Oncorus (ONCR) 10-Q 22 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 20, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
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	4 Corporate Drive
Entity Address, City or Town	Andover
Entity Address, State or Province	MA
Entity Tax Identification Number	47-3779757
Entity Address, Postal Zip Code	01810
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		26,094,847
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 (unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 21,217	$ 25,709
Investments	23,765	36,487
Prepaid expenses and other current assets	1,688	2,422
Total current assets	46,670	64,618
Property and equipment, net	34,852	44,360
Right-of-use asset	24,214	32,560
Restricted cash	3,437	3,437
Other assets	580	611
Total assets	109,753	145,586
Current liabilities:
Accounts payable	2,760	5,694
Accrued expenses and other current liabilities	6,623	10,948
Lease liability - current portion	1,187	1,129
Term loan, net of debt discount	20,538	19,436
Total current liabilities	31,108	37,207
Lease liability - net of current portion	47,524	47,854
Total liabilities	78,632	85,061
Stockholders’ equity:
Preferred stock, $0.0001 par value; authorized - 10,000 shares at March 31, 2023 and December 31, 2022; issued and outstanding - no shares at March 31, 2023 and December 31, 2022	0	0
Common stock, $0.0001 par value; authorized - 100,000 shares at March 31, 2023 and December 31, 2022; issued and outstanding - 26,095 shares at March 31, 2023 and December 31, 2022	3	3
Additional paid-in capital	334,050	332,583
Accumulated other comprehensive loss	(24)	(52)
Accumulated deficit	(302,908)	(272,009)
Total stockholders’ equity	31,121	60,525
Total liabilities and stockholders’ equity	$ 109,753	$ 145,586

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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	26,095,000	26,095,000
Common Stock, Shares Outstanding	26,095,000	26,095,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating expenses:
Research and development	$ 10,630	$ 12,469
General and administrative	4,499	5,349
Total operating expenses	15,129	17,818
Impairment loss	(14,575)	0
Loss from operations	(29,704)	(17,818)
Other (expense) income:
Other expense	0	(38)
Interest (expense) income	(1,195)	76
Total other (expense) income, net	(1,195)	38
Net loss	(30,899)	(17,780)
Net unrealized loss on investments	(28)	(26)
Comprehensive loss	$ (30,927)	$ (17,806)
Net loss per share - basic	$ (1.18)	$ (0.69)
Net loss per share - diluted	$ (1.18)	$ (0.69)
Weighted-average number of common shares outstanding - basic	26,095	25,865
Weighted-average number of common shares outstanding - diluted	26,095	25,865

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]
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, 2022	60,525	$ 3	332,583	(52)	(272,009)
Balance (in shares) at Dec. 31, 2022		26,094,847
Stock-based compensation expense	$ 1,467		1,467
Exercise of stock options to purchase common stock (shares)	0
Other comprehensive loss	$ 28			28
Net loss	(30,899)				(30,899)
Balance at Mar. 31, 2023	$ 31,121	$ 3	$ 334,050	$ (24)	$ (302,908)
Balance (in shares) at Mar. 31, 2023		26,094,847

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities:
Net loss	$ (30,899)	$ (17,780)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,099	583
Stock-based compensation	1,467	1,980
Interest expense related to term loan	1,335	0
Amortization of premium/discount on investments	(278)	51
Impairment loss	14,575	0
Non-cash interest income	(232)	(59)
Changes in:
Prepaid expenses and other assets	714	975
Operating lease right-of-use asset	223	523
Tenant Improvement Allowance Reimbursements	2,952	4,511
Accounts payable	(3,214)	(11,940)
Accrued expenses and other current liabilities	(4,918)	(1,807)
Operating lease liability	(271)	(474)
Net cash used in operating activities	(17,447)	(23,437)
Investing activities
Purchase of property and equipment	(73)	(1,868)
Proceeds from sales and maturities of investments	13,028	0
Net cash provided by (used in) in investing activities	12,955	(1,868)
Financing activities
Proceeds from exercise of stock options to purchase of common stock	0	62
Net cash provided by financing activities	0	62
Decrease in cash and cash equivalents	(4,492)	(25,243)
Cash, cash equivalents and restricted cash at beginning of period	29,146	104,189
Cash, cash equivalents and restricted cash at end of period	24,654	78,946
Supplemental disclosure of non-cash investing and financing activities
Purchase of property and equipment in accrued expenses and accounts payable	$ 872	$ 4,965

