Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 30, 2021 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-40969 | |
Entity Registrant Name | ENTRADA THERAPEUTICS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 84-3983399 | |
Entity Address, Address Line One | 6 Tide Street | |
Entity Address, City or Town | Boston | |
Entity Address State Or Province | MA | |
Entity Address, Postal Zip Code | 02210 | |
City Area Code | 857 | |
Local Phone Number | 520-9158 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | TRDA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 31,212,856 | |
Entity Central Index Key | 0001689375 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 122,172 | $ 39,045 |
Prepaid expenses and other current assets | 1,353 | 904 |
Total current assets | 123,525 | 39,949 |
Property and equipment, net | 5,901 | 3,037 |
Other non-current assets | 2,969 | 541 |
Total assets | 132,395 | 43,527 |
Current liabilities: | ||
Accounts payable | 2,278 | 1,602 |
Accrued expenses and other current liabilities | 4,880 | 1,757 |
Total current liabilities | 7,158 | 3,359 |
Deferred rent, net of current portion | 339 | |
Total liabilities | 7,497 | 3,359 |
Commitments and contingencies (Note 9) | ||
Redeemable convertible preferred stock, par value $0.0001 (Note 6) | 197,489 | 81,658 |
Stockholders' deficit: | ||
Common stock, par value $0.0001; 172,000,000 and 113,259,306 shares authorized as of September 30, 2021 and December 31, 2020, respectively; 1,684,294 and 1,283,545 shares issued as of September 30, 2021 and December 31, 2020, respectively; 1,547,774 and 1,244,139 shares outstanding as of September 30, 2021 and December 31, 2020, respectively | ||
Additional paid-in capital | 2,631 | 1,021 |
Accumulated deficit | (75,222) | (42,511) |
Total stockholders' deficit | (72,591) | (41,490) |
Total liabilities, redeemable convertible preferred stock and stockholders' deficit | $ 132,395 | $ 43,527 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
CONDENSED BALANCE SHEETS | ||
Redeemable convertible preferred stock, par value per share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, par value per share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares, authorized | 172,000,000 | 113,259,306 |
Common stock, shares, issued | 1,684,294 | 1,283,545 |
Common stock, shares, outstanding | 1,547,774 | 1,244,139 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating expenses: | ||||
Research and development | $ 10,513 | $ 5,700 | $ 23,564 | $ 14,446 |
General and administrative | 3,851 | 1,273 | 9,103 | 3,568 |
Total operating expenses | 14,364 | 6,973 | 32,667 | 18,014 |
Loss from operations | (14,364) | (6,973) | (32,667) | (18,014) |
Other income (expense): | ||||
Interest and other income (expense), net | (66) | (17) | (44) | 164 |
Total other income (expense), net | (66) | (17) | (44) | 164 |
Net loss | $ (14,430) | $ (6,990) | $ (32,711) | $ (17,850) |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (9.78) | $ (6.13) | $ (24.18) | $ (16.55) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (9.78) | $ (6.13) | $ (24.18) | $ (16.55) |
Weighted-average common shares outstanding, basic (in shares) | 1,475,170 | 1,139,647 | 1,352,721 | 1,078,783 |
Weighted-average common shares outstanding, diluted (in shares) | 1,475,170 | 1,139,647 | 1,352,721 | 1,078,783 |
CONDENSED STATEMENTS OF REDEEMA
CONDENSED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Series A Redeemable Convertible Preferred Stock | Series B Redeemable Convertible Preferred Stock | Total |
Beginning Balances at Dec. 31, 2019 | $ 31,816 | |||||
Beginning Balances (in shares) at Dec. 31, 2019 | 37,269,149 | |||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||
Issuance of redeemable convertible preferred stock, net of issuance costs | $ 24,978 | |||||
Issuance of redeemable convertible preferred stock, net of issuance costs (in shares) | 24,015,368 | |||||
Ending Balances at Mar. 31, 2020 | $ 56,794 | |||||
Ending Balances (in shares) at Mar. 31, 2020 | 61,284,517 | |||||
Beginning Balances at Dec. 31, 2019 | $ 470 | $ (15,988) | $ (15,518) | |||
Beginning Balances (in shares) at Dec. 31, 2019 | 1,004,310 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of stock options | 1 | 1 | ||||
Issuance of common stock upon exercise of stock options (in shares) | 522 | |||||
Vesting of restricted common stock (in shares) | 27,866 | |||||
Vesting of early exercised options | 3 | 3 | ||||
Vesting of early exercised options (in shares) | 3,352 | |||||
Stock-based compensation | 78 | 78 | ||||
Net loss | (4,686) | (4,686) | ||||
Ending Balances at Mar. 31, 2020 | 552 | (20,674) | (20,122) | |||
Ending Balances (in shares) at Mar. 31, 2020 | 1,036,050 | |||||
Beginning Balances at Dec. 31, 2019 | $ 31,816 | |||||
Beginning Balances (in shares) at Dec. 31, 2019 | 37,269,149 | |||||
Ending Balances at Sep. 30, 2020 | $ 81,658 | |||||
Ending Balances (in shares) at Sep. 30, 2020 | 85,299,885 | |||||
Beginning Balances at Dec. 31, 2019 | 470 | (15,988) | $ (15,518) | |||
Beginning Balances (in shares) at Dec. 31, 2019 | 1,004,310 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (17,850) | |||||
Ending Balances at Sep. 30, 2020 | 790 | (33,838) | (33,048) | |||
Ending Balances (in shares) at Sep. 30, 2020 | 1,153,633 | |||||
Beginning Balances at Mar. 31, 2020 | $ 56,794 | |||||
Beginning Balances (in shares) at Mar. 31, 2020 | 61,284,517 | |||||
Ending Balances at Jun. 30, 2020 | $ 56,794 | |||||
Ending Balances (in shares) at Jun. 30, 2020 | 61,284,517 | |||||
Beginning Balances at Mar. 31, 2020 | 552 | (20,674) | $ (20,122) | |||
Beginning Balances (in shares) at Mar. 31, 2020 | 1,036,050 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of stock options | 83 | 83 | ||||
Issuance of common stock upon exercise of stock options (in shares) | 54,452 | |||||
Vesting of restricted common stock (in shares) | 27,866 | |||||
Vesting of early exercised options | 3 | 3 | ||||
Vesting of early exercised options (in shares) | 3,700 | |||||
Stock-based compensation | 74 | 74 | ||||
Net loss | (6,174) | (6,174) | ||||
Ending Balances at Jun. 30, 2020 | 712 | (26,848) | (26,136) | |||
Ending Balances (in shares) at Jun. 30, 2020 | 1,122,068 | |||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||
Issuance of redeemable convertible preferred stock, net of issuance costs | $ 24,864 | |||||
Issuance of redeemable convertible preferred stock, net of issuance costs (in shares) | 24,015,368 | |||||
Ending Balances at Sep. 30, 2020 | $ 81,658 | |||||
Ending Balances (in shares) at Sep. 30, 2020 | 85,299,885 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Vesting of restricted common stock (in shares) | 27,865 | |||||
Vesting of early exercised options | 3 | $ 3 | ||||
Vesting of early exercised options (in shares) | 3,700 | |||||
Stock-based compensation | 75 | 75 | ||||
Net loss | (6,990) | (6,990) | ||||
Ending Balances at Sep. 30, 2020 | 790 | (33,838) | (33,048) | |||
Ending Balances (in shares) at Sep. 30, 2020 | 1,153,633 | |||||
Beginning Balances at Dec. 31, 2020 | $ 79,597 | $ 81,658 | ||||
Beginning Balances (in shares) at Dec. 31, 2020 | 82,879,139 | 85,299,885 | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||
Issuance of redeemable convertible preferred stock, net of issuance costs | $ 115,831 | |||||
Issuance of redeemable convertible preferred stock, net of issuance costs (in shares) | 53,522,099 | |||||
Ending Balances at Mar. 31, 2021 | $ 197,489 | |||||
Ending Balances (in shares) at Mar. 31, 2021 | 138,821,984 | |||||
Beginning Balances at Dec. 31, 2020 | 1,021 | (42,511) | $ (41,490) | |||
Beginning Balances (in shares) at Dec. 31, 2020 | 1,244,139 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of stock options | 29 | 29 | ||||
Issuance of common stock upon exercise of stock options (in shares) | 16,453 | |||||
Vesting of restricted common stock (in shares) | 4,326 | |||||
Vesting of early exercised options | 8 | 8 | ||||
Vesting of early exercised options (in shares) | 6,529 | |||||
Stock-based compensation | 164 | 164 | ||||
Net loss | (8,380) | (8,380) | ||||
Ending Balances at Mar. 31, 2021 | 1,222 | (50,891) | (49,669) | |||
Ending Balances (in shares) at Mar. 31, 2021 | 1,271,447 | |||||
Beginning Balances at Dec. 31, 2020 | $ 79,597 | $ 81,658 | ||||
Beginning Balances (in shares) at Dec. 31, 2020 | 82,879,139 | 85,299,885 | ||||
Ending Balances at Sep. 30, 2021 | $ 79,597 | $ 115,831 | $ 197,489 | |||
Ending Balances (in shares) at Sep. 30, 2021 | 82,879,139 | 53,522,099 | 138,821,984 | |||
Beginning Balances at Dec. 31, 2020 | 1,021 | (42,511) | $ (41,490) | |||
