Edgewise Therapeutics (EWTX) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 31, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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
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 Common Stock, Shares Outstanding		49,799,597
Entity Central Index Key	0001710072
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 18,341	$ 15,566
Marketable securities, available for sale	230,054	265,223
Prepaid expenses and other assets	4,948	2,984
Total current assets	253,343	283,773
Property and equipment	2,920	1,614
Less: accumulated depreciation	(882)	(702)
Total property and equipment	2,038	912
Operating lease right-of-use asset	1,571
Other non-current assets	447	548
Total assets	257,399	285,233
Current liabilities
Accounts payable	2,828	3,843
Accrued compensation	2,024	2,797
Accrued other expenses	4,260	3,881
Operating lease liability, current portion	104
Total current liabilities	9,216	10,521
Operating lease liability, net of current portion	1,636
Other long term liabilities	192	329
Total liabilities	11,044	10,850
Commitments and contingencies (see note 5)
Stockholders' equity:
Preferred stock, $.0001 par value per share; 200,000,000 shares authorized as of June 30, 2022 and December 31, 2021, respectively; no shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively
Common stock, $.0001 par value per share; 1,000,000,000 shares authorized, 49,780,365 shares and 49,500,308 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively	5	5
Additional paid-in capital	356,373	351,852
Accumulated other comprehensive loss	(2,336)	(514)
Accumulated deficit	(107,687)	(76,960)
Total stockholders' equity	246,355	274,383
Total liabilities and stockholders' equity	$ 257,399	$ 285,233

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Par value of preferred stock (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	49,780,365	49,500,308
Common stock, shares outstanding	49,780,365	49,500,308

Condensed Statement of Operatio

Condensed Statement of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating expenses
Research and development	$ 12,402	$ 7,861	$ 23,526	$ 13,221
General and administrative	4,089	2,599	7,791	4,096
Total operating expenses	16,491	10,460	31,317	17,317
Loss from operations	(16,491)	(10,460)	(31,317)	(17,317)
Other income
Interest income	424	107	590	149
Total other income	424	107	590	149
Net loss	(16,067)	(10,353)	(30,727)	(17,168)
Other comprehensive loss:
Unrealized loss on available-for-sale securities	(404)	21	(1,822)	(33)
Total comprehensive loss	$ (16,471)	$ (10,332)	$ (32,549)	$ (17,201)
Net loss per share, basic (in dollars per share)	$ (0.32)	$ (0.21)	$ (0.62)	$ (0.67)
Net loss per share, diluted (in dollars per share)	$ (0.32)	$ (0.21)	$ (0.62)	$ (0.67)
Weighted-average shares outstanding, basic	49,622,752	49,258,449	49,583,886	25,540,922
Weighted-average shares outstanding, diluted	49,622,752	49,258,449	49,583,886	25,540,922

