Edgewise Therapeutics (EWTX) 10-K 24 Feb 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Jan. 31, 2022	Jun. 30, 2021
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	001-40236
Entity Registrant Name	Edgewise Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-1725586
Entity Address, Address Line One	3415 Colorado Ave.
Entity Address State Or Province	CO
Entity Address, City or Town	Boulder
Entity Address, Postal Zip Code	80303
City Area Code	720
Local Phone Number	262-7002
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
ICFR Auditor Attestation Flag	false
Entity Ex Transition Period	false
Entity Shell Company	false
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	EWTX
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Common Stock, Shares Outstanding		49,511,959
Entity Public Float			$ 653.4
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Denver, Colorado
Entity Central Index Key	0001710072
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false

BALANCE SHEETS

BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 15,566	$ 104,916
Marketable securities, available for sale	265,223	24,178
Prepaid expenses and other assets	2,984	551
Total current assets	283,773	129,645
Property and equipment	1,614	946
Less: accumulated depreciation	(702)	(430)
Total property and equipment	912	516
Other non-current assets	548	975
Total assets	285,233	131,136
Current liabilities
Accounts payable	3,843	1,580
Accrued compensation	2,797	1,175
Accrued other expenses	3,881	1,587
Total current liabilities	10,521	4,342
Other long term liabilities	329
Total liabilities	10,850	4,342
Commitments and contingencies (see note 5)
Convertible preferred stock
Total convertible preferred stock		160,214
Stockholders' equity (deficit)
Preferred stock, $.0001 par value per share; 200,000,000 shares and no shares authorized as of December 31, 2021 and December 31, 2020, respectively; no shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively
Common stock, $.0001 par value per share; 1,000,000,000 shares and 88,000,000 shares authorized, 49,500,308 shares and 1,009,479 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively	5
Additional paid-in capital	351,852	727
Accumulated other comprehensive loss	(514)
Accumulated deficit	(76,960)	(34,147)
Total stockholders' equity (deficit)	274,383	(33,420)
Total liabilities, convertible preferred stock and stockholders' equity (deficit)	$ 285,233	131,136
Series A preferred stock
Convertible preferred stock
Total convertible preferred stock		15,484
Series B-1 preferred stock
Convertible preferred stock
Total convertible preferred stock		24,778
Series B-2 preferred stock
Convertible preferred stock
Total convertible preferred stock		25,056
Series C preferred stock
Convertible preferred stock
Total convertible preferred stock		$ 94,896

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Par value of preferred stock (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	200,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	1,000,000,000	88,000,000
Common stock, shares issued	49,500,308	1,009,479
Common stock, shares outstanding	49,500,308	1,009,479
Series A preferred stock
Convertible preferred stock, par value	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	0	15,500,000
Convertible preferred stock, shares issued	0	8,187,100
Convertible preferred stock, shares outstanding	0	8,187,100
Convertible preferred stock, liquidation preference	$ 0	$ 15,500
Series B-1 preferred stock
Convertible preferred stock, par value	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	0	14,934,484
Convertible preferred stock, shares issued	0	7,888,392
Convertible preferred stock, shares outstanding	0	7,888,392
Convertible preferred stock, liquidation preference	$ 0	$ 25,075
Series B-2 preferred stock
Convertible preferred stock, par value	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	0	12,358,305
Convertible preferred stock, shares issued	0	6,527,654
Convertible preferred stock, shares outstanding	0	6,527,654
Convertible preferred stock, liquidation preference	$ 0	$ 25,075
Series C preferred stock
Convertible preferred stock, par value	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	0	24,525,629
Convertible preferred stock, shares issued	0	12,954,423
Convertible preferred stock, shares outstanding	0	12,954,423
Convertible preferred stock, liquidation preference	$ 0	$ 95,000

STATEMENTS OF OPERATIONS AND CO

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating expenses
Research and development	$ 32,189	$ 14,983
General and administrative	11,026	2,209
Total operating expenses	43,215	17,192
Loss from operations	(43,215)	(17,192)
Other income
Interest income	402	69
Total other income	402	69
Net loss	(42,813)	(17,123)
Other comprehensive loss:
Unrealized loss on available-for-sale securities	(514)
Total comprehensive loss	$ (43,327)	$ (17,123)
Net loss per share, basic (in dollars per share)	$ (1.14)	$ (23.17)
Net loss per share, diluted (in dollars per share)	$ (1.14)	$ (23.17)
Weighted-average shares outstanding, basic	37,526,332	739,004
Weighted-average shares outstanding, diluted	37,526,332	739,004

STATEMENTS OF CONVERTIBLE PREFE

STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Convertible preferred stock.Series A preferred stock	Convertible preferred stock.Series B-1 preferred stock	Convertible preferred stock.Series B-2 preferred stock	Convertible preferred stock.Series C preferred stock	Convertible preferred stock.	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Series A preferred stock	Series B-1 preferred stock	Series B-2 preferred stock	Series C preferred stock	Total
Balance, Beginning at Dec. 31, 2019							$ 171		$ (17,024)					$ (16,853)
Balance, Beginning (in shares) at Dec. 31, 2019						419,004
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options							202							202
Exercise of stock options (shares)						590,475
Stock-based compensation							354							354
Net loss									(17,123)					(17,123)
Balance, Ending at Dec. 31, 2020							727		(34,147)					$ (33,420)
Balance, Ending (in shares) at Dec. 31, 2020						1,009,479								1,009,479
Balance, Beginning at Dec. 31, 2019	$ 15,484	$ 24,778			$ 40,262
Balance, Beginning (in shares) at Dec. 31, 2019	8,187,100	7,888,392
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Preferred stock, net of offering costs			$ 25,056	$ 94,896
Issuance of preferred stock, net of offering costs (Shares)			6,527,654	12,954,423
Balance, Ending at Dec. 31, 2020	$ 15,484	$ 24,778	$ 25,056	$ 94,896	160,214
Balance, Ending (in shares) at Dec. 31, 2020	8,187,100	7,888,392	6,527,654	12,954,423						8,187,100	7,888,392	6,527,654	12,954,423
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Convertible preferred stock converted into shares of common stock	$ (15,484)	$ (24,778)	$ (25,056)	$ (94,896)	$ (160,214)	$ 4	160,210							$ 160,214
Convertible preferred stock converted into shares of common stock (in shares)	(8,187,100)	(7,888,392)	(6,527,654)	(12,954,423)		35,557,569
Initial public offering of common stock net of issuance costs						$ 1	186,147							186,148
Initial public offering of common stock net of issuance costs (Shares)						12,650,000
Exercise of stock options							116							116
Exercise of stock options (shares)						265,040
Purchase of common stock under employee stock purchase plan							248							248
Purchase of common stock under employee stock purchase plan (in shares)						18,220
Stock-based compensation							4,404							4,404
Other comprehensive income (loss)								$ (514)						(514)
Net loss									(42,813)					(42,813)
Balance, Ending at Dec. 31, 2021						$ 5	$ 351,852	$ (514)	$ (76,960)					$ 274,383
Balance, Ending (in shares) at Dec. 31, 2021						49,500,308								49,500,308
Balance, Ending (in shares) at Dec. 31, 2021										0	0	0	0

STATEMENTS OF CONVERTIBLE PRE_2

STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Common Stock
Offering costs	$ 16,300
Series B-2 preferred stock
Offering costs		$ 19
Series C preferred stock
Offering costs		$ 105

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net loss	$ (42,813)	$ (17,123)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	272	185
Stock-based compensation	4,404	354
Changes in assets and liabilities:
Prepaid expenses, other assets and other long-term liabilities	(2,392)	(417)
Accounts payable	2,654	521
Accrued compensation	1,622	842
Accrued other expenses	2,746	1,004
Net cash used in operating activities	(33,507)	(14,634)
Cash flows from investing activities
Purchases of marketable securities	(288,203)	(24,178)
Sales of marketable securities	3,444
Maturities of marketable securities	43,200
Purchases of property and equipment	(668)	(203)
Net cash used in investing activities	(242,227)	(24,381)
Cash flows from financing activities
Proceeds from initial public offering of common stock, net of underwriting discounts and commissions and offering costs	186,148
Payment of preferred stock issuance costs	(124)
Exercise of stock options	112	202
Proceeds from Employee Stock Purchase Plan	248
Net cash provided by financing activities	186,384	120,278
Net change in cash and cash equivalents	(89,350)	81,263
Cash and cash equivalents at beginning of period	104,916	23,653
Cash and cash equivalents at end of period	15,566	104,916
Supplemental disclosures of non-cash financing activities:
Conversion of convertible preferred stock upon closing of initial public offering	$ 160,214
Deferred offering costs included in accounts payable and accrued other expenses		719
Preferred stock issuance costs included in accrued other expenses		124
Series B-2 preferred stock
Cash flows from financing activities
Proceeds from issuance of convertible preferred stock		25,075
Series C preferred stock
Cash flows from financing activities
Proceeds from issuance of convertible preferred stock		$ 95,001

