Oncorus (ONCR) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Jul. 29, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Registrant Name	ONCORUS, INC.
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001671818
Entity Current Reporting Status	Yes
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity File Number	001-39575
Entity Address, Address Line One	50 Hampshire Street
Entity Address, Address Line Two	Suite 401
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Tax Identification Number	47-3779757
Entity Address, Postal Zip Code	02139
Entity Incorporation, State or Country Code	DE
City Area Code	(857)
Local Phone Number	320-6400
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		25,973,135
Security Exchange Name	NASDAQ
Trading Symbol	ONCR
Title of 12(b) Security	Common Stock, $0.0001 par value per share

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 84,797	$ 100,752
Investments	15,442	23,173
Prepaid expenses and other current assets	2,525	5,185
Total current assets	102,764	129,110
Property and equipment, net	35,714	23,233
Right-of-use asset	39,673	45,218
Restricted cash	3,437	3,437
Other assets	952	589
Total assets	182,540	201,587
Current liabilities:
Accounts payable	7,157	13,009
Accrued expenses and other current liabilities	6,559	6,281
Lease liability - current portion	2,300	1,684
Total current liabilities	16,016	20,974
Term loan, non-current	19,078	0
Lease liability - net of current portion	49,269	50,388
Other long- term liabilities	169	203
Total liabilities	84,532	71,565
Stockholders’ equity:
Preferred stock, $0.0001 par value; authorized - 10,000 shares at June 30, 2022 and December 31, 2021; issued and outstanding - no shares at June 30, 2022 and December 31, 2021	0	0
Common stock, $0.0001 par value; authorized - 100,000 shares at June 30, 2022 and December 31, 2021; issued and outstanding - 25,972 and 25,848 shares at June 30, 2022 and December 31, 2021, respectively	3	3
Additional paid-in capital	329,504	324,620
Accumulated other comprehensive loss	(41)	(14)
Accumulated deficit	(231,458)	(194,587)
Total stockholders’ equity	98,008	130,022
Total liabilities and stockholders’ equity	$ 182,540	$ 201,587

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
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 or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares Issued	25,972,000	25,848,000
Common Stock, Shares Outstanding	25,972,000	25,848,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ 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	$ 12,480	$ 10,660	$ 24,949	$ 19,107
General and administrative	6,161	4,889	11,510	9,111
Total operating expenses	18,641	15,549	36,459	28,218
Loss from operations	(18,641)	(15,549)	(36,459)	(28,218)
Other income (expense):
Other income (expense)	(33)	0	(71)	0
Interest income (expense)	(417)	21	(341)	27
Total other income (expense), net	(450)	21	(412)	27
Net loss	(19,091)	(15,528)	(36,871)	(28,191)
Net unrealized loss on investments	(1)	0	(41)	0
Comprehensive loss	$ (19,092)	$ (15,528)	$ (36,912)	$ (28,191)
Net loss per share - basic	$ (0.74)	$ (0.60)	$ (1.43)	$ (1.13)
Net loss per share - diluted	$ (0.74)	$ (0.60)	$ (1.43)	$ (1.13)
Weighted-average number of common shares outstanding - basic	25,883	25,684	25,874	24,851
Weighted-average number of common shares outstanding - diluted	25,883	25,684	25,874	24,851

Consolidated Statements of Rede

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss	Accumulated Deficit [Member]
Balance at Dec. 31, 2020	$ 134,664	$ 2	$ 264,487		$ (129,825)
Balance (in shares) at Dec. 31, 2020		22,599,048
Proceeds from issuance of common stock, net of issuance costs	52,983		52,983
Stock issued during the period (shares)		3,000,000
Stock-based compensation expense	1,172		1,172
Vesting of restricted common stock		5,171
Exercise of stock options to purchase common stock	98		98
Exercise of stock options to purchase common stock (shares)		22,470
Net loss	(12,663)				(12,663)
Balance at Mar. 31, 2021	176,255	$ 3	318,740		(142,488)
Balance (in shares) at Mar. 31, 2021		25,626,689
Balance at Dec. 31, 2020	134,664	$ 2	264,487		(129,825)
Balance (in shares) at Dec. 31, 2020		22,599,048
Proceeds from issuance of common stock, net of issuance costs	52,983
Net loss	(28,191)
Balance at Jun. 30, 2021	162,632	$ 3	320,645		(158,016)
Balance (in shares) at Jun. 30, 2021		25,741,072,000
Balance at Mar. 31, 2021	176,255	$ 3	318,740		(142,488)
Balance (in shares) at Mar. 31, 2021		25,626,689
Stock-based compensation expense	1,656		1,656
Vesting of restricted common stock		5,170,000
Exercise of stock options to purchase common stock	249		249
Exercise of stock options to purchase common stock (shares)		109,213,000
Net loss	(15,528)				(15,528)
Balance at Jun. 30, 2021	162,632	$ 3	320,645		(158,016)
Balance (in shares) at Jun. 30, 2021		25,741,072,000
Balance at Dec. 31, 2021	130,022	$ 3	324,620	$ (14)	(194,587)
Balance (in shares) at Dec. 31, 2021		25,848,229
Stock-based compensation expense	1,980		1,980
Exercise of stock options to purchase common stock	62		62
Exercise of stock options to purchase common stock (shares)		34,967
Other comprehensive loss	(26)			(26)
Net loss	(17,780)				(17,780)
Balance at Mar. 31, 2022	114,258	$ 3	326,662	(40)	(212,367)
Balance (in shares) at Mar. 31, 2022		25,883,196
Balance at Dec. 31, 2021	130,022	$ 3	324,620	(14)	(194,587)
Balance (in shares) at Dec. 31, 2021		25,848,229
Proceeds from issuance of common stock, net of issuance costs	$ 0
Exercise of stock options to purchase common stock (shares)	34,863,000
Issuance of common stock under employee stock purchase plans, Shares		89,112
Net loss	$ (36,871)
Balance at Jun. 30, 2022	98,008	$ 3	329,504	(41)	(231,458)
Balance (in shares) at Jun. 30, 2022		25,972,411,000
Balance at Mar. 31, 2022	114,258	$ 3	326,662	(40)	(212,367)
Balance (in shares) at Mar. 31, 2022		25,883,196
Stock-based compensation expense	2,180		2,180
Exercise of stock options to purchase common stock (shares)		103,000
Issuance of common stock under employee stock purchase plans, Shares		89,112,000
Issuance of common stock under employee stock purchase plans	95		95
Issuance of warrants in connection with term loan financing	567		567
Other comprehensive loss	(1)			(1)
Net loss	(19,091)				(19,091)
Balance at Jun. 30, 2022	$ 98,008	$ 3	$ 329,504	$ (41)	$ (231,458)
Balance (in shares) at Jun. 30, 2022		25,972,411,000

Consolidated Statements of Re_2

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' (Deficit) Equity (Parenthetical) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Statement of Stockholders' Equity [Abstract]
Payment of deferred offering costs	$ 4,017

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating activities:
Net loss	$ (36,871)	$ (28,191)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,143	817
Loss on disposal of assets	15	0
Stock-based compensation	4,160	2,828
Non-cash interest expense related to term loan	178	0
Amortization of premium/discount on investments	69	0
Non-cash interest income	(42)	0
Changes in:
Prepaid expenses and other assets	2,283	151
Operating lease right-of-use asset	1,034	1,354
Tenant Improvement Allowance Reimbursements	4,511	0
Accounts payable	(11,142)	676
Accrued expenses and other current liabilities	(1,528)	116
Operating lease liability	(504)	711
Net cash used in operating activities	(36,694)	(21,538)
Investing activities
Purchase of property and equipment	(6,561)	(2,177)
Proceeds from sales and maturities of investments	7,676	0
Net cash provided by (used in) investing activities	1,115	(2,177)
Financing activities
Proceeds from exercise of stock options to purchase of common stock	62	347
Proceeds from purchases of common stock under employee stock purchase plan	95	0
Proceeds from borrowings under term loan, net of issuance costs	19,467	0
Proceeds from issuance of common stock, net of issuance costs	0	52,983
Net cash provided by financing activities	19,624	53,330
Increase (decrease) in cash and cash equivalents	(15,955)	29,615
Cash, cash equivalents and restricted cash at beginning of period	104,189	133,182
Cash, cash equivalents and restricted cash at end of period	88,234	162,797
Supplemental disclosure of non-cash investing and financing activities
Issuance of warrants in connection with term loan financing	567	0
Purchase of property and equipment in accrued expenses and accounts payable	$ 7,063	$ 3,878