Condensed Statements of Convert

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity - 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) Income	Accumulated Deficit	Total
Balance, Beginning at Dec. 31, 2020							$ 727		$ (34,147)	$ (33,420)
Balance, Beginning (in shares) at Dec. 31, 2020						1,009,479
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Convertible preferred stock converted into shares of common stock						$ 4	160,210			160,214
Convertible preferred stock converted into shares of common stock (in shares)						35,557,569
Initial public offering of common stock net of offering costs						$ 1	186,147			186,148
Initial public offering of common stock net of offering costs (Shares)						12,650,000
Exercise of stock options							25			25
Exercise of stock options (shares)						37,263
Stock-based compensation							296			296
Other comprehensive income (loss)								$ (54)		(54)
Net loss									(6,815)	(6,815)
Balance, Ending at Mar. 31, 2021						$ 5	347,405	(54)	(40,962)	306,394
Balance, Ending (in shares) at Mar. 31, 2021						49,254,311
Balance, Beginning at Dec. 31, 2020	$ 15,484	$ 24,778	$ 25,056	$ 94,896	$ 160,214
Balance, Beginning (in shares) at Dec. 31, 2020	8,187,100	7,888,392	6,527,654	12,954,423
Increase (Decrease) in Temporary Equity [Roll Forward]
Convertible preferred stock converted into shares of common stock (in shares)	(8,187,100)	(7,888,392)	(6,527,654)	(12,954,423)
Balance, Beginning at Dec. 31, 2020							727		(34,147)	(33,420)
Balance, Beginning (in shares) at Dec. 31, 2020						1,009,479
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss										(17,168)
Balance, Ending at Jun. 30, 2021						$ 5	348,097	(33)	(51,315)	296,754
Balance, Ending (in shares) at Jun. 30, 2021						49,261,995
Balance, Beginning at Dec. 31, 2020	$ 15,484	$ 24,778	$ 25,056	$ 94,896	160,214
Balance, Beginning (in shares) at Dec. 31, 2020	8,187,100	7,888,392	6,527,654	12,954,423
Increase (Decrease) in Temporary Equity [Roll Forward]
Convertible preferred stock converted into shares of common stock	$ (15,484)	$ (24,778)	$ (25,056)	$ (94,896)	$ (160,214)
Balance, Beginning at Mar. 31, 2021						$ 5	347,405	(54)	(40,962)	306,394
Balance, Beginning (in shares) at Mar. 31, 2021						49,254,311
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options							5			5
Exercise of stock options (shares)						7,684
Stock-based compensation							687			687
Other comprehensive income (loss)								21		21
Net loss									(10,353)	(10,353)
Balance, Ending at Jun. 30, 2021						$ 5	348,097	(33)	(51,315)	296,754
Balance, Ending (in shares) at Jun. 30, 2021						49,261,995
Balance, Beginning at Dec. 31, 2021						$ 5	351,852	(514)	(76,960)	$ 274,383
Balance, Beginning (in shares) at Dec. 31, 2021						49,500,308				49,500,308
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options							73			$ 73
Exercise of stock options (shares)						55,998
Stock-based compensation							1,978			1,978
Other comprehensive income (loss)								(1,418)		(1,418)
Net loss									(14,660)	(14,660)
Balance, Ending at Mar. 31, 2022						$ 5	353,903	(1,932)	(91,620)	260,356
Balance, Ending (in shares) at Mar. 31, 2022						49,556,306
Balance, Beginning at Dec. 31, 2021						$ 5	351,852	(514)	(76,960)	$ 274,383
Balance, Beginning (in shares) at Dec. 31, 2021						49,500,308				49,500,308
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss										$ (30,727)
Balance, Ending at Jun. 30, 2022						$ 5	356,373	(2,336)	(107,687)	$ 246,355
Balance, Ending (in shares) at Jun. 30, 2022						49,780,365				49,780,365
Balance, Beginning at Mar. 31, 2022						$ 5	353,903	(1,932)	(91,620)	$ 260,356
Balance, Beginning (in shares) at Mar. 31, 2022						49,556,306
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options							255			255
Exercise of stock options (shares)						197,284
Purchase of common stock under employee stock purchase plan							178			178
Purchase of common stock under employee stock purchase plan (in shares)						26,775
Stock-based compensation							2,037			2,037
Other comprehensive income (loss)								(404)		(404)
Net loss									(16,067)	(16,067)
Balance, Ending at Jun. 30, 2022						$ 5	$ 356,373	$ (2,336)	$ (107,687)	$ 246,355
Balance, Ending (in shares) at Jun. 30, 2022						49,780,365				49,780,365

Condensed Statements of Conve_2

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Common Stock
Offering costs	$ 2.1

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net loss	$ (30,727,000)	$ (17,168,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	180,000	130,000
Stock-based compensation	4,015,000	983,000
Amortization (accretion) of premium (discount) on marketable securities, net	1,085,000
Amortization of right-of-use asset	101,000
Changes in assets and liabilities:
Prepaid expenses and other assets	(1,541,000)	(3,011,000)
Accounts payable	(1,467,000)	1,627,000
Accrued compensation	(773,000)	198,000
Accrued other expenses	243,000	1,415,000
Lease liability	67,000
Net cash used in operating activities	(28,817,000)	(15,826,000)
Cash flows from investing activities
Purchases of marketable securities	(77,707,000)	(231,802,000)
Sales of marketable securities	13,326,000
Maturities of marketable securities	96,644,000	7,200,000
Purchases of property and equipment	(923,000)	(138,000)
Net cash provided by (used in) investing activities	31,340,000	(224,740,000)
Cash flows from financing activities
Proceeds from initial public offering of common stock, net of underwriting discounts and commissions and offering costs		186,148,000
Payment of preferred stock issuance costs		(124,000)
Exercise of stock options	328,000	30,000
Payment of deferred offering costs	(254,000)
Proceeds from Employee Stock Purchase Plan	178,000
Net cash provided by financing activities	252,000	186,054,000
Net change in cash and cash equivalents	2,775,000	(54,512,000)
Cash and cash equivalents at beginning of period	15,566,000	104,916,000
Cash and cash equivalents at end of period	18,341,000	50,404,000
Supplemental disclosures of non-cash investing and financing activities:
Right-of-use asset obtained in exchange for new operating lease liability, net of tenant improvement receivable	1,672,000
Property and equipment purchases included in accounts payable	$ 451,000
Conversion of convertible preferred stock upon closing of initial public offering		$ 160,214,000

