Elevation Oncology (ELEV) 10-Q12 Nov 212021 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2021	Nov. 09, 2021
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-40523
Entity Registrant Name	Elevation Oncology, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-1771427
Entity Address, Address Line One	888 Seventh Ave.
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	New York
Entity Address State Or Province	NY
Entity Address, Postal Zip Code	10106
City Area Code	716
Local Phone Number	371-1125
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Title of 12(b) Security	Common stock
Trading Symbol	ELEV
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		23,225,637
Entity Central Index Key	0001783032
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 155,198	$ 79,400
Prepaid expenses and other current assets	3,237	1,386
Total current assets	158,435	80,786
Property and equipment, net	43	56
Other non-current assets	40	65
Total assets	158,518	80,907
Current liabilities:
Accounts payable	5,435	5,679
Accrued expenses	3,445	1,106
Total current liabilities	8,880	6,785
Non-current liabilities:
Restricted stock repurchase liability	10	15
Total liabilities	8,890	6,800
Commitments and contingencies
Stockholders' equity (deficit):
Common stock, $0.0001 par value; 500,000,000 and 86,000,000 shares authorized as of September 30, 2021 and December 31, 2020, respectively; 23,225,637 and 836,177 issued as of September 30, 2021 and December 31, 2020, respectively; 23,201,971 and 800,679 outstanding as of September 30, 2021 and December 31, 2020, respectively	2
Additional paid-in capital	195,190	66
Accumulated deficit	(45,564)	(23,147)
Total stockholders' equity (deficit)	149,628	(23,081)
Total liabilities, convertible preferred stock and stockholders' equity (deficit)	$ 158,518	80,907
Series A Convertible Preferred Stock [Member]
Non-current liabilities:
Convertible preferred stock		32,373
Series B Convertible Preferred Stock [Member]
Non-current liabilities:
Convertible preferred stock		$ 64,815

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Convertible preferred stock, par value		$ 0.0001
Convertible preferred stock, shares authorized		66,493,889
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	86,000,000
Common stock, shares issued	23,225,637	836,177
Common stock, shares outstanding	23,201,971	800,679
Series A Convertible Preferred Stock [Member]
Convertible preferred stock, par value	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	0	32,450,000
Convertible preferred stock, shares issued	0	32,450,000
Convertible preferred stock, shares outstanding	0	32,450,000
Convertible preferred stock, liquidation preference	$ 0	$ 32,450
Series B Convertible Preferred Stock [Member]
Convertible preferred stock, par value	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	0	34,043,889
Convertible preferred stock, shares issued	0	34,043,889
Convertible preferred stock, shares outstanding	0	34,043,889
Convertible preferred stock, liquidation preference	$ 0	$ 65,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating expenses:
Research and development	$ 9,298	$ 2,550	$ 17,346	$ 7,042
General and administrative	2,979	462	5,076	1,347
Total operating expenses	12,277	3,012	22,422	8,389
Loss from operations	(12,277)	(3,012)	(22,422)	(8,389)
Other income	10	1	5	14
Net loss	$ (12,267)	$ (3,011)	$ (22,417)	$ (8,375)
Net loss per share, basic (in dollars per share)	$ (0.53)	$ (3.80)	$ (2.67)	$ (10.60)
Net loss per share, diluted (in dollars per share)	$ (0.53)	$ (3.80)	$ (2.66)	$ (10.60)
Weighted average common shares outstanding, basic (in shares)	23,114,715	792,790	8,402,277	790,175
Weighted average common shares outstanding, diluted (in shares)	23,114,715	792,790	8,402,277	790,175

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Series A Convertible Preferred Stock [Member]	Series B Convertible Preferred Stock [Member]	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Temporary equity, Beginning balance at Dec. 31, 2019	$ 7,190
Temporary equity, Beginning balance (in shares) at Dec. 31, 2019	7,266,750
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series A convertible preferred stock, net of issuance costs	$ 25,183
Issuance of series A convertible preferred stock, net of issuance costs (in shares)	25,183,250
Temporary equity, Ending balance at Sep. 30, 2020	$ 32,373
Temporary equity, Ending balance (in shares) at Sep. 30, 2020	32,450,000
Stockholders equity, Beginning balance at Dec. 31, 2019				$ 9	$ (5,882)	$ (5,873)
Stockholders equity, Beginning balance (in shares) at Dec. 31, 2019			788,847
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted common stock				4		4
Vesting of restricted common stock (in shares)			7,888
Stock based compensation				36		36
Net loss					(8,375)	(8,375)
Stockholders equity, Ending balance at Sep. 30, 2020				49	(14,257)	(14,208)
Stockholders equity, Ending balance (in shares) at Sep. 30, 2020			796,735
Temporary equity, Beginning balance at Jun. 30, 2020	$ 32,373
Temporary equity, Beginning balance (in shares) at Jun. 30, 2020	32,450,000
Temporary equity, Ending balance at Sep. 30, 2020	$ 32,373
Temporary equity, Ending balance (in shares) at Sep. 30, 2020	32,450,000
Stockholders equity, Beginning balance at Jun. 30, 2020				33	(11,246)	(11,213)
Stockholders equity, Beginning balance (in shares) at Jun. 30, 2020			792,791
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted common stock				1		1
Vesting of restricted common stock (in shares)			3,944
Stock based compensation				15		15
Net loss					(3,011)	(3,011)
Stockholders equity, Ending balance at Sep. 30, 2020				49	(14,257)	(14,208)
Stockholders equity, Ending balance (in shares) at Sep. 30, 2020			796,735
Temporary equity, Beginning balance at Dec. 31, 2020	$ 32,373	$ 64,815
Temporary equity, Beginning balance (in shares) at Dec. 31, 2020	32,450,000	34,043,889
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of initial public offering common stock, net	$ (32,373)	$ (64,815)
Issuance of initial public offering common stock, net (in shares)	(32,450,000)	(34,043,889)
Temporary equity, Ending balance (in shares) at Sep. 30, 2021	0	0
Stockholders equity, Beginning balance at Dec. 31, 2020				66	(23,147)	(23,081)
Stockholders equity, Beginning balance (in shares) at Dec. 31, 2020			800,679
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted common stock				5		5
Vesting of restricted common stock (in shares)			11,832
Stock based compensation				882		882
Issuance of initial public offering common stock, net			$ 2	194,237		194,239
Issuance of initial public offering common stock, net (in shares)			22,389,460
Net loss					(22,417)	(22,417)
Stockholders equity, Ending balance at Sep. 30, 2021			$ 2	195,190	(45,564)	149,628
Stockholders equity, Ending balance (in shares) at Sep. 30, 2021			23,201,971
Temporary equity, Ending balance (in shares) at Sep. 30, 2021	0	0
Stockholders equity, Beginning balance at Jun. 30, 2021			$ 2	188,632	(33,297)	155,337
Stockholders equity, Beginning balance (in shares) at Jun. 30, 2021			22,794,620
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted common stock				1		1
Vesting of restricted common stock (in shares)			3,944
Stock based compensation				659		659
Issuance of initial public offering common stock, net				5,898		5,898
Issuance of initial public offering common stock, net (in shares)			403,407
Net loss					(12,267)	(12,267)
Stockholders equity, Ending balance at Sep. 30, 2021			$ 2	$ 195,190	$ (45,564)	$ 149,628
Stockholders equity, Ending balance (in shares) at Sep. 30, 2021			23,201,971

