Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 25, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Entity File Number | 001-39539 | ||
Entity Registrant Name | PMV PHARMACEUTICALS, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 46-3218129 | ||
Entity Address, Address Line One | 8 Clarke Drive | ||
Entity Address, Address Line Two | Suite 3 | ||
Entity Address, City or Town | Cranbury | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 08512 | ||
City Area Code | 609 | ||
Local Phone Number | 642-6670 | ||
Title of 12(b) Security | Common stock, par value $0.00001 | ||
Trading Symbol | PMVP | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 45,450,699 | ||
Entity Public Float | $ 1,229,389,330 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001699382 | ||
Amendment Flag | false | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Firm ID | 42 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Philadelphia, Pennsylvania | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s definitive Proxy Statement relating to the 2022 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2021. |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 172,467 | $ 361,422 |
Restricted cash | 822 | |
Marketable securities, current | 124,696 | |
Prepaid expenses and other current assets | 3,301 | 3,339 |
Total current assets | 301,286 | 364,761 |
Property and equipment, net | 3,090 | 569 |
Marketable securities, noncurrent | 16,911 | |
Right-of-use assets, operating leases | 10,060 | |
Other assets | 221 | 201 |
Total assets | 331,568 | 365,531 |
Current liabilities: | ||
Accounts payable | 3,189 | 1,607 |
Accrued expenses | 8,627 | 4,803 |
Operating lease liability, current | 403 | |
Total current liabilities | 12,219 | 6,410 |
Operating lease liability, noncurrent | 10,790 | |
Total liabilities | 23,009 | 6,410 |
Stockholders' equity: | ||
Preferred stock, $0.00001 par value, 5,000,000 shares authorized as of December 31, 2021 and December 31, 2020. No shares issued or outstanding as of December 31, 2021 and December 31, 2020. | ||
Common stock, $0.00001 par value, 1,000,000,000 shares authorized; 45,433,684 and 44,777,818 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively. | ||
Additional paid-in capital | 476,363 | 469,001 |
Accumulated deficit | (167,726) | (109,880) |
Accumulated other comprehensive loss | (78) | |
Total stockholders' equity | 308,559 | 359,121 |
Total liabilities and stockholders’ equity | $ 331,568 | $ 365,531 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
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 | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 45,433,684 | 44,777,818 |
Common stock, shares outstanding | 45,433,684 | 44,777,818 |
Statements of Operations and Co
Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Expenses: | |||
Research and development | $ 36,493 | $ 23,933 | $ 20,759 |
General and administrative | 21,800 | 11,009 | 5,878 |
Total operating expenses | 58,293 | 34,942 | 26,637 |
Loss from operations | (58,293) | (34,942) | (26,637) |
Other income (expense): | |||
Interest income, net | 449 | 651 | 1,301 |
Other income (expense) | 21 | (143) | (8) |
Total other income (expense) | 470 | 508 | 1,293 |
Loss before provision for income taxes | (57,823) | (34,434) | (25,344) |
Provision for income taxes | 23 | 6 | 8 |
Net loss | (57,846) | (34,440) | (25,352) |
Unrealized (losses) gains on marketable securities, net of tax | (78) | 3 | 10 |
Comprehensive loss | $ (57,924) | $ (34,437) | $ (25,342) |
Net loss per share—basic and diluted | $ (1.28) | $ (2.40) | $ (8.35) |
Weighted-average common shares outstanding | 45,137,656 | 14,364,475 | 3,035,243 |
Statements of Convertible Prefe
Statements of Convertible Preferred Stock and Stockholders' (Deficit) Equity - USD ($) $ in Thousands | Total | Convertible Preferred Stock | Series C Convertible Preferred Stock | Series D Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | AOCI Attributable to Parent | Accumulated Deficit |
Balance at Dec. 31, 2018 | $ (46,140) | $ 3,961 | $ (13) | $ (50,088) | ||||
Balance, Shares at Dec. 31, 2018 | 17,396,640 | |||||||
Balance at Dec. 31, 2018 | $ 107,228 | |||||||
Balance, Shares at Dec. 31, 2018 | 3,012,284 | |||||||
Issuance of convertible preferred stock | $ 61,705 | |||||||
Issuance of convertible preferred stock, Shares | 5,469,606 | |||||||
Exercise of stock options | 100 | 100 | ||||||
Exercise of stock options, Shares | 33,916 | |||||||
Stock-based compensation expense | 908 | 908 | ||||||
Net loss | (25,352) | (25,352) | ||||||
Unrealized gain on available for sale investments | 10 | 10 | ||||||
Balance at Dec. 31, 2019 | $ (70,474) | 4,969 | (3) | (75,440) | ||||
Balance, Shares at Dec. 31, 2019 | 22,866,246 | 22,866,246 | 5,469,606 | |||||
Balance at Dec. 31, 2019 | $ 168,933 | $ 168,933 | $ 61,705 | |||||
Balance, Shares at Dec. 31, 2019 | 3,046,200 | |||||||
Issuance of convertible preferred stock | $ 69,790 | |||||||
Issuance of convertible preferred stock, Shares | 5,321,864 | |||||||
Conversion of convertible preferred stock to common stock | $ (238,723) | |||||||
Conversion of convertible preferred stock to common stock, Shares | (28,188,110) | |||||||
Conversion of convertible preferred stock to common stock | $ 238,723 | 238,723 | ||||||
Conversion of convertible preferred stock to common stock, Shares | 28,188,110 | |||||||
Exercise of warrants | 194 | 194 | ||||||
Exercise of warrants, Shares | 9,688 | |||||||
Issuance of common stock, net of issuance costs | 223,176 | 223,176 | ||||||
Issuance of common stock, net of issuance costs, Shares | 13,529,750 | |||||||
Exercise of stock options | 6 | 6 | ||||||
Exercise of stock options, Shares | 4,070 | |||||||
Stock-based compensation expense | 1,933 | 1,933 | ||||||
Net loss | (34,440) | (34,440) | ||||||
Unrealized gain on available for sale investments | 3 | 3 | ||||||
Balance at Dec. 31, 2020 | $ 359,121 | 469,001 | (109,880) | |||||
Balance, Shares at Dec. 31, 2020 | 44,777,818 | |||||||
Exercise of stock options, Shares | 608,800 | |||||||
Exercise of stock options and common stock issued under the 2020 ESPP | $ 2,022 | 2,022 | ||||||
Exercise of stock options and common stock issued under the 2020 ESPP, Shares | 655,866 | |||||||
Stock-based compensation expense | 5,340 | 5,340 | ||||||
Net loss | (57,846) | (57,846) | ||||||
Unrealized gain on available for sale investments | (78) | (78) | ||||||
Balance at Dec. 31, 2021 | $ 308,559 | $ 476,363 | $ (78) | $ (167,726) | ||||
Balance, Shares at Dec. 31, 2021 | 45,433,684 |
Statements of Convertible Pre_2
Statements of Convertible Preferred Stock and Stockholders' (Deficit) Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Common Stock | |||
Issuance costs | $ 20,359 | ||
Series C Convertible Preferred Stock | |||
Issuance costs | $ 168 | ||
Series D Convertible Preferred Stock | |||
Issuance costs | $ 208 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net loss | $ (57,846) | $ (34,440) | $ (25,352) |
Adjustments to reconcile net loss to net cash used in operating activities: activities: | |||
Stock-based compensation | 5,340 | 1,933 | 908 |
Depreciation | 307 | 318 | 388 |
Amortization of premiums on marketable securities | 550 | 152 | 62 |
Non-cash lease expense | 974 | ||
Other | (19) | 143 | 8 |
Change in operating assets and liabilities: | |||
Prepaid expenses and other assets | 38 | (2,732) | (275) |
Accounts payable | 191 | (1,230) | 1,799 |
Accrued expenses | 3,894 | 3,117 | 397 |
Net cash used in operating activities | (46,571) | (32,739) | (22,065) |
Cash flows from investing activities: | |||
Acquisition of property and equipment | (1,349) | (148) | (109) |
Purchase of marketable securities | (256,845) | (14,512) | (43,452) |
Maturities of marketable securities | 114,610 | 42,571 | 46,792 |
Net cash (used in) provided by investing activities | (143,584) | 27,911 | 3,231 |
Cash flows from financing activities: | |||
Proceeds from issuance of convertible preferred stock, net issuance costs | 69,790 | 61,705 | |
Proceeds from the issuance of common stock, net | 223,176 | ||
Proceeds from exercise of stock options | 2,022 | 6 | 100 |
Net cash provided by financing activities | 2,022 | 292,972 | 61,805 |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (188,133) | 288,144 | 42,971 |
Cash, cash equivalents, and restricted cash—beginning of period | 361,422 | 73,278 | 30,307 |
Cash, cash equivalents, and restricted cash—end of period | 173,289 | 361,422 | 73,278 |
Supplemental disclosures of noncash investing activities | |||
Lease incentives used for leasehold improvements | (88) | ||
Accrued purchases of property and equipment | 1,391 | ||
Conversion of convertible preferred stock to common stock | 238,723 | ||
Conversion of warrant liability to common stock | 194 | ||
Supplemental disclosures of cash flow information | |||
Cash paid for income tax | $ 23 | $ 6 | $ 8 |
Formation and Business of the C
Formation and Business of the Company | 12 Months Ended |
Dec. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Formation and Business of the Company | PMV Pharmaceuticals, Inc. Notes to Financial Statements December 31, 2021 and 2020 (in thousands except share and per share amounts) 1. Formation and Business of the Company Organization PMV Pharmaceuticals, Inc. (the “Company”) was incorporated in the state of Delaware in March 2013. Since inception, the Company has devoted substantially all of its time and efforts to performing research and development activities and raising capital. The Company is a precision oncology company pioneering the discovery and development of small molecule, tumor-agnostic therapies targeting p53. The Company’s headquarters are located in Cranbury, New Jersey. 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 product 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. Current and future programs will require significant research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. On September 25, 2020, the Company completed an initial public offering (the “IPO”) of 13,529,750 shares of common stock, at a public offering price of $18.00 per share including the exercise in full by the underwriters of their option to purchase up to 1,764,750 additional shares of commons stock, for aggregate gross proceeds of $243,536 and its shares started trading on The Nasdaq Global Select Market under the ticker symbol “PMVP.” The Company received $223,176 in net proceeds after deducting underwriting discounts and commissions and other offering expenses payable by the Company. In connection with the closing of the IPO, all of the Company’s outstanding shares of convertible preferred stock automatically converted into 28,188,110 shares of common stock. The Company has incurred net losses and negative cash flows from operations since it’s inception. During the year ended December 31, 2021, the Company incurred a net loss of $57,846 and used $46,571 of cash for operations. As of December 31, 2021, the Company had an accumulated deficit of $167,726. Cash, cash equivalents, and marketable securities were $314,074 as of December 31, 2021. Management expects to incur substantial additional operating losses for the next several years and may need to obtain additional debt or equity financings in order to complete development of its products, obtain regulatory approvals, launch and commercialize its products and continue research and development programs. The Company believes it has adequate cash and cash equivalents to operate for at least the next twelve months from the date of issuance of these financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with United States generally accepted accounting principles (“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 accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The Company has limited operating history and its prospects are subject to risks, expenses and uncertainties frequently encountered by companies in the biotechnology industry. Use of Estimates The preparation of financial statements in conformity with GAAP 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 reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, research and development costs, accrued research and development costs and related prepaid expenses, and the fair values of common stock, convertible preferred stock and stock-based compensation. Actual results could differ materially from those estimates. The length of time and full extent to which the COVID-19 pandemic directly or indirectly impacts our business, results of operations and financial condition, including expense, the supply chain, clinical trials, research and development costs, and employee-related costs, depends on future developments that are highly uncertain, subject to change and are difficult to predict, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat COVID-19 as well as the economic impact on local, regional, national and international customers and markets. We have made estimates of the impact of the COVID-19 pandemic within our consolidated financial statements and there may be changes to those estimates in future periods. Reverse Stock Split In September 2020, the Company’s board of directors and stockholders approved an amendment to the Company’s amended and restated certificate of incorporation to affect a 5.2651-for-1 reverse stock split of the Company’s common stock and convertible preferred stock, which was effected on September 24, 2020. The par value of the common stock and convertible preferred stock were not adjusted as a result of the reverse stock split. Accordingly, all common stock, convertible preferred stock, stock options, and related per share amounts in these financial statements have been retroactively adjusted for all periods presented to give effect to the reverse stock split. Fair Value of Financial Instruments The Company discloses and recognizes the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows: • Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. • Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active. • Level 3 - Inputs are unobservable in which there is little or no market data available, which require the reporting entity to develop its own assumptions that are unobservable. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. Cash, Cash Equivalents and Marketable Securities Management considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company’s marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable debt securities with maturities of 12 months or less are classified as short-term and marketable debt securities with maturities greater than 12 months are classified as long-term. As of December 31, 2021, the company’s long-term marketable debt securities have maturity dates no more than two years. The Company’s marketable debt securities are carried at fair value, with unrealized gains and losses, net of taxes, reported as a component of accumulated other comprehensive loss in stockholders’ equity. Premiums and discounts on marketable debt securities are amortized into earnings over the life of the security. For the years ending December 31, 2021, 2020, and 2019, the company recorded, $550, $152, and $62 of amortization, respectively. Restricted cash as of December 31, 2021 included a $822 deposit at the Company’s commercial bank underlying a stand-by letter of credit issued in favor of a landlord (See Note 6) and is classified in current assets. Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the circumstances present. The Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines the initial classification and measurement of its operating right-of-use (“ROU”) assets and operating lease liabilities at the lease commencement date, and thereafter if modified. The lease term includes any renewal options that the Company is reasonably assured to exercise. The Company’s policy is to not record leases with a lease term of 12 months or less on its balance sheets. The Company’s only existing leases are for office and laboratory space. The ROU asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its estimated secured incremental borrowing rate for that lease term. Lease expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in operating expense in the statements of operations. Payments due under each lease agreement include fixed and variable payments. Variable payments relate to the Company’s share of the lessor’s operating costs associated with the underlying asset and are recognized when the event on which those payments are assessed occurs. Neither of the Company’s leases contain residual value guarantees. The interest rate implicit in lease agreements is typically not readily determinable, and as such, the Company utilizes the incremental borrowing rate to calculate lease liabilities, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Property and Equipment Property and equipment are recorded at cost net of accumulated depreciation. Property and equipment are depreciated using the straight‑line method over the estimated useful lives of the assets, generally five years, except for leasehold improvements, which are amortized over the remaining term of the lease. Upon retirement or sale of assets, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations. Repairs and maintenance costs are charged to operations as incurred. Impairment of Long-Lived Assets Long-lived assets, are tested for recoverability whenever events or changes in the business environment indicate that the carrying amount of the assets may not be fully recoverable. Factors considered by the Company when deciding when to perform an impairment review include significant underperformance of the business against expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset for recoverability, the Company compares forecasts of undiscounted cash flows resulting from the use and eventual disposition of the long-lived asset to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows resulting from the use of an asset are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset over its current fair value. To date, the Company has not recorded any impairment losses on long-lived assets. Comprehensive Income/Loss The Company recorded $(78), $3, and $10 in other comprehensive (loss) income related to unrealized (losses) gains on marketable securities, net of tax for the years ended December 31, 2021, 2020, and 2019, respectively. The Company presents comprehensive income in a single statement within its financial statements. Research and Development Expenses All costs associated with research and development are expensed as incurred. Research and development expenses include costs directly attributable to the conduct of research and development programs, including compensation costs, which includes allocated stock-based compensation, salary payroll taxes, employee benefits; materials; supplies; depreciation on and maintenance of research equipment; the cost of services provided by outside contractors; and the allocable portions of facility costs, such as rent, utilities, insurance, repairs and maintenance, depreciation, and general support services. The Company records accruals for estimated research and development expenses, comprising payments for work performed by third party vendors, clinical research organizations, clinical manufacturing organizations and others. Some of these vendors bill monthly based on actual services performed, while others bill periodically based upon achieving certain contractual milestones. For the latter, the Company accrues the expenses as goods or services are used or rendered. Research and development activities related to patient enrollment are accrued as patients enter and progress through the trial. In the event that we prepay fees, we record the prepayment as a prepaid asset and periodically evaluate the prepaid asset in conjunction with the related accrued research and development expenses. Convertible Preferred Stock The Company’s convertible preferred stock was classified outside of stockholders’ deficit because the shares contained deemed liquidation rights that were a contingent redemption feature not solely within the control of the Company. The Company’s policy is not to accrete the carrying value and related issuance costs of the convertible preferred stock to its redemption value until it is probable that the security will become redeemable. The convertible preferred stock converted to common stock in connection with the Company’s Initial Public Offering (“IPO”) on September 25, 2020. Derivative Liabilities The Company may issue certain financial instruments with embedded features which may be accounted for as separate derivative assets or liabilities, dependent on their specific contractual terms or other conditions. These derivative assets or liabilities are required to be measured at fair value at issuance and remeasured Stock‑Based Compensation The Company’s share-based compensation program allows for grants of stock options and restricted stock awards. Grants The Company accounts for stock-based employee compensation arrangements in accordance with provisions of ASC 718, Compensation – Stock Compensation . awards The Company’s stock-based compensation awards are subject to either service or performance-based vesting conditions. Compensation expense related to awards to employees and directors with service-based vesting conditions The Black-Scholes option pricing model requires inputs based on certain subjective assumptions, including (i) the expected stock price volatility, (ii) the expected term of the award, (iii) the risk-free interest rate and (iv) expected dividends. Due to the lack of a public market for the Company’s common stock until September 2020 and lack of company-specific historical and implied volatility data, the Company has based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics to the Company, including stage of product development and life science industry focus. The historical volatility is calculated based on a period of time commensurate with expected term assumption. The Company uses the simplified method to calculate the expected term for options granted to employees whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the options due to its lack of sufficient historical data. The risk-free interest rate is based on U.S. Treasury securities with a maturity date commensurate with the expected term of the associated award. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock. The Company recognizes forfeitures as they occur. Prior to the Company’s IPO, due to the absence of an active market for the Company’s common stock, the Company utilized methodologies in accordance with the framework of the American Institute of Certified Public Accountants Technical Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation, to estimate the fair value of its common stock. In determining the exercise prices for options granted, the Company considered the estimated fair value of the common stock as of the measurement date. Prior to the Initial Public Offering, the estimated fair value of the common stock was determined at each grant date based upon a variety of factors, including the illiquid nature of the common stock, arm’s-length sales of the Company’s capital stock (including convertible preferred stock), the effect of the rights and preferences of the preferred shareholders, and the prospects of a Segment Reporting Operating segments are identified as components of an enterprise for which separate discrete financial information is available Net Loss per Common Share Basic net loss per share is computed using the “two-class” method which includes the weighted average number of shares of common stock outstanding during the period and other securities that participate in dividends (a participating Earnings per Share pari passu Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes deferred assets be reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized. The Company evaluates annually the realizability of the deferred tax assets by assessing the valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization include forecast of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. In 20 2 1 and 20 20 , the Company recorded a full valuation allowance for the deferred tax assets based on the historical loss and the uncertainty regarding the ability to project future taxable income. In future periods if the Company is able to generate income, the Company may reduce or eliminate the valuation allowance. The Company accounts for uncertain tax positions in accordance with ASC 740. ASC 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax provision that an entity takes or expects to take in a tax return. Additionally, ASC 740 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosures, and transition. Under ASC 740, an entity may only recognize or continue to recognize tax positions that meet a "more likely than not" threshold. In accordance with this accounting policy, the Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-02, Leases (Topic 842), as amended by multiple standards updates, in order to increase transparency and comparability among organizations by requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The most significant change arising from the new standard is the recognition of right of use assets and lease liabilities for leases classified as operating leases. The right-of-use lease liability for operating leases is based on the net present value of future minimum lease payments. Additionally, the right-of-use asset for operating leases is based on the lease liability adjusted for the reclassification of certain balance sheet amounts such as the long term portion of straight line rent liability and deferred lease incentives. Under the standard, disclosures are required to enable financial statement users to assess the amount, timing, and uncertainty of cash flows arising from the leases. Companies are also required to recognize and measure leases existing at, or entered into after, the adoption date using a modified retrospective approach, with certain practical expedients available. Comparative periods prior to adoption have not been retrospectively adjusted. The Company adopted the standard effective January 1, 2021 using the modified retrospective transition method. Upon adoption, the Company applied the package of practical expedients that allows an entity to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases. The Company elected the practical expedient not to apply the recognition requirements to short-term leases, defined as a lease that at the commencement date has a lease term of 12 months or less that does not include a purchase option to purchase the underlying asset that the Company is reasonably certain to exercise. Furthermore, the Company has elected the practical expedient to not separate lease and non-lease components by class of underlying asset for its existing leases. As the Company enters into new leases, it will continue to evaluate this accounting policy for any new classes of underlying assets. Upon adoption, the Company recorded ROU assets of $970 and lease liabilities of $1,129. The standard did not have a material impact on the statement of operations or statement of cash flows. In December 2019, the FASB issued ASU 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes. The new guidance simplifies the accounting for income taxes by removing several exceptions in the current standard and adding guidance to reduce complexity in certain areas, such as requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The Company adopted this standard as of January 1, 2021 . The adoption did no t have a material impact on the Company’s financial statements. Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and cash equivalents and marketable securities. Cash and cash equivalents include a checking account and a money market account held at one financial institution. At times, such deposits may be in excess of insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company’s marketable debt securities are carried at fair value and include any unrealized gains and losses. Any investments with unrealized losses are considered to be temporarily impaired. The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, rapid technological change, uncertainty of market acceptance of the product, competition from substitute products and larger companies, protection of proprietary technology, any future strategic relationships and dependence on key individuals. Products developed by the Company require clearances from the U.S. Food and Drug Administration or other international regulatory agencies prior to commercial sales. There can be no assurance the Company’s product candidates will receive the necessary clearances. If the Company is denied clearance, clearance is delayed or it is unable to maintain clearance, it could have a materially adverse impact on the Company. In January 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a “Public Health Emergency of International Concern,” which continues to spread throughout the world. The outbreak has adversely impacted global commercial activity and contributed to significant volatility in financial markets. The COVID-19 outbreak and government responses are creating disruption in global supply chains and adversely impacting many industries. The outbreak could have a continued material adverse impact on economic and market conditions. The Company continues to monitor the impact of the COVID-19 outbreak closely. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | 3. Financial Instruments and Fair Value Measurements The Company’s financial instruments consist of money market funds, U.S. government debt securities and corporate debt securities. The following tables show the Company’s cash equivalents and available-for-sale securities’ carrying amounts and fair values as of December 31, 2021 and 2020: As of December 31, 2021 Carrying Amount Fair Value Quoted priced in active markets (level 1) Significant other observable inputs (level 2) Significant unobservable inputs (level 3) Financial assets Money market funds $ 40,960 $ 40,960 $ 40,960 $ – $ – Corporate securities 227,362 227,362 – 227,362 – Government securities 42,245 42,245 – 42,245 – Total financial assets $ 310,567 $ 310,567 $ 40,960 $ 269,607 $ – As of December 31, 2020 Carrying Amount Fair Value Quoted priced in active markets (level 1) Significant other observable inputs (level 2) Significant unobservable inputs (level 3) Financial assets Money market funds $ 240,033 $ 240,033 $ 240,033 $ – $ – Corporate securities 120,008 120,008 – 120,008 – Total financial assets $ 360,041 $ 360,041 $ 240,033 $ 120,008 $ – Cash and Cash Equivalents – As of December 31, 2021, the company had cash of $3,508 and cash equivalents of $168,960. Cash equivalents consisted of money market funds of $40,960 and corporate debt securities of $128,000. Cash equivalents of $360,041 as of December 31, 2020 consisted of money market funds of $240,033 and corporate debt securities of $120,008. Money market funds are classified within level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets, whereas corporate debt securities are classified within level 2 of the fair value hierarchy because they are valued using inputs other than quoted prices that are observable for the asset or liability either directly or indirectly. Marketable Securities Marketable securities of $141,607 as of December 31, 2021 consisted of corporate debt securities of $99,362 and government debt securities of $42,245. There were $124,696 current marketable securities and $16,911 noncurrent marketable securities as of December 31, 2021. There were no marketable securities as of December 31, 2020. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | 4. Property and Equipment, Net December 31, 2021 2020 Machinery & equipment $ 2,261 $ 1,989 Computers 8 8 Furniture & fixtures 9 9 Leasehold improvements 161 73 Assets not placed in service 2,519 51 Total property and equipment 4,958 2,130 Less: Accumulated depreciation (1,868 ) (1,561 ) Property and equipment, net $ 3,090 $ 569 Depreciation expense for the years ended December 31, 2021, 2020, and 2019 was $307, $318, and $388, respectively. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 5. Accrued Expenses Accrued expenses consists of the following: December 31, 2021 2020 Accrued compensation $ 3,797 $ 3,109 Accrued research and development costs 4,734 1,595 Other accrued liabilities 96 99 Total $ 8,627 $ 4,803 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Operating Leases In June 2015, the Company executed a noncancelable operating lease for approximately 13,000 square feet of laboratory, research and development, and office space in Cranbury, New Jersey for an initial base rent of $20.00 per square foot. This location operates as the Company’s current headquarters. In June 2017, the Company obtained an additional noncancelable operating lease for about 6,000 square feet of laboratory space in the same corporate center at an initial rental rate at $22.00 per square foot. As a result of the additional space, both leases will expire June 2022, with an option to renew on a month-to-month basis, with an increase in base rent as per the lease, for up to an additional year. Both leases include a common area maintenance expense for $3.00 per square foot with an increase of 3% on the first month of each calendar year during the lease term and a management fee of 3% of the base rent. In August 2018, the Company executed two noncancelable operating leases. One lease for approximately 6,000 square feet for vivarium, laboratory and general office space in South Brunswick, New Jersey. The initial annual base rent is $15.50 per square foot and a management fee of 3% of the base rent. The Company is obligated to pay, on a pro-rata basis, insurance premiums, real estate taxes and operating costs related to the premises. The lease expires in July 2022 , with an option to renew on a month-to-month basis , with an increase in base rent as per the lease, for up to an additional year . The second lease is for office space in Lexington, Massachusetts, that expires August 2023 , with an option to renew for a one-time, three-year extension. The initial annual base rent is $ 28.50 per square foot and will increase $ 1.00 per square foot at the end of each rent year. In 2018, the company received a lease incentive for the buildout of 420 Bedford Street in Lexington, MA. The Company was given an allowance for $165 on behalf of the lessor for construction of office space. Management recognizes this allowance as a lease incentive in its Right-of-Use asset and straight-lines the allowance throughout the term of the lease. As of December 31, 2021, the remaining rent incentive pertaining to the Lexington, MA lease totaled $64. In January 2021, the Company signed a lease for 50,581 square feet of office and laboratory space at One Research Way in Princeton, New Jersey. The Company intends to complete the relocation of their headquarters from Cranbury, NJ to One Research Way in Princeton NJ in late 2022. That lease term extends through 2032, has a five-year Management estimated the timing and amounts of reimbursements and included them as a reduction of lease payments when initially measuring the lease liability and right-of-use asset upon commencement. The components of lease cost for the year ended December 31, 2021 are as follows: (in thousands) Year Ended December 31, 2021 Operating lease cost $ 1,691 Variable lease cost 704 Total lease cost $ 2,395 Amounts reported in the balance sheet for leases where the Company is the lessee as of December 31, 2021 were as follows, in thousands: Operating Leases: Year Ended December 31, 2021 Right-of-use assets, operating leases $ 10,060 Operating lease liabilities, current $ 403 Operating lease liabilities, non-current 10,790 Total operating lease liabilities $ 11,193 Weighted-average remaining lease term (years) 10.02 Weighted-average discount rate 5.75 % Other information related to leases for the year ended December 31, 2021 is as follows, in thousands: Cash paid for amounts included in the measurement of lease liabilities $ 717 Leased assets obtained in exchange for new operating lease liabilities 10,318 Future minimum lease payments, net of reimbursements, remaining as of December 31, 2021 under operating leases by fiscal year were as follows, in thousands: Fiscal year 2022 $ (2,609 ) 2023 1,833 2024 1,814 2025 1,869 2026 1,925 Thereafter 11,477 Total minimum lease payments $ 16,309 Less: Amounts representing imputed interest (5,116 ) Present value of lease liabilities $ 11,193 Rent expense recorded for the years ended December 31, 2021 and 2020 were $1,691 and $561, respectively. The company currently subleases the office space at 420 Bedford Street in Lexington, MA to another company. This sublease agreement expires in August, 2023. In April 2021, the company entered into a sublease agreement with the previous tenants of the office space at One Research Way in Princeton, NJ, from April 2021 to July 2021. As of December 31, 2021, sublease income for the Company was $116. Contingencies From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities. The Company accrues a liability for such matters when future expenditures are probable and such expenditures can be reasonably estimated. Commitments As of December 31, 2021, there were no purchase commitments with third-party suppliers. |
Convertible Preferred Stock
Convertible Preferred Stock | 12 Months Ended |
Dec. 31, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Convertible Preferred Stock | 7. Convertible Preferred Stock As of December 31, 2019, the Company’s Certificate of Incorporation, as amended and restated, authorized the Company to issue up to 22,883,426 shares of convertible preferred stock with a par value of $0.00001 per share preferred As of December Preferred stock authorized Preferred stock issued and outstanding Carrying value Liquidation preference Common stock issuable upon conversion Series Seed Preferred 1,657,903 1,647,102 $ 3,008 $ 3,050 1,647,102 Series A Preferred 8,076,985 8,076,982 30,593 30,734 8,076,982 Series B Preferred 7,672,560 7,672,556 73,627 73,728 7,672,556 Series C Preferred 5,475,978 5,469,606 61,705 61,873 5,469,606 22,883,426 22,866,246 $ 168,933 $ 169,385 22,866,246 In July 2020, the Company issued 5,321,864 shares of Series D Preferred Stock at a price of $13.1533 per share, resulting in gross proceeds of $70,000. In connection with the IPO on September 25, 2020, all of the Company’s convertible preferred stock, including Series D Preferred Stock, outstanding at the time of the IPO automatically converted into an aggregate of 28,188,110 shares of common stock. The holders of Preferred Stock have the rights, preferences, privileges and restrictions as set forth below: Dividends: The holders of Preferred Stock are entitled to receive non-cumulative dividends prior to and in preference to any declaration of payment of dividends on common stock, when and if declared by the Board of Directors. Any additional dividends will be paid ratably to holders of common and Preferred Stock, with the holders of Preferred Stock participating on an as-if converted basis. No dividends have been declared or paid as of December 31, 2019. Voting Rights: The holders of each share of Preferred Stock are entitled to voting rights equal to the number of shares of common stock into which the shares could be converted. As long as any shares of Preferred Stock remain outstanding, the holders of Preferred Stock, voting together as a class, shall be entitled to elect four members of the Company’s Board of Directors. The holders of common stock, voting together as a single class, shall be entitled to elect two members of the Company’s Board of Directors. Remaining members of the Company’s Board of Directors will be elected by the holders of a majority of the shares of Preferred Stock and common stock, voting together as a single class. Liquidation Rights: In the event of any liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, the holders of Preferred Stock have liquidation preferences, before any distribution or payment is made to holders of any common stock, in an amount per share equal to the original issue price of $1.8517 for Series Seed Preferred, $3.7266 for Series A Preferred, $9.6093 for Series B Preferred and $11.3121 for Series C Preferred, as adjusted for stock splits, stock dividends, combinations, recapitalizations and the like, plus any declared but unpaid dividends. If the assets and funds to be distributed among the holders of Preferred Stock are insufficient to permit the payment to such holders, then the entire assets and funds of the Company legally available for distribution will be distributed ratably among the holders of Preferred Stock in proportion to the preferential amount each such holder is otherwise entitled to receive. Upon completion of the payment of the full liquidation preference of Preferred Stock, the remaining assets of the Company, if any, shall be distributed with equal priority and ratably to the holders of common stock and Preferred Stock, with the Preferred Stock being treated as if the Preferred Stock had been converted to shares of common stock at the then applicable conversion rate. Notwithstanding the foregoing, the aggregate distributions made with respect to any shares of Preferred Stock may not exceed the greater of (i) an amount equal to two times the original issue price plus any declared but unpaid dividends on such share or (ii) the amount the holder would have received if all shares of the Preferred Stock were deemed to have been converted into common stock as of immediately prior to such liquidation, dissolution or winding up of the Company. Conversion: Each share of Preferred Stock is convertible into shares of common stock, at the option of the holder, at any time after date of issuance. Each share of Preferred Stock automatically converts to the number of shares of common stock determined in accordance with the conversion rate upon the earlier of (i) written consent of two-thirds of the then outstanding shares of Preferred Stock, voting together as a single class, and written consent of the majority of the then outstanding shares of Series C Preferred or (ii) the closing of a public offering, in which the gross cash proceeds are at least $40,000 and the initial offering price to the public is at least $11.3121 per share (as adjusted for any stock splits, stock dividends, combinations, subdivisions, recapitalizations, reorganizations, reclassifications or the like). As of December 31, 2019, the conversion price for each share of Series Seed Preferred, Series A Preferred, Series B Preferred and Series C Preferred is $1.8517, $3.7266, $9.6093 and $11.3121, respectively. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Common Stock | 8. Common Stock The Company is authorized to issue up to 1,000,000,000 shares of common stock with a par value of $0.00001 per share, and 5,000,000 shares of preferred stock with a par value of $0.00001 per share. As of December 31, 2021 and 2020, there were 45,433,684 and 44,777,818 shares of common stock issued and outstanding, respectively. Common stockholders are entitled to receive dividends if and when declared by the board of directors subject to the rights of any preferred stockholders. As of December 31, 2021, no dividends on common stock had been declared by the Company. As of December 31, 2021 and 2020, the Company had reserved shares of common stock for issuance as follows: December 31, 2021 2020 Options issued and outstanding 4,246,007 4,090,970 Shares available for future stock option grants 4,951,680 4,609,725 Shares available for employee stock purchase plan 801,464 400,752 Total 9,999,151 9,101,447 |
Stock Plan
Stock Plan | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Plan | 9 Stock Plan 2020 Equity Incentive Plan The 2020 Equity Incentive Plan (the “2020 Plan”) was approved by the board of directors on September 24, 2020. The 2020 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards, cash-based awards and dividend equivalent rights to the Company’s officers, employees, directors and consultants. The number of shares of common stock initially reserved for issuance under the 2020 Plan is 4,406,374, which shall be increased, upon approval by the board of directors, on January 1, 2021 and each January 1 thereafter, in an amount equal to the least of (i) 4,406,374 shares of common stock, (ii) five percent , or (iii) such number of common stock determined by the board of directors no later than the immediately preceding December 31. 2020 Employee Stock Purchase Plan The 2020 Employee Stock Purchase Plan (the “2020 ESPP”) was approved by the board of directors on September 24, 2020. A total of 400,752 shares of common stock were initially reserved for issuance under this plan, which shall be increased, upon approval by the board of directors, on January 1, 2021 and each January 1 thereafter, to the lesser of (i) 801,504 shares of common stock, (ii) 1% of the outstanding shares of common stock on the last day of the immediately preceding fiscal year, or (iii) an amount determined by the board of directors or any of its committees no later than the last day of the immediately preceding fiscal year. For 2021, the 2020 ESPP reserved shares were increased under clause (iii) by zero shares, effective as of January 1, 2022. On November 19, 2021, employees exercised their right to purchase 10,480 shares under the 2020 ESPP. As of December 31, 2021, 47,066 shares are issued or outstanding, and there were 801,464 shares available for issuance, under the 2020 ESPP. 2013 Equity Incentive Plan In 2013, the Company adopted the 2013 Stock Plan (the “2013 Plan”). On September 24, 2020, this plan was replaced by the 2020 Plan, and future issuances of incentive instruments will be governed by that plan. Subject to the provisions of the 2020 Plan, the Company had the option to either forfeit or repurchase remaining shares under the 2013 Equity Incentive Plan on or after the registration date. The Company chose to forfeit the remaining shares. Stock-Based Compensation The following table summarizes option activity for the year ended December 31, 2021: Options Outstanding Weighted- Average Weighted Remaining Aggregate Shares Number Average Contractual Intrinsic Available of Exercise Life Value for Grant Options Price (in years) (in 000s) Balances, December 31, 2020 4,609,725 4,090,970 $ 3.14 7.13 $ 238,792 Shares reserved for issuance 1,343,334 – Options retired under 2013 Equity Plan (237,542 ) – Options granted (807,180 ) 807,180 $ 29.22 Options forfeited / cancelled 43,343 (43,343 ) $ 6.89 Options exercised – (608,800 ) $ 2.03 Balances, December 31, 2021 4,951,680 4,246,007 $ 8.22 6.86 $ 68,506 At December 31, 2021 Vested and expected to vest 4,246,007 $ 8.22 6.86 $ 68,506 Exercisable 2,668,149 $ 3.48 5.80 $ 52,952 The weighted average grant date fair value of stock options granted during the year ended December 31, 2021 and 2020 was $20.03 and $3.34, respectively. The aggregate intrinsic value of options vested and exercisable as of December 31, 2021 and 2020 is calculated based on the difference between the exercise price and the fair value of our common stock. The intrinsic value of options exercised in 2021 and 2020 was $18,534 and $245, respectively. As of December 31, 2021, the total compensation cost related to nonvested service-based awards not yet recognized is $15,708. The weighted-average period over which the nonvested awards is expected to be recognized is 3.1years. The Company estimated Year Ended December 31, 2021 2020 2019 Risk-free interest rate 0.35% - 1.30% 0.31% - 1.51% 1.49% - 2.51% Expected life (in years) 5.50 - 6.44 4.92 - 6.40 5.27 - 6.37 Dividend yield 0% 0% 0% Expected volatility 76.50% - 79.90% 70.70% - 77.60% 72.07% - 72.69% The weighted average assumptions used to estimate the fair value of stock options granted and stock purchase rights under the ESPP are as follows: Year Ended December 31, 2021 Risk-free interest rate 0.04% Expected life (in years) 0.50 Dividend yield 0% Expected volatility 77.83% Expected Term: The Company uses the simplified method to calculate expected term described in the SEC’s Staff Accounting Bulletin No. 107, which takes into account vesting term and expiration date of the options. Volatility: Volatility is based on an average of the historical volatilities of comparable publicly traded companies for the expected term. Risk Free Interest Rate: The risk-free rate is based on the U.S. Treasury yields in effect at the time of grant for periods corresponding with the expected term of the option. Dividend Yield: The Company has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future, and therefore, used an expected dividend yield of zero in the valuation model. S tock-based compensation expense recorded under ASC 718 related to options granted was allocated to research and development and general and administrative expense as follows: For the Years Ended December 31, 2021 2020 2019 Research and development $ 1,440 $ 836 $ 302 General and administrative 3,900 1,097 606 Total stock-based compensation $ 5,340 $ 1,933 $ 908 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes The income tax provision for the years ended December 31, 2021, 2020, and 2019 are as follows (in thousands): For the Years Ended December 31, 2021 2020 2019 Current: Federal $ - $ - $ - State 23 6 8 Total current 23 6 8 Deferred: Federal $ - $ - $ - State - - - Total deferred - - - Total Provision $ 23 $ 6 $ 8 A reconciliation of income tax computed at the statutory federal income tax rate to the provision for income taxes included in the accompanying statements of operations for the Company is as follows: For the Years Ended December 31, 2021 December 31, 2020 December 31, 2019 Income tax provision at statutory rate 21 % 21 % 21 % State income taxes, net of federal benefit 9 % 8 % 7 % Tax credits 3 % 2 % 1 % Stock compensation 5 % (1 )% 0 % Other (1 )% 0 % 0 % Change in valuation allowance (37 )% (30 )% (29 )% Effective income tax rate 0 % 0 % 0 % For the years ended December 31, 2021, 2020, and 2019, the Company’s effective tax rate is below the federal statutory income tax rate of 21% primarily due to state income taxes, net of federal benefit and the Company’s position to establish a full valuation allowance on its deferred tax assets. The tax effect of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets As of December 31, 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 45,231 $ 27,511 Stock compensation 1,587 748 Research and development credits 4,593 2,414 Accruals and reserves 1,033 830 Operating lease liabilities 3,175 - Total deferred tax assets 55,619 31,503 Valuation allowance (52,728 ) (31,458 ) Deferred tax assets recognized 2,891 45 Deferred tax liabilities: Right-of-use assets (2,854 ) - Fixed assets and depreciation (37 ) (45 ) Total deferred tax liabilities (2,891 ) (45 ) Net deferred tax assets $ - $ - The Company has recorded a valuation allowance for its deferred tax assets that it does not believe will be realizable at a more likely than not level based on analysis of all available sources of taxable income. As of December 31, 2021 and 2020, the Company had federal net operating loss carryforwards of $159,886 and $97,665, respectively. As of December 31, 2021, the Company had state net operating loss carryforwards for New Jersey, California and Massachusetts of approximately $154,972, $4,912, and $4,640 respectively. At December 31, 2020, the Company had state net operating loss carryforwards for New Jersey, California and Massachusetts of approximately $92,805, $4,912 and $950, respectively. Federal net operating loss carryforwards of $27,515 expire beginning in the year 2033. State net operating loss carryforwards begin to expire in the year 2033 . Net operating loss carryforwards related to tax years after 2017 of $ 132,371 do not expire. The Company also has federal and state research and development credit carryforward of approximately $ 6,588 and $ a s of December 31, 2021 and 20 20 , respectfully . The federal credits will begin to expire in 2034 if not utilized. The California state credits carryforward indefinitely and the New Jersey state credits expire starting in 202 2 . The above net operating losses and research and development credits are subject to Sections 382 and 383 of the Internal Revenue Code. In the event of a change in ownership as defined by these code sections, the usage of the net operating losses and research and development credits may be limited. The Company accrues interest and penalties related to unrecognized tax benefits in the Provision for income taxes line item in the statements of operations and comprehensive loss . As of December 31, 2021 and 2020, the Company had not accrued any interest or penalties related to uncertain tax positions. If the ending balance of $1,654 and $877 of unrecognized tax benefits as of December 31, 2021 and 2020, respectively, were recognized, none of the recognition would affect the income tax rate. The following table summarized the activity related to the Company’s unrecognized tax benefits: For the Years Ended December 31, 2021 December 31, 2020 Unrecognized tax benefits, beginning of year $ 877 $ 543 Increases related to prior year tax positions 43 5 Increases related to current year tax positions 734 329 Unrecognized tax benefits, end of year $ 1,654 $ 877 The Company does not anticipate any material change in its unrecognized tax benefits over the next twelve months. The unrecognized tax benefits may change during the next year for items that arise in the ordinary course of business. The Company files U.S. federal and state income tax returns with varying statutes of limitations. The Company’s tax years |
Net Loss per Share