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2021
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS	NOTE 1 DESCRIPTION OF BUSINESS Organization and Description of Business Edgewise Therapeutics, Inc. (the Company) was incorporated as a Delaware corporation in May 2017, and it is headquartered in Boulder, Colorado. The Company is a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of innovative treatments for severe, rare muscle disorders for which there is significant unmet medical need. The Company’s lead product candidate, EDG-5506, is an orally administered small molecule designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy (DMD) and Becker muscular dystrophy (BMD). The Company is using its proprietary drug discovery platform to develop a pipeline of precision medicine product candidates that target key muscle proteins and modulators to address a broad array of genetically defined muscle disorders. Initial Public Offering and Reverse Stock Split On March 30, 2021, the Company completed its initial public offering (IPO) in which it issued and sold 12,650,000 shares of common stock at a price of $16.00 per share, including 1,650,000 shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares. The aggregate net proceeds received by the Company from the IPO was $186.1 million after deducting underwriting discounts and commissions of $14.2 million and offering expenses of approximately $2.1 million. In addition, in connection with the IPO, all shares of convertible preferred stock outstanding at the time of the IPO converted into 35,557,569 shares of common stock. On March 19, 2021, the Company amended its certificate of incorporation to effect a 1-for- 1.8932 Risks and Uncertainties In March 2020, the World Health Organization declared the novel coronavirus disease (COVID-19) outbreak a pandemic. The Company cannot at this time predict the specific extent, duration, or full impact that the COVID-19 outbreak will have on its financial condition and operations. Disruptions caused by the COVID-19 pandemic, including the effects of the stay-at-home orders and work-from-home policies, have impacted productivity, have resulted in increased operational expenses, certain adjustments to the operations of the Company’s clinical trial, the suspension of enrollment of new patients at the Company’s clinical trial site, and delays in certain supply chain activities and collecting and analyzing data from patients in the Company’s clinical trial, and may further disrupt the business and delay the development programs and regulatory timelines, the magnitude of which will depend, in part, on the length and severity of the restrictions and other limitations on the Company’s ability to conduct business in the ordinary course as well as the spread, severity and potential resurgence of COVID-19, the impact of new COVID-19 variants, and vaccination deployment efforts. As a result, research and development expenses and general and administrative expenses may vary significantly if there is an increased impact from COVID-19 on the costs and timing associated with the conduct of the clinical trial and other related business activities. ​ Liquidity and Capital Resources The Company has an accumulated deficit of $77.0 million and, cash, cash equivalents and marketable securities of $280.8 million as of December 31, 2021. The Company’s ability to fund ongoing operations is highly dependent upon raising additional capital through the issuance of equity securities and issuing debt or other financing vehicles. The Company’s ability to secure capital is dependent upon success in developing its technology and product candidates. The Company cannot provide assurance that additional capital will be available on acceptable terms, if at all. The issuance of additional equity or debt securities will likely result in substantial dilution to the Company’s stockholders. Should additional capital not be available to the Company in the near term, or not be available on acceptable terms, the Company may be unable to realize value from the Company’s assets or discharge liabilities in the normal course of business, which may, among other alternatives, cause the Company to delay, substantially reduce, or discontinue operational activities to conserve cash balances, which could have a material adverse effect on the Company’s ability to achieve its intended business objectives. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The financial statements do not reflect any adjustments relating to the recoverability and reclassification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern. The Company believes that the $280.8 million of cash, cash equivalents and marketable securities on hand as of December 31, 2021 will be sufficient to fund its operations in the normal course of business and meet its liquidity needs through at least the next 12 months from the issuance of these financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). Segment Information The Company operates in one operating segment and, accordingly, no segment disclosures have been presented herein. All equipment and other fixed assets are physically located within the United States. Use of Estimates The preparation of financial statements in conformity with U.S. 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 the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Cash Equivalents The Company considers all liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents as of December 31, 2021 primarily consist of money market accounts and cash equivalents and as of December 31, 2020 primarily consist of money market accounts and commercial paper. Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash, cash equivalents and marketable securities. Periodically, the Company may maintain deposits in financial institutions in excess of government insured limits. The Company believes that it is not exposed to significant credit risk as its deposits are held at financial institutions that management believes to be of high credit quality. The Company has not experienced any losses on deposits since inception. The Company regularly invests excess cash with major financial institutions in money market funds, corporate debt securities, and commercial paper, all of which can be readily purchased and sold using established markets. The Company believes that the market risk arising from our holdings of these financial instruments is mitigated based on the fact that many of these securities are of high credit rating. Deferred Offering Costs The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with in-process equity issuances as deferred offering costs until such equity issuances are consummated. After consummation of the equity issuance, these costs are recorded as a reduction in the capitalized amount associated with the equity issuance. Should the equity issuance be abandoned, the deferred offering costs are expensed immediately as a charge to operating expenses in the statement of operations. Deferred offering costs as of December 31, 2021 and December 31, 2020 were $0 and $0.7 million, respectively. Such costs are classified in other non-current assets in the accompanying balance sheets. Property and Equipment Property and equipment is stated at cost less accumulated depreciation and amortization. Depreciation of property and equipment is computed using the straight-line method over the estimated useful life of the related asset, which is generally three million for the years ended December 31, 2021 and 2020, respectively. Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or circumstances indicate that the carrying value of such assets may not be fully recoverable. Impairment is evaluated based on the sum of undiscounted estimated future cash flows expected to result from use of the related asset compared to its carrying value. If impairment is recognized, the carrying value of the impaired asset is reduced to its fair value. There were no impairment charges or long-lived assets disposed of during the years ended December 31, 2021 and 2020, respectively. Income Taxes Deferred income taxes are provided on temporary differences between financial statement and income tax reporting. Temporary differences are differences between the amounts of assets and liabilities reported for financial statement purposes and their tax bases. Deferred tax assets are recognized for temporary differences that will be deductible in future years’ tax returns and for operating loss and tax credit carryforwards. Deferred tax assets are reduced by a valuation allowance if such deferred tax assets are deemed more likely than not that some or all of the deferred tax assets will not be realized. Historically, the Company has not recognized these potential benefits in its financial statements and has fully reserved for such net deferred tax assets, as it believes it is more likely than not that the full benefit of these net deferred tax assets will not be realized before expiration. Deferred tax liabilities are recognized for temporary differences that will be taxable in future years. The Company evaluated its tax positions and determined it has no uncertain tax positions as of December 31, 2021. Fair Value of Financial Instruments The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. The Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 820, Fair Value Measurements and Disclosures Level 1—quoted prices in active markets for identical assets and liabilities. Level 2—other significant observable inputs (including quoted prices for similar assets and liabilities, interest rates, credit risk, etc.). Level 3—significant unobservable inputs (including the Company’s own assumptions in determining the fair value of assets and liabilities). Marketable Securities, Available For Sale All marketable securities have been classified as “available-for-sale” and are carried at fair value, based upon quoted market prices. The Company considers its available-for-sale portfolio as available for use in current operations. Accordingly, the Company classifies its investments as short-term marketable securities, even though the stated maturity date may be one year or more beyond the current balance sheet date. Unrealized gains and losses, net of any related tax effects, are excluded from earnings and are included in other comprehensive income and reported as a separate component of stockholders’ equity (deficit) until realized. Interest income, realized gains and losses, and declines in value judged to be other than temporary, if any, on available-for-sale securities are included in other income, net. The cost of securities sold is based on the specific-identification method. The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts to maturity. In accordance with the Company’s investment policy, management invests in money market funds, corporate bonds, commercial paper, asset-backed securities and government securities. The Company has not experienced any losses on its deposits of cash, cash equivalents, and marketable securities since inception. The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ Fair Value ​ Amortized ​ Unrealized ​ Unrealized ​ Fair Market ​ Hierarchy Cost Basis Gains Losses Value Cash equivalents: ​ ​ ​ ​ Money market funds Level 1 ​ $ 15,466 ​ $ — ​ $ — ​ $ 15,466 Marketable securities, available for sale: ​ ​ ​ ​ ​ Asset-backed securities Level 2 ​ 36,681 ​ — ​ (42) ​ 36,639 Corporate debt securities Level 2 ​ 88,084 ​ — ​ (160) ​ 87,924 Commercial paper Level 2 ​ 58,970 ​ — ​ — ​ 58,970 U.S. government treasury and agency securities ​ Level 2 ​ 59,596 ​ — ​ (222) ​ 59,374 Supranational and sovereign government securities ​ Level 2 ​ 22,406 ​ — ​ (90) ​ 22,316 Total financial assets ​ $ 281,203 ​ $ — ​ $ (514) ​ $ 280,689 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ ​ Fair Value ​ Amortized ​ Unrealized ​ Unrealized ​ Fair Market ​ ​ Hierarchy Cost Basis Gains Losses Value Cash equivalents: ​ ​ ​ ​ Money market funds Level 1 ​ $ 94,020 ​ $ — ​ $ — ​ $ 94,020 Commercial paper Level 2 ​ 10,796 ​ — ​ — ​ 10,796 Marketable securities, available for sale: ​ ​ ​ ​ Asset-backed securities Level 2 ​ 7,246 ​ — ​ — ​ 7,246 Corporate debt securities Level 2 ​ 13,937 ​ — ​ — ​ 13,937 Commercial paper Level 2 ​ 2,995 ​ — ​ — ​ 2,995 Total financial assets ​ $ 128,994 ​ $ — ​ $ — ​ $ 128,994 ​ The Company’s money market funds are classified as Level 1 because they are valued using quoted market prices. Investments in asset-backed securities, corporate debt securities, commercial paper and U.S. government treasury and agency securities, and supranational and sovereign government securities have been classified as Level 2 as they are valued using quoted prices in less active markets or other directly or indirectly observable inputs. Fair values of asset-backed securities, corporate debt securities, commercial paper, U.S. government treasury and agency securities, and supranational and sovereign government securities were derived based on input of market prices from multiple sources at each reporting period. With regard to commercial paper, all of the securities had high credit ratings and one year or less to maturity; therefore, fair value was derived from accretion of purchase price to face value over the term of maturity or quoted market prices for similar instruments if available. During the years ended December 31, 2021 and 2020, there were no transfers of financial assets between Level 1 and Level 2. As of December 31, 2021, the remaining contractual maturities of $184.8 million of marketable securities were less than one year and $80.9 million were one to three years. The Company periodically reviews its portfolio of debt securities to determine if any investment is impaired due to credit loss or other potential valuation concerns. For debt securities where the fair value of the investment is less than the amortized cost basis, the Company has assessed at the individual security level for various quantitative factors including, but not limited to, the nature of the investments, changes in credit ratings, interest rate fluctuations, industry analyst reports, and the severity of impairment. Unrealized losses on marketable securities at December 31, 2021 were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities. Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and/or circumstances from non-owner sources. The Company’s only element of other comprehensive income (loss) was net unrealized gain (loss) on marketable securities. Stock-Based Compensation In accordance with ASC Topic 718, Compensation—Stock Compensation Due to the absence of an active market for the Company’s common stock prior to the closing of the Company’s IPO, the Company utilized methodologies, approaches and assumptions consistent with the American Institute of Certified Public Accountants Audit and Accounting Practice Aid Series: Valuation of Privately Held Company Equity Securities Issued as Compensation Research and Development Expenses and Accrued Research and Development Expenses Expenditures made for research and development are charged to expense as incurred. External costs consist primarily of payments to contract research organizations (CROs), contract development and manufacturing organizations (CDMOs), sample acquisition costs and laboratory supplies purchased in connection with the Company’s discovery and preclinical activities, and process development and clinical development activities. Internal costs consist primarily of employee-related costs, facilities, depreciation and costs related to compliance with regulatory requirements. Non-refundable advance payments for goods and services that will be used in future research and development activities are capitalized and recorded as expense in the period that the Company receives the goods or when services are performed. The Company records expenses related to external research and development services based on its estimates of the services received and efforts expended pursuant to quotes and contracts with multiple CROs and CDMOs that supply, conduct and manage preclinical studies and clinical trials on its behalf. The financial terms of these contracts vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company adjusts the accrual or the amount of prepaid expenses accordingly. Emerging Growth Company Status The Company is an “emerging growth company”, as defined in the Jumpstart Our Business Startups Act of 2012 (JOBS Act). Under the JOBS Act, emerging growth companies can take advantage of an extended transition period for complying with new or revised accounting standards, delaying the adoption of these accounting standards until they would apply to private companies. The Company has elected to use this extended transition period for complying with certain new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it is (1) no longer an emerging growth company or (2) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. Recently Issued Accounting Standards Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC Topic 842)