Nature of the Business and Liqu

Nature of the Business and Liquidity	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Nature of the Business and Liquidity	1. Nature of the Business and Liquidity Oncorus, Inc. (the "Company") is a preclinical-stage biopharmaceutical company focused on the intravenous administration of self-amplifying RNA to transform outcomes for cancer patients. The Company believes that its product candidates have the potential to bring significant benefit to patients who are currently underserved by approved immuno-oncology therapies, including other viral immunotherapies and immune checkpoint inhibitors. The Company's approach involves encapsulating genomes of RNA viruses known to kill cancer cells within a lipid nanoparticle, creating a selectively self-amplifying vRNA immunotherapy to be administered intravenously. 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. 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 its 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-related 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. Liquidity In accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these unaudited condensed consolidated financial statements are issued. The Company has incurred recurring losses since its inception, including a net loss of $ 30.9 million for the three months ended March 31, 2023, which included a non-cash charge of $ 14.6 million related to the impairment of the Company's long-lived assets. In addition, as of March 31, 2023, the Company had an accumulated deficit of $ 302.9 million. The Company expects to continue to generate operating losses for the foreseeable future. The Company expects that its cash, cash equivalents and investments as of March 31, 2023, following the repayment in full of its debt in May 2023, will enable it to fund its operating expenses and capital expenditure requirements into the third quarter of 2023, which raises substantial doubt about the Company's ability to continue as a going concern without additional funding. The Company expects to finance its operations through potential public or private equity financings, debt financings, collaboration agreements, strategic transactions and other capital sources or combinations thereof. The future viability of the Company is dependent on its ability to raise additional capital to finance its operations. The Company’s inability to raise capital as and when needed would have a negative impact on its financial condition and ability to pursue its business strategies and operating plan. There can be no assurance that the Company's current operating plan will be achieved or that additional funding will be available on terms acceptable to the Company, or at all. The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
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 U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and as amended by the FASB’s ASUs. 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 March 31, 2023, its results of operations for the three months ended March 31, 2023 and 2022, its changes in stockholders’ equity for the three months ended March 31, 2023 and 2022 and its cash flows for the three months ended March 31 2023 and 2022. 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, 2022, 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 24, 2023. The condensed consolidated balance sheet data as of December 31, 2022 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 months ended March 31, 2023, 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, 2022, included in its Annual Report. Any changes to the Company’s significant accounting policies are further discussed below. COVID-19 Pandemic In response to the COVID-19 pandemic, the Company implemented a work-from-home policy allowing employees who can work from home to do so. The Company has transitioned back to in-office work for the majority of its employees. Work in our office and manufacturing spaces has been organized to reduce risk of COVID-19 transmission. Business travel was previously suspended but is now becoming more frequent, and online and teleconference technology continues to be used regularly. The Company continues to monitor guidance from the CDC and other relevant health regulatory authorities and may adjust its plans and protocols to the extent there are changes in such guidance. As of the date of issuance of these unaudited interim condensed consolidated 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 unaudited interim condensed consolidated 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. See Note 1 (Liquidity). 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 (see Note 8) 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 its operating lease for its Andover, Massachusetts facility. As of March 31, 2023, 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: MARCH 31, 2023 2022 (in thousands) Cash and cash equivalents $ 21,217 $ 75,509 Restricted cash 3,437 3,437 Total cash, cash equivalents and restricted cash shown in the unaudited interim consolidated statements of cash flows $ 24,654 $ 78,946 Investments Short-term investments consist of commercial paper, corporate bonds 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 March 31, 2023, all investments are classified as available-for-sale securities ("AFS"), 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 other income over the terms of the related securities. ASU 2016-13 (Topic 326) made targeted changes to ASC 320 Debt Securities ("ASC 320") to eliminate the concept of “other than temporary” from the impairment loss estimation model for AFS securities. A summary of the changes made by the Company as a result of adoption of ASU 2016-13 is as follows: •The use of an allowance approach, rather than a permanent write-down of a security’s cost basis upon determination of an impairment loss; •The amount of the allowance is limited to the amount at which the security’s fair value is less than its amortized cost basis; •The Company may not consider the length of time a security’s fair value has been less than amortized cost; and •The Company may not consider recoveries in fair value after the balance sheet date when assessing whether a credit loss exists. The Company’s AFS securities are carried at fair value. For AFS securities in an unrealized loss position, management will first evaluate whether there is intent to sell a security, or if it is more likely than not that the Company will be required to sell a security prior to anticipated recovery of its amortized cost basis. If either of these criteria are met, the Company will record a write-down of the security’s amortized cost basis to fair value through income. For those AFS securities which do not meet the intent or requirement to sell criteria, management will evaluate whether the decline in fair value is a result of credit related matters or other factors. In performing this assessment, management considers the creditworthiness of the issuer including whether the security is guaranteed by the U.S. federal government or other government agency, the extent to which fair value is less than amortized cost, and changes in credit rating during the period, among other factors. If this assessment indicates the existence of credit losses, an allowance for credit losses will be established, as determined by a discounted cash flow analysis. To the extent the estimated cash flows do not support the amortized cost, the deficiency is considered to be due to credit loss and is recognized in earnings. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense. Losses are charged against the allowance when the security is determined to be uncollectible, or when either of the aforementioned criteria surrounding intent or requirement to sell have been met. On January 1, 2022, the date on which the Company adopted ASU 2016-13, no allowance for credit losses was recorded for AFS securities. Gains and losses on sales of securities are recognized at the time of sale on the specific-identification basis. Prior to the adoption of ASU 2016-13, management evaluated impaired securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market concerns warranted such evaluation. Consideration was given to the length of time and the extent to which the fair value was less than cost, current market conditions, the financial condition and near-term prospects of the issuer, performance of collateral underlying the securities, the ratings of the individual securities, the interest rate environment, the Company’s intent to sell the security or whether it was more likely than not that the Company would be required to sell the debt security before its anticipated recovery, as well as other qualitative factors. If a decline in fair value below the amortized cost basis of an investment was judged to be other than temporary, the investment was written down to fair value. The portion of the impairment related to credit losses was included in net income, and the portion of the impairment related to other factors was included in other comprehensive income. Refer to Note 3, “Cash Equivalents and Investments” for additional information regarding the measurement of impairment losses on AFS securities. 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 June 2016, the FASB issued ASU 2016-13 (Topic 326), Financial Instruments — Credit Losses — Measurement of Credit Losses on Financial Instruments , which is codified in Topic 326 . The ASU changes how entities will measure credit losses on Held-to-Maturity (HTM) and Available-for-Sale debt securities. After the adoption of ASU 2016-13 (Topic 326), additional disclosures are required for HTM debt securities. The standard became effective for the Company as of January 1, 2023. The Company adopted ASU 2016-13 (Topic 326) in the first quarter of 2023. The adoption of this pronouncement did not have a material impact on the Company's consolidated financial statements. There have been no other recently issued accounting pronouncements other than those described in the Company’s audited financial statements as of and for the year ended December 31, 2022, and the notes thereto, which are included in the Annual Report.