Nature of the Business and Liqu

Nature of the Business and Liquidity	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Nature of the Business and Liquidity	1. Nature of the Business and Liquidity Oncorus, Inc. (the “Company”) is a clinical-stage biopharmaceutical company focused on developing next-generation viral immunotherapies to transform outcomes for cancer patients. Using its two platforms, the Company is developing a pipeline of intratumorally and intravenously administered product candidates designed to selectively attack and kill tumor cells. The Company’s operations to date have focused on organization and staffing, business planning, raising capital, acquiring and developing the Company’s technology, establishing the Company’s intellectual property portfolio, identifying potential product candidates and undertaking preclinical studies, commencing a clinical trial and manufacturing scale-up activities. The Company does not have any product candidates approved for sale and has not generated any revenue from product sales. The Company’s product candidates are subject to long development cycles and the Company may be unsuccessful in its efforts to develop, obtain regulatory approval for or market its product candidates. On October 6, 2020, the Company completed an initial public offering (“IPO”), in which the Company issued and sold 5,800,000 shares of its common stock at a public offering price of $ 15.00 per share. On October 14, 2020, the Company sold an additional 757,991 shares of common stock at $ 15.00 per share pursuant to the underwriters’ partial exercise of their option to purchase additional shares of common stock. The total gross proceeds from the IPO were $ 98.4 million and the Company raised $ 88.3 million in net proceeds after deducting underwriting discounts and commissions and offering expenses payable by the Company. Upon the closing of the IPO, all of the outstanding shares of convertible preferred stock automatically converted into 14,951,554 shares of common stock at the applicable conversion ratio then in effect. Subsequent to the closing of the IPO, there were no shares of preferred stock outstanding. In February 2021, the Company completed a follow-on public offering of its common stock in which it sold 3,000,000 shares at an offering price of $ 19.00 per share, resulting in gross proceeds of $ 57.0 million and net proceeds of $ 53.0 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company. In November 2021, the Company entered into an open market sale agreement pursuant to which the Company may issue and sell shares of its common stock from time to time for aggregate gross proceeds of up to $ 50.0 million. There have been no sales under this agreement as of June 30, 2022. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, possible failure of preclinical studies or clinical trials, the need to obtain marketing approval for its product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, the need to successfully commercialize and gain market acceptance of any of the Company’s products that are approved and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing, and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure, and extensive compliance-reporting capabilities. Even if the Company’s drug development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. The Company expects to continue to incur losses from operations for the foreseeable future and additional capital will be required to fund future operations. The Company expects that its cash and cash equivalents as of June 30, 2022, will be sufficient to fund its operating expenses and capital expenditure requirements through at least the next 12 months from the date these financial statements were issued.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and as amended by Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements include all normal and recurring adjustments (which consist primarily of accruals and estimates that impact the financial statements) which are considered necessary to present fairly the Company’s financial position as of June 30, 2022, its results of operations for the three and six months ended June 30, 2022 and 2021, its changes in stockholders’ equity for the three and six months ended June 30, 2022 and 2021 and its cash flows for the six months ended June 30, 2022 and 2021. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2021, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K (the "Annual Report") filed with the Securities and Exchange Commission (the “SEC”) on March 9, 2022. The condensed consolidated balance sheet data as of December 31, 2021 presented for comparative purposes was derived from the Company’s audited consolidated financial statements but does not include all disclosures required by GAAP. The results for the three and six months ended June 30, 2022, are not necessarily indicative of the operating results to be expected for the full year or for any other subsequent interim period. The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2021, included in its Annual Report. Any changes to the Company’s significant accounting policies are further discussed below. COVID-19 Pandemic With the ongoing COVID-19 global pandemic, the Company has implemented business continuity plans designed to address and mitigate the impact of the COVID-19 pandemic on its employees and its business, including its preclinical studies, its ongoing clinical trial, and its regulatory filings. The Company has taken measures to secure its research and development activities, while work in its laboratories and facilities has been re-organized to reduce risks of COVID-19 transmission. Given the global impact and the other risks and uncertainties associated with the pandemic, the Company’s business, financial condition and results of operations could be materially adversely affected. The Company continues to closely monitor the COVID-19 pandemic and evolve its business continuity plans, clinical development plans and response strategy to mitigate any potential impact. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. Actual results could differ from those estimates, and any such differences may be material to the Company’s financial statements. Going Concern At each reporting period, the Company evaluates whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company is required to make certain additional disclosures if it concludes substantial doubt exists and it is not alleviated by the Company’s plans or when its plans alleviate substantial doubt about the Company’s ability to continue as a going concern. Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements of the Company include the accounts of its wholly owned subsidiary, Oncorus Securities Corporation. All intercompany transactions have been eliminated in consolidation. The Company has one operating segment. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. On an ongoing basis, the Company’s management evaluates its estimates, which include, but are not limited to, the estimated fair value of the Company’s common stock and share-based awards utilized for stock-based compensation purposes, accrued expenses, and amounts of expenses during the reported period. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions. Deferred Offering Costs The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with in-process equity issuances or debt financings as deferred offering costs until such equity issuances or debt financings are consummated. After consummation, these costs are recorded as a reduction in the capitalized amount associated with the equity issuance or debt financing. Debt Related Costs The carrying value of the Company’s Term Loan is recorded net of issuance costs and discount relating to the issuance of warrants and fees paid to the lender. Debt related costs are amortized over the term of the debt using the effective interest method and recognized as interest expense. Warrants In accordance with ASC Topic 470-20-25, when the Company issues debt with warrants, the Company treats the warrants as a debt discount, recorded as a contra-liability against the debt, and amortizes the balance over the life of the underlying debt as amortization of debt discount expense in the statements of operations. The offset to the contra-liability is recorded as additional paid-in capital in the Company’s consolidated balance sheet if the warrants are not treated as a derivative or as liability warrants. The Company determines the fair value of the warrants at issuance using the Black-Scholes option pricing model. Concentr ation of Credit Risk and of Significant Suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and short-term investments. The Company has all of its cash at one financial institution that management believes to be of high credit quality, in amounts that exceed federally insured limits. The Company invests its excess cash, in line with its investment policy, primarily in money market funds and high credit quality debt instruments. The Company is dependent upon a third-party contract manufacturer and third-party contract research organizations for the performance of portions of its testing for pre-clinical and clinical studies. The Company believes that its relationships with these organizations are satisfactory, and that alternative suppliers of these services are available in the event of the loss of one or more of these suppliers. Restricted Cash The Company maintains a balance in a segregated bank account in connection with a letter of credit for the benefit of the landlord in connection with an operating lease. As of June 30, 2022, restricted cash consisted of $ 3.4 million held for the benefit of the landlord. This amount has been classified as part of non-current assets on the Company's unaudited interim condensed consolidated balance sheets. The Company includes its restricted cash balance in the cash, cash equivalents and restricted cash reconciliation of operating, investing, and financing activities in the unaudited interim condensed consolidated statements of cash flows. The following table provides a reconciliation of cash, cash equivalents and restricted cash in the unaudited interim condensed consolidated balance sheets that sum to the total of the same such amounts shown in the unaudited interim condensed consolidated statements of cash flows: JUNE 30, 2022 2021 (in thousands) Cash and cash equivalents $ 84,797 $ 159,920 Restricted cash 3,437 2,877 Total cash, cash equivalents and restricted cash shown in the unaudited interim consolidated statements of cash flows $ 88,234 $ 162,797 Investments Short-term investments consist of commercial paper, corporate bonds, asset-backed securities, and U.S. treasury securities with original maturities greater than three months. The Company may sell investments at any time for use in current operations even if the investments have not yet reached maturity. As a result, the Company classifies its investments, including securities with maturities beyond twelve months, as current assets. As of June 30, 2022, all investments are classified as available-for-sale securities, which are recorded at fair value. Unrealized holding gains and losses on available-for-sale securities are reported as a net amount in accumulated other comprehensive income or loss in stockholders’ equity until realized. Purchase premiums and discounts are amortized to interest income over the terms of the related securities. Realized gains and losses and declines in fair value that are deemed to be other than temporary are reflected in the statements of operations and comprehensive loss using the specific-identification method. The Company periodically reviews all available-for-sale securities for other than temporary declines in fair value below the cost basis whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company also evaluates whether it has plans or is required to sell short-term investments before recovery of their amortized cost bases. For the six months ended June 30, 2022 , the Company has not identified any other than temporary declines in fair value of its short-term investments. Fair Value Measurements Certain assets and liabilities of the Company are carried at fair value under GAAP. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: Level 1 —Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 —Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly, such as quoted market prices, interest rates, and yield curves. Level 3 —Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable. To the extent a valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair values requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company believes that the carrying amounts of prepaid expenses, other current assets, accounts payable, and accrued expenses approximate their fair value due to the short-term nature of those instruments. Operating Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on specific facts and circumstances, the existence of an identified asset(s), if any, and the Company’s control over the use of the identified asset(s), if applicable. The lease liability is measured at the present value of future lease payments, discounted using the discount rate as of the lease commencement date. Future lease payments may include payments that depend on an index or a rate (such as the consumer price index or other market index). The Company initially measures payments based on an index or rate by using the applicable rate at lease commencement and subsequent changes in such rates are recognized as variable lease costs. Variable payments that do not depend on a rate or index are not included in the lease liability and are recognized as they are incurred. The Company’s contracts typically do not have variable payments based on index or rate. The Company’s contracts that include a lease component generally include additional services that are transferred to the lessee (e.g., common-area maintenance services), which are non-lease components. Contracts typically also include other costs and fees that do not provide a separate service to the lessee, such as costs paid by the lessee to reimburse the lessor for administrative costs or payment for the lessor’s costs for property taxes, insurance related to the leased asset, and other lessor costs. The Company elected the practical expedient to account for the lease and its associated non-lease components as a single lease component for its real estate leases, including the office, lab, and its manufacturing space. When readily determinable, the discount rate used to calculate the lease liability is the rate implicit in the lease. As the Company's leases typically do not provide an implicit rate, the Company uses its incremental borrowing rate based on the lease term and economic environment at the lease commencement date. The lease term used to calculate the lease liability includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. With limited exceptions, the nature of the Company's facility leases is such that there are no economic or other conditions that would indicate that it is reasonably certain at lease commencement that the Company will exercise options to extend the term. The Company recognizes a corresponding right-of-use (“ROU”) asset, initially measured as the amount of lease liability, adjusted for any initial lease costs or lease payments made before or at the commencement of the lease, and reduced by any lease incentives. In certain instances when there is unpredictability of payout of leasehold improvement reimbursements, the ROU asset and lease liability will be adjusted on a prospective basis as construction related to leasehold improvements is performed over the life of the lease. The Company’s leases consist of only operating leases. Operating leases are recognized on the balance sheet as ROU assets, lease liabilities current and lease liabilities non-current. Fixed rents are included in the calculation of the lease balances while certain variable costs paid for certain operating and pass-through costs are excluded. Lease expense is recognized over the expected lease term on a straight-line basis. For leases with a term of one year or less, or short-term leases, the Company has elected to not recognize the lease liability for these arrangements and the lease payments are recognized in the consolidated statements of operations and comprehensive loss. Recently Issued Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This amendment simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. It also removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, and simplifies the diluted earnings per share calculation in certain areas. ASU No. 2020-06 is effective for public companies for annual periods beginning after December 15, 2021, including interim periods within those fiscal years. The Company early adopted the provisions of ASU 2020-06 effective January 1, 2022, using the modified retrospective method for transition with no significant impact to its consolidated financial statements at the time of adoption.

