TScan Therapeutics (TCRX) 10-Q 10 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 03, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Trading Symbol	TCRX
Entity Registrant Name	TSCAN THERAPEUTICS, INC.
Entity Central Index Key	0001783328
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-40603
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-5282075
Entity Address, Address Line One	830 Winter Street
Entity Address, State or Province	MA
Entity Address, City or Town	Waltham
Entity Address, Postal Zip Code	02451
City Area Code	857
Local Phone Number	399-9500
Title of 12(b) Security	Voting Common Stock, $0.0001 par value per share
Security Exchange Name	NASDAQ
Voting Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		18,929,834
Non-voting Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,143,134

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 125,603	$ 161,405
Prepaid expenses and other current assets	3,757	4,249
Total current assets	129,360	165,654
Property and equipment, net	10,803	11,765
Right-of-use assets	4,750	5,491
Prepaid rent	2,299
Restricted cash	5,037	5,031
Long-term deposit	166	166
Total assets	152,415	188,107
Current liabilities:
Accounts payable	3,096	1,765
Accrued expenses and other current liabilities	4,158	6,517
Operating lease liability, current portion	1,746	1,651
Deferred revenue, current portion	8,170	11,410
Total current liabilities	17,170	21,343
Deferred revenue, net of current portion	0	1,497
Operating lease liability, net of current portion	3,496	4,392
Other long term liabilities	97	97
Total liabilities	20,763	27,329
Commitments and contingencies (Note 5)
Stockholders' equity:
Additional paid-in capital	255,060	252,933
Accumulated deficit	(123,411)	(92,158)
Total stockholders' deficit	131,652	160,778
Total liabilities and stockholders' equity	152,415	188,107
Voting Common Stock
Stockholders' equity:
Common stock	2	2
Non-voting Common Stock
Stockholders' equity:
Common stock	$ 1	$ 1

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Voting Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	18,929,834	18,881,333
Common stock, shares outstanding	18,929,834	18,764,463
Non-voting Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	5,143,134	5,143,134
Common stock, shares outstanding	5,143,134	5,143,134

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue
Collaboration and license revenue	$ 4,056	$ 2,848	$ 7,077	$ 4,875
Revenue from Contract with Customer, Products and Services [Extensible List]	http://www.tscan.com/#CollaborationAndLicenseRevenueMember	http://www.tscan.com/#CollaborationAndLicenseRevenueMember	http://www.tscan.com/#CollaborationAndLicenseRevenueMember	http://www.tscan.com/#CollaborationAndLicenseRevenueMember
Operating expenses:
Research and development	$ 14,494	$ 10,801	$ 29,184	$ 18,140
General and administrative	4,808	2,726	9,302	5,332
Total operating expenses	19,302	13,527	38,486	23,472
Loss from operations	(15,246)	(10,679)	(31,409)	(18,597)
Other income:
Interest and other income, net	149	5	156	11
Net loss	$ (15,097)	$ (10,674)	$ (31,253)	$ (18,586)
Net loss per share, basic	$ (0.63)	$ (7.69)	$ (1.30)	$ (14.25)
Net loss per share, diluted	$ (0.63)	$ (7.69)	$ (1.30)	$ (14.25)
Weighted average common shares outstanding-basic	24,063,677	1,387,973	24,019,406	1,303,899
Weighted average common shares outstanding-diluted	24,063,677	1,387,973	24,019,406	1,303,899