Cash Equivalents and Investment

Cash Equivalents and Investments	3 Months Ended
	Mar. 31, 2023
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): MARCH 31, 2023 AMORTIZED COST BASIS GROSS UNREALIZED GAINS GROSS UNREALIZED LOSSES ALLOWANCE FOR CREDIT LOSSES ESTIMATED FAIR VALUE Cash Equivalents Money market funds $ 9,014 $ — $ — $ — $ 9,014 Total Cash Equivalents $ 9,014 $ — $ — $ — $ 9,014 Investments Commercial paper $ 16,308 $ — $ — $ — $ 16,308 Corporate bonds 1,509 — ( 9 ) — 1,500 U.S. treasury securities 5,972 — ( 15 ) — 5,957 Total Investments $ 23,789 $ — $ ( 24 ) $ $ 23,765 DECEMBER 31, 2022 AMORTIZED COST BASIS GROSS UNREALIZED GAINS GROSS UNREALIZED LOSSES ALLOWANCE FOR CREDIT LOSSES ESTIMATED FAIR VALUE Cash Equivalents Money market funds $ 19,881 $ — $ — $ — $ 19,881 Total Cash Equivalents $ 19,881 $ — $ — $ — $ 19,881 Investments Commercial paper $ 25,094 $ — $ — $ — $ 25,094 U.S. treasury securities 8,417 — ( 39 ) — 8,378 Corporate bonds 3,028 — ( 13 ) — 3,015 Total Investments $ 36,539 $ — $ ( 52 ) $ — $ 36,487 The Company did not record a provision for credit losses on any AFS securities for either the three months ended March 31, 2023 or March 31, 2022. No securities held by the Company were delinquent on contractual payments as of March 31, 2023 and December 31, 2022, nor were any securities placed on non-accrual status for the three and twelve month periods then ended, respectively. Interest on investments is recognized as interest income in the consolidated statements of operations and comprehensive loss. All investments held as of March 31, 2023 were classified as AFS securities and had contractual maturities of less than one year. The following table summarizes gross realized gains and losses from sales of AFS securities for the periods indicated: THREE MONTHS ENDED 2023 2022 Gross realized gains from sales of AFS securities $ 44 $ — Gross realized losses from sales of AFS securities — — Losses from sales of AFS securities, net $ 44 $ — Information pertaining to AFS securities with gross unrealized gains (losses) as of March 31, 2023 and December 31, 2022, for which the Company did not recognize a provision for credit losses under the current expected credit loss methodology, aggregated by investment category and length of time that individual securities had been in a continuous loss position, is as follows: MARCH 31, 2023 - LESS THAN 12 MONTHS # OF HOLDINGS GROSS UNREALIZED GAINS FAIR VALUE Commercial paper 11 $ — $ 16,308 U.S. treasury securities 4 24 5,957 Corporate bonds 1 4 1,500 16 $ 28 $ 23,765 DECEMBER 31, 2022 - LESS THAN 12 MONTHS # OF HOLDINGS GROSS UNREALIZED GAINS FAIR VALUE Commercial paper 17 $ — $ 25,094 U.S. treasury securities 5 ( 39 ) 8,378 Corporate bonds 2 ( 13 ) 3,015 24 $ ( 52 ) $ 36,487 The Company does not intend to sell these investments and has determined based upon available evidence that it is more likely than not that the Company will not be required to sell each security before the expected recovery of its amortized cost basis. As a result, the Company did not recognize an ACL on these investments as of March 31, 2023 or December 31, 2022. The causes of the impairments listed in the tables above by category are as follows as of March 31, 2023 and December 31, 2022: 1. Corporate bonds – The securities with unrealized losses in this portfolio have contractual terms that generally do not permit the issuer to settle the security at a price less than the current par value of the investment. The decline in market value of these securities is attributable to changes in interest rates and not credit quality. 2. U.S. treasury securities – The securities with unrealized losses in this portfolio have contractual terms that generally do not permit the issuer to settle the security at a price less than the current par value of the investment. The decline in market value of these securities is attributable to changes in interest rates and not credit quality. Additionally, these securities are implicitly guaranteed by the U.S. government or one of its agencies.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
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 $ 9,014 $ — $ — $ 9,014 U.S. treasury securities 5,957 — — 5,957 Commercial paper — 16,308 — 16,308 Corporate bonds — 1,500 — 1,500 Total Assets $ 14,971 $ 17,808 $ — $ 32,779 FAIR VALUE MEASUREMENTS LEVEL 1 LEVEL 2 LEVEL 3 TOTAL Assets: Money market funds $ 19,881 $ — $ — $ 19,881 U.S. treasury securities 8,378 — — 8,378 Commercial paper — 25,094 — 25,094 Corporate bonds — 3,015 — 3,015 Total Assets $ 28,259 $ 28,109 $ — $ 56,368 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 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	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	5. Leases The Company 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 also serves as its corporate headquarters. This lease expires in December 2036 and the Company has two options to extend the term of the lease for a period of ten years each . As of March 31, 2023, the Company had not exercised its options to extend the lease term for either lease and did not consider it reasonably certain that these options would 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 $ 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 March 31, 2023, the Company had capitalized $ 38.1 million of leasehold improvement costs, of which $ 14.4 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. The Company was also party to an operating lease in Cambridge, Massachusetts, which served as its corporate headquarters until September 2022. On September 13, 2022, the Company executed an amendment to its Cambridge lease which accelerated the lease termination date to November 15, 2022, from the previous date of January, 2024. In connection with this amendment, the Company remeasured the remaining lease liability and right-of-use-asset and recognized a gain of $ 0.5 million, which was included as a reduction of operating expenses in the consolidated statements of operations and comprehensive loss during the three months ended December 31, 2022. During the three months ended March 31, 2023, the Company recognized total rent expense related to the leases described above of $ 1.2 million, compared to $ 1.6 million in the same period of 2022. The amount of variable rent expense and rent for short-term leases for the three months ended March 31, 2023 and 2022 was $ 0.6 million and $ 0.9 million, respectively. Other supplemental information related to leases is as follows: AS OF AND FOR 2023 2022 Weighted average remaining lease term 14 years 13.5 years Weighted average discount rate 7.7 % 8.1 % Cash paid for amounts included in the measurement of lease liabilities (in thousands) $ 1,210 $ 1,505 Maturities of operating lease liabilities are as follows as of March 31, 2023 (in thousands): Year Amount 2023 $ 3,640 2024 4,995 2025 5,145 2026 5,299 2027 5,458 Thereafter 57,114 Total lease payments 81,651 Less imputed interest ( 32,940 ) Total lease liabilities $ 48,711 Current portion 1,187 Long-term portion 47,524

Impairment of Long-lived Assets

Impairment of Long-lived Assets	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Impairment of Long-lived Assets	6. Impairment of Long-lived Assets The Company’s long-lived assets consist of property and equipment and an operating lease, right-of-use asset associated with its manufacturing facility in Andover, Massachusetts. Long-lived assets that are classified as held for use are tested for recoverability whenever events or changes in circumstances indicate that the Company's carrying value of the assets may not be fully recoverable. The Company identified circumstances that indicated that its long-lived assets may not be recoverable as of March 31, 2023. Specifically, these circumstances included changes in the market price of the asset group, continued losses and a current expectation that, more likely than not, a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. As a result, the Company performed a recoverability test by comparing the future cash flows attributable to the asset group to the carrying value of the long-lived assets. Based on this evaluation, the Company determined that the long-lived assets were no longer recoverable and recorded an impairment charge of $ 14.6 million by comparing the carrying amount to the estimated fair value. Under ASC 820, Fair Value Measurement, a fair value measurement of a nonfinancial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. Therefore, fair value is a market-based measurement and not an entity-specific measurement. It is determined based on assumptions that market participants would use in pricing the asset or liability. The exit price objective of a fair value measurement applies regardless of the reporting entity’s intent and/or ability to sell the asset or transfer the liability at the measurement date. The fair value estimate of the Company’s property and equipment used a combination of methods, including the cost and market approaches. The fair value of the right of use asset and leasehold improvements were estimated using the discounted cash flow method of the income approach. Cash flows were estimated using a market rent for comparable laboratory and manufacturing facilities discounted at a market discount rate over the remaining term of the Company's lease. The Company continues to classify its long-lived assets as held for use. If circumstances change as a result of the Company's decision to prioritize preservation of capital or if the assets are not transferred in an orderly transaction between market participants, the value obtained could be different than the Company’s estimates and such differences could be material.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	7. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): MARCH 31, DECEMBER 31, Accrued research and development costs $ 2,242 $ 2,661 Accrued leasehold improvement costs 1,446 4,079 Accrued compensation 1,291 2,612 Accrued professional fees 846 752 Accrued interest expense 208 198 Miscellaneous accrued expenses 591 646 Total accrued expenses and other current liabilities $ 6,623 $ 10,948

