity	Activity for service-based stock options under the Quince 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 1,869,058 8.75 Options exercised ( 78,210 ) 1.72 Options cancelled / forfeited ( 2,235,768 ) 30.39 Balance at June 30, 2022 5,126,373 $ 21.10 6.63 $ 501 Options vested and expected to vest as of June 30, 2022 5,126,373 21.10 6.63 501 Options exercisable as of June 30, 2022 2,680,564 $ 22.00 4.49 $ 501
Service Based Stock Options | Novosteo
Summary of Stock Options Activity	Activity for service-based stock options under the 2019 Novosteo Plan is as follows: Number of Weighted Weighted Aggregate (In thousands) Balance at December 31, 2021 — — — — Options granted 507,648 0.55 — — Options exercised — — — — Options cancelled / forfeited — — — — Balance at June 30, 2022 507,648 $ 0.55 9.73 $ 848 Options vested and expected to vest as of June 30, 2022 507,648 0.55 9.73 848 Options exercisable as of June 30, 2022 — — — —
Performance Stock Options
Summary of Stock Options Activity	The following table summarizes activity under the Company’s PSOs from the Quince 2019 Plan and related information: Shares Subject to Outstanding PSOs Weighted Weighted average remaining contractual life (years) Balance at December 31, 2021 675,000 $ 29.60 5.74 Surrendered ( 675,000 ) $ 29.60 — Vested — — — Balance at June 30, 2022 — — —
Restricted Stock Units (RSUs)
Summary of Restricted Stock Options	The following table summarizes activity under the Company’s RSUs from the Quince 2019 Plan and related information: Quince 2019 Plan Restricted Stock Units Outstanding Number of Shares Weighted Average Grant Date Fair Value Unvested - December 31, 2021 — — RSUs granted 1,013,500 $ 4.30 RSUs vested ( 253,297 ) $ 4.30 RSUs cancelled ( 226,538 ) $ 4.30 Unvested - June 30, 2022 533,665 $ 4.30
2022 Inducement Plan
Summary of Stock Options Activity	Activity for service-based stock options under the 2022 Inducement Plan is as follows: Number of Weighted Weighted Aggregate (In thousands) Balance at December 31, 2021 — — — — Options granted 3,744,255 2.98 — — Options exercised — — — — Options cancelled / forfeited — — — — Balance at June 30, 2022 3,744,255 $ 2.98 9.90 $ — Options vested and expected to vest as of June 30, 2022 3,744,255 2.98 9.90 — Options exercisable as of June 30, 2022 — — — —

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 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: June 30, 2022 2021 Stock options issued and outstanding 9,378,276 4,978,919 Performance stock options — 675,000 Restricted stock units 533,665 — Restricted stock awards 506,100 — Total 10,418,041 5,653,919

Business Combination (Tables)

Business Combination (Tables)	6 Months Ended
	Jun. 30, 2022
Business Combinations [Abstract]
Schedule of fair values of assets acquired and liabilities assumed	The following table summarizes the fair values of the identifiable assets acquired and liabilities assumed as of the date of acquisition (in thousands): May 19, 2022 Identifiable assets acquired and liabilities assumed: Cash and cash equivalents $ 10,593 Prepaid expenses and other current assets 1,040 ROU asset 124 Property and equipment 279 Intangible assets 5,900 Accounts payable and accrued liabilities ( 1,726 ) Deferred tax liabilities ( 532 ) Net assets acquired $ 15,678 Goodwill $ 825 The final determination of the fair value of assets and liabilities will be completed within the one-year measurement period as required by ASC 805. The Novosteo, Inc. Acquisition will necessitate the use of this measurement period to adequately analyze and assess the factors used in establishing the fair values of the net assets acquired as of the acquisition date, primarily involving deferred tax liabilities.
Schedule of Revenue and Net Loss of the Combined Entity	The amounts of the Company's revenue and net loss included in the acquirer's condensed consolidated statement of operations and comprehensive loss for the three and six months ended June 30, 2022 and 2021, and the unaudited pro forma revenue and net loss of the combined entity had the acquisition date been January 2, 2021 are as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Revenue $ 262 $ 202 $ 262 $ 220 Net loss ( 16,265 ) ( 24,353 ) ( 39,421 ) ( 48,568 )