Cash Equivalents and Investment

Cash Equivalents and Investments	6 Months Ended
	Jun. 30, 2022
Cash and Cash Equivalents [Abstract]
Cash Equivalents and Investments	3. Cash Equivalents and Investments The following tables summarize the amortized cost and fair value of the Company's cash equivalents and investments (in thousands): JUNE 30, 2022 AMORTIZED COST BASIS GROSS UNREALIZED GAINS GROSS UNREALIZED LOSSES ESTIMATED FAIR VALUE Cash Equivalents Money market funds $ 80,069 $ — $ — $ 80,069 Total Cash Equivalents $ 80,069 $ — $ — $ 80,069 Investments Commercial paper $ 8,693 $ — $ — $ 8,693 Asset-backed securities 2,005 — ( 4 ) 2,001 U.S. treasury securities 4,785 — ( 37 ) 4,748 Total Investments $ 15,483 $ — $ ( 41 ) $ 15,442 DECEMBER 31, 2021 AMORTIZED COST BASIS GROSS UNREALIZED GAINS GROSS UNREALIZED LOSSES ESTIMATED FAIR VALUE Cash Equivalents Money market funds $ 98,900 $ — $ — $ 98,900 Total Cash Equivalents $ 98,900 $ — $ — $ 98,900 Investments Commercial paper $ 11,084 $ — $ — $ 11,084 Asset-backed securities 2,020 — ( 2 ) 2,018 U.S. treasury securities 4,812 — ( 8 ) 4,804 Corporate bonds 5,271 — ( 4 ) 5,267 Total Investments $ 23,187 $ — $ ( 14 ) $ 23,173 As of June 30, 2022, the Company held two investments with unrealized losses. All investments in an unrealized loss position were in this position for less than 12 months. The Company evaluated its securities for potential other-than-temporary impairment and considered the decline in market value to be primarily attributable to current economic and market conditions. Additionally, the Company does not intend to sell the securities in an unrealized loss position and does not expect it will be required to sell the securities before recovery of the unamortized cost basis. Given the Company's intent and ability to hold such securities until recovery, and the lack of a significant change in credit risk for these investments, the Company does not consider these investments to be impaired as of June 30, 2022. There were no realized gains or losses recognized on investments in the six months ended June 30, 2022. Interest on investments is recognized as interest income in the consolidated statements of operations and comprehensive loss. All investments held as of June 30, 2022 were classified as available-for-sale securities and had contractual maturities of less than one year.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands): FAIR VALUE MEASUREMENTS LEVEL 1 LEVEL 2 LEVEL 3 TOTAL Assets: Money market funds $ 80,069 $ — $ — $ 80,069 U.S. treasury securities 4,748 — — 4,748 Commercial paper — 8,693 — 8,693 Asset-backed securities — 2,001 — 2,001 Total Assets $ 84,817 $ 10,694 $ — $ 95,511 FAIR VALUE MEASUREMENTS LEVEL 1 LEVEL 2 LEVEL 3 TOTAL Assets: Money market funds $ 98,900 $ — $ — $ 98,900 U.S. treasury securities 4,804 — — 4,804 Commercial paper — 11,084 — 11,084 Asset-backed securities — 2,018 — 2,018 Corporate bonds — 5,267 — 5,267 Total Assets $ 103,704 $ 18,369 $ — $ 122,073 The Company classifies its money market funds and U.S. treasury securities as Level 1 assets since it measures fair value using quoted prices in active markets for identical assets. The Level 2 assets include commercial paper, asset-backed securities, and corporate bonds and are valued based on quoted prices for similar assets in active markets and inputs other than quoted prices that are derived from observable market data. The Company did not hold any Level 3 assets during the periods presented. The Company evaluates transfers between levels at the end of each reporting period. There were no transfers between Level 1 and Level 2 assets during the periods presented.

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	5. Leases The Company has an operating lease in Cambridge, Massachusetts for its corporate headquarters. The lease will expire in January 2024 and includes an optional extension for an additional three year period. The Company also has an operating lease for approximately 33,518 square feet (the “Pod 4 Portion”), approximately 54,666 square feet (the “Pod 5 Portion”), and approximately 17,150 square feet ("Pod 3 Portion") of a manufacturing facility located in Andover, Massachusetts that expires in December 2036. The Company has two options to extend the term of the lease for a period of ten years each . As of June 30, 2022, the Company had not exercised its options to extend the lease term for either lease and it does not deem it reasonably certain that these options will be exercised. The Company agreed to provide the landlord with a $ 3.4 million letter of credit as support for its obligations under the Andover facility lease. The lease provides a lease incentive in the form of reimbursable leasehold improvements of approximately $ 14.9 million. Due to the unpredictability of the payout of leasehold improvement reimbursements, the Right of Use asset will be adjusted on a prospective basis to reflect any payments relating to the lease incentive as construction related to these improvements is performed over the life of the lease. As of June 30, 2022, the Company capitalized $ 28.9 million of leasehold improvement costs , of which $ 6.2 million was reimbursed through the lease incentive. The lease payments include fixed base rent payments and variable rents for certain shared facility operating and other costs. During the three and six months ended June 30, 2022, the Company recognized total rent expense related to the leases described above of $ 1.5 million and $ 3.1 million, respectively, compared to $ 1.4 million and $ 2.8 million in the same periods of 2021. The amount of variable rent expense and rent for short-term leases for the three and six months ended June 30, 2022 and 2021, was $ 0.7 million, $ 1.6 million, $ 0.5 million, and $ 0.8 million, respectively. Other supplemental information related to leases is as follows: AS OF AND FOR 2022 2021 Weighted average remaining lease term 13.3 years 14.0 years Weighted average discount rate 8.1 % 8.5 % Cash paid for amounts included in the measurement of lease liabilities (in thousands) $ 2,557 $ 762 Maturities of operating lease liabilities are as follows as of June 30, 2022 (in thousands): Year Amount 2022 $ 3,147 2023 6,380 2024 4,995 2025 5,145 2026 5,299 Thereafter 62,575 Total lease payments 87,541 Less imputed interest ( 35,972 ) Total lease liabilities $ 51,569 Current portion 2,300 Long-term portion 49,269

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	6. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands): JUNE 30, DECEMBER 31, Accrued research and development costs $ 1,866 $ 1,474 Accrued leasehold improvement costs 1,628 999 Accrued compensation 1,954 2,697 Accrued professional fees 804 846 Accrued interest expense 144 — Miscellaneous accrued expenses 332 468 Total accrued expenses and other liabilities $ 6,728 $ 6,484 As of June 30, 2022, o ther long-term liabilities of $ 0.2 million was the value of unmet conditions associated with a governmental grant received in 2021. The Company a nticipates meeting these conditions between 2024 and 2026 and, upon satisfaction, will reduce these liabilities with a corresponding reduction to research and development expenses.