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	6 Months Ended
	Jun. 30, 2022
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 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. 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. The Board of Directors of the Company discusses with management macro-economic and geopolitical developments, including COVID-19, the Russia/-Ukraine conflict and inflation and the impact on the Company’s personnel, cybersecurity and sanctions so that the Company can be prepared to react to new developments as they arise. ​ Liquidity and Capital Resources The Company has an accumulated deficit of $107.7 million and cash, cash equivalents and marketable securities of $248.4 million as of June 30, 2022. 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 filed: (i) on April 1, 2022, a shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission (SEC) that became effective on May 5, 2022 and allows us to undertake various equity and debt offerings up to $400,000,000; and (ii) on May 5, 2022 a prospectus supplement to the shelf registration statement that covers the offering, issuance and sale of up to $125 million of our common stock from time to time through an “at-the-market” program under the Securities Act of 1933, as amended (Securities Act). ​ 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 $248.4 million of cash, cash equivalents and marketable securities on hand as of June 30, 2022 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	6 Months Ended
	Jun. 30, 2022
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 U.S. generally accepted accounting principles (U.S. GAAP) and applicable rules and regulations of the SEC for interim reporting. As permitted under those rules and regulations, certain notes or other financial information normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The interim condensed financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal, recurring adjustments that are necessary to present fairly the Company’s results for the interim periods presented. The condensed balance sheet as of December 31, 2021, is derived from the Company’s audited financial statements. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022, or for any other future annual or interim period. The accompanying interim unaudited condensed financial statements should be read in conjunction with our audited financial statements included in our Annual Report on Form 10-K that was filed with the SEC on February 24, 2022. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation of our financial position as of June 30, 2022, the results of operations for the three and six months ended June 30, 2022 and 2021 and cash flows for the six months ended June 30, 2022 and 2021 have been made. 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 June 30, 2022 and December 31, 2021 primarily consist of money market accounts and cash. 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 June 30, 2022 and December 31, 2021 were $0.3 million and $0, 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 Leases The Company accounts for its leases under Accounting Standards Codification (ASC) Topic 842, Leases (ASC 842). At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Leases with a term greater than 12 months are recognized on the balance sheet as Right-of-Use (ROU) assets and current and non-current lease liabilities, as applicable. The Company has elected not to recognize on the balance sheet leases with terms of 12 months or less. The Company typically only includes an initial lease term in its assessment of a lease arrangement. Options to renew a lease are not included in the Company’s assessment unless there is reasonable certainty that the Company will renew. The Company monitors its material leases on a quarterly basis. ​ Operating lease liabilities and their corresponding ROU assets are recorded based on the present value of future lease payments over the expected remaining lease term. Lease cost for operating leases is recognized on a straight-line basis over the lease term as an operating expense. Certain adjustments to the ROU asset may be required for items such as lease prepayments or incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. For all asset classes of its leases, the Company has elected to account for the lease and non-lease components together for existing classes of underlying asset. Costs determined to be variable and not based on an index or rate are not include in the measurement of the lease liability. 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 three and six months ended June 30, 2022 and 2021, 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 its believes it is more likely than not that the full benefit of these net deferred tax assets will not be realized. 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 June 30, 2022. 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 may classify certain 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 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 realized 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 June 30, 2022 ​ ​ Fair Value ​ Amortized ​ Unrealized ​ Unrealized ​ Fair Market ​ Hierarchy Cost Basis Gains Losses Value Cash equivalents: ​ ​ ​ ​ Money market funds Level 1 ​ $ 18,240 ​ $ — ​ $ — ​ $ 18,240 Marketable securities, available for sale: ​ ​ ​ ​ ​ Asset-backed securities Level 2 ​ 23,096 ​ — ​ (140) ​ 22,956 Corporate debt securities Level 2 ​ 83,823 ​ — ​ (866) ​ 82,957 Commercial paper Level 2 ​ 43,881 ​ — ​ — ​ 43,881 U.S. government treasury and agency securities ​ Level 2 ​ 59,357 ​ — ​ (1,001) ​ 58,356 Supranational and sovereign government securities ​ Level 2 ​ 22,233 ​ — ​ (329) ​ 21,904 Total financial assets ​ $ 250,630 ​ $ — ​ $ (2,336) ​ $ 248,294 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 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 three and six months ended June 30, 2022, there were no transfers of financial assets between Level 1 and Level 2. As of June 30, 2022, the remaining contractual maturities of $207.6 million of marketable securities were less than one year one two 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 June 30, 2022 were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities. Comprehensive Loss Comprehensive 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 loss was net unrealized 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 Adopted Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (ASU 2016-02), which requires the lessee to recognize a ROU asset and a lease liability for operating leases, initially measured at the present value of lease payments, in its consolidated balance sheet. The Company adopted ASU 2016-02 effective January 1, 2022, using the alternative modified transition method, which applies ASU 2016-02 as of the adoption date and therefore, the Company has not applied the standard to the comparative periods presented in the Company's financial statements. The Company elected the “package of practical expedients,” which permits the Company to not reassess its prior conclusions about lease identification, lease classification and initial direct costs. The Company also elected the hindsight practical expedient to determine the lease term, the practical expedient to not separate lease and non-lease components and the policy election to not recognize ROU assets or lease liabilities for short-term leases. The adoption of ASC 842 did not have a material effect on our balance sheet as of January 1, 2022 due to the terms related to our existing leases.