Term Loan, Net of Debt Discount

Term Loan, Net of Debt Discount	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Term Loan, Net of Debt Discount	8. Term Loan, Net of Debt Discount 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 provided for term loan commitments of up to $ 45.0 million in four potential tranches, of which $ 20.0 million was funded on April 1, 2022. The timing and availability of the other tranche term loan commitments was subject to various conditions. The facility carried a 48-month term with interest only payments for 24 months. Subsequent to the interest-only period, the Company was required to make equal monthly payments of principal plus interest until the loans were scheduled mature on April 1, 2026. The term loans bore 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 March 31, 2023 was 12.25 %. Upon final payment or prepayment of the loans, the Company was required to pay a final payment equal to 5.45 % of the loans borrowed (the "Final Fee"), which is being accrued to interest expense over the term of the loan. The Company had an option to prepay the loans in whole, subject to a prepayment fee of 3 % prior to the first anniversary of April 1, 2022, 2 % after the first anniversary but prior the second anniversary of the funding date, and 1 % thereafter if prior to the maturity date. As described in Note 13, subsequent to March 31, 2023, the Company repaid in full the $ 20.0 million owed, together with $ 1.6 million in accrued interest and fees, and terminated the Loan Agreement. The Lenders could have elected 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 contained customary representations and warranties, events of default and affirmative and negative covenants, including covenants that limited or restricted 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. 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 March 31, 2023, the Warrant was 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 Warrant provides the Lenders with certain piggyback registration rights with respect to the shares of common stock issuable upon exercise of the Warrant. The Company incurred fees and issuance costs associated with the Loan Agreement of $ 0.5 million. The Company recorded contractual interest expense related to the Loan Agreement of $ 0.6 million and additional interest expense related to the amortization of the debt discount and issuance costs and accretion of the Final Fee of $ 1.1 million in the three months ended March 31, 2023. The effective interest rate at March 31, 2023, which includes the non-cash interest components noted above, was 34.0 %. Future principal debt payments on the Loan Agreement as of March 31, 2023 are as follows (in thousands): MARCH 31, 2023 $ 20,000 2024 — 2025 — 2026 — 2027 — Total principal payments 20,000 Final Fee 1,090 Total principal payments and Final Fee 21,090 Less: Unamortized debt discount and debt issuance costs ( 277 ) Less: Unaccreted Final Fee ( 275 ) Term loan, current $ 20,538

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common Stock	9. Common Stock The Company’s amended and restated certificate of incorporation provides for 100,000,000 shares designated as common stock with a par value of $ 0.0001 per share as part of its authorized capital. 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. Restricted Stock The Company issued restricted stock to its founders and certain of its officers. 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 March 31, 2023, 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 March 31, 2023, 2022, all of the common stock warrants were fully exercisable. The common stock warrants expire in 2031. As described in Note 8, on A pril 1, 2022, the Company issued a warrant to K2HV to purchase 390,056 shares of common stock. This warrant expires in 2032. Reserved Shares The Company has reserved the following shares of common stock for the conversion or exercise of the following securities: MARCH 31, DECEMBER 31, Exercise of common stock warrants 949,171 949,171 Exercise of options to purchase common stock 4,558,988 4,391,207 Shares available for issuance under equity incentive plans 2,512,467 2,680,248 Shares available for issuance under term loan conversion 2,203,711 2,203,711 Total 8,020,626 10,224,337

Equity Incentive Plan

Equity Incentive Plan	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Equity Incentive Plans	10. 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 on October 1, 2020 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, 2023, the number of shares reserved for issuance under the 2020 Plan increased by 1,298,656 shares of common stock. At March 31, 2023, there were 2,512,467 shares of common stoc k 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 on October 1, 2020. 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. On January 1, 2023, the the number of shares reserved for issuance under the ESPP increased by 259,731 shares of common stock. 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 first offering period. The Company commenced its second offering period on July 1, 2022, and issued 122,228 shares of common stock on December 31, 2022 at the end of the second offering period. The Company commenced an offering period on January 1, 2023 that is scheduled to end on June 30, 2023. Total stock-based compensation was classified as follows on the unaudited interim condensed consolidated statements of operations (in thousands): THREE MONTHS ENDED 2023 2022 General and administrative $ 901 $ 1,262 Research and development 566 718 Total stock-based compensation $ 1,467 $ 1,980 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. The Company recognized stock-based compensation expense of $ 0.2 million related to this grant in the three months ended March 31, 2023. A summary of option activity for the three months ended March 31, 2023 is presented below: SHARES WEIGHTED WEIGHTED- AGGREGATE Outstanding at December 31, 2022 4,391,207 $ 7.57 Granted 347,609 $ 0.39 Exercised — — Canceled, expired or forfeited ( 179,828 ) $ 6.53 Outstanding at March 31, 2023 4,558,988 $ 7.07 7.85 $ — Vested and expected to vest at March 31, 2023 4,558,988 $ 7.07 7.80 $ — Exercisable at March 31, 2023 2,225,663 $ 7.55 6.88 $ — The weighted average grant date fair value per share of options granted to employees, directors and non-employee consultants during the three months ended March 31, 2023 and 2022 was $ 0.39 and $ 1.54 , respectively. There were no options exercised during the three months ended March 31, 2023. The total intrinsic value of options exercised was $ 0.0 million for the three months ended March 31, 2023. Total unrecognized stock-based compensation expense related to options was $ 9.2 million at March 31, 2023, and is expected to be recognized over a weighted-average period of 2.4 years.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. 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	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	12. 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: THREE MONTHS ENDED 2023 2022 Outstanding stock options 4,558,988 4,584,601 Shares expected to be purchased under employee stock purchase plan 156,898 62,243 Common stock warrants 461,600 71,544 Total 5,177,486 4,718,388