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Non-voting Common Stock	Common Stock	Common Stock Non-voting Common Stock	Additional Paid-In Capital	Accumulated Deficit
Balances at Dec. 31, 2020	$ (42,462)			$ 1		$ 1,070	$ (43,533)
Balances, shares at Dec. 31, 2020		7,063,104
Balances at Dec. 31, 2020		$ 59,681
Balances, shares at Dec. 31, 2020				1,135,858
Issuance of Series C convertible preferred stock (net of issuance costs of $270)		$ 99,730
Issuance of Series C convertible preferred stock (net of issuance costs of $270), shares		8,553,168
Exercise of stock options	170					170
Exercise of stock options, shares				108,656
Vesting of restricted common stock, shares				175,305
Stock-based compensation expense	847					847
Net loss	(18,586)						(18,586)
Balances at Jun. 30, 2021	(60,030)			$ 1		2,088	(62,119)
Balances, shares at Jun. 30, 2021		15,616,272
Balances at Jun. 30, 2021		$ 159,411
Balances, shares at Jun. 30, 2021				1,419,819
Balances at Mar. 31, 2021	(49,922)			$ 1		1,522	(51,445)
Balances, shares at Mar. 31, 2021		15,616,272
Balances at Mar. 31, 2021		$ 159,411
Balances, shares at Mar. 31, 2021				1,304,789
Exercise of stock options	63					63
Exercise of stock options, shares				27,378
Vesting of restricted common stock, shares				87,652
Stock-based compensation expense	503					503
Net loss	(10,674)						(10,674)
Balances at Jun. 30, 2021	(60,030)			$ 1		2,088	(62,119)
Balances, shares at Jun. 30, 2021		15,616,272
Balances at Jun. 30, 2021		$ 159,411
Balances, shares at Jun. 30, 2021				1,419,819
Balances at Dec. 31, 2021	160,778			$ 2	$ 1	252,933	(92,158)
Balances, shares at Dec. 31, 2021			5,143,134	18,764,463	5,143,134
Exercise of stock options	119					119
Exercise of stock options, shares				48,501
Vesting of restricted common stock, shares				116,870
Stock-based compensation expense	2,008					2,008
Net loss	(31,253)						(31,253)
Balances at Jun. 30, 2022	131,652			$ 2	$ 1	255,060	(123,411)
Balances, shares at Jun. 30, 2022			5,143,134	18,929,834	5,143,134
Balances at Mar. 31, 2022	145,694			$ 2	$ 1	254,005	(108,314)
Balances, shares at Mar. 31, 2022				18,888,085	5,143,134
Exercise of stock options	31					31
Exercise of stock options, shares				12,530
Vesting of restricted common stock, shares				29,219
Stock-based compensation expense	1,024					1,024
Net loss	(15,097)						(15,097)
Balances at Jun. 30, 2022	$ 131,652			$ 2	$ 1	$ 255,060	$ (123,411)
Balances, shares at Jun. 30, 2022			5,143,134	18,929,834	5,143,134

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2021
Convertible Preferred Stock
Net issuance costs	$ 270	$ 270

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (31,253)	$ (18,586)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	2,402	1,130
Stock-based compensation	2,008	847
Changes in current assets and liabilities:
Prepaid expenses and other assets	492	(2,219)
Prepaid rent	(1,388)	0
Right-of-use assets and lease liabilities, net	(60)	40
Accounts payable	1,232	1,593
Accrued expense and other liabilities	(2,187)	(325)
Deferred revenue	(4,737)	(3,137)
Net cash used in operating activities	(33,491)	(20,657)
Cash flows from investing activities:
Purchases of property and equipment	(2,424)	(6,877)
Net cash used in investing activities	(2,424)	(6,877)
Cash flows from financing activities:
Proceeds from issuance of convertible preferred stock, net of issuance costs	0	99,730
Proceeds from exercise of stock options	119	170
Payment of deferred offering costs	0	(960)
Net cash provided by financing activities	119	98,940
Net (decrease) increase in cash, cash equivalents and restricted cash	(35,796)	71,406
Cash, cash equivalents, and restricted cash - beginning of period	166,436	35,386
Cash, cash equivalents, and restricted cash - end of period	130,640	106,792
Summary of cash, cash equivalents and restricted cash reported within the consolidated balance sheets:
Cash and cash equivalents	125,603	106,197
Restricted cash	5,037	595
Total cash, cash equivalents, and restricted cash	130,640	106,792
Supplemental cash flow information:
Purchase of property and equipment in accounts payable and accrued liabilities	213	379
Deferred offering costs included in accrued expenses	$ 0	$ 1,580