Convertible Debt

Convertible Debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Convertible Debt	7. Convertible Debt On April 1, 2022, the Company entered into a loan and security agreement (the "Loan Agreement") with K2 HealthVentures LLC ("K2HV"), and together with any other lender from time to time party thereto, the “Lenders”), K2HV as administrative agent for the Lenders, and Ankura Trust Company, LLC, as collateral agent for the Lenders. The Loan Agreement provides term loan commitments of up to $ 45.0 million in four potential tranches: (i) a $ 20.0 million term loan funded on April 1, 2022, (the “First Tranche Term Loan”), (ii) a $ 5.0 million term loan commitment (the “Second Tranche Term Loan Commitment”), (iii) a $ 15.0 million term loan commitment (reduced to $ 10.0 million if a second tranche term loan is made) (the “Third Tranche Term Loan Commitment”), and (iv) a $ 10.0 million term loan commitment (the “Fourth Tranche Term Commitment”). The timing and availability of the tranche term loan commitments are subject to various conditions, including that no events of default have occurred. The availability period of the Second Tranche Term Loan Commitment ends December 31, 2022. The availability of the Third Tranche Term Loan Commitment begins January 1, 2023 and ends no later than July 31, 2023 and is subject to the achievement of a clinical milestone event. The Fourth Term Loan Commitment availability ends May 1, 2024, unless the third tranche milestone is met, which would adjust such date to May 1, 2025. The Second Tranche Term Loan Commitment and Fourth Tranche Term Loan Commitment are subject to a satisfactory loan review by the Lenders who may provide the advances in their sole discretion. The Fourth Tranche Term Loan Commitment is also subject to an additional 1 % facility fee. The facility carries a 48-month term with interest only payments for 24 months, subject to increase to up to 36 months upon the Company drawing on the Third Tranche Loan Commitment and no event of default having occurred. Subsequent to the interest-only period, the Company is required to make equal monthly payments of principal plus interest until the loans mature on April 1, 2026. The term loans bear a variable interest rate equal to the greater of 7.75 % and (ii) the sum of (A) the prime rate last quoted in The Wall Street Journal (or a comparable replacement rate if The Wall Street Journal ceases to quote such rate) and (B) 4.25 %. The variable interest rate at June 30, 2022, was 9.0 %. Upon final payment or prepayment of the loans, the Company must pay a final payment equal to 5.45 % of the loans borrowed ("Final Fee"), which is being accrued to interest expense over the term of the loan. The Company has an option to prepay the loans in whole, subject to a prepayment fee of 3 % prior to the first anniversary of the April 1, 2022, funding date, 2 % after the first anniversary but prior the second anniversary of the funding date, and 1 % thereafter if prior to the maturity date. The Lenders may elect at any time prior to the full repayment of the term loans to convert any portion of the principal amount of the term loans then outstanding, up to an aggregate of $ 5.0 million in principal amount, into shares of the Company's common stock at a conversion price of $ 2.2689 , subject to customary beneficial ownership limitations. The Loan Agreement contains customary representations and warranties, events of default and affirmative and negative covenants, including covenants that limit or restrict the Company’s ability to, among other things, dispose of assets, make changes to the Company’s business, management, ownership or business locations, merge or consolidate, incur additional indebtedness, pay dividends or other distributions or repurchase equity, make investments, and enter into certain transactions with affiliates, in each case subject to certain exceptions. As security for its obligations under the Loan Agreement, the Company granted the Lenders a first priority security interest on substantially all of the Company’s assets (other than intellectual property), subject to certain exceptions. Upon occurrence of an event of default, which includes the failure to maintain solvency, the Company may have to prepay the term loans in an amount equal to the sum of (a) outstanding principal together with accrued interest (b) prepayment fee, and (c) Final Fee. In connection with entering into the Loan Agreement, the Company also issued to K2HV a warrant to purchase a number of shares of Common Stock equal to the quotient of 2.95 % of the aggregate funded term loan amount divided by $ 1.5126 , the exercise price, up to a maximum of 877,627 shares (the "Warrant"). The Warrant expires on April 1, 2032 . The Warrant has been classified within equity since it (i) is indexed to the Company’s own equity and (ii) meets the equity classification conditions. As of June 30, 2022, the Warrant is exercisable for 390,056 shares of common stock. The Company allocated the proceeds between the term loan and the Warrant on a relative fair value basis, resulting in a discount on the term loan. The Loan Agreement and the Warrant each provide the Lenders with certain piggyback registration rights with respect to the shares issuable upon conversion under the Loan Agreement or upon exercise of the Warrant. The Company incurred fees and issuance costs associated with the Loan Agreement of approximately $ 0.5 million. The Company recorded contractual interest expense related to the Loan Agreement of $ 0.4 million and additional interest expense related to the amortization of the debt discount and issuance costs and accretion of the Final Fee of $ 0.2 million in the three and six months ended June 30, 2022. The effective interest rate at June 30, 2022, which includes each of the interest components noted above, was 12.51 %. Future principal debt payments on the Loan Agreement are as follows (in thousands): JUNE 30, 2022 $ — 2023 — 2024 6,255 2025 10,127 2026 3,618 Total principal payments 20,000 Final Fee 1,090 Total principal payments and Final Fee 21,090 Less: Unamortized debt discount ( 932 ) Less: Unamortized debt issuance costs ( 78 ) Less: Unaccreted Final Fee ( 1,002 ) Term loan, non-current $ 19,078

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Common Stock	8. Common Stock Each share of the Company's common stock is entitled to one vote . The holders of shares of common stock are entitled to receive dividends, if and when declared by the Board of Directors. Prior to the IPO, the voting, dividend, and liquidation rights of the holders of common stock were subject to, and qualified by, the rights, powers, and preferences of the holders of preferred stock. Upon the closing of the IPO, the Company amended and restated its certificate of incorporation to provide for 100,000,000 shares designated as common stock with a par value of $ 0.0001 per share as part of its authorized capital. Restricted Stock The Company issued restricted stock to its founders and certain officers of the Company. In general, the shares of restricted stock vested over a four-year period, with 25 % of the shares vesting after one year, followed by monthly vesting over the remaining three years. As of June 30, 2022, all restricted stock awards were fully vested. Common Stock Warrants The Company issued warrants to purchase common stock in connection with a preferred stock financing in March 2016. These common stock warrants allow for the holders to purchase 71,544 shares of common stock at $ 1.21 per share. As of June 30, 2022, all of the common stock warrants were fully exercisable. The common stock warrants expire in 2031. On April 1, 2022, in connection with the K2HV Loan Agreement, the Company issued a warrant to K2HV to purchase 390,056 shares of common stock. This warrant expires in 2032. Refer to Footnote 7 for further discussion. Reserved Shares The Company has reserved the following shares of common stock for the conversion or exercise of the following securities: JUNE 30, DECEMBER 31, Exercise of common stock warrants 461,600 71,544 Exercise of options to purchase common stock 5,188,778 3,681,793 Shares available for issuance under employee stock purchase plan 190,888 — Shares available for issuance under equity incentive plans 1,880,377 2,132,067 Total 7,721,643 5,885,404