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events The Company has evaluated subsequent events from the balance sheet date through the date on which these financial statements were issued and identified the following: Termination of Loan Agreement On May 12, 2023, the Company repaid in full all of its outstanding obligations and other fees under the Loan Agreement (see Note 8), including $ 20.0 million of principal and $ 1.6 million of accrued interest and related fees and expenses, and the Loan Agreement was terminated.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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 U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and as amended by the FASB’s ASUs. 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 March 31, 2023, its results of operations for the three months ended March 31, 2023 and 2022, its changes in stockholders’ equity for the three months ended March 31, 2023 and 2022 and its cash flows for the three months ended March 31 2023 and 2022. 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, 2022, 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 24, 2023. The condensed consolidated balance sheet data as of December 31, 2022 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 months ended March 31, 2023, 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, 2022, included in its Annual Report. Any changes to the Company’s significant accounting policies are further discussed below.
COVID-19 Pandemic	COVID-19 Pandemic In response to the COVID-19 pandemic, the Company implemented a work-from-home policy allowing employees who can work from home to do so. The Company has transitioned back to in-office work for the majority of its employees. Work in our office and manufacturing spaces has been organized to reduce risk of COVID-19 transmission. Business travel was previously suspended but is now becoming more frequent, and online and teleconference technology continues to be used regularly. The Company continues to monitor guidance from the CDC and other relevant health regulatory authorities and may adjust its plans and protocols to the extent there are changes in such guidance. As of the date of issuance of these unaudited interim condensed consolidated 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 unaudited interim condensed consolidated 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. See Note 1 (Liquidity).
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 (see Note 8) 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 its operating lease for its Andover, Massachusetts facility. As of March 31, 2023, 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: MARCH 31, 2023 2022 (in thousands) Cash and cash equivalents $ 21,217 $ 75,509 Restricted cash 3,437 3,437 Total cash, cash equivalents and restricted cash shown in the unaudited interim consolidated statements of cash flows $ 24,654 $ 78,946
Investments	Investments Short-term investments consist of commercial paper, corporate bonds 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 March 31, 2023, all investments are classified as available-for-sale securities ("AFS"), 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 other income over the terms of the related securities. ASU 2016-13 (Topic 326) made targeted changes to ASC 320 Debt Securities ("ASC 320") to eliminate the concept of “other than temporary” from the impairment loss estimation model for AFS securities. A summary of the changes made by the Company as a result of adoption of ASU 2016-13 is as follows: •The use of an allowance approach, rather than a permanent write-down of a security’s cost basis upon determination of an impairment loss; •The amount of the allowance is limited to the amount at which the security’s fair value is less than its amortized cost basis; •The Company may not consider the length of time a security’s fair value has been less than amortized cost; and •The Company may not consider recoveries in fair value after the balance sheet date when assessing whether a credit loss exists. The Company’s AFS securities are carried at fair value. For AFS securities in an unrealized loss position, management will first evaluate whether there is intent to sell a security, or if it is more likely than not that the Company will be required to sell a security prior to anticipated recovery of its amortized cost basis. If either of these criteria are met, the Company will record a write-down of the security’s amortized cost basis to fair value through income. For those AFS securities which do not meet the intent or requirement to sell criteria, management will evaluate whether the decline in fair value is a result of credit related matters or other factors. In performing this assessment, management considers the creditworthiness of the issuer including whether the security is guaranteed by the U.S. federal government or other government agency, the extent to which fair value is less than amortized cost, and changes in credit rating during the period, among other factors. If this assessment indicates the existence of credit losses, an allowance for credit losses will be established, as determined by a discounted cash flow analysis. To the extent the estimated cash flows do not support the amortized cost, the deficiency is considered to be due to credit loss and is recognized in earnings. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense. Losses are charged against the allowance when the security is determined to be uncollectible, or when either of the aforementioned criteria surrounding intent or requirement to sell have been met. On January 1, 2022, the date on which the Company adopted ASU 2016-13, no allowance for credit losses was recorded for AFS securities. Gains and losses on sales of securities are recognized at the time of sale on the specific-identification basis. Prior to the adoption of ASU 2016-13, management evaluated impaired securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market concerns warranted such evaluation. Consideration was given to the length of time and the extent to which the fair value was less than cost, current market conditions, the financial condition and near-term prospects of the issuer, performance of collateral underlying the securities, the ratings of the individual securities, the interest rate environment, the Company’s intent to sell the security or whether it was more likely than not that the Company would be required to sell the debt security before its anticipated recovery, as well as other qualitative factors. If a decline in fair value below the amortized cost basis of an investment was judged to be other than temporary, the investment was written down to fair value. The portion of the impairment related to credit losses was included in net income, and the portion of the impairment related to other factors was included in other comprehensive income. Refer to Note 3, “Cash Equivalents and Investments” for additional information regarding the measurement of impairment losses on AFS securities.
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 June 2016, the FASB issued ASU 2016-13 (Topic 326), Financial Instruments — Credit Losses — Measurement of Credit Losses on Financial Instruments , which is codified in Topic 326 . The ASU changes how entities will measure credit losses on Held-to-Maturity (HTM) and Available-for-Sale debt securities. After the adoption of ASU 2016-13 (Topic 326), additional disclosures are required for HTM debt securities. The standard became effective for the Company as of January 1, 2023. The Company adopted ASU 2016-13 (Topic 326) in the first quarter of 2023. The adoption of this pronouncement did not have a material impact on the Company's consolidated financial statements. There have been no other recently issued accounting pronouncements other than those described in the Company’s audited financial statements as of and for the year ended December 31, 2022, and the notes thereto, which are included in the Annual Report.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
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: MARCH 31, 2023 2022 (in thousands) Cash and cash equivalents $ 21,217 $ 75,509 Restricted cash 3,437 3,437 Total cash, cash equivalents and restricted cash shown in the unaudited interim consolidated statements of cash flows $ 24,654 $ 78,946