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Carrying Amount of Indefinite-Lived Intangible Asset	The following table provides details of the carrying amount of our indefinite-lived intangible asset (in thousands): June 30, 2022 Unamortized intangible assets: Goodwill $ 825 In-process research and development $ 5,900

Organization - Additional Infor

Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				6 Months Ended		12 Months Ended
	Jul. 22, 2022	Jun. 08, 2022	May 19, 2022	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	May 09, 2022
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Entity incorporation date				2012-06
Common stock, par value				$ 0.001		$ 0.001
Common Stock, Shares, Issued				35,977,688		30,074,412
Severance Costs	$ 339,000	$ 354,750	$ 339,000	$ 673		$ 0
Proceeds from issuance of common stock				608	$ 0
Accumulated deficit				274,804		236,599
Cash, cash equivalents, and short-term investments				94,700
Long term investments				$ 11,029		$ 19,933
Merger Agreement
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Common stock, par value							$ 0.001
Common Stock, Shares, Issued							5,520,000
Options outstanding assumed							507,108
Automatically Cancelled and Converted Common Stock							0.0911

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021
Summary Of Significant Accounting Policies [Line Items]
Impairment Charges	$ 0	$ 98,000	$ 0
Accounting Standards Update201803 Member
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Dec. 15, 2021	Dec. 15, 2021
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true	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	Jun. 30, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	$ 92,297	$ 86,465
Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	26,432	15,954
Certificates of Deposit
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	6,268	11,503
Repurchase Agreements
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	6,000	13,500
Corporate Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	18,083	38,397
Government and Agency Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	32,387	5,178
Municipal Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	1,231	1,933
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	1,896
Level 1
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	26,432	15,954
Level 1 | Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	26,432	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 1 | Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	0
Level 2
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	65,865	70,511
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	6,268	11,503
Level 2 | Repurchase Agreements
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	6,000	13,500
Level 2 | Corporate Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	18,083	38,397
Level 2 | Government and Agency Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	32,387	5,178
Level 2 | Municipal Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	1,231	1,933
Level 2 | Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	1,896
Level 3
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	0	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
Level 3 | Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	$ 0

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 92,920	$ 86,564
Unrealized Gains	0	18
Unrealized Losses	(623)	(117)
Financial assets and liabilities	92,297	86,465
Cash equivalents (maturities within 90 days)	46,928	69,724
Cash equivalents (maturities within 90 days)	33,532	29,454
Short-term investments (maturities within one year)	47,736	37,078
Long-term investments (maturities beyond 1 year)	11,029	19,933
Total cash equivalents and investments	92,297	86,465
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	1,898
Unrealized Gains	0
Unrealized Losses	(2)
Financial assets and liabilities	1,896
Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	26,432	15,954
Unrealized Gains	0	0
Unrealized Losses	0	0
Financial assets and liabilities	26,432	15,954
Certificates of Deposit
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	6,415	11,511
Unrealized Gains	0	12
Unrealized Losses	(147)	(20)
Financial assets and liabilities	6,268	11,503
Repurchase Agreements
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	6,000	13,500
Unrealized Gains	0	0
Unrealized Losses	0	0
Financial assets and liabilities	6,000	13,500
Corporate Notes
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	18,377	38,470
Unrealized Gains	0	6
Unrealized Losses	(294)	(79)
Financial assets and liabilities	18,083	38,397
Government and Agency Notes
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	32,558	5,195
Unrealized Gains	0	0
Unrealized Losses	(171)	(17)
Financial assets and liabilities	32,387	5,178
Municipal Notes
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	1,240	1,934
Unrealized Gains	0	0
Unrealized Losses	(9)	(1)
Financial assets and liabilities	$ 1,231	$ 1,933

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Available-for-sale securities loss position for more than 120 days	$ 0	$ 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	0
Fair value assets level 1 to level 2	0	0	$ 0
Fair value assets level 2 to level 1	0	$ 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	Jun. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash and cash equivalents	$ 46,928	$ 69,724
Short term investments	47,736	37,078
Long term investments	11,029	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	13,396	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	26,432	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	6,000	13,500
Fair Value on Recurring | Certificates of Deposit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short term investments	2,352	6,928
Long term investments	3,916	4,575
Fair Value on Recurring | Municipal Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short term investments	1,231	1,283
Long term investments	0	650
Fair Value on Recurring | Corporate Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short term investments	16,522	25,675
Long term investments	1,561	12,722
Fair Value on Recurring | Government and Agency Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash and cash equivalents	1,100	0
Short term investments	25,735	3,192
Long term investments	5,552	1,986
Fair Value on Recurring | Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short term investments	$ 1,896	$ 0