Equity Incentive Plan

Equity Incentive Plan	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Equity Incentive Plans	9. Equity Incentive Plans The Company adopted the 2016 Equity Incentive Plan, as amended (the “2016 Plan”) on March 31, 2016. The 2016 Plan provided for the granting of stock options, restricted stock awards, restricted stock units, stock appreciation rights and other stock awards to employees, directors and non-employees. All option awards were granted with an exercise price equal to or greater than the market price of the Company’s stock at the date of grant. Option awards generally vest over three to four years . Certain option awards provide for accelerated vesting if there is a change in control as defined in the 2016 Plan. The provisions of the 2016 Plan allow for early exercises for options that have not yet vested. Early exercises have historically been for a de minimis number of shares. On September 23, 2020, the Company adopted the 2020 Equity Incentive Plan (the “2020 Plan”), which became effective upon the execution of the underwriting agreement related to the IPO and serves as the successor to the 2016 Plan. The 2020 Plan authorizes the award of stock options, restricted stock awards, stock appreciation rights, restricted stock units, cash awards, performance awards and stock bonus awards. The number of shares reserved for issuance under the 2020 Plan increases automatically on January 1 of each fiscal year, through and including January 1, 2030, by the number of shares equal to 5 % of the aggregate number of outstanding shares of common stock as of the immediately preceding December 31, or a lesser number of shares as may be determined by the board of directors (or an authorized committee thereof). On January 1, 2022, the board of directors authorized an increase in the number of shares reserved for issuance under the 2020 Plan by 1,292,458 shares of common stock. At June 30, 2022, there were 1,880,377 shares of common stock available for issuance under the 2020 Plan. On September 23, 2020, the Company adopted the 2020 Employee Stock Purchase Plan (the "ESPP"), which became effective upon the execution of the underwriting agreement related to the IPO. The Company initially reserved 280,000 shares of common stock for sale under the ESPP. The aggregate number of shares reserved for sale under the ESPP increases automatically on January 1st of each fiscal year through and including January 1, 2030, by the number of shares equal to the lesser of (a) 1% of the total number of shares of common stock outstanding on the last day of the fiscal year prior to the date of such automatic increase and (b) 560,000 shares, provided that prior to the date of any such increase, the board of directors may determine a lesser number of shares for such increase. In December 2021, the board of directors determined that there would be no automatic increase in the number of shares of common stock reserved under the ESPP on January 1, 2022. The ESPP provides for six-month offering periods commencing on January 1 and ending on June 30 and commencing on July 1 and ending on December 31 of each calendar year. The Company began its first offering period on January 1, 2022, and issued 89,112 shares of common stock on June 30, 2022 at the end of the offering period. Total stock-based compensation was classified as follows on the unaudited interim condensed consolidated statements of operations (in thousands): THREE MONTHS ENDED SIX MONTHS ENDED 2022 2021 2022 2021 General and administrative $ 1,476 $ 1,029 $ 2,738 $ 1,768 Research and development 704 627 1,422 1,060 Total stock-based compensation $ 2,180 $ 1,656 $ 4,160 $ 2,828 In December 2020, the Company granted an employee an option to purchase 113,000 shares of the Company’s common stock with an exercise price per share equal to the fair value of the Company’s common stock on the date of grant. This grant is included in the outstanding options in the summary table below. The option grant includes three separate tranches (each tranche representing one-third of the total grant) that will each vest four years from the date of grant. This option grant and its tranches are subject to accelerated vesting in the event that the Company achieves certain defined milestones related to the Company’s manufacturing efforts. As of June 30, 2022, the Company determined that the requisite service period for two of the three tranches of this award is four years and recognized $ 0.2 million of stock-based compensation expense for the six months ended June 30, 2022. Accelerated vesting was considered to be probable for one of the tranches as of June 30, 2022. Accordingly, the Company recognized stock-based compensation expense of $ 0.2 million for this tranche in the six months ended June 30, 2022, which included a cumulative adjustment reflecting the retroactive application of the accelerated vesting. A summary of option activity for the six months ended June 30, 2022 is presented below: SHARES WEIGHTED WEIGHTED- AGGREGATE Outstanding at December 31, 2021 3,681,793 $ 10.84 Granted 1,723,500 $ 1.75 Exercised ( 34,863 ) $ 1.77 Canceled, expired or forfeited ( 181,652 ) $ 8.34 Outstanding at June 30, 2022 5,188,778 $ 7.97 8.29 $ 33 Vested and expected to vest at June 30, 2022 5,188,778 $ 7.97 8.29 $ 33 Exercisable at June 30, 2022 1,670,042 $ 7.73 6.98 $ 25 The weighted average grant date fair value per share of options granted to employees, directors and non-employee consultants during the six months ended June 30, 2022 and 2021 was $ 1.28 and $ 11.69 , respectively. The total intrinsic value of options exercised was $ 0.02 million and $ 1.7 million for the six months ended June 30, 2022 and 2021, respectively. Total unrecognized stock-based compensation expense related to options is $ 17.1 million at June 30, 2022, and is expected to be recognized over a weighted-average period of 2.7 years.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies The Company is not currently party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses costs related to such legal proceedings as incurred.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	11. Net Loss Per Share The following securities that could potentially dilute basic net loss per share in the future were not included in the computation of diluted net loss per share for the periods presented, because to do so would have been antidilutive: SIX MONTHS ENDED 2022 2021 Outstanding stock options 5,188,778 3,636,492 Restricted stock — 6,893 Shares available for purchase under employee stock purchase plan 190,888 — Common stock warrants 461,600 71,544 Potential conversion of note payable 2,203,711 — Total 8,044,977 3,714,929