Nature of Business and Basis of

Nature of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	1. Nature of Business and Basis of Presentation Nature of Business TScan Therapeutics, Inc. and its wholly-owned subsidiary, TScan Securities Corporation (the Company), is a biotechnology company that was incorporated in Delaware on April 17, 2018 and has a principal place of business in Waltham, Massachusetts. The Company is a biopharmaceutical company focused on developing a pipeline of T cell receptor-engineered T cell (TCR-T) therapies for the treatment of patients with cancer. Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (US GAAP) and applicable rules and regulations of the Securities and Exchange Commission (the SEC) regarding interim financial reporting, and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. Management believes that the interim financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position, results of its operations and cash flows. The condensed consolidated financial statements include the accounts of TScan Therapeutics, Inc. and its subsidiary, TScan Securities Corporation. All intercompany balances and transactions have been eliminated in consolidation. The results for the three and six months ended June 30, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022, any other interim periods, or any future year or period. The accompanying condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on March 9, 2022. In the opinion of the Company’s management, all adjustments (consisting of normal and recurring adjustments) considered necessary for a fair statement of the results for the interim periods presented have been included. Risks, Uncertainties and Going Concern The Company is subject to risks common to companies in the biotechnology industry, including, but not limited to, successful development of technology, obtaining additional funding, protection of proprietary technology, compliance with government regulations, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval for its product candidates and the ability to successfully market any products that receive approval, fluctuations in operating results, economic pressure impacting therapeutic pricing, dependence on key personnel, risks associated with changes in technologies, development by competitors of technological innovations and the ability to scale manufacturing to large scale production. 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 capabilities. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from sales. The accompanying unaudited condensed consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The Company has primarily funded its operations with proceeds from sales of capital stock and with payments received under its license and collaboration agreements. Since its inception, the Company has incurred recurring losses, including net losses of $ 31.3 million and $ 18.6 million for the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, the Company had an accumulated deficit of $ 123.4 million. The Company expects to continue to generate operating losses in the foreseeable future. The Company expects that its cash and cash equivalents as of June 30, 2022 will be sufficient to fund the Company’s operations for at least the next twelve months from the date of the issuance of the financial statements. Impact of COVID-19 In response to public health directives and orders and to help minimize the risk of the virus to employees, the Company has taken a series of actions aimed at safeguarding the Company’s employees and business associates, including implementing a flexible work-at-home policy. To date, the Company has not experienced material business disruptions, including with vendors, as a result of the COVID-19 pandemic. However, disruptions and supply chain constraints arising from COVID-19 could result in increased costs of execution of development plans or may negatively impact the quality, quantity, timing and regulatory usability of data that the Company would otherwise be able to collect. There continues to be uncertainty around the duration and impacts of these potential disruptions. Emerging Growth Company Status The Company qualifies as “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected to “opt in” to the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for nonpublic companies.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	2. Fair Value Measurements The following tables set forth by level, within the fair value hierarchy, the assets carried at fair value (in thousands): Fair value measurements at June 30, 2022 using Level 1 Level 2 Level 3 Total Assets Cash equivalents – money market funds $ 123,573 $ - $ - $ 123,573 Total financial assets $ 123,573 $ - $ - $ 123,573 Fair value measurements at December 31, 2021 using Level 1 Level 2 Level 3 Total Assets Cash equivalents – money market funds $ 159,668 $ - $ - $ 159,668 Total financial assets $ 159,668 $ - $ - $ 159,668 The cash equivalents are comprised of funds held in an exchange traded money market fund and the fair value of the cash equivalents is determined based upon quoted market price for that fund. There were no transfers among Level 1, Level 2, or Level 3 categories in the periods presented. The carrying value of accounts payable and accrued expenses that are reported on the condensed consolidated balance sheets approximate their fair value due to the short-term nature of these assets and liabilities.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	3. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, December 31, 2022 2021 Accrued employee compensation and benefits $ 1,916 $ 2,600 Accrued research and development 1,275 1,902 Accrued consulting and professional services 234 949 Accrued legal services and license fee 32 54 Other 701 1,012 Total accrued expenses and other current liabilities $ 4,158 $ 6,517