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Series A Convertible Preferred Stock [Member]
Issuance costs	$ 77

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities
Net loss	$ (22,417)	$ (8,375)
Reconciliation of net loss to net cash used in operating activities:
Stock-based compensation	882	36
Depreciation and amortization expense	13
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(1,826)	(1,244)
Accounts payable	(244)	199
Accrued expenses	2,339	469
Net cash used in operating activities	(21,253)	(8,915)
Financing activities
Proceeds from the issuance of restricted common stock		20
Proceeds from issuance of common stock upon initial public offering, net of issuance costs	97,062
Proceeds from the issuance of convertible preferred stock		25,183
Cash paid for issuance costs of convertible preferred stock	(11)
Net cash provided by financing activities	97,051	25,203
Increase in cash and cash equivalents	75,798	16,288
Cash and cash equivalents, beginning of period	79,400	1,740
Cash and cash equivalents, end of period	155,198	$ 18,028
Supplemental disclosure of non-cash financing activities
Conversion of convertible preferred stock upon IPO	$ 97,188

Nature of business

Nature of business	9 Months Ended
Nature of business	Sep. 30, 2021
Nature of business
Nature of business	1. Nature of business Elevation Oncology, Inc. (the “Company” or “Elevation”), which was formerly known as 14ner, Inc., was incorporated under the laws of Delaware on April 29, 2019 (“Inception”). The Company is a clinical-stage biopharmaceutical company focused on the development of precision medicines for patients with genomically-defined cancers. The Company acquired its lead product candidate, seribantumab, pursuant to an asset purchase agreement executed with Merrimack Pharmaceuticals, Inc. (the “previous sponsor”) during the period ended December 31, 2019. Seribantumab inhibits tumor growth driven by NRG1 fusions and is currently being tested in the Company’s Phase 2 CRESTONE clinical trial for patients with tumors of any origin that have an NRG1 fusion. The Company is actively evaluating opportunities for pipeline expansion, prioritizing targeted therapy approaches in tumor types defined by genomic driver alterations. Risks and uncertainties The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure, and extensive compliance-reporting capabilities. There can be no assurance that the Company’s research and development of its product candidates will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies. On March 10, 2020, the World Health Organization characterized the novel COVID-19 virus as a global pandemic. There is significant uncertainty as to the likely effects of this disease which may, among other things, materially impact the Company’s ongoing clinical trial, and planned future clinical trials. This pandemic or outbreak could result in difficulty securing clinical trial site locations, contract research organizations, and/or trial monitors and other critical vendors and consultants supporting the trial. These situations, or others associated with COVID-19, could cause delays in the Company’s clinical trial plans, could increase expected costs, and impact the ability to raise additional capital, all of which could have a material adverse effect on the Company’s business and its financial condition. COVID-19 has not had a significant impact on the operations or financial results of the Company to date. Initial Public Offering On June 29, 2021, the Company closed its initial public offering, (“IPO”) and issued 6,250,000 shares of its common stock at a price of $16.00 per share for net proceeds of $91,059, after deducting underwriting discounts, commissions, and other expenses of $8,941. In connection with the IPO, all shares of Series A and Series B convertible preferred stock converted into 15,736,053 shares of common stock. Additional issuance cost of $11 was paid for convertible preferred stock in 2021. On July 19, 2021, in connection with the Company’s IPO, the underwriters exercised the right to purchase an additional 403,407 shares of the Company’s common stock at a price of $16.00 per share for net proceeds of $6,003, after deducting underwriting discounts of $452. Liquidity The Company has historical losses from operations and anticipates that it will continue to incur losses for the foreseeable future as it continues the research and development of its product candidates. The Company incurred net losses of $12,267 and $3,011 for the three months ended September 30, 2021 and 2020, respectively, and $22,417 and $8,375 for the nine months ended September 30, 2021 and 2020, respectively, and had an accumulated deficit of $45,564 as of September 30, 2021. The Company has funded its operations primarily through proceeds from its IPO and the sale of convertible preferred stock. The future success of the Company is dependent on its ability to successfully obtain additional working capital, obtain regulatory approval for and successfully launch and commercialize its product candidates and to ultimately attain profitable operations. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The financial statements do not reflect any adjustments relating to the recoverability and reclassification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern. The Company believes that the $155.2 million of cash and cash equivalents on hand as of September 30, 2021 will be sufficient to fund its operations in the normal course of business and meet its liquidity needs through at least the next 12 months from the issuance of these financial statements.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
Basis of Presentation and Significant Accounting Policies	Sep. 30, 2021
Basis of Presentation and Significant Accounting Policies
Basis of Presentation and Significant Accounting Policies	2. Basis of Presentation and Significant Accounting Policies Basis of presentation of interim financial statements The unaudited condensed interim financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"). The accompanying unaudited condensed interim financial statements were prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. The December 31, 2020 balance sheet was derived from December 31, 2020 audited 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 SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. The results for the interim periods are not necessarily indicative of results to be expected for the fiscal year ending December 31, 2021. The accompanying unaudited condensed interim financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2020, which are included in the Company’s prospectus related to the Company’s IPO, filed with the SEC on June 24, 2021, pursuant to Rule 424(b) under the Securities Act of 1933, amended. On June 17, 2021, the Company effected a 1.0-for- 4.225582 Significant accounting policies Use of estimates The preparation of the Company’s financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions, based on judgments considered reasonable, which affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company bases its estimates and assumptions on known trends and events and various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Changes in estimates are recorded in the period in which they become known. Due to the risks and uncertainties involved in the Company’s business and evolving market conditions and, given the subjective element of the estimates and assumptions made, actual results may differ from estimated results. Concentrations of credit risk and significant suppliers Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and cash equivalents. The Company’s money market funds are invested in highly rated funds. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents and does not believe that it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company is dependent on third-party manufacturers to supply products for research and development activities of its programs, including preclinical and clinical testing. These programs could be adversely affected by a significant interruption in the supply of such drug substance and drug products. As of December 31, 2020, the Company had one vendor that accounted for approximately 95% of the total accounts payable. As of September 30, 2021, the Company had two vendors that accounted for approximately 86% of the total accounts payable. During the three months ended September 30, 2021, the Company had three vendors that accounted for approximately 74% its research and development expense. During the nine months ended September 30, 2021, the Company had two vendors that accounted for approximately 58% its research and development expense. Patent costs The legal and professional costs incurred by the Company to maintain its patent rights have been expensed as part of general and administrative expenses since Inception. As of September 30, 2021 and 2020, the Company has determined that these expenses have not met the criteria to be capitalized. Intellectual property related expenses for the three months ended September 30, 2021 and 2020 were $18 and $13, respectively. Intellectual property related expenses for the nine months ended September 30, 2021 and 2020 were $173 and $118, respectively. Recently issued accounting pronouncements In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