Net Loss per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 11. Net Loss per Share The Company’s convertible preferred stock does not participate in losses. The Company excluded all outstanding stock options and restricted stock awards 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. For the Years Ended December 31, 2021 2020 2019 Convertible preferred stock (as converted) – – 22,866,246 Warrants to purchase common stock – – 10,800 Common stock options issued and outstanding 4,246,007 4,090,970 2,767,868 Total 4,246,007 4,090,970 25,644,914 For the Years Ended December 31, 2021 2020 2019 Net loss $ (57,846 ) $ (34,440 ) $ (25,352 ) Weighted-average number of shares - basic and diluted 45,137,656 14,364,475 3,035,243 Net loss per share - basic and diluted $ (1.28 ) $ (2.40 ) $ (8.35 ) |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Parties | 12. Related Parties The Company has consulting agreements with two members of its board of directors. The total of consulting fees paid as of the years ended December 31, 2021 and December 31, 2020 were $110 and $112, respectively. In May of 2021, the two members of the board of directors were awarded 5,781 options of company stock each, as per their updated Scientific Advisory Board agreements. There were no amounts owed under the consulting agreements as of December 31, 2021 or December 31, 2020. During the fiscal year ended December 31, 2020, an investor provided $65 of financial consulting services to the Company. The Company has paid the entirety of the fees as of December 31, 2020. No amounts were paid or owed to the investors as of the year ended December 31,2021. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with United States generally accepted accounting principles (“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 accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The Company has limited operating history and its prospects are subject to risks, expenses and uncertainties frequently encountered by companies in the biotechnology industry. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, research and development costs, accrued research and development costs and related prepaid expenses, and the fair values of common stock, convertible preferred stock and stock-based compensation. Actual results could differ materially from those estimates. The length of time and full extent to which the COVID-19 pandemic directly or indirectly impacts our business, results of operations and financial condition, including expense, the supply chain, clinical trials, research and development costs, and employee-related costs, depends on future developments that are highly uncertain, subject to change and are difficult to predict, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat COVID-19 as well as the economic impact on local, regional, national and international customers and markets. We have made estimates of the impact of the COVID-19 pandemic within our consolidated financial statements and there may be changes to those estimates in future periods. |
Reverse Stock Split | Reverse Stock Split In September 2020, the Company’s board of directors and stockholders approved an amendment to the Company’s amended and restated certificate of incorporation to affect a 5.2651-for-1 reverse stock split of the Company’s common stock and convertible preferred stock, which was effected on September 24, 2020. The par value of the common stock and convertible preferred stock were not adjusted as a result of the reverse stock split. Accordingly, all common stock, convertible preferred stock, stock options, and related per share amounts in these financial statements have been retroactively adjusted for all periods presented to give effect to the reverse stock split. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company discloses and recognizes the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows: • Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. • Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active. • Level 3 - Inputs are unobservable in which there is little or no market data available, which require the reporting entity to develop its own assumptions that are unobservable. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. |
Cash, Cash Equivalents and Marketable Securities | Cash, Cash Equivalents and Marketable Securities Management considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company’s marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable debt securities with maturities of 12 months or less are classified as short-term and marketable debt securities with maturities greater than 12 months are classified as long-term. As of December 31, 2021, the company’s long-term marketable debt securities have maturity dates no more than two years. The Company’s marketable debt securities are carried at fair value, with unrealized gains and losses, net of taxes, reported as a component of accumulated other comprehensive loss in stockholders’ equity. Premiums and discounts on marketable debt securities are amortized into earnings over the life of the security. For the years ending December 31, 2021, 2020, and 2019, the company recorded, $550, $152, and $62 of amortization, respectively. Restricted cash as of December 31, 2021 included a $822 deposit at the Company’s commercial bank underlying a stand-by letter of credit issued in favor of a landlord (See Note 6) and is classified in current assets. |
Leases | Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the circumstances present. The Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the asset’s economic benefits. The Company determines the initial classification and measurement of its operating right-of-use (“ROU”) assets and operating lease liabilities at the lease commencement date, and thereafter if modified. The lease term includes any renewal options that the Company is reasonably assured to exercise. The Company’s policy is to not record leases with a lease term of 12 months or less on its balance sheets. The Company’s only existing leases are for office and laboratory space. The ROU asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its estimated secured incremental borrowing rate for that lease term. Lease expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in operating expense in the statements of operations. Payments due under each lease agreement include fixed and variable payments. Variable payments relate to the Company’s share of the lessor’s operating costs associated with the underlying asset and are recognized when the event on which those payments are assessed occurs. Neither of the Company’s leases contain residual value guarantees. The interest rate implicit in lease agreements is typically not readily determinable, and as such, the Company utilizes the incremental borrowing rate to calculate lease liabilities, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost net of accumulated depreciation. Property and equipment are depreciated using the straight‑line method over the estimated useful lives of the assets, generally five years, except for leasehold improvements, which are amortized over the remaining term of the lease. Upon retirement or sale of assets, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations. Repairs and maintenance costs are charged to operations as incurred. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets, are tested for recoverability whenever events or changes in the business environment indicate that the carrying amount of the assets may not be fully recoverable. Factors considered by the Company when deciding when to perform an impairment review include significant underperformance of the business against expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset for recoverability, the Company compares forecasts of undiscounted cash flows resulting from the use and eventual disposition of the long-lived asset to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows resulting from the use of an asset are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset over its current fair value. To date, the Company has not recorded any impairment losses on long-lived assets. |
Comprehensive Income/Loss | Comprehensive Income/Loss The Company recorded $(78), $3, and $10 in other comprehensive (loss) income related to unrealized (losses) gains on marketable securities, net of tax for the years ended December 31, 2021, 2020, and 2019, respectively. The Company presents comprehensive income in a single statement within its financial statements. |
Research and Development Expenses | Research and Development Expenses All costs associated with research and development are expensed as incurred. Research and development expenses include costs directly attributable to the conduct of research and development programs, including compensation costs, which includes allocated stock-based compensation, salary payroll taxes, employee benefits; materials; supplies; depreciation on and maintenance of research equipment; the cost of services provided by outside contractors; and the allocable portions of facility costs, such as rent, utilities, insurance, repairs and maintenance, depreciation, and general support services. The Company records accruals for estimated research and development expenses, comprising payments for work performed by third party vendors, clinical research organizations, clinical manufacturing organizations and others. Some of these vendors bill monthly based on actual services performed, while others bill periodically based upon achieving certain contractual milestones. For the latter, the Company accrues the expenses as goods or services are used or rendered. Research and development activities related to patient enrollment are accrued as patients enter and progress through the trial. In the event that we prepay fees, we record the prepayment as a prepaid asset and periodically evaluate the prepaid asset in conjunction with the related accrued research and development expenses. |
Convertible Preferred Stock | Convertible Preferred Stock The Company’s convertible preferred stock was classified outside of stockholders’ deficit because the shares contained deemed liquidation rights that were a contingent redemption feature not solely within the control of the Company. The Company’s policy is not to accrete the carrying value and related issuance costs of the convertible preferred stock to its redemption value until it is probable that the security will become redeemable. The convertible preferred stock converted to common stock in connection with the Company’s Initial Public Offering (“IPO”) on September 25, 2020. |
Derivative Liabilities | Derivative Liabilities The Company may issue certain financial instruments with embedded features which may be accounted for as separate derivative assets or liabilities, dependent on their specific contractual terms or other conditions. These derivative assets or liabilities are required to be measured at fair value at issuance and remeasured |
Stock Based Compensation | Stock‑Based Compensation The Company’s share-based compensation program allows for grants of stock options and restricted stock awards. Grants The Company accounts for stock-based employee compensation arrangements in accordance with provisions of ASC 718, Compensation – Stock Compensation . awards The Company’s stock-based compensation awards are subject to either service or performance-based vesting conditions. Compensation expense related to awards to employees and directors with service-based vesting conditions The Black-Scholes option pricing model requires inputs based on certain subjective assumptions, including (i) the expected stock price volatility, (ii) the expected term of the award, (iii) the risk-free interest rate and (iv) expected dividends. Due to the lack of a public market for the Company’s common stock until September 2020 and lack of company-specific historical and implied volatility data, the Company has based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics to the Company, including stage of product development and life science industry focus. The historical volatility is calculated based on a period of time commensurate with expected term assumption. The Company uses the simplified method to calculate the expected term for options granted to employees whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the options due to its lack of sufficient historical data. The risk-free interest rate is based on U.S. Treasury securities with a maturity date commensurate with the expected term of the associated award. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock. The Company recognizes forfeitures as they occur. Prior to the Company’s IPO, due to the absence of an active market for the Company’s common stock, the Company utilized methodologies in accordance with the framework of the American Institute of Certified Public Accountants Technical Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation, to estimate the fair value of its common stock. In determining the exercise prices for options granted, the Company considered the estimated fair value of the common stock as of the measurement date. Prior to the Initial Public Offering, the estimated fair value of the common stock was determined at each grant date based upon a variety of factors, including the illiquid nature of the common stock, arm’s-length sales of the Company’s capital stock (including convertible preferred stock), the effect of the rights and preferences of the preferred shareholders, and the prospects of a |
Segment Reporting | Segment Reporting Operating segments are identified as components of an enterprise for which separate discrete financial information is available |