CONVERTIBLE PREFERRED STOCK AND

CONVERTIBLE PREFERRED STOCK AND COMMON STOCK	12 Months Ended
	Dec. 31, 2021
CONVERTIBLE PREFERRED STOCK AND COMMON STOCK
CONVERTIBLE PREFERRED STOCK AND COMMON STOCK	NOTE 3 The Company is authorized to issue two classes of stock designated as common stock and preferred stock. As of December 31, 2021 the total number of shares authorized was 1,200,000,000. The total number of shares of common stock authorized was 1,000,000,000. The total number of shares of preferred stock authorized was 200,000,000. All shares of the Company’s capital stock have a par Common stockholders are entitled to dividends if and when declared by the Board of Directors of the Company and after any convertible preferred share dividends are fully paid. The holder of each share of common stock is entitled to one vote. The Company had no convertible preferred stock outstanding as of December 31, 2021. The Company’s convertible preferred stock was classified in the December 31, 2020 balance sheet as temporary equity in the accompanying balance sheets given that the number of members on the Company’s Board of Directors and the voting interests held by convertible preferred stockholders which could cause certain events to occur that were outside of the Company’s control whereby the Company could be obligated to redeem the convertible preferred stock. The Company did not adjust the carrying values of the convertible preferred stock to the respective liquidation preferences of such shares as the instruments were not redeemable, and the Company believed it was not probable that the instruments would have become redeemable as of the December 31, 2020 balance sheet date. As of December 31, 2020, the rights and preferences of the convertible preferred stock were as follows: Dividends Each holder of convertible preferred stock is entitled to non-cumulative dividends at an annual rate of 8.0% of the original issue price of such series of convertible preferred stock. Such dividends are payable only when, and if declared by the Company’s Board of Directors. As of December 31, 2020, the Company’s Board of Directors has not declared any dividends. Liquidation preference In the event of a liquidation event, the holders of shares of convertible preferred stock then outstanding would be entitled to be paid out of the proceeds of such liquidation event prior to the holders of common stock. The entitled amount per share would be equal to the sum of the applicable original issue price for such share of convertible preferred stock, plus any declared but unpaid dividends on each such share of convertible preferred stock. If upon such liquidation event, the assets of the Company legally available for distribution to the holders of convertible preferred stock are insufficient to permit the payment to such holders of the full amounts specified, then the entire assets of the Company legally available for distribution whould be distributed with equal priority and pro rata among the holders of convertible preferred stock in proportion to the full amounts they would otherwise be entitled to receive pursuant to the Company’s certificate of incorporation. The convertible preferred stock was subject to automatic redemption in the consolidation or merger of the Company or sale of all or substantially all of the Company’s assets in which the stockholders of the Company immediately prior to the transaction hold less than 50% of the outstanding securities of the surviving entity. Proceeds available for distribution from such transaction would be distributed consistent with a liquidation event. In the event of any liquidation event, the holders of shares of Series C convertible preferred stock then outstanding would be entitled to be paid on a pro rata basis out of the proceeds of such liquidation event before payment would be made to the holders of Series A or Series B convertible preferred stock. After the payment in full of all amounts due to the holders of Series C convertible preferred stock, the holders of shares of Series A and Series B convertible preferred stock then outstanding would be entitled to be paid on a pari passu basis out of the remaining proceeds before any payment shall be made to the holders of the Company’s common stock. Upon completion of distribution of the Series A, Series B and Series C convertible preferred stock liquidation preference, all of the remaining proceeds of such liquidation event would be distributed pro rata among the holders of common stock and the holders of Series A and Series B convertible preferred stock on an as-converted to common stock basis at the then effective applicable conversion rate for such series of convertible preferred stock. Conversion The Company’s convertible preferred stock had conversion rights which entitled the holders to convert their preferred shares into common stock. The conversion rate would be determined by dividing the original issue price of the series of convertible preferred stock by the applicable conversion price at the time of conversion (which is initially the original issue price) for such series of convertible preferred stock. Each share of convertible preferred stock would automatically convert into common stock (i) upon the election of certain holders of Series A, Series B and Series C convertible preferred stock or (ii) upon the completion of a firm underwritten public offering of the Company’s common stock for which the public offering price per share was not less than $8.80 and pursuant to which the Company received gross proceeds of at least $70.0 million, prior to deductions for underwriting discounts, commissions and expenses. Voting The holder of each share of convertible preferred stock was entitled to one vote for each share of common stock into which it would convert. Series B-1 Convertible Preferred Stock On August 27, 2019, the Company sold an aggregate of 7,888,392 shares of Series B-1 convertible preferred stock at a price of $3.178 per share for aggregate gross proceeds of approximately $25.1 million to the Company. Series B-2 Convertible Preferred Stock The Company’s Series B-1 and Series B-2 Convertible Preferred Stock Agreement contained a provision for a closing of 6,527,654 shares of Series B-2 convertible preferred stock at $3.841 per share, or $25.1 million. Such issuance and sale of the Company’s Series B-2 convertible preferred stock was to occur within 120 days of delivery of notice by the Company to its investors upon the earliest of the following on or before August 27, 2021: (i) the Company filed an Investigational New Drug (IND) for a Type II Myosin Inhibitor with the U.S. Food and Drug Administration (FDA) and had not received communication from the FDA within 35 days after such filing that prevents the IND from becoming ineffective; (ii) the first dosing of a human subject in one of the United Kingdom, France, Germany, Italy, Spain, Canada, Belgium, Netherlands, Luxembourg, Finland, Australia, New Zealand and Japan with a Type II Myosin inhibitor; and (iii) holders of a majority of the Series B-1 convertible preferred stock approved the closing of the second tranche of Series B-2 convertible preferred stock. The Company performed an assessment of the Series B-2 convertible preferred stock purchase agreement in accordance with the authoritative guidance and concluded that the mandatory closing did not meet the definition of a freestanding financial instrument as it was not legally detachable or separately exercisable. If Series B-1 convertible preferred stockholders did not participate in this closing, every 5.282 shares of Series A and Series B-1 convertible preferred stock held would have automatically converted into one share of common stock. In July 2020, the closing of Series B-2 convertible preferred stock was triggered upon the filing and related acceptance of the Company’s IND by the FDA. The closing of the Series B-2 convertible preferred stock issuance occurred on August 12, 2020 with all Series B-1 stockholders participating. Series C Convertible Preferred Stock On December 3, 2020, the Company sold an aggregate of 12,954,423 shares of Series C convertible preferred stock at a price of $7.333 per share for aggregate gross proceeds of approximately $95.0 million to the Company. Immediately prior to the completion of the IPO in March 2021, all outstanding shares of the Company’s convertible preferred stock were automatically converted into 35,557,569 shares of common stock.