Beginning Balances (in shares) at Dec. 31, 2020 | 1,244,139 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (32,711) | |||||
Ending Balances at Sep. 30, 2021 | 2,631 | (75,222) | (72,591) | |||
Ending Balances (in shares) at Sep. 30, 2021 | 1,547,774 | |||||
Beginning Balances at Mar. 31, 2021 | $ 197,489 | |||||
Beginning Balances (in shares) at Mar. 31, 2021 | 138,821,984 | |||||
Ending Balances at Jun. 30, 2021 | $ 197,489 | |||||
Ending Balances (in shares) at Jun. 30, 2021 | 138,821,984 | |||||
Beginning Balances at Mar. 31, 2021 | 1,222 | (50,891) | $ (49,669) | |||
Beginning Balances (in shares) at Mar. 31, 2021 | 1,271,447 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of stock options | 212 | 212 | ||||
Issuance of common stock upon exercise of stock options (in shares) | 119,359 | |||||
Vesting of restricted common stock (in shares) | 4,327 | |||||
Vesting of early exercised options | 18 | 18 | ||||
Vesting of early exercised options (in shares) | 10,592 | |||||
Stock-based compensation | 326 | 326 | ||||
Net loss | (9,901) | (9,901) | ||||
Ending Balances at Jun. 30, 2021 | 1,778 | (60,792) | (59,014) | |||
Ending Balances (in shares) at Jun. 30, 2021 | 1,405,725 | |||||
Ending Balances at Sep. 30, 2021 | $ 79,597 | $ 115,831 | $ 197,489 | |||
Ending Balances (in shares) at Sep. 30, 2021 | 82,879,139 | 53,522,099 | 138,821,984 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of stock options | 106 | $ 106 | ||||
Issuance of common stock upon exercise of stock options (in shares) | 57,661 | |||||
Vesting of restricted common stock (in shares) | 2,884 | |||||
Vesting of early exercised options | 170 | 170 | ||||
Vesting of early exercised options (in shares) | 81,504 | |||||
Stock-based compensation | 577 | 577 | ||||
Net loss | (14,430) | (14,430) | ||||
Ending Balances at Sep. 30, 2021 | $ 2,631 | $ (75,222) | $ (72,591) | |||
Ending Balances (in shares) at Sep. 30, 2021 | 1,547,774 |
CONDENSED STATEMENTS OF REDEE_2
CONDENSED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | |
Series A Redeemable Convertible Preferred Stock | |||
Stock issuance costs | $ 136 | $ 22 | |
Series B Redeemable Convertible Preferred Stock | |||
Stock issuance costs | $ 420 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (32,711) | $ (17,850) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 753 | 228 |
Loss on disposal of property and equipment | 153 | 7 |
Stock-based compensation expense | 1,068 | 227 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (449) | (1,902) |
Other non-current assets | (1,923) | (544) |
Accounts payable | 311 | 709 |
Accrued expenses and other current liabilities | 2,138 | 221 |
Deferred rent | 339 | (42) |
Net cash used in operating activities | (30,321) | (18,946) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (3,258) | (874) |
Sale of property and equipment | 7 | |
Net cash used in investing activities | (3,258) | (867) |
Cash flows from financing activities: | ||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | 115,831 | 49,842 |
Proceeds from exercise of stock options | 347 | 84 |
Proceeds from the early exercise of stock options | 528 | 14 |
Net cash provided by financing activities | 116,706 | 49,940 |
Net increase in cash and cash equivalents | 83,127 | 30,127 |
Cash and cash equivalents at beginning of period | 39,045 | 16,844 |
Cash and cash equivalents at end of period | 122,172 | 46,971 |
Supplemental cash flow disclosures: | ||
Deferred financing costs in accounts payable and accrued expenses | 505 | |
Purchases of property and equipment included in accounts payable and accrued expenses | 832 | 616 |
Vesting of restricted stock subject to repurchase | 1 | |
Vesting of options early exercised subject to repurchase | $ 195 | $ 8 |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Nature of the Business and Basis of Presentation | |
Nature of the Business and Basis of Presentation | 1. Nature of the Business and Basis of Presentation Organization Entrada Therapeutics, Inc. (Entrada or the Company) aims to transform the lives of patients and become the world’s foremost intracellular therapeutics company by establishing Endosomal Escape Vehicle (EEV TM Initial Public Offering In November 2021, the Company completed its initial public offering (IPO) in which the Company issued and sold 10,436,250 shares of its common stock, including 1,361,250 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $20.00 per share, for aggregate gross proceeds of $208.7 million. The Company received approximately $190.9 million in net proceeds, after deducting underwriting discounts and estimated offering expenses payable by the Company. In connection with the IPO, all outstanding shares of the Company’s redeemable convertible preferred stock converted into 19,185,183 shares of the Company’s common stock (see Note 11). On October 22, 2021, in connection with the Company’s IPO, the Company effected a 1-for-7.235890014 Liquidity and Capital Resources Since its inception, the Company has devoted substantially all of its resources to its research and development efforts relating to its proprietary, highly versatile and modular EEV platform (EEV Platform), advancing development of its portfolio of programs and general and administrative support for these operations, including raising capital. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, technical risks associated with the successful research, development and manufacturing of therapeutic candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, and the ability to secure additional capital to fund operations. Therapeutic 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 will require significant amounts of additional capital, adequate personnel and infrastructure. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize revenue from product sales. The Company has incurred losses since its inception, including losses of $14.4 million and $7.0 million for the three months ended September 30, 2021 and 2020, respectively and $32.7 million and $17.9 million for the nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021, the Company had an accumulated deficit of $75.2 million. To date, the Company has funded its operations primarily through the sale of equity securities. The Company expects to continue to generate operating losses and negative operating cash flows for the foreseeable future. The Company expects that its cash and cash equivalents of $122.2 million as of September 30, 2021 will be sufficient to fund its operations and capital expenditure requirements for at least the next twelve months from the date of issuance of these financial statements. The Company will need additional financing beyond the IPO proceeds to support its continuing operations and pursue its business strategy and may pursue additional cash resources through a combination of equity offerings, debt financings, collaborations, strategic alliances, licensing, or other arrangements. The Company may be unable to raise additional funds or enter into such other agreements when needed or on favorable terms or at all. The inability to raise capital as and when needed would have a negative impact on the Company’s financial condition and its ability to pursue its business strategy. The Company will need to generate significant revenue to achieve profitability, and it may never do so. Basis of Presentation The accompanying condensed financial statements are unaudited and have been prepared in conformity with generally accepted accounting principles in the United States of America (GAAP). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Update (ASU) of the Financial Accounting Standards Board (FASB). The condensed financial statements have been prepared on the same basis as the audited annual financial statements. Certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted. These condensed financial statements, in the opinion of management, reflect all normal recurring adjustments necessary for a fair presentation of the Company’s financial position as of September 30, 2021, and results of operations for the interim periods ended September 30, 2021 and 2020. 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 condensed financial statements should be read in conjunction with the audited financial statements as of and for the years ended December 31, 2020 and 2019, and the notes thereto, included in the Company’s final prospectus related to the IPO, dated October 25, 2021 and filed with the Securities and Exchange Commission (the SEC) pursuant to Rule 424(b)(4) on November 1, 2021 (Final Prospectus). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited financial statements for the years ended December 31, 2020 and 2019 included in the Final Prospectus. Since the date of those financial statements, there have been no changes to the Company’s significant accounting policies. Deferred Offering Costs The Company capitalizes incremental legal, professional accounting and other third-party fees that are directly associated with the IPO as other non-current assets until the IPO is consummated. After consummation of the IPO, these costs will be recorded in stockholders’ deficit as a reduction of additional paid-in-capital generated as a result of the offering. As of September 30, 2021, the Company included $2.2 million in other non-current assets. The IPO was completed in November 2021 and all deferred offering costs were subsequently recorded within stockholders’ equity as a reduction of additional paid-in-capital generated from the offering. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Measurements | |