Net Loss per Common Share | Net Loss per Common Share Basic net loss per share is computed using the “two-class” method which includes the weighted average number of shares of common stock outstanding during the period and other securities that participate in dividends (a participating Earnings per Share pari passu |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes deferred assets be reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized. The Company evaluates annually the realizability of the deferred tax assets by assessing the valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization include forecast of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. In 20 2 1 and 20 20 , the Company recorded a full valuation allowance for the deferred tax assets based on the historical loss and the uncertainty regarding the ability to project future taxable income. In future periods if the Company is able to generate income, the Company may reduce or eliminate the valuation allowance. The Company accounts for uncertain tax positions in accordance with ASC 740. ASC 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax provision that an entity takes or expects to take in a tax return. Additionally, ASC 740 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosures, and transition. Under ASC 740, an entity may only recognize or continue to recognize tax positions that meet a "more likely than not" threshold. In accordance with this accounting policy, the Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2016-02, Leases (Topic 842), as amended by multiple standards updates, in order to increase transparency and comparability among organizations by requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The most significant change arising from the new standard is the recognition of right of use assets and lease liabilities for leases classified as operating leases. The right-of-use lease liability for operating leases is based on the net present value of future minimum lease payments. Additionally, the right-of-use asset for operating leases is based on the lease liability adjusted for the reclassification of certain balance sheet amounts such as the long term portion of straight line rent liability and deferred lease incentives. Under the standard, disclosures are required to enable financial statement users to assess the amount, timing, and uncertainty of cash flows arising from the leases. Companies are also required to recognize and measure leases existing at, or entered into after, the adoption date using a modified retrospective approach, with certain practical expedients available. Comparative periods prior to adoption have not been retrospectively adjusted. The Company adopted the standard effective January 1, 2021 using the modified retrospective transition method. Upon adoption, the Company applied the package of practical expedients that allows an entity to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases. The Company elected the practical expedient not to apply the recognition requirements to short-term leases, defined as a lease that at the commencement date has a lease term of 12 months or less that does not include a purchase option to purchase the underlying asset that the Company is reasonably certain to exercise. Furthermore, the Company has elected the practical expedient to not separate lease and non-lease components by class of underlying asset for its existing leases. As the Company enters into new leases, it will continue to evaluate this accounting policy for any new classes of underlying assets. Upon adoption, the Company recorded ROU assets of $970 and lease liabilities of $1,129. The standard did not have a material impact on the statement of operations or statement of cash flows. In December 2019, the FASB issued ASU 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes. The new guidance simplifies the accounting for income taxes by removing several exceptions in the current standard and adding guidance to reduce complexity in certain areas, such as requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The Company adopted this standard as of January 1, 2021 . The adoption did no t have a material impact on the Company’s financial statements. |
Concentration of Credit Risk and Other Risks and Uncertainties | Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and cash equivalents and marketable securities. Cash and cash equivalents include a checking account and a money market account held at one financial institution. At times, such deposits may be in excess of insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company’s marketable debt securities are carried at fair value and include any unrealized gains and losses. Any investments with unrealized losses are considered to be temporarily impaired. The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, rapid technological change, uncertainty of market acceptance of the product, competition from substitute products and larger companies, protection of proprietary technology, any future strategic relationships and dependence on key individuals. Products developed by the Company require clearances from the U.S. Food and Drug Administration or other international regulatory agencies prior to commercial sales. There can be no assurance the Company’s product candidates will receive the necessary clearances. If the Company is denied clearance, clearance is delayed or it is unable to maintain clearance, it could have a materially adverse impact on the Company. In January 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a “Public Health Emergency of International Concern,” which continues to spread throughout the world. The outbreak has adversely impacted global commercial activity and contributed to significant volatility in financial markets. The COVID-19 outbreak and government responses are creating disruption in global supply chains and adversely impacting many industries. The outbreak could have a continued material adverse impact on economic and market conditions. The Company continues to monitor the impact of the COVID-19 outbreak closely. |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Cash Equivalents and Available-for-sale Securities Carrying Amounts and Fair Values | The Company’s financial instruments consist of money market funds, U.S. government debt securities and corporate debt securities. The following tables show the Company’s cash equivalents and available-for-sale securities’ carrying amounts and fair values as of December 31, 2021 and 2020: As of December 31, 2021 Carrying Amount Fair Value Quoted priced in active markets (level 1) Significant other observable inputs (level 2) Significant unobservable inputs (level 3) Financial assets Money market funds $ 40,960 $ 40,960 $ 40,960 $ – $ – Corporate securities 227,362 227,362 – 227,362 – Government securities 42,245 42,245 – 42,245 – Total financial assets $ 310,567 $ 310,567 $ 40,960 $ 269,607 $ – As of December 31, 2020 Carrying Amount Fair Value Quoted priced in active markets (level 1) Significant other observable inputs (level 2) Significant unobservable inputs (level 3) Financial assets Money market funds $ 240,033 $ 240,033 $ 240,033 $ – $ – Corporate securities 120,008 120,008 – 120,008 – Total financial assets $ 360,041 $ 360,041 $ 240,033 $ 120,008 $ – |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment, Net | December 31, 2021 2020 Machinery & equipment $ 2,261 $ 1,989 Computers 8 8 Furniture & fixtures 9 9 Leasehold improvements 161 73 Assets not placed in service 2,519 51 Total property and equipment 4,958 2,130 Less: Accumulated depreciation (1,868 ) (1,561 ) Property and equipment, net $ 3,090 $ 569 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables And Accruals [Abstract] | |
Summary of Accrued Expenses | Accrued expenses consists of the following: December 31, 2021 2020 Accrued compensation $ 3,797 $ 3,109 Accrued research and development costs 4,734 1,595 Other accrued liabilities 96 99 Total $ 8,627 $ 4,803 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Components of Lease Cost | The components of lease cost for the year ended December 31, 2021 are as follows: (in thousands) Year Ended December 31, 2021 Operating lease cost $ 1,691 Variable lease cost 704 Total lease cost $ 2,395 |
Schedule of Amounts Reported in Consolidated Balance Sheets for Leases | Amounts reported in the balance sheet for leases where the Company is the lessee as of December 31, 2021 were as follows, in thousands: Operating Leases: Year Ended December 31, 2021 Right-of-use assets, operating leases $ 10,060 Operating lease liabilities, current $ 403 Operating lease liabilities, non-current 10,790 Total operating lease liabilities $ 11,193 Weighted-average remaining lease term (years) 10.02 Weighted-average discount rate 5.75 % |
Summary of Other Information Related to Leases | Other information related to leases for the year ended December 31, 2021 is as follows, in thousands: Cash paid for amounts included in the measurement of lease liabilities $ 717 Leased assets obtained in exchange for new operating lease liabilities 10,318 |
Schedule of Minimum Lease Payments, Net of Reimbursements, under Operating Leases | Future minimum lease payments, net of reimbursements, remaining as of December 31, 2021 under operating leases by fiscal year were as follows, in thousands: Fiscal year 2022 $ (2,609 ) 2023 1,833 2024 1,814 2025 1,869 2026 1,925 Thereafter 11,477 Total minimum lease payments $ 16,309 Less: Amounts representing imputed interest (5,116 ) Present value of lease liabilities $ 11,193 |
Convertible Preferred Stock (Ta
Convertible Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Schedule of Preferred Stock | As of December Preferred stock authorized Preferred stock issued and outstanding Carrying value Liquidation preference Common stock issuable upon conversion Series Seed Preferred 1,657,903 1,647,102 $ 3,008 $ 3,050 1,647,102 Series A Preferred 8,076,985 8,076,982 30,593 30,734 8,076,982 Series B Preferred 7,672,560 7,672,556 73,627 73,728 7,672,556 Series C Preferred 5,475,978 5,469,606 61,705 61,873 5,469,606 22,883,426 22,866,246 $ 168,933 $ 169,385 22,866,246 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Reserved Shares of Common Stock for Issuance | As of December 31, 2021 and 2020, the Company had reserved shares of common stock for issuance as follows: December 31, 2021 2020 Options issued and outstanding 4,246,007 4,090,970 Shares available for future stock option grants 4,951,680 4,609,725 Shares available for employee stock purchase plan 801,464 400,752 Total 9,999,151 9,101,447 |
Stock Plan (Tables)
Stock Plan (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Schedule of Stock Options Activity | The following table summarizes option activity for the year ended December 31, 2021: Options Outstanding Weighted- Average Weighted Remaining Aggregate Shares Number Average Contractual Intrinsic Available of Exercise Life Value for Grant Options Price (in years) (in 000s) Balances, December 31, 2020 4,609,725 4,090,970 $ 3.14 7.13 $ 238,792 Shares reserved for issuance 1,343,334 – Options retired under 2013 Equity Plan (237,542 ) – Options granted (807,180 ) 807,180 $ 29.22 Options forfeited / cancelled 43,343 (43,343 ) $ 6.89 Options exercised – (608,800 ) $ 2.03 Balances, December 31, 2021 4,951,680 4,246,007 $ 8.22 6.86 $ 68,506 At December 31, 2021 Vested and expected to vest 4,246,007 $ 8.22 6.86 $ 68,506 Exercisable 2,668,149 $ 3.48 5.80 $ 52,952 |
Schedule of Estimated Fair Value of Stock Options | The Company estimated Year Ended December 31, 2021 2020 2019 Risk-free interest rate 0.35% - 1.30% 0.31% - 1.51% 1.49% - 2.51% Expected life (in years) 5.50 - 6.44 4.92 - 6.40 5.27 - 6.37 Dividend yield 0% 0% 0% Expected volatility 76.50% - 79.90% 70.70% - 77.60% 72.07% - 72.69% |
Stock-based Compensation Expense Related to Options Granted Recorded and Allocated | S tock-based compensation expense recorded under ASC 718 related to options granted was allocated to research and development and general and administrative expense as follows: For the Years Ended December 31, 2021 2020 2019 Research and development $ 1,440 $ 836 $ 302 General and administrative 3,900 1,097 606 Total stock-based compensation $ 5,340 $ 1,933 $ 908 |
2020 ESPP | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Schedule of Estimated Fair Value of Stock Options | The weighted average assumptions used to estimate the fair value of stock options granted and stock purchase rights under the ESPP are as follows: Year Ended December 31, 2021 Risk-free interest rate 0.04% Expected life (in years) 0.50 Dividend yield 0% Expected volatility 77.83% |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Provision | The income tax provision for the years ended December 31, 2021, 2020, and 2019 are as follows (in thousands): For the Years Ended December 31, 2021 2020 2019 Current: Federal $ - $ - $ - State 23 6 8 Total current 23 6 8 Deferred: Federal $ - $ - $ - State - - - Total deferred - - - Total Provision $ 23 $ 6 $ 8 |
Summary of Provision for Income Taxes | A reconciliation of income tax computed at the statutory federal income tax rate to the provision for income taxes included in the accompanying statements of operations for the Company is as follows: For the Years Ended December 31, 2021 December 31, 2020 December 31, 2019 Income tax provision at statutory rate 21 % 21 % 21 % State income taxes, net of federal benefit 9 % 8 % 7 % Tax credits 3 % 2 % 1 % Stock compensation 5 % (1 )% 0 % Other (1 )% 0 % 0 % Change in valuation allowance (37 )% (30 )% (29 )% Effective income tax rate 0 % 0 % 0 % |
Summary of Deferred Tax Assets and Liabilities | The tax effect of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets As of December 31, 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 45,231 $ 27,511 Stock compensation 1,587 748 Research and development credits 4,593 2,414 Accruals and reserves 1,033 830 Operating lease liabilities 3,175 - Total deferred tax assets 55,619 31,503 Valuation allowance (52,728 ) (31,458 ) Deferred tax assets recognized 2,891 45 Deferred tax liabilities: Right-of-use assets (2,854 ) - Fixed assets and depreciation (37 ) (45 ) Total deferred tax liabilities (2,891 ) (45 ) Net deferred tax assets $ - $ - |
Summary of Activity Related to Unrecognized Tax Benefits | The following table summarized the activity related to the Company’s unrecognized tax benefits: For the Years Ended December 31, 2021 December 31, 2020 Unrecognized tax benefits, beginning of year $ 877 $ 543 Increases related to prior year tax positions 43 5 Increases related to current year tax positions 734 329 Unrecognized tax benefits, end of year $ 1,654 $ 877 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Potentially Dilutive Common Stock Equivalent Excluded from Calculation of Diluted Net Loss per Share | For the Years Ended December 31, 2021 2020 2019 Convertible preferred stock (as converted) – – 22,866,246 Warrants to purchase common stock – – 10,800 Common stock options issued and outstanding 4,246,007 4,090,970 2,767,868 Total 4,246,007 4,090,970 25,644,914 |
Schedule of Computation of Net Loss per Share | For the Years Ended December 31, 2021 2020 2019 Net loss $ (57,846 ) $ (34,440 ) $ (25,352 ) Weighted-average number of shares - basic and diluted 45,137,656 14,364,475 3,035,243 Net loss per share - basic and diluted $ (1.28 ) $ (2.40 ) $ (8.35 ) |