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 434	$ 333
Prepaid insurance	691	1,144
Prepaid research and development expenses	1,131	1,899
Australia research and development refundable tax credit	2,063	1,128
Other current assets	387	367
Total prepaid expenses and other current assets	$ 4,706	$ 4,871

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Reductions in research and development expense	$ 400	$ 0	$ 500	$ 0
Australia research and development refundable tax credit	2,063		2,063		$ 1,128
Novosteo
Restructuring Cost and Reserve [Line Items]
Australia research and development refundable tax credit	$ 600		$ 600

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Less: accumulated amortization and depreciation	$ (183)	$ (959)
Property and equipment, net	364	263
Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment	18	53
Lab Equipment
Property Plant And Equipment [Line Items]
Property and equipment	342	528
Finance Lease Right of Use Assets
Property Plant And Equipment [Line Items]
Property and equipment	124	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	$ 0	$ 26

Balance Sheet Components - Sc_3

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands				6 Months Ended	12 Months Ended
	Jul. 22, 2022	Jun. 08, 2022	May 19, 2022	Jun. 30, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Personnel expenses				$ 625	$ 820
Severance expense	$ 339,000	$ 354,750	$ 339,000	673	0
Professional fees				351	462
Research and development expenses				1,861	7,108
Current portion of operating lease liabilities				317	741
Current portion of finance lease liability				74
Other				182	180
Total accrued expenses and other current liabilities				$ 4,083	$ 9,311

Balance Sheet Components - Summ

Balance Sheet Components - Summary of Accrued Severance (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Balance Sheet Components [Abstract]
Beginning accrued severance	$ 0
Incurred during the period	3,625
Severance paid during the period	(2,952)
Ending accrued severance	$ 673

Leases - Additional Information

Leases - Additional Information (Details)

1 Months Ended

3 Months Ended

6 Months Ended

May 31, 2020 USD ($)

Mar. 31, 2022 USD ($)

Jul. 31, 2021 USD ($)

May 31, 2020 USD ($)

May 31, 2019 USD ($)

Jun. 30, 2018 USD ($) ft² shares

Jun. 30, 2022 USD ($)

Jun. 30, 2022 USD ($)

Jun. 30, 2021 USD ($)

Dec. 31, 2021 USD ($)

May 31, 2021 USD ($)

May 13, 2019 USD ($)

Lessee Lease Description [Line Items]

Renewal options

false

Operating lease payments

$ 1,300,000

$ 0

$ 0

Repurchase option percentage

100%

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

$ 412,000

$ 412,000

$ 1,161,000

$ 0

Operating lease asset

$ 172,000

$ 44,000

$ 172,000

328,000

328,000

1,165,000

$ 1,200,000

Security deposit paid

105,000

Operating lease liability

95,000

$ 95,000

$ 420,000

Operating lease renewal

1 year

Finance lease amortized period on equipment service

18 months

Depreciation expense of finance lease right-of-use asset

12,000

Right-of-use assets obtained in exchange for new operating lease liabilities

$ 640,000

Impairment loss

0

$ 98,000

$ 0

Future rent expense

$ 345,000

Minimum

Lessee Lease Description [Line Items]

Operating lease remaining term on a straight-line basis

1 month

Maximum

Lessee Lease Description [Line Items]

Operating lease remaining term on a straight-line basis

17 months

San Diego, California

Lessee Lease Description [Line Items]

Lease agreement period

3 years

3 years

Operating lease payments

$ 337,000

Operating lease asset

326,000

$ 326,000

Operating lease liability

317,000

317,000

Rent prepayment

$ 9,000

$ 9,000

Impairment loss

98,000

San Diego, California | Other Assets

Lessee Lease Description [Line Items]

Security deposit paid

$ 29,000

South San Francisco, California

Lessee Lease Description [Line Items]