STOCK-BASED COMPENSATION AWARDS

STOCK-BASED COMPENSATION AWARDS	12 Months Ended
	Dec. 31, 2021
STOCK-BASED COMPENSATION AWARDS
STOCK-BASED COMPENSATION AWARDS	NOTE 4 Equity Incentive Plans In March 2021, the Company’s Board of Directors adopted, and its stockholders approved, the Company’s 2021 Equity Incentive Plan (2021 Plan), which became effective in March 2021 in connection with the IPO. Upon adoption of the 2021 Plan, the Company restricted the grant of future equity awards under its 2017 Equity Incentive Plan, as amended and restated (the 2017 Plan). ​ The 2021 Plan provides for the grant of incentive stock options, within the meaning of Section 422 of the Internal Revenue Code, to the Company’s employees and any of its parent and subsidiary corporations’ employees, and for the grant of nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights, performance units, and performance shares to its employees, directors, and consultants and its subsidiary corporations’ employees and consultants. The vesting of stock options is stated in each individual grant agreement, which is generally four years . Options granted expire 10 years after the date of grant. A total of 5,040,00 shares of the Company’s common stock were initially reserved for issuance pursuant to the 2021 Plan. The 2021 Plan share reserve will be increased by the number of shares under the 2017 Plan that are repurchased, forfeited, expired or cancelled after the effective date of the 2021 Plan up to the limit under the 2021 Plan. The number of shares available for issuance under the 2021 Plan increases annually on the first day of each fiscal year beginning with the Company’s 2022 fiscal year, equal to the least of (1) 5,040,000 shares, (2) five percent ( 5% ) of the outstanding shares of its common stock as of the last day of the immediately preceding fiscal year; or (c) such other amount as the Company’s Board of Directors may determine. ​ As of December 31, 2021, there were 3,010,909 shares available for future issuance under the 2021 Plan. ​ ​ Option activity for the year ended December 31, 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Weighted ​ ​ ​ ​ Remaining ​ ​ ​ ​ Average ​ Total Intrinsic ​ Contractual Life ​ Options Exercise Price Value (Years) Outstanding as of December 31, 2020 6,020,752 $ 1.14 ​ ​ ​ ​ Granted 2,249,347 ​ $ 17.42 ​ ​ ​ ​ ​ Exercised (265,040) ​ $ 0.44 ​ ​ ​ ​ ​ Cancelled ​ (414,332) ​ $ 1.41 ​ ​ ​ ​ ​ Outstanding as of December 31, 2021 ​ 7,590,727 ​ $ 5.98 ​ $ 76,599 ​ 8.8 Options exercisable as of December 31, 2021 ​ 2,140,103 ​ $ 1.99 ​ $ 28,583 ​ 8.3 ​ The Company recognized $4.4 million and $0.3 million in stock-based compensation expense in connection with the equity incentive plan for the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021, there was unrecognized stock-based compensation cost of $25.2 million, which is expected to be recognized over a term of 3.4 years. The aggregate intrinsic value of options exercised during the years ended December 31, 2021 and 2020 was $4.3 million and $58,000 respectively. For options granted during the years ended December 31, 2021 and 2020, the weighted-average grant date fair value was $11.30 and $0.89 per share, respectively. There were additional options issued outside of this plan as discussed under Founder Stock Options. Founder Stock Options On September 19, 2017, the Company granted one of its founders the option to purchase 1,795,880 shares of the Company’s common stock at an exercise price of $0.18 per share which vest monthly over a four-year period that expires 15 years after the date of grant. This grant is separate from the Company’s equity incentive plans discussed above. As of December 31, 2021, 1,531,780 options were both outstanding and exercisable Fair Value Assumptions The fair value of option grants is estimated on the date of grant using the Black-Scholes option-pricing model, which requires the use of the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 Expected term (Years) ​ 5.06 - 6.71 ​ 6 - 6.08 Expected volatility ​ 75.0% - 76.4% ​ 75.0% Risk-free interest rate ​ 0.60% - 1.36% ​ 0.37% - 0.51% Expected dividend rate ​ — ​ — Fair value common stock ​ $1.93 - $28.87 ​ $0.64 - $1.93 ​ The expected term is based on the “simplified method” described in the U.S. Securities and Exchange Commission’s Staff Accounting Bulletin Topic 14 which is determined as the midpoint between the vesting date and the contractual end of the option grant. Stock price volatility was estimated based on the estimated stock price volatility of a peer group of publicly traded companies over a similar term. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury yield in effect at the time of grant. The dividend yield was zero as the Company has never declared or paid dividends and has no plans to do so in the foreseeable future. 2021 Employee Stock Purchase Plan The 2021 Employee Stock Purchase Plan (ESPP) enables eligible employees of the Company to purchase shares of common stock at a discount. As of December 31, 2021, the Company has reserved for issuance 485,780 shares of common stock pursuant to the ESPP. Each offering period is approximately twelve months long. ESPP participants will purchase shares of common stock at a price per share equal to 85% of the lesser of (1) the fair market value per share of the common stock on the first trading day of the offering period or (2) the fair market value of the common stock on the purchase date. ​ Total stock-based compensation expense related to all equity plans was allocated as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ 2021 2020 Research and development $ 2,790 $ 228 General and administrative ​ 1,614 ​ 126 Total stock-based compensation expense ​ $ 4,404 ​ $ 354 ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	NOTE 5 License Agreements On November 20, 2020 the Company exclusively licensed intellectual property from The Ohio State Innovation Foundation (OSIF) pursuant to a license agreement. Under the license agreement, the Company is obligated to make payments to OSIF aggregating up to $1.3 million per product covered by the OSIF licensed patent rights upon the achievement of specified development and regulatory approval milestones and approximately $2.3 million per product covered by the OSIF licensed patent rights upon the achievement of specified sales milestones. The Company is also obligated to pay low single-digit royalties to OSIF based on net sales by the Company and its affiliates and sublicensees of each product covered by the OSIF licensed patent rights. In addition, in the event the Company sublicenses the OSIF licensed patent rights, the Company is obligated to pay OSIF a specified portion of income received from sublicensing. Lease Agreements The Company leases office and lab space under lease agreements. These leases expire in August 2022. Rent expense was $110,000 and $77,000 for the years ended December 31, 2021 and 2020, respectively. Future minimum rentals as of December 31, 2021 were $141,000, all of which is to be paid within the next 12 months. In January 2022, the Company entered into a lease agreement for additional office and laboratory space. Please refer to Note 10 for further information. Litigation Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. From time to time, the Company may become involved in legal proceedings arising in the ordinary course of business. The Company was not subject to any material legal proceedings during the year ended December 31, 2021 and no material legal proceedings are currently pending or threatened. Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its Board of Directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not aware of any claims under indemnification arrangements, and it has not accrued any liabilities related to such obligations in its financial statements as of December 31, 2021.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
INCOME TAXES	NOTE 6 INCOME TAXES Since inception, the Company has incurred net taxable losses, and accordingly, no current provision for income taxes has been recorded. The effective income tax rate of the provision for income taxes differs from the federal statutory rate as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2021 ​ 2020 ​ Federal tax at statutory rate ​ 21.0 % ​ 21.0 % State taxes, net of federal deduction ​ 4.5 % ​ 3.7 % Research and development credits ​ 1.8 % ​ 1.7 % Change in valuation allowance ​ (27.3) % ​ (26.4) % Effective income tax rate ​ — ​ ​ — ​ ​ Deferred tax assets and liabilities are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2021 ​ 2020 Deferred tax assets (liabilities): ​ ​ ​ ​ ​ ​ Federal net operating loss carryforward ​ $ 14,570 ​ $ 7,117 State net operating loss carryforward ​ ​ 3,187 ​ ​ 1,240 Federal R&D credit ​ ​ 1,130 ​ ​ 398 Accrued expenses ​ ​ 773 ​ ​ — Stock-based compensation ​ ​ 771 ​ ​ 39 Other ​ ​ 141 ​ ​ 90 Property and equipment ​ ​ (42) ​ ​ (34) Total net deferred tax asset ​ ​ 20,530 ​ ​ 8,850 Valuation allowance ​ ​ (20,530) ​ ​ (8,850) Net deferred tax asset (liability) ​ $ — ​ $ — ​ The Company has federal and state net operating loss carryforwards (NOLs) of approximately $69.4 million and $33.9 million as of December 31, 2021 and 2020, respectively. The state NOLs and approximately $1.2 million of the federal NOLs as of December 31, 2021 and 2020 expire in 2037. The remaining federal NOLs of approximately $68.2 million and $32.7 million as of December 31, 2021 and 2020 do not expire. As of December 31, 2021 and 2020, a valuation allowance was recorded equal to 100% of net deferred tax assets as the Company does not believe it is more likely than not that it will realize the recorded net deferred tax assets. The increase in the recorded valuation allowance was $11.7 million and $4.5 million in 2021 and 2020, respectively. The Company had federal research tax credit carryforwards of approximately $1.1 million and $0.4 million as of December 31, 2021 and 2020, respectively. The Company has performed a formal research and development credit study with respect to these credits. The federal credits will begin to expire in 2039, if unused. Pursuant to Internal Revenue Code (IRC) Sections 382 and 383, the Company’s ability to use NOL and research tax credit carry forwards to offset future taxable income may be limited if the Company experiences a cumulative change in ownership of more than 50% within a three-year testing period. The Company has not completed an ownership change analysis pursuant to IRC Section 382. If ownership changes within the meaning of IRC Section 382 are identified as having occurred, the amount of NOL and research tax carryforwards available to offset future taxable income and income tax liabilities in future years may be significantly restricted or eliminated. Further, deferred tax assets associated with such NOLs and research tax credits could be significantly reduced upon realization of an ownership change within the meaning of IRC Section 382.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2021
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	NOTE 7 EMPLOYEE BENEFIT PLANS In 2017, the Company established a qualified 401(k) plan which covers all employees who meet eligibility requirements. The Company’s contribution to the plan, as determined by the Company’s Board of Directors, was discretionary until September 2021 when the Company initiated a match with a maximum amount of 4% of the participant’s compensation. During the years ended December 31, 2021 and 2020, the Company made matching contributions of $47,000 and $0 respectively.