CONVERTIBLE PREFERRED STOCK AND

CONVERTIBLE PREFERRED STOCK AND COMMON STOCK	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 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 June 30, 2022. 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. On April 1, 2022, the Company entered into a Sales Agreement with Cowen and Company, LLC, as the Company’s sales agent pursuant to which the Company may offer and sell from time to time through the Agents up to $125 million in shares (the “Shares”) of the Company’s common stock through an “at-the-market” program. The Shares will be offered and sold pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-264083) which was declared effective on May 5, 2022. The Company filed a prospectus supplement dated May 5, 2022 with the SEC in connection with the offer and sale of the Shares. As of June 30, 2022, the Company has not sold any shares under this arrangement.

STOCK-BASED COMPENSATION AWARDS

STOCK-BASED COMPENSATION AWARDS	6 Months Ended
	Jun. 30, 2022
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 5,040,000 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. In February 2022, the number of shares of common stock authorized for issuance under the 2021 Plan was increased from 5,040,000 to 7,515,015 . As of June 30, 2022, 5,055,018 shares remained available for future grant under the 2021 Plan. ​ 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 June 30, 2022, 1,531,780 options were outstanding and exercisable. There were no options exercised during the three and six months ended June 30, 2022. Total stock-based compensation expense related to all equity awards granted was allocated as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, ​ 2022 2021 2022 2021 Research and development ​ $ 1,193 $ 471 $ 2,409 $ 615 General and administrative ​ 844 ​ 216 ​ 1,606 ​ 368 Total stock-based compensation expense ​ $ 2,037 ​ $ 687 ​ $ 4,015 ​ $ 983 ​ Grant of stock options During the six months ended June 30, 2022, the Company issued 335,248 stock options with a fair value of $2.1 million that vest over a weighted average period of 2.5 years. Restricted Stock Units During the six months ended June 30, 2022, the Company issued 268,031 restricted stock units with a fair value of $2.1 million that vest over a period of 3 years.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2022
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. As of June 30, 2022, the Company has paid $0.5 million to OSIF under the license agreement. Lease Agreements In January 2022, we entered into a lease agreement for approximately 18,614 square feet of office and laboratory space in Boulder, Colorado (the “New Boulder Lease”) with aggregate payments of approximately $3.3 million over the initial 8.2-year term of the lease. The Company has the option to extend the New Boulder Lease for two additional terms of five years each. Further, the Company provided a standby letter of credit (LOC) of $0.8 million during the term of the lease as collateral for the Company’s obligations under the lease. Provided there has been no event of default by the Company during the initial 36-month term, the Company will replace the initial LOC with a replacement LOC in the amount of $0.5 million. The lease agreement includes a tenant improvement allowance for $1.0 million of construction costs to be reimbursed 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. The Company is obligated to pay the lessor an amount not to exceed 5% of the net rents from the property for operating costs. Such amounts are not included in the measurement of the lease liability but will be recognized as variable lease expense when they are incurred. The New Boulder Lease is classified as an operating lease. The Company recorded lease liabilities and ROU lease assets for the New Boulder Lease based on the present value of lease payments over the expected lease term, discounted using the Company’s incremental borrowing rate. The option to extend the New Boulder Lease was not recognized as part of the Company’s lease liability and ROU lease asset, as such extensions are not reasonably certain to occur. As of June 30, 2022, the weighted-average remaining lease term and the weighted-average discount rate for the New Boulder Lease was 7.8 years and 6%, respectively. Rent expense under the New Boulder Lease was $101,000 and $168,000 for the three and six months ended June 30, 2022, respectively and $0 for the three and six months ended June 30, 2021. Tenant improvements totaling $822,000 incurred during the six months ended June 30, 2022 are expected to be reimbursed by the lessor during the year ended December 31, 2022. ​ ​ ​ ​ ​ ​ As of December 31, 2021, future minimum lease payments totaled $141,000, all of which will be paid in 2022. Future minimum lease payments under the New Boulder Lease as of June 30, 2022 are as follows (in thousands): ​ ​ ​ ​ Year Ending December 31, ​ ​ 2022, remainder ​ $ — 2023 ​ ​ 328 2024 ​ 446 2025 ​ ​ 457 2026 ​ ​ 468 Thereafter ​ ​ 1,602 Total undiscounted future minimum lease payments ​ ​ 3,301 Less: discount ​ ​ 739 Less: tenant improvement receivable ​ ​ 822 Total lease liability ​ $ 1,740 ​ The Company additionally leases office and lab space under lease agreements which were extended in July 2022, to expire in August 2023. These leases were excluded from our lease liability and ROU asset calculations due to their short-term nature. Future minimum lease payments under these short-term leases as of June 30, 2022 total $33,000 , all of which will be paid through the end of fiscal year 2022. Total rent expense under these short term leases were $54,000 and $108,000 for the three and six months ended June 30, 2022, respectively and $22,000 and $44,000 for the three and six months ended June 30, 2021. ​ 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 three and six months ended June 30, 2022 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 June 30, 2022.