Fair value measurements of fina

Fair value measurements of financial assets	9 Months Ended
Fair value measurements of financial assets	Sep. 30, 2021
Fair value measurements of financial assets.
Fair value measurements of financial assets	3. Fair value measurements of financial assets The Company’s financial assets subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows: As of September 30, 2021 Fair Value Unrealized Unrealized Fair Hierarchy Cost gains losses value Money market funds included in cash and cash equivalents Level 1 $ 64,515 $ — $ — $ 64,515 As of December 31, 2020 Fair Value Unrealized Unrealized Fair Hierarchy Cost gains losses value Money market funds included in cash and cash equivalents Level 1 $ 76,013 $ — $ — $ 76,013 During the three and nine months ended September 30, 2021, the Company had no transfers between Level 1, Level 2 or Level 3 financial assets.

Accrued expenses

Accrued expenses	9 Months Ended
Accrued expenses	Sep. 30, 2021
Accrued expenses
Accrued expenses	4. Accrued expenses Accrued expenses consist of the following: September 30, December 31, 2021 2020 Accrued preclinical and clinical trial costs $ 2,276 $ 505 Accrued compensation 901 429 Accrued consulting 52 127 Accrued professional services 174 28 Accrued other 42 17 Total accrued expenses $ 3,445 $ 1,106

Convertible preferred stock

Convertible preferred stock	9 Months Ended
Convertible preferred stock	Sep. 30, 2021
Convertible preferred stock
Convertible preferred stock	5. Convertible preferred stock The Company had issued Series A and Series B convertible preferred stock (collectively, the “Convertible Preferred Stock”). As of December 31, 2020, the Company’s certificate of incorporation, as amended and restated, authorized the Company to issue 66,493,889 shares of $0.0001 par value convertible preferred stock, of which 32,450,000 were designated as Series A convertible preferred stock (“Series A”) and 34,043,889 were designated as Series B convertible preferred stock (“Series B”). As of December 31, 2020, all of the Company’s Convertible Preferred Stock was classified outside of stockholders’ deficit because the shares contained deemed liquidation rights that were a contingent redemption feature not solely within the control of the Company. Series A and B On July 12, 2019, the Company sold 5,450,000 shares of Series A at a price of $1.00 per share (“Series A Original Issue Price”) pursuant to the Series A stock purchase agreement (the “Series A Purchase Agreement”), for gross proceeds of $5,450. On August 7, 2019, investors purchased an additional 1,816,750 shares of Series A at the Series A Original Issue Price, for gross proceeds of $1,817. Upon achievement of the Milestone Closing (as defined in the Series A Purchase Agreement) and approval by the Company’s board of directors, the Company issued an additional 25,183,250 shares of Series A at the Series A Original Issue Price on January 9, 2020 for gross proceeds of $25,183. On November 10, 2020, the Company sold 34,043,889 shares of Series B at a price of $1.9093 per share, (“Series B Original Issue Price”), pursuant to the Series B stock purchase agreement for gross proceeds of $65,000. Conversion Upon the closing of the IPO in June 2021, all shares of convertible preferred stock then outstanding were automatically converted into 15,736,053 shares of common stock. No convertible stock was outstanding as of September 30, 2021

Common stock

Common stock	9 Months Ended
Common stock	Sep. 30, 2021
Common stock.
Common stock	6. Common stock As of September 30, 2021, the Company’s certificate of incorporation, as amended and restated, authorized the Company to issue 500,000,000 shares of $0.0001 par value common stock. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the board of directors, if any. Reverse Stock Split On June 17, 2021, the Company effected a 1.0-for- 4.225582 Initial Public Offering On June 29, 2021, the Company closed its initial public offering (“IPO”) and issued 6,250,000 shares of its common stock at a price of $16.00 per share for net proceeds of $91,059, after deducting underwriting discounts and commissions and expenses of $8,941. In connection with the IPO, all shares of Series A and Series B convertible preferred stock converted into 15,736,053 shares of common stock. On July 19, 2021, in connection with the Company’s IPO, the underwriters exercised the right to purchase 403,407 shares of the Company’s common stock at a price of $16.00 per share for net proceeds of $6,003, after deduction underwriting discounts of $452. As of September 30, 2021, 23,225,637 and 23,201,971 shares of common stock were issued and outstanding, respectively, including 788,847 shares issued to founders. As of December 31, 2020, 836,177 and 800,679 shares of common stock were issued and outstanding, respectively, including 788,847 shared issued to founders. The Company has reserved a total of 27,565,320 shares of common stock as of September 30, 2021 for common stock outstanding, the exercise of outstanding stock options and the number of shares remaining available for future grant under the Company’s 2021 Stock Incentive Plan.

