Inozyme Pharma (INZY) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 03, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Registrant Name	INOZYME PHARMA, INC.
Entity Central Index Key	0001693011
Entity Incorporation, State or Country Code	DE
Entity File Number	001-39397
Entity Tax Identification Number	38-4024528
Entity Address, Address Line One	321 Summer Street
Entity Address, Address Line Two	Suite 400
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	330-4340
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	INZY
Security Exchange Name	NASDAQ
Current Fiscal Year End Date	--12-31
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
Entity Common Stock, Shares Outstanding		44,035,322

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 49,024	$ 32,915
Short-term investments	81,906	94,951
Prepaid expenses and other current assets	3,218	3,527
Total current assets	134,148	131,393
Property and equipment, net	1,981	2,018
Restricted cash	354	354
Right-of-use assets	1,503	1,620
Prepaid expenses, net of current portion	3,810	3,810
Total assets	141,796	139,195
Current liabilities:
Accounts payable	1,815	2,544
Accrued expenses	9,927	11,355
Operating lease liabilities	839	816
Total current liabilities	12,581	14,715
Operating lease liabilities, net of current portion	1,603	1,823
Long term debt, net	24,219	4,139
Other long-term liabilities	46	124
Total liabilities	38,449	20,801
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.0001 par value - 5,000,000 shares authorized at March 31, 2023 and December 31, 2022; no shares issued and outstanding at March 31, 2023 or December 31, 2022	0	0
Common Stock, $0.0001 par value - 200,000,000 shares authorized at March 31, 2023 and December 31, 2022; 43,765,485 shares issued and outstanding at March 31, 2023 and 40,394,363 shares issued and outstanding at December 31, 2022	4	4
Additional paid in-capital	335,544	333,356
Accumulated other comprehensive loss	(36)	(205)
Accumulated deficit	(232,165)	(214,761)
Total stockholders’ equity	103,347	118,394
Total liabilities and stockholders’ equity	$ 141,796	$ 139,195

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	43,765,485	40,394,363
Common stock, shares outstanding	43,765,485	40,394,363

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating expenses:
Research and development	$ 11,857	$ 11,814
General and administrative	6,512	5,025
Total operating expenses	18,369	16,839
Loss from operations	(18,369)	(16,839)
Other income (expense):
Interest income, net	999	60
Other expenses, net	(34)	(105)
Other income (expense), net	965	(45)
Net loss	(17,404)	(16,884)
Other comprehensive income (loss):
Unrealized gains (losses) on available-for-sale securities	150	(132)
Foreign currency translation adjustment	19	(15)
Total other comprehensive income (loss)	169	(147)
Comprehensive loss	(17,235)	(17,031)
Net loss attributable to common stockholders—basic and diluted	$ (17,404)	$ (16,884)
Net loss per share attributable to common stockholders- basic	$ (0.40)	$ (0.71)
Net loss per share attributable to common stockholders- diluted	$ (0.40)	$ (0.71)
Weighted-average common shares and pre-funded warrants outstanding - basic	43,720,578	23,686,351
Weighted-average common shares and pre-funded warrants outstanding - diluted	43,720,578	23,686,351

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Balance at Dec. 31, 2021	$ 109,268	$ 2	$ 256,948	$ 18	$ (147,700)
Balance, shares at Dec. 31, 2021		23,668,747
Stock-based compensation	1,752		1,752
Exercise of stock options	240		240
Exercise of stock options, shares		149,664
Comprehensive loss:
Unrealized loss on investments	(132)			(132)
Foreign currency translation adjustment	(15)			(15)
Net loss	(16,884)				(16,884)
Balance at Mar. 31, 2022	94,229	$ 2	258,940	(129)	(164,584)
Balance, shares at Mar. 31, 2022		23,818,411
Balance at Dec. 31, 2021	109,268	$ 2	256,948	18	(147,700)
Balance, shares at Dec. 31, 2021		23,668,747
Comprehensive loss:
Net loss	(67,100)
Balance at Dec. 31, 2022	118,394	$ 4	333,356	(205)	(214,761)
Balance, shares at Dec. 31, 2022		40,394,363
Stock-based compensation	2,092		2,092
Exercise of pre-funded warrants, shares		3,325,644
Shares purchased in Employee Stock Purchase Plan	96		96
Shares purchased in Employee Stock Purchase Plan, shares		45,478
Comprehensive loss:
Unrealized loss on investments	150			150
Foreign currency translation adjustment	19			19
Net loss	(17,404)				(17,404)
Balance at Mar. 31, 2023	$ 103,347	$ 4	$ 335,544	$ (36)	$ (232,165)
Balance, shares at Mar. 31, 2023		43,765,485

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	$ (17,404)	$ (16,884)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	207	178
Stock-based compensation expense	2,092	1,752
Amortization of premiums and discounts on marketable securities	(746)	(76)
Reduction in the carrying value of right-of-use assets	117	103
Non-cash interest expense and amortization of debt issuance costs	80	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	309	731
Accounts payable	(729)	(194)
Accrued expenses	(1,423)	808
Operating lease liabilities	(197)	(177)
Prepaid expenses - noncurrent	0	(401)
Other long-term liabilities	(78)	0
Net cash used in operating activities	(17,772)	(14,160)
Investing activities
Purchases of marketable securities	(46,059)	(30,421)
Maturities of marketable securities	60,000	53,000
Purchases of property and equipment	(175)	(17)
Net cash provided by investing activities	13,766	22,562
Financing activities
Net proceeds from issuance of long-term debt	20,000	0
Proceeds from exercise of stock options	0	240
Proceeds from issuance of common stock for cash under Employee Stock Purchase Plan	96	0
Net cash provided by financing activities	20,096	240
Net increase in cash, cash equivalents and restricted cash	16,090	8,642
Effect of foreign currency exchange rate in cash	19	(15)
Cash, cash equivalents and restricted cash at beginning of period	33,269	23,670
Cash, cash equivalents and restricted cash at end of period	49,378	32,297
Supplemental cash flow information:
Cash and cash equivalents	49,024	31,943
Restricted cash	354	354
Cash, cash equivalents and restricted cash at end of period	49,378	32,297
Property and equipment unpaid at end of period	$ 5	$ 12

