Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 03, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Amendment Flag | false | |
Entity Central Index Key | 0001733257 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Period End Date | Sep. 30, 2021 | |
Entity File Number | 001-40227 | |
Entity Registrant Name | FINCH THERAPEUTICS GROUP, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 82-3433558 | |
Entity Address, Address Line One | 200 Inner Belt Road | |
Entity Address, Address Line Two | Suite 400 | |
Entity Address, City or Town | Somerville | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02143 | |
City Area Code | 617 | |
Local Phone Number | 229-6499 | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | FNCH | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 47,478,726 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 149,200 | $ 99,710 |
Accounts receivable | 2,399 | 1,034 |
Due from related party | 0 | 61 |
Prepaid expenses and other current assets | 4,568 | 5,359 |
Total current assets | 156,167 | 106,164 |
Property and equipment, net | 19,546 | 7,004 |
In-process research and development | 32,900 | 32,900 |
Goodwill | 18,057 | 18,057 |
Deferred initial public offering costs | 0 | 1,013 |
Restricted cash, non-current | 2,268 | 0 |
Other assets | 4,041 | 200 |
TOTAL ASSETS | 232,979 | 165,338 |
CURRENT LIABILITIES: | ||
Accounts payable | 1,382 | 2,621 |
Accrued expenses and other current liabilities | 7,469 | 5,228 |
Due to related party | 0 | 266 |
Deferred revenue, current portion | 0 | 3,371 |
Total current liabilities | 8,851 | 11,486 |
Deferred tax liability | 3,461 | 3,461 |
Deferred revenue, net of current portion | 0 | 10,260 |
Loan payable | 0 | 1,808 |
Deferred rent | 692 | 766 |
Other liabilities | 174 | 221 |
Total liabilities | 13,178 | 28,002 |
COMMITMENTS AND CONTINGENCIES (Note 8) | ||
STOCKHOLDERS’ EQUITY (DEFICIT): | ||
Common stock, $0.001 par value; 200,000,000 and 598,232,153 shares authorized as of September 30, 2021 and December 31, 2020, respectively; 47,454,962 and 8,391,793 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 47 | 8 |
Additional paid-in capital | 361,694 | 7,109 |
Accumulated deficit | (141,940) | (102,835) |
Total stockholders’ equity (deficit) | 219,801 | (95,718) |
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) | 232,979 | 165,338 |
Series A Redeemable Convertible Preferred Stock | ||
CURRENT LIABILITIES: | ||
Redeemable convertible preferred stock | 0 | 53,593 |
Series B Redeemable Convertible Preferred Stock | ||
CURRENT LIABILITIES: | ||
Redeemable convertible preferred stock | 0 | 36,336 |
Series C Redeemable Convertible Preferred Stock | ||
CURRENT LIABILITIES: | ||
Redeemable convertible preferred stock | 0 | 53,221 |
Series D Redeemable Convertible Preferred Stock | ||
CURRENT LIABILITIES: | ||
Redeemable convertible preferred stock | $ 0 | $ 89,904 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Temporary equity, shares outstanding | 0 | |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 598,232,153 |
Common stock, shares, issued | 47,454,962 | 8,391,793 |
Common stock, shares, outstanding | 47,454,962 | 8,391,793 |
Series A Redeemable Convertible Preferred Stock | ||
Temporary equity, par value | $ 0.001 | $ 0.001 |
Temporary equity, shares authorized | 0 | 167,496,750 |
Temporary equity, shares issued | 0 | 11,596,280 |
Temporary equity, shares outstanding | 0 | 11,596,280 |
Series B Redeemable Convertible Preferred Stock | ||
Temporary equity, par value | $ 0.001 | $ 0.001 |
Temporary equity, shares authorized | 0 | 74,620,739 |
Temporary equity, shares issued | 0 | 5,166,203 |
Temporary equity, shares outstanding | 0 | 5,166,203 |
Series C Redeemable Convertible Preferred Stock | ||
Temporary equity, par value | $ 0.001 | $ 0.001 |
Temporary equity, shares authorized | 0 | 109,604,994 |
Temporary equity, shares issued | 0 | 7,588,254 |
Temporary equity, shares outstanding | 0 | 7,588,254 |
Series D Redeemable Convertible Preferred Stock | ||
Temporary equity, par value | $ 0.001 | $ 0.001 |
Temporary equity, shares authorized | 0 | 99,705,359 |
Temporary equity, shares issued | 0 | 6,902,872 |
Temporary equity, shares outstanding | 0 | 6,902,872 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
REVENUE: | ||||
Total revenue | $ 11,343 | $ 1,771 | $ 17,726 | $ 5,912 |
OPERATING EXPENSES: | ||||
Research and development | (15,537) | (9,045) | (42,476) | (24,577) |
General and administrative | (5,739) | (2,807) | (16,173) | (7,639) |
Total operating expenses | (21,276) | (11,852) | (58,649) | (32,216) |
Net loss from operations | (9,933) | (10,081) | (40,923) | (26,304) |
OTHER INCOME (EXPENSE), NET: | ||||
Gain on extinguishment of PPP Loan | 1,827 | |||
Interest income (expense) | 8 | (7) | 14 | |
Other expense, net | (30) | (2) | (23) | (51) |
Total other income (expense), net | (22) | (9) | 1,818 | (54) |
Loss before income taxes | (9,955) | (10,090) | (39,105) | (26,250) |
Net loss | (9,955) | (10,090) | (39,105) | (26,250) |
Net loss attributable to common stockholders-basic and diluted (Note 14) | $ (9,955) | $ (10,090) | $ (39,105) | $ (26,250) |
Net loss per share attributable to common stockholders—basic and diluted | $ (0.21) | $ (1.22) | $ (1.07) | $ (3.25) |
Weighted-average common stock outstanding—basic and diluted | 47,445,195 | 8,258,537 | 36,408,506 | 8,065,730 |
Collaboration Revenue | ||||
REVENUE: | ||||
Total revenue | $ 11,343 | $ 1,733 | $ 17,726 | $ 5,582 |
Royalty Revenue From Related Party | ||||
REVENUE: | ||||
Total revenue | $ 38 | $ 330 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Total | OverAllotment Option | Redeemable Convertible Preferred Stock, $0.001 Par Value, Series A | Redeemable Convertible Preferred Stock, $0.001 Par Value, Series B | Redeemable Convertible Preferred Stock, $0.001 Par Value, Series C | Redeemable Convertible Preferred Stock, $0.001 Par Value, Series D | Common Stock | Common StockOverAllotment Option | Additional Paid-in Capital | Additional Paid-in CapitalOverAllotment Option | Accumulated Deficit |
Beginning Balance, Shares at Dec. 31, 2019 | 11,596,280 | 5,166,203 | 7,588,254 | ||||||||
Beginning Balance at Dec. 31, 2019 | $ 53,593 | $ 36,336 | $ 53,221 | ||||||||
Beginning Balance, Shares at Dec. 31, 2019 | 7,778,552 | ||||||||||
Beginning Balance at Dec. 31, 2019 | $ (59,535) | $ 8 | $ 3,951 | $ (63,494) | |||||||
Exercise of common stock options | 15 | 15 | |||||||||
Exercise of common stock options, Shares | 14,826 | ||||||||||
Vesting of restricted stock | 3 | 3 | |||||||||
Vesting of restricted stock, Shares | 183,744 | ||||||||||
Stock-based compensation | 75 | 75 | |||||||||
Net loss | (7,901) | (7,901) | |||||||||
Ending Balance, Shares at Mar. 31, 2020 | 11,596,280 | 5,166,203 | 7,588,254 | ||||||||
Ending Balance at Mar. 31, 2020 | $ 53,593 | $ 36,336 | $ 53,221 | ||||||||
Ending Balance, Shares at Mar. 31, 2020 | 7,977,122 | ||||||||||
Ending Balance at Mar. 31, 2020 | (67,343) | $ 8 | 4,044 | (71,395) | |||||||
Beginning Balance, Shares at Dec. 31, 2019 | 11,596,280 | 5,166,203 | 7,588,254 | ||||||||
Beginning Balance at Dec. 31, 2019 | $ 53,593 | $ 36,336 | $ 53,221 | ||||||||
Beginning Balance, Shares at Dec. 31, 2019 | 7,778,552 | ||||||||||
Beginning Balance at Dec. 31, 2019 | (59,535) | $ 8 | 3,951 | (63,494) | |||||||
Net loss | (26,250) | ||||||||||
Ending Balance, Shares at Sep. 30, 2020 | 11,596,280 | 5,166,203 | 7,588,254 | 6,902,872 | |||||||
Ending Balance at Sep. 30, 2020 | $ 53,593 | $ 36,336 | $ 53,221 | $ 89,904 | |||||||
Ending Balance, Shares at Sep. 30, 2020 | 8,364,625 | ||||||||||
Ending Balance at Sep. 30, 2020 | (85,532) | $ 8 | 4,204 | (89,744) | |||||||
Beginning Balance, Shares at Mar. 31, 2020 | 11,596,280 | 5,166,203 | 7,588,254 | ||||||||
Beginning Balance at Mar. 31, 2020 | $ 53,593 | $ 36,336 | $ 53,221 | ||||||||
Beginning Balance, Shares at Mar. 31, 2020 | 7,977,122 | ||||||||||
Beginning Balance at Mar. 31, 2020 | (67,343) | $ 8 | 4,044 | (71,395) | |||||||
Exercise of common stock options | 4 | 4 | |||||||||
Exercise of common stock options, Shares | 15,447 | ||||||||||
Vesting of restricted stock | 3 | 3 | |||||||||
Vesting of restricted stock, Shares | 181,810 | ||||||||||
Stock-based compensation | 85 | 85 | |||||||||
Net loss | (8,259) | (8,259) | |||||||||
Ending Balance, Shares at Jun. 30, 2020 | 11,596,280 | 5,166,203 | 7,588,254 | ||||||||
Ending Balance at Jun. 30, 2020 | $ 53,593 | $ 36,336 | $ 53,221 | ||||||||
Ending Balance, Shares at Jun. 30, 2020 | 8,174,379 | ||||||||||
Ending Balance at Jun. 30, 2020 | (75,510) | $ 8 | 4,136 | (79,654) | |||||||
Temporary equity, Exercise of common stock options | $ 89,904 | ||||||||||
Temporary equity, Exercise of common stock options, Shares | 6,902,872 | ||||||||||
Exercise of common stock options | 10 | 10 | |||||||||
Exercise of common stock options, Shares | 8,440 | ||||||||||
Vesting of restricted stock | 2 | 2 | |||||||||
Vesting of restricted stock, Shares | 181,806 | ||||||||||
Stock-based compensation | 56 | 56 | |||||||||
Net loss | (10,090) | (10,090) | |||||||||
Ending Balance, Shares at Sep. 30, 2020 | 11,596,280 | 5,166,203 | 7,588,254 | 6,902,872 | |||||||
Ending Balance at Sep. 30, 2020 | $ 53,593 | $ 36,336 | $ 53,221 | $ 89,904 | |||||||
Ending Balance, Shares at Sep. 30, 2020 | 8,364,625 | ||||||||||
Ending Balance at Sep. 30, 2020 | (85,532) | $ 8 | 4,204 | (89,744) | |||||||
Beginning Balance, Shares at Dec. 31, 2020 | 11,596,280 | 5,166,203 | 7,588,254 | 6,902,872 | |||||||
Beginning Balance at Dec. 31, 2020 | $ 53,593 | $ 36,336 | $ 53,221 | $ 89,904 | |||||||
Beginning Balance, Shares at Dec. 31, 2020 | 8,391,793 | ||||||||||
Beginning Balance at Dec. 31, 2020 | (95,718) | $ 8 | 7,109 | (102,835) | |||||||
Temporary Equity, Conversion of redeemable convertible preferred stock into common stock upon initial public offering, shares | 11,596,280 | 5,166,203 | 7,588,254 | 6,902,872 | |||||||
Temporary Equity, Conversion of redeemable convertible preferred stock into common stock upon initial public offering | $ 53,593 | $ 36,336 | $ 53,221 | $ 89,904 | |||||||
Conversion of redeemable convertible preferred stock into common stock upon initial public offering, shares | 31,253,609 | ||||||||||
Conversion of redeemable convertible preferred stock into common stock upon initial public offering | 233,053 | $ 31 | 233,022 | ||||||||
Net of underwriting discounts, commissions and net of offering costs and initial public offering costs | 115,714 | $ 8 | 115,706 | ||||||||
Number of shares issued | 7,500,000 | ||||||||||
Exercise of common stock options | 54 | 54 | |||||||||
Exercise of common stock options, Shares | 81,901 | ||||||||||
Stock-based compensation | 335 | 335 | |||||||||
Net loss | (13,981) | (13,981) | |||||||||
Ending Balance, Shares at Mar. 31, 2021 | 47,227,303 | ||||||||||
Ending Balance at Mar. 31, 2021 | 239,457 | $ 47 | 356,226 | (116,816) | |||||||
Beginning Balance, Shares at Dec. 31, 2020 | 11,596,280 | 5,166,203 | 7,588,254 | 6,902,872 | |||||||
Beginning Balance at Dec. 31, 2020 | $ 53,593 | $ 36,336 | $ 53,221 | $ 89,904 | |||||||
Beginning Balance, Shares at Dec. 31, 2020 | 8,391,793 | ||||||||||