Cash Equivalents and Investme_2

Cash Equivalents and Investments (Tables)	3 Months Ended
	Mar. 31, 2023
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): MARCH 31, 2023 AMORTIZED COST BASIS GROSS UNREALIZED GAINS GROSS UNREALIZED LOSSES ALLOWANCE FOR CREDIT LOSSES ESTIMATED FAIR VALUE Cash Equivalents Money market funds $ 9,014 $ — $ — $ — $ 9,014 Total Cash Equivalents $ 9,014 $ — $ — $ — $ 9,014 Investments Commercial paper $ 16,308 $ — $ — $ — $ 16,308 Corporate bonds 1,509 — ( 9 ) — 1,500 U.S. treasury securities 5,972 — ( 15 ) — 5,957 Total Investments $ 23,789 $ — $ ( 24 ) $ $ 23,765 DECEMBER 31, 2022 AMORTIZED COST BASIS GROSS UNREALIZED GAINS GROSS UNREALIZED LOSSES ALLOWANCE FOR CREDIT LOSSES ESTIMATED FAIR VALUE Cash Equivalents Money market funds $ 19,881 $ — $ — $ — $ 19,881 Total Cash Equivalents $ 19,881 $ — $ — $ — $ 19,881 Investments Commercial paper $ 25,094 $ — $ — $ — $ 25,094 U.S. treasury securities 8,417 — ( 39 ) — 8,378 Corporate bonds 3,028 — ( 13 ) — 3,015 Total Investments $ 36,539 $ — $ ( 52 ) $ — $ 36,487
Schedule of Realized Gain (Loss)	The following table summarizes gross realized gains and losses from sales of AFS securities for the periods indicated: THREE MONTHS ENDED 2023 2022 Gross realized gains from sales of AFS securities $ 44 $ — Gross realized losses from sales of AFS securities — — Losses from sales of AFS securities, net $ 44 $ —
Summary of Government-Sponsored Residential Mortgage-Backed Securities with Gross Unrealized Gains (Losses)	Information pertaining to AFS securities with gross unrealized gains (losses) as of March 31, 2023 and December 31, 2022, for which the Company did not recognize a provision for credit losses under the current expected credit loss methodology, aggregated by investment category and length of time that individual securities had been in a continuous loss position, is as follows: MARCH 31, 2023 - LESS THAN 12 MONTHS # OF HOLDINGS GROSS UNREALIZED GAINS FAIR VALUE Commercial paper 11 $ — $ 16,308 U.S. treasury securities 4 24 5,957 Corporate bonds 1 4 1,500 16 $ 28 $ 23,765 DECEMBER 31, 2022 - LESS THAN 12 MONTHS # OF HOLDINGS GROSS UNREALIZED GAINS FAIR VALUE Commercial paper 17 $ — $ 25,094 U.S. treasury securities 5 ( 39 ) 8,378 Corporate bonds 2 ( 13 ) 3,015 24 $ ( 52 ) $ 36,487

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
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 $ 9,014 $ — $ — $ 9,014 U.S. treasury securities 5,957 — — 5,957 Commercial paper — 16,308 — 16,308 Corporate bonds — 1,500 — 1,500 Total Assets $ 14,971 $ 17,808 $ — $ 32,779 FAIR VALUE MEASUREMENTS LEVEL 1 LEVEL 2 LEVEL 3 TOTAL Assets: Money market funds $ 19,881 $ — $ — $ 19,881 U.S. treasury securities 8,378 — — 8,378 Commercial paper — 25,094 — 25,094 Corporate bonds — 3,015 — 3,015 Total Assets $ 28,259 $ 28,109 $ — $ 56,368

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Other Supplemental Information Related to Leases	Other supplemental information related to leases is as follows: AS OF AND FOR 2023 2022 Weighted average remaining lease term 14 years 13.5 years Weighted average discount rate 7.7 % 8.1 % Cash paid for amounts included in the measurement of lease liabilities (in thousands) $ 1,210 $ 1,505
Summary of Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities are as follows as of March 31, 2023 (in thousands): Year Amount 2023 $ 3,640 2024 4,995 2025 5,145 2026 5,299 2027 5,458 Thereafter 57,114 Total lease payments 81,651 Less imputed interest ( 32,940 ) Total lease liabilities $ 48,711 Current portion 1,187 Long-term portion 47,524

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Summary of Accrued Expenses and Other Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): MARCH 31, DECEMBER 31, Accrued research and development costs $ 2,242 $ 2,661 Accrued leasehold improvement costs 1,446 4,079 Accrued compensation 1,291 2,612 Accrued professional fees 846 752 Accrued interest expense 208 198 Miscellaneous accrued expenses 591 646 Total accrued expenses and other current liabilities $ 6,623 $ 10,948

Term Loan, Net of Debt Discou_2

Term Loan, Net of Debt Discount (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Future Principal Debt Payments on the Loan Agreement	Future principal debt payments on the Loan Agreement as of March 31, 2023 are as follows (in thousands): MARCH 31, 2023 $ 20,000 2024 — 2025 — 2026 — 2027 — Total principal payments 20,000 Final Fee 1,090 Total principal payments and Final Fee 21,090 Less: Unamortized debt discount and debt issuance costs ( 277 ) Less: Unaccreted Final Fee ( 275 ) Term loan, current $ 20,538

Common Stock (Tables)

Common Stock (Tables)	3 Months Ended
	Mar. 31, 2023
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: MARCH 31, DECEMBER 31, Exercise of common stock warrants 949,171 949,171 Exercise of options to purchase common stock 4,558,988 4,391,207 Shares available for issuance under equity incentive plans 2,512,467 2,680,248 Shares available for issuance under term loan conversion 2,203,711 2,203,711 Total 8,020,626 10,224,337

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2023
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 2023 2022 General and administrative $ 901 $ 1,262 Research and development 566 718 Total stock-based compensation $ 1,467 $ 1,980
Summary of Option Activity	A summary of option activity for the three months ended March 31, 2023 is presented below: SHARES WEIGHTED WEIGHTED- AGGREGATE Outstanding at December 31, 2022 4,391,207 $ 7.57 Granted 347,609 $ 0.39 Exercised — — Canceled, expired or forfeited ( 179,828 ) $ 6.53 Outstanding at March 31, 2023 4,558,988 $ 7.07 7.85 $ — Vested and expected to vest at March 31, 2023 4,558,988 $ 7.07 7.80 $ — Exercisable at March 31, 2023 2,225,663 $ 7.55 6.88 $ —

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
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: THREE MONTHS ENDED 2023 2022 Outstanding stock options 4,558,988 4,584,601 Shares expected to be purchased under employee stock purchase plan 156,898 62,243 Common stock warrants 461,600 71,544 Total 5,177,486 4,718,388

Nature of the Business and Li_2

Nature of the Business and Liquidity - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Accounting Policies [Line Items]
Net loss	$ (30,899)	$ (17,780)
Impairment loss	14,575	$ 0
Accumulated deficit	$ (302,908)		$ (272,009)