Fair Value Measurements | 3. Fair Value Measurements The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value (in thousands): Fair Value Measurements at September 30, 2021 Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 121,922 $ — $ — $ 121,922 Total $ 121,922 $ — $ — $ 121,922 Fair Value Measurements at December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 38,795 $ — $ — $ 38,795 Total $ 38,795 $ — $ — $ 38,795 |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Sep. 30, 2021 | |
Property and Equipment, Net | |
Property and Equipment, Net | 4. Property and Equipment, Net Property and equipment, net consisted of the following at September 30, 2021 and December 31, 2020 (in thousands): September 30, December 31, 2021 2020 Laboratory equipment $ 5,336 $ 2,121 Furniture and fixtures 24 18 Computer equipment 37 22 Leasehold improvements 1,556 1,253 6,953 3,414 Less: Accumulated depreciation (1,052) (377) $ 5,901 $ 3,037 Depreciation expense for the three months ended September 30, 2021 and 2020 was $0.3 million and $0.1 million, respectively. Depreciation expense for the nine months ended September 30, 2021 and 2020 was $0.8 million and $0.2 million, respectively. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Accrued Expenses and Other Current Liabilities | |
Accrued Expenses and Other Current Liabilities | 5. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following at September 30, 2021 and December 31, 2020 (in thousands): September 30, December 31, 2021 2020 Accrued employee compensation and benefits $ 2,752 $ 1,482 Accrued external research and development expenses 1,004 125 Accrued issuance costs 495 — Accrued general and administrative professional service expenses 301 35 Other 328 115 $ 4,880 $ 1,757 |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock and Common Stock | 9 Months Ended |
Sep. 30, 2021 | |
Redeemable Convertible Preferred Stock and Common Stock | |
Redeemable Convertible Preferred Stock and Common Stock | 6. Redeemable Convertible Preferred Stock and Common Stock Redeemable Convertible Preferred Stock On October 27, 2016, the Company entered into a Series Seed Preferred Stock Purchase Agreement, whereby the Company issued an aggregate of 691,641 shares of Series Seed redeemable convertible preferred stock (Series Seed Preferred Stock) at a purchase price of $0.8675 per share for aggregate proceeds of $0.6 million. On March 3, 2017, the Company entered into a second closing of Series Seed Preferred Stock, whereby the Company issued 576,368 shares at a purchase price of $0.8675 per share for aggregate proceeds of $0.5 million. On May 16, 2017, the Company completed the milestone closing of Series Seed Preferred Stock upon the satisfaction of stated milestones pursuant to the Series Seed Preferred Stock Purchase Agreement. In connection with this milestone closing, a total of 1,152,737 shares of Series Seed Preferred Stock were issued at a purchase price of $0.8675, for aggregate gross proceeds of $1.0 million. The Company incurred issuance costs of less than $0.1 million in connection with each of these closings. On December 14, 2018, the Company entered into a Series A Preferred Stock Purchase Agreement, whereby the Company issued an aggregate of 34,848,403 shares of Series A redeemable convertible preferred stock (Series A Preferred Stock), 24,015,368 of which were issued at a purchase price of $1.041 per share for gross cash proceeds of $25.0 million, and 10,833,035 of which were issued in satisfaction of principal and interest on convertible notes outstanding held by the Company of $9.0 million. Pursuant to the Series A Preferred Stock Purchase Agreement, the Company also agreed to issue up to an additional 24,015,368 shares at a price of $1.041 per share upon the achievement of certain specified milestones. The conditional issuance of 24,015,368 additional shares of Series A Preferred Stock was based on the achievement of defined milestones pursuant to which the investors were required to purchase, and the Company to sell, is referred to herein as the preferred stock tranche liability. The Company concluded that the preferred stock tranche liability met the definition of a freestanding financial instrument, as the obligation was legally detachable and separately exercisable from the initial issuance of the Series A Preferred Stock. Therefore, the Company allocated the net proceeds between the preferred stock tranche liability and the Series A Preferred Stock. Since the Series A Preferred Stock underlying the preferred stock tranche liability was contingently redeemable upon the occurrence of a deemed liquidation event, the preferred stock tranche liability was classified as a liability under ASC Topic 480, Distinguishing Liabilities from Equity, The Company released the corresponding preferred stock tranche liability as of December 31, 2019 and recorded $6.3 million to Other Income for the year ended 2019 given the Company did not meet the milestones. Subsequently, on January 22, 2020, upon waiver of stated milestones in the Series A Preferred Stock Purchase Agreement, the Company issued 24,015,368 shares of Series A Preferred Stock at a purchase price of $1.041 per share for aggregate proceeds of $25.0 million. The Company incurred issuance costs of less than $0.1 million. Pursuant to the Amended and Restated Series A Preferred Stock Purchase Agreement, on August 12, 2020, the Company agreed to issue an additional 24,015,368 shares of Series A Preferred Stock at a purchase price of $1.041 per share for aggregate proceeds of $25.0 million. The Company incurred issuance costs of $0.1 million. On March 29, 2021, the Company entered into a Series B Preferred Stock Purchase Agreement, whereby the Company issued an aggregate of 53,522,099 shares of Series B redeemable convertible preferred stock (Series B Preferred Stock, together with the Series Seed Preferred Stock and Series A Preferred Stock, Preferred Stock) at a price of $2.172 per share for gross cash proceeds of $116.2 million. The Company incurred issuance costs of $0.4 million. As part of the issuance of Series B Preferred Stock, the liquidation preferences of the Preferred Stock were modified such that, in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company or a deemed liquidation event, the holders of Preferred Stock then outstanding shall be entitled to be paid out equal to the greater of (i) the applicable original issue price, plus any dividends declared but unpaid thereon, or (ii) such amount per share as would have been payable had all shares of Preferred Stock been converted into common stock. The Company amended the articles of incorporation upon the issuance of the Series B Preferred Stock and the rights and preferences of the outstanding shares of Series Seed Preferred Stock and Series A Preferred Stock were adjusted. The Company considered if the adjustment to the previously issued shares of Preferred Stock represents an extinguishment or a modification to the outstanding mezzanine classified instruments. The adjustments to the outstanding shares of Preferred Stock were qualitatively insignificant. As a result, the adjustments to the rights and preferences of the outstanding shares of Preferred Stock qualified as a modification and no accounting was required as holders of these classes of equity did not receive any incremental value in the transaction. Upon issuance of each class of redeemable convertible preferred stock, the Company assessed the embedded conversion and liquidation features of the shares and determined that such features did not require the Company to separately account for these features. The Company also concluded that no beneficial