Collaboration and License Agree

Collaboration and License Agreements	6 Months Ended
	Jun. 30, 2022
Collaboration And License Agreements [Abstract]
Collaboration and License Agreements	4. Collaboration and License Agreements Novartis In March 2020 , the Company entered into a Collaboration and License Agreement (the Novartis Agreement) with Novartis Institutes For Biomedical Research, Inc. (Novartis) to collaborate on their research efforts to discover and develop novel TCR-T therapies. At the inception date of the Novartis Agreement, Novartis or its affiliates held an ownership interest of more than 10 % in the Company, and at June 30, 2022 , Novartis held less than 10 % of the common shares outstanding. Under the Novartis Agreement, the Company will identify and characterize TCRs in accordance with a research plan and transfer data arising from the research plan. Novartis will have the option to license and develop TCRs for up to three novel targets identified in performance of the collaboration during the collaboration period of the Novartis Agreement. Novartis will also have rights of first negotiation for certain additional targets and TCRs identified in performance of the collaboration during a defined collaboration period of the Novartis Agreement and for 180 days after such collaboration period ends (which collaboration period will end no later than March 2023). If during such 180-day right of first negotiation period, the Company notifies Novartis of the Company’s intent to grant a third party a license to a target or TCR identified in the collaboration, then Novartis may obtain the exclusive right to negotiate a license to such target or TCR for an additional 270 days by providing the Company with a term sheet to license such target or TCR within 90 days of the Company’s notice of such intent. The Novartis Agreement provides that the Company will pay an upfront fee of $ 20.0 million, research funding totaling $ 10.0 million and potential milestone payments contingent on clinical, regulatory and sales success. In addition to payments upon achievement of certain clinical and regulatory milestones, Novartis will pay the Company mid-single to low double-digit royalties on net sales for each product directed to a target licensed by Novartis. After the end of the collaboration period and the expiration of Novartis’ first right of negotiation, the Company is free to develop TCRs against targets not licensed by Novartis . The Company concluded that Novartis meets the definition of a customer, as the Company is delivering research and development activities and know-how rights. The Company identified performance obligations for research and development activities, data reporting and participation in joint steering and research committees. The Company determined there is a single performance obligation due to the services being highly interrelated and are therefore not distinct in the context of the contract. The Company combined the pre-option research services and data reporting into a single performance obligation. Novartis has an exclusive option to obtain a commercial license for up to three Targets (as defined in the Novartis Agreement) to pursue further development and commercialization of the respective Target. Pursuant to the Novartis Agreement, the option for Novartis to license, develop, and commercialize Targets is not a performance obligation at the outset of the Novartis Agreement as it is a customer option that does not represent a material right. The Company looked to the promises in the arrangement to determine the method of recognition that best coincides with the pattern of delivery. The Company concluded that the performance of the research services over the expected research term was the predominant promise within the performance obligation. The Company is recognizing the revenue associated with the performance obligation using the input method, according to the actual costs incurred as a percentage of total expected costs to complete the research services. As costs are incurred, the Company will recognize revenue over time. Any change in the estimated percentage complete due to a revised cost forecast will be adjusted in the period in which the change in estimate occurs and the revenue recognition will be updated accordingly. The Company expects the research term to last approximately three years , which is inclusive of the option to extend the arrangement. The Company determined that the $ 20.0 million upfront payment, together with the $ 10.0 million of estimated research costs to be reimbursed by Novartis, to