Beginning Balance at Dec. 31, 2020 | (95,718) | $ 8 | 7,109 | (102,835) | |||||||
Net loss | $ (39,105) | ||||||||||
Ending Balance, Shares at Sep. 30, 2021 | 0 | 0 | 0 | 0 | 0 | ||||||
Ending Balance at Sep. 30, 2021 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Ending Balance, Shares at Sep. 30, 2021 | 47,454,962 | ||||||||||
Ending Balance at Sep. 30, 2021 | $ 219,801 | $ 47 | 361,694 | (141,940) | |||||||
Beginning Balance, Shares at Mar. 31, 2021 | 47,227,303 | ||||||||||
Beginning Balance at Mar. 31, 2021 | 239,457 | $ 47 | 356,226 | (116,816) | |||||||
Net of underwriting discounts, commissions and net of offering costs and initial public offering costs | $ 3,003 | $ 3,003 | |||||||||
Number of shares issued | 192,877 | ||||||||||
Exercise of common stock options | 7 | 7 | |||||||||
Exercise of common stock options, Shares | 6,793 | ||||||||||
Shares repurchased for cashless exercise | (10) | 10 | |||||||||
Shares repurchased for cashless exercise, Shares | 1,221 | ||||||||||
Stock-based compensation | 905 | 905 | |||||||||
Net loss | (15,169) | (15,169) | |||||||||
Ending Balance, Shares at Jun. 30, 2021 | 47,425,752 | ||||||||||
Ending Balance at Jun. 30, 2021 | 228,193 | $ 47 | 360,131 | (131,985) | |||||||
Exercise of common stock options | 48 | 48 | |||||||||
Exercise of common stock options, Shares | 29,210 | ||||||||||
Stock-based compensation | 1,515 | 1,515 | |||||||||
Net loss | $ (9,955) | (9,955) | |||||||||
Ending Balance, Shares at Sep. 30, 2021 | 0 | 0 | 0 | 0 | 0 | ||||||
Ending Balance at Sep. 30, 2021 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Ending Balance, Shares at Sep. 30, 2021 | 47,454,962 | ||||||||||
Ending Balance at Sep. 30, 2021 | $ 219,801 | $ 47 | $ 361,694 | $ (141,940) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | ||||||
Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Initial Public Offering | |||||||
Initial public offering costs | $ 11,786 | ||||||
OverAllotment Option | |||||||
Initial public offering costs | $ 276 | ||||||
Redeemable Convertible Preferred Stock, $0.001 Par Value, Series A | |||||||
Temporary equity, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Redeemable Convertible Preferred Stock, $0.001 Par Value, Series B | |||||||
Temporary equity, par value | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 |
Redeemable Convertible Preferred Stock, $0.001 Par Value, Series C | |||||||
Temporary equity, par value | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 |
Redeemable Convertible Preferred Stock, $0.001 Par Value, Series D | |||||||
Temporary equity, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (39,105) | $ (26,250) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 1,623 | 574 |
Stock-based compensation expense | 2,755 | 223 |
Gain on extinguishment of PPP Loan | (1,808) | 0 |
(Gain) loss on sale of property and equipment | (28) | 13 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,365) | 388 |
Due from related party | 61 | 3,278 |
Prepaid expenses and other current assets | 791 | (1,802) |
Other non-current assets | (3,824) | 0 |
Accounts payable | (1,297) | 448 |
Accrued expenses and other current liabilities | 2,784 | (112) |
Due to related party | (266) | 292 |
Deferred revenue | (13,630) | 1,340 |
Deferred rent | (37) | 337 |
Net cash used in operating activities | (53,346) | (21,047) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (13,981) | (487) |
Proceeds from sale of property and equipment | 62 | 0 |
Net cash used in investing activities | (13,919) | (487) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from initial public offering, net of underwriting discounts, commissions and offering costs | 118,575 | 0 |
Proceeds from issuance of series D convertible preferred stock | 0 | 90,000 |
Payment of Series D redeemable convertible preferred stock issuance costs | 0 | (96) |
Proceeds from underwriters' exercise of overallotment option, net of underwriting discounts and commissions and initial public offering costs | 3,049 | 0 |
Principal payments on capital lease obligation | (25) | (38) |
Proceeds from exercise of stock options, net | 100 | 30 |
Proceeds from PPP Loan | 0 | 1,808 |
Payment of deferred offering costs | (2,659) | 0 |
Net cash provided by financing activities | 119,040 | 91,704 |
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 51,775 | 70,170 |
Cash, cash equivalents and restricted cash at beginning of period | 99,909 | 42,396 |
Cash, cash equivalents and restricted cash at end of period | 151,684 | 112,566 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for interest | 7 | 8 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Property and equipment in accounts payable and accrued liabilities | 218 | 209 |
Conversion of redeemable convertible preferred stock into common stock | 233,053 | 0 |
Forgiveness of PPP Loan | $ 1,808 | $ 0 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Statement of Cash Flows [Abstract] | ||
Cash and cash equivalents | $ 149,200 | $ 112,366 |
Restricted cash | 2,484 | 200 |
Cash, cash equivalents and restricted cash at end of period | $ 151,684 | $ 112,566 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION Business Finch Therapeutics Group, Inc. (the “Company” or “FTG”) was incorporated in 2017 as a Delaware corporation. The Company was formed as a result of a merger and recapitalization of Finch Therapeutics, Inc. (“Finch”) and Crestovo Holdings LLC (“Crestovo”) in September 2017 (the “Merger”), in which the former owners of Finch and Crestovo were issued equivalent stakes in the newly formed company, FTG. Crestovo was renamed Finch Therapeutics Holdings LLC in November 2020 (“Finch Holdings”). Finch and Finch Holdings are both wholly-owned subsidiaries of FTG. The Company is a clinical-stage microbiome therapeutics company leveraging its Human-First Discovery® platform to develop a novel class of orally administered biological drugs. It is developing novel therapeutics designed to deliver missing microbes and their clinically relevant biochemical functions to correct dysbiosis and the diseases that emerge from it. The Company’s Human-First Discovery platform uses reverse translation to identify diseases of dysbiosis and to design microbiome therapeutics that address them. Its lead product candidate, CP101, delivers a complete microbiome and is being developed initially for the treatment of patients with recurrent Clostridioides difficile infection, or CDI. Initial Public Offering On March 18, 2021, the Company completed its initial public offering (“IPO”) in which the Company issued and sold 7,500,000 shares of its common stock at a public offering price of $ 17.00 per share, for aggregate gross proceeds of $ 127.5 million. The net proceeds from the IPO were $ 115.7 million after deducting underwriting discounts and commissions of $ 8.9 million and offering costs of $ 2.9 million. On April 20, 2021, the Company issued 192,877 additional shares of common stock, pursuant to the underwriters’ partial exercise of their overallotment option, at a public offering price of $ 17.00 per share for aggregate gross proceeds of $ 3.3 million and net proceeds of $ 3.0 million after deducting underwriting discounts, commissions and offering costs. In connection with the IPO, the Company’s board of directors (the “Board”) and stockholders approved an amended and restated certificate of incorporation to, among other things, effect a one-for-14.444 reverse stock split of the Company’s issued and outstanding shares of common stock and redeemable convertible preferred stock, as well as to effect a proportional adjustment to the existing conversion ratios for the Company’s redeemable convertible preferred stock. The reverse stock split was effected on March 12, 2021. Accordingly, all share and per share amounts of common stock for all periods presented in the accompanying unaudited interim condensed consolidated financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect this reverse stock split and adjustment of preferred stock conversion ratios. Upon the closing of the IPO, all of the then-outstanding shares of redeemable convertible preferred stock automatically converted into 31,253,609 shares of common stock at the applicable conversion ratio then in effect. Subsequent to the closing of the IPO, there were no shares of convertible preferred stock outstanding. COVID-19 Impact The extent of the impact of the COVID-19 pandemic on the Company’s business, operations and clinical development timelines and plans remains uncertain, and will depend on certain developments, including the duration and spread of the outbreak, including with respect to variants of the virus, and its impact on clinical trial enrollment, trial sites, contract research organizations, contract manufacturing organizations, and other third parties with whom the Company does business, as well as its impact on regulatory authorities and its key scientific and management personnel. While the Company is experiencing limited financial impacts at this time, given the global economic slowdown, the overall disruption of global healthcare systems and the other risks and uncertainties associated with the pandemic, the Company’s business, financial condition and results of operations ultimately could be materially adversely affected. The Company continues to closely monitor the COVID-19 pandemic as it evolves its business continuity plans, clinical development plans and response strategy. At this time, it is unknown how long the adverse conditions associated with the COVID-19 pandemic will last and what the complete financial effect will be to the Company. Liquidity and Capital Resources Management believes that the Company’s existing cash and cash equivalents, together with the net proceeds from the IPO, will allow the Company to continue its operations for at least the next 12 months from the date these financial statements are issued and therefore the conditions raising substantial doubt raised in prior periods have been alleviated. In the absence of a significant source of recurring revenue, the continued viability of the Company beyond that point is dependent on its ability to continue to raise additional capital to finance its operations. If the Company is unable to obtain additional funding, the Company may be forced to delay, reduce or eliminate some or all of its research and development ("R&D") programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared by the Company in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and, pursuant to the rules and regulations of Article 10 of Regulation S-X of the Securities Act published by the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes the disclosures are adequate. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s final prospectus dated March 18, 2021, filed with the SEC on March 22, 2021 pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the “Prospectus”). The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited financial statements. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments that are necessary for a fair presentation of the Company’s condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020, condensed consolidated statements of operations for the three and nine months ended September 30, 2021 and 2020, condensed consolidated statements of stockholders’ equity (deficit) for the three and nine months ended September 30, 2021 and 2020, and condensed consolidated cash flows for the nine months ended September 30, 2021 and 2020. Such adjustments are of a normal and recurring nature. The results of operations for the nine months ended September 30, 2021 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2021 . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies The significant accounting policies and estimates used in preparation of the unaudited interim consolidated financial statements are described in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2020 and the notes thereto, which are included in the Prospectus. Except as detailed below, there have been no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2021. Deferred Initial Public 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 initial public 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 initial public offering costs will be expensed immediately as a charge to operating expenses in the consolidated statement of operations and comprehensive loss. On March 18, 2021, the Company completed the IPO; accordingly, the Company recognized the deferred initial public offering costs of approximately $ 2.9 million as a reduction from gross proceeds associated with the IPO through additional paid-in capital in the accompanying condensed consolidated balance sheet. On April 20, 2021, the Company issued 192,877 additional shares of common stock, pursuant to the underwriters’ partial exercise of their overallotment option, and the Company recognized offering costs of less than $ 0.1 million as a reduction from gross proceeds associated with the overallotment through additional paid-in capital in the accompanying condensed consolidated balance sheet. Accordingly, there were no deferred offering costs as of September 30, 2021. Deferred offering costs on the accompanying condensed consolidated balance sheet as of December 31, 2020 were $ 1.0 million. Recently Issued Accounting Pronouncements There have been no new accounting pronouncements or changes to accounting pronouncements that could be expected to materially impact the Company’s unaudited condensed consolidated financial statements during the nine months ended September 30, 2021, as compared to the recent accounting pronouncements described in Note 2 of the Company’s audited financial statements as of and for the year ended December 31, 2020 , which are included in the Prospectus. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. FAIR VALUE MEASUREMENTS The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands): DESCRIPTION SEPTEMBER 30, QUOTED SIGNIFICANT SIGNIFICANT Asset Money market funds $ 148,154 $ 148,154 $ — $ — Total financial assets $ 148,154 $ 148,154 $ — $ — DESCRIPTION DECEMBER 31, QUOTED SIGNIFICANT SIGNIFICANT Asset Money market funds $ 98,677 $ 98,677 $ — $ — Total financial assets $ 98,677 $ 98,677 $ — $ — There were no transfers between fair value levels during the nine months ended September 30, 2021 and the year ended December 31, 2020 . The carrying values of accounts receivable, prepaid expenses, other current assets, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities. |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 4. PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following as of September 30, 2021 and December 31, 2020 (in thousands): SEPTEMBER 30, DECEMBER 31, Lab equipment $ 3,768 $ 2,363 Office furniture and fixtures 537 537 Leasehold improvements 2,143 2,143 Construction work-in-progress 11,396 2,635 Software 4,883 1,150 Computer equipment 367 205 Total $ 23,094 $ 9,033 Less: Accumulated depreciation ( 3,548 ) ( 2,029 ) Property and equipment, net $ 19,546 $ 7,004 Depreciation expense was $ 1.6 million and $ 0.6 million for the nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021 , the Company held $ 4.8 million of software and $ 0.2 million of lab equipment which was purchased from OpenBiome (See Note 12). As of December 31, 2020 , the Company held $ 1.2 million of software which was purchased from OpenBiome. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Expenses and Other Current Liabilities | 5. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following as of September 30, 2021 and December 31, 2020 (in thousands): SEPTEMBER 30, DECEMBER 31, Accrued research and development $ 2,295 $ 81 Accrued legal and professional fees 648 711 Accrued compensation and benefits 2,886 3,532 Accrued other 1,640 904 Total accrued expenses and other current liabilities $ 7,469 $ 5,228 |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 6. REVENUE Takeda Pharmaceutical Company Limited In January 2017, the Company entered into an agreement (the “Takeda Agreement”) with Millennium Pharmaceuticals, Inc., a wholly-owned subsidiary of Takeda Pharmaceutical Company Limited (“Takeda”), pursuant to which the Company granted Takeda a worldwide, exclusive license, with the right to grant sublicenses, under certain of its patents, patent applications and know-how to develop the Company’s microbiome therapeutic candidate FIN-524, now known as TAK-524, for the prevention, diagnosis, theragnosis or treatment of diseases in humans. The Company subsequently amended and restated the Takeda Agreement in October 2019 to provide for the Company to allocate certain resources towards determining the feasibility of developing a second microbiome therapeutic candidate, FIN-525. Under the terms of the Takeda Agreement, the Company agreed to design TAK-524, a product candidate optimized for ulcerative colitis, for Takeda based on selection criteria within a product-specific development plan. The Company also agreed to conduct a feasibility study to potentially further develop FIN-525, a product candidate optimized for the treatment of Crohn’s disease. The Company assessed this arrangement in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”) and concluded that the contract counterparty, Takeda, is a customer. [JF1] The Company identified the following material promises at the outset of the Takeda Agreement: (1) an exclusive license to use the Company’s intellectual property to conduct research activities; (2) R&D services for activities under the development plan; (3) two options to pursue different indications of research for the Company’s product candidates; (4) manufacturing and supply for the Company’s clinical trials; and (5) participation on a joint steering and joint development committee (“JSC” and “JDC”). The options were considered distinct from the other promises in the arrangement and analyzed for material rights; the Company concluded these were not material rights and the consideration related to them should be excluded as a performance obligation until the option is exercised. The Company determined that the remaining promises were not capable of being distinct from one another and were not distinct in the context of the contract. In accordance with the Company’s ASC 606 assessment, the Takeda Agreement was determined to contain a single combined performance obligation made up of the promises above, excluding the options. The FIN-525 feasibility study was determined to be part of the single combined performance obligation due to its connection to the original license and research and development activities. The FIN-525 feasibility study was completed in March 2021. Takeda can determine whether to initiate a full product specific development plan for FIN-525 following its review of the data from the Company’s feasibility study. The Company received an upfront payment from Takeda of $10.0 million in the year ended December 31, 2017 in exchange for the exclusive license of the Company’s intellectual property. The Company has included the upfront payment and the estimable reimbursable R&D costs in the transaction price and is recognizing revenue associated with it over the period it expects to perform R&D services. Under the original agreement the estimated term for the R&D and manufacturing services for which the Company had primary responsibility, was through Phase 1 clinical trials. On August 9, 2021, the Company and Takeda entered into an amendment to the Takeda Agreement (the “Amendment”). Pursuant to the Amendment, Finch and Takeda transitioned primary responsibility for such development and manufacturing activities from Finch to Takeda in accordance with an agreed upon transition plan, and Takeda also assumed sole responsibility for regulatory matters with respect to TAK-524. The Company accounted for the Amendment as a modification to the existing contract under ASC 606, as the Amendment significantly reduced the remaining performance obligations, which were then completed by September 30, 2021. As a result, the remaining revenue that had been deferred under the agreement was recognized in the third quarter of 2021 The Company recognized revenue related to the Takeda Agreement of $ 11.3 million and $ 1.7 million in the three months ended September 30, 2021 and 2020, respectively and $ 17.7 million and $ 5.6 million in the nine months ended September 30, 2021 and 2020, respectively, which is included under collaboration revenue in the condensed consolidated statements of operations. Takeda reimburses the Company for certain R&D costs on a quarterly basis. The Company recorded accounts receivable of $2.4 million and $1.0 million on its condensed consolidated balance sheets as of September 30, 2021, and December 31, 2020, respectively. As of September 30, 2021, there is no remaining deferred revenue due to the Company's satisfaction of the performance obligation. As of December 31, 2020 , the Company recorded deferred revenue of $ 13.6 million related to the Takeda Agreement. The Takeda Agreement contains various milestone payments associated with development and commercialization efforts that provide for a maximum available amount of $180.0 million should all of the milestones be achieved. These milestones are constrained until the Company determines it is probable that the cumulative revenue related to the milestones will not be reversed. As of September 30, 2021 , the Company has earned and received $ 4.0 million in milestone payments . The Company is still eligible to receive royalties under the Amendment and Takeda is obligated to pay the Company mid-to-high single digit royalties based on annual aggregate net sales of the licensed products, on a product-by-product basis, subject to certain restrictions. The Company did not receive any payments or record any revenues related to sales-based royalties under the Takeda Agreement in the nine months ended September 30, 2021 and 2020 . OpenBiome The Company and OpenBiome entered into an Asset Purchase and License Agreement (the “APL Agreement”) in February 2019 that was effective through November 2020. Under the APL Agreement, the Company licensed certain intellectual property and sold certain fecal microbiota