conversion feature existed on the issuance date of each class of redeemable convertible preferred stock. Preferred Stock consisted of the following at September 30, 2021 and December 31, 2020 (in thousands, except share amounts): September 30, 2021 Preferred Stock Common Stock Preferred Stock Issued and Carrying Liquidation Issuable Upon Authorized Outstanding Value Preference Conversion Series Seed preferred stock 2,420,746 2,420,746 $ 2,061 $ 2,100 334,547 Series A preferred stock 82,879,139 82,879,139 79,597 86,277 11,453,888 Series B preferred stock 53,522,099 53,522,099 115,831 116,250 7,396,748 138,821,984 138,821,984 $ 197,489 $ 204,627 19,185,183 December 31, 2020 Preferred Stock Common Stock Preferred Stock Issued and Carrying Liquidation Issuable Upon Authorized Outstanding Value Preference Conversion Series Seed preferred stock 2,420,746 2,420,746 $ 2,061 $ 2,100 334,547 Series A preferred stock 82,879,139 82,879,139 79,597 86,277 11,453,888 85,299,885 85,299,885 $ 81,658 $ 88,377 11,788,435 As of September 30, 2021, unless noted otherwise, the Preferred Stock have the following rights and preferences: Conversion Rights Each share of Preferred Stock is convertible at the option of the holder at any time after the date of issuance. The number of shares of common stock to be issued in the event of a conversion is determined by dividing the original issue price of $0.8675 for the Series Seed Preferred Stock, $1.041 for the Series A Preferred Stock, and $2.172 for the Series B Preferred Stock by the conversion price then in effect. The conversion price for each of the Series Seed Preferred Stock, Series A Preferred Stock, and Series B Preferred Stock was initially $0.8675, $1.041, and $2.172 per share, respectively, subject to adjustment under certain circumstances, including but not limited to certain additional issuances of common shares. The Preferred Stock automatically convert at either (i) the closing of a firm-commitment underwritten public offering resulting in at least $75 million of net proceeds to the Company, upon which all outstanding Preferred Stock shall automatically be converted into common shares, at the then effective Series Seed conversion price, Series A conversion price, or Series B conversion price, respectively or (ii) at the election of the required majority of Preferred Stock holders, upon which all or any portion of the outstanding Preferred Stock shall automatically be converted into common shares, at the then effective Series Seed conversion price, Series A conversion price, or Series B conversion price, respectively. Dividends The holders of Preferred Stock shall be entitled to receive non-cumulative cash dividends, out of any assets legally available therefor, prior and in preference to any declaration or payment of any dividend on shares of common stock (payable other than in common stock or other securities and rights convertible into or entitling the holder thereof to receive, directly or indirectly, additional shares of common stock of the Company) at a rate of eight percent of the applicable original issue price per share of Preferred Stock per annum, payable only when, as and if declared by the Company’s board of directors. The Company shall not declare, pay or set aside any dividends on shares of any other class or series of capital stock of the Company (other than dividends on shares of common stock payable in shares of common stock) unless (in addition to the obtaining of any consents required otherwise by the Company’s restated certificate of incorporation) the holders of Preferred Stock then outstanding shall first receive, or simultaneously receive, in addition to the eight percent non-cumulative dividend described above, a dividend on each outstanding share of Preferred Stock in an amount at least equal to the dividend payable on each share of such class or series determined as if all shares of such class or series had been converted into common stock. No dividends were declared or paid through September 30, 2021. Liquidation Preference Upon liquidation, dissolution, or winding up of business or a deemed liquidation event, the holders of the Preferred Stock shall be entitled to be paid out the greater of (i) the applicable original issue price, plus any dividends declared but unpaid thereon, or (ii) such amount per share as would have been payable had all shares of Preferred Stock been converted into common stock. If, upon any such event, the assets available for distribution are insufficient to satisfy the liquidation payment to holders of Preferred Stock in full, the holders of Preferred Stock shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full. Voting Rights Except as provided by law or by other provisions of the instruments pursuant to which each series of Preferred Stock was issued, holders of the Preferred Stock and common stockholders’ vote together as one class on an “as-converted basis”. On any matter presented to the stockholders of the Company for their action or consideration at any meeting of stockholders of the Company, each holder of Series Seed Preferred Stock, Series A Preferred Stock, and Series B Preferred Stock is entitled to cast the number of votes equal to the number of whole shares of common stock into which the shares of Series Seed Preferred Stock, Series A Preferred Stock, and Series B Preferred Stock held by such holder are convertible as of the record date for determining shares entitled to vote on such matter. The holders of the shares of Series A Preferred Stock, exclusively and as a separate class, are entitled to elect three directors of the Company. The holders of the shares of Series B Preferred Stock, exclusively and as a separate class, are entitled to elect one director of the Company. The holders of the shares of common stock and Preferred Stock, exclusively and voting together as a single class, are entitled to elect three directors of the Company. Common Stock As of September 30, 2021 and December 31, 2020, the Company’s certificate of incorporation, as amended and restated, authorized the Company to issue 172,000,000 and 113,259,306 shares, respectively, of common stock, par value $0.0001 per share. The holders of common stock are entitled to one vote for each share of common stock. Subject to the payment in full of all preferential dividends to which the holders of the Preferred Stock are entitled, the holders of common stock shall be entitled to receive dividends out of funds legally available. In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, after the payment or provision for payment of all debts and liabilities of the Company and all preferential amounts to which the holders of Preferred Stock are entitled with respect to the distribution of assets in liquidation, the holders of common stock shall be entitled to share ratably in the remaining assets of the Company available for distribution . As of September 30, 2021, the Company has reserved 19,185,183 shares of common stock for the potential conversion of Preferred Stock and 3,110,588 shares of common stock for the potential exercise of outstanding stock options under the 2016 Plan. |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Stock Based Compensation | |
Stock Based Compensation | 7. Stock-Based Compensation 2016 Plan The 2016 Plan provides for the Company to grant incentive stock options or non-qualified stock options, restricted stock, restricted stock units, and other equity awards to employees, directors, and consultants of the Company. The 2016 Plan is administered by the board of directors of the Company or, at the discretion of the board of directors, by a committee of the board of directors. The exercise prices, vesting, and other restrictions are determined at the discretion of the board of directors, or its committee if so delegated. Recipients of stock options shall be eligible to purchase shares of the Company’s common stock at an exercise price equal to the estimated fair market value of such stock on the date of grant. The exercise price may be less than fair market value if the stock award is granted pursuant to an assumption or substitution for another stock award in the event of a merger or sale of the Company. The maximum term of options granted under the 2016 Plan is ten years, and stock options typically vest over a four-year period. The board of directors may assign vesting terms to the stock options granted as deemed appropriate. The 2016 Plan allows for early exercise of all stock option grants if authorized by the board of directors at the time of grant. The shares of common stock issued from the early exercise of