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	1. Organization an d Basis of Presentation Inozyme Pharma, Inc. (the “Company”) is a clinical-stage rare disease biopharmaceutical company developing novel therapeutics for the treatment of diseases impacting the vasculature, soft tissue, and skeleton. Through the Company’s in-depth understanding of a key biological pathway, the Company is pursuing the development of therapeutics to address the underlying causes of these debilitating diseases. It is well established that two genes, ENPP1 and ABCC6, play key roles in this critical pathway and that defects in these genes lead to low levels of plasma pyrophosphate, which drives pathologic mineralization, and low levels of adenosine, which drives intimal proliferation. The Company is initially focused on developing a novel therapy to treat rare genetic diseases of ENPP1 and ABCC6 Deficiencies. The Company’s lead product candidate, INZ-701, is a soluble, recombinant, or genetically engineered, fusion protein that is designed to correct a defect in a pathway involving ENPP1 and ABCC6 Deficiencies. This pathway is central to the regulation of calcium deposition throughout the body and is further associated with the inhibition of intimal proliferation, or narrowing and obstruction of blood vessels. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles ("U.S. GAAP") for interim financial information. Accordingly, these unaudited condensed consolidated financial statements do not include all of the information and note disclosures required by U.S. GAAP for audited year-end financial statements. The accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the interim period results. The results for the three-month period ended March 31, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, any other interim periods, or any future year or period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 . Liquidity, Capital Resources, and Going Concern Since the Company’s incorporation in 2017 and through March 31, 2023, the Company has devoted substantially all of its efforts to raising capital, building infrastructure, developing intellectual property and conducting research and development activities. The Company incurred net losses of $ 17.4 million in the three months ended March 31, 2023 and $ 67.1 million in the year ended December 31, 2022 and had an accumulated deficit of $ 232.2 million as of March 31, 2023. The Company had cash, cash equivalents, and short-term investments of $ 130.9 million as of March 31, 2023. The Company has incurred recurring losses and negative cash flows from operations since inception and has primarily funded its operations with proceeds from the issuance of convertible preferred stock, offerings of common stock and pre-funded warrants, and its loan and security agreement (the “Loan Agreement”) with K2 HealthVentures LLC (see Note 8). The Company expects its operating losses and negative operating cash flows to continue into the foreseeable future as it continues to expand its research and development efforts. The accompanying condensed consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets, and the satisfaction of liabilities and commitments in the ordinary course of business. The Company believes its available cash, cash equivalents, and short-term investments as of March 31, 2023 will be sufficient to fund its cash flow requirements for at least 12 months from the filing date of this Quarterly Report on Form 10-Q. Management’s expectations with respect to its ability to fund current and long-term planned operations are based on estimates that are subject to risks and uncertainties. If actual results are different from management’s estimates, the Company may need to seek additional strategic or financing opportunities sooner than would otherwise be expected. However, there is no guarantee that any of these strategic or financing opportunities will be executed on favorable terms, or at all, and some could be dilutive to existing stockholders. If the Company is unable to obtain additional funding on a timely basis, it may be forced to delay, reduce, or eliminate some or all of its research and development programs, portfolio expansion, or commercialization efforts, which could adversely affect its business.

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 Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Inozyme Securities Corp., which is a Massachusetts subsidiary created to buy, sell, and hold securities; Inozyme Ireland Limited; and Inozyme Pharma Switzerland GmbH. All intercompany transactions and balances have been eliminated. Summary of Significant Accounting Policies The significant accounting policies and estimates used in the preparation of the accompanying condensed consolidated financial statements are described in the Company’s audited consolidated financial statements for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. There have been no material changes in the Company’s significant accounting policies during the three months ended March 31, 2023 . Use of Estimates The preparation of the Company’s financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Estimates and judgments are based on historical information and other market-specific or various relevant assumptions, including, in certain circumstances, future projections that management believes to be reasonable under the circumstances. Actual results could differ materially from estimates. Significant estimates and assumptions are used for, but not limited to, the accruals for research and development expenses. The Company evaluates its estimates and assumptions on an ongoing basis. All revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Concentration of Credit Risk and Off-Balance Sheet Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, and short-term investments and, from time to time, long-term investments. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits and limits its exposure to credit risk by placing its cash with high credit quality financial institutions. The Company’s investments are comprised of U.S. Treasury securities and commercial paper of corporations. The Company mitigates credit risk by maintaining a diversified portfolio and limiting the amount of investment exposure as to institution, maturity, and investment type. The Company has no significant off-balance sheet risk such as foreign exchange contracts, option contracts, or other foreign hedging arrangements.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	3. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. Recently Adopted Accounting Standards In June 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . ASU 2016-13 and its subsequent related updates establish a new forward-looking “expected loss model” that requires entities to estimate current expected credit losses on accounts receivable and financial instruments by using all practical and relevant information. The Company adopted this standard effective January 1, 2023. There was no impact to the Company's financial statements upon adoption.