transplantation, or FMT, materials and equipment to OpenBiome (see Note 8). The Company earned $ 0 and $ 0.3 million in royalty revenue related to the APL Agreement in the nine months ended September 30, 2021 and 2020, respectively, which is recorded as royalty revenue from related party on the Company’s condensed consolidated statements of operations. On November 19, 2020, the Company entered into the LMIC License Agreement (“LMIC Agreement”) with OpenBiome, pursuant to which the Company granted OpenBiome a non-exclusive license, with the right to grant sublicenses, under certain patents, patent applications, and know-how that are reasonably necessary or useful for the exploitation of products manufactured directly from donor-sourced stool without the use of culturing or replication, or certain natural products (“OpenBiome Royalty Products”). The license granted to OpenBiome excludes a license under the Company’s intellectual property to exploit a lyophilized natural product (such as CP101) where processed stool is lyophilized. The Company owns all improvements and modifications made to the licensed intellectual property throughout the term of the LMIC Agreement, while OpenBiome is responsible for all manufacturing efforts and all expenses associated with these efforts. The LMIC Agreement was entered into separately from the asset purchase agreement with OpenBiome (the "OpenBiome Agreement") (See Note 12) and the license granted under the LMIC Agreement is unrelated to the assets acquired under the OpenBiome Agreement. The only consideration provided to the Company under the LMIC Agreement is in the form of future royalties on net sales of OpenBiome Royalty Products. The Company is entitled to receive tiered royalties on net sales of certain products, ranging from mid single digit to low second decile digits on a product-by-product and country-by-country basis. In the event that OpenBiome is required to pay a royalty to a third party to obtain rights under patents owned or controlled by such third party that are necessary for the exercise of its rights under the Company’s intellectual property pursuant to the LMIC Agreement, then OpenBiome shall have the right to deduct a portion of the amount of the royalty due to the third party against the royalties that are due from OpenBiome to the Company. The Company has no t earned any of these royalty payments as of September 30, 2021. The LMIC Agreement will continue in perpetuity until the last royalty is earned under the LMIC Agreement unless otherwise terminated by either party. OpenBiome has the right to terminate the LMIC Agreement for convenience upon 90 days’ specified prior written notice to the Company. Either party may terminate the LMIC Agreement in the event of an uncured material breach by the other party. The Company did no t recognize any revenue related to the LMIC Agreement for the nine months ended September 30, 2021 and 2020 , as there are currently no marketable OpenBiome Royalty Products. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. INCOME TAXES During the nine months ended September 30, 2021 and the year ended December 31, 2020, the Company recorded a full valuation allowance on federal and state deferred tax assets since management does not forecast the Company to be in a profitable position in the near future. There were no material changes in the Company’s tax position in the nine months ended September 30, 2021 as compared to the year ended December 31, 2020 . |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. COMMITMENTS AND CONTINGENCIES Operating Lease Commitments 200 Inner Belt Rd In December 2015, the Company entered into a 10 -year lease agreement (the “Inner Belt Road Lease”) for approximately 25,785 square feet of space for its primary office and laboratory space in Somerville, Massachusetts. The Inner Belt Road Lease provided for a two-month rent holiday in the first year of the lease and rent abatements for the first two years of the lease. The monthly rental payments under the Inner Belt Road Lease, which include base rent charges of $ 0.1 million, are subject to periodic rent increases through September 2026. In July 2016, the Company entered into a 10 -year sublease agreement to share its leased space under the Inner Belt Road Lease with OpenBiome, a related party, as sub-tenant. The sublease with OpenBiome is coterminous with the Inner Belt Road Lease and provides for an allocation, based on OpenBiome’s proportionate share, of base rent and other expenses under the Inner Belt Road Lease, which is subject to change each year based on current headcount and space used. OpenBiome’s proportionate share is reassessed on a quarterly basis over the term of the sublease. In January 2017, the Company amended the Inner Belt Road Lease to lease an additional 10,500 square feet of space for its primary office and laboratory space in Somerville, Massachusetts. The term of the Inner Belt Road Lease and the sublease with OpenBiome were not affected as a result of the amendment, although OpenBiome does occupy some of this additional space. The amendment to the Inner Belt Road Lease provided for leasehold improvement incentives of approximately $ 0.4 million related to the additional office and laboratory space. The rental payments for the additional space under the amended Inner Belt Road Lease, which include base rent charges of approximately $ 33,000 per month, are subject to periodic rent increases through September 2026. OpenBiome did not occupy any of the Company’s premises between August 2018 and February 2019, and resumed occupancy and rental payments to the Company beginning in February 2019 when the APL Agreement was executed (see Note 12). In November 2020, pursuant to the OpenBiome Agreement, the Company and OpenBiome amended the terms of the sublease to provide for a reduction in the size of the subleased premises upon the closing of the OpenBiome Agreement (see Note 12), which occurred on March 1, 2021. The Company recognizes rent expense, inclusive of a reduction to reflect the impact of lease incentives, under the Inner Belt Road Lease on a straight-line basis over the respective lease term and records deferred rent for rent expense incurred but not yet paid. The Company recognizes rent income under the sublease to OpenBiome on a straight-line basis over the sublease term and records prepaid rent for rent income received but not yet earned in due from related party on its condensed consolidated balance sheets. Gross rent expense under the Inner Belt Road Lease was $ 1.0 million and $ 0.9 million for the nine months ended September 30, 2021 and 2020, respectively. Gross rent income under the sublease to OpenBiome for each of the nine months ended September 30, 2021 and 2020 was $ 0.1 million and $ 0.3 million, respectively, and is presented as an offset to rent expense on the condensed consolidated statements of operations. Cherry Street On March 1, 2021, the Company assumed a lease agreement (the “Cherry Street Lease”) in conjunction with the closing of the OpenBiome Agreement. The Company’s rent expense under the Cherry Street Lease for the nine months ended September 30, 2021 and 2020 was approximately $ 58,000 and $ 0 , respectively. Concord Street On June 9, 2021, the Company entered into a lease agreement (the “Concord Street Lease”). The Company’s rent expense under the Concord Street Lease for the nine months ended September 30, 2021 and 2020 was $ 0.1 million and $ 0 , respectively. 100 Hood Park Drive On August 3, 2021 (the "Execution Date"), the Company entered into a 10 -year lease agreement (the "Hood Lease") with Hood Park LLC (the "Landlord"), pursuant to which the Company will lease approximately 61,139 square feet of office and laboratory space (the "Premises"). The term of the Hood Lease commenced on the Execution Date, and Finch will become responsible for paying rent under the Hood Lease on the earlier of (i) January 1, 2022 and (ii) the date Finch’s work on the Premises is substantially completed and Finch has commenced business operations in the Premises (the “Rent Commencement Date”). As of September 30, 2021, construction had not commenced on the building. Therefore the Rent Commencement Date has not occurred and no rent expense has been incurred under the Hood Lease. The Hood Lease provides Finch with an option to extend the lease for one additional five-year term . Finch’s annual base rent for the Premises will start at approximately $ 4.5 million, commencing on the Rent Commencement Date and will increase on each anniversary of the Rent Commencement Date by approximately 2.8 % per annum, up to a maximum annual base rent during the initial term of approximately $ 5.8 million. The Hood Lease provides for a tenant improvement allowance of approximately $ 14.8 million for the cost of Finch’s work on the Premises. The Company posted a customary letter of credit in the amount of approximately $ 2.3 million, subject to decrease on a set schedule, as a security deposit pursuant to the Hood Lease. This is included in restricted cash, non-current on the consolidated balance sheet as of September 30, 2021. Future Minimum Lease Payments A summary of the Company’s future minimum lease payments required under non-cancellable operating agreements and the Hood Lease as of September 30, 2021 is as follows (in thousands): Hood Park lease obligation Operating lease obligations Total lease obligations 2021 $ — $ 467 $ 467 2022 4,536 1,552 6,088 2023 4,663 1,440 6,103 2024 4,795 1,460 6,255 2025 4,931 1,496 6,427 Thereafter 32,676 1,115 33,791 $ 51,601 $ 7,530 $ 59,131 Legal Contingencies Legal claims may arise from time to time in the normal course of business. There are no such claims as of September 30, 2021 that will have a material effect on the Company’s accompanying condensed consolidated financial statements. License Payments The Company enters into contracts in the normal course of business with contract research organizations and other third parties for preclinical studies, clinical studies, and testing and manufacturing services. Most contracts do not contain minimum purchase commitments and are cancelable by the Company upon prior written notice. Payments due upon cancellation consist of payments for services provided or expenses incurred, including non-cancelable obligations of our service providers up to one year after the date of cancellation. Under these agreements, in exchange for access to intellectual property the Company may be obligated to provide future minimum royalty payments and milestone payments related to regulatory approvals and sales-based events. The Company entered into the OpenBiome Agreement in November 2020 (see Note 12) and the closing of the OpenBiome Agreement occurred on March 1, 2021. Under the terms of the OpenBiome Agreement, the Company is required to make certain milestone and royalty payments to OpenBiome in conjunction with the license and purchase of certain intellectual property related to the underlying CMC process used to manufacture materials for its clinical trials. The OpenBiome Agreement also effectively terminated the APL Agreement and