NET LOSS PER SHARE

NET LOSS PER SHARE	12 Months Ended
	Dec. 31, 2021
NET LOSS PER SHARE
NET LOSS PER SHARE	NOTE 8 NET LOSS PER SHARE Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, the convertible preferred stock and common stock options are considered to be potentially dilutive securities. Basic and diluted net loss per share is presented in conformity with the two-class method required for participating securities as the convertible preferred stock is considered a participating security. The Company’s participating securities do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to common stockholders. As the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 2020 Numerator ​ ​ ​ ​ ​ ​ Net loss ​ $ (42,813) $ (17,123) Denominator ​ ​ ​ ​ Weighted-average shares outstanding used in computing net loss per share, basic and diluted ​ ​ 37,526,332 ​ ​ 739,004 Net loss per share, basic and diluted ​ $ (1.14) ​ $ (23.17) ​ The following weighted average outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 2020 Options to purchase common stock ​ ​ 8,193,012 ​ ​ 4,252,258 Convertible preferred stock ​ ​ 8,670,206 ​ ​ 19,599,132 Total ​ ​ 16,863,218 ​ ​ 23,851,390 ​

ACCRUED OTHER EXPENSES

ACCRUED OTHER EXPENSES	12 Months Ended
	Dec. 31, 2021
ACCRUED OTHER EXPENSES
ACCRUED OTHER EXPENSES	NOTE 9 ACCRUED OTHER EXPENSES Accrued other expenses consisted of the following amounts (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ As of December 31, ​ 2021 2020 Accrued research and development costs ​ $ 3,470 ​ $ 550 Accrued IPO costs ​ ​ — ​ 452 Accrued license fees ​ — ​ 300 Accrued other ​ ​ 411 ​ ​ 285 Total accrued other expenses ​ $ 3,881 ​ $ 1,587 ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 10 SUBSEQUENT EVENTS In January 2022 the Company entered into a lease agreement for approximately 18,614 square feet of office and laboratory space in Boulder, Colorado. The new lease commences on or around September 1, 2022 and includes escalating rent payments and a 84-month term. The lease agreement includes a tenant improvement allowance for $1.0 million of construction costs to be paid for by the landlord and up to an additional $2.0 million of tenant improvement allowance for which the Company will repay the landlord on an amortized straight-line basis over the initial term of the lease, commencing on the commencement date and continuing for the duration of the initial term at 6% interest. Future minimum lease payments are as follows (in thousands): ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ $ — 2023 ​ ​ 328 2024 ​ 446 2025 ​ ​ 457 2026 ​ ​ 468 2027 and thereafter ​ ​ 1,603 Total future minimum lease payments ​ $ 3,302 ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP).
Segment Information	Segment Information The Company operates in one operating segment and, accordingly, no segment disclosures have been presented herein. All equipment and other fixed assets are physically located within the United States.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. 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 the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.
Cash Equivalents	Cash Equivalents The Company considers all liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents as of December 31, 2021 primarily consist of money market accounts and cash equivalents and as of December 31, 2020 primarily consist of money market accounts and commercial paper.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash, cash equivalents and marketable securities. Periodically, the Company may maintain deposits in financial institutions in excess of government insured limits. The Company believes that it is not exposed to significant credit risk as its deposits are held at financial institutions that management believes to be of high credit quality. The Company has not experienced any losses on deposits since inception. The Company regularly invests excess cash with major financial institutions in money market funds, corporate debt securities, and commercial paper, all of which can be readily purchased and sold using established markets. The Company believes that the market risk arising from our holdings of these financial instruments is mitigated based on the fact that many of these securities are of high credit rating.
Deferred Offering Costs	Deferred Offering Costs The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with in-process equity issuances as deferred offering costs until such equity issuances are consummated. After consummation of the equity issuance, these costs are recorded as a reduction in the capitalized amount associated with the equity issuance. Should the equity issuance be abandoned, the deferred offering costs are expensed immediately as a charge to operating expenses in the statement of operations. Deferred offering costs as of December 31, 2021 and December 31, 2020 were $0 and $0.7 million, respectively. Such costs are classified in other non-current assets in the accompanying balance sheets.
Property and Equipment	Property and Equipment Property and equipment is stated at cost less accumulated depreciation and amortization. Depreciation of property and equipment is computed using the straight-line method over the estimated useful life of the related asset, which is generally three million for the years ended December 31, 2021 and 2020, respectively.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or circumstances indicate that the carrying value of such assets may not be fully recoverable. Impairment is evaluated based on the sum of undiscounted estimated future cash flows expected to result from use of the related asset compared to its carrying value. If impairment is recognized, the carrying value of the impaired asset is reduced to its fair value. There were no impairment charges or long-lived assets disposed of during the years ended December 31, 2021 and 2020, respectively.
Income Taxes	Income Taxes Deferred income taxes are provided on temporary differences between financial statement and income tax reporting. Temporary differences are differences between the amounts of assets and liabilities reported for financial statement purposes and their tax bases. Deferred tax assets are recognized for temporary differences that will be deductible in future years’ tax returns and for operating loss and tax credit carryforwards. Deferred tax assets are reduced by a valuation allowance if such deferred tax assets are deemed more likely than not that some or all of the deferred tax assets will not be realized. Historically, the Company has not recognized these potential benefits in its financial statements and has fully reserved for such net deferred tax assets, as it believes it is more likely than not that the full benefit of these net deferred tax assets will not be realized before expiration. Deferred tax liabilities are recognized for temporary differences that will be taxable in future years. The Company evaluated its tax positions and determined it has no uncertain tax positions as of December 31, 2021.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. The Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 820, Fair Value Measurements and Disclosures Level 1—quoted prices in active markets for identical assets and liabilities. Level 2—other significant observable inputs (including quoted prices for similar assets and liabilities, interest rates, credit risk, etc.). Level 3—significant unobservable inputs (including the Company’s own assumptions in determining the fair value of assets and liabilities).