stock options are restricted and continue to vest over the original service based vesting condition of the original stock option award. The Company has the option to repurchase any unvested shares at the original purchase price upon any voluntary or involuntary termination. The board of directors may, at its discretion, accelerate unvested awards held by employees in the event of a change of control of the Company unless assumed or substituted by the acquirer or surviving entity. During the nine months ended September 30, 2021, the Company increased the number of shares of common stock authorized for issuance under the 2016 Plan from 1,997,099 to 3,110,588 shares. As of September 30, 2021, 63,173 shares remained available for future issuance under the 2016 Plan. Stock-based compensation expense recorded in the statements of operations is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Research and development expenses $ 182 $ 24 $ 344 $ 78 General and administrative expenses 396 51 724 149 Total $ 578 $ 75 $ 1,068 $ 227 Stock Option Valuation The following table presents, on a weighted-average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted during the nine months ended September 30, 2021 and the year ended December 31, 2020: September 30, December 31, 2021 2020 Risk‑free interest rate 0.99 % 0.53 % Expected volatility 74 % 75 % Expected dividend yield — — Expected term (in years) 6.02 5.99 Early Exercise of Unvested Stock Options Shares purchased by employees pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be outstanding shares until those shares vest according to their respective vesting schedules. Cash received from employee exercises of unvested options is included in current liabilities on the balance sheet. Amounts recorded are reclassified to common stock and additional paid-in capital as the shares vest. Vesting can occur in the year of exercise and thereafter. There were 136,520 and 27,869 unvested shares related to early exercises of stock options as of September 30, 2021 and December 31, 2020, respectively. For each of the periods ended September 30, 2021 and December 31, 2020, the liability associated with the unvested early exercise of stock options was $0.4 million and less than $0.1 million, respectively. Stock Options The following table summarizes the Company’s stock option activity during the nine months ended September 30, 2021: Weighted ‑ Weighted ‑ Average Average Aggregate Number of Exercise Contractual Intrinsic Shares Price Term Value (2) (in years) (in thousands) Outstanding as of December 31, 2020 1,625,256 $ 1.88 Granted 1,166,904 9.36 Exercised (401,322) 2.18 Forfeited (21,275) 3.07 Outstanding as of September 30, 2021 2,369,563 $ 5.51 8.99 $ 20,029 Vested and exercisable as of September 30, 2021 391,322 $ 1.84 7.68 $ 4,746 Unvested and exercisable as of September 30, 2021 (1) 1,978,241 $ 6.24 9.25 $ 15,283 (1) This represents the number of unvested options outstanding as of September 30, 2021 that are expected to vest in the future. (2) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money as of September 30, 2021. The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2021 was $2.3 million. The company received $0.9 million in proceeds for the exercise of these options. The weighted-average grant-date fair value of stock options granted during the nine months ended September 30, 2021 and 2020 was $6.02 per share and $1.38 per share, respectively. As of September 30, 2021, there was $7.7 million of unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of 3.3 years. Restricted Stock Awards The Company issued restricted stock to its founders and certain officers of the Company. In general, the shares of restricted stock vest over a four-year period, with 25% of the shares vesting after one year, followed by monthly vesting over the remaining three years. If the holders of the above restricted stock cease to have a business relationship with the Company, the Company may reacquire any unvested shares of restricted stock held by these individuals for the original purchase price or fair value, whichever is lower at the time of repurchase. The amounts received to date for the purchase price of restricted stock are immaterial. The unvested shares of restricted stock are not considered outstanding shares for accounting purposes until the shares vest. A summary of unvested restricted stock during the nine months ended September 30, 2021 is as follows : Weighted ‑ Average Grant ‑ Date Shares Fair Value Unvested as of December 31, 2020 11,537 $ 0.007 Vested (11,537) 0.007 Unvested as of September 30, 2021 — $ — |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Taxes | |
Income Taxes | 8. Income Taxes Deferred tax assets and deferred tax liabilities are recognized based on temporary differences between the financial reporting and tax basis of assets and liabilities using statutory rates. A valuation allowance is recorded against deferred tax assets if it is more likely than not that some or all of the deferred tax assets will not be realized. Due to the uncertainty surrounding the realization of the favorable tax attributes in future tax returns, the Company has recorded a full valuation allowance against the Company’s otherwise recognizable net deferred tax assets. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies | |
Commitments and Contingencies | 9. Commitments and Contingencies Lease Obligations The Company leases its facilities under non-cancelable operating leases that expire in November 2023. All of the Company's leases contain escalating rent clauses, which require higher rent payments in future years, and as such, rent expense is recognized on a straight-line basis. See Note 9, "Commitments and Contingencies," in the audited financial statements for the year ended December 31, 2020, and notes thereto, included in the Company’s Final Prospectus for additional information regarding the Company's operating leases . License Agreement The Company's significant license agreements are disclosed in Note 9, "Commitments and Contingencies," in the audited financial statements for the year ended December 31, 2020, and notes thereto, included in the Company’s Final Prospectus. Since the date of those financial statements, there have been no changes to its license agreements. |
Net Loss per Share
Net Loss per Share | 9 Months Ended |
Sep. 30, 2021 | |
Net Loss per Share | |
Net Loss per Share | 10. Net Loss per Share Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Net loss attributable to common stockholders $ (14,430) $ (6,990) $ (32,711) $ (17,850) Denominator: Weighted‑average common shares outstanding, basic and diluted 1,475,170 1,139,647 1,352,721 1,078,783 Net loss per share attributable to common stockholders, basic and diluted $ (9.78) $ (6.13) $ (24.18) $ (16.55) The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: Nine Months Ended September 30, 2021 2020 Redeemable convertible preferred stock 19,185,183 11,788,435 Unvested restricted common stock — 23,710 Unvested shares from early exercises 136,520 22,039 Stock options to purchase common stock 2,369,563 1,017,367 21,691,266 12,851,551 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events | |
Subsequent Events | 11. Subsequent Events The Company has evaluated events occurring after the date of its condensed balance sheet through December 9, 2021, the date the condensed financial statements were available to be issued. Reverse Stock Split On October 22, 2021, the Company effected a 1-for-7.235890014 1-for-7.235890014 2021 Stock Option and Incentive Plan In September 2021, the Company’s board of directors adopted, and in October 2021 the Company’s stockholders approved, the 2021 Stock Option and Incentive Plan (2021 Plan), which became effective as of the date immediately prior to the date of the effectiveness of the registration statement for the IPO. The 2021 Plan allows the board of directors to make equity-based incentive awards to the Company’s officers, employees, directors, and other key persons. Upon effectiveness of the 2021 Plan, the number of shares of common stock reserved for issuance under the 2021 Plan was the sum of (i) 3,902,672 shares; plus (ii) the number of shares under the 2021 Plan which are not needed to fulfill the Company’s obligations for awards issued under the 2021 Plan as a result of forfeiture, expiration, cancellation, termination or net issuances of awards thereunder; plus (iii) the number of shares under the 2016 Plan which are not needed to fulfill the Company’s obligations for awards issued under the 2016 Plan as a result of forfeiture, expiration, cancellation, termination