the obligations under the Material Access License Agreement (the “MAL Agreement”), which the Company entered into with OpenBiome in December 2016. Under the APL Agreement, which was entered into in 2019 and effective through November 2020, the Company was obligated to make certain contingent payments for milestones and royalties to OpenBiome, subject to the occurrence of specific underlying criteria that were dependent on regulatory approvals and sales-based events. The Company was obligated to make regulatory milestone payments to OpenBiome aggregating up to $ 2.5 million upon the achievement of regulatory approvals, and sales-based milestone payments of up to $ 23.3 million in sales-based milestone payments upon the achievement of certain net sales criteria. The Company paid $ 0.1 million to OpenBiome associated with milestones in 2020. The APL Agreement was terminated in November 2020 upon the execution of the OpenBiome Agreement (see Note 12). Under the MAL Agreement, the Company was also obligated to pay to OpenBiome, a low single digit royalty on net sales of certain cultured products and a high single digit percentage of certain sublicensing revenue (including royalties) of licensed cultured products. These royalties were calculated on a product-by-product and country-by-country basis. The Company paid $ 0.2 million to OpenBiome under the MAL Agreement in 2020 related to royalty payments. During the year ended December 31, 2020, the Company recorded an additional $ 0.3 million owed to OpenBiome under the MAL Agreement, of which $ 0.1 million remained due as of December 31, 2020. The MAL Agreement was terminated in November 2020 upon the execution of the OpenBiome Agreement (see Note 12). PPP Loan On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted to, amongst other provisions, provide emergency assistance for individuals, families and businesses affected by the COVID-19 pandemic. The CARES Act includes a Paycheck Protection Program (“PPP”) administered through the Small Business Association (“SBA”). Under the PPP, beginning April 3, 2020, small businesses and other entities and individuals could apply for loans from existing SBA lenders and other approved regulated lenders that enroll in the program, subject to numerous limitations and eligibility criteria. In April 2020, the Company issued a promissory note to Silicon Valley Bank, pursuant to which it received loan proceeds of $ 1.8 million (the “PPP Loan”) provided under the PPP and guaranteed by the SBA. On May 8, 2021, the Company received notice from the SBA that the entirely of the PPP Loan was forgiven. Accordingly, the Company is no longer required to repay the $ 1.8 million in principal and approximately $ 19,000 in accrued interest borrowed under the PPP Loan. Gain on extinguishment of the PPP Loan is recorded in the condensed consolidated statements of operations for the nine months ended September 30, 2021 . |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock | 9 Months Ended |
Sep. 30, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Convertible Preferred Stock | 9. REDEEMABLE CONVERTIBLE PREFERRED STOCK Upon the completion of the IPO, all 31,253,609 shares of outstanding preferred stock automatically converted into 31,253,609 shares of common stock. As of September 30, 2021 , there were no shares of preferred stock outstanding. |
Stockholder's Equity
Stockholder's Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | 10. STOCKHOLDERS’ EQUITY On February 24, 2021, the Board and the Company’s stockholders approved the Company’s amended and restated certificate of incorporation, which became effective immediately prior to the closing of the IPO on March 18, 2021. The certificate authorizes the issuance of up to 200,000,000 shares of $ 0.001 par value common stock and up to 10,000,000 shares of $ 0.001 par value undesignated preferred stock. The Board may designate the rights, preferences, privileges, and restrictions of the preferred stock, including dividend rights, conversion rights, voting rights, terms of redemption, liquidation preference, and number of shares constituting any series or the designation of any series. The issuance of preferred stock could have the effect of restricting dividends on our common stock, diluting the voting power of our common stock, impairing the liquidation rights of our common stock, or delaying or preventing a change in control. As of September 30, 2021 , no shares of preferred stock were outstanding. In conjunction with the IPO, the Company issued and sold 7,500,000 shares of common stock at a public offering price of $ 17.00 per share, for aggregate net proceeds of $ 115.7 million after deducting underwriting discounts and commissions and initial public offering costs. In connection with the IPO, all then outstanding shares of preferred stock were converted into 31,253,609 shares of common stock. On April 20, 2021, the Company issued 192,877 additional shares of common stock, pursuant to the underwriters’ partial exercise of their overallotment option, at a public offering price of $ 17.00 per share for aggregate gross proceeds of $ 3.3 million and net proceeds of $ 3.0 million after deducting underwriters’ discounts, commissions and offering costs. Each share of common stock entitles the holder to one vote , together with the holders of preferred stock, on all matters submitted to the stockholders for a vote. Common stockholders are also entitled to receive dividends. As of September 30, 2021 , no cash dividends have been declared or paid. The Company has issued restricted stock to founders, employees and consultants. All restricted stock was fully vested and all expense related to these shares was recognized prior to 2020. As of September 30, 2021 and December 31, 2020, the Company has reserved the following shares of common stock for potential conversion of outstanding preferred stock, the vesting of restricted stock and exercise of stock options and common stock warrants: SEPTEMBER 30, DECEMBER 31, Redeemable convertible preferred stock - 31,253,609 Options to purchase common stock 3,172,369 1,053,874 Common stock warrants 19,346 19,346 3,191,715 32,326,829 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 11. STOCK-BASED COMPENSATION 2017 Equity Incentive Plan The Company adopted the 2017 Equity Incentive Plan (the “2017 Plan”) in February 2017 for the issuance of stock options and other stock-based awards to employees, consultants, officers and directors. As of September 30, 2021 , there were no shares available for future issuance since all shares in the 2017 Plan ceased to be available upon the effective date of the 2021 Equity Incentive Plan. There were 698,601 shares of common stock available for future grants under the 2017 Plan as of December 31, 2020. 2021 Equity Incentive Plan In March 2021, the Board adopted, and the stockholders approved, the 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan became effective on the date of the underwriting agreement related to the IPO and no further grants will be made under the 2017 Plan. The 2021 Plan provides for the grant of incentive stock options to employees, including employees of any parent or subsidiary of the Company, and for the grant of nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other forms of awards to employees, directors and consultants, including employees and consultants of the Company’s affiliates. Initially, the maximum number of shares of the Company’s common stock that may be issued under the 2021 Plan will not exceed 5,291,446 shares of common stock, which is the sum of (1) 4,700,000 new shares, plus (2) an additional number of shares equal to the number of shares of common stock subject to outstanding stock options or other stock awards granted under the 2017 Plan that, on or after the 2021 Plan became effective, terminate or expire prior to exercise or settlement; are not issued because the award is settled in cash; are forfeited because of the failure to vest; or are reacquired or withheld (or not issued) to satisfy a tax withholding obligation or the purchase or exercise price, if any, as such shares become available from time to time. In addition, the number of shares of common stock reserved for issuance under our 2021 Plan will automatically increase on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to (i) 5.0 % of the total number of shares of common stock outstanding on December 31 of the year before the date of each automatic increase, or (ii) a lesser number of shares determined by the Board prior to the applicable January 1. The maximum number of shares of common stock that may be issued on the exercise of incentive stock options under the 2021 Plan will be 14,100,000 shares. Shares subject to stock awards granted under the 2021 Plan that expire or terminate without being exercised in full or that are paid out in cash rather than in shares will not reduce the number of shares available for issuance under the 2021 Plan. As of September 30, 2021 , there were 2,007,456 shares of common stock issuable upon the exercise of outstanding options and there were 2,692,544 shares available for future issuance under the 2021 Plan. 2021 Employee Stock Purchase Plan In March 2021, the Board adopted the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which became effective on the date of the underwriting agreement related to the IPO. The 2021 ESPP is administered by the Board or by a committee appointed by the Board. The 2021 ESPP initially provides participating employees with the opportunity to purchase up to an aggregate of 500,000 shares of common stock. As of September 30, 2021 , no offering periods had commenced under the 2021 ESPP and no shares were available for issuance. Stock Options The following table summarizes the activity of the Company’s stock options under the 2017 Plan and 2021 Plan for the nine months ended September 30, 2021: SHARES WEIGHTED- WEIGHTED- AGGREGATE Outstanding as of December 31, 2020 1,053,874 $ 1.51 7.49 $ 4,964 Granted 2,301,846 14.98 Exercised ( 117,904 ) 1.00 Cancelled or forfeited ( 63,259 ) 10.19 Expired ( 2,188 ) 2.84 Outstanding as of September 30, 2021 3,172,369 $ 11.12 8.84 $ 10,478 Options exercisable as of December 31, 2020 652,549 $ 1.37 7.12 $ 3,205 Options exercisable as of September 30, 2021 805,729 $ 3.40 7.22 $ 7,808 As of September 30, 2021 , there was approximately $ 20.8 million of unrecognized compensation expense related to the stock-based compensation arrangements granted under the 2021 Plan remaining to be recognized. The Company expects to recognize this cost over a weighted average period of 2.95 years. Stock-Based Compensation Expense Total stock-based compensation expense recorded as R&D and general and administrative expenses, respectively, for employees, directors and non-employees for the periods presented is as follows (in thousands): THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30, 2021 2020 2021 2020 Research and development $ 712 $ 35 $ 1,115 $ 150 General and administrative 803 21 1,640 73 Total $ 1,515 $ 56 $ 2,755 $ 223 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 12. RELATED PARTY