Marketable Securities, Available For Sale	Marketable Securities, Available For Sale All marketable securities have been classified as “available-for-sale” and are carried at fair value, based upon quoted market prices. The Company considers its available-for-sale portfolio as available for use in current operations. Accordingly, the Company classifies its investments as short-term marketable securities, even though the stated maturity date may be one year or more beyond the current balance sheet date. Unrealized gains and losses, net of any related tax effects, are excluded from earnings and are included in other comprehensive income and reported as a separate component of stockholders’ equity (deficit) until realized. Interest income, realized gains and losses, and declines in value judged to be other than temporary, if any, on available-for-sale securities are included in other income, net. The cost of securities sold is based on the specific-identification method. The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts to maturity. In accordance with the Company’s investment policy, management invests in money market funds, corporate bonds, commercial paper, asset-backed securities and government securities. The Company has not experienced any losses on its deposits of cash, cash equivalents, and marketable securities since inception. The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ Fair Value ​ Amortized ​ Unrealized ​ Unrealized ​ Fair Market ​ Hierarchy Cost Basis Gains Losses Value Cash equivalents: ​ ​ ​ ​ Money market funds Level 1 ​ $ 15,466 ​ $ — ​ $ — ​ $ 15,466 Marketable securities, available for sale: ​ ​ ​ ​ ​ Asset-backed securities Level 2 ​ 36,681 ​ — ​ (42) ​ 36,639 Corporate debt securities Level 2 ​ 88,084 ​ — ​ (160) ​ 87,924 Commercial paper Level 2 ​ 58,970 ​ — ​ — ​ 58,970 U.S. government treasury and agency securities ​ Level 2 ​ 59,596 ​ — ​ (222) ​ 59,374 Supranational and sovereign government securities ​ Level 2 ​ 22,406 ​ — ​ (90) ​ 22,316 Total financial assets ​ $ 281,203 ​ $ — ​ $ (514) ​ $ 280,689 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ ​ Fair Value ​ Amortized ​ Unrealized ​ Unrealized ​ Fair Market ​ ​ Hierarchy Cost Basis Gains Losses Value Cash equivalents: ​ ​ ​ ​ Money market funds Level 1 ​ $ 94,020 ​ $ — ​ $ — ​ $ 94,020 Commercial paper Level 2 ​ 10,796 ​ — ​ — ​ 10,796 Marketable securities, available for sale: ​ ​ ​ ​ Asset-backed securities Level 2 ​ 7,246 ​ — ​ — ​ 7,246 Corporate debt securities Level 2 ​ 13,937 ​ — ​ — ​ 13,937 Commercial paper Level 2 ​ 2,995 ​ — ​ — ​ 2,995 Total financial assets ​ $ 128,994 ​ $ — ​ $ — ​ $ 128,994 ​ The Company’s money market funds are classified as Level 1 because they are valued using quoted market prices. Investments in asset-backed securities, corporate debt securities, commercial paper and U.S. government treasury and agency securities, and supranational and sovereign government securities have been classified as Level 2 as they are valued using quoted prices in less active markets or other directly or indirectly observable inputs. Fair values of asset-backed securities, corporate debt securities, commercial paper, U.S. government treasury and agency securities, and supranational and sovereign government securities were derived based on input of market prices from multiple sources at each reporting period. With regard to commercial paper, all of the securities had high credit ratings and one year or less to maturity; therefore, fair value was derived from accretion of purchase price to face value over the term of maturity or quoted market prices for similar instruments if available. During the years ended December 31, 2021 and 2020, there were no transfers of financial assets between Level 1 and Level 2. As of December 31, 2021, the remaining contractual maturities of $184.8 million of marketable securities were less than one year and $80.9 million were one to three years. The Company periodically reviews its portfolio of debt securities to determine if any investment is impaired due to credit loss or other potential valuation concerns. For debt securities where the fair value of the investment is less than the amortized cost basis, the Company has assessed at the individual security level for various quantitative factors including, but not limited to, the nature of the investments, changes in credit ratings, interest rate fluctuations, industry analyst reports, and the severity of impairment. Unrealized losses on marketable securities at December 31, 2021 were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and/or circumstances from non-owner sources. The Company’s only element of other comprehensive income (loss) was net unrealized gain (loss) on marketable securities.
Stock-Based Compensation	Stock-Based Compensation In accordance with ASC Topic 718, Compensation—Stock Compensation Due to the absence of an active market for the Company’s common stock prior to the closing of the Company’s IPO, the Company utilized methodologies, approaches and assumptions consistent with the American Institute of Certified Public Accountants Audit and Accounting Practice Aid Series: Valuation of Privately Held Company Equity Securities Issued as Compensation
Research and Development Expenses and Accrued Research and Development Expenses	Research and Development Expenses and Accrued Research and Development Expenses Expenditures made for research and development are charged to expense as incurred. External costs consist primarily of payments to contract research organizations (CROs), contract development and manufacturing organizations (CDMOs), sample acquisition costs and laboratory supplies purchased in connection with the Company’s discovery and preclinical activities, and process development and clinical development activities. Internal costs consist primarily of employee-related costs, facilities, depreciation and costs related to compliance with regulatory requirements. Non-refundable advance payments for goods and services that will be used in future research and development activities are capitalized and recorded as expense in the period that the Company receives the goods or when services are performed. The Company records expenses related to external research and development services based on its estimates of the services received and efforts expended pursuant to quotes and contracts with multiple CROs and CDMOs that supply, conduct and manage preclinical studies and clinical trials on its behalf. The financial terms of these contracts vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company adjusts the accrual or the amount of prepaid expenses accordingly.
Emerging Growth Company Status	Emerging Growth Company Status The Company is an “emerging growth company”, as defined in the Jumpstart Our Business Startups Act of 2012 (JOBS Act). Under the JOBS Act, emerging growth companies can take advantage of an extended transition period for complying with new or revised accounting standards, delaying the adoption of these accounting standards until they would apply to private companies. The Company has elected to use this extended transition period for complying with certain new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it is (1) no longer an emerging growth company or (2) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.
Recently Issued Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC Topic 842)

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of financial assets measured at fair value on a recurring basis by level within the fair value hierarchy	The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ Fair Value ​ Amortized ​ Unrealized ​ Unrealized ​ Fair Market ​ Hierarchy Cost Basis Gains Losses Value Cash equivalents: ​ ​ ​ ​ Money market funds Level 1 ​ $ 15,466 ​ $ — ​ $ — ​ $ 15,466 Marketable securities, available for sale: ​ ​ ​ ​ ​ Asset-backed securities Level 2 ​ 36,681 ​ — ​ (42) ​ 36,639 Corporate debt securities Level 2 ​ 88,084 ​ — ​ (160) ​ 87,924 Commercial paper Level 2 ​ 58,970 ​ — ​ — ​ 58,970 U.S. government treasury and agency securities ​ Level 2 ​ 59,596 ​ — ​ (222) ​ 59,374 Supranational and sovereign government securities ​ Level 2 ​ 22,406 ​ — ​ (90) ​ 22,316 Total financial assets ​ $ 281,203 ​ $ — ​ $ (514) ​ $ 280,689 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ ​ Fair Value ​ Amortized ​ Unrealized ​ Unrealized ​ Fair Market ​ ​ Hierarchy Cost Basis Gains Losses Value Cash equivalents: ​ ​ ​ ​ Money market funds Level 1 ​ $ 94,020 ​ $ — ​ $ — ​ $ 94,020 Commercial paper Level 2 ​ 10,796 ​ — ​ — ​ 10,796 Marketable securities, available for sale: ​ ​ ​ ​ Asset-backed securities Level 2 ​ 7,246 ​ — ​ — ​ 7,246 Corporate debt securities Level 2 ​ 13,937 ​ — ​ — ​ 13,937 Commercial paper Level 2 ​ 2,995 ​ — ​ — ​ 2,995 Total financial assets ​ $ 128,994 ​ $ — ​ $ — ​ $ 128,994

STOCK-BASED COMPENSATION AWAR_2

STOCK-BASED COMPENSATION AWARDS (Tables)	12 Months Ended
	Dec. 31, 2021
STOCK-BASED COMPENSATION AWARDS
Schedule of option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Weighted ​ ​ ​ ​ Remaining ​ ​ ​ ​ Average ​ Total Intrinsic ​ Contractual Life ​ Options Exercise Price Value (Years) Outstanding as of December 31, 2020 6,020,752 $ 1.14 ​ ​ ​ ​ Granted 2,249,347 ​ $ 17.42 ​ ​ ​ ​ ​ Exercised (265,040) ​ $ 0.44 ​ ​ ​ ​ ​ Cancelled ​ (414,332) ​ $ 1.41 ​ ​ ​ ​ ​ Outstanding as of December 31, 2021 ​ 7,590,727 ​ $ 5.98 ​ $ 76,599 ​ 8.8 Options exercisable as of December 31, 2021 ​ 2,140,103 ​ $ 1.99 ​ $ 28,583 ​ 8.3
Schedule of fair value assumptions	​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 2020 Expected term (Years) ​ 5.06 - 6.71 ​ 6 - 6.08 Expected volatility ​ 75.0% - 76.4% ​ 75.0% Risk-free interest rate ​ 0.60% - 1.36% ​ 0.37% - 0.51% Expected dividend rate ​ — ​ — Fair value common stock ​ $1.93 - $28.87 ​ $0.64 - $1.93
Schedule of stock-based compensation expense	Total stock-based compensation expense related to all equity plans was allocated as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ 2021 2020 Research and development $ 2,790 $ 228 General and administrative ​ 1,614 ​ 126 Total stock-based compensation expense ​ $ 4,404 ​ $ 354