Stock-based compensation

Stock-based compensation	9 Months Ended
Stock-based compensation	Sep. 30, 2021
Stock-based compensation
Stock-based compensation	7. Stock-based compensation Stock-based compensation expense as reflected in the Company’s statements of operations was as follows: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Research and development $ 83 $ 8 $ 157 $ 16 General and administrative 576 7 725 20 Stock-based compensation expense included in operating expenses $ 659 $ 15 $ 882 $ 36 2021 Equity Incentive Plan The Company has adopted the 2021 Equity Incentive Plan (“2021 Plan”), which became effective on June 24, 2021, the date the prospectus related to the Company's IPO was deemed effective by the SEC. The 2021 Plan authorizes the award of stock options, restricted stock awards (“RSAs”), stock appreciation rights (“SARs”), restricted stock units (“RSUs”), cash awards, performance awards and stock bonus awards. The Company has initially reserved 1,483,445 shares of its common stock, plus any reserved shares not issued or subject to outstanding grants under the 2019 Plan on the effective date of the 2021 Plan, for issuance pursuant to awards granted under the 2021 Plan. The number of shares reserved for issuance under the 2021 Plan will increase automatically on January 1 of each of 2022 through 2031 by the number of shares equal to the lesser of 5% of the aggregate number of outstanding shares of the Company’s common stock as of the immediately preceding December 31, or a number as may be determined by our board of directors. 2019 Stock Incentive Plan The Company’s Board of Directors adopted the Company’s 2019 Stock Incentive Plan, (“2019 Plan”) in May 2019 to provide long-term incentives for its employees, non-employee directors and certain consultants. For the nine months ended September 30, 2021, 1,016,337 options were granted under the 2019 Plan, which terminated in connection with the Company’s IPO. The Company will not grant any additional awards under the 2019 Plan thereafter. 2021 Employee Stock Purchase Plan The Company has adopted the Employee Stock Purchase Plan (“ESPP”) which became effective June 24, 2021, the date the prospectus related to the Company's IPO was deemed effective by the SEC, to enable eligible employees to purchase shares of its common stock with accumulated payroll deductions at a discount beginning on a date to be determined by the board of directors or compensation committee. The ESPP is intended to qualify under Section 423 of the Code. The Company has initially reserved 228,222 shares of its common stock for sale under the ESPP. The aggregate number of shares reserved for sale under the ESPP will increase automatically on January 1st of each of 2022 through 2031 by the number of shares equal to the lesser of 1% of the total outstanding shares of the Company’s common stock as of the immediately preceding December 31 (rounded to the nearest whole share) or a number of shares as may be determined by the board of directors in any particular year. The aggregate number of shares issued over the term of the ESPP, subject to stock-splits, recapitalizations or similar events, may not exceed 4,564,440 shares of the Company’s common stock. Stock options The following is a summary of the Company’s stock option activity for the nine months ended September 30, 2021: Weighted- Weighted- average average remaining contractual Aggregate Options exercise price term (years) intrinsic value Outstanding at December 31, 2020 1,761,062 $ 0.95 9.54 $ 723 Granted 1,088,000 7.78 — 3,087 Outstanding at September 30, 2021 2,849,062 3.56 9.13 $ 12,056 Vested at September 30, 2021 398,157 0.96 8.30 $ 2,805 Vested and expected to vest at September 30, 2021 2,849,062 $ 3.56 9.13 $ 12,056 The following is a summary of the Company’s stock option activity for the nine months ended September 30, 2020: Weighted- Weighted- average average remaining contractual Aggregate Options exercise price term (years) intrinsic value Outstanding at December 31, 2019 459,650 $ 0.43 9.72 $ — Granted 364,889 0.43 — — Early exercise (47,330) 0.43 — — Outstanding at September 30, 2020 777,209 0.43 9.20 $ — Vested at September 30, 2020 — — — $ — Vested and expected to vest at September 30, 2020 777,209 $ 0.43 9.20 $ — The weighted average grant-date fair value of stock options granted during the nine months ended September 30, 2021 and 2020 was $5.17 and $0.27 per share, respectively. The fair value of each stock option was estimated using a Black-Scholes option-pricing model with the following assumptions: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Risk-free interest rate 1.19 % — % 0.95 - 1.19 % 0.2 - 0.75 % Volatility 76 % — % 76-77 % 75-76 % Dividend yield 0.00 % — % 0.00 % 0.00 % Expected term (years) 6 — 6 3-6 The fair value of options that vested during the nine months ended September 30, 2021 and 2020 was $304 and $0, respectively. The Company recorded stock-based compensation expense associated with stock option awards of $454 and $14 during the three months ended September 30, 2021 and 2020, respectively, and $662 and $35 during the nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021, there was $6,227 of total unrecognized compensation cost related to unvested stock-based awards, which the Company expects to recognize over a remaining weighted-average period of 3.4 years. Restricted Common Stock The terms of the 2019 Plan permitted certain option holders to exercise options before their options are vested, subject to certain limitations. Upon early exercise, the awards become subject to a restricted stock agreement and are subject to the same vesting provisions in the original stock option awards. Shares issued as a result of early exercise that have not vested are subject to repurchase by the Company upon termination of the purchaser’s employment, at the lesser of the price paid by the purchaser or the fair value of the shares at the time of repurchase. Such shares are not deemed to be issued for accounting purposes until they vest and are therefore excluded from shares outstanding until the repurchase right lapses and the shares are no longer subject to the repurchase feature. The liability is reclassified into common stock and additional paid-in capital as the shares vest and the repurchase right lapses. Accordingly, the Company has recorded the unvested portion of the exercise proceeds of $10 and $15 as a liability from the early exercise in the accompanying balance sheets as of September 30, 2021 and December 31, 2020, respectively. The Company recorded stock-based compensation expense associated with restricted common stock of $1 and $3 during the three and nine months ended September 30, 2021, respectively. Restricted Stock Units The Company issues RSUs to employees that generally vest over a four-year period with 25% of awards vesting after one year and then monthly thereafter. Any unvested shares will be forfeited upon termination of services. The fair value of an RSU is equal to the fair market value price of the Company’s common stock on the date of grant. RSU expense is amortized straight-line over the vesting period. The following table summarizes activity related to restricted stock units: Weighted- average grant date Number of shares fair value Unvested at December 31, 2020 — $ — Granted 200,996 16.00 Unvested at September 30, 2021 200,996 16.00 The Company recorded stock-based compensation expense of $204 and $217 for the three and nine months ended September 30, 2021, related to RSUs. As of September 30, 2021, the total unrecognized expense related to all RSUs was $3,000, which the Company expects to recognize over a weighted-average period of 3.7 years.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2021