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) Segment	Mar. 31, 2022 USD ($)
Accounting Policies [Abstract]
Number of operating segments | Segment	1
Restricted cash | $	$ 3,437	$ 3,437

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 21,217	$ 25,709	$ 75,509
Restricted cash	3,437		3,437
Cash, cash equivalents and restricted cash at end of period	$ 24,654	$ 29,146	$ 78,946	$ 104,189

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	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Amortized Cost	$ 23,789	$ 36,539
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(24)	(52)
Allowance For Credit Losses		0
Estimated Fair Value	23,765	36,487
Money Market Funds [Member]
Cash and Cash Equivalents [Line Items]
Amortized Cost, Cash Equivalents	9,014	19,881
Gross Unrealized Gains, Cash Equivalents	0	0
Allowance For Credit Losses, cash equivalents	0	0
Gross Unrealized Losses, Cash Equivalents	0	0
Estimated Fair Value, Cash Equivalents	9,014	19,881
Commercial Paper [Member]
Cash and Cash Equivalents [Line Items]
Amortized Cost	16,308	25,094
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Allowance For Credit Losses	0	0
Estimated Fair Value	16,308	25,094
US Treasury Securities [Member]
Cash and Cash Equivalents [Line Items]
Amortized Cost	5,972	8,417
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(15)	(39)
Allowance For Credit Losses	0	0
Estimated Fair Value	5,957	8,378
Corporate Bonds [Member]
Cash and Cash Equivalents [Line Items]
Amortized Cost	1,509	3,028
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(9)	(13)
Allowance For Credit Losses	0	0
Estimated Fair Value	1,500	3,015
Cash Equivalents [Member]
Cash and Cash Equivalents [Line Items]
Amortized Cost, Cash Equivalents	9,014	19,881
Gross Unrealized Gains, Cash Equivalents	0	0
Gross Unrealized Losses, Cash Equivalents	0	0
Allowance For Credit Losses, cash equivalents	0	0
Estimated Fair Value, Cash Equivalents	$ 9,014	$ 19,881

Cash Equivalents and Investme_4

Cash Equivalents and Investments - Schedule of Realized Gain (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Net Asset (Liability) [Abstract]
Gross realized gains from sales of AFS securities	$ 44	$ 0
Gross realized losses from sales of AFS securities	0	0
Losses from sales of AFS securities, net	$ 44	$ 0

Cash Equivalents and Investme_5

Cash Equivalents and Investments - Summary of Government-Sponsored Residential Mortgage-Backed Securities with Gross Unrealized Gains (Losses) (Details) $ in Thousands	Mar. 31, 2023 USD ($) Holding	Dec. 31, 2022 USD ($) Holding
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Number of holdings | Holding	16	24
Gross unrealized gain less than 12 months	$ 28	$ (52)
Fair value less than 12 Months	$ 23,765	$ 36,487
Corporate Bonds [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Number of holdings | Holding	1	2
Gross unrealized gain less than 12 months	$ 4	$ (13)
Fair value less than 12 Months	$ 1,500	$ 3,015
Commercial Paper [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Number of holdings | Holding	11	17
Gross unrealized gain less than 12 months	$ 0	$ 0
Fair value less than 12 Months	$ 16,308	$ 25,094
US Treasury Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Number of holdings | Holding	4	5
Gross unrealized gain less than 12 months	$ 24	$ (39)
Fair value less than 12 Months	$ 5,957	$ 8,378

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	Mar. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 32,779	$ 56,368
Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	9,014	19,881
US Treasury Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	5,957	8,378
Commercial Paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	16,308	25,094
Corporate Bonds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	1,500	3,015
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	14,971	28,259
Level 1 [Member] | Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	9,014	19,881
Level 1 [Member] | US Treasury Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	5,957	8,378
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] | Corporate Bonds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	0	0
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	17,808	28,109
Level 2 [Member] | Commercial Paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	16,308	25,094
Level 2 [Member] | Corporate Bonds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 1,500	$ 3,015

Leases - Additional Information

Leases - Additional Information (Detail) $ in Millions		3 Months Ended
	Sep. 13, 2022 USD ($)	Mar. 31, 2023 USD ($) ft²	Mar. 31, 2022 USD ($)
Lessee Lease Description [Line Items]
Leasehold improvement costs capitalized		$ 38.1
Leasehold improvement costs reimbursed		14.4
Lease incentive related to leasehold improvements		14.9
Letter of Credit [Member]
Lessee Lease Description [Line Items]
Pledged letter of credit		3.4
Lab Space [Member]
Lessee Lease Description [Line Items]
Rent expense for lease		1.2	$ 1.6
Short Term Lease Expense [Member]
Lessee Lease Description [Line Items]
Rent expense for lease		$ 0.6	$ 0.9
POD 3 [Member]
Lessee Lease Description [Line Items]
Lease space | ft²		17,150
POD 4 [Member]
Lessee Lease Description [Line Items]
Lease space | ft²		33,518
POD 5 [Member]
Lessee Lease Description [Line Items]
Lease space | ft²		54,666
CambridgeMassachusetts [Member]
Lessee Lease Description [Line Items]
Operating lease liability right of use asset gain recognized	$ 0.5
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

Leases - Summary of Other Suppl

Leases - Summary of Other Supplemental Information Related to Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Weighted average remaining lease term	14 years	13 years 6 months
Weighted average discount rate	7.70%	8.10%
Cash paid for amounts included in the measurement of lease liabilities (in thousands)	$ 1,210	$ 1,505

Leases - Summary of Maturities

Leases - Summary of Maturities of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, to be Paid [Abstract]
2023	$ 3,640
2024	4,995
2025	5,145
2026	5,299
2027	5,458
Thereafter	57,114
Total lease payments	81,651
Less imputed interest	(32,940)
Total lease liabilities	48,711
Lease liability - current portion	1,187	$ 1,129
Lease liability - net of current portion	$ 47,524	$ 47,854

Impairment of Long-lived Asse_2

Impairment of Long-lived Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Impairment loss	$ 14,575	$ 0

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities - Summary of Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued research and development costs	$ 2,242	$ 2,661
Accrued leasehold improvement costs	1,446	4,079
Accrued compensation	1,291	2,612
Accrued professional fees	846	752
Accrued interest expense	208	198
Miscellaneous accrued expenses	591	646
Total accrued expenses and other liabilities	$ 6,623	$ 10,948