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events The Company has evaluated subsequent events from the balance sheet date through the date on which these financial statements were issued. Subsequent to the issuance of the financial statements, there were no events that occurred that required disclosure in, or revision to, the financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and as amended by Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements include all normal and recurring adjustments (which consist primarily of accruals and estimates that impact the financial statements) which are considered necessary to present fairly the Company’s financial position as of June 30, 2022, its results of operations for the three and six months ended June 30, 2022 and 2021, its changes in stockholders’ equity for the three and six months ended June 30, 2022 and 2021 and its cash flows for the six months ended June 30, 2022 and 2021. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2021, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K (the "Annual Report") filed with the Securities and Exchange Commission (the “SEC”) on March 9, 2022. The condensed consolidated balance sheet data as of December 31, 2021 presented for comparative purposes was derived from the Company’s audited consolidated financial statements but does not include all disclosures required by GAAP. The results for the three and six months ended June 30, 2022, are not necessarily indicative of the operating results to be expected for the full year or for any other subsequent interim period. The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2021, included in its Annual Report. Any changes to the Company’s significant accounting policies are further discussed below.
COVID-19 Pandemic	COVID-19 Pandemic With the ongoing COVID-19 global pandemic, the Company has implemented business continuity plans designed to address and mitigate the impact of the COVID-19 pandemic on its employees and its business, including its preclinical studies, its ongoing clinical trial, and its regulatory filings. The Company has taken measures to secure its research and development activities, while work in its laboratories and facilities has been re-organized to reduce risks of COVID-19 transmission. Given the global impact and the other risks and uncertainties associated with the pandemic, the Company’s business, financial condition and results of operations could be materially adversely affected. The Company continues to closely monitor the COVID-19 pandemic and evolve its business continuity plans, clinical development plans and response strategy to mitigate any potential impact. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. Actual results could differ from those estimates, and any such differences may be material to the Company’s financial statements.
Going Concern	Going Concern At each reporting period, the Company evaluates whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company is required to make certain additional disclosures if it concludes substantial doubt exists and it is not alleviated by the Company’s plans or when its plans alleviate substantial doubt about the Company’s ability to continue as a going concern.
Principles of Consolidation	Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements of the Company include the accounts of its wholly owned subsidiary, Oncorus Securities Corporation. All intercompany transactions have been eliminated in consolidation. The Company has one operating segment.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. On an ongoing basis, the Company’s management evaluates its estimates, which include, but are not limited to, the estimated fair value of the Company’s common stock and share-based awards utilized for stock-based compensation purposes, accrued expenses, and amounts of expenses during the reported period. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions.
Deferred Offering Costs	Deferred Offering Costs The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with in-process equity issuances or debt financings as deferred offering costs until such equity issuances or debt financings are consummated. After consummation, these costs are recorded as a reduction in the capitalized amount associated with the equity issuance or debt financing.
Debt Related Costs	Debt Related Costs The carrying value of the Company’s Term Loan is recorded net of issuance costs and discount relating to the issuance of warrants and fees paid to the lender. Debt related costs are amortized over the term of the debt using the effective interest method and recognized as interest expense.
Warrants	Warrants In accordance with ASC Topic 470-20-25, when the Company issues debt with warrants, the Company treats the warrants as a debt discount, recorded as a contra-liability against the debt, and amortizes the balance over the life of the underlying debt as amortization of debt discount expense in the statements of operations. The offset to the contra-liability is recorded as additional paid-in capital in the Company’s consolidated balance sheet if the warrants are not treated as a derivative or as liability warrants. The Company determines the fair value of the warrants at issuance using the Black-Scholes option pricing model.
Concentration of Credit Risk and of Significant Suppliers	Concentr ation of Credit Risk and of Significant Suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and short-term investments. The Company has all of its cash at one financial institution that management believes to be of high credit quality, in amounts that exceed federally insured limits. The Company invests its excess cash, in line with its investment policy, primarily in money market funds and high credit quality debt instruments. The Company is dependent upon a third-party contract manufacturer and third-party contract research organizations for the performance of portions of its testing for pre-clinical and clinical studies. The Company believes that its relationships with these organizations are satisfactory, and that alternative suppliers of these services are available in the event of the loss of one or more of these suppliers.
Restricted Cash	Restricted Cash The Company maintains a balance in a segregated bank account in connection with a letter of credit for the benefit of the landlord in connection with an operating lease. As of June 30, 2022, restricted cash consisted of $ 3.4 million held for the benefit of the landlord. This amount has been classified as part of non-current assets on the Company's unaudited interim condensed consolidated balance sheets. The Company includes its restricted cash balance in the cash, cash equivalents and restricted cash reconciliation of operating, investing, and financing activities in the unaudited interim condensed consolidated statements of cash flows. The following table provides a reconciliation of cash, cash equivalents and restricted cash in the unaudited interim condensed consolidated balance sheets that sum to the total of the same such amounts shown in the unaudited interim condensed consolidated statements of cash flows: JUNE 30, 2022 2021 (in thousands) Cash and cash equivalents $ 84,797 $ 159,920 Restricted cash 3,437 2,877 Total cash, cash equivalents and restricted cash shown in the unaudited interim consolidated statements of cash flows $ 88,234 $ 162,797
Investments	Investments Short-term investments consist of commercial paper, corporate bonds, asset-backed securities, and U.S. treasury securities with original maturities greater than three months. The Company may sell investments at any time for use in current operations even if the investments have not yet reached maturity. As a result, the Company classifies its investments, including securities with maturities beyond twelve months, as current assets. As of June 30, 2022, all investments are classified as available-for-sale securities, which are recorded at fair value. Unrealized holding gains and losses on available-for-sale securities are reported as a net amount in accumulated other comprehensive income or loss in stockholders’ equity until realized. Purchase premiums and discounts are amortized to interest income over the terms of the related securities. Realized gains and losses and declines in fair value that are deemed to be other than temporary are reflected in the statements of operations and comprehensive loss using the specific-identification method. The Company periodically reviews all available-for-sale securities for other than temporary declines in fair value below the cost basis whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company also evaluates whether it has plans or is required to sell short-term investments before recovery of their amortized cost bases. For the six months ended June 30, 2022 , the Company has not identified any other than temporary declines in fair value of its short-term investments.
Fair Value Measurements	Fair Value Measurements Certain assets and liabilities of the Company are carried at fair value under GAAP. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: Level 1 —Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 —Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly, such as quoted market prices, interest rates, and yield curves. Level 3 —Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable. To the extent a valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair values requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company believes that the carrying amounts of prepaid expenses, other current assets, accounts payable, and accrued expenses approximate their fair value due to the short-term nature of those instruments.
Operating Leases	Operating Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on specific facts and circumstances, the existence of an identified asset(s), if any, and the Company’s control over the use of the identified asset(s), if applicable. The lease liability is measured at the present value of future lease payments, discounted using the discount rate as of the lease commencement date. Future lease payments may include payments that depend on an index or a rate (such as the consumer price index or other market index). The Company initially measures payments based on an index or rate by using the applicable rate at lease commencement and subsequent changes in such rates are recognized as variable lease costs. Variable payments that do not depend on a rate or index are not included in the lease liability and are recognized as they are incurred. The Company’s contracts typically do not have variable payments based on index or rate. The Company’s contracts that include a lease component generally include additional services that are transferred to the lessee (e.g., common-area maintenance services), which are non-lease components. Contracts typically also include other costs and fees that do not provide a separate service to the lessee, such as costs paid by the lessee to reimburse the lessor for administrative costs or payment for the lessor’s costs for property taxes, insurance related to the leased asset, and other lessor costs. The Company elected the practical expedient to account for the lease and its associated non-lease components as a single lease component for its real estate leases, including the office, lab, and its manufacturing space. When readily determinable, the discount rate used to calculate the lease liability is the rate implicit in the lease. As the Company's leases typically do not provide an implicit rate, the Company uses its incremental borrowing rate based on the lease term and economic environment at the lease commencement date. The lease term used to calculate the lease liability includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. With limited exceptions, the nature of the Company's facility leases is such that there are no economic or other conditions that would indicate that it is reasonably certain at lease commencement that the Company will exercise options to extend the term. The Company recognizes a corresponding right-of-use (“ROU”) asset, initially measured as the amount of lease liability, adjusted for any initial lease costs or lease payments made before or at the commencement of the lease, and reduced by any lease incentives. In certain instances when there is unpredictability of payout of leasehold improvement reimbursements, the ROU asset and lease liability will be adjusted on a prospective basis as construction related to leasehold improvements is performed over the life of the lease. The Company’s leases consist of only operating leases. Operating leases are recognized on the balance sheet as ROU assets, lease liabilities current and lease liabilities non-current. Fixed rents are included in the calculation of the lease balances while certain variable costs paid for certain operating and pass-through costs are excluded. Lease expense is recognized over the expected lease term on a straight-line basis. For leases with a term of one year or less, or short-term leases, the Company has elected to not recognize the lease liability for these arrangements and the lease payments are recognized in the consolidated statements of operations and comprehensive loss.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This amendment simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. It also removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, and simplifies the diluted earnings per share calculation in certain areas. ASU No. 2020-06 is effective for public companies for annual periods beginning after December 15, 2021, including interim periods within those fiscal years. The Company early adopted the provisions of ASU 2020-06 effective January 1, 2022, using the modified retrospective method for transition with no significant impact to its consolidated financial statements at the time of adoption.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
Summary Of Significant Accounting Policies [Abstract]
Summary of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash in the unaudited interim condensed consolidated balance sheets that sum to the total of the same such amounts shown in the unaudited interim condensed consolidated statements of cash flows: JUNE 30, 2022 2021 (in thousands) Cash and cash equivalents $ 84,797 $ 159,920 Restricted cash 3,437 2,877 Total cash, cash equivalents and restricted cash shown in the unaudited interim consolidated statements of cash flows $ 88,234 $ 162,797

Cash Equivalents and Investme_2

Cash Equivalents and Investments (Tables)	6 Months Ended
	Jun. 30, 2022
Cash and Cash Equivalents [Abstract]
Summary of amortized cost and fair value of our cash equivalents and investments	The following tables summarize the amortized cost and fair value of the Company's cash equivalents and investments (in thousands): JUNE 30, 2022 AMORTIZED COST BASIS GROSS UNREALIZED GAINS GROSS UNREALIZED LOSSES ESTIMATED FAIR VALUE Cash Equivalents Money market funds $ 80,069 $ — $ — $ 80,069 Total Cash Equivalents $ 80,069 $ — $ — $ 80,069 Investments Commercial paper $ 8,693 $ — $ — $ 8,693 Asset-backed securities 2,005 — ( 4 ) 2,001 U.S. treasury securities 4,785 — ( 37 ) 4,748 Total Investments $ 15,483 $ — $ ( 41 ) $ 15,442 DECEMBER 31, 2021 AMORTIZED COST BASIS GROSS UNREALIZED GAINS GROSS UNREALIZED LOSSES ESTIMATED FAIR VALUE Cash Equivalents Money market funds $ 98,900 $ — $ — $ 98,900 Total Cash Equivalents $ 98,900 $ — $ — $ 98,900 Investments Commercial paper $ 11,084 $ — $ — $ 11,084 Asset-backed securities 2,020 — ( 2 ) 2,018 U.S. treasury securities 4,812 — ( 8 ) 4,804 Corporate bonds 5,271 — ( 4 ) 5,267 Total Investments $ 23,187 $ — $ ( 14 ) $ 23,173

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands): FAIR VALUE MEASUREMENTS LEVEL 1 LEVEL 2 LEVEL 3 TOTAL Assets: Money market funds $ 80,069 $ — $ — $ 80,069 U.S. treasury securities 4,748 — — 4,748 Commercial paper — 8,693 — 8,693 Asset-backed securities — 2,001 — 2,001 Total Assets $ 84,817 $ 10,694 $ — $ 95,511 FAIR VALUE MEASUREMENTS LEVEL 1 LEVEL 2 LEVEL 3 TOTAL Assets: Money market funds $ 98,900 $ — $ — $ 98,900 U.S. treasury securities 4,804 — — 4,804 Commercial paper — 11,084 — 11,084 Asset-backed securities — 2,018 — 2,018 Corporate bonds — 5,267 — 5,267 Total Assets $ 103,704 $ 18,369 $ — $ 122,073

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Schedule of Other Supplemental Information Related to Leases	Other supplemental information related to leases is as follows: AS OF AND FOR 2022 2021 Weighted average remaining lease term 13.3 years 14.0 years Weighted average discount rate 8.1 % 8.5 % Cash paid for amounts included in the measurement of lease liabilities (in thousands) $ 2,557 $ 762
Summary of Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities are as follows as of June 30, 2022 (in thousands): Year Amount 2022 $ 3,147 2023 6,380 2024 4,995 2025 5,145 2026 5,299 Thereafter 62,575 Total lease payments 87,541 Less imputed interest ( 35,972 ) Total lease liabilities $ 51,569 Current portion 2,300 Long-term portion 49,269

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Summary of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following (in thousands): JUNE 30, DECEMBER 31, Accrued research and development costs $ 1,866 $ 1,474 Accrued leasehold improvement costs 1,628 999 Accrued compensation 1,954 2,697 Accrued professional fees 804 846 Accrued interest expense 144 — Miscellaneous accrued expenses 332 468 Total accrued expenses and other liabilities $ 6,728 $ 6,484

Convertible Debt (Tables)

Convertible Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Future Principal Debt Payments on the Loan Agreement	Future principal debt payments on the Loan Agreement are as follows (in thousands): JUNE 30, 2022 $ — 2023 — 2024 6,255 2025 10,127 2026 3,618 Total principal payments 20,000 Final Fee 1,090 Total principal payments and Final Fee 21,090 Less: Unamortized debt discount ( 932 ) Less: Unamortized debt issuance costs ( 78 ) Less: Unaccreted Final Fee ( 1,002 ) Term loan, non-current $ 19,078