Commitments and Contingencies
Commitments and Contingencies	8. Commitments and Contingencies Asset Purchase and License Agreements In May 2019, the Company entered into an asset purchase agreement with the previous sponsor, pursuant to which it acquired all rights and interest to patents, know-how, and inventory for assets related to seribantumab, a fully humanized immunoglobulin G2 monoclonal antibody against HER3. Pursuant to the asset purchase agreement, the Company made an upfront, non-refundable payment of $3,500 at closing. If the Company succeeds in developing and commercializing seribantumab, the Company may be obligated to pay the previous sponsor up to $54,500 in development, regulatory and sales milestone payments. Under the terms of the asset purchase agreement, the Company assumed the rights and obligations of the following collaboration and license agreements previously held by the previous sponsor: ● Dyax— The Company assumed all rights and obligations provided for under the amended and restated collaboration agreement executed between Dyax Corp. (“Dyax”) and the previous sponsor (the “Dyax Agreement”). Pursuant to the Dyax Agreement, Dyax utilized its proprietary phage technology to identify antibodies that would bind to targets of interest to the previous sponsor. Additionally, Dyax granted to the previous sponsor a world-wide, non-exclusive, royalty free right to use and make any and all of the antibodies identified by Dyax for certain research purposes. Seribantumab was identified as a result of the research activities performed under the Dyax Agreement. Pursuant to the terms of the Dyax Agreement, the Company may be obligated to pay Dyax milestone payments of up to approximately $9,300 if certain development and regulatory milestones are achieved. In addition, Dyax is entitled to mid-single digit royalties based on net sales of seribantumab. The Company’s obligation to pay royalties to Dyax continues on a product-by-product and country-by-country basis until the later of a specified number of years after the first commercial sale in such country and the expiration of the patent rights covering seribantumab in such country. The Dyax Agreement will remain in effect, unless earlier terminated, for so long as the Company continues to develop or commercialize seribantumab. Either party may terminate the agreement in the event of an uncured material breach by the other party. The Company also has the right to terminate the agreement in its entirety or on a product-by-product basis at any time upon 90 days’ prior written notice. ● Selexis— The Company assumed all rights and obligations provided for under the amended commercial license agreement executed between Selexis SA (“Selexis”) and the previous sponsor (the “Selexis Agreement”). Pursuant to the Selexis Agreement, the Company received non-exclusive rights to technology for use in the manufacture of seribantumab and may be required to make milestone payments of up to approximately €900 , per licensed product, if certain development and regulatory milestones are achieved. Additionally, Selexis may have the right to obtain a royalty of the greater of €200 annually and less than one percent on net sales of seribantumab. The obligation to pay royalties with respect to each product sold in a country continues until the expiration of the patent rights covering the product in such country. Either party may terminate the agreement in the event of an uncured material breach by the other party. The Company also has the right to terminate the agreement at any time upon 60 days’ prior written notice. ● National Institute of Health —The Company assumed all rights and obligations provided for under the amended commercial license agreement executed between the U.S. Public Health Service, a division of the U.S. Department of Health and Human Services (the “NIH”) and the previous sponsor (the “NIH Agreement”). Pursuant to the NIH Agreement, the Company received non-exclusive rights in the United States to patents related to certain antibodies associated with seribantumab. If certain development and regulatory milestones are achieved, the Company may be obligated to pay NIH additional milestone payments of up to approximately $350 per licensed product. The Company evaluated the asset purchase agreement with the previous sponsor under ASC Topic 805 , Business Combinations, Other Research Arrangements On June 14, 2021, the Company entered into a collaboration agreement (the “Caris Agreement”) with Caris Life Sciences (“Caris”). Under the terms of the Caris Agreement, Caris will identify targets for the collaboration and provide those targets to the Company at regular intervals for review and approval. Once a target is selected by the collaboration’s joint steering committee, the collaboration will retain exclusive access to the selected targets. The financial terms surrounding development and commercialization of each product candidate identified for the collaboration and included in the Caris Agreement vary based on the level of participation elected by each party in the development and commercialization efforts following identification of a target. There are no upfront or milestone payments or royalties due to either party under the collaboration. With respect to proceeds from a product resulting from the collaboration, Caris will be entitled to an initial percentage ranging from the mid-single digits to low teens with the remaining proceeds allocated based on each party’s pro rata share of expenses incurred in development of the product. The Caris Agreement provides flexibility for Caris and the Company to jointly develop and commercialize, or for either the Company or Caris to incur development and commercialization expenses. The ultimate percentage of proceeds payable to the Company and Caris will depend on the level of development and commercialization participation elected by each party. The Company will own the intellectual property rights to the therapeutics developed under the collaboration, and Caris will own the intellectual property rights to the diagnostics developed under the collaboration. Either party may terminate the Caris Agreement for uncured material breach by the other party or in the case of the other party’s insolvency. The term of the Caris Agreement is three years, automatically renewing for one-year terms. Either party may terminate the agreement at the end of a term by written notice to the other, subject to the continuation of exclusivity with respect to any target selected by the Joint Steering Committee, so long as commercially reasonable efforts are used to discover, identify, develop and/or commercialize a therapeutic related to such target.