Operating lease payments

271,000,000

Operating lease asset and liability

$ 256,000

256,000

Security deposit paid

$ 17,000

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%

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($)	Jun. 30, 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	$ 328,000	$ 1,165,000	$ 44,000	$ 1,200,000	$ 172,000
Short-term operating lease liability	$ 317,000	$ 741,000
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Long-term operating lease liabilities	$ 95,000	$ 420,000
Operating lease liability	412,000	1,161,000				$ 0
Finance lease right of use asset	124,000	557,000
Finance lease accumulated amortization	(12,000)	$ (557,000)
Total finance lease right of use asset, net	$ 112,000
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Weighted average remaining lease term
Operating leases	1 year 2 months 12 days	1 year 7 months 6 days
Finance leases	1 year 6 months
Weighted average discount rate
Operating leases	4.87%	1.87%
Finance leases	4.45%
Operating Lease, Liability, Payment, Due [Abstract]
2022 (excluding the six months ended June 30, 2022)	$ 170,000	$ 757,000
2023	256,000	422,000
Total lease payments	426,000	1,179,000
Less: imputed interest	(14,000)	(18,000)
Operating lease liability	$ 412,000	$ 1,161,000				$ 0

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended			6 Months Ended
	Feb. 28, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	May 19, 2022	May 09, 2022	Dec. 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		$ 5,051,000		$ 6,750,000	$ 14,292,000	$ 13,741,000
Income tax benefits recognized					0
Unamortized employee stock-based compensation		23,600,000			$ 23,600,000
Unamortized employee stock-based compensation expected to recognized over remaining estimated vesting period					2 years 6 months 29 days
Unvested PSOs cancelled	275,000
Novosteo
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unamortized employee stock-based compensation		1,200,000			$ 1,200,000
Unamortized employee stock-based compensation expected to recognized over remaining estimated vesting period					3 years 8 months 23 days
Number of shares, Cancelled and converted							0.0911
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		0			$ 2,044,000,000
Unamortized employee stock-based compensation		0			$ 0
Restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Surrendered					(226,538)
Stock-based compensation expense related to options granted		1,224,000,000			$ 1,397,000,000
Unamortized employee stock-based compensation		1,600,000			$ 1,600,000
Unamortized employee stock-based compensation expected to recognized over remaining estimated vesting period					1 year 7 months 24 days
Total fair value of shares vested		1,100,000
Aggregate intrinsic value		800,000
Restricted stock units | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based awards vesting period					2 years
Restricted Stock Awards (RSAs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unamortized employee stock-based compensation		1,600,000			$ 1,600,000
Unamortized employee stock-based compensation expected to recognized over remaining estimated vesting period					3 years 2 months 23 days
Restricted Stock Awards (RSAs) | Novosteo
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance							0.0911
Employees And Non Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense related to options granted		3,439,000			$ 10,462,000
Employees And Non Employees | Novosteo
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense related to options granted		87,000,000			87,000,000
Employees And Non Employees | Restricted Stock Awards (RSAs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense related to options granted		$ 76,000,000			$ 76,000,000
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			8,591,030
Increase in number of shares available for issuance as proportion of shares of common stock		2,146,354			2,146,354
Percentage of common stock outstanding					4%
Common stock reserved for issuance		1,596,650			1,596,650
2019 Plan | Novosteo
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum aggregate number of shares that may be issued under the plan							544,985
Common stock reserved for issuance		37,337			37,337
2019 Plan | Performance Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Surrendered					(675,000)
Unvested PSOs cancelled									675,000
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			536,589
Percentage of common stock outstanding					1%
Common stock reserved for issuance		1,133,165			1,133,165
Maximum period for common stock shares reserved for future issuance					10 years
2022 Inducement Plan
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								4,000,000
Common stock reserved for issuance		255,745			255,745
Unamortized employee stock-based compensation		$ 8,300,000			$ 8,300,000
Unamortized employee stock-based compensation expected to recognized over remaining estimated vesting period					3 years 10 months 24 days
2022 Inducement Plan | Employees And Non Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense related to options granted		$ 226,000,000			$ 226,000,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Activity for Service-based Stock Options (Details) - Service Based Stock Options - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
2019 Plan
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	1,869,058
Number of Options and Unvested Shares, exercised	(78,210)
Number of Options and Unvested Shares, cancelled / forfeited	(2,235,768)
Number of Options and Unvested Shares, ending balance	5,126,373	5,571,293
Number of Options and Unvested Shares, vested and expected to vest	5,126,373
Number of Options and Unvested Shares, exercisable	2,680,564
Weighted Average Exercise Price, beginning balance	$ 28.70
Weighted Average Exercise Price, granted	8.75
Weighted Average Exercise Price, exercised	1.72
Weighted Average Exercise Price, exercised, cancelled / forfeited	30.39
Weighted Average Exercise Price, ending balance	21.10	$ 28.70
Weighted Average Exercise Price, vested and expected to vest	21.10
Weighted Average Exercise Price, exercisable	$ 22
Weighted average remaining contractual life	6 years 7 months 17 days	8 years 3 months 3 days
Weighted average remaining contractual life, vested and expected to vest	6 years 7 months 17 days
Weighted average remaining contractual life, exercisable	4 years 5 months 26 days
Aggregate intrinsic value	$ 501	$ 15,687
Aggregate intrinsic value, vested and expected to vest	501
Aggregate intrinsic value, exercisable	$ 501
2022 Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options and Unvested Shares, granted	3,744,255
Number of Options and Unvested Shares, ending balance	3,744,255
Number of Options and Unvested Shares, vested and expected to vest	3,744,255
Weighted Average Exercise Price, granted	$ 2.98
Weighted Average Exercise Price, ending balance	2.98
Weighted Average Exercise Price, vested and expected to vest	$ 2.98
Weighted average remaining contractual life	9 years 10 months 24 days
Weighted average remaining contractual life, vested and expected to vest	9 years 10 months 24 days
Novosteo
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options and Unvested Shares, granted	507,648
Number of Options and Unvested Shares, ending balance	507,648
Number of Options and Unvested Shares, vested and expected to vest	507,648
Weighted Average Exercise Price, granted	$ 0.55
Weighted Average Exercise Price, ending balance	0.55
Weighted Average Exercise Price, vested and expected to vest	$ 0.55
Weighted average remaining contractual life	9 years 8 months 23 days
Weighted average remaining contractual life, vested and expected to vest	9 years 8 months 23 days
Aggregate intrinsic value	$ 848
Aggregate intrinsic value, vested and expected to vest	$ 848