or net issuances of awards thereunder; plus (iv) an annual increase, to be added on January 1st of each year beginning on January 1, 2022 and continuing through and including 2031 by the lesser of (A) 4% of the number of shares of Stock outstanding as of such date and (B) an amount determined by the board of directors. The 2016 Plan was replaced with the 2021 Plan. 2021 Employee Stock Purchase Plan In September 2021, the Company’s board of directors adopted, and in October 2021 the Company’s stockholders approved, the 2021 Employee Stock Purchase Plan (ESPP), which became effective as of the date immediately prior to the date of the effectiveness of the registration statement for the IPO. The ESPP is administered by the person or persons appointed by the Company’s board of directors for such purpose. The ESPP initially provides participating employees with the opportunity to purchase up to an aggregate of 278,762 shares of common stock. The number of shares of common stock reserved for issuance under the ESPP will automatically increase on January 1st of each year beginning in 2022 and continuing through and including 2031 by the least of (i) 1% of the outstanding number of shares of our common stock of the immediately preceding December, (ii) 557,524 shares or (iii) such number of shares as determined by the ESPP administrator. Initial Public Offering In shares of redeemable convertible preferred stock outstanding. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Significant Accounting Policies | |
Deferred Offering Costs | Deferred Offering Costs The Company capitalizes incremental legal, professional accounting and other third-party fees that are directly associated with the IPO as other non-current assets until the IPO is consummated. After consummation of the IPO, these costs will be recorded in stockholders’ deficit as a reduction of additional paid-in-capital generated as a result of the offering. As of September 30, 2021, the Company included $2.2 million in other non-current assets. The IPO was completed in November 2021 and all deferred offering costs were subsequently recorded within stockholders’ equity as a reduction of additional paid-in-capital generated from the offering. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Measurements | |
Schedule of fair value hierarchy for assets and liabilities measured at fair value on recurring basis | The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value (in thousands): Fair Value Measurements at September 30, 2021 Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 121,922 $ — $ — $ 121,922 Total $ 121,922 $ — $ — $ 121,922 Fair Value Measurements at December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 38,795 $ — $ — $ 38,795 Total $ 38,795 $ — $ — $ 38,795 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property and Equipment, Net | |
Schedule of Property and equipment, Net | Property and equipment, net consisted of the following at September 30, 2021 and December 31, 2020 (in thousands): September 30, December 31, 2021 2020 Laboratory equipment $ 5,336 $ 2,121 Furniture and fixtures 24 18 Computer equipment 37 22 Leasehold improvements 1,556 1,253 6,953 3,414 Less: Accumulated depreciation (1,052) (377) $ 5,901 $ 3,037 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accrued Expenses and Other Current Liabilities | |
Schedule of accrued expenses and other current liabilities | Accrued expenses and other current liabilities consisted of the following at September 30, 2021 and December 31, 2020 (in thousands): September 30, December 31, 2021 2020 Accrued employee compensation and benefits $ 2,752 $ 1,482 Accrued external research and development expenses 1,004 125 Accrued issuance costs 495 — Accrued general and administrative professional service expenses 301 35 Other 328 115 $ 4,880 $ 1,757 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock and Common Stock (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Redeemable Convertible Preferred Stock and Common Stock | |
Schedule of Preferred Stock | Preferred Stock consisted of the following at September 30, 2021 and December 31, 2020 (in thousands, except share amounts): September 30, 2021 Preferred Stock Common Stock Preferred Stock Issued and Carrying Liquidation Issuable Upon Authorized Outstanding Value Preference Conversion Series Seed preferred stock 2,420,746 2,420,746 $ 2,061 $ 2,100 334,547 Series A preferred stock 82,879,139 82,879,139 79,597 86,277 11,453,888 Series B preferred stock 53,522,099 53,522,099 115,831 116,250 7,396,748 138,821,984 138,821,984 $ 197,489 $ 204,627 19,185,183 December 31, 2020 Preferred Stock Common Stock Preferred Stock Issued and Carrying Liquidation Issuable Upon Authorized Outstanding Value Preference Conversion Series Seed preferred stock 2,420,746 2,420,746 $ 2,061 $ 2,100 334,547 Series A preferred stock 82,879,139 82,879,139 79,597 86,277 11,453,888 85,299,885 85,299,885 $ 81,658 $ 88,377 11,788,435 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Stock Based Compensation | |
Schedule of Stock-based compensation expense | Stock-based compensation expense recorded in the statements of operations is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Research and development expenses $ 182 $ 24 $ 344 $ 78 General and administrative expenses 396 51 724 149 Total $ 578 $ 75 $ 1,068 $ 227 |
Schedule of assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted | September 30, December 31, 2021 2020 Risk‑free interest rate 0.99 % 0.53 % Expected volatility 74 % 75 % Expected dividend yield — — Expected term (in years) 6.02 5.99 |
Summary of the stock option activity | Weighted ‑ Weighted ‑ Average Average Aggregate Number of Exercise Contractual Intrinsic Shares Price Term Value (2) (in years) (in thousands) Outstanding as of December 31, 2020 1,625,256 $ 1.88 Granted 1,166,904 9.36 Exercised (401,322) 2.18 Forfeited (21,275) 3.07 Outstanding as of September 30, 2021 2,369,563 $ 5.51 8.99 $ 20,029 Vested and exercisable as of September 30, 2021 391,322 $ 1.84 7.68 $ 4,746 Unvested and exercisable as of September 30, 2021 (1) 1,978,241 $ 6.24 9.25 $ 15,283 (1) This represents the number of unvested options outstanding as of September 30, 2021 that are expected to vest in the future. (2) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money as of September 30, 2021. |
Summary of unvested restricted stock | Weighted ‑ Average Grant ‑ Date Shares Fair Value Unvested as of December 31, 2020 11,537 $ 0.007 Vested (11,537) 0.007 Unvested as of September 30, 2021 — $ — |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Net Loss per Share | |
Schedule of basic and diluted net loss per share attributable to common stockholders | Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Net loss attributable to common stockholders $ (14,430) $ (6,990) $ (32,711) $ (17,850) Denominator: Weighted‑average common shares outstanding, basic and diluted 1,475,170 1,139,647 1,352,721 1,078,783 Net loss per share attributable to common stockholders, basic and diluted $ (9.78) $ (6.13) $ (24.18) $ (16.55) |
Schedule of antidilutive securities excluded from computation of net loss per share | Nine Months Ended September 30, 2021 2020 Redeemable convertible preferred stock 19,185,183 11,788,435 Unvested restricted common stock — 23,710 Unvested shares from early exercises 136,520 22,039 Stock options to purchase common stock 2,369,563 1,017,367 21,691,266 12,851,551 |
Nature of the Business and Ba_2
Nature of the Business and Basis of Presentation (Details) $ / shares in Units, $ in Thousands | Oct. 22, 2021 | Nov. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2021USD ($)shares | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2021USD ($)shares | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)shares |
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Redeemable convertible preferred stock, shares issued upon conversion | shares | 19,185,183 | 19,185,183 | 11,788,435 | ||||||||
Net loss | $ 14,430 | $ 9,901 | $ 8,380 | $ 6,990 | $ 6,174 | $ 4,686 | $ 32,711 | $ 17,850 | |||
Accumulated deficit | 75,222 | 75,222 | $ 42,511 | ||||||||
Cash and cash equivalents | $ 122,172 | $ 122,172 | $ 39,045 | ||||||||
Subsequent event | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Reverse stock split ratio | 0.1382 | ||||||||||
IPO | Subsequent event | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Aggregate shares issued and sold | shares | 10,436,250 | ||||||||||
Stock price | $ / shares | $ 20 | ||||||||||
Gross proceeds from issuance of common stock | $ 208,700 | ||||||||||
Net proceeds from issuance of common stock | $ 190,900 | ||||||||||