Net loss per share

Net loss per share	9 Months Ended
Net loss per share	Sep. 30, 2021
Net loss per share
Net loss per share	9. Net loss per share The following table summarizes the computation of basic and diluted net loss per share of the Company: Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 Net loss $ (12,267) $ (3,011) $ (22,417) $ (8,375) Weighted average common stock outstanding, basic and diluted 23,114,715 792,790 8,402,277 790,175 Net loss per share, basic and diluted $ (0.53) $ (3.80) $ (2.67) $ (10.60) The Company’s potentially dilutive securities, which include convertible preferred stock, options to purchase common stock and unvested restricted stock, 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 is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: September 30, 2021 2020 Convertible preferred shares — 32,450,000 Outstanding stock options 2,849,062 777,209 Unvested restricted stock 23,666 39,442 Unvested RSUs 200,996 — 3,073,724 33,266,651

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Basis of Presentation and Significant Accounting Policies
Basis of presentation of interim financial statements	Basis of presentation of interim financial statements The unaudited condensed interim financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"). The accompanying unaudited condensed interim financial statements were prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. The December 31, 2020 balance sheet was derived from December 31, 2020 audited 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 SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. The results for the interim periods are not necessarily indicative of results to be expected for the fiscal year ending December 31, 2021. The accompanying unaudited condensed interim financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2020, which are included in the Company’s prospectus related to the Company’s IPO, filed with the SEC on June 24, 2021, pursuant to Rule 424(b) under the Securities Act of 1933, amended. On June 17, 2021, the Company effected a 1.0-for- 4.225582
Use of estimates	Use of estimates The preparation of the Company’s financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions, based on judgments considered reasonable, which affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company bases its estimates and assumptions on known trends and events and various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Changes in estimates are recorded in the period in which they become known. Due to the risks and uncertainties involved in the Company’s business and evolving market conditions and, given the subjective element of the estimates and assumptions made, actual results may differ from estimated results.
Concentrations of credit risk and significant suppliers	Concentrations of credit risk and significant suppliers Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and cash equivalents. The Company’s money market funds are invested in highly rated funds. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents and does not believe that it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company is dependent on third-party manufacturers to supply products for research and development activities of its programs, including preclinical and clinical testing. These programs could be adversely affected by a significant interruption in the supply of such drug substance and drug products. As of December 31, 2020, the Company had one vendor that accounted for approximately 95% of the total accounts payable. As of September 30, 2021, the Company had two vendors that accounted for approximately 86% of the total accounts payable. During the three months ended September 30, 2021, the Company had three vendors that accounted for approximately 74% its research and development expense. During the nine months ended September 30, 2021, the Company had two vendors that accounted for approximately 58% its research and development expense.
Patent costs	Patent costs The legal and professional costs incurred by the Company to maintain its patent rights have been expensed as part of general and administrative expenses since Inception. As of September 30, 2021 and 2020, the Company has determined that these expenses have not met the criteria to be capitalized. Intellectual property related expenses for the three months ended September 30, 2021 and 2020 were $18 and $13, respectively. Intellectual property related expenses for the nine months ended September 30, 2021 and 2020 were $173 and $118, respectively.
Recently issued accounting pronouncements	Recently issued accounting pronouncements In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

Fair value measurements of fi_2

Fair value measurements of financial assets (Tables)	9 Months Ended
Fair value measurements of financial assets (Tables)	Sep. 30, 2021
Fair value measurements of financial assets.
Schedule of fair value measurements of financial assets	The Company’s financial assets subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows: As of September 30, 2021 Fair Value Unrealized Unrealized Fair Hierarchy Cost gains losses value Money market funds included in cash and cash equivalents Level 1 $ 64,515 $ — $ — $ 64,515 As of December 31, 2020 Fair Value Unrealized Unrealized Fair Hierarchy Cost gains losses value Money market funds included in cash and cash equivalents Level 1 $ 76,013 $ — $ — $ 76,013

Accrued expenses (Tables)

Accrued expenses (Tables)	9 Months Ended
Accrued expenses (Tables)	Sep. 30, 2021
Accrued expenses
Schedule of accrued expenses	Accrued expenses consist of the following: September 30, December 31, 2021 2020 Accrued preclinical and clinical trial costs $ 2,276 $ 505 Accrued compensation 901 429 Accrued consulting 52 127 Accrued professional services 174 28 Accrued other 42 17 Total accrued expenses $ 3,445 $ 1,106

Stock-based compensation (Table

Stock-based compensation (Tables)	9 Months Ended
Stock-based compensation (Tables)	Sep. 30, 2021
Stock-based compensation
Schedule of stock-based compensation expense	Stock-based compensation expense as reflected in the Company’s statements of operations was as follows: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Research and development $ 83 $ 8 $ 157 $ 16 General and administrative 576 7 725 20 Stock-based compensation expense included in operating expenses $ 659 $ 15 $ 882 $ 36
Summary of stock option activity	The following is a summary of the Company’s stock option activity for the nine months ended September 30, 2021: Weighted- Weighted- average average remaining contractual Aggregate Options exercise price term (years) intrinsic value Outstanding at December 31, 2020 1,761,062 $ 0.95 9.54 $ 723 Granted 1,088,000 7.78 — 3,087 Outstanding at September 30, 2021 2,849,062 3.56 9.13 $ 12,056 Vested at September 30, 2021 398,157 0.96 8.30 $ 2,805 Vested and expected to vest at September 30, 2021 2,849,062 $ 3.56 9.13 $ 12,056 The following is a summary of the Company’s stock option activity for the nine months ended September 30, 2020: Weighted- Weighted- average average remaining contractual Aggregate Options exercise price term (years) intrinsic value Outstanding at December 31, 2019 459,650 $ 0.43 9.72 $ — Granted 364,889 0.43 — — Early exercise (47,330) 0.43 — — Outstanding at September 30, 2020 777,209 0.43 9.20 $ — Vested at September 30, 2020 — — — $ — Vested and expected to vest at September 30, 2020 777,209 $ 0.43 9.20 $ —
Schedule of assumptions used in estimation of fair value	The weighted average grant-date fair value of stock options granted during the nine months ended September 30, 2021 and 2020 was $5.17 and $0.27 per share, respectively. The fair value of each stock option was estimated using a Black-Scholes option-pricing model with the following assumptions: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Risk-free interest rate 1.19 % — % 0.95 - 1.19 % 0.2 - 0.75 % Volatility 76 % — % 76-77 % 75-76 % Dividend yield 0.00 % — % 0.00 % 0.00 % Expected term (years) 6 — 6 3-6
Summary of restricted stock units activity	The following table summarizes activity related to restricted stock units: Weighted- average grant date Number of shares fair value Unvested at December 31, 2020 — $ — Granted 200,996 16.00 Unvested at September 30, 2021 200,996 16.00

Net loss per share (Tables)

Net loss per share (Tables)	9 Months Ended
Net loss per share (Tables)	Sep. 30, 2021
Net loss per share
Summary of computation of basic and diluted net loss per share	The following table summarizes the computation of basic and diluted net loss per share of the Company: Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 Net loss $ (12,267) $ (3,011) $ (22,417) $ (8,375) Weighted average common stock outstanding, basic and diluted 23,114,715 792,790 8,402,277 790,175 Net loss per share, basic and diluted $ (0.53) $ (3.80) $ (2.67) $ (10.60)
Schedule of antidilutive securities excluded from computation of diluted net loss per share	The Company’s potentially dilutive securities, which include convertible preferred stock, options to purchase common stock and unvested restricted stock, 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 is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: September 30, 2021 2020 Convertible preferred shares — 32,450,000 Outstanding stock options 2,849,062 777,209 Unvested restricted stock 23,666 39,442 Unvested RSUs 200,996 — 3,073,724 33,266,651