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Activity Under Performance Stock Options (Details) - $ / shares	1 Months Ended	6 Months Ended	12 Months Ended
	Feb. 28, 2022	Jun. 30, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Subject to Outstanding PSOs, Ending Balance	275,000
Performance Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Surrendered	(400,000)
2019 Plan | Performance Stock Options
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			675,000
Number of Shares, Surrendered		(675,000)
Weighted Average Exercise Price, Beginning Balance		$ 29.60
Weighted Average Exercise Price, Ending Balance			$ 29.60
Weighted average remaining contractual life			5 years 8 months 26 days
Surrendered		$ 29.60

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Restricted Stock Options (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding, Number of Shares, Unvested, Beginning Balance	0
Number of Shares, granted	1,013,500
Number of Shares, vested	(253,297)
Number of Shares, Surrendered	(226,538)
Outstanding, Number of Shares, Unvested, Ending Balance	533,665
Weighted-Average Grant Date Fair Value, granted | $ / shares	$ 4.30
Weighted-Average Grant Date Fair Value, vested | $ / shares	4.30
Weighted-Average Grant Date Fair Value, cancelled | $ / shares	4.30
Outstanding, Weighted-Average Grant Date Fair Value, Unvested, Ending Balance | $ / shares	$ 4.30
Restricted Stock Awards (RSAs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding, Number of Shares, Unvested, Beginning Balance	0
Number of Shares, granted	519,216
Number of Shares, vested	(13,116)
Outstanding, Number of Shares, Unvested, Ending Balance	506,100
Weighted-Average Grant Date Fair Value, granted | $ / shares	$ 3.30
Outstanding, Weighted-Average Grant Date Fair Value, Unvested, Ending Balance | $ / shares	$ 3.30

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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 5,051	$ 6,750	$ 14,292	$ 13,741
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	3,267	3,629	7,699	7,108
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 1,784	$ 3,121	$ 6,593	$ 6,633

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)

1 Months Ended

6 Months Ended

12 Months Ended

Jul. 08, 2023

Jun. 10, 2023

Jan. 28, 2023

Jul. 22, 2022

Jun. 08, 2022

May 20, 2022

May 19, 2022

May 02, 2022

Feb. 01, 2022

Feb. 28, 2022

Jun. 30, 2022

Jun. 30, 2021

Dec. 31, 2021

Related Party Transaction [Line Items]