NET LOSS PER SHARE

NET LOSS PER SHARE	6 Months Ended
	Jun. 30, 2022
NET LOSS PER SHARE
NET LOSS PER SHARE	NOTE 6 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, ​ ​ 2022 2021 2022 2021 ​ Numerator ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (16,067) ​ $ (10,353) ​ $ (30,727) ​ $ (17,168) ​ Denominator ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding used in computing net loss per share, basic and diluted ​ ​ 49,622,752 ​ ​ 49,258,449 ​ ​ 49,583,886 ​ ​ 25,540,922 ​ Net loss per share, basic and diluted ​ $ (0.32) ​ $ (0.21) ​ $ (0.62) ​ $ (0.67) ​ ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, ​ ​ 2022 2021 2022 2021 ​ Options to purchase common stock ​ ​ 9,023,773 ​ ​ 7,649,179 ​ ​ 9,056,687 ​ ​ 7,511,020 ​ Unvested restricted stock units ​ ​ 176,724 ​ ​ — ​ ​ 88,850 ​ ​ — ​ Convertible preferred stock ​ ​ — ​ ​ — ​ ​ — ​ ​ 17,484,116 ​ Total ​ ​ 9,200,497 ​ ​ 7,649,179 ​ ​ 9,145,537 ​ ​ 24,995,136 ​ ​

ACCRUED OTHER EXPENSES

ACCRUED OTHER EXPENSES	6 Months Ended
	Jun. 30, 2022
ACCRUED OTHER EXPENSES
ACCRUED OTHER EXPENSES	NOTE 7 ACCRUED OTHER EXPENSES Accrued other expenses consisted of the following amounts (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ 2022 2021 Accrued research and development costs ​ $ 3,456 ​ $ 3,470 Accrued other ​ ​ 804 ​ ​ 411 Total accrued other expenses ​ $ 4,260 ​ $ 3,881 ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying financial statements have been prepared in conformity with U.S. generally accepted accounting principles (U.S. GAAP) and applicable rules and regulations of the SEC for interim reporting. As permitted under those rules and regulations, certain notes or other financial information normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The interim condensed financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal, recurring adjustments that are necessary to present fairly the Company’s results for the interim periods presented. The condensed balance sheet as of December 31, 2021, is derived from the Company’s audited financial statements. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022, or for any other future annual or interim period. The accompanying interim unaudited condensed financial statements should be read in conjunction with our audited financial statements included in our Annual Report on Form 10-K that was filed with the SEC on February 24, 2022. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation of our financial position as of June 30, 2022, the results of operations for the three and six months ended June 30, 2022 and 2021 and cash flows for the six months ended June 30, 2022 and 2021 have been made.
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 June 30, 2022 and December 31, 2021 primarily consist of money market accounts and cash.
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 June 30, 2022 and December 31, 2021 were $0.3 million and $0, 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
Leases	Leases The Company accounts for its leases under Accounting Standards Codification (ASC) Topic 842, Leases (ASC 842). At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Leases with a term greater than 12 months are recognized on the balance sheet as Right-of-Use (ROU) assets and current and non-current lease liabilities, as applicable. The Company has elected not to recognize on the balance sheet leases with terms of 12 months or less. The Company typically only includes an initial lease term in its assessment of a lease arrangement. Options to renew a lease are not included in the Company’s assessment unless there is reasonable certainty that the Company will renew. The Company monitors its material leases on a quarterly basis. ​ Operating lease liabilities and their corresponding ROU assets are recorded based on the present value of future lease payments over the expected remaining lease term. Lease cost for operating leases is recognized on a straight-line basis over the lease term as an operating expense. Certain adjustments to the ROU asset may be required for items such as lease prepayments or incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. For all asset classes of its leases, the Company has elected to account for the lease and non-lease components together for existing classes of underlying asset. Costs determined to be variable and not based on an index or rate are not include in the measurement of the lease liability.
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 three and six months ended June 30, 2022 and 2021, 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 its believes it is more likely than not that the full benefit of these net deferred tax assets will not be realized. 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 June 30, 2022.
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 may classify certain 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 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 realized 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 June 30, 2022 ​ ​ Fair Value ​ Amortized ​ Unrealized ​ Unrealized ​ Fair Market ​ Hierarchy Cost Basis Gains Losses Value Cash equivalents: ​ ​ ​ ​ Money market funds Level 1 ​ $ 18,240 ​ $ — ​ $ — ​ $ 18,240 Marketable securities, available for sale: ​ ​ ​ ​ ​ Asset-backed securities Level 2 ​ 23,096 ​ — ​ (140) ​ 22,956 Corporate debt securities Level 2 ​ 83,823 ​ — ​ (866) ​ 82,957 Commercial paper Level 2 ​ 43,881 ​ — ​ — ​ 43,881 U.S. government treasury and agency securities ​ Level 2 ​ 59,357 ​ — ​ (1,001) ​ 58,356 Supranational and sovereign government securities ​ Level 2 ​ 22,233 ​ — ​ (329) ​ 21,904 Total financial assets ​ $ 250,630 ​ $ — ​ $ (2,336) ​ $ 248,294 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 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 three and six months ended June 30, 2022, there were no transfers of financial assets between Level 1 and Level 2. As of June 30, 2022, the remaining contractual maturities of $207.6 million of marketable securities were less than one year one two 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 June 30, 2022 were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities.
Comprehensive Loss	Comprehensive Loss Comprehensive 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 loss was net unrealized 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.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 ​ ​ Fair Value ​ Amortized ​ Unrealized ​ Unrealized ​ Fair Market ​ Hierarchy Cost Basis Gains Losses Value Cash equivalents: ​ ​ ​ ​ Money market funds Level 1 ​ $ 18,240 ​ $ — ​ $ — ​ $ 18,240 Marketable securities, available for sale: ​ ​ ​ ​ ​ Asset-backed securities Level 2 ​ 23,096 ​ — ​ (140) ​ 22,956 Corporate debt securities Level 2 ​ 83,823 ​ — ​ (866) ​ 82,957 Commercial paper Level 2 ​ 43,881 ​ — ​ — ​ 43,881 U.S. government treasury and agency securities ​ Level 2 ​ 59,357 ​ — ​ (1,001) ​ 58,356 Supranational and sovereign government securities ​ Level 2 ​ 22,233 ​ — ​ (329) ​ 21,904 Total financial assets ​ $ 250,630 ​ $ — ​ $ (2,336) ​ $ 248,294 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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