Nature of business - Initial Pu

Nature of business - Initial Public Offering (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 19, 2021	Jun. 29, 2021	Sep. 30, 2021
Initial Public Offering
Stock issuance costs			$ 11
IPO
Initial Public Offering
Shares issued (in shares)		6,250,000
Share price (in dollars per share)		$ 16
Net proceeds from sale of stock		$ 91,059
Stock issuance costs		$ 8,941
Number of shares from conversion of preferred stock (in shares)		15,736,053
IPO \| Underwriters
Initial Public Offering
Shares issued (in shares)	403,407
Share price (in dollars per share)	$ 16
Net proceeds from sale of stock	$ 6,003
Stock issuance costs	$ 452
IPO \| Series A Convertible Preferred Stock [Member]
Initial Public Offering
Stock issuance costs		$ 11

Nature of business - Liquidity

Nature of business - Liquidity (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
Nature of business
Net loss	$ 12,267	$ 3,011	$ 22,417	$ 8,375
Accumulated deficit	45,564		45,564		$ 23,147
Cash and cash equivalents	$ 155,198		$ 155,198		$ 79,400

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Details) $ in Thousands	Jun. 17, 2021	Sep. 30, 2021USD ($)item	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)item	Sep. 30, 2020USD ($)	Dec. 31, 2020item
Summary of significant accounting policies
Reverse stock split ratio	0.2367
Legal and professional costs \| $		$ 18	$ 13	$ 173	$ 118
Accounts payable \| Major suppliers \| Supplier Concentration Risk
Summary of significant accounting policies
Number of vendors				2		1
Concentration risk				86.00%		95.00%
Research and development \| Major suppliers \| Supplier Concentration Risk
Summary of significant accounting policies
Number of vendors		3		2
Concentration risk		74.00%		58.00%

Fair value measurements of fi_3

Fair value measurements of financial assets (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2020
Fair value measurements of financial assets
Transfers from Level 1 to Level 2, Assets	$ 0	$ 0
Transfers from Level 2 to Level 1, Assets	0	0
Transfers into (out of) Level 3, Assets	0	0
Recurring \| Money Market Funds \| Level 1
Fair value measurements of financial assets
Cost	64,515	64,515	$ 76,013
Fair value	$ 64,515	$ 64,515	$ 76,013

Accrued expenses (Details)

Accrued expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accrued expenses
Accrued preclinical and clinical trial costs	$ 2,276	$ 505
Accrued compensation	901	429
Accrued consulting	52	127
Accrued professional services	174	28
Accrued other	42	17
Total accrued expenses	$ 3,445	$ 1,106

Convertible preferred stock (De

Convertible preferred stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 10, 2020	Jan. 09, 2020	Aug. 07, 2019	Jul. 12, 2019	Sep. 30, 2020	Sep. 30, 2021	Jun. 29, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Convertible preferred stock
Shares authorized								66,493,889
Par value of convertible preferred stock								$ 0.0001
Gross proceeds					$ 25,183
IPO
Convertible preferred stock
Number of shares from conversion of preferred stock (in shares)							15,736,053
Series A Convertible Preferred Stock [Member]
Convertible preferred stock
Shares authorized						0		32,450,000
Par value of convertible preferred stock						$ 0.0001		$ 0.0001
Shares issued		25,183,250	1,816,750	5,450,000	25,183,250
Original issue price				$ 1
Gross proceeds		$ 25,183	$ 1,817	$ 5,450
Convertible preferred stock, shares outstanding					32,450,000	0		32,450,000	32,450,000	7,266,750
Series B Convertible Preferred Stock [Member]
Convertible preferred stock
Shares authorized						0		34,043,889
Par value of convertible preferred stock						$ 0.0001		$ 0.0001
Shares issued	34,043,889
Original issue price	$ 1.9093
Gross proceeds	$ 65,000
Convertible preferred stock, shares outstanding						0		34,043,889

Common stock - Authorized and R

Common stock - Authorized and Reverse Stock Split (Details)	Jun. 17, 2021	Sep. 30, 2021Vote$ / sharesshares	Dec. 31, 2020$ / sharesshares
Common stock.
Common stock, shares authorized \| shares		500,000,000	86,000,000
Common stock, par value \| $ / shares		$ 0.0001	$ 0.0001
Number of votes per common stock \| Vote		1
Reverse stock split ratio	0.2367

Common stock - Initial Public O

Common stock - Initial Public Offering (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 19, 2021	Jun. 29, 2021	Sep. 30, 2021	Dec. 31, 2020
Initial Public Offering
Stock issuance costs			$ 11
Common stock, shares issued			23,225,637	836,177
Common stock, shares outstanding			23,201,971	800,679
Common stock, shares issued to founders			788,847	788,847
Common stock reserved			27,565,320
IPO
Initial Public Offering
Shares issued (in shares)		6,250,000
Share price (in dollars per share)		$ 16
Net proceeds from sale of stock		$ 91,059
Stock issuance costs		$ 8,941
Number of shares from conversion of preferred stock (in shares)		15,736,053
IPO \| Underwriters
Initial Public Offering
Shares issued (in shares)	403,407
Share price (in dollars per share)	$ 16
Net proceeds from sale of stock	$ 6,003
Stock issuance costs	$ 452

Stock-based compensation - Expe

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
Stock-based compensation
Stock-based compensation expense included in operating expenses	$ 659	$ 15	$ 882	$ 36
Research and development
Stock-based compensation
Stock-based compensation expense included in operating expenses	83	8	157	16
General and administrative
Stock-based compensation
Stock-based compensation expense included in operating expenses	$ 576	$ 7	$ 725	$ 20

Stock-based compensation - Stoc

Stock-based compensation - Stock incentive plan (Details) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 24, 2021
Stock-based compensation
Options granted (in shares)	1,088,000	364,889
2021 Equity Incentive Plan
Stock-based compensation
Total number of shares authorized			1,483,445
2021 Equity Incentive Plan \| Maximum
Stock-based compensation
Additional number of shares authorized (as a percent)	5.00%
2019 Stock incentive plan
Stock-based compensation
Options granted (in shares)	1,016,337
2021 Employee Stock Purchase Plan
Stock-based compensation
Total number of shares authorized			228,222
2021 Employee Stock Purchase Plan \| Maximum
Stock-based compensation
Total number of shares authorized	4,564,440
Additional number of shares authorized (as a percent)	1.00%