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
Schedule of the effective income tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2021 ​ 2020 ​ Federal tax at statutory rate ​ 21.0 % ​ 21.0 % State taxes, net of federal deduction ​ 4.5 % ​ 3.7 % Research and development credits ​ 1.8 % ​ 1.7 % Change in valuation allowance ​ (27.3) % ​ (26.4) % Effective income tax rate ​ — ​ ​ — ​
Schedule of deferred tax assets and liabilities	Deferred tax assets and liabilities are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2021 ​ 2020 Deferred tax assets (liabilities): ​ ​ ​ ​ ​ ​ Federal net operating loss carryforward ​ $ 14,570 ​ $ 7,117 State net operating loss carryforward ​ ​ 3,187 ​ ​ 1,240 Federal R&D credit ​ ​ 1,130 ​ ​ 398 Accrued expenses ​ ​ 773 ​ ​ — Stock-based compensation ​ ​ 771 ​ ​ 39 Other ​ ​ 141 ​ ​ 90 Property and equipment ​ ​ (42) ​ ​ (34) Total net deferred tax asset ​ ​ 20,530 ​ ​ 8,850 Valuation allowance ​ ​ (20,530) ​ ​ (8,850) Net deferred tax asset (liability) ​ $ — ​ $ — ​

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2021
NET LOSS PER SHARE
Schedule of computation of the basic and diluted net loss per share	The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 2020 Numerator ​ ​ ​ ​ ​ ​ Net loss ​ $ (42,813) $ (17,123) Denominator ​ ​ ​ ​ Weighted-average shares outstanding used in computing net loss per share, basic and diluted ​ ​ 37,526,332 ​ ​ 739,004 Net loss per share, basic and diluted ​ $ (1.14) ​ $ (23.17)
Schedule of potentially dilutive securities	The following weighted average outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 2020 Options to purchase common stock ​ ​ 8,193,012 ​ ​ 4,252,258 Convertible preferred stock ​ ​ 8,670,206 ​ ​ 19,599,132 Total ​ ​ 16,863,218 ​ ​ 23,851,390

ACCRUED OTHER EXPENSES (Tables)

ACCRUED OTHER EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2021
ACCRUED OTHER EXPENSES
Schedule of accrued other expenses	Accrued other expenses consisted of the following amounts (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ As of December 31, ​ 2021 2020 Accrued research and development costs ​ $ 3,470 ​ $ 550 Accrued IPO costs ​ ​ — ​ 452 Accrued license fees ​ — ​ 300 Accrued other ​ ​ 411 ​ ​ 285 Total accrued other expenses ​ $ 3,881 ​ $ 1,587

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	12 Months Ended
	Dec. 31, 2021
SUBSEQUENT EVENTS
Schedule of future minimum lease payments	​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ $ — 2023 ​ ​ 328 2024 ​ 446 2025 ​ ​ 457 2026 ​ ​ 468 2027 and thereafter ​ ​ 1,603 Total future minimum lease payments ​ $ 3,302

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details) $ / shares in Units, $ in Thousands	Mar. 30, 2021USD ($)$ / sharesshares	Mar. 19, 2021	Dec. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)shares
Subsidiary, Sale of Stock [Line Items]
Net proceeds			$ 186,148
Offering expenses			$ 124
Outstanding common stock | shares			49,500,308	1,009,479
Accumulated deficit			$ (76,960)	$ (34,147)
Cash, cash equivalents and marketable securities			280,800
Cash and cash equivalents			15,566	104,916
Marketable securities, available for sale			$ 265,223	$ 24,178
IPO
Subsidiary, Sale of Stock [Line Items]
Reverse Stock Split		0.528
Shares issued | shares	12,650,000
Share price | $ / shares	$ 16
Net proceeds	$ 186,100
Underwriting discounts and commissions	14,200
Offering expenses	$ 2,100
IPO | Convertible preferred stock
Subsidiary, Sale of Stock [Line Items]
Outstanding common stock | shares	35,557,569
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Shares issued | shares	1,650,000

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)
Segment Information
Number of operating segment | segment	1
Property and Equipment
Depreciation expense	$ 272	$ 185
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets	0	0
Income Taxes.
Uncertain tax positions	$ 0
Minimum
Property and Equipment
Estimated useful life	3 years
Maximum
Property and Equipment
Estimated useful life	5 years
Other non-current assets
Deferred Offering Costs
Deferred offering costs	$ 0	$ 700

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Marketable Securities, Available For Sale (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Marketable Securities, Available For Sale
Cash and cash equivalents	$ 15,566	$ 104,916
Fair Value, Recurring [Member]
Marketable Securities, Available For Sale
Amortized Cost Basis, Marketable securities, available for sale	281,203	128,994
Unrealized Losses, Marketable securities, available for sale	(514)
Fair Market Value, Marketable securities, available for sale	280,689	128,994
Fair Value, Recurring [Member] | Level 1 | Money market funds
Marketable Securities, Available For Sale
Cash and cash equivalents	15,466	94,020
Cash equivalents, Fair Market Value	15,466	94,020
Fair Value, Recurring [Member] | Level 2 | Commercial paper
Marketable Securities, Available For Sale
Cash and cash equivalents		10,796
Cash equivalents, Fair Market Value		10,796
Amortized Cost Basis, Marketable securities, available for sale	58,970	2,995
Fair Market Value, Marketable securities, available for sale	58,970	2,995
Fair Value, Recurring [Member] | Level 2 | Asset-backed securities
Marketable Securities, Available For Sale
Amortized Cost Basis, Marketable securities, available for sale	36,681	7,246
Unrealized Losses, Marketable securities, available for sale	(42)
Fair Market Value, Marketable securities, available for sale	36,639	7,246
Fair Value, Recurring [Member] | Level 2 | Corporate debt securities
Marketable Securities, Available For Sale
Amortized Cost Basis, Marketable securities, available for sale	88,084	13,937
Unrealized Losses, Marketable securities, available for sale	(160)
Fair Market Value, Marketable securities, available for sale	87,924	$ 13,937
Fair Value, Recurring [Member] | Level 2 | U.S. government treasury and agency securities
Marketable Securities, Available For Sale
Amortized Cost Basis, Marketable securities, available for sale	59,596
Unrealized Losses, Marketable securities, available for sale	(222)
Fair Market Value, Marketable securities, available for sale	59,374
Fair Value, Recurring [Member] | Level 2 | Supranational and sovereign government securities
Marketable Securities, Available For Sale
Amortized Cost Basis, Marketable securities, available for sale	22,406
Unrealized Losses, Marketable securities, available for sale	(90)
Fair Market Value, Marketable securities, available for sale	$ 22,316

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Financial Assets Transfers and Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Transfers of financial assets between Level 1 and Level 2
Assets transfer level 1 to level 2	$ 0	$ 0
Assets transfer level 2 to level 1	0	$ 0
Remaining contractual maturities
Less than one year	184,800
One year through three years	$ 80,900

CONVERTIBLE PREFERRED STOCK A_2

CONVERTIBLE PREFERRED STOCK AND COMMON STOCK - Narrative (Details)	12 Months Ended
	Dec. 31, 2021Vote$ / sharesshares	Dec. 31, 2020$ / sharesshares
Class of Stock [Line Items]
Total shares authorized	1,200,000,000
Common stock authorized (in shares)	1,000,000,000	88,000,000
Preferred stock, shares authorized (in shares)	200,000,000	0
Par value of common stock (in dollars per share) | $ / shares	$ 0.0001	$ 0.0001
Par value of preferred stock (in dollars per share) | $ / shares	$ 0.0001	$ 0.0001
Voting rights upon conversion into common stock | Vote	1
Annual dividend rate of non-cumulative convertible preferred stockholders	8.00%
Preferred stock
Class of Stock [Line Items]
Convertible preferred stock, shares outstanding	0
Series A preferred stock
Class of Stock [Line Items]
Convertible preferred stock, shares outstanding	0	8,187,100
Series B-1 preferred stock
Class of Stock [Line Items]
Convertible preferred stock, shares outstanding	0	7,888,392
Series B-2 preferred stock
Class of Stock [Line Items]
Convertible preferred stock, shares outstanding	0	6,527,654
Series C preferred stock
Class of Stock [Line Items]
Convertible preferred stock, shares outstanding	0	12,954,423