Balance Sheet Details

Balance Sheet Details	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Details	4. Balance Sheet Details Short-term investments consisted of the following: March 31, 2023 Description Maturity Amortized Gross Gross Estimated Commercial paper 1 year or less $ 76,449 $ 5 $ ( 32 ) $ 76,422 U.S. Treasury securities 1 year or less 5,494 — ( 10 ) 5,484 $ 81,943 $ 5 $ ( 42 ) $ 81,906 December 31, 2022 Description Maturity Amortized Gross Gross Estimated Commercial paper 1 year or less $ 78,451 $ 4 $ ( 119 ) $ 78,336 U.S. Treasury securities 1 year or less 16,698 — ( 83 ) 16,615 $ 95,149 $ 4 $ ( 202 ) $ 94,951 The Company did no t have any investments in a continuous unrealized loss position for more than 12 months as of March 31, 2023. As of March 31, 2023 , the Company believes that the cost basis of its available-for-sale securities is recoverable. No allowance for credit losses was recorded as of March 31, 2023. Accrued expenses consi sted of the following: At March 31, At December 31, Payroll and related liabilities $ 2,033 $ 2,799 Other professional fees 1,756 746 Research and development costs 5,579 7,066 Other 559 744 Total $ 9,927 $ 11,355

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurement	5. Fair Value Measurement Fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: • Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2 - Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; or • Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The following tables represent the Company’s financial assets measured at fair value on a recurring basis and indicate the level of fair value hierarchy utilized to determine such fair values: Fair Value Measurements at Reporting Date Description March 31, Level 1 Level 2 Level 3 Assets: Money market funds (included in cash and cash $ 37,919 $ 37,919 $ — $ — Commercial paper (including amounts in cash and cash equivalents) 86,353 — 86,353 — U.S. Treasury securities 5,484 5,484 — Total assets $ 129,756 $ 43,403 $ 86,353 $ — Fair Value Measurements at Reporting Date Description December 31, Level 1 Level 2 Level 3 Assets: Money market funds (included in cash and cash $ 26,587 $ 26,587 $ — $ — Commercial paper 78,336 — 78,336 — U.S. Treasury securities 16,615 16,615 — — Total assets $ 121,538 $ 43,202 $ 78,336 $ — There have been no transfers between fair value levels during the three months ended March 31, 2023 .

License and Sponsored Research

License and Sponsored Research Agreements	3 Months Ended
	Mar. 31, 2023
Research and Development [Abstract]
License and Sponsored Research Agreements	6. License and Sponsored Research Agreements In January 2017, the Company entered into a license agreement with Yale University (“Yale”), which was amended in May 2020 and July 2020, under which the Company licensed certain intellectual property related to ectonucleotide pyrophosphatase/phosphodiesterase enzymes that is the basis for the Company’s INZ-701 development program. Pursuant to the license agreement, as partial upfront consideration, the Company made a payment of approximate ly $ 0.1 mill ion to Yale, which amount reflected unreimbursed patent expenses incurred by Yale prior to the date of the license agreement. The Company is responsible for paying Yale an annual license maintenance fee in varying amounts throughout the term ranging from the low tens of thousands of dollars to the high tens of thousands of dollars. As of March 31, 2023, the Company incurred a life-to-date tot al of $ 0.3 million in license maintenance fees to Yale. The Company is required to pay Yale up to $ 3.0 million, based on the achievement of a specified net product sales milestone or specified development and commercialization milestones, for each therapeutic and prophylactic licensed product develope d. In January 2022, the Company paid Yale an approximately $ 0.3 million milestone payment following dosing of the first patient in the Company’s Phase 1/2 clinical trial of INZ-701 in adult patients with ENPP1 Deficiency in November 2021. In March 2022, the Company paid Yale an approximately $ 0.3 million milestone payment following completion of the first cohort of the Company's Phase 1/2 clinical trial of INZ-701 in adult patients with ENPP1 Deficiency in January 2022. In addition, the Company is required to pay Yale an amount in the several hundreds of thousands of dollars, based on the achievement of a specified net product sales milestone or specified development and commercialization milestones, for each diagnostic licensed product developed. While the agreement remains in effect, the Company is required to pay Yale low singl e-digit percentage royalties on aggregate worldwide net sales of certain licensed products. Yale is guaranteed a minimum royalty payment amount (ranging in dollar amounts from the mid six figures to low seven figures) for each year after the first sale of a therapeutic or prophylactic-licensed product that results in net sales. Yale is guaranteed a minimum royalty payment amount (ranging from the low tens of thousands of dollars to the mid tens of thousands of dollars) for each year after the first sale of a diagnostic licensed product that results in net sales. The Company must also pay Yale a percentage in the twenties of certain types of income it receives from sublicensees. The Company is also responsible for costs relating to the prosecution and maintenance of the licensed patents. Finally, subject to certain conditions, all payments due by the Company to Yale will be tripled following any patent challenge or challenge to a claim by Yale that a product is a licensed product under the agreement, made by the Company against Yale if Yale prevails in such challenge.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. Commitments and Contingencies Operating Leases The Company held the following significant operating leases of office and laboratory space as of March 31, 2023: • An operating lease for 8,499 square feet of office space in Boston, Massachusetts that expires in 2025 , with an option to extend the term for five years ; and • An operating lease for 6,244 square feet of laboratory space in Boston, Massachusetts that expires in 2025 . During the three months ended March 31, 2023 , cash paid for amounts included in the measurement of lease liabilities was $ 0.3 million, and the Company recorded operating lease expense of $ 0.2 million. Future lease payments under non-cancelable leases as of March 31, 2023 are as follows: Year Ending December 31, 2023 (remaining 9 months) $ 744 2024 1,016 2025 944 $ 2,704 Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners, and other parties with respect to certain matters arising out of the relationship between such parties and the Company. In addition, the Company has entered into indemnification agreements with members of its board of directors and senior management that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not aware of any claims under indemnification arrangements, and it has not accrued any liabilities related to such obligations as of March 31, 2023 or December 31, 2022. Legal Proceedings The Company is not currently a 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 the costs related to its legal proceedings as they are incurred. No such costs have been incurred during the three months ended March 31, 2023 and 2022 .