Common Stock (Tables)

Common Stock (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Reserved Shares of Common Stock	The Company has reserved the following shares of common stock for the conversion or exercise of the following securities: JUNE 30, DECEMBER 31, Exercise of common stock warrants 461,600 71,544 Exercise of options to purchase common stock 5,188,778 3,681,793 Shares available for issuance under employee stock purchase plan 190,888 — Shares available for issuance under equity incentive plans 1,880,377 2,132,067 Total 7,721,643 5,885,404

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Total Stock-based Compensation Including Both Stock Option Awards and Restricted Stock	Total stock-based compensation was classified as follows on the unaudited interim condensed consolidated statements of operations (in thousands): THREE MONTHS ENDED SIX MONTHS ENDED 2022 2021 2022 2021 General and administrative $ 1,476 $ 1,029 $ 2,738 $ 1,768 Research and development 704 627 1,422 1,060 Total stock-based compensation $ 2,180 $ 1,656 $ 4,160 $ 2,828
Summary of Option Activity	A summary of option activity for the six months ended June 30, 2022 is presented below: SHARES WEIGHTED WEIGHTED- AGGREGATE Outstanding at December 31, 2021 3,681,793 $ 10.84 Granted 1,723,500 $ 1.75 Exercised ( 34,863 ) $ 1.77 Canceled, expired or forfeited ( 181,652 ) $ 8.34 Outstanding at June 30, 2022 5,188,778 $ 7.97 8.29 $ 33 Vested and expected to vest at June 30, 2022 5,188,778 $ 7.97 8.29 $ 33 Exercisable at June 30, 2022 1,670,042 $ 7.73 6.98 $ 25

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following securities that could potentially dilute basic net loss per share in the future were not included in the computation of diluted net loss per share for the periods presented, because to do so would have been antidilutive: SIX MONTHS ENDED 2022 2021 Outstanding stock options 5,188,778 3,636,492 Restricted stock — 6,893 Shares available for purchase under employee stock purchase plan 190,888 — Common stock warrants 461,600 71,544 Potential conversion of note payable 2,203,711 — Total 8,044,977 3,714,929

Nature of the Business and Li_2

Nature of the Business and Liquidity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended	6 Months Ended
	Feb. 17, 2021	Oct. 14, 2020	Oct. 06, 2020	Nov. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Accounting Policies [Line Items]
Proceeds from Issuance of Common Stock	$ 53,000				$ 52,983	$ 0	$ 52,983
Stock Issued During Period, Shares, New Issues	3,000,000
Share issue price	$ 19
Gross proceeds from issuance initial public offering		$ 98,400
Proceeds from issuance of initial public offer		$ 88,300
Preferred stock, shares outstanding			0			0		0
Proceeds from issuance of common stock, gross	$ 57,000
Aggregate gross proceeds				$ 50,000
Common Stock [Member]
Accounting Policies [Line Items]
Stock Issued During Period, Shares, New Issues					3,000,000
Convertible preferred stock, shares			14,951,554
IPO [Member]
Accounting Policies [Line Items]
Stock Issued During Period, Shares, New Issues		757,991	5,800,000
Share issue price		$ 15	$ 15

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) Segment	Jun. 30, 2021 USD ($)
Accounting Policies [Abstract]
Number of operating segments | Segment	1
Restricted cash | $	$ 3,437	$ 2,877

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 84,797	$ 100,752	$ 159,920
Restricted cash	3,437		2,877
Cash, cash equivalents and restricted cash at end of period	$ 88,234	$ 104,189	$ 162,797	$ 133,182

Cash Equivalents and Investme_3

Cash Equivalents and Investments - Summary of amortized cost and fair value of our cash equivalents and investments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Amortized Cost	$ 15,483	$ 23,187
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(41)	(14)
Estimated Fair Value	15,442	23,173
Money Market Funds [Member]
Cash and Cash Equivalents [Line Items]
Amortized Cost	80,069	98,900
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	80,069	98,900
Commercial Paper [Member]
Cash and Cash Equivalents [Line Items]
Amortized Cost	8,693	11,084
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	8,693	11,084
Asset-Backed Securities [Member]
Cash and Cash Equivalents [Line Items]
Amortized Cost	2,005	2,020
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(4)	(2)
Estimated Fair Value	2,001	2,018
US Treasury Securities [Member]
Cash and Cash Equivalents [Line Items]
Amortized Cost	4,785	4,812
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(37)	(8)
Estimated Fair Value	4,748	4,804
Corporate Debt Securities [Member]
Cash and Cash Equivalents [Line Items]
Amortized Cost		5,271
Gross Unrealized Gains		0
Gross Unrealized Losses		(4)
Estimated Fair Value		5,267
Cash Equivalents [Member]
Cash and Cash Equivalents [Line Items]
Amortized Cost	80,069	98,900
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 80,069	$ 98,900

Cash Equivalents and Investme_4

Cash Equivalents and Investments - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Cash and Cash Equivalents [Abstract]
Realized gains or losses recognized	$ 0

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value On a Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 95,511	$ 122,073
Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	80,069	98,900
US Treasury Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	4,748	4,804
Commercial Paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	8,693	11,084
Asset-Backed Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	2,001	2,018
Corporate Debt Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets		5,267
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	84,817	103,704
Level 1 [Member] | Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	80,069	98,900
Level 1 [Member] | US Treasury Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	4,748	4,804
Level 1 [Member] | Commercial Paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	0	0
Level 1 [Member] | Asset-Backed Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	0	0
Level 1 [Member] | Corporate Debt Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets		0
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	10,694	18,369
Level 2 [Member] | Commercial Paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	8,693	11,084
Level 2 [Member] | Asset-Backed Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 2,001	2,018
Level 2 [Member] | Corporate Debt Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets		$ 5,267

Leases - Additional Information

Leases - Additional Information (Detail) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) ft²	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) ft²	Jun. 30, 2021 USD ($)
Lessee Lease Description [Line Items]
Lease incentive related to reimbursable leasehold improvements	$ 14.9		$ 14.9
Leasehold improvement costs capitalized			28.9
Leasehold improvement costs reimbursed			6.2
Letter Of Credit Member
Lessee Lease Description [Line Items]
Pledged letter of credit	$ 3.4		$ 3.4
Pod4 [Member]
Lessee Lease Description [Line Items]
Area of Land | ft²	33,518		33,518
Pod 3 [Member]
Lessee Lease Description [Line Items]
Area of Land | ft²	17,150		17,150
Pod5 [Member]
Lessee Lease Description [Line Items]
Area of Land | ft²	54,666		54,666
CambridgeMassachusetts [Member]
Lessee Lease Description [Line Items]
Lessee, operating lease, option to extend			The lease will expire in January 2024 and includes an optional extension for an additional three year period.
Andover, Massachusetts [Member]
Lessee Lease Description [Line Items]
Lessee, operating lease, option to extend			The Company has two options to extend the term of the lease for a period of ten years each
Lab Space [Member]
Lessee Lease Description [Line Items]
OperatingLeaseRentalExpense	$ 1.5	$ 1.4	$ 3.1	$ 2.8
Short Term Lease Expense [Member]
Lessee Lease Description [Line Items]
OperatingLeaseRentalExpense	$ 0.7	$ 0.5	$ 1.6	$ 0.8

Leases - Summary of Other Suppl

Leases - Summary of Other Supplemental Information Related to Leases (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Weighted average remaining lease term	13 years 3 months 18 days	14 years
Weighted average discount rate	8.10%	8.50%
Cash paid for amounts included in the measurement of lease liabilities (in thousands)	$ 2,557	$ 762

Leases - Summary of Maturities

Leases - Summary of Maturities of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Lessee, Operating Lease, Liability, to be Paid [Abstract]
2022	$ 3,147
2023	6,380
2024	4,995
2025	5,145
2026	5,299
Thereafter	62,575
Total lease payments	87,541
Less imputed interest	(35,972)
Total lease liabilities	51,569
Lease liability - current portion	2,300	$ 1,684
Lease liability - net of current portion	$ 49,269	$ 50,388

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities - Summary of Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued research and development costs	$ 1,866	$ 1,474
Accrued leasehold improvement costs	1,628	999
Accrued compensation	1,954	2,697
Accrued professional fees	804	846
Accrued interest expense	144	0
Miscellaneous accrued expenses	332	468
Total accrued expenses and other long-term liabilities	$ 6,728	$ 6,484

Accrued Expenses and Other Li_4

Accrued Expenses and Other Liabilities - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Other Liabilities, Noncurrent	$ 169	$ 203