STOCK-BASED COMPENSATION AWAR_2

STOCK-BASED COMPENSATION AWARDS (Tables)	6 Months Ended
	Jun. 30, 2022
STOCK-BASED COMPENSATION AWARDS
Schedule of stock-based compensation expense	Total stock-based compensation expense related to all equity awards granted was allocated as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, ​ 2022 2021 2022 2021 Research and development ​ $ 1,193 $ 471 $ 2,409 $ 615 General and administrative ​ 844 ​ 216 ​ 1,606 ​ 368 Total stock-based compensation expense ​ $ 2,037 ​ $ 687 ​ $ 4,015 ​ $ 983

COMMITMENT AND CONTINGENCIES (T

COMMITMENT AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2022
COMMITMENTS AND CONTINGENCIES.
Summary of maturities of leases	​ ​ ​ ​ ​ ​ As of December 31, 2021, future minimum lease payments totaled $141,000, all of which will be paid in 2022. Future minimum lease payments under the New Boulder Lease as of June 30, 2022 are as follows (in thousands): ​ ​ ​ ​ Year Ending December 31, ​ ​ 2022, remainder ​ $ — 2023 ​ ​ 328 2024 ​ 446 2025 ​ ​ 457 2026 ​ ​ 468 Thereafter ​ ​ 1,602 Total undiscounted future minimum lease payments ​ ​ 3,301 Less: discount ​ ​ 739 Less: tenant improvement receivable ​ ​ 822 Total lease liability ​ $ 1,740

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2022
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, ​ ​ 2022 2021 2022 2021 ​ Numerator ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (16,067) ​ $ (10,353) ​ $ (30,727) ​ $ (17,168) ​ Denominator ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding used in computing net loss per share, basic and diluted ​ ​ 49,622,752 ​ ​ 49,258,449 ​ ​ 49,583,886 ​ ​ 25,540,922 ​ Net loss per share, basic and diluted ​ $ (0.32) ​ $ (0.21) ​ $ (0.62) ​ $ (0.67) ​
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, ​ ​ 2022 2021 2022 2021 ​ Options to purchase common stock ​ ​ 9,023,773 ​ ​ 7,649,179 ​ ​ 9,056,687 ​ ​ 7,511,020 ​ Unvested restricted stock units ​ ​ 176,724 ​ ​ — ​ ​ 88,850 ​ ​ — ​ Convertible preferred stock ​ ​ — ​ ​ — ​ ​ — ​ ​ 17,484,116 ​ Total ​ ​ 9,200,497 ​ ​ 7,649,179 ​ ​ 9,145,537 ​ ​ 24,995,136 ​

ACCRUED OTHER EXPENSES (Tables)

ACCRUED OTHER EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2022
ACCRUED OTHER EXPENSES
Schedule of accrued other expenses	Accrued other expenses consisted of the following amounts (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of December 31, ​ 2022 2021 Accrued research and development costs ​ $ 3,456 ​ $ 3,470 Accrued other ​ ​ 804 ​ ​ 411 Total accrued other expenses ​ $ 4,260 ​ $ 3,881

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details) - USD ($)			3 Months Ended	6 Months Ended
	May 05, 2022	Mar. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Net proceeds				$ 186,148,000
Offering expenses				$ 124,000
Outstanding common stock					49,780,365		49,500,308
Accumulated deficit					$ 107,687,000		$ 76,960,000
Cash, cash equivalents and marketable securities					$ 248,400,000
Shelf registration, maximum potential offering proceeds	$ 400,000,000
Common Stock
Subsidiary, Sale of Stock [Line Items]
Shares issued			12,650,000
Outstanding common stock			49,254,311	49,261,995	49,780,365	49,556,306	49,500,308	1,009,479
Shelf registration, maximum potential offering proceeds	$ 125,000,000
IPO
Subsidiary, Sale of Stock [Line Items]
Shares issued		12,650,000
Share price		$ 16
Net proceeds		$ 186,100,000
Underwriting discounts and commissions		14,200,000
Offering expenses		$ 2,100,000
IPO | Convertible preferred stock
Subsidiary, Sale of Stock [Line Items]
Outstanding common stock		35,557,569
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Shares issued		1,650,000