Convertible Debt

Convertible Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Convertible Debt	8. Convertible Debt Loan Agreement with K2 HealthVentures LLC On July 25, 202 2, the Company, as borrower, entered into the Loan Agreement with K2 HealthVentures LLC (“K2HV”, together with any other lender from time to time, the “Lenders”), as administrative agent for the Lenders, and Ankura Trust Company, LLC, as collateral agent for the Lenders. The Loan Agreement provides up to $ 70.0 million principal in term loans, subject to certain customary conditions. The Company received $ 5.0 million from the first tranche commitment upon closing. The first tranche commitment contained an additional $ 20.0 million available to be drawn at the Company’s option though March 31, 2023. The Company elected to borrow the remaining $ 20.0 million in February 2023. Two subsequent tranche commitments totaling $ 20.0 million in the aggregate are available to be drawn at the Company’s option during certain availability periods, subject to the achievement of certain clinical and regulatory milestones relating to INZ-701. A fourth tranche commitment of $ 25.0 million may be made available to be drawn down at the Company’s option through August 31, 2025, subject to use of proceeds limitations and Lender's consent in its discretion. The fourth tranche commitment is subject to an additional 0.75 % facility fee. 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. The term loan matures on August 1, 2026 , and the Company is obligated to make interest only payments for the first 36 months and then interest and equal principal payments through the maturity date. The term loan bears a variable interest rate equal to the greater of (i) 7.85 %, 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) 3.85 %; provided that the interest rate cannot exceed 9.60% . The interest rate as of March 31, 2023 was 9.60 %. The Company has the option to prepay all, but not less than, the outstanding principal balance and all accrued and unpaid interest with respect to the principal balance being repaid of the term loans, subject to a prepayment premium to which the Lenders are entitled. The prepayment fee is 3 % prior to the second anniversary of the July 25, 2022 funding date, 2 % after the second anniversary but prior to the third anniversary of the funding date, and 1 % thereafter if prior to the maturity date. Upon final payment or prepayment of the loans, the Company must pay a final payment equal to 6.25 % of the loans borrowed ("Final Fee"), which is being accrued as interest expense over the term of the loan using the effective interest method. The Lenders may elect, prior to the full repayment of the term loans, to convert up to $ 5.0 million of outstanding principal of the term loans into shares of the Company’s common stock, at a conversion price of $ 6.21 per share, subject to customary adjustments and 9.99 % and 19.99 % beneficial ownership limitations. The Company determined that the embedded conversion option was not required to be separated from the term loan. The embedded conversion option met the derivative accounting scope exception since the embedded conversion option is indexed to the Company’s own common stock and qualifies for classification within stockholders’ equity. The Loan Agreement contains customary representations and warranties, events of default and affirmative and negative covenants, including covenants that limit or restrict the Company’s ability to, among other things, dispose of assets, make changes to the Company’s business, management, ownership or business locations, merge or consolidate, incur additional indebtedness, incur additional liens, pay dividends or other distributions or repurchase equity, make investments, and enter into certain transactions with affiliates, in each case subject to certain exceptions. Upon the occurrence of an event of default, a default interest rate of an additional 5.00 % per annum may be applied to the outstanding loan balances, and the Lender may declare all outstanding obligations immediately due and payable and exercise all of its rights and remedies as set forth in the Loan Agreement and under applicable law. As of March 31, 2023, the Company was in compliance with all covenants under the Loan Agreement. Subject to certain conditions, the Company granted the Lenders the right, prior to repayment of the term loans, to invest up to $ 5.0 million in the aggregate in future offerings of common stock, convertible preferred stock, or other equity securities of the Company that are broadly marketed and offered to multiple investors on the same terms, conditions, and pricing afforded to others participating in any such financing. The Company incurred debt issuance costs of $ 0.5 million in connection with the term loan. In addition, at the time of closing, the Company paid to the Lenders a facility fee of $ 0.4 million, as well as $ 0.1 million of other expenses incurred by the Lenders and reimbursed by the Company (“Lender Expenses”). The debt issuance costs, Lender Expenses and the Final Fee are being amortized as additional interest expense over the term of the loan using the effective interest method. The Company recorded interest expense of $ 0.3 million during the three months ended March 31, 2023. At March 31, 2023, the carrying value of the Loan Agreement approximated the fair value of the term loan, considering that it bears interest that is similar to prevailing market rates. The following table summarizes the impact of the term loan on the Company’s condensed consolidated balance sheet at March 31, 2023: March 31, Gross proceeds $ 25,000 Unamortized debt issuance costs ( 781 ) Carrying value $ 24,219 Future principal payments, which include the Final Fee, in connection with the Loan Agreement as of March 31, 2023 are as follows: Fiscal Year 2023 (remaining 9 months) $ — 2024 — 2025 8,062 2026 18,500 Total $ 26,562