Redeemable convertible preferred stock, shares issued upon conversion | shares | 19,185,183 | ||||||||||
Over-Allotment Option | Subsequent event | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Shares issued | shares | 1,361,250 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) $ in Millions | Sep. 30, 2021USD ($) |
Summary of Significant Accounting Policies | |
Deferred offering cost non-current | $ 2.2 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Recurring - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Cash equivalents | $ 121,922 | $ 38,795 |
Total | 121,922 | 38,795 |
Level 1 | ||
Assets: | ||
Cash equivalents | 121,922 | 38,795 |
Total | $ 121,922 | $ 38,795 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||||
Property and Equipment, Gross | $ 6,953 | $ 6,953 | $ 3,414 | ||
Less: Accumulated depreciation | (1,052) | (1,052) | (377) | ||
Property and Equipment, Net | 5,901 | 5,901 | 3,037 | ||
Depreciation expense | 300 | $ 100 | 753 | $ 228 | |
Laboratory equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and Equipment, Gross | 5,336 | 5,336 | 2,121 | ||
Furniture and Fixtures | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and Equipment, Gross | 24 | 24 | 18 | ||
Computer equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and Equipment, Gross | 37 | 37 | 22 | ||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and Equipment, Gross | $ 1,556 | $ 1,556 | $ 1,253 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accrued Expenses and Other Current Liabilities | ||
Accrued employee compensation and benefits | $ 2,752 | $ 1,482 |
Accrued external research and development expenses | 1,004 | 125 |
Accrued issuance costs | 495 | |
Accrued general and administrative professional service expenses | 301 | 35 |
Other | 328 | 115 |
Total | $ 4,880 | $ 1,757 |
Redeemable Convertible Prefer_3
Redeemable Convertible Preferred Stock and Common Stock - Redeemable Convertible Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 29, 2021 | Aug. 12, 2020 | Jan. 22, 2020 | Dec. 14, 2018 | May 16, 2017 | Mar. 03, 2017 | Oct. 27, 2016 | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | May 16, 2017 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2019 |
Redeemable Convertible Preferred Stock and Common Stock | ||||||||||||||
Proceeds from issue of redeemable convertible preferred stock | $ 115,831 | $ 49,842 | ||||||||||||
Series Seed redeemable convertible preferred stock | ||||||||||||||
Redeemable Convertible Preferred Stock and Common Stock | ||||||||||||||
Shares issued | 1,152,737 | 576,368 | 691,641 | |||||||||||
Purchase price (in dollars Per share} | $ 0.8675 | $ 0.8675 | $ 0.8675 | $ 0.8675 | $ 0.8675 | |||||||||
Proceeds from issue of redeemable convertible preferred stock | $ 1,000 | $ 500 | $ 600 | |||||||||||
Series Seed redeemable convertible preferred stock | Maximum | ||||||||||||||
Redeemable Convertible Preferred Stock and Common Stock | ||||||||||||||
Issuance costs | $ 100 | |||||||||||||
Series A Redeemable Convertible Preferred Stock | ||||||||||||||
Redeemable Convertible Preferred Stock and Common Stock | ||||||||||||||
Shares issued | 24,015,368 | 24,015,368 | 24,015,368 | 24,015,368 | 24,015,368 | |||||||||
Purchase price (in dollars Per share} | $ 1.041 | $ 1.041 | $ 1.041 | 1.041 | ||||||||||
Proceeds from issue of redeemable convertible preferred stock | $ 25,000 | $ 25,000 | $ 25,000 | |||||||||||
Aggregate shares issued | 34,848,403 | |||||||||||||
Issuance costs | $ 100 | $ 300 | ||||||||||||
Shares issued in satisfaction of principal and interest on convertible notes | 10,833,035 | |||||||||||||
Convertible notes outstanding | $ 9,000 | |||||||||||||
Shares issuable upon achievement of certain specified milestones | 24,015,368 | |||||||||||||
Series A Redeemable Convertible Preferred Stock | Other Income | ||||||||||||||
Redeemable Convertible Preferred Stock and Common Stock | ||||||||||||||
Preferred stock tranche liability | $ 6,300 | |||||||||||||
Series A Redeemable Convertible Preferred Stock | Maximum | ||||||||||||||
Redeemable Convertible Preferred Stock and Common Stock | ||||||||||||||
Issuance costs | $ 100 | |||||||||||||
Series B Redeemable Convertible Preferred Stock | ||||||||||||||
Redeemable Convertible Preferred Stock and Common Stock | ||||||||||||||
Shares issued | 53,522,099 | 53,522,099 | ||||||||||||
Purchase price (in dollars Per share} | $ 2.172 | $ 2.172 | ||||||||||||
Proceeds from issue of redeemable convertible preferred stock | $ 116,200 | |||||||||||||
Issuance costs | $ 400 |
Redeemable Convertible Prefer_4
Redeemable Convertible Preferred Stock and Common Stock - Preferred Stock (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Redeemable Convertible Preferred Stock and Common Stock | ||||||||
Preferred Stock Authorized | 138,821,984 | 85,299,885 | ||||||
Preferred Stock Issued | 138,821,984 | 85,299,885 | ||||||
Preferred stock outstanding | 138,821,984 | 138,821,984 | 138,821,984 | 85,299,885 | 85,299,885 | 61,284,517 | 61,284,517 | 37,269,149 |
Carrying Value | $ 197,489 | $ 197,489 | $ 197,489 | $ 81,658 | $ 81,658 | $ 56,794 | $ 56,794 | $ 31,816 |
Liquidation Preference | $ 204,627 | $ 88,377 | ||||||
Common stock issuable upon conversion | 19,185,183 | 11,788,435 | ||||||
Series Seed redeemable convertible preferred stock | ||||||||
Redeemable Convertible Preferred Stock and Common Stock | ||||||||
Preferred Stock Authorized | 2,420,746 | 2,420,746 | ||||||
Preferred Stock Issued | 2,420,746 | 2,420,746 | ||||||
Preferred stock outstanding | 2,420,746 | 2,420,746 | ||||||
Carrying Value | $ 2,061 | $ 2,061 | ||||||
Liquidation Preference | $ 2,100 | $ 2,100 | ||||||
Common stock issuable upon conversion | 334,547 | 334,547 | ||||||
Series A Redeemable Convertible Preferred Stock | ||||||||
Redeemable Convertible Preferred Stock and Common Stock | ||||||||
Preferred Stock Authorized | 82,879,139 | 82,879,139 | ||||||
Preferred Stock Issued | 82,879,139 | 82,879,139 | ||||||
Preferred stock outstanding | 82,879,139 | 82,879,139 | ||||||
Carrying Value | $ 79,597 | $ 79,597 | ||||||
Liquidation Preference | $ 86,277 | $ 86,277 | ||||||
Common stock issuable upon conversion | 11,453,888 | 11,453,888 | ||||||
Series B Redeemable Convertible Preferred Stock | ||||||||
Redeemable Convertible Preferred Stock and Common Stock | ||||||||
Preferred Stock Authorized | 53,522,099 | |||||||
Preferred Stock Issued | 53,522,099 | |||||||
Preferred stock outstanding | 53,522,099 | |||||||
Carrying Value | $ 115,831 | |||||||
Liquidation Preference | $ 116,250 | |||||||
Common stock issuable upon conversion | 7,396,748 |
Redeemable Convertible Prefer_5
Redeemable Convertible Preferred Stock and Common Stock - Conversion Right and Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |||||||
Sep. 30, 2021 | Mar. 29, 2021 | Aug. 12, 2020 | Jan. 22, 2020 | Dec. 14, 2018 | May 16, 2017 | Mar. 03, 2017 | Oct. 27, 2016 | |
Redeemable Convertible Preferred Stock and Common Stock | ||||||||
Dividend rate (as a percent) | 8.00% | |||||||
Dividends preferred stock | $ 0 | |||||||
Minimum | ||||||||
Redeemable Convertible Preferred Stock and Common Stock | ||||||||
Threshold net proceeds from qualified public offering. | $ 75,000 | |||||||
Series Seed redeemable convertible preferred stock | ||||||||
Redeemable Convertible Preferred Stock and Common Stock | ||||||||
Purchase price (in dollars Per share} | $ 0.8675 | $ 0.8675 | $ 0.8675 | $ 0.8675 | ||||
Preferred stock, convertible, conversion price (in dollars per share) | 0.8675 | |||||||
Series A Redeemable Convertible Preferred Stock | ||||||||
Redeemable Convertible Preferred Stock and Common Stock | ||||||||
Purchase price (in dollars Per share} | 1.041 | $ 1.041 | $ 1.041 | $ 1.041 | ||||
Preferred stock, convertible, conversion price (in dollars per share) | 1.041 | |||||||
Series B Redeemable Convertible Preferred Stock | ||||||||
Redeemable Convertible Preferred Stock and Common Stock | ||||||||
Purchase price (in dollars Per share} | 2.172 | $ 2.172 | ||||||
Preferred stock, convertible, conversion price (in dollars per share) | $ 2.172 |
Redeemable Convertible Prefer_6
Redeemable Convertible Preferred Stock and Common Stock - Voting Rights (Details) | Sep. 30, 2021Vote |
Redeemable Convertible Preferred Stock and Common Stock | |
Number of directors entitled to be elected | 3 |
Series A Redeemable Convertible Preferred Stock | |
Redeemable Convertible Preferred Stock and Common Stock | |
Number of directors entitled to be elected | 3 |
Series B Redeemable Convertible Preferred Stock | |
Redeemable Convertible Preferred Stock and Common Stock | |