Formation and Business of the_2
Formation and Business of the Company - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 25, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Organization Consolidation And Presentation [Line Items] | ||||
Proceeds from issuance of common stock, gross | $ 243,536 | |||
Proceeds from issuance of common stock, net | $ 223,176 | $ 223,176 | ||
Net loss | $ (57,846) | (34,440) | $ (25,352) | |
Cash used in operating activities | (46,571) | (32,739) | $ (22,065) | |
Accumulated deficit | (167,726) | $ (109,880) | ||
Cash, cash equivalents, and marketable securities | $ 314,074 | |||
Common Stock | ||||
Organization Consolidation And Presentation [Line Items] | ||||
Number of shares sold | 13,529,750 | |||
Conversion of convertible preferred stock to common stock, Shares | 28,188,110 | |||
IPO | Common Stock | ||||
Organization Consolidation And Presentation [Line Items] | ||||
Number of shares sold | 13,529,750 | |||
Public offering price per share | $ 18 | |||
IPO | Convertible Preferred Stock | Common Stock | ||||
Organization Consolidation And Presentation [Line Items] | ||||
Conversion of convertible preferred stock to common stock, Shares | 28,188,110 | |||
Underwriters | Common Stock | ||||
Organization Consolidation And Presentation [Line Items] | ||||
Option to purchase common stock | 1,764,750 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | Sep. 24, 2020 | Dec. 31, 2021USD ($)Segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2021USD ($) |
Summary Of Significant Accounting Policies [Line Items] | |||||
Reverse stock split description | 5.2651-for-1 reverse stock split of the Company’s common stock and convertible preferred stock | ||||
Reverse stock split conversion ratio | 5.2651 | ||||
Amortization of available-for-sale debt securities | $ 550 | $ 152 | $ 62 | ||
Restricted cash | $ 822 | ||||
Property and equipment, Estimated useful lives | five years | ||||
Other comprehensive (loss) income related to unrealized (losses) gains on marketable securities, net of tax | $ (78) | $ 3 | $ 10 | ||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||
Number of operating segments | Segment | 1 | ||||
Right-of-use assets, operating leases | $ 10,060 | ||||
Lease liabilities | $ 11,193 | ||||
ASU 2016-02 | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Adoption of accounting standards update [true false] | true | ||||
Accounting standards update, adoption date | Jan. 1, 2021 | ||||
Right-of-use assets, operating leases | $ 970 | ||||
Lease liabilities | $ 1,129 | ||||
ASU 2019-12 | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Adoption of accounting standards update [true false] | true | ||||
Accounting standards update, adoption date | Jan. 1, 2021 | ||||
Accounting standards update, immaterial effect [true false] | true |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Summary of Cash Equivalents and Available-for-sale Securities Carrying Amounts and Fair Values (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Quoted Priced in Active Markets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | $ 40,960 | $ 240,033 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 269,607 | 120,008 |
Significant Other Observable Inputs (Level 2) | Corporate Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 227,362 | 120,008 |
Significant Other Observable Inputs (Level 2) | Government Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 42,245 | |
Carrying Amount | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 310,567 | 360,041 |
Carrying Amount | Corporate Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 227,362 | 120,008 |
Carrying Amount | Government Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 42,245 | |
Fair Value | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 310,567 | 360,041 |
Fair Value | Corporate Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 227,362 | 120,008 |
Fair Value | Government Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 42,245 | |
Money Market Funds | Quoted Priced in Active Markets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 40,960 | 240,033 |
Money Market Funds | Carrying Amount | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | 40,960 | 240,033 |
Money Market Funds | Fair Value | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total financial assets | $ 40,960 | $ 240,033 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Additional Information (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash | $ 3,508,000 | |
Cash equivalents | 168,960,000 | $ 360,041,000 |
Marketable Securities | 141,607,000 | 0 |
Marketable securities noncurrent | 16,911,000 | |
Marketable securities current | 124,696,000 | |
Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities | 99,362,000 | |
Corporate Debt Securities | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 128,000,000 | 120,008,000 |
Government Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities | 42,245,000 | |
Money Market Funds | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 40,960,000 | $ 240,033,000 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 4,958 | $ 2,130 |
Less: Accumulated depreciation | (1,868) | (1,561) |
Property and equipment, net | 3,090 | 569 |
Machinery & Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 2,261 | 1,989 |
Computers | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 8 | 8 |
Furniture & Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 9 | 9 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 161 | 73 |
Assets Not Placed in Service | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 2,519 | $ 51 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |||
Depreciation | $ 307 | $ 318 | $ 388 |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Payables And Accruals [Abstract] | ||
Accrued compensation | $ 3,797 | $ 3,109 |
Accrued research and development costs | 4,734 | 1,595 |
Other accrued liabilities | 96 | 99 |
Total | $ 8,627 | $ 4,803 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||||
Apr. 30, 2021 | Jan. 31, 2021USD ($)ft² | Aug. 31, 2018ft²Lease$ / ft² | Dec. 31, 2021USD ($)$ / ft² | Dec. 31, 2020USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2017ft²$ / ft² | Jun. 30, 2015ft²$ / ft² | |
Commitments And Contingencies Disclosure [Line Items] | ||||||||
Number of noncancelable operating leases | Lease | 2 | |||||||
Operating lease, payments | $ 717,000 | |||||||
Rent expense | 1,691,000 | $ 561,000 | ||||||
Purchase commitments | $ 0 | |||||||
Cranbury, New Jersey | ||||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||||
Area of operating lease property | ft² | 6,000 | 13,000 | ||||||
Initial base rent per square foot | $ / ft² | 22 | 20 | ||||||
Operating lease expiration period | 2022-06 | |||||||
Operating lease maintenance expense per square foot | $ / ft² | 3 | |||||||
Operating lease, description | Both leases include a common area maintenance expense for $3.00 per square foot with an increase of 3% on the first month of each calendar year during the lease term and a management fee of 3% of the base rent. | |||||||
Management fee of base rent percentage | 3.00% | |||||||
South Brunswick, New Jersey | ||||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||||
Area of operating lease property | ft² | 6,000 | |||||||
Initial base rent per square foot | $ / ft² | 15.50 | |||||||
Operating lease expiration period | 2022-07 | |||||||
Management fee of base rent percentage | 3.00% | |||||||
Operating lease renewal term description | with an option to renew on a month-to-month basis, with an increase in base rent as per the lease, for up to an additional year | |||||||
Lexington, Massachusetts | ||||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||||
Initial base rent per square foot | $ / ft² | 28.50 | |||||||
Operating lease expiration period | 2023-08 | |||||||
Operating lease, renewal term | 3 years | |||||||
Initial base rent increased per square foot | $ / ft² | 1 | |||||||
Allowance on behalf of lessor for construction of office space. | $ 165,000 | |||||||
Remaining rent incentives | $ 64,000 | |||||||
Sublease expiration period | 2023-08 | |||||||
Princeton, New Jersey | ||||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||||
Operating lease, description | That lease term extends through 2032, has a five-year extension option, and is intended to replace our two existing facilities and the space is expected to become the Company’s future headquarters | |||||||
Lease area of square feet | ft² | 50,581 | |||||||
Operating Leases, extended year | 2032 | |||||||
Operating leases, extension period | 5 years | |||||||
Operating lease, payments | $ 19,600,000 | |||||||
Operating leases extended month and year | 2032-05 | |||||||
Tenant improvement allowance | $ 4,100,000 | |||||||
Sublease with tenant office space starting period | 2021-04 | |||||||
Sublease with tenant office space ending period | 2021-07 | |||||||
Sublease income | $ 116,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Components of Lease Cost (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 1,691 |
Variable lease cost | 704 |
Total lease cost | $ 2,395 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Amounts Reported in Consolidated Balance Sheets for Leases (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Operating Leases: | |
Right-of-use assets, operating leases | $ 10,060 |
Operating lease liability, current | 403 |
Operating lease liability, noncurrent | 10,790 |
Total operating lease liabilities | $ 11,193 |
Weighted-average remaining lease term (years) | 10 years 7 days |
Weighted-average discount rate | 5.75% |
Commitments and Contingencies_4
Commitments and Contingencies - Summary of Other Information Related to Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in the measurement of lease liabilities | $ 717 |
Leased assets obtained in exchange for new operating lease liabilities | $ 10,318 |
Commitments and Contingencies_5
Commitments and Contingencies - Schedule of Minimum Lease Payments, Net of Reimbursements, under Operating Leases (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2022 | $ (2,609) |
2023 | 1,833 |
2024 | 1,814 |
2025 | 1,869 |
2026 | 1,925 |
Thereafter | 11,477 |
Total minimum lease payments | 16,309 |
Less: Amounts representing imputed interest | (5,116) |
Lease liabilities | $ 11,193 |
Convertible Preferred Stock - A
Convertible Preferred Stock - Additional Information (Details) | Sep. 25, 2020$ / sharesshares | Jul. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2021USD ($)Member$ / shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018shares |
Temporary Equity [Line Items] | ||||||
Convertible preferred stock, shares authorized | 22,883,426 | |||||
Convertible preferred stock, par value per share | $ / shares | $ 0.00001 | |||||
Preferred stock, shares issued | 22,866,246 | |||||
Preferred stock, shares outstanding | 22,866,246 | |||||
Proceeds from issuance of convertible preferred stock | $ | $ 69,790,000 | $ 61,705,000 | ||||
Dividends, preferred stock declared | $ | $ 0 | |||||
Number of members of board of directors elected by holders of preferred stock voting as single class | Member | 4 | |||||
Number of members of board of directors elected by holders of common stock voting as single class | Member | 2 | |||||
Convertible preferred stock, terms of conversion | Each share of Preferred Stock automatically converts to the number of shares of common stock determined in accordance with the conversion rate upon the earlier of (i) written consent of two-thirds of the then outstanding shares of Preferred Stock, voting together as a single class, and written consent of the majority of the then outstanding shares of Series C Preferred or (ii) the closing of a public offering, in which the gross cash proceeds are at least $40,000 and the initial offering price to the public is at least $11.3121 per share (as adjusted for any stock splits, stock dividends, combinations, subdivisions, recapitalizations, reorganizations, reclassifications or the like). | |||||
Minimum | ||||||
Temporary Equity [Line Items] | ||||||
Gross cash proceeds from public offering | $ | $ 40,000,000 | |||||
Initial Offering Price to the Public | Minimum | ||||||
Temporary Equity [Line Items] | ||||||
Offering price per share | $ / shares | $ 11.3121 | |||||
Common Stock | ||||||
Temporary Equity [Line Items] | ||||||
Conversion of convertible preferred stock to common stock, Shares | 28,188,110 | |||||
Common Stock | Initial Offering Price to the Public | ||||||
Temporary Equity [Line Items] | ||||||
Offering price per share | $ / shares | $ 18 | |||||
Series Seed Preferred | ||||||
Temporary Equity [Line Items] | ||||||
Convertible preferred stock, shares authorized | 1,657,903 | |||||
Preferred stock, shares issued | 1,647,102 | |||||
Preferred stock, shares outstanding | 1,647,102 | |||||
Preferred shares liquidation preference per share | $ / shares | 1.8517 | |||||
Convertible preferred stock conversion price | $ / shares | $ 1.8517 | |||||
Series A Preferred | ||||||
Temporary Equity [Line Items] | ||||||
Convertible preferred stock, shares authorized | 8,076,985 | |||||
Preferred stock, shares issued | 8,076,982 | |||||
Preferred stock, shares outstanding | 8,076,982 | |||||
Preferred shares liquidation preference per share | $ / shares | 3.7266 | |||||
Convertible preferred stock conversion price | $ / shares | $ 3.7266 | |||||
Series B Preferred | ||||||
Temporary Equity [Line Items] | ||||||
Convertible preferred stock, shares authorized | 7,672,560 | |||||
Preferred stock, shares issued | 7,672,556 | |||||
Preferred stock, shares outstanding | 7,672,556 | |||||
Preferred shares liquidation preference per share | $ / shares | 9.6093 | |||||
Convertible preferred stock conversion price | $ / shares | $ 9.6093 | |||||