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stockholders' Equity	9. Stockholders’ Equity April 2022 Underwritten Offering On April 14, 2022, the Company entered into an underwriting agreement with Jefferies LLC and Cowen and Company, LLC, relating to an underwritten offering under the Company's registration statement on Form S-3 of 16,276,987 shares of the Company’s common stock (the "Shares") and, in lieu of common stock to certain investors, pre-funded warrants to purchase 3,523,013 shares of common stock. The closing of the offering took place on April 19, 2022. The offering price of the Shares was $ 3.69 per share and the offering price of the pre-funded warrants was $ 3.6899 per share underlying each pre-funded warrant. Net proceeds from the offering were approximately $ 68.3 million, after deducting underwriting discounts and commissions and offering expenses. On June 10, 2022, the Company and each holder of the pre-funded warrants entered into amended and restated pre-funded warrants solely to eliminate the seven-year expiration date of the pre-funded warrants. Each amended and restated pre-funded warrant is now exercisable for $ 0.0001 per share of common stock from the original date of issuance until the date the pre-funded warrant is exercised in full. All other terms of the pre-funded warrants remain unchanged. The pre-funded warrants contain standard adjustment provisions if certain corporate events were to happen. The pre-funded warrants were classified as a component of permanent equity and were recorded at the issuance date using a relative fair value allocation method. The pre-funded warrants were equity classified because they were freestanding financial instruments that were legally detachable and separately exercisable from the equity instruments, were immediately exercisable, did not embody an obligation for the Company to repurchase its shares, and permitted the holders to receive a fixed number of shares of common stock upon exercise. In addition, such pre-funded warrants did not provide any guarantee of value or return. As of March 31, 2023 , all 3,523,013 pre-funded warrants have been exercised by means of cashless exercise in exchange for the issuance of 3,522,884 shares of the Company's common stock. Equity Incentive Plans On July 17, 2020, the Company’s stockholders approved the 2020 Stock Incentive Plan (the “2020 Plan”), which became effective on July 23, 2020. The 2020 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other stock-based awards. On February 27, 2023, the Company's board of directors adopted the 2023 Inducement Stock Incentive Plan (the "Inducement Plan"). The Inducement Plan provides for the grant of non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards to persons who (a) were not previously an employee or director or (b) are commencing employment with the Company following a bona fide period of non-employment, in either case, as an inducement material to such person’s entry into employment with the Company and in accordance with the requirements of the Nasdaq Stock Market Rule 5635(c)(4). As of March 31, 2023, the maximum number of shares of the Company's common stock reserved for issuance under the Inducement Plan is 1,000,000 shares. The Company estimates the fair value of stock options using the Black-Scholes option-pricing model. The underlying assumptions used to value stock options granted to participants using the Black-Scholes option-pricing model were as follows: For the Three Months Ended March 31, 2023 2022 Risk-free interest rate range 3.36 % to 4.15 % 1.59 % to 2.37 % Dividend yield — — Expected term of options (years) 5.73 to 6.48 5.08 to 6.48 Volatility rate range 87.68 % to 88.77 % 85.38 % to 86.64 % The total compensation cost recognized in the statements of operations associated with all the stock-based compensation awards granted by the Company is as follows: Three Months Ended March 31, 2023 2022 Research and development $ 818 $ 896 General and administrative 1,274 856 Total $ 2,092 $ 1,752 The total unrecognized compensation cost related to outstanding awards as of March 31, 2023 was $ 9.3 million and is expected to be recognized over a weighted-average period of 2.5 years.

Net Loss per Share

Net Loss per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Loss per Share	10. Net Loss per Share Net Loss per Share Attributable to Common Stockholders The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended March 31, 2023 2022 Net loss attributable to common stockholders—basic $ ( 17,404 ) $ ( 16,884 ) Net loss per share attributable to common $ ( 0.40 ) $ ( 0.71 ) Weighted-average common shares and pre-funded warrants outstanding—basic 43,720,578 23,686,351 The Company has generated a net loss in the periods presented; therefore, the basic and diluted net loss per share attributable to common stockholders are the same, as the inclusion of the potentially dilutive securities would be anti-dilutive. Since the shares underlying the pre-funded warrants were issuable for little or no consideration, they were considered outstanding for both basic and diluted earnings per share from the date of issuance. The Company excluded 5,505,608 and 4,506,858 options to purchase common stock from the computation of diluted net loss per share attributable to common stockholders for the three months ended March 31, 2023 and 2022 , respectively.