TRANSACTIONS OpenBiome Historical Agreements Under Master Strategic Affiliation Agreement with OpenBiome (the “Strategic Agreement”), OpenBiome and the Company reimbursed one another for certain administrative expenses. The Company’s Chief Executive Officer and a member of the Board, is the spouse of the Executive Director and co-founder of OpenBiome, and certain of the OpenBiome directors are stockholders of the Company. For the nine months ended September 30, 2021 and 2020 , the Company reimbursed OpenBiome $ 0.1 million and $ 0.3 million, respectively, under the Strategic Agreement. Also under the Strategic Agreement, OpenBiome reimbursed the Company $ 0.1 million and $ 0.2 million for the nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021 , the Company had no payable balance due to OpenBiome, and recorded a balance of less than $ 0.1 million due from OpenBiome as of December 31, 2020. OpenBiome subleases office and lab space from the Company. The Company’s rent income under the sublease was $ 0.1 million and $ 0.3 million for the nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021 the Company no longer had an outstanding receivable due from OpenBiome, As of December 31, 2020, the Company had le ss than $ 0.1 million re ceivable from OpenBiome related to the sublease recorded as due from related party in the condensed consolidated balance sheets. This lease was amended as of March 1, 2021 (see Note 8). The Company also earned a low single digit royalty on net sales of OpenBiome’s FMT materials under the Quality System and Supply Agreement with OpenBiome (the “QSS Agreement”), which was partially terminated on February 1, 2019 and, ultimately, was fully terminated in November 2020 in connection with the Company’s execution of the OpenBiome Agreement (see OpenBiome 2020 Agreements below), which closed on March 1, 2021. OpenBiome 2020 Agreements Clinical Supply and Services Agreement On February 10, 2020, the Company entered into a Clinical Supply and Services Agreement (the “CSA”) with OpenBiome, which terminated upon closing of the OpenBiome Agreement in March 2021. In accordance with the CSA, OpenBiome agreed to supply the Company with certain manufactured material and to provide additional support services to the Company. In consideration for these materials and services, the Company agreed to pay a monthly platform fee of $ 0.2 million, all direct employee overhead costs, and variable costs for consumables. Under a related payment agreement executed concurrently with the CSA, the Company paid a $ 0.5 million security deposit in the event of cost overruns under the CSA arrangement and approximately $ 1.6 million in prepaid fees. The $ 0.5 million security deposit was returned to the Company during the same period. The Company paid $ 1.1 million in total to OpenBiome under the CSA for the nine months ended September 30, 2021 , and $ 3.4 million for the nine months ended September 30, 2020 , including the security deposit that was returned. The Company had no outstanding payable balance due to OpenBiome under the CSA as of September 30, 2021 , and recorded $ 0.2 million due to OpenBiome as of December 31, 2020, respectively, which is classified as due to related party in the Company’s condensed consolidated balance sheets. OpenBiome Purchase Agreement On November 19, 2020, the Company entered into the OpenBiome Agreement in order to obtain OpenBiome’s CMC manufacturing process to enhance its current manufacturing capabilities for its lead program, CP101; the OpenBiome Agreement was fully executed and closed on March 1, 2021. Simultaneously with entering into the OpenBiome Agreement, the Company terminated the Strategic Agreement, the MAL Agreement, the QSS Agreement and the APL Agreement, as well as certain subject matter agreements. Upon closing of the OpenBiome Agreement on March 1, 2021, the CSA was also terminated and the Company will not incur any additional expense to be paid to OpenBiome. The Company also amended the Strategic Agreement as part of the OpenBiome Agreement (the “A&R Strategic Agreement”). Pursuant to the OpenBiome Agreement, the Company acquired certain biological samples, software, and a non-exclusive license to OpenBiome’s CMC technology upon signing in November 2020, and acquired certain biological samples, a commercial lease, contract services intellectual property and capital equipment upon the closing of the transaction in March 2021. The Company previously licensed the biological samples and OpenBiome’s CMC technology under various historical agreements with OpenBiome which terminated upon signing of the OpenBiome Agreement. As such, the acquisition of the CMC technology license was a continuation of previously granted rights. The OpenBiome Agreement also releases, for a one-year period from signing, a hiring restriction under the A&R Strategic Agreement (i.e. non-solicitation) such that the Company may hire, at its discretion, certain OpenBiome employees. The Company did not acquire any such employees as part of the transaction. In connection with the OpenBiome Agreement, the Company paid $ 1.2 million for the acquisition of certain assets in November 2020, which was capitalized as property and equipment as software on the Company’s consolidated balance sheet as of December 31, 2020, and paid $ 3.8 million upon the closing of the OpenBiome Agreement on March 1, 2021, for the remaining assets. The Company accounted for the OpenBiome Agreement as an asset acquisition, and capitalized $ 5.0 million of property and equipment on the condensed consolidated balance sheet as of March 31, 2021 for the acquired software and property and equipment. The Company did not assign any value to biological samples, contract services intellectual property, or the CMC technology license, as the Company did not acquire any additional rights that were not previously granted under the legacy agreements. The Company is also required to pay certain milestones up to $ 26.0 million upon the occurrence of certain R&D events, regulatory approvals, and commercial sales, and low single digit royalties on net sales of products on a product-by-product and country-by-country basis, as well as a mid single digit royalties on sublicensing revenue related to such products. The Company previously granted OpenBiome a royalty-bearing, non-exclusive license to its intellectual property under the APL Agreement, which terminated upon the signing of the OpenBiome Agreement. The Company will continue to earn royalties under the OpenBiome Agreement based on sales of FMT materials. |
Retirement Plan
Retirement Plan | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Retirement Plan | 13. RETIREMENT PLAN The Company has adopted a defined contribution plan intended to qualify under Section 401(k) of the Internal Revenue Code covering all eligible employees of the Company. All employees are eligible to become participants of the plan at the beginning of the next full quarter subsequent to their hire date. Each active employee may elect, voluntarily, to contribute a percentage of their compensation to the plan each year, subject to certain limitations. The Company reserves the right to make additional contributions to this plan. The Company made contributions to the plan of $ 0.6 million and $ 0.3 million in the nine months ended September 30, 2021 and 2020 , respectively. |
Loss per Share
Loss per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Loss per Share | 14. LOSS PER SHARE Basic and diluted loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average common shares outstanding (in thousands, except share and per share data): FOR THE THREE MONTHS FOR THE NINE MONTHS 2021 2020 2021 2020 Numerator: Net loss $ ( 9,955 ) $ ( 10,090 ) $ ( 39,105 ) $ ( 26,250 ) Net loss attributable to ( 9,955 ) ( 10,090 ) ( 39,105 ) ( 26,250 ) Denominator: Weighted-average common 47,445,195 8,258,537 36,408,506 8,065,730 Net loss per share attributable $ ( 0.21 ) $ ( 1.22 ) $ ( 1.07 ) $ ( 3.25 ) The Company’s potentially dilutive securities, which include preferred stock, restricted stock, stock options, and warrants, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders at September 30, 2021 and 2020 because including them would have had an anti-dilutive effect: NINE MONTHS ENDED 2021 2020 Preferred stock - 24,350,737 Options to purchase common stock 3,172,369 1,088,326 Common stock warrants 19,346 19,346 3,191,715 25,458,409 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Deferred Initial Public Offering Costs | Deferred Initial Public 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 initial public 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 initial public offering costs will be expensed immediately as a charge to operating expenses in the consolidated statement of operations and comprehensive loss. On March 18, 2021, the Company completed the IPO; accordingly, the Company recognized the deferred initial public offering costs of approximately $ 2.9 million as a reduction from gross proceeds associated with the IPO through additional paid-in capital in the accompanying condensed consolidated balance sheet. On April 20, 2021, the Company issued 192,877 additional shares of common stock, pursuant to the underwriters’ partial exercise of their overallotment option, and the Company recognized offering costs of less than $ 0.1 million as a reduction from gross proceeds associated with the overallotment through additional paid-in capital in the accompanying condensed consolidated balance sheet. Accordingly, there were no deferred offering costs as of September 30, 2021. Deferred offering costs on the accompanying condensed consolidated balance sheet as of December 31, 2020 were $ 1.0 million. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements There have been no new accounting pronouncements or changes to accounting pronouncements that could be expected to materially impact the Company’s unaudited condensed consolidated financial statements during the nine months ended September 30, 2021, as compared to the recent accounting pronouncements described in Note 2 of the Company’s audited financial statements as of and for the year ended December 31, 2020 , which are included in the Prospectus. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands): DESCRIPTION SEPTEMBER 30, QUOTED SIGNIFICANT SIGNIFICANT Asset Money market funds $ 148,154 $ 148,154 $ — $ — Total financial assets $ 148,154 $ 148,154 $ — $ — DESCRIPTION DECEMBER 31, QUOTED SIGNIFICANT SIGNIFICANT Asset Money market funds $ 98,677 $ 98,677 $ — $ — Total financial assets $ 98,677 $ 98,677 $ — $ — |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following as of September 30, 2021 and December 31, 2020 (in thousands): SEPTEMBER 30, DECEMBER 31, Lab equipment $ 3,768 $ 2,363 Office furniture and fixtures 537 537 Leasehold improvements 2,143 2,143 Construction work-in-progress 11,396 2,635 Software 4,883 1,150 Computer equipment 367 205 Total $ 23,094 $ 9,033 Less: Accumulated depreciation ( 3,548 ) ( 2,029 ) Property and equipment, net $ 19,546 $ 7,004 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following as of September 30, 2021 and December 31, 2020 (in thousands): SEPTEMBER 30, DECEMBER 31, Accrued research and development $ 2,295 $ 81 Accrued legal and professional fees 648 711 Accrued compensation and benefits 2,886 3,532 Accrued other 1,640 904 Total accrued expenses and other current liabilities $ 7,469 $ 5,228 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Future Minimum Lease Payments Under Non-Cancellable Leases | A summary of the Company’s future minimum lease payments required under non-cancellable operating agreements and the Hood Lease as of September 30, 2021 is as follows (in thousands): Hood Park lease obligation Operating lease obligations Total lease obligations 2021 $ — $ 467 $ 467 2022 4,536 1,552 6,088 2023 4,663 1,440 6,103 2024 4,795 1,460 6,255 2025 4,931 1,496 6,427 Thereafter 32,676 1,115 33,791 $ 51,601 $ 7,530 $ 59,131 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Summary of Shares Reserved for Potential Conversion of Outstanding Preferred Stock, Vesting of Restricted Stock and Exercise of Stock Options and Common Stock Warrants | As of September 30, 2021 and December 31, 2020, the Company has reserved the following shares of common stock for potential conversion of outstanding preferred stock, the vesting of restricted stock and exercise of stock options and common stock warrants: SEPTEMBER 30, DECEMBER 31, Redeemable convertible preferred stock - 31,253,609 Options to purchase common stock 3,172,369 1,053,874 Common stock warrants 19,346 19,346 3,191,715 32,326,829 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Activity of Stock Options | The following table summarizes the activity of the Company’s stock options under the 2017 Plan and 2021 Plan for the nine months ended September 30, 2021: SHARES WEIGHTED- WEIGHTED- AGGREGATE Outstanding as of December 31, 2020 1,053,874 $ 1.51 7.49 $ 4,964 Granted 2,301,846 14.98 Exercised ( 117,904 ) 1.00 Cancelled or forfeited ( 63,259 ) 10.19 Expired ( 2,188 ) 2.84 Outstanding as of September 30, 2021 3,172,369 $ 11.12 8.84 $ 10,478 Options exercisable as of December 31, 2020 652,549 $ 1.37 7.12 $ 3,205 Options exercisable as of September 30, 2021 805,729 $ 3.40 7.22 $ 7,808 |
Summary of Total Stock-Based Compensation Expense | Total stock-based compensation expense recorded as R&D and general and administrative expenses, respectively, for employees, directors and non-employees for the periods presented is as follows (in thousands): THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30, 2021 2020 2021 2020 Research and development $ 712 $ 35 $ 1,115 $ 150 General and administrative 803 21 1,640 73 Total $ 1,515 $ 56 $ 2,755 $ 223 |
Loss per Share (Tables)
Loss per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Loss per Share Attributable to Common Stockholders | Basic and diluted loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average common shares outstanding (in thousands, except share and per share data): FOR THE THREE MONTHS FOR THE NINE MONTHS 2021 2020 2021 2020 Numerator: Net loss $ ( 9,955 ) $ ( 10,090 ) $ ( 39,105 ) $ ( 26,250 ) Net loss attributable to ( 9,955 ) ( 10,090 ) ( 39,105 ) ( 26,250 ) Denominator: Weighted-average common 47,445,195 8,258,537 36,408,506 8,065,730 Net loss per share attributable $ ( 0.21 ) $ ( 1.22 ) $ ( 1.07 ) $ ( 3.25 ) |
Computation of Diluted Loss per Share Attributable to Common Stockholders | The Company’s potentially dilutive securities, which include preferred stock, restricted stock, stock options, and warrants, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders at September 30, 2021 and 2020 because including them would have had an anti-dilutive effect: NINE MONTHS ENDED 2021 2020 Preferred stock - 24,350,737 Options to purchase common stock 3,172,369 1,088,326 Common stock warrants 19,346 19,346 3,191,715 25,458,409 |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Thousands | Apr. 20, 2021USD ($)$ / sharesshares | Mar. 19, 2021shares | Mar. 18, 2021USD ($)$ / sharesshares | Mar. 12, 2021shares | Jun. 30, 2021shares | Mar. 31, 2021shares | Sep. 30, 2021USD ($)shares | Sep. 30, 2020USD ($) |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Proceeds from initial public offering, net of underwriting discounts, commissions and offering costs | $ | $ 118,575 | $ 0 | ||||||
Convertible preferred stock outstanding | shares | 0 | |||||||
Common Stock | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Stock issued during period, shares | shares | 192,877 | 7,500,000 | 7,500,000 | |||||
Net proceeds after deducting underwriting discounts, commissions and offering costs | $ | $ 3,000 | $ 115,700 | ||||||
Initial Public Offering | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Public offering price per share | $ / shares | $ 17 | |||||||
Aggregate gross proceeds | $ | $ 127,500 | |||||||
Proceeds from initial public offering, net of underwriting discounts, commissions and offering costs | $ | 115,700 | |||||||
Payments for underwriting discounts and commissions | $ | 8,900 | |||||||
Offering costs | $ | $ 2,900 | |||||||
Reverse stock split ratio | 69 | |||||||
Number shares issued upon conversion of redeemable convertible preferred stock | shares | shares | 31,253,609 | 31,253,609 | ||||||
Convertible preferred stock outstanding | shares | 0 | |||||||
Initial Public Offering | Common Stock | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Stock issued during period, shares | shares | 7,500,000 | |||||||
Number shares issued upon conversion of redeemable convertible preferred stock | shares | shares | 31,253,609 | |||||||
OverAllotment Option | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Stock issued during period, shares | shares | 192,877 | |||||||
Public offering price per share | $ / shares | $ 17 | |||||||
Aggregate gross proceeds | $ | $ 3,300 | |||||||
Net proceeds after deducting underwriting discounts, commissions and offering costs | $ | $ 3,000 | |||||||
OverAllotment Option | Common Stock | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Stock issued during period, shares | shares | 192,877 |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies - Additional Information (Details) - USD ($) | Apr. 20, 2021 | Sep. 30, 2021 | Mar. 18, 2021 | Dec. 31, 2020 |
Summary Of Significant Accounting Policies [Line Items] | ||||
Deferred offering costs | $ 0 | $ 2,900,000 | $ 1,000,000 | |
OverAllotment Option | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of shares issued | 192,877 | |||
Maximum | OverAllotment Option | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Deferred offering costs | $ 100,000 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Total financial assets | $ 232,979 | $ 165,338 |
Fair Value, Measurements, Recurring | ||
ASSETS | ||
Total financial assets | 148,154 | 98,677 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
ASSETS | ||
Total financial assets | 148,154 | 98,677 |
Fair Value, Measurements, Recurring | Money Market Funds | ||
ASSETS | ||
Total financial assets | 148,154 | 98,677 |
Fair Value, Measurements, Recurring | Money Market Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
ASSETS | ||
Total financial assets | $ 148,154 | $ 98,677 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Transfers between fair value levels | $ 0 | $ 0 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 23,094 | $ 9,033 |
Less: Accumulated depreciation | (3,548) | (2,029) |
Property and equipment, net | 19,546 | 7,004 |
Lab Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | 3,768 | 2,363 |
Office Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total | 537 | 537 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | 2,143 | 2,143 |
Construction Work-In-Progress | ||
Property, Plant and Equipment [Line Items] | ||
Total | 11,396 | 2,635 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Total | 4,883 | 1,150 |
Computer Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 367 | $ 205 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 1,600 | $ 600 | |
Property and equipment held | 23,094 | $ 9,033 | |
Software | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment held | 4,883 | 1,150 | |
Software | Open Biome | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment held | 4,800 | 1,200 | |
Lab Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment held | 3,768 | $ 2,363 | |
Lab Equipment | Open Biome | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment held | $ 200 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accrued Liabilities, Current [Abstract] | ||
Accrued research and development | $ 2,295 | $ 81 |
Accrued legal and professional fees | 648 | 711 |
Accrued compensation and benefits | 2,886 | 3,532 |
Accrued other | 1,640 | 904 |
Total accrued expenses and other current liabilities | $ 7,469 | $ 5,228 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Accounts receivable | $ 2,399 | $ 2,399 | $ 1,034 | ||
Deferred revenue, current portion | 0 | 0 | 3,371 | ||
Takeda Pharmaceutical Company Limited | Takeda Agreement | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Deferred revenue | 0 | 0 | $ 13,600 | ||
Milestone payments received under agreement | 4,000 | ||||
Takeda Pharmaceutical Company Limited | Takeda Agreement | Collaboration Revenue | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Revenue recognized | $ 11,300 | $ 1,700 | 17,700 | $ 5,600 | |
Open Biome | APL Agreement | Sales-Based Royalties | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Sales-based royalties revenues | 0 | 300 | |||
Open Biome | LMIC Agreement | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Revenue recognized | 0 | $ 0 | |||
Open Biome | LMIC Agreement | Sales-Based Royalties | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Sales-based royalties revenues | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | Aug. 03, 2021USD ($)ft² | May 08, 2021USD ($) | Apr. 30, 2020USD ($) | Jan. 31, 2017USD ($)ft² | Jul. 31, 2016 | Dec. 31, 2015USD ($)ft² | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Nov. 30, 2020USD ($) |
Loss Contingencies [Line Items] | ||||||||||
Rent expense | $ 1,000,000 | $ 900,000 | ||||||||
Rent income | 100,000 | 300,000 | ||||||||
Legal claims | 0 | |||||||||
Paycheck Protection Program | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Proceeds from loan | $ 1,800,000 | |||||||||
Debt instrument, face amount | $ 1,800,000 | |||||||||
Accrued interest borrowed | $ 19,000 | |||||||||
Debt instrument forgiven, description | On May 8, 2021, the Company received notice from the SBA that the entirely of the PPP Loan was forgiven. Accordingly, the Company is no longer required to repay the $1.8 million in principal and approximately $19,000 in accrued interest borrowed under the PPP Loan. | |||||||||
Open Biome | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Rent income | 100,000 | 300,000 | ||||||||
Open Biome | APL Agreement | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Regulatory milestone payments | $ 2,500,000 | |||||||||
Sales-based milestone payments | $ 23,300,000 | |||||||||
Milestone payments paid | $ 100,000 | |||||||||
Open Biome | MAL Agreement | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Royalty payments paid | 200,000 | |||||||||