Stock-based compensation - St_2

Stock-based compensation - Stock options (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Options
Outstanding at beginning of period (in shares)	1,761,062	459,650	459,650
Granted (in shares)	1,088,000	364,889
Early exercise (in shares)		(47,330)
Outstanding at end of period (in shares)	2,849,062	777,209	1,761,062	459,650
Vested at end of period (in shares)	398,157
Vested and expected to vest at end of period (in shares)	2,849,062	777,209
Weighted average exercise price
Outstanding at beginning of period (in dollars per share)	$ 0.95	$ 0.43	$ 0.43
Granted (in dollars per share)	7.78	0.43
Early exercise (in dollars per share)		0.43
Outstanding at end of period (in dollars per share)	3.56	0.43	$ 0.95	$ 0.43
Vested at end of period (in dollars per share)	0.96
Vested and expected to vest at end of period (in dollars per share)	$ 3.56	$ 0.43
Weighted-average remaining contractual term and Aggregate intrinsic value
Outstanding at end of period (in years)	9 years 1 month 17 days	9 years 2 months 12 days	9 years 6 months 14 days	9 years 8 months 19 days
Vested at end of period (in years)	8 years 3 months 18 days
Vested and expected to vest at end of period (in years)	9 years 1 month 17 days	9 years 2 months 12 days
Outstanding at beginning of period (in dollars)	$ 723
Granted (in dollars)	3,087
Outstanding at end of period (in dollars)	12,056		$ 723
Vested at end of period (in dollars)	2,805
Vested and expected to vest at end of period (in dollars)	$ 12,056
Weighted average grant-date fair value of stock options granted	$ 5.17	$ 0.27

Stock-based compensation - Assu

Stock-based compensation - Assumptions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair value assumptions
Risk-free interest rate, Minimum			0.95%	0.20%
Risk-free interest rate, Maximum			1.19%	0.75%
Risk-free interest rate	1.19%
Volatility, Minimum			76.00%	75.00%
Volatility, Maximum			77.00%	76.00%
Volatility	76.00%
Dividend yield	0.00%		0.00%	0.00%
Expected term (years)	6 years		6 years
Fair value of options vested			$ 304	$ 0
Stock-based compensation expense	$ 659	$ 15	882	$ 36
Unrecognized compensation cost	6,227		$ 6,227
Expected remaining weighted-average period for recognition			3 years 4 months 24 days
Minimum
Fair value assumptions
Expected term (years)				3 years
Maximum
Fair value assumptions
Expected term (years)				6 years
Stock options
Fair value assumptions
Stock-based compensation expense	$ 454	$ 14	$ 662	$ 35

Stock-based compensation - Rest

Stock-based compensation - Restricted Common Stock (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
Stock-based compensation
Liability from the early exercise	$ 10		$ 10		$ 15
Stock-based compensation expense	659	$ 15	882	$ 36
Restricted Common Stock
Stock-based compensation
Liability from the early exercise	10		10		$ 15
Stock-based compensation expense	$ 1,000		$ 3,000

Stock-based compensation - Re_2

Stock-based compensation - Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Weighted-average grant date fair value
Stock-based compensation expense	$ 659	$ 15	$ 882	$ 36
Unrecognized compensation cost	$ 6,227		$ 6,227
Expected remaining weighted-average period for recognition			3 years 4 months 24 days
Unvested RSUs
Stock-based compensation
Vesting period			4 years
Vesting percentage			25.00%
Number of shares
Granted (in shares)			200,996
Unvested at end of period (in shares)	200,996		200,996
Weighted-average grant date fair value
Granted (in dollars per share)			$ 16
Unvested at end of period (in dollars per share)	$ 16		$ 16
Stock-based compensation expense	$ 204		$ 217
Unrecognized compensation cost	$ 3,000		$ 3,000
Expected remaining weighted-average period for recognition			3 years 8 months 12 days

Commitments and Contingencies -

Commitments and Contingencies - Asset Purchase and License Agreements (Details) € in Thousands, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended			12 Months Ended
	May 31, 2019USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2021EUR (€)	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Asset Acquisition [Line Items]
Research and development		$ 9,298	$ 2,550	$ 17,346		$ 7,042
Asset Purchase Agreement relating to Seribantumab
Asset Acquisition [Line Items]
Upfront payment	$ 3,500
Research and development							$ 3,500
Milestone payments paid				0		$ 0
Asset Purchase Agreement relating to Seribantumab \| Maximum
Asset Acquisition [Line Items]
Milestone payments payable				$ 54,500
Dyax
Asset Acquisition [Line Items]
Number of days written prior notice to terminate agreement				90 days	90 days
Dyax \| Maximum
Asset Acquisition [Line Items]
Milestone payments payable				$ 9,300
Selexis
Asset Acquisition [Line Items]
Number of days written prior notice to terminate agreement				60 days	60 days
Royalty payments payable \| €					€ 200
Percentage of royalty on net sales of licensed products				1.00%	1.00%
Selexis \| Maximum
Asset Acquisition [Line Items]
Milestone payments payable, per licensed product \| €					€ 900
National Institute of Health \| Maximum
Asset Acquisition [Line Items]
Milestone payments payable				$ 350

Commitments and Contingencies_2

Commitments and Contingencies - Other Research Arrangements (Details) - Caris Agreement - Caris $ in Thousands	Jun. 14, 2021USD ($)
Other Research Arrangements
Upfront or milestone payment	$ 0
Term of agreement (in years)	3 years
Renewal term (in years)	1 year

Net loss per share (Details)

Net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net loss per share
Net loss	$ (12,267)	$ (3,011)	$ (22,417)	$ (8,375)
Weighted average common shares outstanding, basic (in shares)	23,114,715	792,790	8,402,277	790,175
Weighted average common shares outstanding, diluted (in shares)	23,114,715	792,790	8,402,277	790,175
Net loss per share, basic (in dollars per share)	$ (0.53)	$ (3.80)	$ (2.67)	$ (10.60)
Net loss per share, diluted (in dollars per share)	$ (0.53)	$ (3.80)	$ (2.66)	$ (10.60)

Net loss per share - Antidiluti

Net loss per share - Antidilutive securities (Details) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Antidilutive securities
Antidilutive securities excluded from computation (in shares)	3,073,724	33,266,651
Convertible preferred shares
Antidilutive securities
Antidilutive securities excluded from computation (in shares)		32,450,000
Stock options
Antidilutive securities
Antidilutive securities excluded from computation (in shares)	2,849,062	777,209
Restricted Common Stock
Antidilutive securities
Antidilutive securities excluded from computation (in shares)	23,666	39,442
Unvested RSUs
Antidilutive securities
Antidilutive securities excluded from computation (in shares)	200,996