be the entirety of the consideration to be included in the transaction price as of the outset of the arrangement. The potential milestone payments that the Company is eligible to receive were excluded from the transaction price, as all milestone amounts were fully constrained based on the assessed probability of achievement. The Company will re-evaluate the transaction price at the end of each reporting period and as uncertain events are resolved or other changes in circumstances occur, and, if necessary, adjust the estimate of the transaction price. The Company recognized $ 7.1 million and $ 4.7 million of revenue associated with the Novartis Agreement based on performance completed during that period for the six months ended June 30, 2022 and 2021, respectively. Additionally, the Company incurred $ 2.3 million and $ 0.7 million of costs associated with the Novartis Agreement that were recorded within research and development expenses in the statements of operations for the six months ended June 30, 2022 and 2021, respectively. Additionally, as of June 30, 2022, the Company had current deferred revenue of $ 8.2 million and no long-term deferred revenue due to the Novartis Agreement.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	5. Commitments and Contingencies Brigham and Women’s License Agreement The Company obtained the worldwide exclusive license to its foundational technology from The Brigham and Women’s Hospital, Inc. (or BWH). The license, as amended, grants worldwide exclusive use to the patent underlying the TargetScan technology in exchange for fees including development milestones and various royalties on product sales should they occur in the future. Royalty Agreement In June 2018, the Company amended and restated an existing royalty agreement with one of its founders. Under the amended and restated royalty agreement, the Company agreed to pay the founder an aggregate royalty of 1 % of net sales of any product sold by the Company or by any of its direct or indirect licensees for use in the treatment of any disease or disorder covered by a pending patent application or issued patent held or controlled by the Company as of the last date that the founder was providing services to the Company as a director or consultant under a written agreement in perpetuity. Royalties are payable with respect to each applicable product for a defined period of time set forth in the royalty agreement. The founder assigned his rights and obligations under the royalty agreement to one of his affiliated entities in January 2021. Lease On November 1, 2021, the Company entered a new lease for laboratory and office space. This lease will commence when the Company obtains possession of the underlying asset, which is expected to occur in the fourth quarter of 2022. The Company provided a letter of credit in the amount of $ 4.4 million as a security for the lease, which expires on November 30, 2022 , at which point the letter will automatically renew each calendar year up to but not beyond April 1, 2033. The cash securing the letter of credit is classified as restricted cash on the consolidated balance sheet. Annual fixed rent will start at $ 7.6 million increasing 3 % annually to $ 9.9 million through the original term of the lease, which is ten years and two months following the lease commencement date. As of June 30, 2022 , $ 2.3 million in payments relating to landlord-owned leasehold improvements was recorded to prepaid rent as a component of other non-current assets. On the lease commencement date, the Company will reclassify the prepayment to the right-of-use asset, thereby increasing its initial value, but it will not be included in the measurement of the lease liability. The lease was not recorded on the condensed consolidated balance sheet as a component of the Company’s right-of-use asset and operating lease liabilities as the facility is under construction at the date of the issuance of these financial statements.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Carried at Fair Value on a Heirarchy Basis	The following tables set forth by level, within the fair value hierarchy, the assets carried at fair value (in thousands): Fair value measurements at June 30, 2022 using Level 1 Level 2 Level 3 Total Assets Cash equivalents – money market funds $ 123,573 $ - $ - $ 123,573 Total financial assets $ 123,573 $ - $ - $ 123,573 Fair value measurements at December 31, 2021 using Level 1 Level 2 Level 3 Total Assets Cash equivalents – money market funds $ 159,668 $ - $ - $ 159,668 Total financial assets $ 159,668 $ - $ - $ 159,668