Term Loan, Net of Debt Discou_3

Term Loan, Net of Debt Discount - Additional Information (Details) - USD ($)			3 Months Ended
	May 12, 2023	Apr. 01, 2022	Mar. 31, 2023
Debt Instrument [Line Items]
Warrant exercisable for common stock		390,056
Term Loan [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 45,000,000
Principal in Term Loans		$ 5,000,000
Term Loan Variable Interest Rate		4.25%	12.25%
Final Fee		5.45%
Debt instrument interest rate, terms		The term loans bore 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 March 31, 2023 was 12.25%. Upon final payment or prepayment of the loans, the Company was required to pay a final payment equal to 5.45% of the loans borrowed (the "Final Fee"), which is being accrued to interest expense over the term of the loan. The Company had an option to prepay the loans in whole, subject to a prepayment fee of 3% prior to the first anniversary of April 1, 2022, 2% after the first anniversary but prior the second anniversary of the funding date, and 1% thereafter if prior to the maturity date. As described in Note 13, subsequent to March 31, 2023, the Company repaid in full the $20.0 million owed, together with $1.6 million in accrued interest and fees, and terminated the Loan Agreement.
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
Warrant Expiry Date		Apr. 01, 2032
Warrant exercisable for common stock			390,056
Issuance cost			$ 500,000
Interest rate			34%
Interest expense			$ 600,000
Interest expense, debt amortization			$ 1,100,000
Term Loan [Member] | Maximum [Member]
Debt Instrument [Line Items]
Term Loan Variable Interest Rate		7.75%
Term Loan [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Debt instrument rapayment of principal amount	$ 20,000,000
Repayment of accrued interest and related fees	$ 1,600,000
Tranche One [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Principal amount		$ 20,000,000
Prior to First Anniversary [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Prepayment fee		3%
Prior to Second Anniversary [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Prepayment fee		2%
Prior to Maturity [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Prepayment fee		1%

Term Loan, Net of Debt Discou_4

Term Loan, Net of Debt Discount - Schedule of Future Principal Debt Payments on the Loan Agreement (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Long-Term Debt, Rolling Maturity [Abstract]
2023	$ 20,000
2024	0
2025	0
2026	0
2027	0
Total principal payments	20,000
Final Fee	1,090
Total principal payments and Final Fee	21,090
Less: Unamortized debt discount and debt issuance costs	(277)
Less: Unaccreted Final Fee	(275)
Term loan, current	$ 20,538

Common Stock - Additional Infor

Common Stock - Additional Information (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Apr. 01, 2022
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	949,171	949,171
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	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 23, 2020
Exercise of common stock warrants	949,171	949,171
Exercise of options to purchase common stock	4,558,988	4,391,207
Total	8,020,626	10,224,337
Employee Stock Purchase Plan [Member]
Shares available for issuance under equity incentive plans	2,512,467	2,680,248
Shares available for issuance under term loan conversion	2,203,711,000	2,203,711,000
Total			280,000
Exercise of options to purchase common stock [Member]
Exercise of options to purchase common stock	4,558,988	4,391,207

Equity Incentive Plan - Additio

Equity Incentive Plan - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended			12 Months Ended
	Jan. 01, 2023	Sep. 23, 2020	Dec. 31, 2020	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based payments shares increase decrease	259,731
Shares available for purchase under employee stock purchase plan				8,020,626			10,224,337
Share based payment awards options granted				347,609
Share based compensation expenses				$ 1,467		$ 1,980
Share-based payment arrangement, expense				$ 1,467		$ 1,980
Unrecognized compensation expense related to stock options weighted average period				2 years 4 months 24 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		122,228
2016 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value of options granted				$ 0.39		$ 1.54
Aggregate intrinsic value, options exercised				$ 0
Unrecognized compensation expense related to stock options				$ 9,200
2016 Plan [Member] | Restricted Stock [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period				3 years
2016 Plan [Member] | Restricted Stock [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period				4 years
2016 Plan [Member] | Performance Share [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based payment awards options granted			113,000
Share based payment award, requisite service period				4 years
Share based compensation expenses				$ 200
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				2,512,467
Share based payments shares increase decrease	1,298,656
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				5%
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.
Shares available for issuance under equity incentive plans				2,512,467			2,680,248
Share based payments shares increase decrease		560,000
Shares available for purchase under employee stock purchase plan		280,000

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
	Mar. 31, 2023	Mar. 31, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share based compensation expenses	$ 1,467	$ 1,980
General and Administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share based compensation expenses	901	1,262
Research and Development [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share based compensation expenses	$ 566	$ 718

Equity Incentive Plan - Summa_2

Equity Incentive Plan - Summary of Option Activity (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Shares, Outstanding | shares	4,391,207
Shares, Granted | shares	347,609
Shares, Exercised | shares	0
Shares, Canceled, expired or forfeited | shares	(179,828)
Shares, Outstanding | shares	4,558,988
Shares, Vested and expected to vest | shares	4,558,988
Shares, Exercisable | shares	2,225,663
Weighted average exercise price, Outstanding | $ / shares	$ 7.57
Weighted average exercise price, Granted | $ / shares	0.39
Weighted average exercise price, Exercised | $ / shares	0
Weighted average exercise price, Canceled, expired or forfeited | $ / shares	6.53
Weighted average exercise price, Outstanding | $ / shares	7.07
Weighted average exercise price, Vested and expected to vest | $ / shares	7.07
Weighted average exercise price, Exercisable | $ / shares	$ 7.55
Weighted- Average remaining contractual term (years), Outstanding	7 years 10 months 6 days
Weighted- Average remaining contractual term (years), Vested and expected to vest	7 years 9 months 18 days
Weighted- Average remaining contractual term (years), Exercisable	6 years 10 months 17 days
Aggregate intrinsic value, Outstanding | $	$ 0
Aggregate intrinsic value, Vested and expected to vest | $	0
Aggregate intrinsic value, Exercisable | $	$ 0

Net Loss Per Share - Summary of

Net Loss Per Share - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities dilute basic net loss per share	5,177,486	4,718,388
Employee Stock Purchase Plan [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities dilute basic net loss per share	156,898	62,243
Outstanding Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities dilute basic net loss per share	4,558,988	4,584,601
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	71,544

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - Termination of Loan Agreement [Member] $ in Millions	May 12, 2023 USD ($)
Subsequent Event [Line Items]
Debt instrument rapayment of principal amount	$ 20
Repayment of accrued interest and related fees and expenses	$ 1.6