Number of directors entitled to be elected | 1 |
Redeemable Convertible Prefer_7
Redeemable Convertible Preferred Stock and Common Stock - Common Stock (Details) | Sep. 30, 2021Vote$ / sharesshares | Dec. 31, 2020$ / sharesshares |
Common Stock Authorized (shares) | 172,000,000 | 113,259,306 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 |
Number of votes | Vote | 1 | |
Shares of common stock reserved for issuance | 19,185,183 | |
2016 Stock Plan | ||
Shares of common stock reserved for issuance | 3,110,588 | 1,997,099 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) - shares | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of common stock reserved for issuance | 19,185,183 | |
2016 Stock Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Maximum term of options | 10 years | |
Vesting period | 4 years | |
Shares of common stock reserved for issuance | 3,110,588 | 1,997,099 |
Shares remaining available for future issuance | 63,173 |
Stock Based Compensation - Comp
Stock Based Compensation - Compensation expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 578 | $ 75 | $ 1,068 | $ 227 |
Research and development expenses | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 182 | 24 | 344 | 78 |
General and administrative expenses | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 396 | $ 51 | $ 724 | $ 149 |
Stock Based Compensation - Stoc
Stock Based Compensation - Stock Option Valuation (Details) - Stock options | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Assumptions used to determine the fair value of stock options granted | ||
Risk-free interest rate (as percentage) | 0.99% | 0.53% |
Expected volatility (as percentage) | 74.00% | 75.00% |
Expected term (in years) | 6 years 7 days | 5 years 11 months 26 days |
Stock Based Compensation - Earl
Stock Based Compensation - Early Exercise of Unvested Stock Options (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Stock Based Compensation | ||
Unvested shares related to early exercises of stock options | 136,520 | 27,869 |
Unvested early exercises of stock options | $ 0.4 | $ 0.1 |
Stock Based Compensation - St_2
Stock Based Compensation - Stock option activity (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020USD ($)$ / shares | |
Aggregate Intrinsic Value | ||
Proceeds from exercise of stock options | $ | $ 347 | $ 84 |
Stock options | ||
Number of Shares | ||
Outstanding at beginning of period (in shares) | shares | 1,625,256 | |
Granted (in shares) | shares | 1,166,904 | |
Exercised (in shares) | shares | (401,322) | |
Forfeited (in shares) | shares | (21,275) | |
Outstanding at end period (in shares) | shares | 2,369,563 | |
Vested and exercisable (in shares) | shares | 391,322 | |
Unvested and exercisable (in shares) | shares | 1,978,241 | |
Weighted Average Exercise Price | ||
Weighted-Average Exercise Price Outstanding at beginning period (in dollars per share) | $ 1.88 | |
Weighted Average Exercise Price Granted (in dollars per share) | 9.36 | |
Weighted Average Exercise Price Exercised (in dollars per share) | 2.18 | |
Weighted Average Exercise Price Forfeited (in dollars per share) | 3.07 | |
Weighted Average Exercise Price Outstanding at end period (in dollars per share) | 5.51 | |
Weighted Average Exercise Price Vested and exercisable (in dollars per share) | 1.84 | |
Weighted Average Exercise Price Unvested and exercisable (in dollars per share) | $ 6.24 | |
Weighted Average Contractual Term (in years) | ||
Weighted Average Contractual Term, Outstanding (in years) | 8 years 11 months 26 days | |
Weighted Average Contractual Term, Vested and exercisable (in years) | 7 years 8 months 4 days | |
Weighted Average Contractual Term, Unvested and exercisable (in years) | 9 years 3 months | |
Aggregate Intrinsic Value | ||
Aggregate Intrinsic Value Outstanding | $ | $ 20,029 | |
Aggregate Intrinsic Value Vested and exercisable | $ | 4,746 | |
Aggregate Intrinsic Value Unvested and exercisable | $ | 15,283 | |
Aggregate intrinsic value of stock options exercised | $ | 2,300 | |
Proceeds from exercise of stock options | $ | $ 900 | |
Weighted-average grant-date fair value of stock options granted | $ 6.02 | $ 1.38 |
Unrecognized compensation cost | $ | $ 7,700 | |
Unrecognized compensation cost, weighted-average period for recognition | 3 years 3 months 18 days |
Stock Based Compensation - Rest
Stock Based Compensation - Restricted Stock Awards (Details) - Restricted Stock Awards | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Stock-based compensation | |
Vesting period | 4 years |
Shares | |
Unvested balance, at beginning of period (in shares) | shares | 11,537 |
Vested (in shares) | shares | (11,537) |
Weighted- Average Grant -Date Fair Value | |
Weighted- Average Grant -Date Fair Value Unvested balance, at beginning of period (in dollars per share) | $ / shares | $ 0.007 |
Vested (in dollars per share) | $ / shares | $ 0.007 |
Shares vesting after one year | |
Stock-based compensation | |
Vesting period | 1 year |
Vesting percentage | 25.00% |
Shares vesting after three year | |
Stock-based compensation | |
Vesting period | 3 years |
Net Loss per Share (Details)
Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator: | ||||||||
Net loss attributable to common stockholders | $ (14,430) | $ (9,901) | $ (8,380) | $ (6,990) | $ (6,174) | $ (4,686) | $ (32,711) | $ (17,850) |
Denominator: | ||||||||
Weighted-average common shares outstanding, basic (in shares) | 1,475,170 | 1,139,647 | 1,352,721 | 1,078,783 | ||||
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (9.78) | $ (6.13) | $ (24.18) | $ (16.55) | ||||
Numerator: | ||||||||
Net loss attributable to common stockholders | $ (14,430) | $ (9,901) | $ (8,380) | $ (6,990) | $ (6,174) | $ (4,686) | $ (32,711) | $ (17,850) |
Denominator: | ||||||||
Weighted-average common shares outstanding, diluted (in shares) | 1,475,170 | 1,139,647 | 1,352,721 | 1,078,783 | ||||
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (9.78) | $ (6.13) | $ (24.18) | $ (16.55) |
Net Loss per Share - Antidiluti
Net Loss per Share - Antidilutive securities (Details) - shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Net Loss per Share | ||
Antidilutive securities excluded from common stock | 21,691,266 | 12,851,551 |
Redeemable convertible preferred stock | ||
Net Loss per Share | ||
Antidilutive securities excluded from common stock | 19,185,183 | 11,788,435 |
Unvested restricted common stock | ||
Net Loss per Share | ||
Antidilutive securities excluded from common stock | 23,710 | |
Unvested shares from early exercises | ||
Net Loss per Share | ||
Antidilutive securities excluded from common stock | 136,520 | 22,039 |
Stock options | ||
Net Loss per Share | ||
Antidilutive securities excluded from common stock | 2,369,563 | 1,017,367 |
Subsequent event (Details)
Subsequent event (Details) $ / shares in Units, $ in Millions | Oct. 22, 2021 | Nov. 30, 2021USD ($)$ / sharesshares | Oct. 31, 2021shares | Sep. 30, 2021shares | Jun. 30, 2021shares | Mar. 31, 2021shares | Dec. 31, 2020shares | Sep. 30, 2020shares | Jun. 30, 2020shares | Mar. 31, 2020shares | Dec. 31, 2019shares |
Subsequent Event [Line Items] | |||||||||||
Shares of common stock reserved for issuance | 19,185,183 | ||||||||||
Common stock issuable upon conversion | 19,185,183 | 11,788,435 | |||||||||
Preferred stock outstanding | 138,821,984 | 138,821,984 | 138,821,984 | 85,299,885 | 85,299,885 | 61,284,517 | 61,284,517 | 37,269,149 | |||
Subsequent event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Reverse stock split ratio | 0.1382 | ||||||||||
Preferred stock outstanding | 0 | ||||||||||
Subsequent event | IPO | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Aggregate shares issued and sold | 10,436,250 | ||||||||||
Stock price | $ / shares | $ 20 | ||||||||||
Gross proceeds from issuance of common stock | $ | $ 208.7 | ||||||||||
Net proceeds from issuance of common stock | $ | $ 190.9 | ||||||||||
Common stock issuable upon conversion | 19,185,183 | ||||||||||
Subsequent event | Over-Allotment Option | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Shares issued | 1,361,250 | ||||||||||
Subsequent event | 2021 Stock Option and Incentive Plan | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Shares annual increase percentage | 4.00% | ||||||||||
Shares of common stock reserved for issuance | 3,902,672 | ||||||||||
Subsequent event | 2021 Employee Stock Purchase Plan | ESPP | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Shares annual increase percentage | 1.00% | ||||||||||
Stock authorized for issuance | 278,762 | ||||||||||
Shares remaining available for future issuance | 557,524 |