Convertible Debt (Additional In

Convertible Debt (Additional Information) (Details) - USD ($)		3 Months Ended	6 Months Ended
	Apr. 01, 2022	Jun. 30, 2022	Jun. 30, 2022
Debt Instrument [Line Items]
Final Fee		$ 1,090,000	$ 1,090,000
Warrant exercisable for common stock	390,056
Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 45,000,000
Principal in Term Loans	$ 5,000,000
Term Loan Variable Interest Rate	4.25%	9%	9%
Final Fee	$ 5,450
Debt instrument interest rate, terms	The term loans bear a variable interest rate equal to the greater of 7.75% and (ii) the sum of (A) the prime rate last quoted in The Wall Street Journal (or a comparable replacement rate if The Wall Street Journal ceases to quote such rate) and (B) 4.25%. The variable interest rate at June 30, 2022, was 9.0%. Upon final payment or prepayment of the loans, the Company must pay a final payment equal to 5.45% of the loans borrowed ("Final Fee"), which is being accrued to interest expense over the term of the loan. The Company has an option to prepay the loans in whole, subject to a prepayment fee of 3% prior to the first anniversary of the April 1, 2022, funding date, 2% after the first anniversary but prior the second anniversary of the funding date, and 1% thereafter if prior to the maturity date.
Common Stock Conversion Price	$ 2,268.9000
Warrant to purchase a number of shares	2.95%
Warrants or rights, exercise price	$ 1.5126
Warrants to purchase a maximum number of shares	877,627,000
Warrant Expiry Date	Apr. 01, 2032
Warrant exercisable for common stock	390,056
Issuance cost			$ 500,000
Interest rate		12.51%	12.51%
Interest expense			$ 400,000
Interest expense, debt amortization		$ 200,000	$ 200,000
Term Loan | Maximum [Member]
Debt Instrument [Line Items]
Term Loan Variable Interest Rate	7.75%
Tranche One | Term Loan
Debt Instrument [Line Items]
Principal amount	$ 20,000,000
Tranche Two [Member] | Term Loan
Debt Instrument [Line Items]
Principal amount	5,000,000
Tranche Three | Term Loan
Debt Instrument [Line Items]
Principal amount	15,000,000
Term loan reduced	10,000,000
Tranche four | Term Loan
Debt Instrument [Line Items]
Principal amount	$ 10,000,000
Facility fee	1%
Prior to first anniversary | Term Loan
Debt Instrument [Line Items]
Prepayment fee	3%
Prior to second anniversary | Term Loan
Debt Instrument [Line Items]
Prepayment fee	2%
Prior to maturity | Term Loan
Debt Instrument [Line Items]
Prepayment fee	1%

Convertible Debt - Schedule of

Convertible Debt - Schedule of Future Principal Debt Payments on the Loan Agreement (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Long-Term Debt, Rolling Maturity [Abstract]
2022	$ 0
2023	0
2024	6,255
2025	10,127
2026	3,618
Total principal payments	20,000
Final Fee	1,090
Total principal payments and Final Fee	21,090
Less: Unamortized debt discount	932
Less: Unamortized debt issuance costs	78
Less: Unaccreted Final Fee	1,002
Term loan, non-current	$ 19,078	$ 0

Common Stock - Additional Infor

Common Stock - Additional Information (Detail) - $ / shares	3 Months Ended	6 Months Ended
	Mar. 31, 2022	Jun. 30, 2022	Apr. 01, 2022	Dec. 31, 2021
Common stock, voting rights		Each share of the Company's common stock is entitled to one vote
Common Stock, Shares Authorized		100,000,000		100,000,000
Common stock, par or stated value per share		$ 0.0001		$ 0.0001
Warrants or rights, number of shares called		461,600		71,544
Warrant exercisable for common stock			390,056
Common Stock Warrants [Member]
Warrants or rights, number of shares called		71,544
Warrants or rights, exercise price		$ 1.21
Restricted Stock [Member] | Founders [Member]
Share based payment award, award vesting period		4 years
Share-based payment award, award vesting percentage	25%

Common Stock - Summary of Reser

Common Stock - Summary of Reserved Shares of Common Stock (Detail) - shares	Jun. 30, 2022	Dec. 31, 2021	Sep. 23, 2020
Exercise of common stock warrants	461,600	71,544
Exercise of options to purchase common stock	5,188,778,000	3,681,793,000
Shares available for issuance under equity incentive plans	1,880,377	2,132,067
Total	7,721,643	5,885,404
Shares available for issuance under employee stock purchase plan [Member]
Total	190,888	0	280,000
Exercise of options to purchase common stock [Member]
Exercise of options to purchase common stock	5,188,778	3,681,793

Equity Incentive Plan - Additio

Equity Incentive Plan - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 01, 2022	Sep. 23, 2020	Dec. 31, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for issuance under equity incentive plans				1,880,377		1,880,377		2,132,067
Share based payments shares increase decrease	1,292,458,000
Shares available for issuance under employee stock purchase plan				7,721,643		7,721,643		5,885,404
Share based payment awards options granted						1,723,500,000
Share-based payment arrangement, expense				$ 2,180	$ 1,656	$ 4,160	$ 2,828
Unrecognized compensation expense related to stock options weighted average period						2 years 8 months 12 days
Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock under employee stock purchase plans, Shares				89,112,000		89,112
2016 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value of options granted						$ 1.28	$ 11.69
Aggregate intrinsic value, options exercised						$ 20	$ 1,700
Unrecognized compensation expense related to stock options				$ 17,100		$ 17,100
2016 Plan [Member] | Restricted Stock [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based payment award, award vesting period						3 years
2016 Plan [Member] | Restricted Stock [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based payment award, award vesting period						4 years
2016 Plan [Member] | Performance Share [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based payment award, award vesting period						4 years
Share based payment awards options granted			113,000
Share based payment award, requisite service period						4 years
Share-based payment arrangement, expense						$ 200
2020 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for issuance under equity incentive plans				1,880,377		1,880,377
2020 Plan [Member] | Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based payment award description						The number of shares reserved for issuance under the 2020 Plan increases automatically on January 1 of each fiscal year, through and including January 1, 2030, by the number of shares equal to 5% of the aggregate number of outstanding shares of common stock as of the immediately preceding December 31, or a lesser number of shares as may be determined by the board of directors (or an authorized committee thereof).
Share based payments shares increase/decrease						500%
Shares available for issuance under employee stock purchase plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based payment award description						The aggregate number of shares reserved for sale under the ESPP increases automatically on January 1st of each fiscal year through and including January 1, 2030, by the number of shares equal to the lesser of (a) 1% of the total number of shares of common stock outstanding on the last day of the fiscal year prior to the date of such automatic increase and (b) 560,000 shares, provided that prior to the date of any such increase, the board of directors may determine a lesser number of shares for such increase.
Share based payments shares increase decrease		560,000						0
Shares available for issuance under employee stock purchase plan		280,000		190,888		190,888		0

Equity Incentive Plan - Summary

Equity Incentive Plan - Summary of Total Stock-based Compensation Including Both Stock Option Awards and Restricted Stock (Detail) - 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]
Share based compensation expenses	$ 2,180	$ 1,656	$ 4,160	$ 2,828
General and Administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share based compensation expenses	1,476	1,029	2,738	1,768
Research and Development [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share based compensation expenses	$ 704	$ 627	$ 1,422	$ 1,060

Equity Incentive Plan - Summa_2

Equity Incentive Plan - Summary of Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Shares, Outstanding	3,681,793,000
Shares, Granted	1,723,500,000
Shares, Exercised	(34,863,000)
Shares, Canceled, expired or forfeited	(181,652,000)
Shares, Outstanding	5,188,778,000
Shares, Vested and expected to vest	5,188,778,000
Shares, Exercisable	1,670,042,000
Weighted average exercise price, Outstanding	$ 10.84
Weighted average exercise price, Granted	1.75
Weighted average exercise price, Exercised	1.77
Weighted average exercise price, Canceled, expired or forfeited	8.34
Weighted average exercise price, Outstanding	7.97
Weighted average exercise price, Vested and expected to vest	7.97
Weighted average exercise price, Exercisable	$ 7.73
Weighted- Average remaining contractual term (years), Outstanding	8 years 3 months 14 days
Weighted- Average remaining contractual term (years), Vested and expected to vest	8 years 3 months 14 days
Weighted- Average remaining contractual term (years), Exercisable	6 years 11 months 23 days
Aggregate intrinsic value, Outstanding	$ 33
Aggregate intrinsic value, Vested and expected to vest	33
Aggregate intrinsic value, Exercisable	$ 25

Net Loss Per Share - Summary of

Net Loss Per Share - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities dilute basic net loss per share	8,044,977,000	3,714,929,000
Employee Stock Purchase Plan [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities dilute basic net loss per share	190,888,000	0
Outstanding Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities dilute basic net loss per share	5,188,778,000	3,636,492,000
Restricted Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities dilute basic net loss per share	0	6,893,000
Common stock warrants [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities dilute basic net loss per share	461,600,000	71,544,000
Potential Conversion of Note Payable [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities dilute basic net loss per share	2,203,711,000	0