Series C Convertible Preferred Stock | ||||||
Temporary Equity [Line Items] | ||||||
Convertible preferred stock, shares authorized | 5,475,978 | |||||
Preferred stock, shares issued | 5,469,606 | |||||
Preferred stock, shares outstanding | 5,469,606 | |||||
Issuance of convertible preferred stock, Shares | 5,469,606 | |||||
Preferred shares liquidation preference per share | $ / shares | $ 11.3121 | |||||
Convertible preferred stock conversion price | $ / shares | $ 11.3121 | |||||
Series D Convertible Preferred Stock | ||||||
Temporary Equity [Line Items] | ||||||
Issuance of convertible preferred stock, Shares | 5,321,864 | |||||
Shares issued price per share | $ / shares | $ 13.1533 | |||||
Proceeds from issuance of convertible preferred stock | $ | $ 70,000,000 | |||||
Convertible Preferred Stock | ||||||
Temporary Equity [Line Items] | ||||||
Preferred stock, shares outstanding | 22,866,246 | 17,396,640 | ||||
Convertible Preferred Stock | Common Stock | Initial Offering Price to the Public | ||||||
Temporary Equity [Line Items] | ||||||
Conversion of convertible preferred stock to common stock, Shares | 28,188,110 |
Convertible Preferred Stock - S
Convertible Preferred Stock - Schedule of Preferred Stock (Details) $ in Thousands | Dec. 31, 2019USD ($)shares |
Temporary Equity [Line Items] | |
Preferred stock authorized | 22,883,426 |
Preferred stock issued | 22,866,246 |
Preferred Stock Outstanding | 22,866,246 |
Carrying value | $ | $ 168,933 |
Liquidation preference | $ | $ 169,385 |
Common stock issuable upon conversion | 22,866,246 |
Series Seed Preferred | |
Temporary Equity [Line Items] | |
Preferred stock authorized | 1,657,903 |
Preferred stock issued | 1,647,102 |
Preferred Stock Outstanding | 1,647,102 |
Carrying value | $ | $ 3,008 |
Liquidation preference | $ | $ 3,050 |
Common stock issuable upon conversion | 1,647,102 |
Series A Preferred | |
Temporary Equity [Line Items] | |
Preferred stock authorized | 8,076,985 |
Preferred stock issued | 8,076,982 |
Preferred Stock Outstanding | 8,076,982 |
Carrying value | $ | $ 30,593 |
Liquidation preference | $ | $ 30,734 |
Common stock issuable upon conversion | 8,076,982 |
Series B Preferred | |
Temporary Equity [Line Items] | |
Preferred stock authorized | 7,672,560 |
Preferred stock issued | 7,672,556 |
Preferred Stock Outstanding | 7,672,556 |
Carrying value | $ | $ 73,627 |
Liquidation preference | $ | $ 73,728 |
Common stock issuable upon conversion | 7,672,556 |
Series C Convertible Preferred Stock | |
Temporary Equity [Line Items] | |
Preferred stock authorized | 5,475,978 |
Preferred stock issued | 5,469,606 |
Preferred Stock Outstanding | 5,469,606 |
Carrying value | $ | $ 61,705 |
Liquidation preference | $ | $ 61,873 |
Common stock issuable upon conversion | 5,469,606 |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | ||
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares issued | 45,433,684 | 44,777,818 |
Common stock, shares outstanding | 45,433,684 | 44,777,818 |
Dividends, common stock declared | $ 0 |
Common Stock - Schedule of Rese
Common Stock - Schedule of Reserved Shares of Common Stock for Issuance (Details) - shares | Dec. 31, 2021 | Dec. 31, 2020 |
Class Of Stock [Line Items] | ||
Reserved shares of common stock for issuance | 9,999,151 | 9,101,447 |
Shares available for future stock option grants | 4,951,680 | 4,609,725 |
Shares available for employee stock purchase plan | 801,464 | 400,752 |
Options Issued and Outstanding | ||
Class Of Stock [Line Items] | ||
Reserved shares of common stock for issuance | 4,246,007 | 4,090,970 |
Stock Plan - Additional Informa
Stock Plan - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 19, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2022 | Sep. 24, 2020 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of shares reserved for issuance | 9,999,151 | 9,101,447 | ||||
Total compensation cost related to nonvested awards not yet recognized | $ 15,708 | |||||
Weighted-average period over nonvested awards expected to be recognized | 3 years 1 month 6 days | |||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | |||
2020 Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of shares reserved for issuance | 4,406,374 | |||||
Number of additional shares reserved for issuance, minimum | 4,406,374 | |||||
Percentage of number of shares of common stock outstanding increase | 5.00% | |||||
Shares issued | 4,951,680 | |||||
2020 Plan | Subsequent Event | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of additional shares reserved for issuance, maximum | 1,363,084 | |||||
2020 ESPP | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of shares reserved for issuance | 801,464 | 400,752 | ||||
Percentage of number of shares of common stock outstanding increase | 1.00% | |||||
Number of additional shares reserved for issuance, maximum | 801,504 | |||||
Shares issued | 47,066 | |||||
Employees exercised their right to purchase shares | 10,480 | |||||
Shares outstanding | 47,066 | |||||
Expected dividend yield | 0.00% | |||||
2020 ESPP | Subsequent Event | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of shares reserved for issuance | 0 | |||||
2013 Stock Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Intrinsic value of options exercised | $ 18,534 | $ 245 | ||||
Stock options granted at grant-date fair value | $ 20.03 | $ 3.34 |
Stock Plan - Schedule of Stock
Stock Plan - Schedule of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Shares Available For Grant | ||
Shares Available for Grant, Balance | 4,609,725 | |
Shares Available for Grant, Shares reserved for issuance | 1,343,334 | |
Shares Available for Grant, Options granted | (807,180) | |
Shares Available for Grant, Options forfeited / cancelled | 43,343 | |
Shares Available for Grant, Balance | 4,951,680 | 4,609,725 |
Number of Options | ||
Options | 4,090,970 | |
Options granted, Number of Options | 807,180 | |
Options forfeited / cancelled, Number of Options | (43,343) | |
Options exercised, Number of Options | (608,800) | |
Options Outstanding, Number of Options | 4,246,007 | 4,090,970 |
Vested and expected to vest, Number of Options | 4,246,007 | |
Exercisable, Number of Options | 2,668,149 | |
Weighted Average Exercise Price | ||
Options Outstanding, Weighted Average Exercise Price | $ 3.14 | |
Options granted, Weighted Average Exercise Price | 29.22 | |
Options forfeited / cancelled, Weighted Average Exercise Price | 6.89 | |
Options exercised, Weighted Average Exercise Price | 2.03 | |
Options Outstanding, Weighted Average Exercise Price | 8.22 | $ 3.14 |
Vested and expected to vest, Weighted Average Exercise Price | 8.22 | |
Exercisable, Weighted Average Exercise Price | $ 3.48 | |
Weighted-Average Remaining Contractual Life | ||
Options Outstanding, Weighted-Average Remaining Contractual Life | 6 years 10 months 9 days | 7 years 1 month 17 days |
Vested and expected to vest, Weighted-Average Remaining Contractual Life | 6 years 10 months 9 days | |
Exercisable, Weighted-Average Remaining Contractual Life | 5 years 9 months 18 days | |
Aggregate Intrinsic Value | ||
Options Outstanding, Aggregate Intrinsic Value | $ 68,506 | $ 238,792 |
Vested and expected to vest, Aggregate Intrinsic Value | 68,506 | |
Exercisable, Aggregate Intrinsic Value | $ 52,952 | |
2013 Stock Plan | ||
Shares Available For Grant | ||
Shares Available for Grant, Options retired | (237,542) |
Stock Plan - Schedule of Estima
Stock Plan - Schedule of Estimated Fair Value of Stock Options Using Black-Scholes Options Valuation Model (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Risk-free interest rate, minimum | 0.35% | 0.31% | 1.49% |
Risk-free interest rate, maximum | 1.30% | 1.51% | 2.51% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility, minimum | 76.50% | 70.70% | 72.07% |
Expected volatility, maximum | 79.90% | 77.60% | 72.69% |
Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected life (in years) | 5 years 6 months | 4 years 11 months 1 day | 5 years 3 months 7 days |
Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected life (in years) | 6 years 5 months 8 days | 6 years 4 months 24 days | 6 years 4 months 13 days |
Stock Plan - Summary of Weighte
Stock Plan - Summary of Weighted Average Assumptions Used to Estimate Fair Value of Stock Options Granted and Stock Purchase Rights Under ESPP (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
2020 ESPP | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Risk-free interest rate | 0.04% | ||
Expected life (in years) | 6 months | ||
Dividend yield | 0.00% | ||
Expected volatility | 77.83% |
Stock Plan - Stock-based Compen
Stock Plan - Stock-based Compensation Expense Related to Options Granted Recorded and Allocated (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total stock-based compensation | $ 5,340 | $ 1,933 | $ 908 |
Research and Development | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total stock-based compensation | 1,440 | 836 | 302 |
General and Administrative | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total stock-based compensation | $ 3,900 | $ 1,097 | $ 606 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
State | $ 23 | $ 6 | $ 8 |
Total current | 23 | 6 | 8 |
Deferred: | |||
Total Provision | $ 23 | $ 6 | $ 8 |
Income Taxes - Summary of Provi
Income Taxes - Summary of Provision for Income Taxes (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Income tax provision at statutory rate | 21.00% | 21.00% | 21.00% |
State income taxes, net of federal benefit | 9.00% | 8.00% | 7.00% |
Tax credits | 3.00% | 2.00% | 1.00% |
Stock compensation | 5.00% | (1.00%) | 0.00% |
Other | (1.00%) | 0.00% | 0.00% |
Change in valuation allowance | (37.00%) | (30.00%) | (29.00%) |
Effective income tax rate | 0.00% | 0.00% | 0.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | |||
Federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
Net operating loss carryforwards begin to expire in 2033 | $ 27,515,000 | ||
Net operating loss carryforwards, do not expire amount | $ 132,371,000 | ||
Net operating loss carryforward, description | Net operating loss carryforwards related to tax years after 2017 of $132,371 do not expire. | ||
Interest or penalties accrued | $ 0 | $ 0 | |
Unrecognized tax benefits | $ 1,654,000 | 877,000 | $ 543,000 |
Open tax year | 2013 2014 2015 2016 2017 2018 2019 2020 2021 | ||
Federal | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 159,886,000 | 97,665,000 | |
Operating loss carryforwards expiration year | 2033 | ||
Tax credit carryforward, expiration | 2034 | ||
Income tax examination period | 3 years | ||
Federal | Research and Development Tax Credits | |||
Income Tax Contingency [Line Items] | |||
Credit carryforward, amount | $ 6,588,000 | 3,470,000 | |
State | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards expiration year | 2033 | ||
Income tax examination period | 4 years | ||
State | New Jersey | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 154,972,000 | 92,805,000 | |
Tax credit carryforward, expiration | 2022 | ||
State | California | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 4,912,000 | 4,912,000 | |
Tax credit carryforward, expiration | 2022 | ||
State | Lexington, Massachusetts | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 4,640,000 | $ 950,000 |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 45,231 | $ 27,511 |
Stock compensation | 1,587 | 748 |
Research and development credits | 4,593 | 2,414 |
Accruals and reserves | 1,033 | 830 |
Operating lease liabilities | 3,175 | |
Total deferred tax assets | 55,619 | 31,503 |
Valuation allowance | (52,728) | (31,458) |
Deferred tax assets recognized | 2,891 | 45 |
Deferred tax liabilities: | ||
Right-of-use assets | (2,854) | |
Fixed assets and depreciation | (37) | (45) |
Total deferred tax liabilities | $ (2,891) | $ (45) |
Income Taxes - Summary of Activ
Income Taxes - Summary of Activity Related to Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits, beginning of year | $ 877 | $ 543 |
Increases related to prior year tax positions | 43 | 5 |
Increases related to current year tax positions | 734 | 329 |
Unrecognized tax benefits, end of year | $ 1,654 | $ 877 |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Potentially Dilutive Common Stock Equivalent Excluded from Calculation of Diluted Net Loss per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive securities | 4,246,007 | 4,090,970 | 25,644,914 |
Convertible Preferred Stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive securities | 22,866,246 | ||
Warrants to Purchase Common Stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive securities | 10,800 | ||
Common Stock Options Issued and Outstanding | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive securities | 4,246,007 | 4,090,970 | 2,767,868 |
Net Loss per Share - Schedule_2
Net Loss per Share - Schedule of Computation of Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Net loss | $ (57,846) | $ (34,440) | $ (25,352) |
Weighted-average number of shares - basic and diluted | 45,137,656 | 14,364,475 | 3,035,243 |
Net loss per share - basic and diluted | $ (1.28) | $ (2.40) | $ (8.35) |
Related Parties - Additional In
Related Parties - Additional Information (Details) | 1 Months Ended | 12 Months Ended | |
May 31, 2021Membershares | Dec. 31, 2021USD ($)Membershares | Dec. 31, 2020USD ($) | |
Related Party Transaction [Line Items] | |||
Options awarded | shares | 807,180 | ||
Board of Directors | |||
Related Party Transaction [Line Items] | |||
Number of consulting agreement members | Member | 2 | 2 | |
Consulting fees | $ 110,000 | $ 112,000 | |
Amount owed to related party | 0 | 0 | |
Options awarded | shares | 5,781 | ||
Investor | |||
Related Party Transaction [Line Items] | |||
Consulting fees | $ 65,000 | ||
Amount owed to related party | 0 | ||
Amount paid to related party | $ 0 |