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, December 31, 2022 2021 Accrued employee compensation and benefits $ 1,916 $ 2,600 Accrued research and development 1,275 1,902 Accrued consulting and professional services 234 949 Accrued legal services and license fee 32 54 Other 701 1,012 Total accrued expenses and other current liabilities $ 4,158 $ 6,517

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Summary of Potential Common Shares Excluded from Computation of Diluted Net Loss per Share	The Company excluded the following potential common shares from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: June 30, 2022 2021 Series A Preferred Stock (as converted to common stock) - 3,209,240 Series B Preferred Stock (as converted to common stock) - 3,853,864 Series C Preferred Stock (as converted to common stock) - 8,553,168 Unvested restricted common stock - 262,975 Options to purchase common stock 4,193,025 2,491,164 Total 4,193,025 18,370,411

Nature of Business and Basis _2

Nature of Business and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation			Apr. 17, 2018
Net losses	$ 15,097	$ 10,674	$ 31,253	$ 18,586
Accumulated deficit	$ 123,411		$ 123,411		$ 92,158

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Carried at Fair Value on a Hierarchy Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets, Fair Value Disclosure [Abstract]
Total financial assets	$ 123,573	$ 159,668
Cash Equivalents - Money Market Funds
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents fair value disclosure	123,573	159,668
Level 1
Assets, Fair Value Disclosure [Abstract]
Total financial assets	123,573	159,668
Level 1 | Cash Equivalents - Money Market Funds
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents fair value disclosure	$ 123,573	$ 159,668

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair value, assets, level 1 to level 2 transfers	$ 0	$ 0
Fair value, assets, level 2 to level 1 transfers	0	0
Fair value, assets, transfers into level 3	0	0
Fair value, assets, transfers out of level 3	$ 0	$ 0

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued employee compensation and benefits	$ 1,916	$ 2,600
Accrued research and development	1,275	1,902
Accrued consulting and professional services	234	949
Accrued legal services and license fee	32	54
Other	701	1,012
Total accrued expenses and other current liabilities	$ 4,158	$ 6,517

Collaboration and License Agr_2

Collaboration and License Agreements - Additional Information (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2020 USD ($) Target	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Collaboration And License Agreements [Line Items]
Collaboration and license revenue		$ 4,056,000	$ 2,848,000	$ 7,077,000	$ 4,875,000
Incurred costs		19,302,000	$ 13,527,000	38,486,000	23,472,000
Deferred revenue, current portion		8,170,000		8,170,000		$ 11,410,000
Long-term deferred revenue		$ 0		$ 0		$ 1,497,000
Maximum | Novartis Agreement
Collaboration And License Agreements [Line Items]
Ownership Interest		10%		10%
Minimum | Novartis Agreement
Collaboration And License Agreements [Line Items]
Ownership Interest	10%
Novartis
Collaboration And License Agreements [Line Items]
License agreement date	Mar. 31, 2020
Upfront payment received	$ 20,000,000
Upfront payment receivable	$ 20,000,000
Negotiation period				180 days
Expects research term	3 years
Collaboration and license revenue				$ 7,100,000	4,700,000
Incurred costs				2,300,000	$ 700,000
Deferred revenue, current portion		$ 8,200,000		8,200,000
Long-term deferred revenue		$ 0		$ 0
Novartis | Maximum
Collaboration And License Agreements [Line Items]
Number of targets identified | Target	3
Novartis | Research Funding
Collaboration And License Agreements [Line Items]
Upfront payment received	$ 10,000,000
Upfront payment receivable	$ 10,000,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands			6 Months Ended
	Nov. 01, 2021	Jun. 30, 2018	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Commitments And Contingencies Disclosure [Line Items]
Lease security amount			$ 5,037	$ 5,031	$ 595
Annual fixed rent	$ 7,600
Percentage of increase in annual fixed rent	3%
Increase in annual fixed rent through original term of lease	$ 9,900
Original lease term	10 years 2 months
Payments to landlord-owned leasehold improvements that recorded to prepaid rent			$ 2,300
Letter of Credit
Commitments And Contingencies Disclosure [Line Items]
Lease security amount	$ 4,400
Lease expiration date	Nov. 30, 2022
Royalty Agreement
Commitments And Contingencies Disclosure [Line Items]
Percentage of aggregate royalty of net sales of any product sold		1%

Net Loss Per Share - Summary of

Net Loss Per Share - Summary of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net loss	$ (15,097)	$ (10,674)	$ (31,253)	$ (18,586)
Weighted-average common shares outstanding, basic	24,063,677	1,387,973	24,019,406	1,303,899
Weighted-average common shares outstanding, diluted	24,063,677	1,387,973	24,019,406	1,303,899
Net loss per share, basic	$ (0.63)	$ (7.69)	$ (1.30)	$ (14.25)
Net loss per share, diluted	$ (0.63)	$ (7.69)	$ (1.30)	$ (14.25)

Net Loss Per Share - Summary _2

Net Loss Per Share - Summary of Potential Common Shares Excluded from Computation of Diluted Net Loss per Share (Details) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	4,193,025	18,370,411
Series A Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total		3,209,240
Series B Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total		3,853,864
Series C Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total		8,553,168
Unvested Restricted Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total		262,975
Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	4,193,025	2,491,164