Severance expense

$ 339,000,000

$ 354,750,000

$ 339,000,000

$ 673,000

$ 0

LifeSci Advisors, LLC | Non-capital Advisory Consulting Services

Related Party Transaction [Line Items]

Related party expenses

$ 181,000

$ 306,000

Casey C Lynch

Related Party Transaction [Line Items]

Awards unvested, would have vested

26,294

Severance expense

$ 604,000

Casey C Lynch | Subsequent Event

Related Party Transaction [Line Items]

Awards unvested, would have vested

26,294

Vested options

574,206

Stephen S Dominy

Related Party Transaction [Line Items]

Awards unvested, would have vested

9,230

Severance expense

$ 326,250

Stephen S Dominy | Subsequent Event

Related Party Transaction [Line Items]

Awards unvested, would have vested

9,230

Vested options

315,659

Purdue Research Foundation

Related Party Transaction [Line Items]

Shares held by related party

154,497

Purdue Research Foundation | Maximum [Member]

Related Party Transaction [Line Items]

Contractual Obligation

$ 4,250,000

Caryn McDowell

Related Party Transaction [Line Items]

Severance expense

$ 339,000,000

Caryn McDowell | Subsequent Event

Related Party Transaction [Line Items]

Vested options

152,079

Christopher Lowe

Related Party Transaction [Line Items]

Severance expense

$ 354,750,000

Christopher Lowe | Subsequent Event

Related Party Transaction [Line Items]

Vested options

205,896

Michael Detke

Related Party Transaction [Line Items]

Severance expense

$ 354,750,000

Restricted stock units | Caryn McDowell

Related Party Transaction [Line Items]

Awards unvested, would have vested

122,500

Restricted stock units | Caryn McDowell | Subsequent Event

Related Party Transaction [Line Items]

Awards unvested, would have vested

122,500

Restricted stock units | Christopher Lowe

Related Party Transaction [Line Items]

Awards unvested, would have vested

153,125

Restricted stock units | Christopher Lowe | Subsequent Event

Related Party Transaction [Line Items]

Awards unvested, would have vested

153,125

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Income Taxes [Line Items]
Effective income tax rate	0.70%	0%
Novosteo
Income Taxes [Line Items]
Net discrete tax adjustments	$ 0.3

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	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share, amount	10,418,041	5,653,919
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	9,378,276	4,978,919
Performance Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share, amount	0	675,000
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share, amount	533,665	0
Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share, amount	506,100	0

Business Combination - Addition

Business Combination - Additional Information (Details) - USD ($)		3 Months Ended		6 Months Ended
	May 19, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Common stock, par value		$ 0.001		$ 0.001		$ 0.001
Acquisition related costs				$ 2,200,000
Net revenue (loss)		$ (16,564,000)	$ (21,754,000)	(38,205,000)	$ (44,840,000)
Novosteo
Business Acquisition [Line Items]
Business acquisition, transaction costs	$ 1,100,000
Payment to acquire business	$ 16,502,587
Aggregate purchase of common stock shares	507,108
Number of shares, Cancelled and converted	0.0911
Common stock, par value	$ 0.001
Shares issued for acquisition	5,000,784
Share price	$ 3.30
Unvested restricted shares	519,216
Net revenue (loss)		$ 0		$ (100,000)

Business Combination - Schedule

Business Combination - Schedule of fair values of assets acquired and liabilities assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2022	May 19, 2022	Dec. 31, 2021
Business Combinations [Abstract]
Cash and cash equivalents		$ 10,593
Prepaid expenses and other current assets		1,040
ROU asset		124
Property and equipment		279
Intangible assets	$ 5,900	5,900
Accounts payable and accrued liabilities		(1,726)
Deferred tax liabilities		(532)
Net assets acquired		15,678
Goodwill	$ 825	$ 825	$ 0

Business Combination - Schedu_2

Business Combination - Schedule of Revenue and Net Loss of the Combined Entity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Business Acquisition, Pro Forma Information [Abstract]
Revenue	$ 262	$ 202	$ 262	$ 220
Net loss	$ (16,265)	$ (24,353)	$ (39,421)	$ (48,568)

Intangible Assets - Schedule of

Intangible Assets - Schedule of Carrying Amount of Indefinite-Lived Intangible Asset (Details) - USD ($) $ in Thousands	Jun. 30, 2022	May 19, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
In-process research and development	$ 5,900	$ 5,900
Goodwill	$ 825	$ 825	$ 0