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 condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles ("U.S. GAAP") for interim financial information. Accordingly, these unaudited condensed consolidated financial statements do not include all of the information and note disclosures required by U.S. GAAP for audited year-end financial statements. The accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the interim period results. The results for the three-month period ended March 31, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, any other interim periods, or any future year or period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 .
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Inozyme Securities Corp., which is a Massachusetts subsidiary created to buy, sell, and hold securities; Inozyme Ireland Limited; and Inozyme Pharma Switzerland GmbH. All intercompany transactions and balances have been eliminated. Summary of Significant Accounting Policies The significant accounting policies and estimates used in the preparation of the accompanying condensed consolidated financial statements are described in the Company’s audited consolidated financial statements for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. There have been no material changes in the Company’s significant accounting policies during the three months ended March 31, 2023 .
Use of Estimates	Use of Estimates The preparation of the Company’s financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Estimates and judgments are based on historical information and other market-specific or various relevant assumptions, including, in certain circumstances, future projections that management believes to be reasonable under the circumstances. Actual results could differ materially from estimates. Significant estimates and assumptions are used for, but not limited to, the accruals for research and development expenses. The Company evaluates its estimates and assumptions on an ongoing basis. All revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.
Concentration of Credit Risk and Off-Balance Sheet Risk	Concentration of Credit Risk and Off-Balance Sheet Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, and short-term investments and, from time to time, long-term investments. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits and limits its exposure to credit risk by placing its cash with high credit quality financial institutions. The Company’s investments are comprised of U.S. Treasury securities and commercial paper of corporations. The Company mitigates credit risk by maintaining a diversified portfolio and limiting the amount of investment exposure as to institution, maturity, and investment type. The Company has no significant off-balance sheet risk such as foreign exchange contracts, option contracts, or other foreign hedging arrangements.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In June 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . ASU 2016-13 and its subsequent related updates establish a new forward-looking “expected loss model” that requires entities to estimate current expected credit losses on accounts receivable and financial instruments by using all practical and relevant information. The Company adopted this standard effective January 1, 2023. There was no impact to the Company's financial statements upon adoption.

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Short-Term Investments	Short-term investments consisted of the following: March 31, 2023 Description Maturity Amortized Gross Gross Estimated Commercial paper 1 year or less $ 76,449 $ 5 $ ( 32 ) $ 76,422 U.S. Treasury securities 1 year or less 5,494 — ( 10 ) 5,484 $ 81,943 $ 5 $ ( 42 ) $ 81,906 December 31, 2022 Description Maturity Amortized Gross Gross Estimated Commercial paper 1 year or less $ 78,451 $ 4 $ ( 119 ) $ 78,336 U.S. Treasury securities 1 year or less 16,698 — ( 83 ) 16,615 $ 95,149 $ 4 $ ( 202 ) $ 94,951
Schedule of Accrued Expenses	Accrued expenses consi sted of the following: At March 31, At December 31, Payroll and related liabilities $ 2,033 $ 2,799 Other professional fees 1,756 746 Research and development costs 5,579 7,066 Other 559 744 Total $ 9,927 $ 11,355

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Summary of Financial Assets Measured at Fair Value	The following tables represent the Company’s financial assets measured at fair value on a recurring basis and indicate the level of fair value hierarchy utilized to determine such fair values: Fair Value Measurements at Reporting Date Description March 31, Level 1 Level 2 Level 3 Assets: Money market funds (included in cash and cash $ 37,919 $ 37,919 $ — $ — Commercial paper (including amounts in cash and cash equivalents) 86,353 — 86,353 — U.S. Treasury securities 5,484 5,484 — Total assets $ 129,756 $ 43,403 $ 86,353 $ — Fair Value Measurements at Reporting Date Description December 31, Level 1 Level 2 Level 3 Assets: Money market funds (included in cash and cash $ 26,587 $ 26,587 $ — $ — Commercial paper 78,336 — 78,336 — U.S. Treasury securities 16,615 16,615 — — Total assets $ 121,538 $ 43,202 $ 78,336 $ —

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Lease Payments Under Non-Cancelable Leases	Future lease payments under non-cancelable leases as of March 31, 2023 are as follows: Year Ending December 31, 2023 (remaining 9 months) $ 744 2024 1,016 2025 944 $ 2,704

Convertible Debt (Tables)

Convertible Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Summarizes of impact Term Loan	The following table summarizes the impact of the term loan on the Company’s condensed consolidated balance sheet at March 31, 2023: March 31, Gross proceeds $ 25,000 Unamortized debt issuance costs ( 781 ) Carrying value $ 24,219
Future principal payment of Loan Agreement	Future principal payments, which include the Final Fee, in connection with the Loan Agreement as of March 31, 2023 are as follows: Fiscal Year 2023 (remaining 9 months) $ — 2024 — 2025 8,062 2026 18,500 Total $ 26,562

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Summary of Assumptions Used to Value Stock Options Granted Using Black-Scholes Option-Pricing	The underlying assumptions used to value stock options granted to participants using the Black-Scholes option-pricing model were as follows: For the Three Months Ended March 31, 2023 2022 Risk-free interest rate range 3.36 % to 4.15 % 1.59 % to 2.37 % Dividend yield — — Expected term of options (years) 5.73 to 6.48 5.08 to 6.48 Volatility rate range 87.68 % to 88.77 % 85.38 % to 86.64 %
Summary of Total Compensation Cost Recognized in Statements of Operations	The total compensation cost recognized in the statements of operations associated with all the stock-based compensation awards granted by the Company is as follows: Three Months Ended March 31, 2023 2022 Research and development $ 818 $ 896 General and administrative 1,274 856 Total $ 2,092 $ 1,752

Net Loss per Share (Tables)

Net Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Net Loss Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended March 31, 2023 2022 Net loss attributable to common stockholders—basic $ ( 17,404 ) $ ( 16,884 ) Net loss per share attributable to common $ ( 0.40 ) $ ( 0.71 ) Weighted-average common shares and pre-funded warrants outstanding—basic 43,720,578 23,686,351