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Segment Information
Number of operating segment | segment			1
Property and Equipment
Depreciation expense	$ 97,000	$ 51,000	$ 180,000	$ 130,000
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets	0	$ 0	0	$ 0
Income Taxes.
Uncertain tax positions	0		0
Recently Accounting Pronouncements
ROU Assets	1,571,000		$ 1,571,000
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	$ 300,000		$ 300,000		$ 0

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Marketable Securities, Available For Sale
Cash and cash equivalents	$ 18,341	$ 15,566
Fair Value, Recurring
Marketable Securities, Available For Sale
Amortized Cost Basis, Marketable securities, available for sale	250,630	281,203
Unrealized Losses, Marketable securities, available for sale	(2,336)	(514)
Fair Market Value, Marketable securities, available for sale	248,294	280,689
Fair Value, Recurring | Level 1 | Money market funds
Marketable Securities, Available For Sale
Cash and cash equivalents	18,240	15,466
Cash equivalents, Fair Market Value	18,240	15,466
Fair Value, Recurring | Level 2 | Commercial paper
Marketable Securities, Available For Sale
Amortized Cost Basis, Marketable securities, available for sale	43,881	58,970
Fair Market Value, Marketable securities, available for sale	43,881	58,970
Fair Value, Recurring | Level 2 | Asset-backed securities
Marketable Securities, Available For Sale
Amortized Cost Basis, Marketable securities, available for sale	23,096	36,681
Unrealized Losses, Marketable securities, available for sale	(140)	(42)
Fair Market Value, Marketable securities, available for sale	22,956	36,639
Fair Value, Recurring | Level 2 | Corporate debt securities
Marketable Securities, Available For Sale
Amortized Cost Basis, Marketable securities, available for sale	83,823	88,084
Unrealized Losses, Marketable securities, available for sale	(866)	(160)
Fair Market Value, Marketable securities, available for sale	82,957	87,924
Fair Value, Recurring | Level 2 | U.S. government treasury and agency securities
Marketable Securities, Available For Sale
Amortized Cost Basis, Marketable securities, available for sale	59,357	59,596
Unrealized Losses, Marketable securities, available for sale	(1,001)	(222)
Fair Market Value, Marketable securities, available for sale	58,356	59,374
Fair Value, Recurring | Level 2 | Supranational and sovereign government securities
Marketable Securities, Available For Sale
Amortized Cost Basis, Marketable securities, available for sale	22,233	22,406
Unrealized Losses, Marketable securities, available for sale	(329)	(90)
Fair Market Value, Marketable securities, available for sale	$ 21,904	$ 22,316

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Financial Assets Transfers and Maturities (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Remaining contractual maturities
Less than one year	$ 207.6
One year through three years	$ 24.8
Minimum
Remaining contractual maturities
Maturity Period	1 year
Maximum
Remaining contractual maturities
Maturity Period	3 years

CONVERTIBLE PREFERRED STOCK A_2

CONVERTIBLE PREFERRED STOCK AND COMMON STOCK - Narrative (Details) $ / shares in Units, $ in Millions	Apr. 01, 2022 USD ($)	Apr. 01, 2021 shares	Mar. 30, 2021 $ / shares shares	Jun. 30, 2022 Vote $ / shares shares	Dec. 31, 2021 $ / shares shares
Class of Stock [Line Items]
Total shares authorized				1,200,000,000
Common stock authorized (in shares)				1,000,000,000	1,000,000,000
Preferred stock, shares authorized (in shares)				200,000,000	200,000,000
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
IPO
Class of Stock [Line Items]
Shares issued			12,650,000
Share Price | $ / shares			$ 16
At-the-market program
Class of Stock [Line Items]
Sales agreement, common stock available, amount | $	$ 125
Preferred stock
Class of Stock [Line Items]
Convertible preferred stock, shares outstanding				0
Convertible preferred stock | IPO
Class of Stock [Line Items]
Number of common stock issued upon conversion		35,557,569

STOCK-BASED COMPENSATION AWAR_3

STOCK-BASED COMPENSATION AWARDS - Equity Incentive Plans (Details) - shares	1 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2022	Feb. 28, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of stock options (in years)		2 years 6 months
Options granted (in shares)		335,248
Common stock, shares authorized		1,000,000,000		1,000,000,000
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of stock options (in years)	4 years
Expiration period (in years)	10 years
Shares available for future grant		5,055,018
Percentage of outstanding shares		5%
2021 Equity Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized			5,040,000
2021 Equity Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant		5,040,000
Common stock, shares authorized			7,515,015
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		5,040,000