Remaining royalty amount due | 300,000 | |||||||||
Additional royalty amount due | $ 100,000 | |||||||||
Inner Belt Road Lease | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Lease agreement term | 10 years | |||||||||
Rentable Primary office space under operating lease | ft² | 25,785 | |||||||||
Rent holiday term in first year of lease | 2 months | |||||||||
Rent abatement period | 2 years | |||||||||
Base rent charges | $ 33,000,000 | $ 100,000 | ||||||||
Additional rentable office space under operating lease amendment | ft² | 10,500 | |||||||||
Leasehold improvement incentives related to additional office and laboratory space | $ 400,000 | |||||||||
Inner Belt Road Lease | Open Biome | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Sub lease agreement term | 10 years | |||||||||
Cherry Street Lease | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Rent expense | 58,000,000 | 0 | ||||||||
Concord Street Lease | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Rent expense | 100,000 | $ 0 | ||||||||
Hood Lease | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Lease agreement term | 10 years | |||||||||
Rent expense | $ 0 | |||||||||
Rentable office space under operating lease | ft² | 61,139 | |||||||||
Rent commencement date | Jan. 1, 2022 | |||||||||
Lease, option to extend | one additional five-year term | |||||||||
Renewal term of lease | 5 years | |||||||||
Annual base rent | $ 4,500,000 | |||||||||
Increase percentage on each anniversary of rent commencement date | 2.80% | |||||||||
Tenant improvement allowances | $ 14,800,000 | |||||||||
Hood Lease | Letter of Credit | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Security deposit pursuant to lease | 2,300,000 | |||||||||
Hood Lease | Maximum | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Annual base rent | $ 5,800,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Future Minimum Lease Payments Under Non-Cancellable Leases (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Operating Lease, Liability, Payment, Due | |
2021 | $ 467 |
2022 | 6,088 |
2023 | 6,103 |
2024 | 6,255 |
2025 | 6,427 |
Thereafter | 33,791 |
Total minimum lease payments | 59,131 |
Hood Lease | |
Operating Lease, Liability, Payment, Due | |
2022 | 4,536 |
2023 | 4,663 |
2024 | 4,795 |
2025 | 4,931 |
Thereafter | 32,676 |
Total minimum lease payments | 51,601 |
Operating Lease Obligations | |
Operating Lease, Liability, Payment, Due | |
2021 | 467 |
2022 | 1,552 |
2023 | 1,440 |
2024 | 1,460 |
2025 | 1,496 |
Thereafter | 1,115 |
Total minimum lease payments | $ 7,530 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock - Additional Information (Details) - shares | Mar. 19, 2021 | Mar. 12, 2021 | Sep. 30, 2021 |
Temporary Equity [Line Items] | |||
Convertible preferred stock outstanding | 0 | ||
Initial Public Offering | |||
Temporary Equity [Line Items] | |||
Preferred stock outstanding shares converted | 31,253,609 | ||
Outstanding preferred stock converted to common stock | 31,253,609 | 31,253,609 | |
Convertible preferred stock outstanding | 0 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) | Apr. 20, 2021 | Mar. 18, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Class Of Stock [Line Items] | |||||
Common shares authorized for issuance | 200,000,000 | 598,232,153 | |||
Common stock par value | $ 0.001 | $ 0.001 | |||
Preferred stock, shares outstanding | 0 | ||||
Cash dividends declared or paid | $ 0 | ||||
Common stock voting rights | Each share of common stock entitles the holder to one vote | ||||
Common Stock | |||||
Class Of Stock [Line Items] | |||||
Common stock par value | $ 0.001 | ||||
Stock issued during period, shares | 192,877 | 7,500,000 | 7,500,000 | ||
Offering price per share | $ 17 | $ 17 | |||
Net proceeds from issuance of common stock | $ 3,000,000 | $ 115,700,000 | |||
Conversion of stock, shares issued | 31,253,609 | ||||
Gross proceeds from issuance of common stock | $ 3,300,000 | ||||
Undesignated Preferred Stock | |||||
Class Of Stock [Line Items] | |||||
Preferred stock par value | $ 0.001 | ||||
Maximum | Common Stock | |||||
Class Of Stock [Line Items] | |||||
Common shares authorized for issuance | 200,000,000 | ||||
Maximum | Undesignated Preferred Stock | |||||
Class Of Stock [Line Items] | |||||
Preferred shares authorized for issuance | 10,000,000 |
Stockholder's Equity - Summary
Stockholder's Equity - Summary of Shares Reserved for Potential Conversion of Outstanding Preferred Stock, Vesting of Restricted Stock and Exercise of Stock Options and Common Stock Warrants (Details) - shares | Sep. 30, 2021 | Dec. 31, 2020 |
Class Of Stock [Line Items] | ||
Shares of common stock for potential conversion | 3,191,715 | 32,326,829 |
Options to Purchase Common Stock | ||
Class Of Stock [Line Items] | ||
Shares of common stock for potential conversion | 3,172,369 | 1,053,874 |
Common Stock Warrants | ||
Class Of Stock [Line Items] | ||
Shares of common stock for potential conversion | 19,346 | 19,346 |
Redeemable Convertible Preferred Stock | ||
Class Of Stock [Line Items] | ||
Shares of common stock for potential conversion | 31,253,609 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of common stock shares available for future grants | 0 | |
Aggregate purchase of common stock | 500,000 | |
2017 Equity Incentive Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of common stock shares available for future grants | 0 | 698,601 |
Maximum number of common stock to be issued | 4,700,000 | |
Unrecognized compensation expense remaining to be recognized | $ 20.8 | |
Unrecognized compensation expense remaining to be recognized, period | 2 years 11 months 12 days | |
2021 Equity Incentive Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of common stock shares available for future grants | 2,692,544 | |
Maximum number of common stock to be issued | 5,291,446 | |
Percentage of increase in shares of common stock reserved for issuance | 5.00% | |
Number of shares issuable upon the exercise of outstanding options | 2,007,456 | |
2021 Equity Incentive Plan | Incentive Stock Options | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Maximum number of common stock to be issued | 14,100,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Activity of Stock Options (Details) - 2017 and 2021 Equity Incentive Plan $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
SHARES, Outstanding, Beginning Balance | shares | 1,053,874 | |
SHARES, Granted | shares | 2,301,846 | |
SHARES, Exercised | shares | (117,904) | |
SHARES, Cancelled or forfeited | shares | (63,259) | |
SHARES, Expired | shares | (2,188) | |
SHARES, Outstanding, Ending Balance | shares | 3,172,369 | 1,053,874 |
SHARES, Options exercisable | shares | 805,729 | 652,549 |
WEIGHTED AVERAGE EXERCISE PRICE, Outstanding, Beginning Balance | $ / shares | $ 1.51 | |
WEIGHTED AVERAGE EXERCISE PRICE, Granted | $ / shares | 14.98 | |
WEIGHTED AVERAGE EXERCISE PRICE, Exercised | $ / shares | 1 | |
WEIGHTED AVERAGE EXERCISE PRICE, Cancelled or forfeited | $ / shares | 10.19 | |
WEIGHTED AVERAGE EXERCISE PRICE, Expired | $ / shares | 2.84 | |
WEIGHTED AVERAGE EXERCISE PRICE, Outstanding, Ending Balance | $ / shares | 11.12 | $ 1.51 |
WEIGHTED AVERAGE EXERCISE PRICE, Options exercisable | $ / shares | $ 3.40 | $ 1.37 |
WEIGHTED AVERAGE REMAINING CONTRACTUAL TERM (in years), Outstanding | 8 years 10 months 2 days | 7 years 5 months 26 days |
WEIGHTED AVERAGE REMAINING CONTRACTUAL TERM (in years), Options exercisable | 7 years 2 months 19 days | 7 years 1 month 13 days |
AGGREGATE INTRINSIC VALUE, Outstanding, Beginning Balance | $ | $ 4,964 | |
AGGREGATE INTRINSIC VALUE, Outstanding, Ending Balance | $ | 10,478 | $ 4,964 |
AGGREGATE INTRINSIC VALUE, Options exercisable | $ | $ 7,808 | $ 3,205 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Total Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 1,515 | $ 56 | $ 2,755 | $ 223 |
Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 712 | 35 | 1,115 | 150 |
General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 803 | $ 21 | $ 1,640 | $ 73 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | Mar. 01, 2021 | Feb. 10, 2020 | Nov. 30, 2020 | Mar. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | |||||||
Due from related party | $ 0 | $ 61 | |||||
Due to related party | 0 | 266 | |||||
Rent income under sublease | 100 | $ 300 | |||||
Open Biome | |||||||
Related Party Transaction [Line Items] | |||||||
Rent income under sublease | 100 | 300 | |||||
Open Biome | Maximum | |||||||
Related Party Transaction [Line Items] | |||||||
Receivable from related party | 0 | 100 | |||||
Strategic Agreement | Open Biome | |||||||
Related Party Transaction [Line Items] | |||||||
Reimbursed to related party | 100 | 300 | |||||
Reimbursed from related party | 100 | 200 | |||||
Strategic Agreement | Open Biome | Maximum | |||||||
Related Party Transaction [Line Items] | |||||||
Due from related party | 0 | ||||||
Due to related party | 100 | ||||||
Clinical Supply and Services Agreement | Open Biome | |||||||
Related Party Transaction [Line Items] | |||||||
Due to related party | 0 | $ 200 | |||||
Payment of monthly platform fee | $ 200 | ||||||
Security deposit | 500 | ||||||
Prepaid fees | 1,600 | ||||||
Security deposit returned | $ 500 | ||||||
Payment to related party | 1,100 | $ 3,400 | |||||
Asset Purchase Agreement | Open Biome | |||||||
Related Party Transaction [Line Items] | |||||||
Payment to acquire certain assets | $ 1,200 | ||||||
Payment to acquire remaining assets | $ 3,800 | ||||||
Property and equipment | $ 5,000 | ||||||
Required to pay certain milestones | $ 26,000 |
Retirement Plan - Additional In
Retirement Plan - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Retirement Benefits [Abstract] | ||
Company's contribution to plan | $ 0.6 | $ 0.3 |
Loss per Share - Basic and Dilu
Loss per Share - Basic and Diluted Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator: | ||||||||
Net loss | $ (9,955) | $ (15,169) | $ (13,981) | $ (10,090) | $ (8,259) | $ (7,901) | $ (39,105) | $ (26,250) |
Net loss attributable to common stockholders—basic and diluted | $ (9,955) | $ (10,090) | $ (39,105) | $ (26,250) | ||||
Denominator: | ||||||||
Weighted-average common stock outstanding—basic and diluted | 47,445,195 | 8,258,537 | 36,408,506 | 8,065,730 | ||||
Net loss per share attributable to common stockholders—basic and diluted | $ (0.21) | $ (1.22) | $ (1.07) | $ (3.25) |
Loss per Share - Computation of
Loss per Share - Computation of Diluted Loss per Share Attributable to Common Stockholders (Details) - shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluding from computation of diluted net loss per share | 3,191,715 | 25,458,409 |
Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluding from computation of diluted net loss per share | 24,350,737 | |
Options to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluding from computation of diluted net loss per share | 3,172,369 | 1,088,326 |
Common Stock Warrants | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluding from computation of diluted net loss per share | 19,346 | 19,346 |