Organization and Basis of Pre_2

Organization and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Net loss	$ 17,404	$ 16,884	$ 67,100
Accumulated deficit	232,165		$ 214,761
Cash and cash equivalents and short term investments	$ 130,900

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Accounting Policies [Abstract]
Off-balance sheet concentrations of credit risk description	The Company has no significant off-balance sheet risk such as foreign exchange contracts, option contracts, or other foreign hedging arrangements.
Off-balance sheet concentrations of credit risk	$ 0

Balance Sheet Details - Schedul

Balance Sheet Details - Schedule of Short-Term Investments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Amortized Costs	$ 81,943	$ 95,149
Gross Unrealized Gains	5	4
Gross Unrealized Losses	(42)	(202)
Estimated Fair Value	$ 81,906	$ 94,951
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Maturity	1 year or less	1 year or less
Amortized Costs	$ 76,449	$ 78,451
Gross Unrealized Gains	5	4
Gross Unrealized Losses	(32)	(119)
Estimated Fair Value	$ 76,422	$ 78,336
U.S. Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Maturity	1 year or less	1 year or less
Amortized Costs	$ 5,494	$ 16,698
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(10)	(83)
Estimated Fair Value	$ 5,484	$ 16,615

Balance Sheet Details - Additio

Balance Sheet Details - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation expense	$ 207	$ 178
Investments in a continuous unrealized loss position, 12 months or longer	0
Debt securities, available for sale, allowance for credit loss	$ 0

Balance Sheet Details - Sched_2

Balance Sheet Details - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Total	$ 3,218	$ 3,527

Balance Sheet Details - Sched_3

Balance Sheet Details - Schedule of Prepaid Expenses, Net of Current Portion (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Prepaid expenses, net of current portion	$ 3,810	$ 3,810

Balance Sheet Details - Sched_4

Balance Sheet Details - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total	$ 1,981	$ 2,018

Balance Sheet Details - Sched_5

Balance Sheet Details - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Payroll and related liabilities	$ 2,033	$ 2,799
Professional fees	1,756	746
Research and development costs	5,579	7,066
Other	559	744
Total	$ 9,927	$ 11,355

Fair Value Measurement - Summar

Fair Value Measurement - Summary of Financial Assets Measured at Fair Value (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value disclosure	$ 129,756	$ 121,538
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	37,919	26,587
Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	86,353
Assets fair value disclosure		78,336
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value disclosure	43,403	43,202
Level 1 | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	37,919	26,587
Level 1 | Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	0
Assets fair value disclosure		0
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value disclosure	86,353	78,336
Level 2 | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	0	0
Level 2 | Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	86,353
Assets fair value disclosure		78,336
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value disclosure	0	0
Level 3 | Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	0	0
Level 3 | Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents fair value disclosure	0
Assets fair value disclosure		0
U.S. Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value disclosure	5,484	16,615
U.S. Treasury Securities | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value disclosure	5,484	16,615
U.S. Treasury Securities | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value disclosure		0
U.S. Treasury Securities | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets fair value disclosure	$ 0	$ 0

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Assets Level 1 To Level 2	$ 0	$ 0
Fair Value Assets Level 2 To Level 1	0	$ 0
Fair value measurement with unobservable inputs reconciliation recurring basis asset transfers into level 3	$ 0

License and Sponsored Researc_2

License and Sponsored Research Agreements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Nov. 30, 2021
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development expenses	$ 11,857	$ 11,814
Yale
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Partial upfront consideration payment under license agreement	100
Milestone payment upon achievement of certain milestones	3,000	$ 300	$ 300
Yale | License
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Maintenance fees	$ 300

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) ft²	Mar. 31, 2022 USD ($)
Lessee Lease Description [Line Items]
Operating lease liabilities	$ 300
Operating lease expense	200
Costs related to legal proceedings	$ 0	$ 0
Office Space | Boston, Massachusetts
Lessee Lease Description [Line Items]
Area of leased space | ft²	8,499
Lessee operating lease expiration year	2025
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Lessee operating lease option to extend description	option to extend the term for five years
Operating lease renewal term	5 years
Laboratory Space | Boston, Massachusetts
Lessee Lease Description [Line Items]
Area of leased space | ft²	6,244
Lessee operating lease expiration year	2025

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Future Lease Payments Under Non-Cancelable Leases (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023 (remaining 9 months)	$ 744
2024	1,016
2025	944
Operating lease liability	$ 2,704

Convertible Debt (Additional In

Convertible Debt (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Jul. 25, 2022	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Loan amount		$ 24,219	$ 4,139
Annual rate of interest for the debt	7.85
Additional Interest rate for debt instrument	3.85%
Payment Description for Debt	the Company is obligated to make interest only payments for the first 36 months and then interest and equal principal payments through the maturity date. The term loan bears a variable interest rate equal to the greater of (i) 7.85%, 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) 3.85%; provided that the interest rate cannot exceed 9.60%
Prepayment of Loans	6.25%
Additional facility fee		5%
K2HV [Member]
Debt Instrument [Line Items]
Loan amount	$ 70,000
Loan Maturity Date	Aug. 01, 2026
Debt instrument conversion price	$ 6.21
Customary percentage	9.99%
Beneficial ownership limitation percentage	19.99%
Maximum | K2HV [Member]
Debt Instrument [Line Items]
Annual rate of interest for the debt	9.60
Debt instrument, Amount converted to common stock upon lender's choice	$ 5,000
Future offerings of common stock	$ 5,000
Tranche One [Member]
Debt Instrument [Line Items]
Prepayment fee percentage	3%
Tranche One [Member] | K2HV [Member]
Debt Instrument [Line Items]
Loan amount	$ 5,000
Additional loan amount	$ 20,000
Tranche Two [Member]
Debt Instrument [Line Items]
Prepayment fee percentage	2%
Tranche Two [Member] | K2HV [Member]
Debt Instrument [Line Items]
Loan amount	$ 20,000
Tranche Four [Member]
Debt Instrument [Line Items]
Prepayment fee percentage	1%
Tranche Four [Member] | K2HV [Member]
Debt Instrument [Line Items]
Loan amount	$ 25,000
Additional facility fee	0.75%
Term Loan [Member]
Debt Instrument [Line Items]
Debt issuance cost	$ 500
Lenders facility fee	400
Lenders reimbursed amount	$ 100
Debt interest expenses		$ 300