CONVERTIBLE PREFERRED STOCK A_3

CONVERTIBLE PREFERRED STOCK AND COMMON STOCK - Conversion (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 01, 2021	Mar. 30, 2021	Dec. 03, 2020	Aug. 27, 2019	Dec. 31, 2021
Class of Stock [Line Items]
Number of common stock issued upon conversion					1
IPO
Class of Stock [Line Items]
Shares issued		12,650,000
Series A and Series B-1 convertible preferred stock
Class of Stock [Line Items]
Number of shares converted					5.282
Series B-1 preferred stock
Class of Stock [Line Items]
Offering price per share				$ 3.178
Shares issued				7,888,392
Series B-1 preferred stock | Maximum
Class of Stock [Line Items]
Proceeds from issuance of convertible preferred stock				$ 25.1
Series B-2 preferred stock
Class of Stock [Line Items]
Offering price per share					$ 3.841
Proceeds from issuance of convertible preferred stock					$ 25.1
Number of shares available for issuance					6,527,654
Number of days for issuance of shares					120 days
Term to receive communication from FDA					35 days
Series C preferred stock
Class of Stock [Line Items]
Offering price per share			$ 7.333
Proceeds from issuance of convertible preferred stock			$ 95
Shares issued			12,954,423
Convertible preferred stock | IPO
Class of Stock [Line Items]
Number of common stock issued upon conversion	35,557,569
Convertible preferred stock | Minimum
Class of Stock [Line Items]
Proceeds from issuance of convertible preferred stock					$ 70
Convertible preferred stock | Maximum
Class of Stock [Line Items]
Offering price per share					$ 8.80

STOCK-BASED COMPENSATION AWAR_3

STOCK-BASED COMPENSATION AWARDS - Equity incentive plan (Details) - USD ($)	1 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 4,404,000	$ 354,000
Option exercised term		3 years 4 months 24 days
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for the issuance of stock options		3,010,909
Vesting of stock options (in years)	4 years
Expiration period (in years)	10 years
Percentage of outstanding shares		5.00%
Options granted (in shares)		2,249,347
Options outstanding (in shares)		7,590,727	6,020,752
Stock-based compensation expense		$ 4,400,000	$ 300,000
Unrecognized stock-based compensation cost		25,200,000
Aggregate intrinsic value of options exercised		$ 4,300,000	$ 58,000
Weighted-average grant date fair value (in dollars per share)		$ 11.30	$ 0.89
2021 Equity Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance, annual increase		5,040,000
2021 Equity Incentive Plan | Employees, Directors and Consultants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for the issuance of stock options		504,000

STOCK-BASED COMPENSATION AWAR_4

STOCK-BASED COMPENSATION AWARDS - Options Activity (Details) - 2021 Equity Incentive Plan $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares
Options
Outstanding as at beginning of period (in shares) | shares	6,020,752
Granted (in shares) | shares	2,249,347
Exercised (in shares) | shares	(265,040)
Cancelled (in shares) | shares	(414,332)
Outstanding as at end of period (in shares) | shares	7,590,727
Options exercisable as at end of period (in shares) | shares	2,140,103
Weighted Average Exercise Price
Outstanding as at beginning of period (in dollars per shares) | $ / shares	$ 1.14
Granted (in dollars per shares) | $ / shares	17.42
Exercised (in dollars per shares) | $ / shares	0.44
Cancelled (in dollars per shares) | $ / shares	1.41
Outstanding as at end of period (in dollars per shares) | $ / shares	5.98
Options exercisable as at end of period (in dollars per shares) | $ / shares	$ 1.99
Total Intrinsic Value
Intrinsic Value of outstanding options | $	$ 76,599
Intrinsic value of exercisable options (in dollars) | $	$ 28,583
Weighted average remaining contractual life of outstanding options (in years)	8 years 9 months 18 days
Weighted average remaining contractual life of exercisable options (in years)	8 years 3 months 18 days

STOCK-BASED COMPENSATION AWAR_5

STOCK-BASED COMPENSATION AWARDS - Founder Stock Options (Details) - USD ($)	Sep. 19, 2017	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period over which cost is expected to be recognized (in years)		3 years 4 months 24 days
Stock-based compensation expense		$ 4,404,000	$ 354,000
Option exercised term		3 years 4 months 24 days
Founder Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	1,795,880
Exercise price (in dollars per share)	$ 0.18
Vesting of period (in years)	4 years
Expiration period (in years)	15 years
Unrecognized stock-based compensation cost		$ 0
Options outstanding (in shares)		1,531,780
Options exercisable (in shares)		1,531,780
Intrinsic value of outstanding options (in dollars)		$ 23,100,000
Exercised (in shares)		0
Stock-based compensation expense		$ 17,000	$ 35,000
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 0
Options exercisable as at end of period (in shares)		1,531,780
Intrinsic Value of outstanding options		$ 23,100,000
Exercise of stock options (shares)		0
Weighted average remaining contractual life of exercisable options (in years)		10 years 6 months

STOCK-BASED COMPENSATION AWAR_6

STOCK-BASED COMPENSATION AWARDS - Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		75.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (Years)	6 years 8 months 15 days	6 years 29 days
Expected volatility	76.40%
Risk-free interest rate	0.60%	0.51%
Fair value common stock	$ 28.87	$ 1.93
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (Years)	5 years 21 days	6 years
Expected volatility	75.00%
Risk-free interest rate	1.36%	0.37%
Fair value common stock	$ 1.93	$ 0.64

STOCK-BASED COMPENSATION AWAR_7

STOCK-BASED COMPENSATION AWARDS - Employee Stock Purchase Plan (Details) - 2021 Employee Stock Purchase Plan	12 Months Ended
	Dec. 31, 2021shares
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Shares of common stock reserved for issuance	485,780
Discounted purchase price in relation to market price (percent)	85.00%

STOCK-BASED COMPENSATION AWAR_8

STOCK-BASED COMPENSATION AWARDS - Stock based compensation expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 4,404	$ 354
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	2,790	228
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 1,614	$ 126

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Nov. 20, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Rent expense	$ 110,000	$ 77,000
Future minimum rentals	$ 141,000
Ohio State Innovation Foundation
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Amount payable upon achievement of specified development and regulatory approval milestones			$ 1,300,000
Amount payable upon the achievement of specified sales milestones			$ 2,300,000

INCOME TAXES - Effective income

INCOME TAXES - Effective income tax rate reconciliation (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
INCOME TAXES
Federal tax at statutory rate	21.00%	21.00%
State taxes, net of federal deduction	4.50%	3.70%
Research and development credits	1.80%	1.70%
Change in valuation allowance	(27.30%)	(26.40%)
Effective income tax rate

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets (liabilities):
Federal net operating loss carryforward	$ 14,570	$ 7,117
State net operating loss carryforward	3,187	1,240
Federal R&D credit	1,130	398
Accrued expenses	773
Stock-based compensation	771	39
Other	141	90
Property and equipment	(42)	(34)
Total net deferred tax asset	20,530	8,850
Valuation allowance	(20,530)	(8,850)
Net deferred tax asset (liability)

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details)	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Operating Loss Carryforwards [Line Items]
Provision for income taxes	$ 0
Net operating loss carryforwards	$ 69,400,000	$ 33,900,000
Percentage of valuation allowance	100	100
Increase in valuation allowance	$ 11,700,000	$ 4,500,000
Federal research tax credit carryforwards	1,130,000	398,000
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	68,200,000	32,700,000
Federal research tax credit carryforwards	1,100,000	400,000
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 1,200,000	$ 1,200,000

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Defined Contribution Plan Disclosure [Line Items]
Matching contributions		$ 47,000	$ 0
Maximum
Defined Contribution Plan Disclosure [Line Items]
Percentage of compensation	4.00%

NET LOSS PER SHARE - Computatio

NET LOSS PER SHARE - Computation of Net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Numerator
Net loss	$ (42,813)	$ (17,123)
Denominator
Weighted-average shares outstanding used in computing net loss per share, basic	37,526,332	739,004
Weighted-average shares outstanding used in computing net loss per share, diluted	37,526,332	739,004
Net loss per share, basic	$ (1.14)	$ (23.17)
Net loss per share, diluted	$ (1.14)	$ (23.17)

NET LOSS PER SHARE - Potentiall

NET LOSS PER SHARE - Potentially dilutive securities (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	16,863,218	23,851,390
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	8,193,012	4,252,258
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	8,670,206	19,599,132

ACCRUED OTHER EXPENSES (Details

ACCRUED OTHER EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ACCRUED OTHER EXPENSES
Accrued research and development costs	$ 3,470	$ 550
Accrued IPO costs		452
Accrued license fees		300
Accrued other	411	285
Total accrued other expenses	$ 3,881	$ 1,587

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Jan. 31, 2022USD ($)ft²	Dec. 31, 2021USD ($)
Future minimum lease payment
2022		$ 141,000
Subsequent event
Future minimum lease payment
2023	$ 328,000
2024	446,000
2025	457,000
2026	468,000
2027 and thereafter	1,603,000
Total future minimum lease payments	$ 3,302,000
Subsequent event | Office and laboratory space in Boulder, Colorado
Subsequent Event [Line Items]
Area of property under lease | ft²	18,614
Term of lease (in years)	84 months
Tenant improvement allowance	$ 1,000,000
Interest rate (in percent)	6.00%
Subsequent event | Office and laboratory space in Boulder, Colorado | Maximum
Subsequent Event [Line Items]
Tenant improvement allowance	$ 2,000,000