STOCK-BASED COMPENSATION AWAR_4

STOCK-BASED COMPENSATION AWARDS - Founder Stock Options (Details) - $ / shares		3 Months Ended	6 Months Ended
	Sep. 19, 2017	Jun. 30, 2022	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)			335,248
Vesting of period (in years)			2 years 6 months
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
Options outstanding (in shares)		1,531,780	1,531,780
Exercise of stock options (shares)		0	0

STOCK-BASED COMPENSATION AWAR_5

STOCK-BASED COMPENSATION AWARDS - Stock based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 2,037	$ 687	$ 4,015	$ 983
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,193	471	2,409	615
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 844	$ 216	$ 1,606	$ 368

STOCK-BASED COMPENSATION AWAR_6

STOCK-BASED COMPENSATION AWARDS - Grant of stock options (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) shares
STOCK-BASED COMPENSATION AWARDS
Options granted (in shares) | shares	335,248
Grant date fair value of options | $	$ 2.1
Vesting of period (in years)	2 years 6 months

STOCK-BASED COMPENSATION AWAR_7

STOCK-BASED COMPENSATION AWARDS - Restricted Stock Units (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of period (in years)	2 years 6 months
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares	268,031
Grant date fair value of shares | $	$ 2.1
Vesting of period (in years)	3 years

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	1 Months Ended	3 Months Ended		6 Months Ended		19 Months Ended
	Jan. 31, 2022	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jan. 22, 2022 USD ($) ft² item	Dec. 31, 2021 USD ($)	Nov. 20, 2020 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate lease amount payable over the lease term								$ 141,000
Office and laboratory space in Boulder, Colorado (the "New Boulder Lease")
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Area of property under lease | ft²							18,614
Aggregate lease amount payable over the lease term		$ 3,301,000		$ 3,301,000		$ 3,301,000	$ 3,300,000
Term of lease (in years)							8 years 2 months 12 days
Number of terms option to extend the lease | item							2
Number of years in additional terms in option to extend the lease							5 years
Initial term of no default condition for replacement of letter of credit	36 months
Tenant improvement allowance							$ 1,000,000
Interest rate (in percent)							6%
Maximum percentage of net rent, payable to Lessor for operating costs							5%
Weighted-average remaining lease term		7 years 9 months 18 days		7 years 9 months 18 days		7 years 9 months 18 days
Weighted-average discount rate		6%		6%		6%
Rent expense		$ 101,000	$ 0	$ 168,000	$ 0
Total tenant improvements incurred				822,000
Future minimum payments under short term leases		33,000		33,000		$ 33,000
Short term lease expense		$ 54,000	$ 22,000	$ 108,000	$ 44,000
Office and laboratory space in Boulder, Colorado (the "New Boulder Lease") | Letter of credit
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Amount of Standby Letter of Credit							$ 800,000
Office and laboratory space in Boulder, Colorado (the "New Boulder Lease") | Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Tenant improvement allowance							2,000,000
Office and laboratory space in Boulder, Colorado (the "New Boulder Lease") | No Event of Default During Initial 36-Month Lease Term | Letter of credit
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Amount of Standby Letter of Credit							$ 500,000
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
Payments under license agreement						$ 500,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Future minimum lease payments (Details) - USD ($)	Jun. 30, 2022	Jan. 22, 2022	Dec. 31, 2021
Future minimum lease payment
Total undiscounted future minimum lease payments			$ 141,000
Office and laboratory space in Boulder, Colorado (the "New Boulder Lease")
Future minimum lease payment
2023	$ 328,000
2024	446,000
2025	457,000
2026	468,000
Thereafter	1,602,000
Total undiscounted future minimum lease payments	3,301,000	$ 3,300,000
Less: discount	739,000
Less: tenant improvement receivable	822,000
Total lease liability	$ 1,740,000

NET LOSS PER SHARE - Computatio

NET LOSS PER SHARE - Computation of Net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator
Net loss	$ (16,067)	$ (14,660)	$ (10,353)	$ (6,815)	$ (30,727)	$ (17,168)
Denominator
Weighted-average shares outstanding used in computing net loss per share, basic	49,622,752		49,258,449		49,583,886	25,540,922
Weighted-average shares outstanding used in computing net loss per share, diluted	49,622,752		49,258,449		49,583,886	25,540,922
Net loss per share, basic	$ (0.32)		$ (0.21)		$ (0.62)	$ (0.67)
Net loss per share, diluted	$ (0.32)		$ (0.21)		$ (0.62)	$ (0.67)

NET LOSS PER SHARE - Potentiall

NET LOSS PER SHARE - Potentially dilutive securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	9,200,497	7,649,179	9,145,537	24,995,136
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	9,023,773	7,649,179	9,056,687	7,511,020
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	176,724		88,850
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)				17,484,116

ACCRUED OTHER EXPENSES (Details

ACCRUED OTHER EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ACCRUED OTHER EXPENSES
Accrued research and development costs	$ 3,456	$ 3,470
Accrued other	804	411
Total accrued other expenses	$ 4,260	$ 3,881