Convertible Debt - Summarizes o

Convertible Debt - Summarizes of impact Term Loan (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Gross Proceeds	$ 25,000
Unamortized debt issuance costs	(781)
Long-Term Debt, Total	$ 24,219	$ 4,139

Convertible Debt - Future princ

Convertible Debt - Future principal payments (Details) - K2 Loan Agreement [Member] $ in Thousands	Mar. 31, 2023 USD ($)
Fiscal Year
2023 (remaining Nine months)	$ 0
2024	0
2025	8,062
2026	18,500
Total	$ 26,562

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Apr. 14, 2022	Mar. 31, 2023	Mar. 31, 2022	Feb. 28, 2023	Dec. 31, 2022	Jun. 10, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		$ 2,092	$ 1,752
Common stock, shares issued		43,765,485			40,394,363
Preferred stock, shares outstanding		0			0
Common stock, shares authorized		200,000,000			200,000,000
Preferred stock, shares authorized		5,000,000			5,000,000
Plan description		On July 17, 2020, the Company’s stockholders approved the 2020 Stock Incentive Plan (the “2020 Plan”), which became effective on July 23, 2020. The 2020 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other stock-based awards.
Total unrecognized compensation cost related to outstanding employee awards		$ 9,300
Total unrecognized compensation cost related to outstanding employee awards, expected to be recognized over a weighted-average period		2 years 6 months
Pre-funded warrant exercisable price						$ 0.0001
Pre Funded Warrants [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized for issuance		3,522,884
Pre-funded warrant exercisable price		$ 3,523,013
2023 Inducement Stock Plan[Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance				1,000,000
Jefferies LLC
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Underwritten offering	16,276,987
Offering price	$ 3.69
Net proceeds from the offering	$ 68,300
Jefferies LLC | Pre Funded Warrants [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Class of Warrant purchases	3,523,013
Offering price	$ 3.6899

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Assumptions Used to Value Stock Options Granted to Employees using Black-Scholes Option-Pricing (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate range, minimum	3.36%	1.59%
Risk-free interest rate range, maximum	4.15%	2.37%
Dividend yield	0%	0%
Volatility rate range, minimum	87.68%	85.38%
Volatility rate range, maximum	88.77%	86.64%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term of options (years)	5 years 8 months 23 days	5 years 29 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term of options (years)	6 years 5 months 23 days	6 years 5 months 23 days

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Total Compensation Cost Recognized in Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total	$ 2,092	$ 1,752
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total	818	896
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total	$ 1,274	$ 856

Net Loss per Share - Schedule o

Net Loss per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Earnings Per Share [Abstract]
Net loss attributable to common stockholders—basic and diluted	$ (17,404)	$ (16,884)	$ (67,100)
Net loss per share attributable to common stockholders- basic	$ (0.40)	$ (0.71)
Net loss per share attributable to common stockholders- diluted	$ (0.40)	$ (0.71)
Weighted-average common shares and pre-funded warrants outstanding - basic	43,720,578	23,686,351
Weighted-average common shares and pre-funded warrants outstanding - diluted	43,720,578	23,686,351

Net Loss per Share (Additional

Net Loss per Share (Additional Information) (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Options to Purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	5,505,608	4,506,858

Subsequent Events (Additional I

Subsequent Events (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 25, 2022	Mar. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Loan amount		$ 24,219	$ 4,139
Payment Description for Debt	the Company is obligated to make interest only payments for the first 36 months and then interest and equal principal payments through the maturity date. The term loan bears a variable interest rate equal to the greater of (i) 7.85%, 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) 3.85%; provided that the interest rate cannot exceed 9.60%
Annual rate of interest for the debt	7.85
Additional Interest rate for debt instrument	3.85%
Common Stock, Par or Stated Value Per Share		$ 0.0001	$ 0.0001
K2HV [Member]
Subsequent Event [Line Items]
Loan amount	$ 70,000
Loan Maturity Date	Aug. 01, 2026
Debt instrument conversion price	$ 6.21
Customary percentage	9.99%
Beneficial ownership limitation percentage	19.99%
K2HV [Member] | Tranche One [Member]
Subsequent Event [Line Items]
Loan amount	$ 5,000
Additional loan amount	20,000
K2HV [Member] | Tranche Two [Member]
Subsequent Event [Line Items]
Loan amount	20,000
K2HV [Member] | Tranche Four [Member]
Subsequent Event [Line Items]
Loan amount	$ 25,000
Maximum [Member] | K2HV [Member]
Subsequent Event [Line Items]
Annual rate of interest for the debt	9.60
Debt instrument, Amount converted to common stock upon lender's choice	$ 5,000
Future offerings of common stock	$ 5,000